# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-002650
**Filing Date:** 2026-4
**Character Count:** 1490265
**Document Hash:** 349eb861fa954338332c49cffe4cb2a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002650.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001580642-26-002650

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 67

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 26893380

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-174926
- **FILM NUMBER:** 26893379

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### M Capital Appreciation Fund (Series ID: S000102347)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000272816 | M Capital Appreciation Fund |  |

### M International Equity Fund (Series ID: S000102348)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000272817 | M International Equity Fund |  |

### M Large Cap Growth Fund (Series ID: S000102349)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000272818 | M Large Cap Growth Fund |  |

### M Large Cap Value Fund (Series ID: S000102350)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000272819 | M Large Cap Value Fund |  |

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

**As filed with the Securities and Exchange Commission on April 24, 2026**

Securities Act Registration No. 333-174926

Investment Company Act Registration No. 811-22549

**FORM N-1A**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ⌧ |
| Pre-Effective Amendment No. ___ | □ |
| Post-Effective Amendment No. <u>616</u> | ⌧ |

---

and/or

---

| | | |
|:---|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ⌧ |
| Amendment No. 618 | (Check Appropriate Box or Boxes) | (Check Appropriate Box or Boxes) |

---

Northern Lights Fund Trust II

(Exact Name of Registrant as Specified in Charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of Principal Executive Offices) (Zip Code)

<u>(631) 490-4300</u>

(Registrant's Telephone Number, Including Area Code)

The Corporation Trust Company

Corporate Trust Center

251 Little Falls Drive

Wilmington, DE 19808

(Name and Address of Agent for Service)

With a copy to:

David J. Baum, Esq. Vedder Price P.C. 1401 New York Avenue NW Washington, DC 20005 (202) 312-3375 <u>Kevin Wolf Ultimus Fund Solutions, LLC 80 Arkay Drive, Suite 110 Hauppauge, New York 11788 (631) 470-2635</u>

Approximate Date of Proposed Public Offering:

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

□ immediately
upon filing pursuant to paragraph (b).

⌧ On April 24, 2026 pursuant to paragraph (b).

□ 60
days after filing pursuant to paragraph (a)(1).

□ On
pursuant to paragraph (a)(1)

□ 75
days after filing pursuant to paragraph (a)(2).

□ on
(date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

□ this
post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended, Registrant hereby elects to register an indefinite number of shares of Registrant and any series thereof hereinafter created.

 **EXPLANATORY NOTE**

This Post-Effective Amendment No. 616 to the Registration Statement contains the Prospectus and Statement of Additional Information describing the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, (the "Funds"), each a series of the Registrant. This Post-Effective Amendment to the Registration Statement is organized as follows: (a) Prospectus relating to the Funds; (b) Statement of Additional Information relating to the Funds; and (c) Part C Information relating to all series of the Registrant. The Prospectuses and Statements of Additional Information for the other series of the Registrant are not affected hereby.

---

| |
|:---|
| **M International Equity Fund** |
| **(Symbol: MBEQX)** |
| **M Large Cap Growth Fund** |
| **(Symbol: MTCGX)** |
| **M Capital Appreciation Fund** |
| **(Symbol: MFCPX)** |
| **M Large Cap Value Fund** |
| **(Symbol: MBOVX)** |
| **PROSPECTUS** |
| **April 24, 2026** |

---

*Advised by:*<br> M Financial Investment Advisers, Inc. 1125 NW Couch Street, Suite 900 Portland, Oregon 97209 <br>

<u>www.mfin.com/m-funds</u> (866) 439-9093

The M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (each a "Fund" and collectively, the Funds") are each a separate series of Northern Lights Fund Trust II (the "Trust"), a registered management investment company.

This prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.

**The U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**M International Equity Fund M Large Cap Growth Fund M Capital Appreciation Fund M Large Cap Value Fund** (each a series of the Northern Lights Fund Trust II (the "Trust")

**CONTENTS**

---

| | |
|:---|:---|
| **Summary Section – M INTERNATIONAL EQUITY FUND** | **2** |
| **Summary Section – M LARGE CAP GROWTH FUND** | **10** |
| **Summary Section – M CAPITAL APPRECIATION FUND** | **16** |
| **Summary Section – M LARGE CAP VALUE FUND** | **22** |
| **Additional Information About Principal Investment Strategies and Related Risks** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M INTERNATIONAL EQUITY FUND | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Strategies | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in the Underlying Fund: Investment Objective, Strategies, and Policies of the Underlying Fund | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M LARGE CAP GROWTH FUND | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Information Regarding the Security Selection Process | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Strategies | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M CAPITAL APPRECIATION FUND | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Strategies | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M LARGE CAP VALUE FUND | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Strategies | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Types | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RISKS OF INVESTING IN THE FUNDS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Risks | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Principal Risks | 42 |
| **Management of the Fund** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser | 42 |
| **Shareholder Information** | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choosing the Appropriate Funds to Match Your Goals | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing Shares | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Timing | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricing of Fund Shares | 47 |
| **Distributions and Taxes** | **48** |
| **Financial Highlights** | **49** |
| **Privacy Policy** | **54** |

---

**Summary Section – M INTERNATIONAL EQUITY FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fund Fees and Expenses**

The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities or variable life insurance plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If those fees and charges were included, the costs shown below would be higher.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

**Annual Fund Operating Expenses**

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

---

| | |
|:---|:---|
| Management Fees | 0.31% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.18% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.13% |
| **Total Annual Fund Operating Expenses** | **0.62%** |

---

<sup>1</sup> The M International Equity Fund, a series of M Funds, Inc. (the "Predecessor International Equity Fund"), reorganized into the Fund following the close of business on April 24, 2026. Other Expenses are based on estimated amounts for the current fiscal year.

<sup>2</sup> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company. If those fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**3 years** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| &nbsp;&nbsp;$63 | &nbsp;&nbsp;$199 | &nbsp;&nbsp;$346 | &nbsp;&nbsp;$774 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Predecessor International Equity Fund's portfolio turnover rate was 9.55% of the average value of its portfolio.

**Principal Investment Strategies**

To achieve the Fund's investment objective, Dimensional Fund Advisors LP ("Dimensional") implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Fund's design emphasizes long-term drivers of expected returns identified by Dimensional's research, while balancing risk through broad diversification across companies and sectors. Dimensional's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs.

The Fund is designed to purchase a broad and diverse group of equity securities of non-U.S. companies in countries with developed and emerging markets. The Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the International Universe. For purposes of the Fund, Dimensional defines the International Universe as a market capitalization weighted set (*e.g.*, the larger the company, the greater the proportion of the International Universe it represents) of non-U.S. companies in developed and emerging markets that have been authorized for investment as approved markets by Dimensional's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly in the Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. (the "Underlying Fund"). The Underlying Fund is designed to purchase a broad and diverse group of equity securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development). The Underlying Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price, and higher profitability companies. As of the date of this prospectus, it is anticipated that a significant portion of the Fund's assets will be invested indirectly through the Underlying Fund.

The Fund's increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Fund's assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe. An equity issuer is considered to have a high relative price (*i.e.*, a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (*i.e.*, a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, Dimensional may consider additional factors such as price-to-cash flow or price-to-earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria Dimensional uses for assessing relative price and profitability are subject to change from time to time.

Dimensional may also increase or reduce the Fund's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum, short-run reversals, and investment characteristics. In assessing a company's investment characteristics, Dimensional considers ratios such as recent changes in assets divided by total assets. The criteria Dimensional uses for assessing a company's investment characteristics are subject to change from time to time. In addition, Dimensional seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

The Fund will normally invest at least 80% of its total assets in equity securities of issuers located in at least three countries other than the United States. These countries may include, but are not limited to, the nations of Western Europe, North and South America, Australia, Africa and Asia. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice. The Fund may invest up to 40% of its total assets in emerging markets.

The Fund may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer's domicile country. The Fund may also purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Fund. Because many of the Fund's investments may be denominated in foreign currencies, the Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency.

**Principal Investment Risks**

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The principal risks of investing in the Fund are summarized below.

● **Market Risk.** Investments in common stocks are subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a particular company's operations. Stock markets tend to run in cycles, with periods when stock prices generally go up and periods when they generally go down. Common stock prices tend to go up and down more than those of bonds.

● **Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact the Fund's performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Companies, including banks and financial services companies, could suffer losses if interest rates fluctuate or economic conditions deteriorate. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and also has recently imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

● **Additional Market Disruption Risk.** Financial and securities markets are volatile and may be affected by political, regulatory, social, economic, and other global developments and disruptions, including those arising out of geopolitical events, armed conflict, public health emergencies (such as the spread of infectious diseases, pandemics, and epidemics), natural disasters, terrorism and governmental or quasi-governmental actions. Such changes may be rapid and unpredictable. These events may negatively affect issuers, industries and markets worldwide and adversely affect the value and liquidity of the Fund and its investments.

In February 2022, Russia commenced a military attack on Ukraine. In response, various countries, including the U.S., issued broad-ranging sanctions on Russia and certain Russian companies and individuals. Any existing or future sanctions could have a severe adverse effect on Russia's economy, currency, companies and region, and these events may negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities and sanctions may have a negative effect on the Fund's investments and performance beyond any direct or indirect exposure the Fund may have to Russian issuers or those of adjoining geographic regions. The sanctions and compliance with these sanctions may impair the ability of the Fund to buy, sell, hold or deliver Russian securities and/or other assets, including those listed on U.S. or other exchanges. Russia may also take retaliatory actions or countermeasures, such as cyberattacks and espionage, which may negatively impact the countries and companies in which the Fund may invest. Accordingly, there may be a heightened risk of cyberattacks by Russia in response to the sanctions. The extent and duration of the military action or future escalation of such hostilities; the extent and impact of existing and any future sanctions, market disruptions and volatility; the potential for wider conflict; and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on the Fund's investments as well as the Fund's performance, and the value or liquidity of certain securities held by the Fund may decline significantly. In addition, rising tensions between China and Taiwan over a forced reunification have caused concerns in the region and globally. China sees self-ruled Taiwan as a breakaway province that will eventually be part of China again. Previous efforts by China's leadership sought to bring about reunification by non-military means. Beginning in 2021, concerns escalated when China began sending military aircraft into Taiwan's air defense zone, a self-declared area where foreign aircraft are identified, monitored and controlled in the interests of Taiwan's national security. These actions have caused Taiwan and other countries to fear further escalation in the region. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally, which could negatively affect the value and liquidity of the Fund's investments. Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent of any market disruptions are impossible to predict, but could be substantial.

● **Profitability Investment Risk.** High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies.

● **Value Investment Risk.** Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.

● **Small and Medium Capitalization Companies Risk.** The Fund may invest in small and medium capitalization companies, which tend to be more vulnerable to adverse developments than larger companies. These companies may have limited product lines, markets, or financial resources, or may depend on a limited management group. They may be recently organized, without proven records of success. Their securities may trade infrequently and in limited volumes. As a result, the prices of these securities may fluctuate more than prices of securities of larger, more widely traded companies and the Fund may experience difficulty in establishing or closing out positions in these securities at prevailing market prices. Also, there may be less publicly available information about small and medium capitalization companies or less market interest in their securities as compared to larger companies, and it may take longer for the prices of the securities to reflect the full value of their issuers' earnings potential or assets.

● **Foreign Securities and Currencies Risk.** Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar), which may make the return on an investment increase or decrease unrelated to the quality or performance of the investment itself. The Fund does not hedge foreign security risk or foreign currency risk.

Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.

Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.

● **Emerging Markets Risk.** Securities of issuers associated with emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets. Numerous emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and there are frequently government controls on foreign investments and limitations on repatriation of invested capital. Additional restrictions may be imposed under other conditions. Emerging market companies may also be held to lower disclosures, corporate governance, auditing and financial reporting standards than companies in more developed markets. Frontier market countries (emerging market countries in an earlier stage of development) generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

● **China Investments Risk.** There are special risks associated with investments in China and Taiwan, which are considered emerging market countries by the Fund. The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy and develop market mechanisms. But there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. Further, investors in Chinese issuers may have difficulty obtaining information regarding the issuer, particularly high-quality and reliable financial reporting.

A reduction in spending on Chinese products and services or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States may also have an adverse impact on the Chinese economy. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to the Fund. The Fund may also invest in special structures that utilize contractual arrangements to provide exposure to certain Chinese companies, known as variable interest entities ("VIEs") that operate in sectors in which China restricts and/or prohibits foreign investments. Investments involving a VIE structure may pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through direct equity ownership. The Chinese government's acceptance of the VIE structure is evolving. Investing through a VIE does not offer the same level of investor protection as direct ownership, and is subject to additional risks as it is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure or whether Chinese courts or arbitration bodies would decline to enforce the contractual rights of foreign investors, each of which would likely have significant, detrimental, and possibly permanent losses on the value of such investments.

● **Fund of Funds Risk.** The investment performance of the Fund is affected by the investment performance of the Underlying Fund in which the Fund invests. The ability of the Fund to achieve its investment objective depends on the ability of the Underlying Fund to meet its investment objective and on Dimensional's decisions regarding the allocation of the Fund's assets to the Underlying Fund. The Fund may allocate assets to the Underlying Fund or asset class that underperforms other funds or asset classes. There can be no assurance that the investment objective of the Fund or the Underlying Fund will be achieved. When the Fund invests in the Underlying Fund, investors are exposed to a proportionate share of the expenses of the Underlying Fund in addition to the expenses of the Fund. Through its investments in the Underlying Fund, the Fund is subject to the risks of the Underlying Fund's investments.

● **Management Risk.** The Fund is subject to management risk because it is actively managed. Management risk is the chance that security selection or focus on securities in a particular style, market sector or group of companies will cause the Fund to incur losses or underperform relative to its benchmarks or other investments with similar investment objectives. The sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

● **Liquidity Risk.** Liquidity risk exists when investments are difficult to sell as the result of low trading volume, lack of market makers, and/or legal restrictions. Illiquid securities may prevent the Fund from entering into security transactions at advantageous times or prices, potentially reducing the return of the Fund's portfolio. Investments in smaller market capitalizations and over-the-counter markets have greater exposure to liquidity risk.

● **Derivatives Risk.** Derivatives are instruments, such as futures, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When the Fund uses derivatives, the Fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty and credit risk (the risk that the derivative counterparty will not fulfill its contractual obligations, whether because of bankruptcy or other default), settlement risk (the risk faced when one party to a transaction has performed its obligations under a contract but has not yet received value from its counterparty), interest rate risk (the risk that certain derivatives are more sensitive to interest rate changes and market price fluctuations than other securities), liquidity risk, market risk, and management risk, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested.

● **Operational Risk.** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the sub-adviser's control, including instances at third parties. The Fund and the sub-adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

● **Cyber Security Risk.** The Fund's and its service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

**Performance**

The following information may give some indication of the risks of investing in the Fund. The Fund is the successor to the Predecessor International Equity Fund, a mutual fund with identical investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor International Equity Fund into the Fund on April 24, 2026. The performance provided in the bar chart and table is that of the Predecessor International Equity Fund. The bar chart illustrates how the Predecessor International Equity Fund's average annual returns have varied from year to year for the past ten calendar years. The table below illustrates how the Predecessor International Equity Fund's average annual total returns compare with those of a broad measure of market performance, the MSCI ACWI (All Country World Index) ex USA IMI Index. The performance prior to December 12, 2018 reflects the performance results obtained under a different sub-adviser that used different investment strategies. Had the current sub-adviser and investment strategies been in place during that period, the performance results may have been different. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Predecessor International Equity Fund's past performance does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![(BAR CHAT)](nl001_v1.jpg)

*Highest quarterly return: 18.23% (for the quarter ended 12/31/2020)*

*Lowest quarterly return: (26.33)% (for the quarter ended 3/31/2020)*

The table below shows the Predecessor International Equity Fund's average annual total returns for the periods indicated and how those returns compare to those of the MSCI ACWI (All Country World Index) ex USA IMI Index and the MSCI All Country World ex USA Index. You cannot invest directly in an index. The Index returns are calculated on a total return basis and reflects no deduction for fees or expenses.

**Average Annual Total Returns**

(for the periods ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Predecessor International Equity Fund | 32.44% | 8.77% | 6.99% |
| MSCI ACWI (All Country World Index) ex USA IMI Index<sup>1</sup> | 31.96% | 7.77% | 8.37% |

---

<sup>1</sup> The Fund has adopted this broad-based index as its primary benchmark index and serves as the Fund's regulatory index.

**Fund Management**

M Financial Investment Advisers, Inc. is the investment adviser for the Fund and Dimensional is the sub-adviser for the Fund.

The Fund is managed by a team of investment professionals from Dimensional. The following persons are responsible for coordinating the day-to-day management of the Fund's portfolio:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Since** | **Title** |
| Jed S. Fogdall | December 2018 for the Predecessor International Equity Fund | Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and Senior Portfolio Manager of Dimensional |
| Mary T. Phillips, CFA | December 2018 for the Predecessor International Equity Fund | Deputy Head of Portfolio Management, North America, Member of the Investment Committee, Vice President and Senior Portfolio Manager of Dimensional |
| William B. Collins-Dean, CFA | December 2018 for the Predecessor International Equity Fund | Vice President and Senior Portfolio Manager of Dimensional |

---

**Other Important Information**

For important information about Purchase and Redemption of Fund Shares, Tax Information and Payments to Insurance Companies and their Affiliates, please turn to page 28 of this prospectus.

**Summary Section – M LARGE CAP GROWTH FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fund Fees and Expenses**

The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities or variable life insurance plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If those fees and charges were included, the costs shown below would be higher.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

**Annual Fund Operating Expenses**

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

---

| | |
|:---|:---|
| Management Fees | 0.42% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.11% |
| **Total Annual Fund Operating Expenses** | **0.53%** |

---

<sup>1</sup> The M Large Cap Growth Fund, a series of M Funds, Inc. (the "Predecessor Large Cap Growth Fund"), reorganized into the Fund following the close of business on April 24 , 2026. Other Expenses are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company. If those fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**3 years** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| &nbsp;&nbsp;$54 | &nbsp;&nbsp;$170 | &nbsp;&nbsp;$296 | &nbsp;&nbsp;$665 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Predecessor Large Cap Growth Fund's portfolio turnover rate was 109.66% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization ("large-cap") securities. The Fund seeks to achieve its objective by investing primarily in the common stock of large-sized U.S. companies. The investment strategy of Federated MDTA LLC ("Federated"), the Fund's sub-adviser, utilizes a large-cap growth approach by selecting most of its investments from companies listed in the Russell 1000<sup>®</sup> Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. Federated considers a company to be large-cap if it falls within the market capitalization range of the Russell 1000<sup>®</sup> Growth Index. As the Fund's sector exposure approximates the Russell 1000<sup>®</sup> Growth Index, the Fund may, from time to time, have large allocations to certain broad market sectors, such as technology, consumer discretionary and healthcare. As of March 31, 2025, companies in the Russell 1000<sup>®</sup> Growth Index ranged in market capitalization from $681 million to $3.3 trillion.

The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its assets in the securities of a small number of issuers than a diversified fund.

Federated implements its strategy using a quantitative model driven by fundamental and technical stock selection variables. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The process also takes into account trading costs in an effort to ensure that trades are generated only to the extent they are expected to be profitable on an after-trading-cost basis. Additionally, risk is controlled through diversification constraints which limit exposure to individual companies as well as groups of correlated companies.

This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large-cap securities is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

The Fund actively trades its portfolio securities in an attempt to achieve its investment objective.

**Principal Investment Risks**

As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The principal risks of investing in the Fund are summarized below.

● **Market Risk.** Investments in common stocks are subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a particular company's operations. Stock markets tend to run in cycles, with periods when stock prices generally go up and periods when they generally go down. Common stock prices tend to go up and down more than those of bonds.

● **Active Trading Risk.** Active trading will cause the Fund to have an increased portfolio turnover rate and increase the Fund's trading costs, which may have an adverse impact on the Fund's performance.

● **Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact the Fund's performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Companies, including banks and financial services companies, could suffer losses if interest rates fluctuate or economic conditions deteriorate. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and also has recently imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

● **Additional Market Disruption Risk.** Financial and securities markets are volatile and may be affected by political, regulatory, social, economic, and other global developments and disruptions, including those arising out of geopolitical events, armed conflict, public health emergencies (such as the spread of infectious diseases, pandemics, and epidemics), natural disasters, terrorism and governmental or quasi-governmental actions. Such changes may be rapid and unpredictable. These events may negatively affect issuers, industries and markets worldwide and adversely affect the value and liquidity of the Fund and its investments.

In February 2022, Russia commenced a military attack on Ukraine. In response, various countries, including the U.S., issued broad-ranging sanctions on Russia and certain Russian companies and individuals. Any existing or future sanctions could have a severe adverse effect on Russia's economy, currency, companies and region, and these events may negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities and sanctions may have a negative effect on the Fund's investments and performance beyond any direct or indirect exposure the Fund may have to Russian issuers or those of adjoining geographic regions. The sanctions and compliance with these sanctions may impair the ability of the Fund to buy, sell, hold or deliver Russian securities and/or other assets, including those listed on U.S. or other exchanges. Russia may also take retaliatory actions or countermeasures, such as cyberattacks and espionage, which may negatively impact the countries and companies in which the Fund may invest. Accordingly, there may be a heightened risk of cyberattacks by Russia in response to the sanctions. The extent and duration of the military action or future escalation of such hostilities; the extent and impact of existing and any future sanctions, market disruptions and volatility; the potential for wider conflict; and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on the Fund's investments as well as the Fund's performance, and the value or liquidity of certain securities held by the Fund may decline significantly. In addition, rising tensions between China and Taiwan over a forced reunification have caused concerns in the region and globally. China sees self-ruled Taiwan as a breakaway province that will eventually be part of China again. Previous efforts by China's leadership sought to bring about reunification by non-military means. Beginning in 2021, concerns escalated when China began sending military aircraft into Taiwan's air defense zone, a self-declared area where foreign aircraft are identified, monitored and controlled in the interests of Taiwan's national security. These actions have caused Taiwan and other countries to fear further escalation in the region. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally, which could negatively affect the value and liquidity of the Fund's investments. Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent of any market disruptions are impossible to predict, but could be substantial.

● **Growth Securities Risk.** The Fund invests in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery. Therefore, growth securities may go in and out of favor over time.

● **Large-Capitalization Investing Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

● **Sector Risk.** Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund.

● **Quantitative Modeling Risk.** The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies).

● **Management Risk.** The Fund is subject to management risk because it is actively managed. Management risk is the chance that security selection or focus on securities in a particular style, market sector or group of companies will cause the Fund to incur losses or underperform relative to its benchmarks or other investments with similar investment objectives. The sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

● **Operational Risk.** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the sub-adviser's control, including instances at third parties. The Fund and the sub-adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

● **Non-Diversification Risk.** The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies.

● **Cyber Security Risk.** The Fund's and its service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

● **Liquidity Risk.** Liquidity risk exists when investments are difficult to sell as the result of low trading volume, lack of market makers, and/or legal restrictions. Illiquid securities may prevent the Fund from entering into security transactions at advantageous times or prices, potentially reducing the return of the Fund's portfolio. Investments in smaller market capitalizations and over-the-counter markets have greater exposure to liquidity risk.

**Performance**

The following information may give some indication of the risks of investing in the Fund. The Fund is the successor to the Predecessor Large Cap Growth Fund, a mutual fund with identical investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor Large Cap Growth Fund into the Fund on April 24, 2026. The performance provided in the bar chart and table is that of the Predecessor Large Cap Growth Fund. The bar chart illustrates how the Predecessor Large Cap Growth Fund's average annual returns have varied from year to year for the past ten calendar years. The table below illustrates how the Predecessor Large Cap Growth Fund's average annual total returns compare with those of a broad measure of market performance, the S&P 500<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index, which is more representative of the market sector in which the Fund invests. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Predecessor Large Cap Growth Fund's past performance does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![(BAR CHAT)](nl002_v1.jpg)

*Highest quarterly return: 25.91% (for the quarter ended 6/30/2020)*

*Lowest quarterly return: (17.70)% (for the quarter ended 6/30/2022)*

The table below shows the Predecessor Large Cap Growth Fund's average annual total returns for the periods indicated and how those returns compare to those of the S&P 500<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index. You cannot invest directly in an index. The Index returns are calculated on a total return basis and reflects no deduction for fees, expenses or taxes.

**Average Annual Total Returns**

(for the periods ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Predecessor Large Cap Growth Fund | 19.61% | 12.43% | 15.06% |
| S&P 500<sup>®</sup> Index<sup>1</sup> | 17.88% | 14.43% | 14.82% |
| Russell 1000<sup>®</sup> Growth Index<sup>2</sup><br> (reflects no deduction for fees, expenses or taxes) | 18.56% | 15.32% | 18.13% |

---

<sup>1</sup> The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements and serves as the Fund's regulatory index.

<sup>2</sup> The Russell 1000<sup>®</sup> Growth Index is the Fund's additional index and is more representative of the Fund's risk and return than the regulatory index.

**Fund Management**

M Financial Investment Advisers, Inc. is the investment adviser for the Fund and Federated is the sub-adviser for the Fund.

The Fund is managed by a team of investment professionals from Federated. The following persons are primarily responsible for the day-to-day management of the Fund's portfolio:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Since** | **Title** |
| Daniel J. Mahr, CFA | May 2025<br> for the Predecessor Large Cap Growth Fund | Portfolio Manager |
| Damien Zhang, CFA | May 2025<br> for the Predecessor Large Cap Growth Fund | Portfolio Manager |
| Frederick L. Konopka, CFA | May 2025<br> for the Predecessor Large Cap Growth Fund | Portfolio Manager |
| John Paul Lewicke | May 2025<br> for the Predecessor Large Cap Growth Fund | Portfolio Manager |

---

Each portfolio manager is primarily and jointly responsible for the day-to-day management of the Fund.

**Other Important Information**

For important information about Purchase and Redemption of Fund Shares, Tax Information and Payments to Insurance Companies and their Affiliates, please turn to page 28 of this prospectus.

**Summary Section – M CAPITAL APPRECIATION FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fund Fees and Expenses**

The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities or variable life insurance plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If those fees and charges were included, the costs shown below would be higher.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

**Annual Fund Operating Expenses**

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

---

| | |
|:---|:---|
| Management Fees | 0.81% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.14% |
| **Total Annual Fund Operating Expenses** | **0.95%** |

---

<sup>1</sup> The M Capital Appreciation Fund, a series of M Funds, Inc. (the "Predecessor Capital Appreciation Fund"), reorganized into the Fund following the close of business on April 24, 2026. Other Expenses are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company. If those fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**3 years** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| &nbsp;&nbsp;$97 | &nbsp;&nbsp;$303 | &nbsp;&nbsp;$525 | &nbsp;&nbsp;$1166 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Predecessor Capital Appreciation Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45.96% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund principally invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500<sup>®</sup> Index. As of March 31, 2025, the market capitalization range of companies in the Russell 2500<sup>®</sup> Index was between approximately $567.8 million and $31.4 billion. The Fund may invest up to 15% of the value of its total assets in equity securities of foreign issuers. The Fund's sub-adviser, Frontier Capital Management Company, LLC ("Frontier") seeks long-term capital appreciation by employing a Growth-At-A-Reasonable-Price approach to identify, in its view, the best risk/reward investment ideas in the U.S. small- and mid-capitalization equity universe. Frontier purchases companies that, in its view, have above-average earnings growth potential and are available at reasonable valuations. Frontier's philosophy combines rigorous bottom-up fundamental analysis with a proven investment process.

Frontier may sell stocks for a number of reasons, including when price objectives are reached, fundamental conditions have changed so that future earnings progress is likely to be adversely affected, or a stock is fully invested and an attractive, new opportunity causes the sale of a current holding with less appreciation potential. Frontier does not sell stocks solely on changes to a company's market capitalization.

**Principal Investment Risks**

As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate which, means you could lose money on your investment in the Fund. The principal risks of investing in the Fund are summarized below.

● **Small and Medium Capitalization Companies Risk.** The Fund may invest in small and medium capitalization companies, which tend to be more vulnerable to adverse developments than larger companies. These companies may have limited product lines, markets, or financial resources, or may depend on a limited management group. They may be recently organized, without proven records of success. Their securities may trade infrequently and in limited volumes. As a result, the prices of these securities may fluctuate more than prices of securities of larger, more widely traded companies and the Fund may experience difficulty in establishing or closing out positions in these securities at prevailing market prices. Also, there may be less publicly available information about small and medium capitalization companies or less market interest in their securities as compared to larger companies, and it may take longer for the prices of the securities to reflect the full value of their issuers' earnings potential or assets.

● **Market Risk.** Investments in common stocks are subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a particular company's operations. Stock markets tend to run in cycles, with periods when stock prices generally go up and periods when they generally go down. Common stock prices tend to go up and down more than those of bonds.

● **Growth Securities Risk.** The Fund invests in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery. Therefore, growth securities may go in and out of favor over time.

● **Management Risk.** The Fund is subject to management risk because it is actively managed. Management risk is the chance that security selection or focus on securities in a particular style, market sector or group of companies will cause the Fund to incur losses or underperform relative to its benchmarks or other investments with similar investment objectives. The sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

● **Foreign Securities and Currencies Risk.** Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities may also be exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the U.S. dollar or that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the U.S. dollar), which may make the return on an investment increase or decrease unrelated to the quality or performance of the investment itself. The Fund does not hedge foreign security risk or foreign currency risk.

Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, as compared to U.S. issuers. A fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and/or interest and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts.

Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.

● **Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact the Fund's performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Companies, including banks and financial services companies, could suffer losses if interest rates fluctuate or economic conditions deteriorate. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and also has recently imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

● **Additional Market Disruption Risk.** Financial and securities markets are volatile and may be affected by political, regulatory, social, economic, and other global developments and disruptions, including those arising out of geopolitical events, armed conflict, public health emergencies (such as the spread of infectious diseases, pandemics, and epidemics), natural disasters, terrorism and governmental or quasi-governmental actions. Such changes may be rapid and unpredictable. These events may negatively affect issuers, industries and markets worldwide and adversely affect the value and liquidity of the Fund and its investments.

In February 2022, Russia commenced a military attack on Ukraine. In response, various countries, including the U.S., issued broad-ranging sanctions on Russia and certain Russian companies and individuals. Any existing or future sanctions could have a severe adverse effect on Russia's economy, currency, companies and region, and these events may negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities and sanctions may have a negative effect on the Fund's investments and performance beyond any direct or indirect exposure the Fund may have to Russian issuers or those of adjoining geographic regions. The sanctions and compliance with these sanctions may impair the ability of the Fund to buy, sell, hold or deliver Russian securities and/or other assets, including those listed on U.S. or other exchanges. Russia may also take retaliatory actions or countermeasures, such as cyberattacks and espionage, which may negatively impact the countries and companies in which the Fund may invest. Accordingly, there may be a heightened risk of cyberattacks by Russia in response to the sanctions. The extent and duration of the military action or future escalation of such hostilities; the extent and impact of existing and any future sanctions, market disruptions and volatility; the potential for wider conflict; and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on the Fund's investments as well as the Fund's performance, and the value or liquidity of certain securities held by the Fund may decline significantly. In addition, rising tensions between China and Taiwan over a forced reunification have caused concerns in the region and globally. China sees self-ruled Taiwan as a breakaway province that will eventually be part of China again. Previous efforts by China's leadership sought to bring about reunification by non-military means. Beginning in 2021, concerns escalated when China began sending military aircraft into Taiwan's air defense zone, a self-declared area where foreign aircraft are identified, monitored and controlled in the interests of Taiwan's national security. These actions have caused Taiwan and other countries to fear further escalation in the region. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally, which could negatively affect the value and liquidity of the Fund's investments. Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent of any market disruptions are impossible to predict, but could be substantial.

● **Liquidity Risk.** Liquidity risk exists when investments are difficult to sell as the result of low trading volume, lack of market makers, and/or legal restrictions. Illiquid securities may prevent the Fund from entering into security transactions at advantageous times or prices, potentially reducing the return of the Fund's portfolio. Investments in smaller market capitalizations and over-the-counter markets have greater exposure to liquidity risk.

● **Operational Risk.** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the sub-adviser's control, including instances at third parties. The Fund and the sub-adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

● **Cyber Security Risk.** The Fund's and its service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

**Performance**

The following information may give some indication of the risks of investing in the Fund. The Fund is the successor to the Predecessor Capital Appreciation Fund, a mutual fund with identical investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor Capital Appreciation Fund into the Fund on April 24, 2026. The performance provided in the bar chart and table is that of the Predecessor Capital Appreciation Fund. The bar chart illustrates how the Predecessor Capital Appreciation Fund's average annual returns have varied from year to year for the past ten calendar years. The table below illustrates how the Predecessor Capital Appreciation Fund's average annual total returns compare with those of a broad measure of market performance, the S&P 500 Index and the Russell 2500<sup>®</sup> Index, which is more representative of the market sector in which the Fund invests. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Predecessor Capital Appreciation Fund's past performance does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![(BAR CHAT)](nl003_v1.jpg)

*Highest quarterly return: 32.36% (for the quarter ended 6/30/2020)*

*Lowest quarterly return: (35.85)% (for the quarter ended 3/31/2020)*

The table below shows the Predecessor Capital Appreciation Fund's average annual total returns for the periods indicated and how those returns compare to those of the S&P 500<sup>®</sup> Index and the Russell 2500<sup>®</sup> Index. You cannot invest directly in an index. The Index returns are calculated on a total return basis and reflects no deduction for fees, expenses or taxes.

**Average Annual Total Returns**

(for the periods ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Predecessor Capital Appreciation Fund | 18.06% | 9.10% | 11.24% |
| S&P 500<sup>®</sup> Index<sup>1</sup> | 17.88% | 14.43% | 14.82% |
| Russell 2500<sup>®</sup> Index<sup>2</sup> (reflects no deduction for fees, expenses or taxes) | 11.91% | 7.26% | 10.41% |

---

<sup>1</sup> The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements and serves as the Fund's regulatory index.

<sup>2</sup> The Russell 2500<sup>®</sup> Index is the Fund's additional index and is more representative of the Fund's risk and return than the regulatory index.

**Fund Management**

M Financial Investment Advisers, Inc. is the investment adviser for the Fund and Frontier is the sub-adviser for the Fund.'

The following people are primarily responsible for the day-to-day management of the Fund's portfolio:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Since** | **Title** |
| Andrew B. Bennett, CFA | December 2013<br> for the Predecessor Capital Appreciation Fund | Portfolio Manager |
| Peter G. Kuechle | April 2018<br> for the Predecessor Capital Appreciation Fund | Portfolio Manager |

---

**Other Important Information**

For important information about Purchase and Redemption of Fund Shares, Tax Information and Payments to Insurance Companies and their Affiliates, please turn to page 28 of this prospectus.

**Summary Section – M LARGE CAP VALUE FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fund Fees and Expenses**

The fees and expenses reflected in the table below do not include the fees and charges associated with variable annuities or variable life insurance plans. Fees and charges for life insurance and annuity products typically include a sales load and/or a surrender charge and other charges for insurance benefits. If those fees and charges were included, the costs shown below would be higher.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

**Annual Fund Operating Expenses**

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

---

| | |
|:---|:---|
| Management Fees | 0.43% |
| Distribution (12b-1) Fee |  |
| Other Expenses<sup>1</sup> | 0.17% |
| **Total Annual Fund Operating Expenses** | **0.60%** |

---

<sup>1</sup> The M Large Cap Value Fund, a series of M Funds, Inc. (the "Predecessor Large Cap Value Fund"), reorganized into the Fund following the close of business on April 24 , 2026. Other Expenses are based on estimated amounts for the current fiscal year.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a hypothetical 5% return each year and that the Fund's operating expenses remain the same. These expense examples do not reflect the fees and charges imposed by the applicable insurance company. If those fees and charges were included, the costs shown below would be higher. Although your actual costs (and returns) may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**3 years** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| &nbsp;&nbsp;$61 | &nbsp;&nbsp;$192 | &nbsp;&nbsp;$335 | &nbsp;&nbsp;$750 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Predecessor Large Cap Value Fund's portfolio turnover rate was 57.88% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund normally invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled, or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at least 80% of its net assets in equity securities of large capitalization companies. Brandywine Global Investment Management, LLC ("Brandywine"), the Fund's sub-adviser, defines "large capitalization" companies as those companies with market capitalizations similar to companies in the Russell 1000<sup>®</sup> Index. As of March 31, 2025, the market capitalization range of companies in the Russell 1000<sup>®</sup> Index was between approximately $273 million and $3.3 trillion. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

The Fund invests primarily in equity securities that, in Brandywine's opinion, are undervalued or out of favor. Brandywine invests in securities that meet its value criteria, primarily price-to-earnings, price-to-book, price momentum and share change and quality, based on both quantitative and fundamental analysis. The Fund expects to hold approximately 175-250 stocks under normal market conditions.

Brandywine bases portfolio price targets on quantitative criteria determined in its sell process. Brandywine's systems update these quantitatively determined buy and sell limits on a daily basis. Buy candidates must have a price that qualifies the stock as a value such that the price-to-earnings ratio is in the lower 40% of its universe or the price-to-book is in the lower 25% of its universe at time of purchase. Additionally, the current price compared to the price nine months ago must place it above the lower quartile of other universe stocks when ranked by nine-month price momentum and the change in shares outstanding over the past year must place it below the upper quartile.

Sell candidates will have a price that when compared to earnings and book place the stock above the median on a price-to-earnings basis and above the 40<sup>th</sup> percentile on a price-to-book basis. If a stock's price declines relative to the universe such that it falls to the lower 10% of stocks as ranked on nine-month price momentum or the company issues sufficient shares to rank among the top 10% largest issuers (as a percentage of shares outstanding) in the year, the holding will be a sell candidate. Additionally, a stock will be sold if the capitalization falls 20% below the minimum purchase capitalization criteria.

Brandywine may modify buy and sell trigger points and decisions only due to tracking error considerations, trading opportunities or limitations such as position, industry or sector size. Brandywine does not violate its buy and sell rules based on analyst affinity for the stock. Its investment process requires disciplined buy and sell decisions rules with carefully outlined exceptions.

If a security experiences a severe fundamental deterioration event that is not captured in the price change, share change or valuation rules, Brandywine will initiate a sell. The rank order of the most common occurrences are price momentum, valuation expansion into the sell range, share issuance or fundamental deterioration.

**Principal Investment Risks**

As with any mutual fund, there is no guarantee that the Fund will achieve its goals. The Fund's share price will fluctuate, which means you could lose money on your investment in the Fund. The principal risks of investing in the Fund are summarized below.

● **Large-Capitalization Investing Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

● **Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact the Fund's performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Companies, including banks and financial services companies, could suffer losses if interest rates fluctuate or economic conditions deteriorate. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and also has recently imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

● **Additional Market Disruption Risk.** Financial and securities markets are volatile and may be affected by political, regulatory, social, economic, and other global developments and disruptions, including those arising out of geopolitical events, armed conflict, public health emergencies (such as the spread of infectious diseases, pandemics, and epidemics), natural disasters, terrorism and governmental or quasi-governmental actions. Such changes may be rapid and unpredictable. These events may negatively affect issuers, industries and markets worldwide and adversely affect the value and liquidity of the Fund and its investments.

In February 2022, Russia commenced a military attack on Ukraine. In response, various countries, including the U.S., issued broad-ranging sanctions on Russia and certain Russian companies and individuals. Any existing or future sanctions could have a severe adverse effect on Russia's economy, currency, companies and region, and these events may negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities and sanctions may have a negative effect on the Fund's investments and performance beyond any direct or indirect exposure the Fund may have to Russian issuers or those of adjoining geographic regions. The sanctions and compliance with these sanctions may impair the ability of the Fund to buy, sell, hold or deliver Russian securities and/or other assets, including those listed on U.S. or other exchanges. Russia may also take retaliatory actions or countermeasures, such as cyberattacks and espionage, which may negatively impact the countries and companies in which the Fund may invest. Accordingly, there may be a heightened risk of cyberattacks by Russia in response to the sanctions. The extent and duration of the military action or future escalation of such hostilities; the extent and impact of existing and any future sanctions, market disruptions and volatility; the potential for wider conflict; and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on the Fund's investments as well as the Fund's performance, and the value or liquidity of certain securities held by the Fund may decline significantly. In addition, rising tensions between China and Taiwan over a forced reunification have caused concerns in the region and globally. China sees self-ruled Taiwan as a breakaway province that will eventually be part of China again. Previous efforts by China's leadership sought to bring about reunification by non-military means. Beginning in 2021, concerns escalated when China began sending military aircraft into Taiwan's air defense zone, a self-declared area where foreign aircraft are identified, monitored and controlled in the interests of Taiwan's national security. These actions have caused Taiwan and other countries to fear further escalation in the region. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally, which could negatively affect the value and liquidity of the Fund's investments. Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent of any market disruptions are impossible to predict, but could be substantial.

● **Market Risk.** Investments in common stocks are subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a particular company's operations. Stock markets tend to run in cycles, with periods when stock prices generally go up and periods when they generally go down. Common stock prices tend to go up and down more than those of bonds.

● **Value Investment Risk.** Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.

● **Management Risk.** The Fund is subject to management risk because it is actively managed. Management risk is the chance that security selection or focus on securities in a particular style, market sector or group of companies will cause the Fund to incur losses or underperform relative to its benchmarks or other investments with similar investment objectives. The sub-adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

● **Operational Risk.** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the sub-adviser's control, including instances at third parties. The Fund and the sub-adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

● **Cyber Security Risk.** The Fund's and its service providers' use of internet, technology and information systems may expose the Fund to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

● **Liquidity Risk.** Liquidity risk exists when investments are difficult to sell as the result of low trading volume, lack of market makers, and/or legal restrictions. Illiquid securities may prevent the Fund from entering into security transactions at advantageous times or prices, potentially reducing the return of the Fund's portfolio. Investments in smaller market capitalizations and over-the-counter markets have greater exposure to liquidity risk.

**Performance**

The following information may give some indication of the risks of investing in the Fund. The Fund is the successor to the Predecessor Large Cap Value Fund, a mutual fund with identical investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor Large Cap Value Fund into the Fund on April 24 , 2026. The performance provided in the bar chart and table is that of the Predecessor Large Cap Value Fund. The bar chart illustrates how the Predecessor Large Cap Value Fund's average annual returns have varied from year to year for the past ten calendar years. The table below illustrates how the Predecessor Large Cap Value Fund's average annual total returns compare with those of a broad measure of market performance, the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Value Index, which is more representative of the market sector in which the Fund invests. The performance prior to December 31, 2019 reflects the performance results obtained under a different sub-adviser that used a different investment strategy. Had the current sub-adviser and investment strategies been in place during that period, the performance results may have been different. The performance information shown here does not reflect fees that are paid by the insurance company separate accounts that invest in the Fund. Inclusion of those fees would reduce the total return figures for all periods. The Predecessor Large Cap Value Fund's past performance does not necessarily indicate how the Fund will perform in the future.

**Calendar Year Total Returns**

![(BAR CHAT)](nl004_v1.jpg)

*Highest quarterly return: 16.06% (for the quarter ended 12/31/2022)*

*Lowest quarterly return: (28.75)% (for the quarter ended 3/31/2020)*

The table below shows the Predecessor Large Cap Value Fund's average annual total returns for the periods indicated and how those returns compare to those of the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Value Index. You cannot invest directly in an index. The Index returns are calculated on a total return basis and reflects no deduction for fees, expenses or taxes.

**Average Annual Total Returns**

(for the periods ended December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Predecessor Large Cap Value Fund | 17.31% | 13.92% | 9.61% |
| Russell 1000<sup>®</sup> Index<sup>1</sup> | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index<sup>2</sup><br> (reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% |

---

<sup>1</sup> The Fund has adopted this broad-based index as its primary benchmark index in response to regulatory requirements and serves as the Fund's regulatory index.

<sup>2</sup> The Russell 1000<sup>®</sup> Value Index is the Fund's additional index and is more representative of the Fund's risk and return than the regulatory risk.

**Fund Management**

M Financial Investment Advisers, Inc. is the investment adviser for the Fund and Brandywine is the sub-adviser for the Fund.

The Fund is managed by a team of portfolio managers, who are primarily responsible for the day-to-day management of the Fund's portfolio. The team is led by:

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Since** | **Title** |
| Joseph J. Kirby | May 2020<br> for the Predecessor Large Cap Value Fund | Portfolio Manager |
| Henry F. Otto | May 2020<br> for the Predecessor Large Cap Value Fund | Managing Director and Portfolio Manager |
| Steven M. Tonkovich | May 2020<br> for the Predecessor Large Cap Value Fund | Managing Director and Portfolio Manager |

---

**Other Important Information**

For important information about Purchase and Redemption of Fund Shares, Tax Information and Payments to Insurance Companies and their Affiliates, please turn to page 28 of this prospectus.

**Purchasing Fund Shares**

The Funds are available through the purchase of variable life insurance policies and variable annuity policies issued by certain insurance companies. Those insurance companies may offer other portfolios in addition to offering the Funds. You cannot buy shares of the Funds directly. You can invest indirectly in the Funds through your purchase of a variable annuity or variable life insurance contract. You should read this prospectus and the prospectus of the variable annuity or variable life insurance contract carefully before you choose your investment options.

The variable annuity and variable life insurance contracts are issued by separate accounts of various insurance companies. The insurance companies buy Fund shares for their separate accounts based on the instructions that they receive from the contract owners.

**Redeeming Fund Shares**

To meet various obligations under the variable annuity or variable life insurance contracts, the insurance company separate accounts may redeem Fund shares to generate cash. For example, a separate account may redeem Fund shares and use the proceeds to pay a contract owner who requested a partial withdrawal or who canceled a contract. Proceeds from the redemption are usually sent to the separate account on the next business day. The Funds may suspend redemptions of shares or postpone payment dates when the New York Stock Exchange ("NYSE") is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as otherwise permitted by the SEC.

**Tax Information**

Each Fund expects to qualify for taxation as a regulated investment company under subchapter M of chapter 1 of the Internal Revenue Code of 1986, as amended, for each taxable year. To qualify for taxation as a regulated investment company, each Fund must satisfy certain source-of-income, asset-diversification, and annual distribution requirements. Provided that a Fund satisfies the requirements to be taxed as a regulated investment company for each taxable year, such Fund will not be subject to U.S. federal income tax at corporate rates on its ordinary income and capital gains that it timely distributes to its shareholders. Each Fund also intends to comply with Section 817(h) of the Code and regulations issued thereunder, which impose certain investment diversification requirements on life insurance companies' separate accounts that are used to support variable life insurance contracts and variable annuity contracts. Each Fund intends to distribute to its shareholders substantially all of its ordinary income and capital gains, if any, on an annual basis. Under current law, owners of variable life insurance contracts and variable annuity contracts who are indirectly invested in a Fund generally are not subject to U.S. federal income tax on Fund earnings or distributions or on gains realized upon the sale or redemption of Fund shares until amounts are withdrawn from their contracts. Please refer to the prospectus for the variable annuity or variable life insurance contract for tax information regarding those products.

**Payments To Insurance Companies And Their Affiliates**

The Funds are not sold directly to the general public but instead are offered as an underlying investment option for variable insurance contracts. The Funds and their related companies currently do not, but may, make payments to the sponsoring insurance company (or its affiliates) for distribution and/or other services. Such payments, if any, may be a factor that the insurance company considers in including the Funds as an underlying investment option in the variable insurance contract. The prospectus (or other offering document) for your variable insurance contract may contain additional information about these payments.

**Additional Information About Principal Investment Strategies and Related Risks**

**M INTERNATIONAL EQUITY FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation. The Fund's investment objective may be changed by a vote of the Board of Trustees of the Trust without shareholder approval, but should the Fund decide to change this goal, it will provide shareholders with at least 30 days' notice.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective by purchasing a broad and diverse group of equity securities of non-U.S. companies. The Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price, and higher profitability companies relative to the International Universe. For purposes of the Fund, Dimensional defines the International Universe as a market capitalization weighted set (*e.g.*, the larger the company, the greater the proportion of the International Universe it represents) of non-U.S. companies in developed and emerging markets, which may include frontier markets, that have been authorized for investment as "Approved Markets" by Dimensional's Investment Committee. The Fund may pursue its investment objective by investing its assets directly and/or indirectly in the Underlying Fund, which is also managed by the sub-adviser. For more information on the investment objective and strategies of the Underlying Fund please see below. Market capitalization weighted means that a company's weighting in the International Universe is proportional to that company's actual market capitalization compared to the total market capitalization of all eligible companies. The higher the company's relative market capitalization, the greater its representation.

The Fund's increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Fund's assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe. An equity issuer is considered to have a high relative price (*i.e.*, a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (*i.e.*, a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, Dimensional may consider additional factors, such as price-to-cash-flow or price-to-earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria Dimensional uses for assessing relative price and profitability are subject to change from time to time.

Dimensional may adjust the representation in the Fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics, and other factors that Dimensional determines to be appropriate.

In determining which emerging market countries are eligible markets for the Fund, Dimensional may consider various factors, including, without limitation, the data, analysis, and classification of countries published or disseminated by international cooperatives and global development institutions, such as the International Bank for Reconstruction and Development (commonly known as the World Bank) and the International Finance Corporation, and widely recognized global index providers, such as FTSE Russell and MSCI. Approved Markets may not include all such emerging markets. In determining whether to approve emerging markets for investment, Dimensional may take into account, among other things, market liquidity, relative availability of investor information, government regulation, including fiscal and foreign exchange repatriation rules and the availability of other access to these markets for the Fund.

Dimensional may consider a small capitalization company's investment characteristics as compared to other eligible companies when making investment decisions and may exclude a small capitalization company with high recent asset growth. The Fund will generally not exclude more than 5% of the eligible small capitalization company universe within each eligible country based on such investment characteristics. The criteria Dimensional uses for assessing

investment characteristics are subject to change from time to time. Dimensional may decrease the amount that the Fund invests in eligible small capitalization companies that have lower profitability and/or higher relative prices.

In general, securities will not be purchased or sold based on the prospects for the economy, the securities markets or the individual issuers whose shares are eligible for purchase. Securities that have depreciated in value since their acquisition will not be sold solely because prospects for the issuer are not considered attractive or due to an expected or realized decline in securities prices in general. Securities generally will not be sold solely to realize short-term profits, but when circumstances warrant, they may be sold without regard to the length of time held. Securities, including those eligible for purchase, may be disposed of, however, at any time when, in Dimensional's judgment, circumstances warrant their sale, including but not limited to tender offers, mergers and similar transactions, or bids made for block purchases at opportune prices. Generally, securities will be purchased with the expectation that they will be held for longer than one year and will be held until such time as they are no longer considered an appropriate holding in light of the investment policy of the Fund.

In attempting to respond to adverse market, economic, political, or other considerations, the Fund may, from time to time, invest its assets in a temporary defensive manner that is inconsistent with the Fund's principal investment strategies. In these circumstances, the Fund may be unable to achieve its investment objective.

**Other Investment Strategies**

Although the following are not principal investment strategies, the Fund may also:

● invest in exchange-traded funds for purposes of gaining exposure to the equity markets, including the United States, while maintaining liquidity;

● keep a portion of assets in cash or cash equivalents pending investment or for liquidity purposes;

● lend its portfolio securities; and

● engage in relatively active trading.

**Investments in the Underlying Fund: Investment Objective, Strategies, and Policies of the Underlying Fund**

The investment objective of the Underlying Fund is to achieve long-term capital appreciation. The Underlying Fund is designed to purchase a broad and diverse group of equity securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development) in Approved Markets. The Underlying Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price, and higher profitability companies. The Underlying Fund's increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Underlying Fund's assets to larger capitalization, higher relative price, or lower profitability companies. An equity issuer is considered to have a high relative price (*i.e.*, a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (*i.e.*, a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, Dimensional may consider additional factors such as price-to-cash flow or price-to-earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria Dimensional uses for assessing relative price and profitability are subject to change from time to time. Dimensional may also adjust the representation in the Underlying Fund of an eligible company, or exclude a company, after considering such factors as free float, price momentum, short-run reversals, trading strategies, liquidity, size, relative price, profitability, investment characteristics and other factors that Dimensional determines to be appropriate. In assessing a company's investment characteristics, Dimensional considers ratios such as recent changes in assets divided by total assets. The criteria Dimensional uses for assessing a company's investment characteristics are subject to change from time to time. The Underlying Fund will generally not exclude more than 5% of the eligible small capitalization company universe within each eligible country based on such investment characteristics. The Underlying Fund may purchase or sell futures contracts and options on futures contracts for Approved Market or other equity market securities and

indices, including those of the United States, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Underlying Fund. The Underlying Fund may also invest in China A-shares (equity securities of companies listed in China) and variable interest entities (special structures that utilize contractual arrangements to provide exposure to certain Chinese companies). The Underlying Fund may lend its portfolio securities to generate additional income.

**M LARGE CAP GROWTH FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation. The Fund's investment objective may be changed by a vote of the Board of Trustees of the Trust without shareholder approval, but should the Fund decide to change this goal, it will provide shareholders with at least 30 days' notice.

**Principal Investment Strategies**

The Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization ("large-cap") securities. The Fund seeks to achieve its objective by investing primarily in the common stock of large-sized U.S. companies. The investment strategy of Federated, the Fund's sub-adviser, utilizes a large-cap growth approach by selecting most of its investments from companies listed in the Russell 1000<sup>®</sup> Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. Federated considers a company to be large-cap if it falls within the market capitalization range of the Russell 1000<sup>®</sup> Growth Index. As the Fund's sector exposure approximates the Russell 1000<sup>®</sup> Growth Index, the Fund may, from time to time, have large allocations to certain broad market sectors, such as technology, consumer discretionary and healthcare. As of March 31, 2025, companies in the Russell 1000<sup>®</sup> Growth Index ranged in market capitalization from $681 million to $3.3 trillion.

The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its assets in the securities of a small number of issuers than a diversified fund.

Federated implements its strategy using a quantitative model driven by fundamental and technical stock selection variables. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The process also takes into account trading costs in an effort to ensure that trades are generated only to the extent they are expected to be profitable on an after-trading-cost basis. Additionally, risk is controlled through diversification constraints which limit exposure to individual companies as well as groups of correlated companies.

This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large-cap securities is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

The Fund actively trades its portfolio securities in an attempt to achieve its investment objective.

**Additional Information Regarding the Security Selection Process**

As part of analysis in its security selection process, among other factors, Federated also evaluates whether environmental, social and governance factors could have a positive or negative impact on the risk/return profiles of many issuers in the universe of securities in which the Fund may invest. This analysis does not automatically result in including or excluding specific securities but may be used by Federated as an additional input to improve portfolio risk/return characteristics.

**Other Investment Strategies**

Although the following are not principal investment strategies, the Fund may also:

● invest in derivatives, such as options (e.g., call options and put options), swaps (e.g., interest rate swaps, total return swaps, credit default swaps, currency swaps and caps and floors) or futures (e.g., interest rate futures, index futures, security futures, currency futures and currency forward contracts), in a manner that is consistent with its investment objective;

● use derivative contracts and/or hybrid instruments to: (i) implement elements of its investment strategy; (ii) obtain premiums from the sale of derivative contracts; (iii) realize gains from trading a derivative contract; and/or (iv) hedge against potential losses;

● invest in: (i) other equity securities, including, but not limited to, preferred stocks and warrants; (ii) fixed-income securities, including, but not limited to, treasury securities, government securities, corporate debt securities (e.g., commercial paper and demand instruments), mortgage-backed securities, zero-coupon securities, asset-backed securities and bank instruments; (iii) convertible securities; (iv) foreign securities, including, but not limited to, depository receipts, foreign exchange contracts, foreign government securities and emerging market securities; (v) repurchase and reverse repurchase agreements;(vi) real estate investment trusts; and/or (vii) hybrid instruments (e.g., credit linked notes and equity linked notes);

● keep a portion of assets in cash or cash equivalents pending investment or for liquidity purposes; and

● engage in portfolio securities lending.

The Fund may depart from its normal strategies by taking temporary defensive positions in response to adverse market, economic, political or other conditions. When the Fund takes a temporary defensive position, it will invest all or a substantial portion of its assets in U.S. or Foreign Government securities, money market funds or securities, or other debt instruments and similar obligations or hold cash. During these times, the Fund may not achieve its investment objective.

**M CAPITAL APPRECIATION FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation. The Fund's investment objective may be changed by a vote of the Board of Trustees of the Trust without shareholder approval, but should the Fund decide to change this goal, it will provide shareholders with at least 30 days' notice.

**Principal Investment Strategies**

The Fund principally invests in common stock of U.S. companies of all sizes, with emphasis on stocks of companies with capitalizations that are consistent with the capitalizations of those companies found in the Russell 2500<sup>®</sup> Index. As of March 31, 2025, the market capitalization range of companies in the Russell 2500<sup>®</sup> Index was between approximately $567.8 million and $31.4 billion. The Fund may invest up to 15% of the value of its total assets in equity securities of foreign issuers.

Frontier, the Fund's sub-adviser, seeks long-term capital appreciation by employing a Growth-At-A-Reasonable-Price approach to identify, in its view, the best risk/reward investment ideas in the U.S. small- and mid-capitalization equity universe. Frontier purchases companies that, in its view, have above-average earnings growth potential and are available at reasonable valuations. Frontier's philosophy combines rigorous bottom-up fundamental analysis with a proven investment process.

Frontier may sell stocks for a number of reasons, including when price objectives are reached, fundamental conditions have changed so that future earnings progress is likely to be adversely affected, or a stock is fully invested

and an attractive, new opportunity causes the sale of a current holding with less appreciation potential. Frontier does not sell stocks solely on changes to a company's market capitalization.

**Other Investment Strategies**

Although the following are not principal investment strategies, the Fund may:

● invest in companies with market capitalizations of $500 million or less;

● invest in recently organized companies;

● keep a portion of assets in cash or cash equivalents pending investment or for liquidity purposes; and

● lend its portfolio securities.

The Fund may depart from its normal strategies by taking temporary defensive positions in response to adverse market, economic, political or other conditions. When the Fund takes a temporary defensive position, it will invest all or a substantial portion of its assets in U.S. Government securities, money market funds or securities, or other debt instruments. During these times, the Fund may not achieve its investment objective.

**M LARGE CAP VALUE FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation. The Fund's investment objective may be changed by a vote of the Board of Trustees of the Trust without shareholder approval, but should the Fund decide to change this goal, it will provide shareholders with at least 30 days' notice.

**Principal Investment Strategies**

The Fund normally invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled, or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at least 80% of its net assets in equity securities of large capitalization companies. Brandywine, the Fund's sub-adviser, defines "large capitalization" companies as those companies with market capitalizations similar to companies in the Russell 1000<sup>®</sup> Index. The size of the companies in the Index changes with market conditions and the composition of the Index. As of March 31, 2025, the market capitalization range of companies in the Russell 1000<sup>®</sup> Index was between approximately $273 million and $3.3 trillion. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

The Fund invests primarily in equity securities that, in Brandywine's opinion, are undervalued or out of favor. Brandywine invests in securities that meet its value criteria, primarily price-to-earnings, price-to-book, price momentum and share change and quality, based on both quantitative and fundamental analysis. The Fund expects to hold approximately 175-250 stocks under normal market conditions.

Brandywine bases portfolio price targets on quantitative criteria determined in its sell process. Brandywine's systems update these quantitatively determined buy and sell limits on a daily basis. Buy candidates must have a price that qualifies the stock as a value such that the price-to-earnings ratio is in the lower 40% of its universe or the price-to-book is in the lower 25% of its universe at time of purchase. Additionally, the current price compared to the price nine months ago must place it above the lower quartile of other universe stocks when ranked by nine-month price momentum and the change in shares outstanding over the past year must place it below the upper quartile.

Sell candidates will have a price that when compared to earnings and book place the stock above the median on a price-to-earnings basis and above the 40<sup>th</sup> percentile on a price-to-book basis. If a stock's price declines relative to the universe such that it falls to the lower 10% of stocks as ranked on nine-month price momentum or the company issues sufficient shares to rank among the top 10% largest issuers (as a percentage of shares outstanding) in the year,

the holding will be a sell candidate. Additionally, a stock will be sold if the capitalization falls 20% below the minimum purchase capitalization criteria.

Brandywine may modify buy and sell trigger points and decisions only due to tracking error considerations, trading opportunities or limitations such as position, industry or sector size. Brandywine does not violate its buy and sell rules based on analyst affinity for the stock. Its investment process requires disciplined buy and sell decisions rules with carefully outlined exceptions.

If a security experiences a severe fundamental deterioration event that is not captured in the price change, share change or valuation rules, Brandywine will initiate a sell. The rank order of the most common occurrences are price momentum, valuation expansion into the sell range, share issuance or fundamental deterioration.

**Other Investment Strategies**

Although the following are not principal investment strategies, the Fund may also:

● keep a portion of assets in cash or cash equivalents pending investment or liquidity needs;

● lend its portfolio securities; and

● engage in relatively active trading.

The Fund may depart from its normal strategies by taking temporary defensive positions in response to adverse market, economic, political or other conditions. When the Fund takes a temporary defensive position, it will invest all or a substantial portion of its assets in U.S. Government securities, money market funds or securities, or other debt instruments. During these times, the Fund may not achieve its investment objective.

**Security Types**

***Equity Securities.*** Equity securities include:

● common stocks;

● preferred stocks;

● securities convertible into common stocks; and

● equity and index linked notes.

***American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), International Depositary Receipts (IDRs) and Global Depositary Receipts (GDRs).*** ADRs, EDRs, IDRs and GDRs are securities that represent an ownership interest in a foreign security. ADRs are generally issued by a U.S. bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. EDRs, IDRs and GDRs are European, international and global receipts, respectively, evidencing a similar arrangement. ADRs, EDRs, IDRs and GDRs may be sponsored (issued with the cooperation of the issuer whose stock underlies the receipt) by the issuer or be unsponsored (issued without the involvement of the issuer whose stock underlies the receipt). The issuers of unsponsored ADRs, EDRs, IDRs and GDRs are not required to disclose certain material information to the holders of such securities, as are issuers of sponsored securities.

***Foreign Issuer.*** A foreign issuer is one that is organized under the laws of a foreign country and is:

● unlisted or listed primarily on a non-U.S. exchange; or

● listed on a U.S. exchange or over-the-counter as a sponsored or unsponsored ADR.

***Emerging Market Securities.*** Emerging market securities are issued by a company that:

● has its principal trading market for its stock in a country other than those currently listed as a "developed market" by Morgan Stanley Capital International;

● is organized under the laws of, and with a principal office in, an emerging market country;

● has its principal activities located in an emerging market country; or

● derives at least 50% of its revenues or profits from operations within an emerging market country.

**RISKS OF INVESTING IN THE FUNDS**

**Principal Risks of Investing in the Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Risk** | &nbsp;&nbsp;**M International <br> Equity Fund** | &nbsp;&nbsp;**M Large Cap <br> Growth Fund** | &nbsp;&nbsp;**M Capital <br> Appreciation <br> Fund** | &nbsp;&nbsp;**M Large Cap <br> Value Fund** |
| &nbsp;&nbsp;Active Trading Risk |  | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Additional Market Disruption Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;China Investments Risk | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Cyber Security Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Derivatives Risk | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Economic and Market Events Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Emerging Markets Risk | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Foreign Securities and Currencies Risk | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Fund of Funds Risk | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Growth Securities Risk |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Large-Capitalization Investing Risk |  | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Liquidity Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Management Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Market Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Non-Diversification Risk |  | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Operational Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Profitability Investment Risk | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Quantitative Modeling Risk |  | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Sector Risk |  | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Small and Medium Capitalization Companies Risk | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Value Investment Risk | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● |

---

**Non-Principal Risks of Investing in the Funds**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Risk** | &nbsp;&nbsp;**M International <br> Equity Fund** | &nbsp;&nbsp;**M Large Cap <br> Growth Fund** | &nbsp;&nbsp;**M Capital <br> Appreciation <br> Fund** | &nbsp;&nbsp;**M Large Cap <br> Value Fund** |
| &nbsp;&nbsp;Investing in a Small Number of Securities Risk |  | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Recently Organized Companies and IPOs |  |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Securities Lending | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |

---

**Principal Risks**

***Active Trading Risk.*** Active trading will cause the M Large Cap Growth Fund to have an increased portfolio turnover rate and increase the Fund's trading costs, which may have an adverse impact on the Fund's performance.

***Additional Market Disruption Risk.*** Financial and securities markets are volatile and may be affected by political, regulatory, social, economic and other global developments and disruptions, including those arising out of geopolitical events, armed conflict, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), natural disasters, terrorism and governmental or quasi-governmental actions. Such changes may be rapid and unpredictable. These events may negatively affect issuers, industries and markets worldwide and adversely affect the value and liquidity of the Funds and their investments. Different sectors of the market, issuers, and security types may react differently to such developments.

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications ("SWIFT"), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; result in a decline in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals; weaken the value of the ruble; downgrade the country's credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have divested interests or otherwise curtailed business dealings with certain Russian businesses. Countermeasures or retaliatory actions by Russia may further impair the value and liquidity of Russian securities.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on a Fund's investments and performance beyond any direct or indirect exposure a Fund may have

to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies in the World, which may negatively impact such countries and the companies in which the Fund invests. Accordingly, there may be heightened risk of cyberattacks which may result in, among other things, disruptions in the functioning and operations of industries or companies around the World, including in the United States and Europe.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and any future sanctions, market disruptions and volatility, the potential for wider conflict, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on Fund performance and the value and liquidity of an investment in the Fund, particularly with respect to Russian exposure.

Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent of any market disruptions are impossible to predict, but could be substantial.

***China Investments Risk.*** There are special risks associated with investments in China, Hong Kong and Taiwan. The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy and develop market mechanisms. But there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. Investors in Chinese issuers may have difficulty obtaining information regarding the issuer, particularly high-quality and reliable financial reporting. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue that has included threats of invasion by China. Political or economic disturbances (including an attempted unification of Taiwan by force), as well as any economic sanctions implemented in response, may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and Taiwan impractical or impossible. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally. The Chinese economy is also vulnerable to the long-running disagreements with Hong Kong related to integration.

A Fund investing in China A-shares through Stock Connect is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Trading through the Stock Connect program is subject to daily quotas that limit the maximum daily net purchases on any particular day, each of which may restrict or preclude a Fund's ability to invest in China A-shares through the Stock Connect program. Trading through Stock Connect may require pre-validation of cash or securities prior to acceptance of orders. This requirement may limit a Fund's ability to dispose of its A-shares purchased through Stock Connect in a timely manner.

A primary feature of the Stock Connect program is the application of the home market's laws and rules applicable to investors in China A-shares. Therefore, a Fund's investments in Stock Connect China A-shares are generally subject to the securities regulations and listing rules of the People's Republic of China ("PRC"), among other restrictions. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, the Shanghai and Shenzhen markets may be open at a time when Stock Connect is not trading, with the result that prices of China A-shares may fluctuate at times when a Fund is unable to add to or exit its position, which could adversely affect the Fund's performance.

Changes in the operation of the Stock Connect program may restrict or otherwise affect a Fund's investments or returns. Furthermore, any changes in laws, regulations and policies of the China A-shares market or rules in relation

to Stock Connect may affect China A-share prices. These risks are heightened generally by the developing state of the PRC's investment and banking systems and the uncertainty about the precise nature of the rights of equity owners and their ability to enforce such rights under Chinese law. An investment in China A-Shares is also generally subject to the risks identified under "Emerging Markets Risk," and foreign investment risks such as price controls, expropriation of assets, confiscatory taxation, and nationalization may be heightened when investing in China. Certain investments in Chinese companies may be made through a special structure known as a VIE. In a VIE structure, foreign investors, such as a Fund, will only own stock in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in certain restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. Investments involving a VIE structure may pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through equity ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, historically the structure has not been formally recognized under Chinese law and Chinese regulations regarding the structure are evolving. It is uncertain whether Chinese officials or regulators will withdraw their acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect a Fund's returns and net asset value ("NAV").

***Cyber Security Risk.*** Intentional cyber security breaches include: unauthorized access to systems, networks or devices (such as through "hacking" activity), infection from computer viruses or other malicious software code, and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). A cyber security breach could result in the loss or theft of customer data or funds, the inability to access electronic systems ("denial of services"), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a Fund, the Adviser, a sub-adviser or other service providers to incur regulatory penalties, reputational damage, litigation expenses, additional compliance costs, or significant financial loss. In addition, such incidents could affect issuers in which a Fund invests, and thereby cause the Fund's investments to lose value.

***Derivatives Risk.*** Derivatives are instruments, such as futures, and options thereon, and foreign currency forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When the M International Equity Fund uses derivatives, the Fund will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty and credit risk (the risk that the derivative counterparty will not fulfill its contractual obligations, whether because of bankruptcy or other default), settlement risk (the risk faced when one party to a transaction has performed its obligations under a contract but has not yet received value from its counterparty), interest rate risk (the risk that certain derivatives are more sensitive to interest rate changes and market price fluctuations than other securities), liquidity risk, market risk, and management risk, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the M International Equity Fund could lose more than the principal amount invested. SEC Rule 18f-4 (the "Derivatives Rule") regulates the ability of the Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. The Derivatives Rule also regulates other types of leveraged transactions, such as reverse repurchase agreements. Under the Derivatives Rule, a Fund is prohibited from entering into derivatives transactions except in reliance on the provisions

of the Derivatives Rule. The M International Equity Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. As such, M International Equity Fund is required to adopt and implement polices reasonably designed to manage its derivatives risks.

***Economic and Market Events Risk.*** Economic events historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included bankruptcies, corporate restructurings, and similar events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe and other countries; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; China's economic slowdown; and regional armed conflict, such as the war between Russia and Ukraine. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates fluctuate or economic conditions deteriorate.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve ("Fed") or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

To combat rising inflation, the Fed increased the Federal Funds interest rate several times in 2022 and 2023; however, the Fed decreased the Federal Funds interest rate in 2024, and the future of interest rates remains uncertain. As a result, risks associated with fluctuating interest rate environments have been, and continue to be, magnified in the current economic environment. It is difficult to accurately predict the pace at which the Fed may change interest rates, or the timing, frequency or magnitude of any such changes, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility, and may detract from Fund performance. As a result, a Fund may experience high redemptions and increased portfolio turnover, which could increase the costs that the Fund incurs and may negatively impact the Fund's performance.

In addition, as the Fed adjusts the target Fed Funds Rate, any such changes, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on a Fund.

Political turmoil within the U.S. and abroad may also impact a Fund. Although the U.S. government has honored its credit obligations, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and also has recently imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

There is a risk that the present value of assets or income from investments will be less in the future as rising prices (inflation) reduce their purchasing power. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a Fund's investments may be affected, which may reduce the Fund's performance. While overshadowed by recent rapid inflation, there is also a risk that the prices of goods and services in the U.S. and many foreign economies may decline over time (deflation). Deflation may

have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Historically, securities issued in emerging and frontier markets have been subject to a greater risk of inflationary or deflationary forces, and more developed markets have been better able to use monetary policy to normalize markets.

***Emerging Markets Risk.*** Investments in emerging markets can involve unique risks in addition to and greater than those generally associated with investing in developed markets. The securities markets of emerging countries are generally smaller, less developed, less liquid and more volatile than the securities markets of developed markets. The risks of investing in emerging markets include greater political and economic uncertainties than in developed markets; the risk of the imposition of economic sanctions against a country; the risk of nationalization of industries and expropriation of assets; currency transfer restrictions; and risks that governments may substantially restrict foreign investing in their capital markets. Emerging market companies may also be held to lower disclosures, corporate governance, auditing and financial reporting standards than companies in more developed markets. Emerging market countries may experience high levels of inflation and currency devaluation and have a more limited number of potential buyers for investments. Emerging markets may have different securities clearance and settlement procedures. In certain securities markets, settlements may not keep pace with the volume of securities transactions. If this occurs, settlement may be delayed and the Funds' assets may be uninvested and may not be earning returns. A Fund also may miss investment opportunities or not be able to sell an investment because of these delays.

***Foreign Securities and Currencies Risk.*** Investing in securities of foreign issuers poses unique risks such as fluctuation in currency exchange rates, market illiquidity, price volatility, high trading costs, difficulties in settlement, regulations on stock exchanges, limits on foreign ownership, possibility of expropriation or nationalization, confiscatory taxation, less stringent accounting, reporting and disclosure requirements and other considerations. Foreign securities may have more frequent and larger price changes than domestic securities.

Investments that are denominated in currencies other than the U.S. dollar are subject to currency exchange risk, which may make the return on an investment increase or decrease unrelated to the quality or performance of the investment itself. Because the value of the U.S. dollar against other currencies will vary, a decline in the exchange rate would reduce the value of certain portfolio investments. Forward foreign currency exchange contracts, which involve an obligation to purchase or sell a specific currency at a future date at a specified price, may be used in an attempt to protect against currency exchange risk. The M International Equity Fund, the M Large Cap Growth Fund, and the M Capital Appreciation Fund do not hedge foreign currency risk. Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets.

The M International Equity Fund and the M Capital Appreciation Fund invest in depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.

***Fund of Funds Risk.*** The investment performance of the M International Equity Fund is affected by the investment performance of the Underlying Fund in which the M International Equity Fund invests. The ability of the M International Equity Fund to achieve its investment objective depends on the ability of the Underlying Fund to meet its investment objective and on Dimensional's decisions regarding the allocation of the M International Equity Fund's assets to the Underlying Fund. The M International Equity Fund may allocate assets to the Underlying Fund or asset class that underperforms other funds or asset classes. There can be no assurance that the investment objective of the M International Equity Fund or the Underlying Fund will be achieved. When the M International Equity Fund invests in the Underlying Fund, investors are exposed to a proportionate share of the expenses of the Underlying Fund in

addition to the expenses of the M International Equity Fund. Through its investment in the Underlying Fund, the M International Equity Fund is subject to the risks of the Underlying Fund's investments.

***Growth Securities Risk.*** The M Capital Appreciation Fund and the M Large Cap Growth Fund invest in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery. Therefore, growth securities may go in and out of favor over time.

***Large-Capitalization Investing Risk.*** Larger, more established companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

***Liquidity Risk.*** Liquidity risk exists when investments are difficult to sell as the result of low trading volume, lack of market makers, and/or legal restrictions. Illiquid securities may prevent a Fund from entering into security transactions at advantageous times or prices, potentially reducing the return of a Fund's portfolio. Investments in smaller market capitalizations and over-the-counter markets have greater exposure to liquidity risk.

***Management Risk.*** The Funds are subject to management risk because they are actively managed. Management risk is the chance that security selection or focus on securities in a particular style, market sector or group of companies will cause a Fund to incur losses or underperform relative to its benchmarks or other investments with similar investment objectives. A sub-adviser will apply its investment techniques and risk analyses in making investment decisions for a Fund, but there can be no guarantee that these will produce the desired results.

***Market Risk.*** A Fund that invests in common stocks is subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a particular company's operations. Stock markets tend to run in cycles, with periods when stock prices generally go up and periods when they generally go down. Common stock prices tend to go up and down more than those of bonds.

***Non-Diversification Risk.*** The M Large Cap Growth Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies.

***Operational Risk.*** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside a sub-adviser's control, including instances at third parties. Each Fund and each applicable sub-adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

***Profitability Investment Risk.*** High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a Fund to at times underperform equity funds that use other investment strategies.

***Quantitative Modeling Risk.*** The M Large Cap Growth Fund employs quantitative models as a management technique. These models examine multiple economic and market factors using large data sets. The results generated by quantitative analysis may be different than expected and may negatively affect Fund performance for a variety of reasons. For example, human judgment plays a role in building, utilizing, testing and modifying the financial algorithms and formulas used in these models. Additionally, the data, which is typically supplied by third parties, can be imprecise or become stale due to new events or changing circumstances. Market performance can be affected by non-quantitative factors (for example, investor fear or over-reaction or other emotional considerations) that are not easily integrated into quantitative analysis. There may also be technical issues with the construction and

implementation of quantitative models (for example, software or other technology malfunctions, or programming inaccuracies).

***Sector Risk.*** Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. To the extent a Fund invests in a particular sector or sectors, its performance will be more susceptible to economic, business, or other developments and risks affecting that sector. Such factors may vary depending upon the sector and economic conditions at the time, but may include, for example, the availability and cost of capital funds, changes in interest rates, currency fluctuations, credit conditions or government regulation.

***Small and Medium Capitalization Companies Risk.*** The Funds may invest in small and medium capitalization companies, which tend to be more vulnerable to adverse developments than larger companies. These companies may have limited product lines, markets, or financial resources, or may depend on a limited management group. They may be recently organized, without proven records of success. Their securities may trade infrequently and in limited volumes. As a result, the prices of these securities may fluctuate more than prices of securities of larger, more widely traded companies and the Funds may experience difficulty in establishing or closing out positions in these securities at prevailing market prices. Also, there may be less publicly available information about small and medium capitalization companies or less market interest in their securities as compared to larger companies, and it may take longer for the prices of the securities to reflect the full value of their issuers' earnings potential or assets.

***Value Investment Risk.*** Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause a Fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.

**Non-Principal Risks**

***Investing in a Small Number of Securities Risk.*** As a result of the relatively small number of securities held by the M Large Cap Growth Fund, there may be more risk because changes in the value of a single security or the impact of a single economic, political or regulatory occurrence may have a greater adverse impact on the strategy's performance.

***Recently Organized Companies and IPOs Risk.*** Investments in recently organized companies and in many initial public offerings ("IPOs") have the same risks as small company investments, but to a greater degree, including the risk of significant price fluctuations over short periods of time.

***Securities Lending Risk.*** Securities lending typically involves counterparty risk, including the risk that a borrower may not provide additional collateral when required or return the loaned securities in a timely manner. This risk could be greater for securities of foreign issuers. In the Funds' securities lending program, the counterparty risk related to borrowers not providing additional collateral or returning loaned securities in a timely manner is borne by the securities lending agent, which has indemnified the Fund against losses resulting from these risks. However, a Fund may lose money from lending securities (or the amounts earned from securities lending may be limited) if, for example, the value or return of its investments of the cash collateral declines below the amount owed to a borrower. Cash received as collateral through loan transactions is invested in a money market fund.

**Management of the Fund**

**The Adviser**

**Investment Adviser**

The Adviser, located at 1125 NW Couch Street, Suite 900, Portland, Oregon 97209, is the investment adviser to the Funds. The Adviser has been registered as an investment adviser under the Investment Advisers Act of 1940, as

amended (the "Advisers Act") since November 1995. As of December 31, 2025, the Adviser had approximately $998.5 million in assets under management.

The Adviser began managing the Predecessor Funds at its commencement of operations on January 4, 1996. The Adviser is responsible for providing (or arranging for the provision of) overall business management and administrative services necessary for the Fund's operations. In this regard, the Adviser recommends to the Trust's Board of Trustees sub-advisers who have shown good investment performance in their areas of expertise to manage the day-to-day portfolio management of the Funds. The Trust's Board of Trustees selects the sub-advisers and supervises the Adviser's management of the sub-advisers. The Adviser and the Predecessor Corporation had received an exemptive order from the SEC that allowed the Board of Directors, under certain circumstances, to change a sub-adviser, or change the terms of a sub-advisory contract, without shareholder approval. The Adviser has the ultimate responsibility to oversee the sub-advisers and to recommend to the Board of Trustees their hiring, termination and replacement. In addition, the Adviser is responsible for ensuring the Funds' compliance with applicable legal requirements and for ensuring that the Funds' investment objectives, policies and restrictions are followed.

Each Fund pays the Adviser a fee for its services. The Adviser retains 0.15% of the average daily net assets of each Fund. The Adviser pays the balance of the fee it receives from each Fund to the applicable sub-adviser.

The advisory fee of the M International Equity Fund is 0.15% on all assets plus (and only with respect to Fund assets which are not invested in a mutual fund that is advised by the Fund's subadviser), 0.25% on the first $100 million, and 0.20% on the amounts thereafter. The advisory fee of the M Large Cap Growth Fund is 0.45% on the first $100 million and 0.40% on the amounts thereafter. The advisory fee of the M Capital Appreciation Fund is 0.85% on the first $125 million and 0.75% on the amounts thereafter. The advisory fee of the M Large Cap Value Fund is 0.43%.

The aggregate fee paid to the Adviser by each Predecessor Fund for the year ended December 31, 2025 is shown in the table below.

---

| | |
|:---|:---|
| **<u>Fee to the Adviser (as a % of average Fund daily net assets)</u>** |  |
| Predecessor International Equity Fund | 0.31% |
| Predecessor Large Cap Growth Fund | 0.47% |
| Predecessor Capital Appreciation Fund | 0.81% |
| Predecessor Large Cap Value Fund | 0.43% |

---

A discussion of the basis for the Board of Trustees' approvals of the advisory and sub-advisory contracts for the Funds, will be available in the Funds' semi-annual financial statements for the period ended June 30, 2026.

**Sub-Advisers**

The sub-advisers make the day-to-day decisions regarding buying and selling specific securities for a Fund. Each sub-adviser manages the investments held by the Fund it serves according to the applicable investment objective and strategies. Additional information regarding portfolio manager compensation, other accounts managed by each portfolio manager and each manager's ownership of securities of funds they manage may be found in the Funds' Statement of Additional Information.

**Dimensional Fund Advisors, LP (Dimensional)**

6300 Bee Cave Road, Building One, Austin, Texas 78746

*Sub-Adviser to the M International Equity Fund*

Dimensional has been engaged in the business of providing investment management services since May 1981. Dimensional is currently organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation. As of December 31, 2025, assets under management for all Dimensional affiliated advisors totaled approximately $994 billion. Dimensional has managed the Predecessor International Equity Fund since December 12, 2018.

In accordance with the team approach used to manage the M International Equity Fund, the portfolio managers and portfolio traders implement the policies and procedures established by Dimensional's Investment Committee.

The portfolio managers and portfolio traders also make daily investment decisions regarding the Fund based on the parameters established by the Investment Committee. The individuals below coordinate the efforts of all other portfolio managers and/or trading personnel with respect to the day-to-day management of the Fund.

● Jed S. Fogdall is Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and a Senior Portfolio Manager of Dimensional. Mr. Fogdall has an MBA from the University of California, Los Angeles and a BS from Purdue University. Mr. Fogdall joined Dimensional as a portfolio manager in 2004.

● Mary T. Phillips, CFA is Deputy Head of Portfolio Management, North America, member of the Investment Committee, Vice President and a Senior Portfolio Manager of Dimensional. Ms. Phillips holds an MBA from the University of Chicago Booth School of Business and a BA from the University of Puget Sound. Ms. Phillips joined Dimensional in 2012 and has been a portfolio manager since 2014.

● William B. Collins-Dean, CFA is Vice President and a Senior Portfolio Manager of Dimensional. Mr. Collins-Dean holds an MBA from the University of Chicago and a BS from Wake Forest University. Mr. Collins-Dean joined Dimensional in 2014 and has been a portfolio manager since 2016.

**Federated MDTA LLC (Federated)** 125 High Street, Oliver Tower, 21st floor, Boston, Massachusetts 02110

*Sub-Adviser to the M Large Cap Growth Fund*

Federated is a SEC registered investment adviser and a wholly owned subsidiary of Federated Hermes, Inc. Federated is responsible for day-to-day investment management of the M Large Cap Growth Fund, including quantitative model design, development and enhancement that drives investment decisions. Federated Advisory Services Company, an affiliate of Federated, provides security and market data and certain other support services to Federated. The fee for these services is paid by Federated and not by M Large Cap Growth Fund. As of December 31, 2025, Federated had approximately $14.3 billion in assets under management. Federated has managed the Predecessor Large Cap Growth Fund since May 1, 2025.

A team of investment professionals listed below manages the M Large Cap Growth Fund.

● Daniel J. Mahr, CFA, has been Head of MDT Group at Federated since 2023 and formerly Managing Director, Research since 2008. He began his investment career in 2002. He has an A.B. from Harvard College and an S.M. from Harvard University.

● Damien Zhang, CFA, has been Head of MDT Research at Federated since 2023 and formerly Research Manager since 2015. He began his investment career in 2009. He has an A.B. from Princeton University.

● Frederick L. Konopka, CFA, has been Portfolio and Trading Manager at Federated since 2009. He began his investment career in 1997. He has an A.B. from Dartmouth College and an M.S. from MIT Sloan School of Management.

● John Paul Lewicke has been Research Manager at Federated since 2013 and formerly Senior Analyst since 2009. He began his investment career in 2007. He has an A.B. from Dartmouth College.

**Frontier Capital Management Company, LLC (Frontier)** 99 Summer Street, Boston, Massachusetts 02110

*Sub-Adviser to the M Capital Appreciation Fund*

Frontier has been registered as an investment adviser with the SEC since 1981. As of December 31, 2025, Frontier managed approximately $9.6 billion of assets. Frontier has managed the Predecessor Capital Appreciation Fund since January 5, 1996.

Andrew B. Bennett, CFA and Peter G. Kuechle are responsible for the day-to-day management of the M Capital Appreciation Fund.

● Andrew B. Bennett, CFA has been a portfolio manager of the Fund since December 31, 2013. Mr. Bennett holds a B.A. from Wheaton College. He joined Frontier in 2003 as an equity research analyst. He assumed portfolio management responsibilities for Frontier's capital appreciation portfolios in 2010.

● Peter G. Kuechle has been a portfolio manager of the Fund since April 1, 2018. Mr. Kuechle holds a B.A. from Dartmouth College and an M.B.A. from Harvard Business School. He joined Frontier in 2002 as an equity research analyst. He assumed portfolio management responsibilities for Frontier's capital appreciation portfolios in April 2018.

**Brandywine Global Investment Management, LLC (Brandywine)** 1735 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103

*Sub-Adviser to the M Large Cap Value Fund*

Brandywine has been registered as an investment adviser with the SEC since 1986. As of December 31, 2025, Brandywine managed approximately $64.1 billion of assets. Brandywine has managed the Predecessor Large Cap Value Fund since May 1, 2020.

A team of investment professionals manages the M Large Cap Value Fund. The team is led by the following investment professionals:

● Joseph J. Kirby (Portfolio Manager) is the lead portfolio manager for the Diversified Large Cap Value Equity and Diversified Large Cap Value Select Equity strategies. He joined the firm in 1994.

● Henry F. Otto (Managing Director and Portfolio Manager) is the founder and co-lead portfolio manager of the Diversified Value Equity strategies. He is a member of the firm's Executive Board. He joined the firm in 1988.

● Steven M. Tonkovich (Managing Director and Portfolio Manager) is co-lead portfolio manager of the Diversified Value Equity strategies. He is a member of the firm's Executive Board. He joined the firm in 1989.

**Similar Funds**

The Funds are not available for purchase directly by the general public and are not the same as other mutual fund portfolios with very similar or nearly identical names that are sold directly to the public. However, the investment objectives and policies of certain Funds may be very similar to the investment objectives and policies of other mutual fund portfolios that are managed by the sub-advisers. Nevertheless, the investment performance and results of each Fund may be lower, or higher, than the investment results of such other publicly available portfolios. There can be no assurance, and no representation is made, that the investment results of any of the Funds will be comparable to the investment results of any other mutual fund portfolio, even if the other portfolio is also managed by the Fund's sub-adviser, has the same investment objectives and policies and has a very similar name.

**Conflicts of Interest**

Certain conflicts of interest may exist between the interests of the variable annuity contract owners, variable life insurance policy owners and plan participants. The Funds do not currently believe that ownership by each such type of entity will cause any disadvantage to owners of any of such entities. However, the Board of Trustees of the Trust monitors the Funds to identify any conflicts of interest that may cause such a disadvantage and that cannot be

reconciled. If such situations arise, the Board of Trustees will decide at that time what action should be taken in response to the conflicts.

**Portfolio Holdings Disclosure**

The Trust has adopted policies and procedures that govern the disclosure of the Funds' portfolio holdings. The Adviser will provide complete lists of each Fund's portfolio holdings as of the end of each quarter on its website at <u>www.mfin.com/m-funds</u>. The Adviser intends to post the holdings around the fifth business day of the succeeding quarter. The Funds' portfolio holdings are also disclosed as of the end of the applicable quarter in the Funds' Form N- CSR filings for the second and fourth fiscal quarters, which are filed with the SEC on or shortly before the 70th day following the end of those quarters, and in its Form N-PORT filings for the first and third fiscal quarters, which are filed with the SEC on or shortly before the 60th day following the end of those quarters. The Trust's policies and procedures regarding website disclosure of the Funds' portfolio holdings, as well as the Trust's other policies and procedures relating to disclosure of the Funds' portfolio holdings, are described in the Statement of Additional Information.

**Performance Data**

The performance data shown above in this prospectus (and elsewhere) reflects the Adviser's agreement to cap certain operating expenses of the Predecessor Funds to the extent that they exceeded 0.25% of the Fund's daily net assets, through April 30, 2024, as well as a voluntary waiver by AJO, LP, the Predecessor Large Cap Value Fund's previous sub-adviser, and corresponding waiver by the Adviser to lower certain expenses of the Predecessor Large Cap Value Fund. If the expense cap had not been in effect, the performance results for those Funds that had operating expenses that exceeded 0.25% of the Fund's daily net assets would have been less favorable for those years. In addition, if the waiver had not been in place for the Predecessor Large Cap Value Fund, the Fund's performance results for the fiscal years ended December 31, 2016 through December 31, 2019 would have been less favorable.

**Shareholder Information**

**Choosing the Appropriate Funds to Match Your Goals**

Investing well requires a plan. We recommend that you meet with your financial adviser to plan a strategy that will best meet your financial goals. Your financial adviser can help you buy a variable annuity or variable life insurance contract that will allow you to choose the Funds.

**Purchasing Shares**

The Funds are generally available through the purchase of variable life insurance policies and variable annuity policies issued by certain insurance companies. Those insurance companies may offer other portfolios in addition to offering the Funds. You cannot buy shares of the Funds directly. You can invest indirectly in the Funds through your purchase of a variable annuity or variable life insurance contract. You should read this prospectus and the prospectus of the variable annuity or variable life insurance contract carefully before you choose your investment options.

The variable annuity and variable life insurance contracts are issued by separate accounts of various insurance companies. The insurance companies buy Fund shares for their separate accounts based on the instructions that they receive from the contract owners.

**Market Timing**

Programmed, large, frequent or short-term transfers among the Funds or between a Fund and other investment options can cause risk with adverse effects for other contract owners (and beneficiaries and underlying fund portfolios). These risks and harmful effects include: (1) dilution of the interest of long-term investors in a Fund if purchases or transfers into or out of a Fund are made at values that do not reflect an accurate value for the Fund's

underlying portfolio securities (some "market timers" attempt to do this through methods known as "time-zone arbitrage" and "liquidity arbitrage"); (2) an adverse effect on portfolio management, such as impeding a sub-adviser's ability to sustain an investment objective, causing the Fund to maintain a higher level of cash than would otherwise be the case, or causing the Fund to liquidate investments prematurely (or otherwise at an inopportune time) to pay withdrawals or transfers out of the Fund; and (3) increased brokerage and administrative expenses. These costs are borne by all contract owners invested in the Fund, not just those making transfers. Therefore, the Funds reserve the right to reject any transfer or purchase order if, in the Fund's judgment, the Fund or other investors would potentially be adversely affected.

The Board of Trustees has determined that it is not necessary for the Funds to have any specific policies and procedures regarding frequent transfers because each of the Participating Insurance Companies has its own policies and procedures regarding its contract owner's transfer activity. Each Participating Insurance Company has supplied and certified that it has established procedures to monitor and deter market-timing activity. The Adviser does not have, nor has it had, written agreements that provide for market timing.

**Redeeming Shares**

To meet various obligations under the variable annuity or variable life insurance contracts, the insurance company separate accounts may redeem Fund shares to generate cash. For example, a separate account may redeem Fund shares and use the proceeds to pay a contract owner who requested a partial withdrawal or who canceled a contract. Proceeds from the redemption are usually sent to the separate account on the next business day. Under stressed market conditions, as well as for other temporary or emergency purposes, the Funds reserve the right to enter into agreements in order to establish a line of credit or other borrowing arrangements should the Funds deem that stressful conditions may require such action in order to assist in meeting timely redemption requests. The Funds may suspend redemption of shares or postpone payment dates when the New York Stock Exchange ("NYSE") is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as otherwise permitted by the SEC, for more than seven days.

**Pricing of Fund Shares**

Shares of the Funds are sold at net asset value ("NAV"). The NAV of each Fund is determined at the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of a Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of a Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by a Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, the Funds' securities listed on an exchange are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid ask prices on such exchanges. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between

the current bid and ask price on such over-the- counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board appointed the Adviser as its designee (the "Valuation Designee") for all fair value determinations and responsibilities other than overseeing pricing service providers used by the Trust. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to oversee the Valuation Designee's fair value determinations effectively . The Valuation Designee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

The Funds may use independent pricing services to assist in calculating the value of the Funds' securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Funds. Because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of a Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares.

In computing the NAV, the Funds value foreign securities held by the Funds at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in a Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before a Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, the Adviser may need to price the security using the Fund's fair value pricing guidelines. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of each Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, each Fund's net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Shareholders may obtain this information from the websites for these funds or the SEC's website.

**Distributions and Taxes**

Each Fund intends to distribute to its shareholders substantially all of its ordinary income and capital gains, if any, on an annual basis. Under current law, owners of variable life insurance contracts and variable annuity contracts who are indirectly invested in a Fund generally are not subject to U.S. federal income tax on Fund earnings or distributions or on gains realized upon the sale or redemption of Fund shares until amounts are withdrawn from their contracts. Please refer to the prospectus for the variable annuity or variable life insurance contract for tax information regarding those products.

**Financial Highlights**

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years. As of the close of business on April 24 , 2026, pursuant to a reorganization, the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund acquired all of the assets and assumed all of the liabilities of the Predecessor International Equity Fund, Predecessor Large Cap Growth Fund, Predecessor Capital Appreciation Fund and Predecessor Large Cap Value Fund, respectively, each a series of the Predecessor Corporation. Upon completion of the reorganization, each Fund assumed the performance, financial, and other historical information of those of the respective Predecessor Fund. The following selected financial highlights are derived from the Predecessor Corporation's audited financial statements included in the Predecessor Corporation's annual financial statements.

Certain information reflects results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). These total return figures do not reflect any fees or charges deducted from the insurance company separate account or from the variable annuity or life insurance policies, which, if reflected, would result in lower total return figures.

The Predecessor Funds' financial statements and report of Cohen & Company, Ltd., independent registered public accounting firm, included in the Predecessor Corporation's Form N-CSR for the Predecessor Funds' fiscal year ended December 31, 2025 are incorporated by reference into the Statement of Additional Information. As of March 13, 2023, Cohen & Company, Ltd., served as the Predecessor Funds' independent registered public accounting firm. Fiscal years prior to December 31, 2023 were audited by the Predecessor Funds' previous independent registered public accounting firm. The following data should be read in conjunction with such financial statements, related notes and other financial information contained in the Predecessor Funds' Annual Reports to shareholders and the Predecessor Corporation's Form N-CSR. The Annual Reports to shareholders and Form N-CSR contain additional performance information about the Predecessor Funds and are available, as described below. The Annual Reports to shareholders, financial statements, and the Statement of Additional Information are available upon request.

**Predecessor International Equity Fund** **FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**M International Equity Fund** | &nbsp;&nbsp;**M International Equity Fund** | &nbsp;&nbsp;**M International Equity Fund** | &nbsp;&nbsp;**M International Equity Fund** | &nbsp;&nbsp;**M International Equity Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2023** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| **Net asset value, beginning of year** | $13.71 | $13.59 | $12.06 | $14.45 | $13.33 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income‡ | 0.41 | 0.37 | 0.37 | 0.37 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.04 | 0.17 | 1.56 | (2.41) | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.45 | 0.54 | 1.93 | (2.04) | 1.47 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.48) | (0.42) | (0.40) | (0.35) | (0.35) |
| &nbsp;&nbsp;&nbsp;From return of capital |  |  |  |  | (0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.48) | (0.42) | (0.40) | (0.35) | (0.35 |
| **Net asset value, end of year** | $17.68 | $13.71 | $13.59 | $12.06 | $14.45 |
| **Total Return+** | 32.44% | 3.96% | 16.00% | (14.16)% | 11.05 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $260585 | $249333 | $232710 | $206628 | $243721 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets● | 0.54% | 0.59% | 0.57% | 0.56% | 0.57 |
| &nbsp;&nbsp;&nbsp;Net investment income to average daily net assets● | 2.56% | 2.62% | 2.82% | 2.89% | 2.20 |
| &nbsp;&nbsp;&nbsp;Gross expenses, before any expense waiver/reimbursement, <br> to average daily net assets● | N/A | 0.61% | 0.65% | 0.63% | 0.58 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 10% | 21% | 23% | 18% | 9 |

---

‡ Calculation
 based on average shares outstanding.

† Represents
 amounts less than $0.005 per share.

---

| | |
|:---|:---|
| + | Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower. |

---

● In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above ratios

**Predecessor Large Cap Growth Fund** **FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**M Large Cap Growth Fund** | &nbsp;&nbsp;**M Large Cap Growth Fund** | &nbsp;&nbsp;**M Large Cap Growth Fund** | &nbsp;&nbsp;**M Large Cap Growth Fund** | &nbsp;&nbsp;**M Large Cap Growth Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2023** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| **Net asset value, beginning of year** | $33.11 | $29.06 | $23.19 | $33.87 | $33.48 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss‡ | (0.05) | (0.14) | (0.07) | (0.05) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.55 | 7.58 | 7.48 | (8.58) | 7.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.50 | 7.44 | 7.41 | (8.63) | 7.18 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized capital gains | (9.80 | (3.39) | (1.54) | (2.05) | (6.79) |
| **Net asset value, end of year** | $29.81 | $33.11 | $29.06 | $23.19 | $33.87 |
| **Total Return+** | 19.61 | 25.50% | 32.04% | (25.41)% | 21.49% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $311790 | $282085 | $242100 | $201244 | $273085 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets● | 0.64 | 0.74% | 0.77% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;Net investment loss to average daily net assets● | (0.13) | (0.40)% | (0.26)% | (0.19)% | (0.37)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 110 | 41% | 32% | 37% | 32% |

---

‡ Calculation
 based on average shares outstanding.

---

| | |
|:---|:---|
| + | Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower. |

---

,҉ The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.

● In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above ratios

**Predecessor Capital Appreciation Fund** **FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**M Capital Appreciation Fund** | &nbsp;&nbsp;**M Capital Appreciation Fund** | &nbsp;&nbsp;**M Capital Appreciation Fund** | &nbsp;&nbsp;**M Capital Appreciation Fund** | &nbsp;&nbsp;**M Capital Appreciation Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2023** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| **Net asset value, beginning of year** | $24.58 | $24.43 | $21.14 | $28.30 | $28.77 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss‡ | (0.08) | (0.07) | (0.07) | (0.08) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.56 | 2.49 | 5.06 | (5.11) | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.48 | 2.42 | 4.99 | (5.19) | 5.09 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.53) | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized capital gains | (4.27) | (1.74) | (1.59) | (1.97) | (5.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.53) | (2.27) | (1.70) | (1.97) | (5.56) |
| **Net asset value, end of year** | $24.53 | $24.58 | $24.43 | $21.14 | $28.30 |
| **Total Return+** | 18.06% | 9.94% | 23.56% | (18.14)% | 17.74% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $241660 | $231998 | $227952 | $188030 | $232758 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets● | 0.99% | 0.98% | 1.02% | 1.05% | 1.04% |
| &nbsp;&nbsp;&nbsp;Net investment loss to average daily net assets● | (0.31)% | (0.29)% | (0.28)% | (0.34)% | (0.46)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 46% | 36% | 31% | 27% | 38% |

---

‡ Calculation
 based on average shares outstanding.

---

| | |
|:---|:---|
| + | Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower. |

---

● In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above ratios

**Predecessor Large Cap Value Fund** **FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**M Large Cap Value Fund** | &nbsp;&nbsp;**M Large Cap Value Fund** | &nbsp;&nbsp;**M Large Cap Value Fund** | &nbsp;&nbsp;**M Large Cap Value Fund** | &nbsp;&nbsp;**M Large Cap Value Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;**Year Ended<br> December 31, 2023** | &nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
| **Net asset value, beginning of year** | $15.68 | $14.67 | $14.15 | $15.39 | $12.02 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income‡ | 0.31 | 0.32 | 0.31 | 0.31 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.40 | 2.40 | 0.75 | (0.55) | 3.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.71 | 2.72 | 1.06 | (0.24) | 3.61 |
| **Less distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.30) | (0.32) | (0.32) | (0.31) | (0.24) |
| &nbsp;&nbsp;&nbsp;From net realized capital gains | (1.05) | (1.39) | (0.22) | (0.69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.35) | (1.71) | (0.54) | (1.00) | (0.24) |
| **Net asset value, end of year** | $17.04 | $15.68 | $14.67 | $14.15 | $15.39 |
| **Total Return+** | 17.31% | 18.63% | 7.61% | (1.45)% | 30.01% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000's) | $184160 | $154293 | $135230 | $131956 | $135006 |
| &nbsp;&nbsp;&nbsp;Net expenses to average daily net assets● | 0.61% | 0.63% | 0.65% | 0.63% | 0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income to average daily net assets● | 1.84% | 1.94% | 2.21% | 2.08% | 1.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 58% | 48% | 48% | 48% | 61% |

---

‡ Calculation
 based on average shares outstanding.

---

| | |
|:---|:---|
| + | Does not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Fund may pay. If these additional fees were reflected, performance would have been lower. |

---

● In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying fund in which it invests. Such indirect expenses are not included in the above ratios

**Privacy Policy**

**Rev. May 2021**

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;WHAT DOES NORTHERN LIGHTS FUND TRUST II ("NLFT II") <br> DO WITH YOUR PERSONAL INFORMATION? |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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● &nbsp;&nbsp;&nbsp;&nbsp;Social
 Security number●&nbsp;&nbsp;&nbsp;&nbsp;Employment
 information●&nbsp;&nbsp;&nbsp;&nbsp;Account
balances ●&nbsp;&nbsp;&nbsp;&nbsp;Account transactions ●&nbsp;&nbsp;&nbsp;&nbsp;Income ●&nbsp;&nbsp;&nbsp;&nbsp;Investment experience

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share a customer's personal information to run their everyday business - to process transactions, maintain customer accounts, and report to credit bureaus. In the section below, we list the reasons financial companies can share their customer's personal information; the reasons NLFT II chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Reasons we can share your personal information | &nbsp;&nbsp;**Does NLFT II<br> share?** | &nbsp;&nbsp;**Can you limit<br> this sharing?** |
| &nbsp;&nbsp;For our everyday business purposes —<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;For our marketing purposes —<br> to offer our products and services to you | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;For joint marketing with other financial companies | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;For our affiliates' everyday business purposes —<br> information about your transactions and experiences | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;For our affiliates' everyday business purposes —<br> information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;For nonaffiliates to market to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-631-490-4300 |

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| | |
|:---|:---|
| &nbsp;&nbsp;Who we are | &nbsp;&nbsp;Who we are |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Northern Lights Fund Trust II |
| &nbsp;&nbsp;What we do | &nbsp;&nbsp;What we do |
| &nbsp;&nbsp;**How does NLFT II protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**How does NLFT II collect my** | &nbsp;&nbsp;We collect your personal information, for example, when you | &nbsp;&nbsp;We collect your personal information, for example, when you |
| **personal information?** | ●&nbsp;&nbsp;&nbsp;&nbsp;open an account<br>●&nbsp;&nbsp;&nbsp;&nbsp;give us your income information<br>●&nbsp;&nbsp;&nbsp;&nbsp;provide employment information | ●&nbsp;&nbsp;&nbsp;&nbsp;provide account information<br>●&nbsp;&nbsp;&nbsp;&nbsp;give us your contact information |
|  | &nbsp;&nbsp;We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | &nbsp;&nbsp;We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>●&nbsp;&nbsp;&nbsp;&nbsp;sharing for affiliates' everyday business purposes—information about your creditworthiness<br>●&nbsp;&nbsp;&nbsp;&nbsp;affiliates from using your information to market to you<br>●&nbsp;&nbsp;&nbsp;&nbsp;sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;Definitions | &nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control.<br> They can be financial and nonfinancial companies.<br>●&nbsp;&nbsp;&nbsp;&nbsp;*NLFT II has no affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>●&nbsp;&nbsp;&nbsp;&nbsp;*NLFT II does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products and services to you.<br>●&nbsp;&nbsp;&nbsp;&nbsp;*Our joint marketing partners include other financial service companies.* |

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| |
|:---|
| ***Independent Registered Public Accounting Firm*** |
| Cohen & Company, Ltd. |
| 1835 Market Street, Suite 310 |
| Philadelphia, PA, 19103 |
| ***Legal Counsel*** |
| Vedder Price P.C. |
| 1401 New York Avenue NW, |
| Washington, D.C. 20005 |
| ***Custodian*** |
| State Street Bank and Trust Company |
| 1 Congress Street |
| Boston, MA 02114 |
| ***Transfer Agent, Fund Accountant and Fund Administrator*** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203rd Street, Suite 100 |
| Elkhorn, NE 68022 |
| ***Distributor*** |
| M Holdings Securities, Inc. |
| 1125 N.W. Couch Street, Suite 900 |
| Portland, OR 97209 |

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| |
|:---|
| **M International Equity Fund** |
| **M Capital Appreciation Fund** |
| **M Large Cap Value Fund** |
| **M Large Cap Growth Fund** |
| **Each a series of the Northern Lights Fund Trust II** |

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&nbsp;&nbsp;**FOR MORE INFORMATION**

You can find more information about the Funds in the following documents:

**Statement of Additional Information**

The SAI provides additional details about the investments and techniques of the Funds and certain other additional information. A current SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically within this Prospectus.

**Annual and Semi-Annual Reports**

The Funds' semi-annual and annual N-CSR provide the most recent financial reports and portfolio listings. The annual Tailored Shareholder Report contains a discussion of the market conditions and investment strategies that affected the Funds' performance during the Funds' last fiscal year.

You can obtain a free copy of these documents, request other information, or make general inquiries about the Funds by calling the Funds' (toll-free) at (866) 439-9093, on the Fund's website www.mfin.com/m-funds or by writing to:

---

| |
|:---|
| **M International Equity Fund** |
| **M Capital Appreciation Fund** |
| **M Large Cap Value Fund** |
| **M Large Cap Growth Fund** |
| c/o Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

You can review and copy information, including the Fund's reports and SAI, at the SEC's Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room by calling (202) 551-8090. Reports and other information about the Fund are also available:

● free of charge from the SEC's EDGAR database on the SEC's Internet website at <u>http://www.sec.gov</u>;

● for a fee, by writing to the SEC's Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549-1520; or

● for a fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

(The Trust's SEC Investment Company Act file number is 811-22549)

**Statement of Additional Information**

Dated: April 24, 2026

**M International Equity Fund**

**(Symbol: MBEQX)**

**M Large Cap Growth Fund**

**(Symbol: MTCGX)**

**M Capital Appreciation Fund**

**(Symbol: MFCPX)**

**M Large Cap Value Fund**

**(Symbol: MBOVX)**

This Statement of Additional Information ("SAI") provides general information about the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund (the "Funds"), each a series of Northern Lights Fund Trust II (the "Trust"). This SAI is not a prospectus and should be read in conjunction with each Fund's current prospectus for the Fund dated April 24, 2026 (the "Prospectus"), as supplemented and amended from time to time, which is incorporated herein by reference. To obtain a copy of the Prospectus free of charge, please visit our website at www.mfin.com/m-funds, write or call the Fund at the address or telephone number below:

**c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 (866) 439-9093**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **The Trust** | **3** |
| **Investment Policies, Strategies and Associated Risks** | **4** |
| **FUNDAMENTAL INVESTMENT LIMITATIONS** | **24** |
| **Management of the Fund** | **28** |
| **Board of Trustees** | **28** |
| **Board Leadership Structure** | **28** |
| **Trustees and Officers** | **31** |
| **Other Committees of the Trust** | **33** |
| **Trustee Compensation** | **33** |
| **Control Persons and Principal Shareholders** | **35** |
| **Other Service Providers** | **49** |
| **Financial Statements** | **65** |
| **APPENDIX A - Proxy Voting Policies** | **66** |

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**The Trust**

M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value (each a "Fund" and collectively, the "Funds") are each a series of Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust") organized on August 26, 2010.

The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The Funds may issue an unlimited number of shares of beneficial interest. All shares of the Funds have equal rights and privileges. Each share of the Funds is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Funds is entitled to participate equally with other shares (i) in dividends and distributions declared by the Funds and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Funds are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

Each of the Funds, other than the M Large Cap Growth Fund, is diversified. The M Large Cap Growth Fund is a non-diversified fund, which means that the Fund is permitted to invest its assets in a more limited number of issuers than other diversified investment companies. The Fund's investment objectives, restrictions and policies are more fully described here and in the Prospectus. The Board may add classes to and reclassify the shares of the Fund, start other series and offer shares of a new fund under the Trust at any time.

The Funds have registered a single class of shares. Shares of the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

M Financial Investment Advisers, Inc. ("MFIA" or the "Adviser") serves as the investment adviser for each of the Funds. The Adviser has engaged the following sub-advisers (each a "Sub-Adviser" and together, the "Sub-Advisers") to provide day-to-day portfolio management for the respective Funds:

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Sub-Adviser</u>** |
| &nbsp;&nbsp;M International Equity Fund | &nbsp;&nbsp;Dimensional Fund Advisors LP |
| &nbsp;&nbsp;M Large Cap Growth Fund | &nbsp;&nbsp;Federated MDTA LLC |
| &nbsp;&nbsp;M Capital Appreciation Fund | &nbsp;&nbsp;Frontier Capital Management Company, LLC |
| &nbsp;&nbsp;M Large Cap Value Fund | &nbsp;&nbsp;Brandywine Global Investment Management, LLC |

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<u>History of the Funds</u>. The Funds are series of the Trust, and each commenced operations on April 27, 2026. Prior to becoming a series of the Trust, the Funds were each organized as a series of M Fund,

Inc., a Maryland corporation (the "Predecessor Corporation"), and were known as the M International Equity Fund ("Predecessor International Equity Fund"), M Large Cap Growth Fund ("Predecessor Large Cap Growth Fund"), M Capital Appreciation Fund ("Predecessor Capital Appreciation Fund") and M Large Cap Value Fund ("Predecessor Large Cap Value Fund") (collectively, the "Predecessor Funds"). The Predecessor International Equity Fund commenced operations on January 4, 1996. The Predecessor Large Cap Growth Fund commenced operations on January 4, 1996. The Predecessor Capital Appreciation Fund commenced operations on January 4, 1996. The Predecessor Large Cap Value Fund commenced operations on February 1, 2002.

Terms appearing, but not defined, in this SAI that are defined in the Prospectus have the same meaning in this SAI as in the Prospectus.

**The Trust's Agreement and Declaration of Trust - General**

Under the Trust's Amended Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

The Trust is not required to and does not intend to hold annual meetings of shareholders.

**The Trust's Agreement and Declaration of Trust – Shareholder Derivative Actions**

A shareholder may bring derivative action on behalf of the Trust only if the shareholder or shareholders first make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such action is excused. A demand on the Trustees shall only be excused if a majority of the Board of Trustees, or a majority of any committee established by the Board to consider the merits of such action, has a personal financial interest in the action at issue. There may be questions regarding the enforceability of the foregoing provisions based on certain interpretations of the Securities Act of 1933 Act, as amended, the Securities Exchange Act of 1934, as amended and the 1940 Act.

**Investment Policies, Strategies and Associated Risks**

**Investments**

Some or all of the Funds may utilize the following investment techniques or make the following types of investments, subject to the restrictions set forth above. To the extent permitted by federal law, investments of any cash invested or reinvested under the securities lending program are exempt from the restrictions set forth in this SAI.

● Common
 and Preferred Stocks

● Foreign
 Government Obligations

● Depositary
 Receipts

● Short-Term
 Bank and Corporate Obligations

● Real
 Estate Investment Trusts

**Foreign Investments**

Each of the Funds may invest in securities of Foreign Issuers. The M Large Cap Growth Fund may invest up to 20% of the value of its total assets in securities of Foreign Issuers and the M Capital Appreciation Fund and the M Large Cap Value Fund may invest up to 15% of the value of their total assets in securities of Foreign Issuers. The M International Equity Fund may invest in securities denominated or quoted in a currency other than the U.S. dollar ("non-dollar denominated securities"). The M Capital Appreciation Fund and the M Large Cap Value Fund may not invest in any foreign government securities.

**Risks Related to Foreign Investments.** Investments in the securities of Foreign Issuers, or in non-dollar denominated securities, may present potential benefits and risks not associated with investments solely in securities of domestic issuers or U.S. dollar-denominated securities. Because investments in Foreign Issuers may involve currencies of foreign countries, because a Fund may temporarily hold funds in bank deposits in foreign currencies during completion of investment programs, and because a Fund may be subject to currency exposure independent of its securities positions, the Fund may be affected favorably or unfavorably by changes in currency rates and in exchange control regulations and may incur costs in connection with conversions between various currencies.

Foreign investment markets also have different clearance and settlement procedures, and in certain markets there may be times when settlements may be unable to keep pace with the volume of transactions, making it difficult to conduct such transactions. Communications between the United States and foreign countries may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities.

Investing in non-dollar denominated securities or in the securities of Foreign Issuers involves significant risks that are not typically associated with investing in U.S. dollar-denominated securities or in securities of domestic issuers. Such investments may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations (*e.g.*, currency blockage). Some foreign stock markets may have substantially less volume than, for example, the New York Stock Exchange, and securities of some Foreign Issuers may be less liquid than securities of comparable domestic issuers. Commissions and dealer mark-ups on transactions in foreign investments may be higher than for similar transactions in the United States. In addition, clearance and settlement procedures may be different in foreign countries and, in certain markets, on certain occasions, such procedures may be unable to keep pace with the volume of securities transactions, thus making it difficult to conduct such transactions. For example, delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned thereon. The inability of a Fund to make intended investments due to settlement

problems could cause it to miss attractive investment opportunities. Inability to dispose of portfolio securities or other investments due to settlement problems could result either in losses to a Fund due to subsequent declines in value of the portfolio investment or, if the Fund has entered into a contract to sell the investment, could result in possible liability to the purchaser.

Foreign Issuers may not be subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a Foreign Issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the United States. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of a Fund, or political or social instability or diplomatic developments which could affect investments in those countries. Individual foreign economies also may differ favorably or unfavorably from the United States economy in such respects as growth of gross national product, rate of inflation, capital reinvestment and resource self-sufficiency.

It is also possible that the U.S., other nations or other governmental entities (including supranational entities) could impose sanctions against issuers in various sectors of certain foreign countries. This could limit a Fund's investment opportunities in such countries, impairing the Fund's ability to invest in accordance with its investment strategy and/or to meet its investment objective. In addition, an imposition of sanctions upon such issuers could result in an immediate freeze of the issuers' securities, impairing the ability of a Fund to buy, sell, receive or deliver those securities. Further, current sanctions or the threat of potential sanctions may also impair the value or liquidity of affected securities and negatively impact a Fund.

**Europe and United Kingdom Risk.** The European financial markets have continued to experience volatility because of concerns about economic downturns and about high and rising government debt levels of several countries in the European Union ("EU") and Europe generally. These events have adversely affected the exchange rate of the Euro and the European securities markets, and may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of the Fund's investments. Responses to the financial problems by EU governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

As the EU may grow in size or number of members with the addition or announced candidacies of new member countries, the candidate countries' accessions may become more controversial to the existing EU members. Some member states may repudiate certain candidate countries joining the EU upon concerns about the possible economic, immigration and cultural implications. Also, Russia may be opposed to the expansion of the EU to members of the former Soviet bloc and may, at times, take actions that could negatively impact EU economic activity.

The United Kingdom (the "U.K.") left the EU on January 31, 2020, in a process now commonly referred to as "Brexit." On December 24, 2020, negotiators representing the U.K. and the EU came to a

preliminary trade agreement, the EU-UK Trade and Cooperating Agreement ("TCA"), which is an agreement on the terms governing certain aspects of the EU's and U.K,'s relationship. Despite the existence of the TCA, certain aspects of the relationship between the U.K. and EU remain unresolved and subject to further negotiation and agreement. As such, there remains uncertainty as to the scope, nature and terms of the relationship between the U.K. and the EU and the long-term effect and implications of Brexit.

Secessionist and nationalist movements, such as the Catalan movement in Spain and the independence movement in Scotland, as well as governmental or other responses to such movements, may also create instability and uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by disruptive political groups and ideologies. The governments of EU countries may be subject to change and such countries may experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. The occurrence of terrorist incidents throughout Europe could also impact financial markets. The impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of the Fund's investments.

**Foreign Currency Transactions.** Because investment in Foreign Issuers will usually involve currencies of foreign countries, and because the Funds may be exposed to currency exposure independent of their securities positions, the value of the assets of the Funds invested in Foreign Issuers as measured in U.S. dollars will be affected by changes in foreign currency exchange rates. To the extent that a Fund's assets consist of investments denominated in a particular currency, the Fund's exposure to adverse developments affecting the value of such currency will increase.

Currency exchange rates may fluctuate significantly over short periods of time causing, along with other factors, a Fund's net asset value to fluctuate as well and may make the return on an investment increase or decrease unrelated to the quality or performance of the investment itself. Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or anticipated changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. To the extent that a substantial portion of a Fund's total assets, adjusted to reflect the Fund's net position after giving effect to currency transactions, is denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

**Forward Foreign Currency Exchange Contracts.** The M International Equity Fund in the sole discretion of its Sub-Adviser may, but is not obligated under any circumstances to, enter into forward foreign currency exchange contracts in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates in connection with settling trades. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract

generally has no deposit requirement, and no commissions are generally charged at any stage for trades.

At the maturity of a forward contract the Fund may accept or make delivery of the currency specified in the contract or, at or prior to maturity, enter into a closing purchase transaction involving the purchase or sale of an offsetting contract. Closing purchase transactions with respect to forward contracts are usually effected with the currency trader who is a party to the original forward contract.

The M International Equity Fund may enter into forward foreign currency exchange contracts in several circumstances. When the M International Equity Fund enters into a contract for the purchase or sale of a security denominated or noted in a foreign currency, or when it anticipates the receipt in a foreign currency of dividend or interest payments on such a security that it holds, it may desire to "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such dividend or interest payment, as the case may be. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars, of the amount of foreign currency involved in the underlying transactions, the M International Equity Fund will attempt to protect itself against an adverse change in the relationship between the U.S. dollar and the subject foreign currency during the period between the date on which the security is purchased or sold, or on which the dividend or interest payment is declared, and the date on which such payments are made or received.

The M International Equity Fund intends to enter into forward foreign currency exchange contracts in compliance with its policies and procedures adopted pursuant to Rule 18f-4 (the "Derivatives Rule"), as that rule is further described below in the section "Derivatives Rule". Although the contracts are not presently regulated by the Commodity Futures Trading Commission ("CFTC"), the CFTC may in the future assert authority to regulate these contracts. In such event, the M International Equity Fund's ability to utilize forward foreign currency exchange contracts may be restricted.

While the M International Equity Fund may enter into forward contracts to reduce currency exchange rate risks, transactions in such contracts involve certain other risks. Thus, while the M International Equity Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for the M International Equity Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between the M International Equity Fund's portfolio holdings of securities denominated in a particular currency and forward contracts entered into by the M International Equity Fund. Such imperfect correlation may cause the M International Equity Fund to sustain losses, which may prevent it from achieving a complete hedge or expose the M International Equity Fund to risk of foreign exchange loss. Additionally, the market in forward foreign currency exchange contracts offers less protection against defaults by the other party to such instruments than is available for currency instruments traded on an exchange.

Forward contracts are subject to the risk that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearinghouse, a default on the contract would deprive the M International Equity Fund of unrealized profits, transaction costs or expected benefits of a currency hedge or force the M International Equity Fund to cover its purchase or sale commitments, if any, at the current market price. The M International Equity Fund will not enter into such transactions unless the credit quality of the unsecured senior debt or the claims-paying ability of the counterparty is considered to be investment grade by the Sub-Adviser.

**Investments in Depositary Receipts.** Many securities of Foreign Issuers are represented by Depositary Receipts.

Subject to the restrictions set forth above, each of the Funds may invest in American Depositary Receipts ("ADRs"). ADRs represent the right to receive securities of Foreign Issuers deposited in a domestic bank or a foreign correspondent bank. Prices of ADRs are quoted in U.S. dollars, and ADRs are traded in the United States on exchanges or over-the-counter and are sponsored or unsponsored and issued by domestic banks. ADRs do not eliminate all the risk inherent in investing in the securities of Foreign Issuers. To the extent that a Fund acquires ADRs through banks that do not have a contractual relationship with the Foreign Issuer of the security underlying the ADR to issue and service such ADRs (*i.e.*, unsponsored programs), there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the Foreign Issuer in a timely manner. The issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. However, by investing in ADRs rather than directly in the stock of Foreign Issuers, a Fund will avoid currency risks during the settlement period for purchases and sales. In general, there is a large, liquid market in the United States for ADRs quoted on a national securities exchange or on the NASDAQ National Market. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many Foreign Issuers may be subject.

In addition to ADRs, the M International Equity Fund may invest in European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs"), and Global Depositary Receipts ("GDRs"), which are receipts evidencing an arrangement with a bank similar to that for ADRs and are designed for use in the foreign securities markets. EDRs, IDRs, and GDRs are not necessarily quoted in the same currency as the underlying security.

**Emerging Market Securities**

The M International Equity Fund may invest up to 40% of its total assets, measured at the time of purchase, in emerging markets, which may include countries or regions with relatively low gross national product per capita compared to the world's major economies, countries or regions with the potential for rapid economic growth, or countries or regions at an earlier stage of development compared to the world's major economies. With respect to the M International Equity Fund, emerging market securities include (i) securities of companies that are organized under the laws of, or maintain their principal place of business in, an emerging market country; (ii) securities for which the principal trading market is in an emerging market country; (iii) securities issued or guaranteed by the government of an emerging market country, its agencies or instrumentalities, or the central bank of such country or territory; (iv) securities of companies that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country or have at least 50% of their assets in an emerging market country; (v) equity securities of companies in emerging market countries in the form of depositary shares; (vi) securities of pooled investment vehicles that invest primarily in securities of emerging market countries or derivative

instruments that derive their value from securities of emerging market country; or (vii) securities included in the M International Equity Fund's benchmark index.

**Risks Related to Emerging Market Securities.** The risks of investing in foreign securities may be intensified in the case of investments in emerging markets. Securities of many issuers in emerging markets may be less liquid and more volatile than securities of comparable domestic issuers. Emerging markets also have different clearance and settlement procedures, and in certain markets there may be times when settlements may be unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned on the assets. The inability of a Fund to make intended security purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result either in losses to the Funds due to subsequent declines in value of the portfolio security or, if the Funds has entered into a contract to sell the security, in possible liability to the purchaser. Certain markets may require payment for securities before delivery.

Securities prices in emerging markets can be significantly more volatile than in the more developed nations of the world, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may have relatively unstable governments, present the risk of nationalization of businesses, restrictions on foreign ownership, or prohibitions on repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. Securities of issuers located in countries with emerging markets may have limited marketability and may be subject to more abrupt or erratic price movements.

Certain emerging markets may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if deterioration occurs in an emerging market's balance of payments or for other reasons, a country could impose temporary restrictions on foreign capital remittances. The Funds could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Funds of any restrictions on investments.

**Investing in Real Estate Investment Trusts ("REITs")**

The M Large Cap Growth Fund and the M Capital Appreciation Fund may invest in real estate investment trusts ("REITs").

**Risks Related to REITs**. REITs, including foreign REITs and REIT-like entities, are subject to risks associated with the ownership of real estate. Some REITs experience market risk due to investment in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such REIT could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real

estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a REIT holds, which could reduce the cash flow needed to make distributions to investors. In addition, REITs may also be affected by tax and regulatory requirements impacting the REITs' ability to qualify for preferential tax treatments or exemptions. REITs require specialized management and pay management expenses. REITs also are subject to physical risks to real property, including weather, natural disasters, terrorist attacks, war or other events that destroy real property. Foreign REITs and REIT-like entities can also be subject to currency risk, emerging market risk, limited public information, illiquid trading and the impact of local laws.

REITs include equity REITs and mortgage REITs. Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidations. In addition, equity and mortgage REITs could possibly fail to qualify for tax-free pass-through of income under applicable tax laws or to maintain their exemptions from registration under the Investment Company Act of 1940, as amended. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. In addition, even many of the larger REITs in the industry tend to be small to medium-sized companies in relation to the equity markets as a whole. For taxable years beginning January 1, 2026, individuals and certain non-corporate entities, such as partnerships, are generally eligible for a deduction for 20% of qualified REIT dividends. Related regulations allow a regulated investment company to pass the character of its qualified REIT dividends through to its shareholders provided certain holding period requirements are met.

**Investing in Small-Capitalization Companies**

All of the Funds may invest in small-capitalization companies. Small capitalization companies have historically offered greater growth potential than larger ones, but they are often overlooked by investors.

**Risks Related to Small-Capitalization Companies.** Small capitalization companies often have limited product lines, markets or financial and managerial resources and may be dependent on one person or a few key persons for management. Investing in securities of smaller, lesser-known companies involves greater risks than investing in larger, more mature, better known issuers (such as those included in the S&P 500), including an increased possibility of portfolio price volatility. Historically, small-capitalization stocks and stocks of recently organized companies have been more volatile in price than larger capitalization stocks. Among the reasons for the greater price volatility of the stocks of these smaller companies are less certain growth prospects of smaller companies, a lower degree of liquidity in the markets for such stocks, and a greater sensitivity of smaller companies to changing economic conditions. The stock prices of smaller companies may fluctuate independently of larger company stock prices. Thus, small company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline.

**Recently Organized Companies and IPOs.** Investments in recently organized companies and in many initial public offerings ("IPOs") have the same risks as investments in small capitalization companies, but to a greater degree, including the risk of significant price fluctuations over short periods of time.

**Liquidity Risk Management**

Many factors may influence the price at which a Fund could sell an investment at a given time. Investments are subject to liquidity risk when they are difficult to purchase or sell under favorable conditions. Investments in certain securities or other assets may be particularly subject to liquidity risk. A Fund's ability to sell an instrument may be negatively impacted as a result of various market events or circumstances or characteristics of the particular instrument. In addition, market participants attempting to sell the same or similar instruments at the same time as the relevant Fund may increase such Fund's exposure to liquidity risk. Investments in less liquid or illiquid investments may reduce the returns of the Fund because it may be unable to sell the investments at an advantageous time or price. Thus, a Fund may be forced to accept a lower sale price for the security, sell other investments or forego another more attractive investment opportunity. Liquid investments purchased by a Fund may subsequently become less liquid or illiquid, and harder to value.

Pursuant to Rule 22e-4 under the 1940 Act, a Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the relevant Fund would have invested more than 15% of its net assets in illiquid investments. An "illiquid investment" is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a written liquidity risk management program and related procedures ("Liquidity Program") that is reasonably designed to assess and manage each Fund's "liquidity risk" (defined by the Securities and Exchange Commission (the "SEC") as the risk that a Fund could not meet requests to redeem shares issued by the relevant Fund without significant dilution of remaining investors' interests in such Fund). The Board has designated a committee comprised of the Trust's Administrator, the Trust's Treasurer and the Trust's CCO (the "LRMP Administrator") to serve as the administrator of the Liquidity Program and the related procedures. As part of the Liquidity Program, the LRMP Administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of a Fund's investments in accordance with Rule 22e-4. Under the Liquidity Program, the LRMP Administrator assesses, manages, and periodically reviews a Fund's liquidity risk, and is responsible to make periodic reports to the Board and the SEC regarding the liquidity of a Fund's investments, and to notify the Board and the SEC of certain liquidity events specified in Rule 22e-4. The liquidity of a Fund's portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Liquidity Program. When a Fund's holdings in illiquid securities exceed 15% of net assets, the LRMP Administrator will use its best efforts to remedy the situation as promptly as practicable under the circumstances. Under certain circumstances, the Funds are required to notify the SEC when a Fund's illiquid investment holdings exceed 15%.

**Securities Lending**

All Funds may seek to increase their income by lending portfolio securities. Under present regulatory policies, such loans may be made to institutions, such as certain broker-dealers, and are required to

be secured continuously by collateral in cash (U.S. currency) or non-cash (U.S. Treasuries and Agencies) maintained on a current basis at an amount at least equal to the market value of the securities loaned. The collateral may be invested in repurchase agreements, money market funds, and other short-term obligations, subject to the restrictions of the 1940 Act. The amount of such collateral investment may be substantial. The Trust has a Securities Lending Agreement with its custodian bank, State Street Bank and Trust Company ("State Street") pursuant to which State Street manages the securities lending on behalf of the Funds. The value of securities loaned will not exceed one-third of the value of the total assets of the Fund making the loan.

To the extent permitted by federal law, investments of any cash invested or reinvested under the securities lending program are exempt from the restrictions set forth in the Trust's Prospectus and this SAI.

**Risks Related to Securities Lending**. Securities lending typically involves counterparty risk, including the risk that a borrower may not provide additional collateral when required or return the loaned securities in a timely manner. This risk could be greater for foreign securities. In the Funds' securities lending program, the counterparty risk related to borrowers not providing additional collateral or returning loaned securities in a timely manner is borne by the securities lending agent, which has indemnified the Fund against losses resulting from these risks. However, the Fund may lose money from lending securities (or the amounts earned from securities lending may be limited) if, for example, the value or return of its investments of the cash collateral declines below the amount owed to a borrower.

Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market fund. Investing cash subjects the investment, as well as the securities loaned, to market appreciation or depreciation.

**Derivatives Rule**

The Derivatives Rule regulates the ability of a fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. The Derivatives Rule also regulates other types of leveraged transactions, such as reverse repurchase agreements. Under the Derivatives Rule, a fund is prohibited from entering into derivatives transactions except in reliance on the provisions of the Derivatives Rule. Based on its derivatives usage, the M International Equity Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. As such, M International Equity Fund is required to, and has, adopted and implemented polices reasonably designed to manage its derivatives risks.

**Futures Contracts**

The discussion below relates to both the M International Equity Fund itself and the Underlying Fund in which it invests.

The M International Equity Fund and the Underlying Fund may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease market exposure

based on actual or expected cash inflows to or outflows from the Fund or Underlying Fund. The Fund intends to enter into futures contracts in compliance with its policies and procedures adopted pursuant to the Derivatives Rule.

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of defined securities at a specified future time and at a specified price. Futures contracts that are standardized as to maturity date and underlying financial instrument are traded on national futures exchanges. The Fund or Underlying Fund will be required to make a margin deposit in cash or government securities with a futures commission merchant (an "FCM") to initiate and maintain positions in futures contracts. Minimal initial margin requirements are established by the futures exchanges and FCMs may establish margin requirements which are higher than the exchange requirements. The Fund or Underlying Fund also will incur brokerage costs in connection with entering into futures contracts. After a futures contract position is opened, the value of the contract is marked-to-market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin to be held by the FCM will be required. Conversely, a reduction in the required margin would result in excess margin that can be refunded to the custodial accounts of the Fund or Underlying Fund. Variation margin payments may be made to and from the futures broker for as long as the contract remains open. The Fund or Underlying Fund expects to earn income on its margin deposits.

At any time prior to the expiration of a futures contract, the Fund or Underlying Fund may elect to close the position by taking an opposite position, which will operate to terminate its existing position in the contract. Positions in futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although the Fund or Underlying Fund may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist for any particular futures contract at any specific time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting the Fund or Underlying Fund to substantial losses. In such event, and in the event of adverse price movements, the Fund or Underlying Fund would be required to make daily cash payments of variation margin. In such situations, if the Fund or Underlying Fund had insufficient cash, it might have to sell securities to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances the Fund or Underlying Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the performance of the Fund or Underlying Fund.

**When-Issued Securities, Delayed Delivery, and Forward Commitment Transactions**

The M International Equity Fund and its Underlying Fund may purchase eligible securities or sell securities it is entitled to receive on a when-issued basis. When purchasing securities on a when-issued basis, the price or yield is agreed to at the time of purchase, but the payment and settlement dates are not fixed until the securities are issued. It is possible that the securities will never be issued

and the commitment cancelled. In addition, the Fund and the Underlying Fund may purchase or sell eligible securities for delayed delivery or on a forward commitment basis where the Fund or Underlying Fund contracts to purchase or sell such securities at a fixed price at a future date beyond the normal settlement time. The Fund and Underlying Fund may renegotiate a commitment or sell a security it has committed to purchase prior to the settlement date, if deemed advisable.

While the payment obligation and, if applicable, interest rate are set at the time the Fund or Underlying Fund enters into a when-issued, delayed delivery, to-be-announced or forward commitment transaction, no interest or dividends accrue to the purchaser prior to the settlement date. In addition, the value of a security purchased or sold is subject to market fluctuations and may be worth more or less on the settlement date than the price the Fund or Underlying Fund committed to pay or receive for the security. The Fund or Underlying Fund will lose money if the value of a purchased security falls below the purchase price and the Fund or Underlying Fund will not benefit from the gain if a security sold appreciates above the sales price during the commitment period.

When entering into a commitment to purchase a security on a when-issued, delayed delivery, to-be-announced or forward commitment basis, the Fund or Underlying Fund will comply with the Derivatives Rule. Under the Derivatives Rule, transactions made on a when-issued, delayed delivery, to-be-announced or forward commitment basis will not be deemed to involve a "senior security" so long as the Fund intends to physically settle the transaction within 35 days of the trade date.

**Exchange Traded Funds**

The M International Equity Fund and the Underlying Fund may also invest in exchange traded funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to the equity markets while maintaining liquidity. An ETF is an investment company classified as an open-end investment company or unit investment trust that is traded similar to a publicly traded company. ETFs may be actively managed based on a particular strategy or passively managed to track or replicate a particular index. The ETFs in which the Funds invest are passively managed. The risks and costs of investing in ETFs are comparable to investing in a publicly traded company. The goal of a passively managed ETF is to correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The risk of not correlating to the index is an additional risk to the investors in passive ETFs. When the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the underlying ETF's fees and expenses.

**Other Investment Companies**

Each Fund (except the M International Equity Fund) may invest up to 10% of the value of its total assets, calculated at the time of purchase, in the securities of other investment companies including business development companies, and small business investment companies (although it is anticipated that such investments will not exceed 5% of total assets). Each Fund (except the M International Equity Fund) may not invest more than 5% of its total assets in the securities of any one investment company nor in more than 3% of the voting securities of any other investment company. The above percentage limits do not apply to (i) investments in money market funds for short-term cash management or (ii) the investment of securities lending collateral. Subject to certain conditions, as described in Rule 12d1-4, such as entering into a fund of funds investment agreement, the Funds may exceed the percentage limits enumerated above.

Subject to certain limitations under the 1940 Act, the M International Equity Fund may invest up to 100% of the value of its total assets, calculated at the time of purchase, in the securities of other investment companies (although it is anticipated that such investments will not generally exceed 50% of the value of its total assets under normal circumstances). Each Fund will indirectly bear its proportionate share of any advisory and other fees paid by investment companies in which it invests, in addition to the management fees paid by such Fund.

Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value per share (NAV). Others are continuously offered at NAV but may also be traded in the secondary market.

The extent to which a Fund can invest in securities of other investment companies is limited by federal securities law.

**Risks Related to Investments in Other Investment Companies.** Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses.

**Commodity Pool Operator Exemption**

The Funds are not deemed to be "commodity pool operators" under the Commodity Exchange Act and are not subject to registration or regulation as such under the Commodity Exchange Act. The Adviser has claimed an exclusion from registration as a "commodity pool operator" with respect to its service as investment adviser to the Funds pursuant to a claim for exclusion filed with the National Futures Association with respect to each Fund under CFTC Rule 4.5, as of the date of this SAI. The Funds intend to limit their investments in commodity interests so as to remain exempt commodity pools.

**Cybersecurity**

**Risks Related to Cybersecurity.** Intentional cybersecurity breaches of the Funds could include: unauthorized access to systems, networks or devices (such as through "hacking" activity), infection from computer viruses or other malicious software code, and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). A cybersecurity breach could result in the loss or theft of customer data or funds, the inability to access electronic systems ("denial of services"), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a Fund, the Adviser, or other service providers to incur regulatory penalties, litigation expenses, reputational damage, additional compliance costs, or significant financial loss. Work from home arrangements by the Funds, the Adviser, the Sub-Advisers or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Funds, the Adviser, the Sub-Adviser or their service providers susceptible to operational disruptions. In addition, such

incidents could affect issuers in which a Fund invests, and thereby cause the Fund's investments to lose value.

**Economic and Market Events**

**Risks Related to Economic and Market Events.** Economic events historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included bankruptcies, corporate restructurings, and similar events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; bank failures; social, political, and economic instability in Europe and other countries; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; China's economic slowdown; and regional armed conflict, such as the war between Russia and Ukraine and the war between Israel and Hamas. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

To combat rising inflation, the Fed increased the Federal Funds interest rate several times in 2022 and 2023; however, the Fed decreased the Federal Funds interest rate in 2024, and the future of interest rates remains uncertain. As a result, risks associated with fluctuating interest rate environments have been, and continue to be, magnified in the current economic environment. It is difficult to accurately predict the pace at which the Fed may change interest rates, or the timing, frequency or magnitude of any such changes, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. As a result, a Fund may experience high redemptions and increased portfolio turnover, which could increase the costs that the Fund incurs and may negatively impact the Fund's performance.

In addition, as the Fed adjusts the target Federal Funds Rate, any such changes , among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on a Fund.

Political turmoil within the U.S. and abroad may also impact a Fund. Although the U.S. government has honored its credit obligations, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a

default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund's investments. Similarly, political events within the U.S. at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and also has recently imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

There is a risk that the present value of assets or income from investments will be less in the future as rising prices (inflation) reduce their purchasing power. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a Fund's investments may be affected, which may reduce the Fund's performance. While overshadowed by recent rapid inflation, there is also a risk that the prices of goods and services in the U.S. and many foreign economies may decline over time (deflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Historically, securities issued in emerging and frontier markets have been subject to a greater risk of inflationary or deflationary forces, and more developed markets have been better able to use monetary policy to normalize markets.

**Risks Related to Russia's Invasion of Ukraine.** In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and EU issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the EU to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications ("SWIFT"), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; result in a decline in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals; weaken the value of the ruble; downgrade the country's credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have divested interests or otherwise curtailed business dealings with certain Russian businesses. Countermeasures or retaliatory actions by Russia may further impair the value and liquidity of Russian securities.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets of the World (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities

and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on a Fund's investments and performance beyond any direct or indirect exposure a Fund may have to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies in the World, which may negatively impact such countries and the companies in which the Fund invests. Accordingly, there may be heightened risk of cyberattacks which may result in, among other things, disruptions in the functioning and operations of industries or companies around the World, including in the United States and Europe.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and any future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on Fund performance and the value and liquidity of an investment in the Fund, particularly with respect to Russian exposure.

**Israel-Hamas Conflict Risk.** Beginning in October 2023, the Israel-Hamas war has resulted in significant loss of life and increased volatility in the Middle East. The conflict between Israel and Hamas and the involvement of the U.S. and other countries could present material uncertainty and risk with respect to a Fund's performance and ability to achieve its investment objective. The extent and duration of any market disruptions are impossible to predict but could be substantial.

**China Investments Risk.** There are special risks associated with investments in China, Hong Kong and Taiwan. The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy and develop market mechanisms. But there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue that has included threats of invasion by China. Political or economic disturbances (including an attempted unification of Taiwan by force), as well as any economic sanctions implemented in response, may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and Taiwan impractical or impossible. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact on the value of investments in both countries and on economies, markets and individual securities globally. The Chinese economy is also vulnerable to the long-running disagreements with Hong Kong related to integration.

Investors in Chinese issuers may have difficulty obtaining information regarding the issuer, particularly high-quality and reliable financial reporting. A contributor to such lack of information are restrictions on the Public Company Accounting Oversight Board's ("PCAOB") ability to inspect audit

work and practices of PCAOB-registered public accounting firms in China and the PCAOB's ability to inspect audit work with respect to China-based Issuer audits by PCAOB-registered public accounting firms in Hong Kong. In December 2020, the US Congress passed the Holding Foreign Companies Accountable Act ("HFCAA"). The HFCAA provides that after three consecutive years of determinations by the PCAOB that positions taken by authorities in China obstructed the PCAOB's ability to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely, the companies audited by those firms would be subject to a trading prohibition on U.S. markets. On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China to grant the PCAOB access to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely, consistent with U.S. law. To the extent the PCAOB remains unable to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies, such inability may impose significant additional risks associated with investments in China. Further, to the extent a Fund invests in the securities of a company whose securities become subject to a trading prohibition, the Fund's ability to transact in such securities, and the liquidity of the securities, as well as their market price, would likely be adversely affected.

A Fund investing in China A shares through Stock Connect is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Trading through the Stock Connect program is subject to daily quotas that limit the maximum daily net purchases on any particular day, each of which may restrict or preclude a Fund's ability to invest in China A shares through the Stock Connect program. Trading through Stock Connect may require pre validation of cash or securities prior to acceptance of orders. This requirement may limit a Fund's ability to dispose of its A shares purchased through Stock Connect in a timely manner.

A primary feature of the Stock Connect program is the application of the home market's laws and rules applicable to investors in China A shares. Therefore, a Fund's investments in Stock Connect China A shares are generally subject to the securities regulations and listing rules of the People's Republic of China ("PRC"), among other restrictions. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, the Shanghai and Shenzhen markets may be open at a time when Stock Connect is not trading, with the result that prices of China A shares may fluctuate at times when a Fund is unable to add to or exit its position, which could adversely affect the Fund's performance.

Changes in the operation of the Stock Connect program may restrict or otherwise affect a Fund's investments or returns. Furthermore, any changes in laws, regulations and policies of the China A shares market or rules in relation to Stock Connect may affect China A share prices. These risks are heightened generally by the developing state of the PRC's investment and banking systems and the uncertainty about the precise nature of the rights of equity owners and their ability to enforce such rights under Chinese law. An investment in China A Shares is also generally subject to the risks identified under "Emerging Markets Risk," and foreign investment risks such as price controls, expropriation of assets, confiscatory taxation, and nationalization may be heightened when investing in China.

Certain investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE"). In a VIE structure, foreign investors, such as a Fund, will only own stock

in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in certain restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. Investments involving a VIE structure may pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through equity ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, historically the structure has not been formally recognized under Chinese law and Chinese regulations regarding the structure are evolving. It is uncertain whether Chinese officials or regulators will withdraw their acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect a Fund's returns and net asset value.

**Political, Social and Economic Uncertainty Risk**. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) that occur from time to time will create uncertainty and may have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which a Fund and the issuers in which it invests are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with: increased volatility in the global financial markets, including those related to equity and debt securities, loans, credit, derivatives and currency; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprises; greater governmental involvement in the economy or in social factors that impact the economy; greater, less or different governmental regulation and supervision of the securities markets and market participants and increased, decreased or different processes for and approaches to monitoring markets and enforcing rules and regulations by governments or self-regulatory organizations; limited, or limitations on the, activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell assets or otherwise settle transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

**Large Capitalization Companies**

**Risks Related to Large Capitalization Companies.** Larger, more established companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Sectors**

**Risks Related to Consumer Discretionary Sector.** The consumer discretionary sector includes companies in industries such as consumer services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, e-commerce, and automobiles. Companies in the consumer discretionary sector may be significantly impacted by the performance of the overall domestic and global economy and by interest rates. The consumer discretionary sector relies heavily on disposable household income and spending. Companies in this sector may be subject to severe competition, which may have an adverse impact on their respective profitability. The retail industry can be significantly affected by changes in demographics, and consumer tastes and shopping habits, which can also affect the demand for, and success of, consumer products and services in the marketplace. The automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.

**Risks Related to Energy Sector.** The energy sector includes companies in the energy equipment and services, and oil, gas and consumable fuels industry groups. The value of companies in these industry groups is particularly vulnerable to developments in the energy sector, which may include swift fluctuations in the price and supply of energy fuels caused by events relating to international politics, energy conservation initiatives, the success of exploration projects, the supply of, and demand for, specific energy-related products or services, and tax and other governmental regulatory policies. Oil and gas companies develop and produce crude oil and natural gas and provide related resources such as production- and distribution-related services. Stock prices for oil and gas companies in particular are affected by supply and demand both for the companies' specific products or services and for energy products in general. The performance of these companies will likewise be affected by the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Weak demand for energy companies' products or services or for energy products and services in general, as well as negative developments in these other areas, would adversely impact the energy stocks in which a Fund invests and the Fund's performance. Oil and gas exploration and production companies can be significantly affected by natural and man-made disasters as well as changes in currency exchange rates, interest rates, government regulation, world events and economic conditions, and the companies may be at risk for environmental damage claims.

**Risks Related to Financials Sector.** Companies in the financials sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. The impact of recent or future regulation in various countries on any individual financial company or on the financials sector as a whole cannot be predicted. Certain risks may impact the value of investments in the financials sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financials sector may also be adversely affected by increases in interest rates and

loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. The financials sector is particularly sensitive to fluctuations in interest rates.

**Risks Related to Health Care Sector.** The profitability of companies in the healthcare sector is affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on patent protection. The expiration of a company's patents may adversely affect that company's profitability. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. Healthcare companies are subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Many new products in the healthcare sector may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly, and such efforts ultimately may be unsuccessful. Companies in the healthcare sector may be thinly capitalized and may be susceptible to product obsolescence.

**Risks Related to Industrials Sector.** The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies, which are typically under pressure from efforts to control government budgets. Transportation stocks, a component of the industrials sector, are cyclical and can be significantly affected by economic changes, fuel prices, labor relations and insurance costs. Transportation companies in certain countries may also be subject to significant government regulation and oversight, which may adversely affect their businesses. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this industry rely to a significant extent on government demand for their products and services.

**Risks Related to Technology Sector.** Technology companies, including information technology companies, face intense competition, both domestically and internationally, which may have an adverse effect on profit margins.

Technology companies may have limited product lines, markets, financial resources and/or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily

dependent on patent and other intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**FUNDAMENTAL INVESTMENT LIMITATIONS**

**Fundamental Restrictions**

The following investment restrictions have been adopted by the Trust as fundamental policies for the Funds. A fundamental policy is one that cannot be changed without the affirmative vote of "a majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) attributable to that Fund. The investment objective of each Fund and all other investment policies or practices of the Funds are considered by the Trust not to be fundamental and accordingly may be changed by the Board of Trustees without shareholder approval. See "Investment Objectives and Policies" in the Trust's Prospectus. For purposes of the 1940 Act, "a majority of the outstanding voting securities" means the lesser of (a) 67% or more of the votes attributable to shares of the Fund present at a meeting, if the holders of more than 50% of such votes are present or represented by proxy, or (b) more than 50% of the votes attributable to shares of the Fund.

None of the Funds may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwrite securities issued by others, except to the extent that the sale of portfolio securities by a Fund may be deemed to be underwriting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase, hold or deal in real estate (including real estate limited partnerships) or oil, gas or mineral leases, although a Fund may purchase and sell securities that are secured by real estate or interests therein and may purchase mortgage-related securities (unless otherwise prohibited in these investment restrictions) and securities issued by real estate investment trusts and may hold and sell real estate acquired for the Fund as a result of the ownership of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lend any money or other assets, except through the purchase of all or a portion of an issue of securities or obligations of the type in which the Fund may invest. However, a Fund may lend its portfolio securities in an amount not to exceed one-third of the value of its total assets, unless otherwise prohibited in these investment restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act) except as otherwise permitted under these fundamental investment restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alone or together with any other of the Funds, make investments for the purpose of exercising control over, or management of, any issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrow money except from banks for temporary or short-term purposes and then only if the Fund maintains asset coverage of at least 300% for such borrowings. None of the Funds will purchase securities when such borrowings exceed 5% of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sell securities short or maintain a short position including short sales against the box.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest more than 25% of the value of its total assets in the securities of issuers conducting their principal business activities in the same industry. This limitation does not apply to U.S. government securities.

Fund Specific Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the M International Equity Fund, M Capital Appreciation Fund, or M Large Cap Value Fund may as to 75% of the value of its total assets, purchase the securities of any one issuer (except U.S. Government securities) if, as a result thereof, more than 5% of the value of the Fund's total assets would be invested in securities of that issuer or if, as a result thereof, more than 10% of the outstanding voting securities of that issuer would be owned by the Fund.

**Non-Fundamental Restrictions**

In addition to the fundamental investment restrictions mentioned above, the Board of Trustees has adopted certain non-fundamental restrictions for each Fund as shown below. Non-fundamental restrictions represent the current intentions of the Board of Trustees, and they differ from fundamental investment restrictions in that they may be changed or amended by the Board of Trustees without prior notice to or approval of shareholders.

None of the Funds may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase the securities of any one issuer if, by such purchase, the Fund would own more than 10% of the outstanding voting securities of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write call or put options (except for the M International Equity Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase variable-amount master demand notes, which are obligations that permit the investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements between the lender and the borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase variable or floating-rate demand instruments, which are debt securities that include a variable or floating interest rate adjustment feature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase fixed-income investments (*e.g.*, corporate debt obligations, including commercial paper, but excluding convertible securities) that are unrated or rated at the time of purchase in the lower rating categories by S&P Global Ratings', a business unit of Standard

& Poor's Financial Services LLC ("S&P") or Moody's (*i.e.*, ratings of BB or lower by S&P or Ba or lower by Moody's for corporate debt obligations and ratings below A-3 by S&P or Prime-3 by Moody's for commercial paper).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in mortgage-backed securities, which represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in asset-backed securities, which represent participation in, or are secured by and payable from, assets such as motor vehicle installment sales, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit (*i.e.*, credit card) agreements and other categories of receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in options or futures (except for the M International Equity Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in when-issued securities (or delayed-delivery or forward commitment contracts) (except for the M International Equity Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invest in interest-only ("IO") or principal only ("PO") securities. However, this does not preclude investments in zero coupon bonds.

Fund-Specific Restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M International Equity Fund has adopted a non-fundamental investment policy, in accordance with Rule 35d-1 under the 1940 Act, to normally invest at least 80% of its total assets in equity securities of issuers located in at least three countries other than the United States. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M Large Cap Growth Fund has adopted a non-fundamental investment policy, in accordance with Rule 35d-1 under the 1940 Act, to normally invest at least 80% of its total assets in U.S. large-cap equity securities, including, but not limited to, common stocks, preferred stocks and American Depositary Receipts. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M Large Cap Value Fund has adopted a non-fundamental investment policy, in accordance with Rule 35d-1 under the 1940 Act, to normally invest at least 80% of its total assets in the large capitalization segment of the U.S. stock market, including equity securities of U.S. issuers. This strategy is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M International Equity Fund and the M Large Cap Growth Fund may not purchase illiquid securities, including certain repurchase agreements or time deposits maturing in more than seven days (except securities offered and sold to "qualified institutional buyers" in accordance with Rule 144A under the 1933 Act, and except foreign securities offered and sold

outside the United States), if, as a result thereof, more than 5% of the value of its total assets would be invested in assets that are either illiquid or are not readily marketable. The M Capital Appreciation Fund and the M Large Cap Value Fund may not purchase illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M International Equity Fund, the M Capital Appreciation Fund and the M Large Cap Value Fund may not purchase restricted securities (except securities offered and sold to "qualified institutional buyers" in accordance with Rule 144A under the 1933 Act, and except foreign securities offered and sold outside the United States) if, as a result thereof, more than 10% of the value of its total assets would be invested in restricted securities. The M Large Cap Growth Fund may not invest in restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M Large Cap Growth Fund may invest no more than 20% of the value of its total assets in securities of companies that are organized under the laws of a foreign country and (i) are unlisted or listed primarily on a non-U.S. exchange or (ii) are listed on a U.S. exchange or over-the counter as a sponsored or unsponsored American Depositary Receipt ("Foreign Issuers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M Capital Appreciation Fund and the M Large Cap Value Fund may invest no more than 15% of the value of their total assets in Foreign Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M International Equity Fund may invest no more than 40% of the value of its total assets in emerging markets (including no more than 5% of its net asset value in Brady Bonds), calculated at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M Large Cap Growth Fund, the M Capital Appreciation Fund, and the M Large Cap Value Fund may invest no more than 5% of their net asset value in Brady Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The M International Equity Fund may not invest in warrants or rights (other than those acquired in units or otherwise attached to other securities) if, as a result thereof, more than 10% of the value of its total assets would be invested in warrants or rights, and the Fund may not invest more than 5% of its total assets, calculated at the time of purchase, in warrants or rights that are not listed on the New York Stock Exchange or the NYSE American. The M Capital Appreciation Fund and the M Large Cap Value Fund may not invest in warrants or rights (other than those acquired in units or otherwise attached to other securities) if, as a result thereof, more than 5% of the value of its total assets would be invested in warrants or rights, and each may not invest more than 2% of its total assets, calculated at the time of purchase, in warrants or rights that are not listed on the New York Stock Exchange or the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under normal circumstances, the M International Equity Fund, the M Large Cap Growth Fund, and the M Large Cap Value Fund will not enter into forward foreign currency exchange contracts with respect to more than 5% of their assets.

**Interpretive Rules**

For purposes of the foregoing fundamental and non-fundamental restrictions, any restriction will be deemed to be violated to the extent an acquisition, encumbrance or sale of securities or assets of, or borrowings by, a Fund causes the Fund to exceed or fall short of the stated limitations. Market

fluctuations that cause a Fund to exceed or fall short of a stated limitation (except with respect to borrowings) will not be deemed to cause the Fund to violate a restriction. In addition, with regard to exceptions recited in a restriction, a Fund may only rely on an exception if its investment objective or policies otherwise permit it to rely on the exception.

**Temporary Defensive Positions**

Each Fund may depart from its normal strategies by taking temporary defensive positions in response to adverse market, economic, political or other conditions. When a Fund takes a temporary defensive position, it may invest all or a substantial portion of its assets in U.S. and Foreign Government securities, money market funds, securities, debt instruments, futures or options on futures, or cash. During these times, a Fund may not achieve its investment goals.

**Management of the Fund**

**Board of Trustees**

The management and affairs of the Funds are supervised by the Board of Trustees. The Board of Trustees consists of five individuals, all of whom are not "interested persons" (as defined under the 1940 Act) of the Trust and the Adviser ("Independent Trustees"). The Trustees are fiduciaries for the Funds' shareholders and are governed by the laws of the State of Delaware in this regard. The Board monitors the level and quality of services, including commitments of service providers and the performance of each Fund's Adviser. The Board of Trustees establishes policies for the operation of the Funds and to assure the Funds' compliance with applicable rules, regulations, and investment policies and addresses possible conflicts of interest, and appoints the officers who conduct the daily business of the Funds. The Board evaluates the services received under the contracts with service providers by, among other things, receiving reports covering investment performance, shareholder services, distribution and marketing, and the Adviser's profitability in order to determine whether to continue existing contracts or negotiate new contracts.

**Board Leadership Structure**

The Trust is led by Mr. Brian Nielsen, who has served as the Chairman of the Board since 2011. The Board of Trustees is comprised of Mr. Nielsen and four (4) other Independent Trustees. Under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Under the Trust's Agreement and Declaration of Trust and By-Laws, the Chairman of the Board is responsible for (a) presiding at board meetings, (b) calling special meetings on an as-needed basis, (c) setting the agendas for board meetings and (d) ensuring board members are provided necessary materials in advance of each board meeting. The Trust believes that (i) its Chairman, (ii) Keith Rhoades, the independent chair of the Audit Committee, and, (iii) as an entity, the full Board of Trustees, provide effective leadership that is in the best interests of the Trust, each of its funds and each shareholder. The Independent Trustees have selected Anthony Lewis as the Lead Independent Trustee.

In accordance with the fund governance standards prescribed by the SEC under the 1940 Act, the Independent Trustees on the Nominating Committee select and nominate all candidates for Independent Trustee positions. Each Trustee was appointed to serve on the Board of Trustees because of his experience, qualifications, attributes and/or skills. The Board of Trustees reviews its leadership structure regularly on at least an annual basis. The Board of Trustees believes that the structure described above facilitates the orderly and efficient flow of information to the Trustees from the officers of the Trust, the advisers of the funds that comprise the Trust and other service providers, and facilitates the effective evaluation of the risks and other issues, including conflicts of interest, that may impact the Trust as a whole as well as the funds individually. The Board of Trustees believes that the orderly and efficient flow of information and the ability of the Board of Trustees to bring each Trustee's experience and skills to bear in overseeing the Trust's operations is important given the characteristics and circumstances of the Trust, including: the unaffiliated nature of each investment adviser and the fund(s) managed by such adviser; the number of funds that comprise the Trust; the variety of asset classes that those funds reflect; the net assets of the Trust; the committee structure of the Trust; and the independent arrangements of each of the Trust's series. For these reasons, the Board of Trustees believes that its leadership structure is appropriate.

**Board Responsibilities**

The Board of Trustees' role is one of oversight rather than day-to-day management of any of the Trust's series. The Trust's Audit Committee assists with this oversight function. The Board of Trustees' oversight extends to the Trust's risk management processes. Those processes are overseen by Trust officers, including the President, the Treasurer, the Secretary and Chief Compliance Officer ("CCO"), who regularly report to the Board of Trustees on a variety of matters at Board meetings.

**Board Risk Oversight**

The Board of Trustees is comprised of Mr. Nielsen and four (4) other Independent Trustees with a standing independent Audit Committee with a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from its CCO at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is effectively maintained through the compliance-reporting chain where the CCO is the primary recipient and communicator of such risk-related information and oversees the Trust's service providers' adherence to the Trust's policies and procedures.

Investment advisers managing the Trust's series report to the Trust's CCO and the Board of Trustees, on a regular and as-needed basis, on actual and possible risks affecting the Trust's series. These investment advisers report to the CCO and the Board of Trustees on various elements of risk, including investment, credit, liquidity, valuation, operational and compliance risks, as well as any overall business risks that could impact the Trust's series.

The Board of Trustees has appointed the CCO, who reports directly to the Board of Trustees and who participates in its regular meetings. In addition, the CCO conducts on-going and continuous compliance testing and presents an annual report to the Board of Trustees in accordance with the Trust's compliance policies and procedures. The CCO, together with the Trust's President, Treasurer

and Secretary, regularly discusses risk issues affecting the Trust and its series during Board of Trustee meetings. The CCO also provides updates to the Board of Trustees on the operation of the Trust's compliance policies and procedures and on how these procedures are designed to mitigate risk. Finally, the CCO and/or other officers of the Trust report to the Board of Trustees in the event that any material risk issues arise in between Board meetings.

**Trustee Qualifications**

Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills. Mr. Nielsen has over twenty-three years of experience in the investment management and brokerage business including a focus in compliance, legal and regulatory oversight and possesses a strong understanding of the regulatory framework under which investment companies must operate. Since 2010, Thomas Sarkany has been the President of TTS Consultants, LLC, and since December 2022 has been the President of TTS Associates, Inc., each a financial services firm and from 1994 through 2010, held various roles at Value Line, Inc. (a publicly held company providing financial research, publications and money management services to retail and institutional investors), including Director of Marketing and Asset Management, Director of Index Licensing, and member of the Board of Directors. Anthony Lewis has been Chairman and CEO of The Lewis Group USA, an executive consulting firm, for the past ten years, and also serves as a Director, the Chairman of the Compensation Committee, and a Member of the Audit Committee of Torotel Inc., and also serves as a Trustee, the Chairman of the Valuation Committee, and a Member of the Audit Committee of the Wildermuth Endowment Fund, a registered closed-end fund operating as an interval fund. Keith Rhoades held various accounting roles at Union Pacific Railroad, including Senior Director of General Ledger/Financial Research. Randy Skalla has more than 20 years of investment management experience including serving as President of L5 Enterprises, Inc. since 2001 and from 2001 through 2017 Mr. Skalla was a member of the Orizon Investment Counsel Board. The Trust does not believe that any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

The Board of Trustees has established three standing board committees – the Audit Committee, the Compensation Committee and the Nominating Committee. All Independent Trustees are members of the Audit Committee, Compensation Committee and the Nominating Committee ("Standing Board Committees"). Inclusion of all Independent Trustees as members of all three of the Standing Board Committees allows all such Trustees to participate in the full range of the Board of Trustees' oversight duties, including oversight of risk management processes.

**Trustees and Officers**

The Trustees and the officers of the Trust are listed below with their addresses, present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, Ohio 45246.

**<u>Independent Trustees</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<br> and Year of<br> Birth** | **Position/Term<br> of Office\*** | **Principal Occupation<br> During the Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee\*\*** | **Other<br> Directorships<br> held by Trustee<br> During the Past<br> Five Years** |
| Brian Nielsen<br> 1972 | Trustee since May 2011 | Trustee of Northern Lights Fund Trust II (since 2011); Special Projects Counsel of NorthStar Financial Services Group, LLC (from 2018 to 2019). | 4 |  |
| Thomas T. Sarkany<br> 1946 | Trustee since October 2011 | President, TTS Consultants, LLC (since 2010); President of TTS Associates, Inc., (since December 2022) (each a financial services firm). | 4 | Trustee, Arrow ETF Trust; Trustee, Arrow Investments Trust; Trustee, Northern Lights Fund Trust IV; Director, Aquila Distributors |
| Anthony H. Lewis<br> 1946 | Trustee since May 2011 | Chairman and CEO of The Lewis Group USA (since 2007) (executive consulting firm). | 4 | Director, Member of the Compensation Committee and Member of the Risk Committee of Torotel Inc. (Magnetics, Aerospace and Defense); Trustee, Chairman of the Fair Valuation Committee and Member of the Audit Committee of the Wildermuth Endowment Strategy Fund |
| Keith Rhoades<br> 1948 | Trustee since May 2011 | Retired since 2008. | 4 |  |
| Randy Skalla<br> 1962 | Trustee since May 2011 | President, L5 Enterprises, Inc. (since 2001) (financial services company). | 4 |  |

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***<u>Officers</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name,<br> Address and<br> Year of Birth** | **Position/Term<br> of Office\*** | **Principal Occupation<br> During the Past Five Years** | **Number of<br> Portfolios in<br> Fund<br> Complex**<br> **Overseen by<br> Trustee\*\*** | **Other<br> Directorships<br> held by<br> Trustee During<br> the Past Five<br> Years** |
| Kevin Wolf<br> 1969 | President since January 2013 | Executive Vice President, Head of Client Strategies (since 2025); Executive Vice President, Head of Fund Administration and Product of Ultimus Fund Solutions, LLC (2020-April 2025); Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President, Gemini Fund Services, LLC (2019-2020); President, Gemini Fund Services, LLC (2012-2019). | N/A | N/A |
| Kent Barnes<br> 1968 | Secretary since April 2024 | Vice President and Senior Management Counsel, Ultimus Fund Solutions, LLC (since November 2023); Vice President, U.S. Bancorp Fund Services, LLC (November 2018 to November 2023). | N/A | N/A |
| Erik Naviloff<br> 1968 | Treasurer since January 2013 | Vice President of Ultimus Fund Solutions, LLC (formerly, Gemini Fund Services, LLC) (since 2012). | N/A | N/A |
| Emile Molineaux<br> 1962 | Chief Compliance Officer and Anti-Money Laundering Officer since May 2011 | Senior Compliance Officer and CCO of various clients of Northern Lights Compliance Services, LLC (since 2011). | N/A | N/A |
| Jared Lahman<br> 1986 | Anti-Money Laundering Officer since January 2022 | Compliance Analyst, Northern Lights Compliance Services, LLC (since January 2019); Manager, Fund Accounting, Ultimus Fund Solutions, LLC (formerly, Gemini Fund Services, LLC) (January 2014 to December 2018). | N/A | N/A |

---

\* The term of office for each Trustee and Officer listed above will continue indefinitely.

\*\* As of December 31 2025, the Trust was comprised of 26 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund and not to any other series of the Trust. Each Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series not included in the Fund Complex.

**Other Committees of the Trust**

All actions taken by a committee of the Board are recorded and/or reported to the full Board at its next meeting following such actions.

<u>Audit Committee</u>. The Board has an Audit Committee, which is comprised of the Independent Trustees. The Audit Committee reviews financial statements and other audit-related matters for the Funds. The Audit Committee also holds discussions with management and with the Funds' independent auditor concerning the scope of the audit and the auditor's independence and will meet at least four times annually. During the fiscal year ended December 31, 2025, the Audit Committee met ten times.

<u>Nominating Committee</u>. The Board has a Nominating Committee, which is comprised of the Independent Trustees. The Nominating Committee is responsible for seeking and reviewing candidates for consideration as nominees for the position of trustee and meets only as necessary. The Nominating Committee generally will not consider shareholder nominees.

<u>Compensation Committee</u>. The Board has a Compensation Committee, which is comprised of the Independent Trustees. The role of the Compensation Committee is to oversee the evaluation of, and review and approve compensation for, the Independent Trustees. The Compensation Committee will generally meet annually.

**Trustee Compensation**

Each Trustee receives a quarterly fee of $22,500 (the "Trustee Fee") paid at the beginning of each calendar quarter, allocated among each of the various portfolios comprising the Trust. Each Trustee is also reimbursed for any reasonable expenses incurred attending the regular quarterly meetings of the Trust. In addition to the Trustee Fee, the Audit Committee Chairman receives an additional quarterly fee of $4,250 and the Chairman of the Trust receives an additional quarterly fee of $5,600. For special in-person meetings, each Trustee receives a $2,500 special in-person meeting fee, as well as reimbursement for any reasonable expenses incurred attending the special in-person meeting, which, in those cases where the special in-person meeting is requested by a Fund adviser, the fee is generally paid by the requesting adviser. In the interest of recruiting and retaining Trustees of high quality, the Board periodically reviews compensation and may modify it as the Board deems appropriate. None of the executive officers will receive compensation from the Trust.

The table below details the estimated amount of compensation the Trustees will receive from the Funds during the fiscal period ending December 31, 2026. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **M<br> International<br> Equity Fund** | **M Large<br> Cap<br> Growth<br> Fund** | **M Capital<br> Appreciation<br> Fund** | **M Large<br> Cap Value<br> Fund** | **Total<br> Compensation<br> From Fund<br> Complex Paid<br> to Trustees\*\*\*** |
| **Thomas T. Sarkany** | $3000 | $3000 | $3000 | $3000 | $12000 |
| **Anthony Lewis** | $3000 | $3000 | $3000 | $3000 | $12000 |
| **Keith Rhoades\*** | $3567 | $3567 | $3567 | $3567 | $14267 |
| **Randy Skalla** | $3000 | $3000 | $3000 | $3000 | $12000 |
| **Brian Nielsen\*\*** | $3747 | $3747 | $3747 | $3747 | $14987 |

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\* Mr. Rhoades also serves as chairman of the Audit Committee.

\*\* Mr. Nielsen serves as Chairman of the Board of Trustees.

\*\*\* There are currently multiple series comprising the Trust. The term "Fund Complex" refers only to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, and not to any other series of the Trust. For the fiscal year ended December 31, 2025, aggregate Independent Trustees' fees were $482, 550.

**Management and Trustee Ownership** 

The following table indicates the dollar range of equity securities that each Trustee beneficially owned in the Funds and other series of the Trust as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | |
| **Name of<br> Trustee** | **M<br> International<br> Equity Fund** | **M Large Cap<br> Growth<br> Fund** | **M Capital<br> Appreciation<br> Fund** | **M Large Cap<br> Value Fund** | **Aggregate Dollar<br> Range of Equity<br> Securities in All<br> Registered<br> Investment<br> Companies<br> Overseen by Trustee<br> in Family of<br> Investment<br> Companies** |
| Thomas T. Sarkany | None | None | None | None | None |
| Anthony Lewis | None | None | None | None | None |
| Keith Rhoades | None | None | None | None | None |
| Randal Skalla | None | None | None | None | None |
| Brian Nielsen | None | None | None | None | None |

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As of December 31, 2025, the Trustees and officers, as a group, owned less than 1.00% of the Funds' outstanding shares and the Fund Complex's outstanding shares.

**Control Persons and Principal Shareholders**

Shares of the Funds will be owned by insurance companies as depositors of separate accounts, which are used primarily to fund variable annuity contracts and variable life insurance contracts. Persons or companies owning more than 25% of the outstanding shares of a Fund are presumed to "control" the Fund within the meaning of the 1940 Act. As a result, those persons or organizations could have the ability to take action with respect to a Fund without the consent or approval of other stockholders. As of December 31, 2025, John Hancock Variable Life Insurance Co. and Pacific Life Insurance Co. may each be deemed a control person of certain Funds in which their separate accounts hold more than 25% of the shares of such Funds reflected below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**M International<br> Equity Fund** | &nbsp;&nbsp;**M Large Cap<br> Growth Fund** | &nbsp;&nbsp;**M Capital<br> Appreciation Fund** | &nbsp;&nbsp;**M Large Cap<br> Value<br> Fund** |
| &nbsp;&nbsp;**John Hancock<br> Variable Life<br> Insurance Co.** | &nbsp;&nbsp;39.76 | &nbsp;&nbsp;47.02 | &nbsp;&nbsp;49.29 | &nbsp;&nbsp;47.85 |
| &nbsp;&nbsp;**Pacific Life<br> Insurance Co.** | &nbsp;&nbsp;46.13 | &nbsp;&nbsp;38.50 | &nbsp;&nbsp;37.85 | &nbsp;&nbsp;39.17 |

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As of December 31, 2025, there were no principal shareholders of record or known by the Funds to own beneficially 5% or more of a Fund's outstanding equity securities.

The addresses of each control person or beneficial owner of the Funds' shares are as follows:

John Hancock Variable Life Insurance Company, 601 Congress Street, Boston, MA 02110 Pacific Life Insurance Co., 700 Newport Center Drive, Newport Beach, CA 92660

**Investment Adviser**

***Investment Adviser***

MFIA is the investment adviser of the Trust and its Funds. Robert Olson serves as President of the Adviser, James R. Nash serves as Chief Compliance Officer and Anti-Money Laundering Officer of the Adviser, Hannah Hasbrook serves as Secretary of the Adviser.

The Adviser is controlled by M Financial Holdings Incorporated, which does business under the name M Financial Group. M Financial Group is engaged in providing product development and marketing support services for participating insurance agents, who, collectively, own a majority of the outstanding stock of M Financial Group. As stockholders, they share in the profits of M Financial Group via periodic stock or cash dividends. M Financial Group derives revenue from, among other things, investment advisory fees with respect to assets invested in the Funds and receives from insurance carriers compensation based, in part, upon the volume of insurance premiums generated by its participating agents. Clients should be aware that these direct and indirect compensation arrangements may create economic incentives, which could influence recommendations for particular financial products or services (including the Funds). These incentives include, but are not limited to, the following: (i) commissions or other compensation in respect of one particular financial service provider, product, investment, or service may exceed commissions or compensation payable in respect of a comparable provider, product or service; (ii) certain policy features or riders may involve commissions or compensation that differ from compensation payable in respect of "base" or standard contractual features; and (iii) products or services that provide revenue, including override commissions or potential reinsurance profits, to M Financial Group could indirectly provide incentives to agents to recommend such products over similar products or services that do not provide revenue to M Financial Group.

The Adviser was organized on September 11, 1995. Although the Adviser is not primarily responsible for the daily management of the Funds, the Adviser oversees the management of the assets of the Funds by each of the Sub-Advisers. In turn, each Sub-Adviser is responsible for the day-to-day management of a specific Fund.

**Investment Advisory Agreement**

The Adviser has entered into an investment advisory agreement with the Trust under which the Adviser assumes overall responsibility, subject to the ongoing supervision of the Trust's Board of Trustees, for monitoring and evaluating the management of the assets of each of the Funds by the Sub-Advisers. The Adviser, on behalf of the Trust, has entered into sub-advisory agreements with (i) Dimensional Fund Advisors LP, with respect to the M International Equity Fund, (ii) Federated MDTA LLC, with respect to the M Large Cap Growth Fund, (iii) Frontier Capital Management Company, LLC with respect to the M Capital Appreciation Fund and (iv) Brandywine Global Investment Management, LLC with respect to the M Large Cap Value Fund.

Under the Advisory Agreement, the Adviser, under the supervision of the Board, agrees (directly or through a sub-adviser) to invest the assets of each Fund in accordance with applicable law and the investment objectives, policies and restrictions set forth in the Fund's current Prospectus and Statement of Additional Information, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser shall act as the investment adviser to each Fund and, as such shall (directly or through a sub-adviser) (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of each Fund in a manner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold or retained by each Fund, and implement those decisions, including the selection of entities with or through which such purchases or sales are to be effected; provided, that the Adviser will place

orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers.

The Adviser also provides each Fund with all necessary office facilities and personnel for servicing the Fund's investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees of the Adviser, and all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities. The Advisory Agreement was approved by the Board of the Trust, including by a majority of the Independent Trustees, with respect to the Funds at a meeting held on January 21, 2026.

In addition, the Adviser, directly subject to the supervision of the Board of Trustees, provides the management services necessary for the operation of each Fund and such additional administrative services as reasonably requested by the Board of Trustees. These services include providing such office space, office equipment and office facilities as are adequate to fulfill the Adviser's obligations under the Advisory Agreement; assisting the Trust in supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with the Fund; assisting in preparing all general shareholder communications and conducting shareholder relations; assuring the Fund's records and the registration of the Fund's shares under federal securities laws and making necessary filings under state securities laws; developing management and shareholder services for the Fund; and furnishing reports, evaluations and analyses on a variety of subjects to the Trustees. The Sub-Advisers, however, provide the day-to-day portfolio management for the respective Funds.

After an initial two year term, the investment advisory agreement and sub-advisory agreements (each an "Agreement") will remain in effect from year to year, provided such continuance is specifically approved as to each Fund at least annually by (a) the vote of a majority of the outstanding voting securities of that Fund or by the Board of Trustees, and (b) the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. Each Agreement will terminate automatically if assigned (as defined in the 1940 Act). Each Agreement is also terminable without penalty (a) as to any Fund at any time by the Board of Trustees or by vote of a majority of the votes attributable to outstanding voting securities of the applicable Fund; (b) by the Adviser on not more than 60 days' nor less than 30 days' written notice; or (c) by the Sub-Adviser on 90 days' notice.

As compensation for its services, the Adviser receives a fee (paid by the Funds) based on the average daily net assets of the applicable Fund at the following annual rates:

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Advisory Fee</u>** |
| M International Equity Fund | 0.15% on all assets plus (and only with respect to Fund<br> assets which are not invested in a mutual fund that is <br> advised by the Fund's sub-adviser): <br> 0.25% on the first $100 million <br> 0.20% on amounts thereafter |
| M Large Cap Growth Fund | 0.45% of first $100 million <br> 0.40% on amounts thereafter |
| M Capital Appreciation Fund | 0.85% of the first $125 million<br> 0.75% on the amounts thereafter |
| M Large Cap Value Fund | 0.43% |

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For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, the Predecessor Funds incurred the following amounts as investment advisory fees payable to the Adviser:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>2025</u>** | &nbsp;&nbsp;**<u>2024</u>** | &nbsp;&nbsp;**<u>2023</u>** |
| &nbsp;&nbsp;Predecessor International Equity Fund | &nbsp;&nbsp;$805022 | &nbsp;&nbsp;$763289 | &nbsp;&nbsp;$692788 |
| &nbsp;&nbsp;Predecessor Large Cap Growth Fund | &nbsp;&nbsp;$1,353,583\* | &nbsp;&nbsp;$1590634 | &nbsp;&nbsp;$1280388 |
| &nbsp;&nbsp;Predecessor Capital Appreciation Fund | &nbsp;&nbsp;$1809860 | &nbsp;&nbsp;$1904141 | &nbsp;&nbsp;$1700930 |
| &nbsp;&nbsp;Predecessor Large Cap Value Fund | &nbsp;&nbsp;$700584 | &nbsp;&nbsp;$633999 | &nbsp;&nbsp;$564917 |

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\* Sub-adviser to the Fund changed on May 1, 2025

**Expenses of the Trust**

Expenses not expressly assumed by the Adviser under the Advisory Agreement are paid by the Funds. Under the terms of the Advisory Agreement, each Fund is responsible for the payment of the following expenses among others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor (as defined under the section entitled ("The Distributor") (c) the fees and certain expenses of the Custodian (as defined under the section entitled "Custodian") and Transfer and Dividend Disbursing Agent (as defined under the section entitled "Transfer Agent"), including the cost of maintaining certain required records of the Fund and of pricing the Fund's shares, (d) the charges and expenses of legal counsel and independent accountants for the Fund, (e) brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with its securities transactions, (f) all taxes and corporate fees payable by the Fund to governmental agencies, (g) the fees of any trade association of which the Fund may be a member, (h) the cost of share certificates representing shares of the Fund, (i) the cost of fidelity and liability insurance, (j) the fees and expenses involved in registering and maintaining registration of the Fund and of their shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes, (k) all expenses of shareholders and Trustees' meetings (including travel expenses of trustees and officers of the Trust who are directors, officers or employees of the Adviser) and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to the

shareholders, and (l) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Trust's business.

**<u>Operating Expense Limitation Agreement</u>**

The Adviser has contractually agreed to reduce its fees and pay the expenses (excluding front-end or contingent deferred loads, taxes, interest expenses, brokerage commissions, Acquiring Fund Fees and Expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) of each Fund in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for such Fund to the amounts shown in the table below:

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| | |
|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Expense Cap*** ****<br> (% of Average Net Assets)** |
| &nbsp;&nbsp;M International Equity Fund | &nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;M Large Cap Growth Fund | &nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;M Capital Appreciation Fund | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;M Large Cap Value Fund | &nbsp;&nbsp;0.61% |

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The expense caps for the Funds are contractual and will be in place at least through September 30, 2028. It is currently anticipated that the Total Annual Fund Operating Expenses for each Fund will be below its applicable expense cap.

Any reduction in advisory fees or payment of expenses made by the Adviser is subject to reimbursement by the respective Fund, if requested by the Adviser, and the Board approves such reimbursement in subsequent years. This reimbursement may be requested by the Adviser if the aggregate amount actually paid by a Fund toward operating expenses for such period (taking into account any reimbursements) does not exceed the lesser of the expense cap in place at the time of waiver or at the time of reimbursement. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years from the date the fees were waived and/or expenses were paid. Each Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of fees and/or expenses. In addition, any such reimbursement from a Fund to the Adviser will be subject to the applicable limitation on the Fund's expenses. The agreement may be terminated at any time by the NLFT II Board upon 60 days' written notice to the Adviser, or by the Adviser with the consent of the NLFT II Board.

**Sub-Advisers**

The Adviser has retained the services of four Sub-Advisers to provide the day-to-day portfolio management for the Funds.

**Dimensional Fund Advisors LP**

Dimensional Fund Advisors LP ("Dimensional"), Sub-Adviser to the M International Equity Fund, is located at 6300 Bee Cave Road, Building One, Austin, Texas 78746. Dimensional is currently organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation.

As of December 31, 2025, the following members of the Dimensional investment team were responsible for advising the following types of accounts:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment <br> Companies | Registered Investment <br> Companies | Other Pooled Investment<br> Companies | Other Pooled Investment<br> Companies | Separately Managed <br> Accounts | Separately Managed <br> Accounts |
|  | Number <br> of<br> Accounts | Total Assets of<br> Accounts <br> Managed <br> (in millions) | Number<br> of <br> Accounts | Total Assets of<br> Accounts <br> Managed<br> (in millions) | Number <br> of <br> Accounts | Total Assets of<br> Accounts<br> Managed<br> (in millions) |
| Jed S. Fogdall | 130 | $656178 | 29 | $40414 | 1938 | $41346 |
| Mary T. Phillips, CFA | 48 | $180965 | 8 | $14701 | 0 | $0 |
| William B. Collins-Dean, CFA | 25 | $138115 | 7 | $12938 | 7 | $3348 |

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As of December 31, 2025, the following members of the Dimensional investment team managed the following types of accounts for which an advisory fee based on the account's performance is earned:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment<br> Companies | Registered Investment<br> Companies | Other Pooled <br> Investment Companies | Other Pooled <br> Investment Companies | Separately Managed <br> Accounts | Separately Managed <br> Accounts |
|  | Number of<br> Accounts | Total Assets <br> of Accounts<br> Managed<br> (in millions) | Number<br> of<br> Accounts | Total Assets <br> of Accounts<br> Managed<br> (in millions) | Number <br> of<br> Accounts | Total Assets<br> of Accounts<br> Managed<br> (in millions) |
| Jed S. Fogdall | 0 | $0 | 1 | $195 | 4 | $1303 |
| Mary T. Phillips. CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| William B. Collins-Dean, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

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Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to the M International Equity Fund and one or more other accounts. Other accounts include registered mutual funds (other than the M International Equity Fund) and ETFs, other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals (each an "Account" and collectively, "Accounts"). An Account may have similar investment objectives to the M International Equity Fund, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by the M International Equity Fund. Actual or apparent conflicts of interest include:

● Time Management. The management of the M International Equity Fund and/or multiple Accounts may result in a portfolio manager devoting unequal time and attention to the management of the M International Equity Fund and/or Account. The Sub-Adviser seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the M International Equity Fund.

● Investment Opportunities. It is possible that at times identical securities will be held by the M International Equity Fund and one or more Account. However, positions in the same security may vary and the length of time that the M International Equity Fund or Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for the M International Equity Fund and one or more Account, the M International Equity Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across the M International Equity Fund and all Accounts. To deal with these situations, the Sub-Adviser has adopted procedures for allocating portfolio transactions across the M International Equity Fund and Accounts.

● Broker Selection. With respect to securities transactions for the M International Equity Fund, the Sub-Adviser determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separate accounts), the Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Sub-Adviser or its affiliates may place separate, non-simultaneous, transactions for the M International Equity Fund and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the M International Equity Fund or the Account.

● Performance-Based Fees. For some Accounts, the Sub-Adviser may be compensated based on the profitability of the Account, such as by a performance-based management fee. These incentive compensation structures may create a conflict of interest for the Sub-Adviser with regard to Accounts where the Sub-Adviser is paid based on a percentage of assets because the portfolio manager may have an incentive to allocate securities preferentially to the Accounts where the Sub-Adviser might share in investment gains.

● Investment in an Account. A portfolio manager or his/her relatives may invest in an Account that he or she manages and a conflict may arise where he or she may therefore have an incentive to treat the Account in which the portfolio manager or his/her relatives invest preferentially as compared to other Accounts for which he or she has portfolio management responsibilities.

The Sub-Adviser has adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Description of Compensation Structure

Portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of the Sub-Adviser and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the M International Equity Fund or other accounts that the portfolio managers manage. The Sub-Adviser

reviews the compensation of each portfolio manager annually and may make modifications in compensation as its Compensation Committee deems necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

● Base salary. Each portfolio manager is paid a base salary. The Sub-Adviser considers the factors described above to determine each portfolio manager's base salary.

● Semi-Annual Bonus. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of the Sub-Adviser, as determined from time to time by the Board of Trustees of the Sub-Adviser or its delegees. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees.

In addition, portfolio managers may be given the option of participating in the Sub-Adviser's Long-Term Incentive Plan. The level of participation for eligible employees may be dependent on overall level of compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

As of December 31, 2025, none of the members of the Dimensional investment team beneficially owned any shares of the M International Equity Fund.

**Federated MDTA LLC**

Federated MDTA LLC ("Federated"), Sub-Adviser to the M Large Cap Growth Fund, is located at 125 High Street, Oliver Tower, 21st floor, Boston Massachusetts 02110.

As of December 31, 2025, each portfolio manager is responsible for advising the following types of accounts:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment <br> Companies | Registered Investment <br> Companies | Other Pooled Investment <br> Companies | Other Pooled Investment <br> Companies | Separately Managed<br> Accounts | Separately Managed<br> Accounts |
|  | Number<br> of <br> Accounts | Total Assets of<br> Accounts<br> Managed<br> (in millions) | Number<br> of <br> Accounts | Total Assets of<br> Accounts <br> Managed<br> (in millions) | Number <br> of <br> Accounts | Total Assets of<br> Accounts<br> Managed<br> (in millions) |
| Frederick L. Konopka, CFA | 17 | $22568 | 5 | $1765 | 163 | $6112 |
| John Paul Lewicke | 17 | $22568 | 5 | $1765 | 163 | $6112 |
| Daniel J. Mahr, CFA | 17 | $22568 | 5 | $1765 | 163 | $6112 |
| Damien Zhang, CFA | 17 | $22568 | 5 | $1765 | 163 | $6112 |

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None of the accounts above are subject to a performance-based advisory fee.

Conflicts of Interest

Compensation

Daniel J. Mahr, Damien Zhang, Frederick L. Konopka, and John Paul Lewicke are paid a fixed base salary and a variable annual incentive. Base salary is determined within a market competitive, position-specific salary range, based on the portfolio manager's experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance ("IPP") and may also include a discretionary component based on a variety of factors deemed relevant, such as financial measures and performance, and may be paid entirely in cash, or in a combination of cash and restricted stock of Federated Hermes, Inc. The total combined annual incentive opportunity is intended to be competitive in the market for this portfolio manager role.

IPP is measured on a rolling one, three and/or five calendar year pre-tax gross total return basis versus the representative performance index (Russell 1000<sup>®</sup> Growth Index) and versus the M Large Cap Growth Fund's designated peer group of comparable accounts. Performance periods are adjusted, for example, if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.

The allocation or weighting given to the performance of the M Large Cap Growth Fund or other accounts for which the portfolio manager is responsible when his compensation is calculated may be equal or can vary. For purposes of calculating the annual incentive amount, each account managed by the portfolio manager is currently categorized into multiple designated sub-groups, which may be further broken down by Strategies (which may be adjusted periodically).

Any individual allocations from the discretionary pool may be determined, by executive management on a discretionary basis using various factors, such as, for example, on a product, strategy or asset class basis, and considering overall contributions and any other factors deemed relevant (and may be adjusted periodically).

In addition, Daniel J. Mahr, Damien Zhang, Frederick L. Konopka and John Paul Lewicke may be awarded a grant of restricted Federated Hermes stock. Awards of restricted stock are discretionary and are made in variable amounts based on the subjective judgment of Federated's senior management.

As of February 28, 2025, none of the members of the Federated investment team beneficially owned any shares of the M Large Cap Growth Fund.

**Frontier Capital Management Company, LLC**

Frontier Capital Management Company LLC ("Frontier"), Sub-Adviser to the M Capital Appreciation Fund, is located at 99 Summer Street, Boston, Massachusetts 02110. Frontier is 22% owned by active Frontier employees and 78% is indirectly owned by Affiliated Managers Group, Inc. ("AMG"), an asset management holding company located at 777 South Flagler Drive, West Palm Beach, FL 33401. As of December 31, 2025, AMG had 39 advisory affiliates that collectively manage approximately $708 billion in assets.

As of December 31, 2025, each portfolio manager is responsible for advising the following types of accounts:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment <br> Companies | Registered Investment <br> Companies | Other Pooled Investment<br> Companies | Other Pooled Investment<br> Companies | Separately Managed <br> Accounts | Separately Managed <br> Accounts |
|  | Number <br> of <br> Accounts | Total Assets<br> of Accounts<br> Managed<br> (in millions) | Number<br> of <br> Accounts | Total Assets <br> of Accounts<br> Managed<br> (in millions) | Number<br> of <br> Accounts | Total Assets<br> of Accounts<br> Managed<br> (in millions) |
| Andrew B. Bennett, CFA | 1\* | $242 | 1 | $109 | 10 | $1397 |
| Peter G. Kuechle | 1\* | $242 | 1 | $109 | 10 | $1397 |

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\* M Capital Appreciation Fund

As of December 31, 2025, Mr. Bennett and Mr. Kuechle did not manage any accounts for which the advisory fee was based on performance.

Conflicts of Interest

In connection with its management of clients' accounts, Frontier is subject to a number of actual or apparent conflicts of interest. These conflicts may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. A portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that have a different advisory fee arrangement (including any accounts that pay performance-based fees) or accounts in which the portfolio manager has a

personal investment. In addition, conflicts may arise relating to the allocation of investments among accounts with similar investment objectives but managed by different portfolio managers.

Frontier's portfolio managers typically manage multiple accounts. Generally, however, accounts within a particular investment strategy (*e.g.*, capital appreciation) with similar objectives are managed similarly. Accordingly, portfolio holdings and industry and sector exposure tend to be similar across a group of accounts in the same strategy with similar objectives, which tend to minimize the potential for conflicts of interest.

Frontier has adopted trade allocation and aggregation policies that seek to treat all clients fairly and equitably. These policies address the allocation of limited investment opportunities, such as IPOs, and the allocation of transactions and aggregations of orders across multiple accounts. Investment personnel of the firm or its affiliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conflicts of interest from such involvement would be monitored for compliance with the firm's Code of Ethics.

Compensation

Frontier's portfolio manager compensation structure is designed to align the interest of portfolio managers with those of the shareholders whose assets they manage. Frontier's portfolio manager compensation program consists of a base salary, annual bonus, and participation in company-funded retirement plans. In addition, all of Frontier's portfolio managers are partners at Frontier, which entitles them to share in the firm's profits and the long-term growth of the firm. The annual bonus is variable and based partially or primarily upon management-fee revenues generated from client accounts.

As of December 31, 2025, Mr. Bennett and Mr. Kuechle did not beneficially own any shares of the M Capital Appreciation Fund.

**Brandywine Global Investment Management, LLC**

Brandywine Global Investment Management, LLC ("Brandywine"), Sub-Adviser to the M Large Cap Value Fund, is located at 1735 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103. Brandywine is a wholly-owned subsidiary of Franklin Resources, Inc. ("Franklin Resources"), a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names, located at One Franklin Parkway, San Mateo, CA 94403. As of December 31, 2025, Franklin Resources had 303 advisory affiliates that collectively manage approximately $1,682.2 billion in assets.

As of December 31, 2025, each portfolio manager is responsible for advising the following types of accounts:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment<br> Companies | Registered Investment<br> Companies | Other Pooled Investment<br> Companies | Other Pooled Investment<br> Companies | Separately Managed<br> Accounts | Separately Managed<br> Accounts |
|  | Number<br> of<br> Accounts | Total Assets<br> of Accounts<br> Managed<br> (in millions) | Number <br> of<br> Accounts | Total Assets<br> of Accounts<br> Managed<br> (in millions) | Number <br> of<br> Accounts | Total Assets<br> of Accounts<br> Managed<br> (in millions) |
| Joseph J. Kirby | 6 | $6209 | 3 | $68 | 1 | $7 |
| Henry F. Otto | 8 | $7032 | 7 | $311 | 31\* | $2,534\* |
| Steven M. Tonkovich | 8 | $7032 | 7 | $311 | 31\* | $2,534\* |

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\* Two of these accounts, which have a combined market value of $1,594 million, are subject to a performance-based advisory fee.

Brandywine utilizes a team-based approach to portfolio management, and each of the portfolio managers listed are jointly and primarily responsible for the management of the accounts listed in each category.

Conflicts of Interest

Brandywine maintains policies and procedures reasonably designed to detect and minimize material conflicts of interest inherent in circumstances when a portfolio manager has day-to-day portfolio management responsibilities for multiple portfolios. Nevertheless, no set of policies and procedures can possibly anticipate or relieve all potential conflicts of interest. These conflicts may be real, potential, or perceived; certain of these conflicts are described in detail below.

Allocation of Limited Investment Opportunities. If a portfolio manager identifies a limited investment opportunity (including initial public offerings) that may be suitable for multiple portfolios, the investment opportunity may be allocated among these several portfolios, which may limit a portfolio's ability to take full advantage of the investment opportunity, due to liquidity constraints or other factors.

Brandywine has adopted trade allocation procedures designed to ensure that allocations of limited investment opportunities are conducted in a fair and equitable manner between portfolios. Nevertheless, investment opportunities may be allocated differently among portfolios due to the particular characteristics of a portfolio, such as the size of the portfolio, cash position, investment guidelines and restrictions or its sector/ country/region exposure or other risk controls, market restrictions or for other reasons.

Similar Investment Strategies. Brandywine and its portfolio management team may manage multiple portfolios with similar investment strategies. Investment decisions for each portfolio are generally made based on each portfolio's investment objectives and guidelines, cash availability, and current holdings. Purchases or sales of securities for the portfolios may be appropriate for other portfolios with like objectives and may be bought or sold in different amounts and at different times in multiple

portfolios. Purchase and sale orders for a portfolio may be combined with those of other portfolios in the interest of achieving the most favorable net results for all portfolios.

Differences in Financial Incentives. A conflict of interest may arise where the financial or other benefits available to a portfolio manager or an investment adviser differ among the portfolios under management. For example, when the structure of an investment adviser's management fee differs among the portfolios under its management (such as where certain portfolios pay higher management fees or performance-based management fees), a portfolio manager might be motivated to favor certain portfolios over others. Performance-based fees could also create an incentive for an investment adviser to make investments that are riskier or more speculative. In addition, a portfolio manager might be motivated to favor portfolios in which he or she or the investment adviser and/or its affiliates have a financial interest. Similarly, the desire to maintain or raise assets under management or to enhance the portfolio manager's performance record in a particular investment strategy or to derive other rewards, financial or otherwise, could influence a portfolio manager to lend preferential treatment to those portfolios that could most significantly benefit the portfolio manager.

To manage conflicts that may arise from management of portfolios with performance-based fees, Brandywine has developed trade allocation procedures as described above and Brandywine periodically reviews the performance and trading in portfolios with like strategies to seek to ensure that no portfolio or group of portfolios receives preference in the trading process.

Personal Account Trading. Brandywine may, from time to time, recommend to clients that they buy or sell securities in which employees have a financial interest. These types of transactions may present a conflict of interest in that employees might benefit from market activity by a client in a security held by an employee. In order to prevent conflicts of interest between Brandywine and its client, employee trading is monitored under the Code of Ethics (the "Brandywine Code"). The Brandywine Code includes policies and procedures (a) restricting personal trading, (b) requiring the pre-clearance of most types of personal securities transactions, (c) requiring the reporting to Brandywine of all required personal securities holdings and transactions, and (d) mandating blackout periods during which employees are prohibited from making personal transactions in certain securities.

Brandywine and its employees may also invest in mutual funds and other pooled investment vehicles, including private investment vehicles that are managed by Brandywine. This may result in a potential conflict of interest since Brandywine employees have knowledge of such funds' investment holdings, which is non-public information.

Broker Selection and Soft Dollar Usage. Investment professionals may be able to influence the selection of broker-dealers that are used to execute securities transactions for the portfolios they manage. In addition to executing trades, some brokers and dealers provide brokerage and research services, which may result in the payment of higher brokerage commissions than might otherwise be available and may provide an incentive to increase trading with such brokers. All soft dollar arrangements in which Brandywine is involved are subject to Brandywine's policy of seeking best execution and are structured to comply with the safe harbor of Section 28(e) of the 1934 Act, and the rules and interpretations thereof as issued by the SEC. Nonetheless, the research services obtained from brokers and dealers may be used to service portfolios other than those paying commissions to the broker-dealers providing the research services, and also may benefit some portfolios more than others.

Compensation

All portfolio managers receive a competitive base salary. In addition, from the firm's profits, a bonus is paid quarterly and based in part on the performance of the portfolio managers' investment strategies relative to a relevant peer-group universe over one-quarter, one-, three- and five-year time periods. More subjective measurements of an individual's contributions to the success of their product group and to the overall success of the firm are also considered as part of the individual allocation decision. After this performance-based incentive compensation is allocated, profits associated with individual product groups are allocated as follows: a majority is retained within the product group and the remainder is allocated to a pool shared by all product groups. Brandywine believes this system achieves the goal of retaining top-quality investment professionals, as it provides extremely competitive compensation with entrepreneurial potential, and of fostering excellent performance, growth, and teamwork.

As of December 31, 2025, Henry F. Otto, Steven M. Tonkovich, and Joseph J. Kirby did not beneficially own any shares of the M Large Cap Value Fund.

**Sub-Advisory Fees**

As compensation for their services, each Sub-Adviser receives a fee (paid by the Adviser) based on the average daily net assets of the applicable Fund at the following annual rates:

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Sub-Advisory Fee</u>** |
| M International Equity Fund\* | 0.25% on the first $100 million <br> 0.20% on amounts thereafter |
| M Large Cap Growth Fund | 0.30% on the first $100 million<br> 0.25% on amounts thereafter |
| M Capital Appreciation Fund | 0.70% on the first $125 million<br> 0.60% on amounts thereafter |
| M Large Cap Value Fund | 0.28% |

---

\* The Sub-Adviser shall not receive any sub-advisory fee for its sub-advisory services to the M International Equity Fund with respect to assets of the M International Equity Fund invested in any other mutual fund advised by the Sub-Adviser, nor shall such assets count towards the application of the $100 million breakpoint. The Sub-Adviser and the Adviser acknowledge that, as a shareholder of any mutual fund advised by the Sub-Adviser, the M International Equity Fund will be subject to the fees of that fund as outlined in such fund's currently effective registration statement.

Since they are paid by the Adviser, the sub-advisory fees form a portion of, and are not in addition to, the Advisory fees described in the Prospectus and above. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, the Adviser paid the Sub-Advisers the following sub-advisory fees with respect to the Predecessor Funds:

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| | | | |
|:---|:---|:---|:---|
| **<u>Sub-Adviser</u>** | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| **Dimensional** | $409151 | $393860 | $363050 |
| **DSM\*** | $381878 | $1177280 | $951645 |
| **Federated\*** | $536178 |  |  |
| **Frontier** | $1472888 | $1548313 | $1392379 |
| **Brandywine** | $456194 | $412836 | $367853 |

---

\* Federated replaced DSM as the sub-adviser for the M Large Cap Growth Fund on May 1, 2025

**Change of Sub-Advisers**

The Predecessor Corporation and the Adviser received an exemptive order from the SEC that permits the Adviser to amend existing sub-advisory agreements, with the approval of the Trust's Board of Trustees. The exemption also permits the Adviser to enter into new sub-advisory agreements with Sub-Advisers that are not affiliated with the Adviser when approved by the Trust's Board of Trustees without shareholder approval, subject to limitations on fee rate increases. Shareholders of the Funds will be notified of any Sub-Adviser changes within 90 days of such change.

After the initial two-year term, the continuance of the Sub-Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Advisory Agreement will terminate automatically in the event of its assignment or in the event of the termination of the Advisory Agreement, and is terminable at any time without penalty by the Board.

**Other Service Providers**

**Administrator**

Pursuant to a Fund Services Agreement (the "Administration Service Agreement"), Ultimus Fund Solutions, LLC ("UFS"), 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022 (the "Administrator"), acts as administrator for the Fund, subject to the supervision of the Board. UFS is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds. UFS is an affiliate of the Distributor. UFS may provide persons to serve as officers of the Fund Such officers may be directors, officers or employees of UFS or its affiliates.

The Administration Service Agreement is terminable by the Board or UFS on 60 days' prior written notice and may be assigned provided the non-assigning party provides prior written consent. This Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of UFS or reckless disregard of its obligations thereunder, UFS shall not be liable for any action or failure to act in accordance with its duties thereunder.

Under the Administration Service Agreement, UFS provides facilitating administrative services, including: (i) providing services of persons competent to perform such administrative and clerical functions as are necessary to provide effective administration of the Fund; (ii) facilitating the

performance of administrative and professional services to the Fund by others, including the Fund's Custodian; (iii) preparing, but not paying for, the periodic updating of the Fund's Registration Statement, Prospectuses and Statement of Additional Information in conjunction with Fund counsel, including the printing of such documents for the purpose of filings with the SEC and state securities administrators, and preparing reports to the Fund's shareholders and the SEC; (iv) preparing in conjunction with Fund counsel, but not paying for, all filings under the securities or "Blue Sky" laws of such states or countries as are designated by the Distributor, which may be required to register or qualify, or continue the registration or qualification, of the Fund and/or their shares under such laws; (v) preparing notices and agendas for meetings of the Board and minutes of such meetings in all matters required by the 1940 Act to be acted upon by the Board; and (vi) monitoring daily and periodic compliance with respect to all requirements and restrictions of the 1940 Act, the Internal Revenue Code and the Prospectus.

For the services rendered to the Fund by the Administrator, the Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services. The Fund also pays the Administrator for any out-of-pocket expenses.

**Fund Accounting**

UFS, pursuant to the Administration Service Agreement, provides the Fund with accounting services, including: (i) daily computation of net asset value; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintaining certain books and records described in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Fund's custodian or Adviser; and (vii) monitoring and evaluating daily income and expense accruals, and sales and redemptions of shares of the Fund.

**Transfer Agent**

UFS, 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to a written agreement with the Fund. Under the agreement, UFS is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

**Custodian**

State Street Bank and Trust Company, 1 Congress Street, Boston, MA 02114, (the "Custodian"), serves as the custodian of the Funds' assets pursuant to a Custody Agreement by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling the Funds' cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Funds' investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from

the Sub-Advisers. The Funds may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**Compliance Services**

Northern Lights Compliance Services, LLC ("NLCS"), 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, an affiliate of GFS and the Distributor, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. The Fund pays a compliance service fee to NLCS.

**Legal Counsel**

Vedder Price P.C., 1401 New York Avenue NW, Washington, D.C. 20005, serves as counsel to the Trust.

Blank Rome LLP, 405 Lexington Avenue, New York, NY 10174, serves as counsel to the Independent Trustees.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, PA, 19103, serves as the independent registered public accounting firm of the Fund.

**Distributor**

M Holdings Securities, Inc. acts as the distributor (the "Distributor") for each of the Funds pursuant to a distribution agreement with the Trust (the "Distribution Agreement"). The Distributor is a wholly-owned subsidiary of M Financial Group. No fees are due the Distributor for these services. The Distributor conducts a continuous offering and is not obligated to sell a specific number of shares. The principal executive offices of the Distributor are in the same offices as the Adviser located at M Financial Plaza, Portland, OR. The Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934; as an investment adviser under the Investment Advisers Act of 1940; and is a member of the Financial Industry Regulatory Authority.

The Distribution Agreement has an initial term of two years and will continue in effect only if such continuance is specifically approved at least annually by the Board of Trustees or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the trustees who are not parties to the Distribution Agreement or "interested persons" (as defined in the 1940 Act) of any such party. The Distribution Agreement is terminable without penalty by the Trust on behalf of the Fund on 60 days' notice when authorized either by a majority vote of the Fund's outstanding voting securities or by vote of a majority of the Board of Trustees, including a majority of the trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust, or by the Distributor on 60 days' notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

**Portfolio Transactions and Brokerage Allocation**

The Sub-Advisers are responsible for decisions to buy and sell securities for the Funds, the selection of brokers and dealers to effect the transactions and the negotiation of brokerage commissions, if

any. Purchases and sales of securities on a securities exchange are effected through brokers who charge a negotiated commission for their services. Orders may be directed to any broker including, to the extent and in the manner permitted by applicable law, affiliates of the Adviser or the Sub-Advisers. Purchases and sales of certain portfolio securities on behalf of a Fund are frequently placed by a Sub-Adviser with the issuer or a primary or secondary market-maker for these securities on a net basis, without any brokerage commission being paid by the Fund. Trading does, however, involve transaction costs. Transactions with dealers serving as market-makers reflect the spread between the bid and asked prices. Purchases of underwritten issues may be made that will include an underwriting fee paid to the underwriter.

In placing orders for portfolio securities of a Fund, its Sub-Adviser is required to give primary consideration to obtaining the most favorable price and efficient execution. This means that the Sub-Adviser will seek to execute each transaction at a price and commission, if any, which provide the most favorable total cost or proceeds reasonably attainable in the circumstances. While the Sub-Adviser generally seeks reasonably competitive spreads or commissions, a Fund will not necessarily be paying the lowest spread or commission available. Within the framework of this policy, the Sub-Advisers may consider such factors as (1) the market impact of a trade, (2) the execution capabilities of the broker or dealer, (3) the size of the transaction, (4) the difficulty of executing the transaction, (5) the operational facilities of the broker or dealer, and (6) the risk to the broker or dealer of positioning a block of securities. In addition, the Sub-Advisers may consider research and investment services provided by brokers or dealers who effect or are parties to portfolio transactions of the Funds, the Sub-Advisers and their affiliates, or other clients of the Sub-Advisers or their affiliates. Such research and investment services include statistical and economic data and research reports on particular companies and industries. Such services are used by the Sub-Advisers in connection with all of their investment activities, and some of such services obtained in connection with the execution of transactions for the Funds may be used in managing other investment accounts. Conversely, brokers furnishing such services may be selected for the execution of transactions of such other accounts, whose aggregate assets are far larger than those of the Funds, and the services furnished by such brokers may be used by the Sub-Advisers in providing investment sub-advisory services to the Funds.

On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of a Fund as well as its other advisory clients (including any other fund or other investment company or advisory account for which the Sub-Adviser or an affiliate acts as investment adviser), the Sub-Adviser, to the extent permitted by applicable laws and regulations, may aggregate the securities to be sold or purchased for the Fund with those to be sold or purchased for such other customers in order to obtain the best net price and most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Fund and such other customers. In some instances, this procedure may adversely affect the price and size of the position obtainable for a Fund.

Commission rates are established pursuant to negotiations with the broker based on the quality and quantity of execution services provided by the broker in the light of generally prevailing rates. The allocation of orders among brokers and the commission rates paid are reviewed periodically by the Board of Trustees.

The Predecessor Funds paid the following brokerage commissions for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;Predecessor International Equity Fund | &nbsp;&nbsp;$20865 | &nbsp;&nbsp;$28107 | &nbsp;&nbsp;$20383 |
| &nbsp;&nbsp;Predecessor Large Cap Growth Fund\* | &nbsp;&nbsp;$66502 | &nbsp;&nbsp;$52083 | &nbsp;&nbsp;$45592 |
| &nbsp;&nbsp;Predecessor Capital Appreciation Fund | &nbsp;&nbsp;$157026 | &nbsp;&nbsp;$147884 | &nbsp;&nbsp;$118887 |
| &nbsp;&nbsp;Predecessor Large Cap Value Fund | &nbsp;&nbsp;$40471 | &nbsp;&nbsp;$32949 | &nbsp;&nbsp;$36009 |

---

\* Sub-adviser to the M Large Cap Growth Fund changed on May 1, 2025

As of December 31, 2025, the Predecessor Funds owned securities of their "regular brokers or dealers" or their parents, as defined in Rule 10b-1 under the 1940 Act as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**<u>Value</u>** |
| &nbsp;&nbsp;**Predecessor International Equity Fund** |  |
| &nbsp;&nbsp;Nomura Holdings Inc. | &nbsp;&nbsp;$165170 |
| &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;$273222 |
| &nbsp;&nbsp;ABN Amro Clearing Bank N.V | &nbsp;&nbsp;$50359 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Predecessor Large Cap Growth Fund** |  |
|  | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Predecessor Capital Appreciation Fund** |  |
|  | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Predecessor Large Cap Value Fund** |  |
| &nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;$2519528 |
| &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;$8989125 |

---

**Securities Lending**

The Funds participate in a securities lending program under the terms of a Securities Lending Agency Agreement with State Street Bank and Trust Company, which serves as the Funds' securities lending agent. Each Fund may loan its portfolio securities in an amount up to 33 1/3% of its total assets. The Funds receive cash (U.S. currency) and non-cash (U.S. Treasuries and Agencies) as collateral against the loaned securities. Such collateral is invested by the securities lending agent in a money market mutual fund that meets the quality and diversification requirements in accordance with Rule 2a-7 under the 1940 Act. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined each day at the close of business of the Funds and any change in the amount of collateral is delivered to or paid by the Fund the next day. The collateral value does not include the calculated mark, which is the amount charged/returned to the borrower daily to maintain 102%/105% of market value. There is a day lag in receiving the mark, which may at times result in a collateral percentage above or below 102%/105%.

The collateral received is recorded on a lending Fund's statement of assets and liabilities, along with the related obligation to return the collateral. A Fund may also record realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. Upon an event of default under the Securities Agency Lending Agreement, there is a risk of delay in the recovery of the securities or loss of rights in the collateral. If the borrower fails to return loaned securities and cash collateral is insufficient to cover the value of loaned securities (provided that the insufficiency is not due to investment losses), the securities lending agent has agreed, at its option, to pay the amount of any shortfall in collateral to the Funds; or to replace the securities. Any dividends or interest payable by the issuers of the loaned portfolio securities, during the time that the securities are on loan, are paid to the borrowers of those securities. Dividend or interest payments that are made to borrowers of the loaned securities are reimbursed by the borrowers to the Funds. Such reimbursement amounts do not comprise qualified dividend income under the Code.

Income generated from the investment of cash collateral, less negotiated rebate fees paid to the borrower through the securities lending agent, is the source of the Fund's securities lending income, 70% of which was paid to the Fund, 30% of which was paid to the custodian as securities lending agent. Beginning February 1, 2024, 75% is paid to the Fund and 25% is paid to the custodian as securities lending agent.

The table below sets forth, for the Predecessor Funds' most recently completed fiscal year, each Predecessor Fund's gross income received from securities lending activities, the fees and/or other compensation paid by the Predecessor Fund for securities lending activities, and the net income earned by the Predecessor Fund for securities lending activities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security/Strategy** | &nbsp;&nbsp;**Predecessor** **<br> International<br> Equity Fund** | &nbsp;&nbsp;**Predecessor** **<br> Large Cap<br> Growth Fund** | &nbsp;&nbsp;**Predecessor** **<br> Capital<br> Appreciation<br> Fund** | &nbsp;&nbsp;**Predecessor** **<br> Large Cap<br> Value Fund** |
| &nbsp;&nbsp;&nbsp;**Gross income from securities lending activities:** | &nbsp;&nbsp;$165164 | &nbsp;&nbsp;$1053 | &nbsp;&nbsp;$118140 | &nbsp;&nbsp;$3731 |
| &nbsp;&nbsp;&nbsp;*Fees and/or compensation for securities lending activities and related services* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid to securities lending agent from a revenue split: | &nbsp;&nbsp;$14304 | &nbsp;&nbsp;$266 | &nbsp;&nbsp;$11778 | &nbsp;&nbsp;$253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service that are not included in the revenue split: | &nbsp;&nbsp;$1004 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$774 | &nbsp;&nbsp;$25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees not included in revenue split: | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification fee not included in revenue split: | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rebates (paid to borrower): | &nbsp;&nbsp;$116302 | &nbsp;&nbsp;$163 | &nbsp;&nbsp;$78088 | &nbsp;&nbsp;$2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Fees not included in revenue split: | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities:** | &nbsp;&nbsp;$131610 | &nbsp;&nbsp;$430 | &nbsp;&nbsp;$90641 | &nbsp;&nbsp;$3139 |
| &nbsp;&nbsp;&nbsp;**Net income from securities lending activities:** | &nbsp;&nbsp;$33554 | &nbsp;&nbsp;$622 | &nbsp;&nbsp;$27499 | &nbsp;&nbsp;$592 |

---

**Portfolio Turnover**

Although the Funds generally will not invest for short-term trading purposes, portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Adviser, investment considerations warrant such action. Portfolio turnover rate is calculated by dividing (i) the lesser of purchases or sales of portfolio securities for the fiscal year by (ii) the monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all the securities in a Fund's portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold and either repurchased or replaced within one year. A high rate of portfolio turnover (100% or more) generally leads to above-average transaction costs, could generate capital gains that must be distributed to shareholders as short-term capital gains taxed at ordinary income tax rates (currently as high as 37%) and could increase brokerage commission costs. To the extent that a Fund experiences an increase in brokerage commissions due to a higher portfolio turnover rate, the performance of a Fund could be negatively impacted by the increased expenses incurred by the Fund and may result in a greater number of taxable transactions.

For each of the fiscal years ended December 31, 2025 December 31, 2024 and December 31, 2023, the portfolio turnover rates for the Predecessor Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **2025 Portfolio<u><br> Turnover Rate</u>** | **2024 Portfolio<u><br> Turnover Rate</u>** | **2023 Portfolio**<u><br> **Turnover Rate**</u> |
| Predecessor M International Equity Fund | 10% | 21% | 23% |
| Predecessor M Large Cap Growth Fund | 110%\* | 41% | 32% |
| Predecessor M Capital Appreciation Fund | 46% | 36% | 31% |
| Predecessor M Large Cap Value Fund | 58% | 48% | 48% |

---

\* The increase in portfolio turnover rate during the period was primarily attributable to portfolio adjustments made in response to a change in the Fund's sub-adviser.

**Code of Ethics**

The Trust, the Adviser, the Sub-Advisers and the Distributor have each adopted Codes of Ethics under Rule 17j-1 of the 1940 Act. These Codes permit, subject to certain conditions, personnel of the Adviser, and Distributor to invest in securities that may be purchased or held by the Fund.

**Proxy Voting Procedures**

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies of securities held by the Fund to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best interests of the Fund and its shareholders. The Policies also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies and a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest. The Adviser in turn has delegated proxy voting responsibility to the Funds' sub-advisers. Notwithstanding this delegation of responsibilities, however, the Funds retain the right to vote proxies relating to its portfolio securities.

A copy of each Sub-Adviser's Proxy Voting Policy for its applicable Fund is attached hereto as Appendix A.

<u>More Information</u>. The actual voting records relating to portfolio securities during the 12-month period ended June 30 will be available without charge, upon request, by calling toll-free, 1-800-SEC-0330 or by accessing the SEC's website at www.sec.gov.

**Anti-Money Laundering Compliance Program**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program. The Trust's secretary serves as its Anti-Money Laundering Compliance Officer.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and a providing a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**Portfolio Holdings Information**

The Trust has adopted policies and procedures that govern the disclosure of the Funds' portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of Fund shareholders.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2) protect the confidentiality of portfolio holdings information; (3) have

procedures in place to guard against personal trading based on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between the interests of the Trust's shareholders and those of the Trust's affiliates.

The Funds disclose their portfolio holdings by mailing the annual and semi-annual reports to shareholders sixty days after the end of the fiscal year and semi-annual period. In addition, the Funds disclose their portfolio holdings reports on Forms N-CSR and Form N-PORT sixty days after the end of each quarter/semi-annual period. Further, the top ten portfolio holdings are generally made available to Morningstar within ten days of the end of each calendar quarter and remain available until new information for the next calendar quarter is posted. Each Fund will also disclose a complete list of its portfolio holdings as of the end of each quarter on its website at www.mfin.com/m-funds. The Funds intend to post the holdings around the fifth business day of the succeeding quarter.

The Funds may choose to make portfolio holdings information available to rating agencies such as Lipper, Morningstar or Bloomberg earlier and more frequently on a confidential basis.

Under limited circumstances, as described below, a Fund's portfolio holdings may be disclosed to, or known by, certain third parties in advance of their filing with the Securities and Exchange Commission on Form N-CSR or Form N-PORT. In each case, a determination has been made that such advance disclosure is supported by a legitimate business purpose and that the recipient is subject to a duty to keep the information confidential.

**The Adviser and Sub-Advisers**. Personnel of the Adviser and Sub-Adviser, including personnel responsible for managing each Fund's portfolio, may have full daily access to the Funds' portfolio holdings since that information is necessary in order for the Adviser and the Sub-Advisers to provide their management, administrative, and investment services to the Funds. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the assistance of portfolio managers in the trading of such securities, Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.

**Ultimus Fund Solutions, LLC.** Ultimus Fund Solutions, LLC is the transfer agent, fund accountant, administrator and custody administrator for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Northern Lights Compliance Services, LLC**. Northern Lights Compliance Services, LLC provides compliance services to the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**State Street Bank and Trust Company** State Street Bank and Trust Company is custodian for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Cohen & Company, Ltd.** is the Funds' independent registered public accounting firm; therefore, its personnel have access to the Funds' portfolio holdings in connection with auditing of the Funds' annual financial statements and providing assistance and consultation in connection with SEC filings.

**Vedder Price P.C. Vedder Price P.C.** is counsel to the Trust; therefore, its personnel have access to the Funds' portfolio holdings in connection with review of the Funds' annual and semi-annual shareholder reports and SEC filings.

**Blank Rome, LLP.** Blank Rome, LLP is counsel to the Independent Trustees.

**Other Service Providers**. Other service providers to the Funds, such as proxy voting services and middle office service providers, may have full daily access to each Funds' portfolio holdings because this information is necessary for such service providers to perform their contracted services to the Funds.

**Broker-Dealers**<u>.</u> Portfolio managers may also release and discuss portfolio holdings with various broker-dealers for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the purpose of assisting portfolio managers in the trading of such securities. Occasionally, certain broker-dealers may also receive information regarding a Fund's portfolio holdings to help portfolio managers determine such Fund's portfolio management and trading strategies. Such disclosure would only be made subject to a written confidentiality agreement that prohibits releasing the information or trading based upon the information.

**Additions to List of Approved Recipients**

The Trust's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Funds' portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information and must be subject to a duty to keep the information confidential. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Funds, the Adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Funds' portfolio holdings.

**Compliance With Portfolio Holdings Disclosure Procedures**

The Trust's Chief Compliance Officer will report periodically to the Board with respect to compliance with the Funds' portfolio holdings disclosure procedures, and from time to time will provide the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Fund from the potential misuse of holdings information by individuals or firms in possession of that information.

**Determination of Net Asset Value**

As indicated in the Prospectus under the heading "Share Price," the net asset value ("NAV") of the Funds' shares, by class, is determined by dividing the total value of each Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of each Fund, by class.

Generally, the Funds' domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. The Board has appointed the Adviser as its designee (the "Valuation Designee") for all fair value determinations and responsibilities, other than overseeing pricing service providers used by the Trust. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Funds' Valuation Designee in accordance with procedures approved by the Board and as further described below. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

Certain securities or investments for which daily market quotes are not readily available may be fair valued by the Valuation Designee, pursuant to guidelines established by the Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term investments having a maturity of 60 days or less may be generally valued at amortized cost when it approximated fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Valuation Designee. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Funds may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when the Funds' shares are not priced, the

value of securities held by the Funds can change on days when the Funds' shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Funds' calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Funds' Valuation Designee in accordance with procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Funds' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of the Funds' shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Fund shares are valued at the close of regular trading on the New York Stock Exchange (normally 4:00 p.m., Eastern time) (the "NYSE Close") on each day that the New York Stock Exchange is open. For purposes of calculating the NAV, the Fund normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When market quotations are not readily available or deemed unreliable, the Fund may value securities at fair value as determined in good faith by the Valuation Designee, pursuant to procedures approved by the Board. Fair valuation may also be used by the Valuation Designee if extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

**Federal Tax Status of the Funds**

The following discussion of the U.S. federal tax status of the Funds is a general and abbreviated summary based on tax laws and regulations in effect on the date of this Statement of Additional Information. Tax law is subject to change by legislative, administrative or judicial action, potentially with retroactive effect.

**Qualification as Regulated Investment Company**

Each Fund is treated as a separate corporation for U.S. federal income tax purposes. The Trust has caused each Fund to elect to be treated as a regulated investment company ("RIC") under Subchapter

M of Chapter 1 of the Code and intends for each Fund to qualify for taxation as a RIC each year. If a Fund: (1) continues to qualify as a RIC*,* and (2) timely distributes to its shareholders an amount that equals or exceeds the sum of (i) 90% of its investment company taxable income (including for this purpose its net ordinary investment income and realized net short-term capital gains in excess of realized net long-term capital losses) and (ii) 90% of its tax-exempt interest income (reduced by certain expenses) (the "90% distribution requirement"), the Fund will not be subject to U.S. federal income tax on the portion of its investment company taxable income and net capital gain (i.e., realized net long-term capital gain in excess of realized net short-term capital loss) that it timely distributes to shareholders (or is treated as having distributed to shareholders). The Trust expects that each Fund will satisfy these requirements, and each Fund generally will endeavor to timely distribute (or treat as deemed distributed) to shareholders all of its investment company taxable income and its net capital gain, if any, for each taxable year so that it will not be subject to U.S. federal income tax at corporate rates on its earnings.

A Fund must meet several requirements to maintain its status as a RIC*.* These requirements include the following: (1) at least 90% of its gross income for each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of securities or foreign currencies, net income from a qualified publicly traded partnership, and other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in such securities or currencies; and (2) at the close of each quarter of the Funds' taxable year, (a) at least 50% of the value of the Funds' total assets must consist of cash, cash items, securities of other RICs*,* U.S. Government securities and other securities (if such other securities of any one issuer do not represent more than 5% of the value of the Funds' assets and do not represent more than 10% of the outstanding voting securities of the issuer), and (b) the Fund must not invest more than 25% of its total assets in (i) the securities of any one issuer (other than U.S. Government securities or the securities of other RICs), (ii) the securities of any two or more issuers that are controlled by the Fund that are engaged in the same or similar trades or businesses or related trades or businesses (other than securities of other RICs), or (iii) the securities of one or more qualified publicly traded partnerships.

**Distributions to Avoid Federal Excise Tax**

A RIC will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless it distributes, in a timely manner, an amount at least equal to the sum of (1) 98% of its ordinary taxable income for the year, (2) 98.2% of its capital gain net income for the 12 months ended on October 31 of that calendar year, and (3) any ordinary income or capital gain net income that it recognized in preceding years, but was not distributed during such years, and on which no U.S. federal income tax was paid (the "excise tax avoidance requirements"). However, the excise tax does not apply to a RIC whose only shareholders during the year are segregated asset accounts of life insurance companies supporting variable life insurance contracts or variable annuity contracts or certain qualified trusts. For purposes of making such a determination, parties that contributed in aggregate $250,000 or less in seed money to the Fund are not taken into account. In order to avoid this nondeductible U.S. federal excise tax, the Trust intends that each of the Funds will qualify for this exception each year or will make sufficient distributions to satisfy the excise tax avoidance requirements each year.

**Section 817(h) Diversification Requirements**

Each Fund also intends to comply with Section 817(h) of the Code and regulations issued thereunder, which impose certain investment diversification requirements on life insurance companies' separate accounts that are used to support variable life insurance contracts and variable annuity contracts. A separate account may meet these requirements by investing solely in shares of a RIC registered under the 1940 Act as an open-end management investment company (such as the Funds) provided that such RIC satisfies the diversification requirements (as well as certain other requirements) of Section 817(h) of the Code and the regulations issued thereunder. These requirements are in addition to the diversification requirements of subchapter M and of the 1940 Act and may affect the securities in which a Fund may invest. In order to comply with future requirements of Section 817(h) (or related provisions of the Code) or the regulations issued thereunder, a Fund may be required, for example, to alter its investment objectives.

The Section 817(h) requirements place certain limitations on the assets of each separate account (or underlying RIC) that may be invested in securities of a single issuer. Specifically, the regulations provide that, except as permitted by a "safe harbor" described below, as of the end of each calendar quarter, or within 30 days thereafter:

● No more than 55% of a Fund's total assets may be represented by any one investment

● No more than 70% of a Fund's total assets may be represented by any two investments

● No more than 80% of a Fund's total assets may be represented by any three investments

● No more than 90% of a Fund's total assets may be represented by any four investments

Section 817(h) provides, as a safe harbor, that a separate account (or underlying RIC) will be treated as being adequately diversified if the diversification requirements under Subchapter M are satisfied and no more than 55% of the value of the account's total assets are cash and cash items, government securities and securities of other RICs. For purposes of Section 817(h), all securities of the same issuer, all interests in the same real property project, 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 a particular foreign government and its agencies, instrumentalities, and political subdivisions are considered securities issued by the same issuer.

**Compliance with Applicable Requirements**

If for any taxable year a Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement, then all of its taxable income becomes subject to U.S. federal income tax at regular corporate rates (without any deduction for distributions to its shareholders). In addition, if for any taxable year a Fund fails to qualify as a RIC, owners of variable life insurance contracts and variable annuity contracts who have indirectly invested in the Fund might be taxed currently on the investment earnings under their contracts and thereby lose the benefit of tax deferral. Likewise, if a Fund fails to comply with the diversification (or other) requirements of section 817(h) of the Code and the regulations thereunder, owners of variable life insurance contracts and variable annuity contracts who have indirectly invested in the Fund would be taxed on the investment earnings under their contracts and thereby lose the benefit of tax deferral. Accordingly, compliance with the above

requirements is carefully monitored by the Funds' Advisers and Sub-Advisers and each Fund intends to comply with these requirements as they exist or as they may be modified from time to time. Compliance with the tax requirements described above may result in lower total return for a Fund than would otherwise be the case, since, to comply with the above requirements, the investments utilized (and the time at which such investments are entered into and closed out) may be different from what the Funds' Adviser and Sub-Advisers might otherwise select.

**Investments in Foreign Securities**

Investment income received from sources within foreign countries, or capital gains earned by a Fund investing in securities of Foreign Issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty are often as high as 30% or more. The United States has entered into tax treaties with many foreign countries that may entitle a Fund to a reduced rate of tax or an exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of a Fund's assets to be invested within various countries is not now known. The Trust intends that each Fund will operate so as to qualify for applicable treaty-reduced rates of tax.

A Fund may purchase shares in a passive foreign investment company ("PFIC"). In such event, the Fund may be subject to U.S. federal income tax on its allocable share of a portion of any "excess distribution" received on, or any gain from the disposition of, such shares. Additional charges in the nature of interest generally will be imposed on the Fund in respect of deferred taxes arising from any such excess distribution or gain. This additional tax and interest may apply even if the Fund makes a distribution in an amount equal to any "excess distribution" or gain from the disposition of such shares as a taxable dividend by the Fund to its shareholders. If the Fund elects to treat a PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in income each year its proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, the Fund may elect mark-to-market treatment for a PFIC; in this case, the Fund will recognize as ordinary income its allocable share of any increase in the value of such shares, and as ordinary loss its allocable share of any decrease in such value to the extent that any such decrease does not exceed prior increases included in the Funds' income. Under either election, the Fund may be required to recognize in a year income in excess of distributions from PFICs and proceeds from dispositions of PFIC shares during that year, and the Fund may have to use cash from other sources to distribute such income to satisfy the 90% distribution requirement and avoid the 4% excise tax described above, if applicable.

Foreign exchange gains and losses realized by a Fund in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency options contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. Any such transactions that are not directly related to a Fund's investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury regulations, produce income not among the types of "qualifying income" from which the Fund must derive at least 90% of its annual gross income.

**Investments with Original Issue Discount**

Each Fund that invests in certain payment-in-kind instruments, zero coupon securities or certain deferred interest securities (and, in general, any other securities with original issue discount or with market discount if the Fund elects to include market discount in current income) must accrue income on such investments prior to the receipt of the corresponding cash. However, because each Fund must meet the 90% distribution requirement to qualify as a RIC, a Fund may have to dispose of its portfolio investments under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.

**Options, Futures, and Swaps**

A Fund's transactions in options contracts and futures contracts are subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (this is, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses of the Fund. These rules (1) could affect the character amount and timing of distributions to shareholders of a Fund, (2) could require the Fund to "mark to market" certain types of the positions in its portfolio (that is, treat them as if they were closed out) and (3) may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement and the excise tax avoidance requirements described above. To mitigate the effect of these rules and prevent disqualification of a Fund as a RIC, the Trust seeks to monitor transactions of each Fund, seeks to make the appropriate tax elections on behalf of each Fund and seeks to make the appropriate entries in each Fund's books and records when the Fund acquires any option, futures contract or hedged investment.

The U.S. federal income tax rules applicable to interest rate swaps, caps and floors are unclear in certain respects, and a Fund may be required to account for these transactions in a manner that, in certain circumstances, may limit the degree to which it may utilize these transactions.

**Certain Fund Distributions**

A Fund that receives dividend income from U.S. sources may annually report certain amounts of its dividends paid as eligible for the dividends received deduction, and a Fund that incurs foreign taxes may be eligible to elect to pass through allowable foreign tax credits. The benefits, which may be potentially material, of these reports and elections will inure only to the insurance company that issued the variable contract and will not be shared with the contract holders.

**Investor Taxation**

Under current law, owners of variable life insurance contracts and variable annuity contracts who are indirectly invested in a Fund generally are not subject to U.S. federal income tax on Fund earnings or distributions or on gains realized upon the sale or redemption of Fund Shares until amounts are withdrawn from their contracts. *For information concerning the U.S. federal income tax consequences to the owners of variable life insurance contracts and variable annuity contracts, see the prospectuses for such contracts.*

The above discussion and the related discussion in the Prospectus are not intended to be complete discussions of all applicable federal tax consequences of an investment in the Fund. Vedder Price P.C. has expressed no opinion in respect thereof.

**Financial Statements**

Cohen & Company, Ltd. acts as the Funds' independent registered public accounting firm and served as the Predecessor Funds' independent registered public accounting firm for the fiscal years after December 31, 2023. Fiscal years prior to December 31, 2023 were audited by the Predecessor Funds' previous independent registered public accounting firm. The 2025 Financial Statements for the Predecessor Funds, which are contained in the Predecessor Funds' financial statements in Form N-CSR, are incorporated by reference in this SAI.

**Other Information**

The Prospectus and this SAI do not contain all the information included in the registration statement filed with the SEC under the 1933 Act with respect to the securities offered by the Prospectus. Certain portions of the registration statement have been omitted from the Prospectus and this SAI pursuant to the rules and regulations of the SEC. The registration statement, including exhibits, may be obtained on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Alternatively, this information may be obtained, upon payment of a duplicating fee by electronic request at the following e-mail address: publicinfo@sec.gov.

Statements contained in the Prospectus or in this SAI as to the contents of any contract or other document referred to are not necessarily complete, and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the registration statement of which the Prospectus and this SAI are parts, each such statement being qualified in all respects by such reference.

**Appendix A PROXY VOTING POLICIES** 

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| | |
|:---|:---|
| **Effective Date: October 29, 2025** | **CONFIDENTIAL AND** |
|  | **PROPRIETARY** |

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**PROXY VOTING POLICIES AND PROCEDURES**

DIMENSIONAL FUND ADVISORS LP

DIMENSIONAL FUND ADVISORS LTD.

DFA AUSTRALIA LIMITED

DIMENSIONAL FUND ADVISORS PTE. LTD.

DIMENSIONAL JAPAN LTD.

DIMENSIONAL IRELAND LIMITED

**Introduction**

Dimensional Fund Advisors LP ("Dimensional") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Dimensional is the parent or indirect parent company of Dimensional Fund Advisors Ltd. ("Dimensional UK"), DFA Australia Limited ("Dimensional Australia"), Dimensional Fund Advisors Pte. Ltd. ("Dimensional Singapore"), Dimensional Japan Ltd. ("Dimensional Japan") and Dimensional Ireland Limited ("Dimensional Ireland") (each, an "Advisor", and collectively referred to as the "Advisors"). Dimensional UK and Dimensional Australia are also registered as investment advisers under the Advisers Act.

The Advisors provide investment advisory or subadvisory services to various types of clients, including registered funds, unregistered commingled funds, defined benefit plans, defined contribution plans (including employee benefit plans subject to the Employee Retirement Income Security Act of 1974, and the regulations promulgated thereunder ("ERISA")), private and public pension funds, foundations, endowment funds and other types of investors. These clients frequently give the Advisors the authority and discretion to vote proxies relating to the underlying securities beneficially held by such clients. Also, a client may, at times, ask an Advisor to share its proxy voting policies, procedures, and guidelines without the client delegating full voting discretion to the Advisor. Depending on the client, an Advisor's duties may include making decisions regarding whether and how to vote proxies as part of an investment manager's fiduciary duty under ERISA.<sup>1</sup> The scope and any limitations of an Advisor's proxy voting authority generally will be described in the written contract between the

<sup>1</sup> If the client is subject to ERISA, an Advisor's proxy voting activities are subject to any applicable provisions under ERISA and/or guidance from the U.S. Department of Labor.

Advisor and its client or with respect to an Advisor-sponsored fund, the offering documents of the fund.

The following Proxy Voting Policies and Procedures (the "Policy") address the Advisors' objectives for voting proxies received by the Advisors on behalf of client accounts or funds to the extent that relationships with such clients are subject to the Advisers Act or ERISA or the clients are registered investment companies under the Investment Company Act of 1940, as amended, including The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc., Dimensional Emerging Markets Value Fund, and Dimensional ETF Trust (together, the "Dimensional Investment Companies") and the portfolios, funds and exchange-traded funds of the Dimensional Investment Companies are each a "Dimensional Fund" and together, the "Dimensional Funds"). The Advisors believe that this Policy is reasonably designed to meet their goal of seeking to vote (or refrain from voting) proxies in a manner consistent with applicable legal and fiduciary standards and in the best interests of clients, as understood by the Advisors at the time of the vote.

<u>Exhibit A</u> to this Policy includes a summary of the Advisors' current Proxy Voting Guidelines and will change from time to time (the "Guidelines") and includes three implementations, one standard implementation, one for the portfolios and accounts that incorporate social considerations in their investment guidelines, and one for the portfolios and accounts that incorporate sustainability considerations in their investment guidelines. A separate account client may select one of the three implementations to be used for their account or, in certain circumstances, individualize their proxy voting guidelines. The Investment Committee of Dimensional has determined that, in general, voting proxies pursuant to the Guidelines should be in the best interests of clients and the Advisors understand the Guidelines to be consistent with applicable legal standards. Therefore, an Advisor will usually instruct voting of proxies in accordance with the Guidelines.

The Guidelines provide a framework for analysis and decision making but do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisors reserve the right to instruct votes that deviate from the Guidelines if, after a review of the matter, an Advisor believes that a client's best interests would be served by, or applicable legal and fiduciary standards require, such a vote. In such circumstance, the analysis will be documented in writing and periodically presented to the Investment Stewardship Committee for review. To the extent that the Guidelines do not cover potential voting issues, an Advisor may consider the spirit of the Guidelines and applicable legal standards and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the client.

A client's investment strategy or instructions can impact voting determinations and/or engagement efforts. For example, the Advisors consider social issues when voting proxies for portfolios and accounts that incorporate social considerations in their design and consider sustainability issues when voting proxies for portfolios and accounts that consider sustainability considerations in their design. The Advisors may also take social or sustainability issues into account when voting proxies for portfolios and accounts that do not incorporate social or sustainability considerations in their design if the Advisors believe that doing so is in the best interest of the relevant client(s) and otherwise consistent with applicable laws and the Advisors' duties, such as where material environmental or social risks may have economic ramifications for shareholders

The foregoing differences may result in voting differently for some clients than others. Similarly, the Advisors may engage with a portfolio company differently depending on the relevant client(s)' investment strategy and the subject(s) of the relevant engagement.

**Proxy Advisory Firms**

The Advisors have retained certain third-party proxy service providers ("Proxy Advisory Firms") to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom the Advisors have proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisors retain third-party service providers for Proxy Voting Services, the Advisors remain responsible for proxy voting decisions and making such decisions in accordance with their fiduciary duties. The Advisors have designed policies and procedures to prudently select, oversee and evaluate the Proxy Advisory Firms consistent with their fiduciary duties, including with respect to the matters described below, which Proxy Advisory Firms have been engaged to provide Proxy Voting Services to support the Advisors' voting in accordance with this Policy. In the event that the Guidelines are not implemented precisely as the Advisors intend because of the actions or omissions of any Proxy Advisory Firms, custodians or sub-custodians or other agents, or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisors as a breach of this Policy.

Prior to the selection of any new Proxy Advisory Firms and annually thereafter or more frequently if deemed necessary by Dimensional, the Investment Stewardship Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to timely and adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of the Advisors' clients, and consistent with the Advisors' voting policies and fiduciary duties. In conducting such a review of a Proxy Advisory Firm, Dimensional may consider the following, depending on the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) periodic
 sampling of certain votes pre-populated by the Proxy Advisory Firm's systems as well
 as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by the Advisors
 are being followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) onsite
 visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm
 to determine whether the Proxy Advisory Firm continues to have the capacity and competency
 to carry out its proxy obligations to the Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies
 for formulating voting recommendations that the Advisors consider material to the Proxy Voting
 Services provided to the Advisors, including: (a) those relating to the Proxy Advisory Firm's
 efforts to identify, address, mitigate and disclose actual or potential conflicts of interest,
 (b) the Proxy Advisory Firm's efforts to obtain current, accurate, and

complete information in creating recommendations and research, and (c) the Proxy Advisory Firm's ability to provide services consistent with ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 requirement that the Proxy Advisory Firm notify the Advisors if there is a substantive change
 in the Proxy Advisory Firm's policies and procedures described in (iii) above or otherwise
 to its business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 review of how and when the Proxy Advisory Firm engages with, and receives and incorporates
 input from, portfolio companies, the Proxy Advisory Firm's clients and other third-party
 information sources as well as how and when the Proxy Advisory Firm makes available from
 portfolio companies, or other sources, additional information about a matter to be voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 assessment of how the Proxy Advisory Firm considers factors unique to a specific issuer or
 proposal when evaluating a matter subject to a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in
 case of an error made by the Proxy Advisory Firm, a discussion of the error with the Proxy
 Advisory Firm and determination of whether (a) the error affected the Proxy Advisory Firm's
 Proxy Voting Services and (b) appropriate corrective and preventive action is being taken;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an
 assessment of whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines,
 and voting recommendations, including to address any deficiencies, on an ongoing basis and
 incorporates input from issuers and Proxy Advisory Firm clients in the update process.

In evaluating Proxy Advisory Firms, the Advisors may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology and other factors in its discretion.

**Procedures for Voting Proxies**

The Investment Committee at Dimensional is generally responsible for overseeing each Advisor's proxy voting process. The Investment Committee has formed the Investment Stewardship Committee composed of certain officers, directors and other personnel of the Advisors and has delegated to its members authority to (i) oversee the voting of proxies and the Proxy Advisory Firms, (ii) make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with this Policy, (iv) receive reports on the review of the Proxy Advisory Firms as described above, and (v) review this Policy from time to time and recommend changes to the Investment Committee. The Investment Stewardship Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to this Policy and may designate personnel of each Advisor to instruct the vote on proxies on behalf of an Advisor's clients, such as authorized traders of the Advisors (collectively, "Authorized Persons"). The Investment Stewardship Committee will review this policy no less frequently than annually and may recommend changes to this Policy to seek to act in a manner consistent with the best interests of the clients.

Generally, the Advisors analyze relevant proxy materials on behalf of their clients and seek to instruct the vote (or refrain from voting) proxies in accordance with this Policy and the Guidelines. A client may

direct an Advisor to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. An Advisor may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations.

Each Advisor seeks to vote (or refrain from voting) proxies for its clients in a manner that the Advisor determines is in the best interests of its clients and which seeks to maximize the value of the client's investments, subject to the standards of legal and regulatory regimes, applicable to the Advisor or the client, and any particular investment or voting guidelines of specific funds or accounts. When voting (or electing to refrain from voting) proxies for clients, subject to ERISA, each Advisor shall seek to consider those factors that may affect the economic value of the ERISA client's investment and not subordinate the interests of the client's participants and beneficiaries on their retirement income or financial benefits under the plan to any other objectives. Irrespective of the foregoing, an Advisor's decision-making to vote or refrain from voting will be made following a cost-benefit analysis described below.

**Determining Whether to Vote Proxies**

In some cases, an Advisor may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. For example, the Advisor will generally refrain from voting proxies where the Adviser anticipates that the costs to the client's account of voting could exceed the expected benefits of voting. In making this assessment, each Advisor applies a general cost formula test for each account, assessing generally anticipated voting costs (*e.g.*, custodian and Proxy Advisor Firm costs for voting) on a country-by-country basis against the Advisor's assumptions regarding the aggregate financial value of voting.<sup>2</sup> Note that securities issued in non-U.S. jurisdictions can be subject both to direct costs and opportunity costs which are not associated with voting U.S. proxies, including costs to: (i) appoint a proxy; (ii) obtain reliable information about the time and location of a meeting; (iii) obtain relevant information about voting procedures for foreign shareholders; (iv) restrict trading securities that are subject to proxy votes (share-blocking periods); (v) arrange for a proxy to vote locally in person; and (vi) charge fees by custody banks for providing certain services with regard to voting proxies. As a result, were an Advisor to refrain from voting proxies, it would be more likely to do so for votes for matters related to non-U.S. issuers rather than U.S. issuers. The Advisors consider updates on proxy voting costs and voting impediments and its overall cost-benefit analysis for each account and country periodically, no less frequently than annually.

In certain circumstances, for example, for client accounts with a relatively small amount of assets under management that invest significantly in non-U.S. issuers and have a large number of holdings, an Advisor's cost-benefit analysis may result in the Advisor refraining from voting all proxies for an account.

Notwithstanding the foregoing, in the event an Advisor is made aware of and believes that an issue to be voted is likely to materially affect the economic value of a portfolio, that its client's vote is reasonably likely to be determinative of the outcome of the contest, and that the expected benefits to

<sup>2</sup> If a client does not share with its Advisor information regarding the cost of voting proxies so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information available to it on such costs, as well as the preferences expressed by the client or its representative(s).

the client of voting a particular proxy vote exceed the expected costs, the Advisor will seek to make reasonable efforts to vote that proxy.

For securities on loan and when the Advisor or an affiliate of the Advisor has agreed to monitor the securities lending program of the client account, the Advisor will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is generally the Advisors' belief that the expected value of casting a vote generally will be less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by an Advisor recalling loaned securities for voting. In certain countries, including the United States, the specific terms of the proposals to be voted on by shareholders will generally not be known until after the record date, which determines the shares eligible to be voted. In this situation, the Advisor may not be aware of the subject of a proxy in time to make a decision as to whether the materiality of the voting proposals warrants recalling a security on loan to vote. In addition, because specific record dates may not be known, if the Advisor were to seek to recall securities on loan, the Advisor would need to estimate the record date which would result in the securities being recalled for a longer period of time than otherwise required and may create a greater potential loss of income. Each Advisor does intend to recall securities on loan if, based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of a client's investment and that it is in the client's best interests to do so.

In cases where an Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote. As part of the vote execution services provided to the Advisors, a Proxy Advisory Firm pre-populates votes in accordance with the Policy and Guidelines. Such votes are automatically submitted unless modified by an Authorized Person prior to submission. The Advisors conduct sampling of select pre-populated votes prior to the final vote submission. For votes on certain issues, the Advisors conduct additional reviews as part of the voting process. If an Advisor becomes aware that a portfolio company or shareholder proponent of a proposal has filed or intends to file additional soliciting material after a Proxy Advisory Firm has pre-populated votes, and the company or proponent makes this material available within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor will assess whether the material could reasonably be expected to impact the Advisor's vote determination and will seek to review and consider any impactful material prior to the proxy-voting deadline.

The Advisors from time to time discuss governance matters with portfolio companies to represent client interests; however, regardless of such conversations, the Advisors acquire securities on behalf of their clients solely for the purpose of investment and not with the purpose or intended effect of changing or influencing the control of any portfolio company. The Advisors do not intend to engage in shareholder activism with respect to a pending vote or matter that an Advisor reasonably expects to be the subject of a shareholder vote in the foreseeable future. If an issuer's management, shareholders or proxy solicitors contact an Advisor with respect to a pending vote, a member of the Investment Stewardship Committee (or its delegee) may listen to such party and discuss this Policy with such party.

**Fixed Income Securities**

Holders of fixed income securities are generally not entitled to an annual vote and therefore do not have such a mechanism to influence an issuer's governance. From time-to-time holders of fixed

income securities can receive proxy ballots or corporate action-consents at the discretion of the issuer/custodian. When processed as proxy ballots, Proxy Advisory Firms generally do not provide a voting recommendation on such matters and the service provider's role is limited to election processing and recordkeeping. In such circumstances the Advisor's fixed income portfolio management team is generally responsible for providing recommendations on how to vote proxy ballots and corporation action-consents and they may consult with members of the Investment Stewardship Group, with the aim of applying the same general principles as are set out in the Guidelines.

**Conflicts of Interest**

Occasions may arise where an Authorized Person, one or more members of the Investment Stewardship Committee, an Advisor, or an affiliated person of an Advisor has a potential conflict of interest in connection with the proxy voting process or engagement with portfolio companies. A conflict of interest may exist, for example, if an Advisor is actively soliciting investment advisory business from the company soliciting the proxy. Proxies that the Advisors receive on behalf of their clients generally will be voted in accordance with predetermined guidelines or procedures (or a client's predetermined custom guidelines or procedures), and when proxies are voted consistently with such guidelines or procedures, the Advisors consider such votes not to be affected by any conflicts of interest.

In the limited instances where (i) an Authorized Person is considering voting a proxy contrary to predetermined guidelines or procedures (or in cases for which the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm primarily used by the Advisors to provide voting recommendations), and (ii) the Authorized Person or any member of the Investment Stewardship Committee believes a potential conflict of interest exists, the Authorized Person will disclose the potential conflict to a member of the Investment Stewardship Committee or, in the case of a member of the Investment Stewardship Committee who believes a potential conflict of interest exists, the member will disclose the conflict to the Investment Stewardship Committee. Such disclosure will describe the proposal to be voted upon and disclose any potential conflict of interest including but not limited to any potential personal conflict of interest (e.g., familial relationship with company management) the Authorized Person may have relating to the proxy vote, in which case the Authorized Person will remove himself or herself from the proxy voting process.

If the Investment Stewardship Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to predetermined guidelines or procedures (or in the case where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm), the Investment Stewardship Committee member will bring the vote to the Investment Stewardship Committee, which will (a) determine how the vote should be cast, keeping in mind the principle of preserving shareholder value or (b) determine to abstain from voting, unless abstaining would be materially adverse to the client's interest.

The Advisors may face a conflict of interest in determining whether to vote or refrain from voting proxies for funds where the Advisor has agreed to assume the costs of a fund's voting expenses because, for such client accounts, the costs of voting proxies are effectively paid by the Advisor. The Advisors believe such conflicts of interest are addressed by applying the same cost-benefit analysis

across all of their clients, without regard to whether the Advisor has a conflict, such as by assuming the costs of voting on behalf of a client.

To the extent a conflict arises in connection with a proposed engagement with a portfolio company, the proposed engagement will be brought to the Investment Stewardship Committee for consideration of how to proceed.

To the extent the Investment Stewardship Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a Dimensional Investment Company in the circumstances described in this paragraph, Dimensional will report annually on such determinations to the respective Board of Directors/Trustees of the Dimensional Investment Company. The Advisors will also consider, where appropriate, other disclosure to clients regarding potential conflicts of interest, dependent upon the agreement with the client.

Voting by Dimensional Funds that hold shares of other Dimensional Funds. To avoid certain potential conflicts of interest, Dimensional generally will employ mirror voting, if possible, when a Dimensional Fund invests in another Dimensional Fund in reliance on any one of Sections 12(d)(1)(E), 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act of 1940, as amended, ("1940 Act"), related rules thereunder (including Rule 12d1-1 or Rule 12d1-4 under the 1940 Act), or pursuant to an SEC exemptive order thereunder, unless otherwise required by applicable law or regulation. Mirror voting means that Dimensional will vote the shares in the same proportion as the vote of all of the other holders of the Dimensional Fund's shares. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Section 12(d)(1)(G) of the 1940 Act, related rules thereunder (including Rule 12d1-1 or Rule 12d1-4), or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will vote in accordance with the recommendation of such Dimensional Investment Company's board of trustees or directors, unless otherwise required by applicable law or regulation. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Sections 12(d)(1)(E) or 12(d)(1)(F) of the 1940 Act and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will employ pass-through voting, unless otherwise required by applicable law or regulation. In "pass-through voting," the investing Dimensional Fund will solicit voting instructions from its shareholders as to how to vote on the underlying Dimensional Fund's proposals.

**Availability of Proxy Voting Information and Recordkeeping**

Each Advisor will inform those clients for which it has voting authority how to obtain information from the Advisor about how it voted with respect to client securities. The Advisor will provide those clients with a summary of its proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Policy upon request. If an Advisor is registered under the Advisers Act, the Advisor will also: (i) include such information described in the preceding two sentences in Part 2A of its Form ADV and (ii) if and as required, seek to file on Form N-PX its proxy voting record in respect of certain votes no later than August 31 of each year, for the twelve-month period ending June 30 of the current year.

**Recordkeeping**

The Advisors will also keep records of the following items: (i) their proxy voting guidelines, policies and procedures and documentation of their annual reviews of such guidelines, policies and procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (iv) records of written client requests for proxy voting information and an Advisor's responses (whether a client's request was oral or in writing); (v) any documents prepared by an Advisor that were material to making a decision how to vote, or that memorialized the basis for the decision; (vi) a record of any testing conducted on any Proxy Advisory Firm's votes; and (vii) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to the Advisors. The Advisors will maintain these records in an easily accessible place for at least *six years* from the end of the fiscal year during which the last entry was made on such records. For the first two years, each Advisor will store such records at one of its principal offices.

**Disclosure by the Dimensional Investment Companies**

Dimensional shall disclose in the statements of additional information of the Dimensional Investment Companies a summary of procedures which Dimensional uses to determine how to vote proxies relating to portfolio securities of the Dimensional Investment Companies. The disclosure will include a description of the procedures used when a vote presents a conflict of interest between shareholders and Dimensional, DFA Securities LLC ("DFAS") or an affiliate of Dimensional or DFAS.

The semi-annual reports of the Dimensional Investment Companies shall indicate that a description of the policies and procedures that the Dimensional Investment Companies use in voting proxies of portfolio securities is available: (i) without charge, upon request, by calling Dimensional collect; or (ii) on the SEC's website. Any requested description must be sent within three business days by a prompt method of delivery.

Dimensional, on behalf of each Dimensional Investment Company it advises, each applicable Advisor, and as otherwise as required, shall file its proxy voting record with the SEC on Form N-PX no later than August 31 of each year, for the twelve-month period ending June 30 of the current year. Such filings shall contain all information required to be disclosed on Form N-PX by each Dimensional Investment Company and each Advisor, as applicable.

Exhibit A

**<u>Summary of Proxy Voting Guidelines</u>**

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>3</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.<sup>4</sup>

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

**Global Evaluation Framework**

Dimensional's Global Evaluation Framework sets out Dimensional's general expectations for all portfolio companies. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There
are problematic audit-related practices;

2. There
are problematic compensation practices or persistent pay for performance misalignment;

3. There
are problematic anti-takeover provisions;

4. There
have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The
board has failed to adequately respond to shareholder concerns;

<sup>3</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>4</sup> For considerations in connection with ERISA-covered clients, see the Policy and its references to requirements under ERISA.

6. The
board has demonstrated a lack of accountability to shareholders;

7. There
 is an ineffective board refreshment process<sup>5</sup>;

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1. Board
and committee independence;

2. Director
attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director
capacity to serve;

4. Board
composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

● The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

● How the performance of individual directors and the board as a whole is assessed;

● The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

● Board refreshment mechanisms;

● Director recruitment policies and procedures; and

● The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

● Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

● Whether the portfolio company complies with market best practice with regards to refreshment mechanisms, including tenure limits; and

<sup>5</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

● Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as

shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S

metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

Dimensional will typically vote with management on environmental and social (E&S) shareholder proposals. In certain circumstances, including if the E&S matter may have a material impact on the portfolio company, Dimensional may determine a case-by-case analysis is warranted, in which case we will consider if supporting the proposal is likely to provide shareholders with meaningful information about a portfolio company's handling of environmental or social risk through improved board accountability, improved policies or procedures, or improved disclosures.

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

● The ability to see and hear portfolio company representatives;

● The ability to ask questions of portfolio company representatives; and

● The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such E&S proposals. Dimensional may communicate with portfolio

companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

● A description of material risks.

● A description of the process for identifying and prioritizing such risks and how frequently it occurs.

● The policies and procedures governing the handling of each material risk.

● A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

● A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

● A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

● The board to adopt policies and procedures to oversee political and lobbying expenditures;

● The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

● That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key

areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified.

● The potential impact these risks could have on the portfolio company's business, operations, or strategy.

● Whether the risks are overseen by a specific committee or the full board.

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

● The management-level roles/groups responsible for managing these risks.

● The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International Sustainability Standards Board (ISSB), or Sustainability Accounting Standards Board (SASB) Standards, are not being used.

● Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified

● The potential impact these risks could have on the portfolio company's business, operations, or strategy

● Whether the risks are overseen by a specific committee or the full board

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

● Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

● The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

● Details of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

● The role of management in implementing cybersecurity policies and procedures

● The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

● Material cybersecurity incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

**<u>Director Elections:</u>**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

● The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

● Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

**<u>Age and Term Limits</u>**

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

**<u>Classified Boards</u>**

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

● Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

● Impose unduly burdensome disclosure requirements on shareholder proponents

● Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

**<u>Equity-Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

● multi-year guaranteed bonuses

● excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

● single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

**<u>Reincorporation</u>**

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

**<u>Increase Authorized Shares</u>**

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

**<u>Continental Europe:</u>**

**<u>Director Election Guidelines</u>**

● Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

● A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

● Executives should generally not serve on audit and remuneration committees.

● The CEO and board chair roles should generally be separate.

● Portfolio companies should comply with relevant listing rules, corporate governance codes, and market best practices with regards to board composition.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

● The amount paid to executives;

● Alignment between pay and performance;

● The targets used for variable incentive plans and the ex-post levels achieved; and

● The rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

● In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**<u>United Kingdom:</u>**

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>Ireland:</u>**

Dimensional will consider the recommendations of the Balance for Better Business Review Group with regards to evaluating board composition.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**Framework for Evaluating Australia and New Zealand-Listed Companies**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

When evaluating portfolio company boards, Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively, with respect to board composition.

**<u>CEO/Chair</u>**

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**<u>Auditors</u>**

Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**Framework for Evaluating Japan-Listed Securities**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect

portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if

there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

**<u>Share Repurchase</u>**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets**

**<u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

● All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

● Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

● Boards of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should be at least 33% independent.

● Boards of directors of Taiwanese portfolio companies should have no fewer than two independent directors and no less than 20% independence.

● Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

● Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

**<u>Exhibit A</u>**

**<u>Summary of Sustainability Proxy Voting Guidelines</u>**

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>6</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets for the funds and accounts that incorporate sustainability considerations in their investment guidelines or have made an affirmative election or provided instruction that Dimensional should prioritize such considerations as part of voting (the "Sustainability-Voting Funds and Accounts").

**Global Evaluation Framework – Sustainability**

Dimensional's Global Evaluation Framework – Sustainability sets out Dimensional's general expectations for all portfolio companies in Sustainability-Voting Funds and Accounts. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There
are problematic audit-related practices;

2. There
are problematic compensation practices or persistent pay for performance misalignment;

3. There
are problematic anti-takeover provisions;

4. There
have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The
board has failed to adequately respond to shareholder concerns;

<sup>6</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

6. The
board has demonstrated a lack of accountability to shareholders;

7. There
 is an ineffective board refreshment process<sup>7</sup>;

Additionally, Dimensional may vote against directors, committee members, or the full board of portfolio companies in sectors with high greenhouse gas emissions which have not disclosed the following:

● Scope 1 and 2 greenhouse gas emissions;

● Targets to reduce greenhouse gas emissions; and

● Board oversight of climate-related policies and procedures.

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1. Board
and committee independence;

2. Director
attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director
capacity to serve;

4. Board
composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

● The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

● How the performance of individual directors and the board as a whole is assessed;

● The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

● Board refreshment mechanisms;

● Director recruitment policies and procedures; and

● The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

<sup>7</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

● Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

● Whether the portfolio company complies with market best practice with regards to refreshment mechanisms, including tenure limits; and

● Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how

performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Sustainability-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

● The ability to see and hear portfolio company representatives;

● The ability to ask questions of portfolio company representatives; and

● The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

● A description of material risks.

● A description of the process for identifying and prioritizing such risks and how frequently it occurs.

● The policies and procedures governing the handling of each material risk.

● A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

● A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

● A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis,

vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

● The board to adopt policies and procedures to oversee political and lobbying expenditures;

● The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

● That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified.

● The potential impact these risks could have on the portfolio company's business, operations, or strategy.

● Whether the risks are overseen by a specific committee or the full board.

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

● The management-level roles/groups responsible for managing these risks.

● The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework,

such as Task Force for Climate-related Financial Disclosures (TCFD), International Sustainability Standards Board (ISSB), or Sustainability Accounting Standards Board (SASB) Standards, are not being used.

● Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified

● The potential impact these risks could have on the portfolio company's business, operations, or strategy

● Whether the risks are overseen by a specific committee or the full board

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

● Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

● The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

● Details of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

● The role of management in implementing cybersecurity policies and procedures

● The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

● Material cybersecurity incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

**<u>Director Elections:</u>**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

● The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

● Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

**<u>Age and Term Limits</u>**

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

**<u>Classified Boards</u>**

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

● Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

● Impose unduly burdensome disclosure requirements on shareholder proponents

● Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

**<u>Equity-Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

● multi-year guaranteed bonuses

● excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

● single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

**<u>Reincorporation</u>**

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

**<u>Increase Authorized Shares</u>**

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their

executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Sustainability-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

**<u>Continental Europe:</u>**

**<u>Director Election Guidelines</u>**

● Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

● A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

● Executives should generally not serve on audit and remuneration committees.

● The CEO and board chair roles should generally be separate.

● Portfolio companies should comply with relevant listing rules, corporate governance codes, and market best practices with regards to board composition.

**<u>Remuneration Guidelines</u>**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

● The amount paid to executives;

● Alignment between pay and performance;

● The targets used for variable incentive plans and the ex-post levels achieved; and

● The rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>**

● In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**<u>United Kingdom:</u>**

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**<u>Ireland:</u>**

Dimensional will consider the recommendations of the Balance for Better Business Review Group with regards to evaluating board composition.

**<u>South Africa:</u>**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**Framework for Evaluating Australia- and New Zealand-Listed Companies**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

When evaluating portfolio company boards, Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively, with respect to board composition.

**<u>CEO/Chair</u>**

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**<u>Auditors</u>**

Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

**<u>Share Repurchase</u>**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**Framework for Evaluating Japan-Listed Securities**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**<u>Statutory Auditors</u>**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-

based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

Share Repurchase

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>**

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets**

**<u>Uncontested Director Elections</u>**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

● All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

● Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

● Boards of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should be at least 33% independent.

● Boards of directors of Taiwanese portfolio companies should have no fewer than two independent directors and no less than 20% independence.

● Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

● Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

**<u>Director Remuneration</u>**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

**<u>Exhibit A</u>**

**<u>Summary of Social Proxy Voting Guidelines</u>**

**General Approach to Corporate Governance and Proxy Voting**

When voting (or refraining from voting) proxies, Dimensional<sup>8</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets for the funds and accounts that incorporate sustainability considerations in their investment guidelines or have made an affirmative election or provided instruction that Dimensional should prioritize such considerations as part of voting (the "Social-Voting Funds and Accounts").

**Global Evaluation Framework - Social**

Dimensional's Global Evaluation Framework – Social sets out Dimensional's general expectations for all portfolio companies in Social-Voting Funds and Accounts. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market- specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>**

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

1. There
are problematic audit-related practices;

<sup>8</sup> "Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

2. There
are problematic compensation practices or persistent pay for performance misalignment;

3. There
are problematic anti-takeover provisions;

4. There
have been material failures of governance, risk oversight, or fiduciary responsibilities;

5. The
board has failed to adequately respond to shareholder concerns;

6. The
board has demonstrated a lack of accountability to shareholders;

7. There
 is an ineffective board refreshment process<sup>9</sup>;

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1. Board
and committee independence;

2. Director
attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

3. Director
capacity to serve;

4. Board
composition.

**<u>Board Refreshment</u>**

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

● The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

● How the performance of individual directors and the board as a whole is assessed;

● The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

● Board refreshment mechanisms;

● Director recruitment policies and procedures; and

● The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

<sup>9</sup> As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

● Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

● Whether the portfolio company complies with market best practice with regards to refreshment mechanisms, including tenure limits; and

● Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>**

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>**

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>**

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

**<u>Anti-Takeover Provisions</u>**

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>**

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. Dimensional believes related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>**

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>**

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**<u>Director Remuneration</u>**

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**<u>Mergers & Acquisitions (M&A)</u>**

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**<u>Capitalization</u>**

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**<u>Unequal Voting Rights</u>**

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>**

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices),

the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Social-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing considerations, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

In addition, and subject to the foregoing, Dimensional will typically not support on behalf of Social-Voting Funds or Accounts proposals favoring access to abortion.

**<u>Virtual Meetings</u>**

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

● The ability to see and hear portfolio company representatives;

● The ability to ask questions of portfolio company representatives; and

● The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>**

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**Voting Guidelines for Environmental and Social Matters**

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues by paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if Dimensional believes that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

**Evaluating Disclosure of Material Environmental or Social Risks**

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

● A description of material risks.

● A description of the process for identifying and prioritizing such risks and how frequently it occurs.

● The policies and procedures governing the handling of each material risk.

● A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

● A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

● A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>**

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

● The board to adopt policies and procedures to oversee political and lobbying expenditures;

● The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

● That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

**<u>Human Capital Management</u>**

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>**

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified.

● The potential impact these risks could have on the portfolio company's business, operations, or strategy.

● Whether the risks are overseen by a specific committee or the full board.

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

● The management-level roles/groups responsible for managing these risks.

● The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International Sustainability Standard Board (ISSB), or Sustainability Accounting Standards Board (SASB) Standards, are not being used.

● Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>**

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose

information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● The specific risks identified

● The potential impact these risks could have on the portfolio company's business, operations, or strategy

● Whether the risks are overseen by a specific committee or the full board

● The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

● Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

● The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

● Details of violations of the policy and corrective action taken

**<u>Cybersecurity</u>**

Dimensional expects portfolio company boards to exercise oversight of cybersecurity issues that could pose a material risk to the business. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

● Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

● The role of management in implementing cybersecurity policies and procedures

● The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

● Material cybersecurity incidents and remedial actions taken.

**Evaluation Framework for U.S. Listed Companies**

**<u>Director Elections:</u>**

**<u>Uncontested Director Elections</u>**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and

manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

● The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

● Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>**

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>**

**<u>Age and Term Limits</u>**

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>**

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>**

**<u>Classified Boards</u>**

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>**

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>**

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt

supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>**

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>**

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>**

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>**

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>**

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>**

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>**

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>**

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>**

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

● Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

● Impose unduly burdensome disclosure requirements on shareholder proponents

● Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>**

**<u>Equity-Based Compensation</u>**

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>**

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>**

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

● multi-year guaranteed bonuses

● excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

● single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>**

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>**

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>**

**<u>Reincorporation</u>**

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>**

**<u>Increase Authorized Shares</u>**

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>**

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>**

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>**

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating environmental or social shareholder proposals, Dimensional will use research to consider whether the proposal addresses a material issue to the portfolio company, the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the portfolio company's compliance with regulatory requirements, and the potential cost to the portfolio company of implementing the proposal.

On behalf of Social-Voting Funds or Accounts, Dimensional will typically support, subject to the foregoing consideration, proposals for greater board accountability, improved policies and procedures, or increased disclosure on the following matters:

● Climate-related risks and greenhouse gas emissions

● Environmental impact

● Climate-related lobbying activities

● Financing of fossil fuel activities

● Workforce gender diversity

● Human rights risk

● Factory Farming

● Sale and distribution of tobacco products

In addition, and subject to the foregoing, Dimensional will typically not support on behalf of Social-Voting Funds or Accounts proposals favoring access to abortion.

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal can be excluded, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

**Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies**

**Continental Europe:**

**Director Election Guidelines**

● Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

● A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

● Executives should generally not serve on audit and remuneration committees.

● The CEO and board chair roles should generally be separate.

● Portfolio companies should comply with relevant listing rules, corporate governance codes, and market best practices with regards to board composition.

**Remuneration Guidelines**

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

● The amount paid to executives;

● Alignment between pay and performance;

● The targets used for variable incentive plans and the ex-post levels achieved; and

● The rationale for any discretion applied.

**Other Market Specific Guidelines for Continental Europe**

● In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**United Kingdom:**

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practice with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

**Ireland:**

Dimensional will consider the recommendations of the Balance for Better Business Review Group with regards to portfolio company board composition.

**South Africa:**

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**Framework for Evaluating Australia- and New-Zealand Listed Companies**

**Uncontested Director Elections**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the

diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**CEO/Chair**

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively.

**Auditors**

Neither Australian nor New Zealand law requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**Share Issuances**

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1 and NZX Listing Rule 4, respectively.

**Share Repurchase**

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**Constitution Amendments**

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**Non-Executive Director Remuneration**

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**Equity-Based Remuneration**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**Framework for Evaluating Japan-Listed Securities**

**Uncontested Director Elections**

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

**Statutory Auditors**

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**Director and Statutory Auditor Compensation**

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director

fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**Equity Based Compensation**

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**Capital Allocation**

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

**Share Repurchase**

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**Cross-Shareholding**

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**Shareholder Rights Plans (Poison Pills)**

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**Indemnification and Limitations on Liability**

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**Limit Legal Liability of External Auditors**

Dimensional generally opposes limitations on the liability of external auditors.

**Increase in Authorized Capital**

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**Expansion of Business Activities**

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**Framework for Evaluating Securities in Other Select Asian Markets**

**Uncontested Director Elections**

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service. Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

● All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

● Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

● Boards of directors of Thai, Filipino, Hong Kong and mainland Chinese portfolio companies should be at least 33% independent.

● Boards of directors of Taiwanese portfolio companies should have no fewer than two independent directors and no less than 20% independence.

● Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

● Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

**Director Remuneration**

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**Equity Based Remuneration**

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

**FEDERATED MDTA LLC**

**PROXY VOTING POLICY**

**Proxy Voting Policies**

As an investment Adviser with a fiduciary duty to the Fund and its shareholders, the general policy of Federated MDTA LLC is to cast proxy votes in favor of management proposals and shareholder proposals that the Sub-Adviser anticipates will enhance the long-term value of the securities being voted in a manner that is consistent with the investment objectives of the Fund. Generally, this will mean voting for proposals that the Sub-Adviser believes will improve the management of a company, increase the rights or preferences of the voted securities, or increase the chance that a premium offer would be made for the company or for the voted securities. This approach to voting proxy proposals will be referred to hereafter as the "General Policy."

The Sub-Adviser generally votes consistently on the same matter when securities of an issuer are held by multiple client portfolios. However, the Sub-Adviser may vote differently if a client's investment objectives differ from those of other clients or if a client explicitly instructs the Sub-Adviser to vote differently.

The following examples illustrate how the General Policy may apply to the most common management proposals and shareholder proposals. However, whether the Sub-Adviser supports or opposes a proposal will always depend on a thorough understanding of the Fund's investment objectives and the specific circumstances described in the proxy statement and other available information.

**Corporate Governance**

On matters related to the board of directors, generally, the Sub-Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) has not attended at least 75% of the board meetings during the previous year; (2) serves as the company's chief financial officer, unless the company is headquartered in the UK or Ireland where this is market practice; (3) has become "overboarded" (i.e., more than five public company boards for retired executives and more than two such boards for CEOs); (4) is a non-independent, non-executive director on the board of a U.S. domestic issuer where less than two-thirds of the directors are independent; (5) is a non-independent, non-executive director on the board of a foreign issuer where less than half of the directors are independent; (6) is a non-independent member of the audit committee; (7) is the chair of the nominating or governance committee when the roles of chair of the board and CEO are combined and there is no lead independent director; (8) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (9) served on a board that did not implement a shareholder proposal that the Sub-Adviser supported and received more than 50% shareholder support the previous year.

In addition, the Sub-Adviser will generally vote in favor of: (10) a full slate of directors, where the directors are elected as a group and not individually, unless more than half of the

nominees are not independent; (11) shareholder proposals to declassify the board of directors; (12) shareholder proposals to require a majority voting standard in the election of directors; (13) shareholder proposals to separate the roles of chair of the board and CEO; (14) a proposal to require a company's audit committee to be comprised entirely of independent directors; and (15) shareholder proposals to eliminate supermajority voting requirements in company bylaws.

On other matters of corporate governance, generally, the Sub-Adviser will vote: (1) in favor of proposals to grant shareholders the right to call a special meeting if owners of at least 10% of the outstanding stock agree; (2) on a case-by-case basis for shareholder proposals to grant shareholders the right to act by written consent when the company does not already grant shareholders the right to call a special meeting; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as "poison pills"); and (4) in favor of shareholder proposals calling for "Proxy Access," that is, a bylaw change allowing shareholders owning at least 3% of the outstanding common stock for at least three years to nominate candidates for election to the board of directors.

Notwithstanding the above, the Sub-Adviser may vote in a manner that diverges from the General Policy based on its evaluation of the specific facts and circumstances of the vote. For example, if a Federated Hermes investment professional has insights into a proxy voting issue as it relates to a specific portfolio company, the investment professional may determine to vote in a manner that contravenes the guidelines set out in the General Policy. The process for casting such votes will be overseen by the Proxy Voting Committee. See further the Proxy Voting Procedures below.

**Shareholder Proposals on Environmental and Social Issues**

The Sub-Adviser will vote shareholder proposals of an environmental or social nature on a case-by-case basis. The Sub-Adviser's general approach to analyzing these proposals calls for considering the language of the proposal, and whether it is overly prescriptive, the financial materiality of the proposal's objective and the practices followed by the company's industry peers. This analysis utilizes research reports from the Sub-Adviser's proxy service providers, company filings, as well as reports published by the company and other outside organizations.

**Environmental**

The Sub-Adviser will generally support proposals calling for enhanced reporting on the company's business practices, including policies, strategic initiatives and oversight mechanisms, related to environmental risks. To reach a final voting decision, the Sub-Adviser will take into consideration:

● The company's current level of publicly available disclosure;

● Whether the company has formally committed to implementation of a reporting program based on well-established, generally accepted frameworks;

● Whether the company's current level of disclosure is comparable to that of industry peers; and

● Whether there are significant controversies or litigation associated with the company's environmental performance.

**Social**

The Sub-Adviser will generally support resolutions in the social category when they call for measures to enhance disclosure that would enable investors to make high-quality risk assessments of the company's social issues, such as their human capital management practices. The Sub-Adviser will generally oppose proposals calling for a change in the company's product line or methods of distribution.

**Political Activities**

The Sub-Adviser will generally support enhanced disclosure of policies, practices and oversight of corporate political activity when the current level of disclosure falls short of disclosure provided by industry peers. The Sub-Adviser will oppose proposals prohibiting the company's participation in any part of the political process, such as making political contributions and joining trade associations.

**Capital Structure**

On matters of capital structure, generally, the Sub-Adviser will vote: (1) on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%; (2) against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes; (3) in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Some foreign issuers annually request shareholders to approve general share issuance authorities as a matter of routine business. On these matters, the Sub-Adviser will vote in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would unreasonably dilute existing shareholders.

**Executive Compensation**

Votes on executive compensation come in many forms, including, but not limited to: advisory votes on U.S. executive compensation plans ("Say On Pay"); advisory and binding votes on the design or implementation of non-U.S. executive remuneration plans; and votes to approve new equity plans or amendments to existing plans. Generally, the Sub-Adviser will support compensation arrangements that are believed to sufficiently align executive compensation outcomes with the company's long-term performance.

**Say On Pay**

The Sub-Adviser will generally vote in favor of these proposals unless the plan has failed to align executive compensation with corporate performance, or the design of the plan is likely to lead to misalignment in the future. We support the principle of an annual shareholder vote on executive pay and will generally vote accordingly on proposals which set the frequency of the Say On Pay vote.

**Remuneration Policy**

In some markets, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company's executive compensation plan on a forward-looking basis. The Sub-Adviser will generally support these proposals unless:

● The design of the remuneration policy fails to appropriately link executive compensation with corporate performance and shareholder value;

● Total compensation appears excessive relative to the company's industry peer group considering local market dynamics; or

● There is insufficient disclosure to enable an informed judgment, particularly as it relates to the disclosure of the maximum amounts of compensation that may be awarded.

**Remuneration Report**

Markets with remuneration policy proposals typically also feature proposals which request shareholders to approve the annual remuneration report. The remuneration report provides shareholders with details concerning the implementation in the previous year of the remuneration policy. The Sub-Adviser will generally support these proposals unless:

● Implementation decisions during the period in question are not appropriately aligned with corporate performance and shareholder value; or

● The level of disclosure is not sufficient to permit an evaluation of the company's pay practices in the period covered by the report.

**Equity Plans**

The Sub-Adviser will generally vote in favor of equity plan proposals unless they:

● Result in unreasonable dilution to existing shareholders;

● Permit replacement of "underwater" options with new options on more favorable terms for the recipient; or

● Omit the criteria for determining the granting or vesting of awards.

**M&A Activity**

On matters relating to corporate transactions, the Sub-Adviser will generally vote in favor of mergers, acquisitions, and sales of assets if the Sub-Adviser's analysis of the proposed business strategy and the transaction price would have a positive impact on the total return for shareholders.

**Contested Elections**

If a shareholders meeting is contested –that is, shareholders are presented with a set(s) of director candidates nominated by company management and a set of director candidates nominated by one or more dissident shareholder(s) –the Sub-Adviser will analyze the proposed business strategies of both groups and vote in a way that maximizes expected total return for the Fund.

**Cost/Benefit Analysis**

In addition, the Sub-Adviser will not vote any proxy if it determines that the consequences or costs of voting outweigh the potential benefit of voting. For example, if a foreign market requires shareholders voting proxies to retain the voted shares until the meeting date (thereby rendering the shares "illiquid" for some period), the Sub-Adviser will not vote proxies for such shares. In addition, the Sub-Adviser is not obligated to incur any expense to send a representative to a shareholder meeting or to translate proxy materials into English.

**Securities Lending Recall**

A Fund may elect to participate in their own securities lending arrangements, which would be facilitated by the investment Adviser for the Fund. To the extent that such securities are out on loan, the Sub-Adviser does not have the right to vote those securities. In general, the Sub-Adviser has no information about the securities that have been lent out pursuant to the Fund's securities lending program and that are therefore unavailable to be voted. Accordingly, the proxies for those securities that are out on loan may not be voted by the Sub-Adviser.

**Issuer Feedback**

The Sub-Adviser will consider feedback from issuers on the voting recommendations of the Sub-Adviser's proxy service provider(s) if the feedback is provided at least five days before the voting cut-off date.

**Best Efforts**

If proxies are not delivered in a timely or otherwise appropriate basis, the Sub-Adviser may not be able to vote a particular proxy.

For a Sub-Adviser that employs a quantitative investment strategy for certain funds or accounts that does not make use of qualitative research ("Non-Qualitative Accounts"), the Sub-Adviser may not have the kind of research to make decisions about how to vote proxies for them. Therefore, the Sub-Adviser will vote the proxies of these Non-Qualitative Accounts as follows: (a) in accordance with the Standard Voting Instructions (defined below); (b) if the Sub-Adviser is casting votes for the same proxy on behalf of a regular qualitative account and a Non-Qualitative Account, the Non-Qualitative Account would vote in the same manner as the regular qualitative account; (c) if neither of the first two conditions apply, as the proxy service provider is recommending; and (d) if none of the previous conditions apply, as recommended by the Proxy Voting Committee.

**Proxy Voting Procedures**

The Sub-Adviser has established a Proxy Voting Committee ("Proxy Committee"), to exercise all voting discretion granted to the Sub-Adviser by the Board in accordance with the proxy voting policies. To assist it in carrying out the day-to-day operations related to proxy voting, the Proxy Committee has created the Proxy Voting Management Group (PVMG). The day-to-day operations related to proxy voting are carried out by the Proxy Voting Team (PVT) and overseen by the PVMG. The PVT comprises a team of professionals who specialize in proxy

voting and corporate governance best practices. In addition to managing the operational aspects of proxy vote execution, the PVT's responsibilities include: engaging with investee companies on proxy voting and corporate governance matters; managing the relationship with, and monitoring the effectiveness of, Federated Hermes' proxy service providers, and reporting on these to the PVMG and the Proxy Committee; providing input on specific case-by-case vote decisions made by the Sub-Adviser's investment professionals; facilitating the proxy voting process, including by presenting the proxy voting decisions made by the Sub-Adviser's investment professionals to the Proxy Committee; preparing proxy voting data for filing on Form N-PX with the U.S. Securities and Exchange Commission; providing proxy voting reports to clients and investment companies as they are requested from time to time; and, keeping the Proxy Committee informed of any emerging or developing issues related to corporate governance and proxy voting to guide future policy development.

The Sub-Adviser has compiled a list of specific voting instructions based on the General Policy (the "Standard Voting Instructions"). The Standard Voting Instructions and any modifications to them are approved by the Proxy Committee. The Standard Voting Instructions may call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee. The foregoing notwithstanding, the Proxy Committee always has the authority to determine a final voting decision.

The Sub-Adviser has hired a proxy voting service provider ("proxy voting service") to perform various proxy voting related administrative services such as ballot reconciliation, vote processing, and recordkeeping functions. The Proxy Committee has supplied the proxy service provider with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. If the Standard Voting Instructions require case-by-case handling for a proposal, the PVT will work with the investment professionals and the proxy service provider to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy service provider. Further, if the Standard Voting Instructions require the PVT to analyze a ballot question and make the final voting decision, the PVT will report such votes to the Proxy Committee on a quarterly basis for review.

**Conflicts of Interest**

The Sub-Adviser has adopted procedures to address situations where a matter on which a proxy is sought may present a potential conflict between the interests of the Fund (and its shareholders) and those of the Sub-Adviser or Distributor. This may occur where a significant business relationship exists between the Sub-Adviser (or its affiliates) and a company involved with a proxy vote.

A company that is a proponent, opponent, or the subject of a proxy vote, and which to the knowledge of the Proxy Committee has this type of significant business relationship, is referred to below as an "Interested Company."

The Sub-Adviser has implemented the following procedures to avoid concerns that the conflicting interests of the Sub-Adviser or its affiliates have influenced proxy votes. Any

employee of the Sub-Adviser or its affiliates who is contacted by an Interested Company regarding proxies to be voted by the Sub-Adviser must refer the Interested Company to a member of the Proxy Committee and must inform the Interested Company that the Proxy Committee has exclusive authority to determine how the proxy will be voted. Any Proxy Committee member contacted by an Interested Company must report it to the full Proxy Committee and provide a written summary of the communication. This requirement includes engagement meetings with investee companies and does not include communications with proxy solicitation firms. Under no circumstances will the Proxy Committee or any member of the Proxy Committee make a commitment to an Interested Company regarding the voting of proxies or disclose to an Interested Company how the Proxy Committee has directed such proxies to be voted. If the Standard Voting Instructions already provide specific direction on the proposal in question, the Proxy Committee shall not alter or amend such directions. If the Standard Voting Instructions require the Proxy Committee to provide further direction, the Proxy Committee shall do so in accordance with the proxy voting policies, without regard for the interests of the Sub-Adviser with respect to the Interested Company. If the Proxy Committee provides any direction as to the voting of proxies relating to a proposal affecting an Interested Company, it must disclose annually to the Fund's Board information regarding: the significant business relationship; any material communication with the Interested Company; the matter(s) voted on; and how, and why, the Sub-Adviser voted as it did. In certain circumstances it may be appropriate for the Sub-Adviser to vote in the same proportion as all other shareholders, as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as "proportional voting." If the Fund owns shares of another Federated Hermes mutual fund, generally the Sub-Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the Fund owns shares of an unaffiliated mutual fund, the Sub-Adviser may proportionally vote the Fund's proxies for that fund depending on the size of the position. If the Fund owns shares of an unaffiliated exchange-traded fund, the Sub-Adviser will proportionally vote the Fund's proxies for that fund.

**Downstream Affiliates**

If the Proxy Committee gives further direction, or seeks to vote contrary to the Standard Voting Instructions, for a proxy relating to a portfolio company in which the Fund owns more than 10% of the portfolio company's outstanding voting securities at the time of the vote ("Downstream Affiliate"), the Proxy Committee must first receive guidance from counsel to the Proxy Committee as to whether any relationship between the Sub-Adviser and the portfolio company, other than such ownership of the portfolio company's securities, gives rise to an actual conflict of interest. If counsel determines that an actual conflict exists, the Proxy Committee must address any such conflict with the executive committee of the board of directors or trustees of any investment company client prior to taking any action on the proxy at issue.

**Proxy Advisors' Conflicts of Interest**

Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a significant vendor for a proxy advisory firm may be a public company with an upcoming shareholders' meeting, and the proxy advisory firm has published a research report which includes voting recommendations. In

another example, a proxy advisory firm consulting client may be a public company on which the proxy advisory firm will write a research report, with voting recommendations, for its institutional clients. These and similar situations give rise to an actual or apparent conflict of interest.

To mitigate concerns that the conflicting interests of proxy advisory firms have influenced their proxy voting recommendations, the Sub-Adviser will take the following steps:

● A due diligence team made up of employees of the Sub-Adviser and/or its affiliates will meet with its primary proxy advisor on an annual basis and determine through a review of their policies and procedures and through inquiry that they have established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by their various conflicts of interest.

● If a proxy advisory firm provides material consulting services to corporate issuers, the PVT will annually review a sample of the proxy advisor's research reports on those issuers which are consulting clients to assess potential bias in its voting recommendations. If evidence of bias is found, the results of the examination will be presented to the Proxy Voting Management Group and a decision would be made as to the further use of that advisory firm's research reports.

● Whenever the standard voting guidelines call for voting a proposal in accordance with a proxy advisory firm's recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVT will take the following steps: (a) the PVT will obtain a copy of the research report published by an alternative proxy advisory firm for that issuer; and (b) the Director of Proxy Voting, or their designee, will review both proxy advisory firm research reports and determine what vote will be cast. The PVT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVT may seek direction from the Committee on how the proposal shall be voted.

**Proxy Voting Report**

A report on "Form N-PX" of how the Fund voted any proxies during the most recent 12-month period ended June 30 is available via the SEC's website at www.sec.gov.

**FRONTIER CAPITAL MANAGEMENT COMPANY, LLC PROXY VOTING STATEMENT AND GUIDELINES DECEMBER 2025**

As an investment adviser and fiduciary of client assets, Frontier utilizes proxy voting policies and procedures intended to pursue its clients' best interest by protecting the value of clients' investments. Frontier recognizes that proxies have an economic value. In voting proxies, we seek to both maximize the long-term value of our clients' assets and to cast votes that we believe to be fair and in the best interest of the affected client(s). Proxies are considered client assets and are managed with the same care, skill and diligence as all other client assets. These written proxy policies and procedures are designed to reasonably ensure that Frontier votes proxies in the best interest of clients for whom Frontier has voting authority.

Frontier's authority to vote proxies does not extend to taking any legal action with regard to class action suits relating to securities purchased by Frontier for its clients. Frontier provides instructions to custodians and brokers regarding tender offers and rights offerings for securities in client accounts. However, Frontier does not provide legal advice to clients and, accordingly, does not determine whether a client should join, opt out of or otherwise submit a claim with respect to any legal proceedings, including bankruptcies or class actions, involving securities held or previously held by the client. Frontier generally does not have authority to submit claims or elections on behalf of clients in legal proceedings. Should a client, however, wish to retain legal counsel and/or take action regarding any class action suit proceeding, Frontier will provide the client or the client's legal counsel with information that may be needed upon the client's reasonable request.

**Arrangements with Outside Firms**

Frontier has contracted with a third-party vendor (the "proxy vendor") to provide vote recommendations according to a set of pre-determined proxy voting policy guidelines. Frontier has also contracted with the proxy vendor to act as agent for the proxy voting process and to maintain records on proxy voting for our clients. The vendor has represented to Frontier that it uses its best efforts to ensure that its proxy voting recommendations are in accordance with these policies as well as relevant requirements of the ERISA and the U.S. Department of Labor's interpretations thereof.

There may be occasional circumstances in which Frontier exercises its voting discretion to deviate from the proxy vendor's recommendation. Frontier's action in these cases is described in the Conflicts of Interest section of these policies and procedures.

**Proxy Voting Committee**

Frontier has a Proxy Voting Committee (the "Committee") that is responsible for deciding what is in the best interest of clients when determining how proxies are voted. The Committee is comprised of the Chief Compliance Officer ("CCO"), the Operations Manager, and one or more Portfolio Managers. The Committee performs the following tasks in satisfying its responsibility:

● Reviews annually, and revises as necessary, this Proxy Voting Statement and Guidelines (the "Proxy Statement");

● Reviews annually all proxy votes taken to determine if those votes were consistent with the Proxy Statement, including any votes where Frontier determined it had a material conflict of interest;

● Reviews annually the proxy vendor's proxy voting policies to determine that they continue to be consistent with the Proxy Statement and reasonably designed to be in the best interests of Frontier's clients; and

● Reviews and approves as necessary any changes to the proxy vendor's proxy voting policies.

**Determination and Execution of Discretionary Authority**

Except where the contract is silent, each client will designate in its investment management contract whether it would like to retain proxy voting authority or delegate that authority to Frontier. If a client contract is silent on whether the client delegates proxy voting authority to Frontier, Frontier will be implied to have proxy voting authority.

Frontier will not neglect its proxy voting responsibilities, but Frontier may abstain from voting if it deems that abstaining is in its Clients' best interests. For example, Frontier may be unable to vote securities that have been lent by the custodian or may choose not to vote where doing so would prevent transacting in those securities for a certain period of time (referred to as "share blocking").

**Proxy Voting Process**

Frontier's Operations team ("Operations") manages the proxy voting process. The proxy vendor provides an online portal that shows all ballots received, together with the company's voting recommendation and the proxy vendor's voting recommendation. Operations distributes this information, as well as any additional proxy soliciting materials (such as a company's response to the proxy vendor's recommendation) received by Frontier at least three days prior to the voting date, to an investment professional for deliberation. Prior to the voting date, Operations submits Frontier's vote via the online portal, a record of which is maintained by the proxy vendor.

Investment professionals determine how Frontier votes client proxies. Absent specific client instructions, or in the event that no determination is made by the investment professional, Frontier generally votes client proxies according to recommendations made by the proxy vendor. Investment professionals wishing to deviate from these recommendations must provide the CCO with a written explanation of the reason for the deviation, and the CCO will consider potential conflicts of interest as described in greater detail below.

Any attempt to influence the proxy voting process by Issuers or others not identified in these policies and procedures must also be promptly reported to the CCO. Similarly, any Client's attempt to influence proxy voting with respect to other Clients' securities should be promptly reported to the CCO.

**Voting Proxies for Loaned Securities**

Neither Frontier nor the proxy vendor are able to vote proxies for securities loaned out by a Client. In the event that Frontier is aware of a material vote on behalf of a Client that is a registered investment

company and Frontier has the ability to call back the security loaned, Frontier may attempt to call back to the loan and vote the proxy if time permits.

**Conflicts of Interest**

As noted, Frontier has adopted the proxy vendor's proxy voting guidelines. The adoption of these proxy voting guidelines provides pre-determined policies for voting proxies and is thus designed to remove conflicts of interest. Examples of such conflicts are when we vote a proxy solicited by an issuer who is a client of ours or with whom we have another business or personal relationship that may affect how we vote on the issuer's proxy. The intent of this policy is to remove any discretion that Frontier may have to interpret how to vote proxies in cases where Frontier has a material conflict of interest or the appearance of a material conflict of interest.

Although under normal circumstances Frontier is not expected to deviate from the proxy vendor's recommendation, the CCO will monitor any situation where Frontier wishes to do so. In these situations, the CCO will consider whether Frontier has a material conflict of interest. If the CCO determines that a material conflict exists, Frontier will vote the proxy using either of the following two methods: (a) we will follow the recommendations of the proxy vendor; or (b) we will not take into consideration the relationship that gave rise to the conflict and will vote the proxy in the best interest of our clients. If the CCO determines that a material conflict does not exist, then we may vote the proxy in our discretion. The Committee reviews annually all votes cast where Frontier determined it had a material conflict of interest.

**Proxy Vendor Oversight**

**Changes to Proxy Vendor Proxy Voting Policies and Guidelines**

The proxy vendor notifies Frontier of any material changes to its proxy voting polices and guidelines. On an annual basis, the proxy vendor distributes its updated guidelines to Frontier.

**New Account Setup**

As part of the account setup process, Client Services will review a new investment advisory agreement to determine if Frontier has voting authority. If voting authority has been granted, Operations will provide the proxy vendor with the required instructions to set up the new account. On the following business day, Operations will review the proxy vendor's systems to confirm the account was setup in accordance with Frontier's instructions.

**Account Reconciliations**

On a periodic basis, the proxy vendor will provide Frontier with a list of Frontier clients for which the proxy vendor is voting. This is designed to ensure that the proxy vendor is voting for all clients for whom Frontier retains voting authority. In that regard, Frontier will conduct a periodic reconciliation between its records and the proxy vendor's records.

**Initial and Periodic Due Diligence of Proxy Vendors**

When considering whether to retain or continue retaining Frontier's proxy vendor to provide research or voting recommendations, Frontier will consider factors such as the following:

● The proxy vendor's capacity and competency to adequately analyze the matters for which the investment adviser is responsible for voting;

● The adequacy and quality of the proxy vendor's personnel, processes, and technology;

● The adequacy of the proxy vendor's process for seeking timely input from issuers and proxy vendor clients with respect to proxy voting policies, methodologies, and peer group constructions, including for "say-on-pay" votes;

● The proxy vendor's engagement with issuers, including the firm's process for ensuring that it has complete and accurate information about the issuer and each particular matter, and the firm's process, if any, for investment advisers to access the issuer's views about the firm's voting recommendations in a timely and efficient manner

● The adequacy of the proxy vendor's disclosures regarding its sources of information and methodologies for formulating voting recommendations and, in making such recommendations;

● The proxy vendor's consideration of factors unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote.

● The proxy vendor's policies and procedures for identifying and addressing conflicts of interest;

● The proxy vendor to update the investment adviser regarding business changes that may affect the proxy vendor's capacity and competency to provide independent proxy voting advice or carry out voting instructions;

● Whether the proxy vendor appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis, including in response to feedback from issuers and their shareholders; and

● The proxy voting vendor's policies and procedures to keep confidential Frontier's non-public information, including Frontier's intention to proxy votes.

**Votes Cast Other than According to the Proxy Vendor's Pre-Determined Policies**

Frontier's CCO, who is also the General Counsel, will periodically confirm that all documentation regarding any decisions to vote other than according to the proxy vendor's pre-determined policies is accurate and complete.

**Client Disclosure**

Frontier includes a description of its policies and procedures regarding proxy voting and class actions in Part 2 of Form ADV, along with a statement that Clients can contact Frontier at 617-261-0777 to obtain a copy of these policies and procedures and information about how Frontier voted with respect to the Client's securities. Any request for information about proxy voting or class actions should be promptly forwarded to the CCO, who will respond to any such requests.

Upon a client's request, the proxy agent will provide Frontier with the following information:

● the name of the issuer of the portfolio security

● the ticker symbol of the security

● the CUSIP of the security

● the shareholder meeting date

● a description of the matter voted on

● whether the matter was proposed by the issuer or by a security holder

● whether the account voted on the matter

● how each proxy proposal was voted (e.g., for or against the proposal, abstain; for or withhold authority regarding election of directors)

● whether the vote that was cast was for or against management's recommendation

As a matter of policy, Frontier does not disclose to companies or clients how it expects to vote on upcoming proxies. Additionally, Frontier does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

**Recordkeeping**

Frontier will maintain in an easily accessible place for a period of six years, the first two years in an appropriate Frontier office, the following documents (except documents maintained on Frontier's behalf by the proxy agent as specifically noted below):

● Frontier's proxy voting policies and procedures and the proxy voting guidelines;

● proxy statements received regarding client securities, which Frontier may satisfy by relying on the proxy agent, on Frontier's behalf, to retain a copy of each proxy statement;

● records of votes cast on behalf of its clients, which Frontier may satisfy by relying on the proxy agent to retain, on Frontier's behalf, a record of the vote cast;

● a copy of each written client request for information on how Frontier voted proxies on behalf of the client, and a copy of any written response by Frontier to any written or oral client request for information on how Frontier voted proxies on behalf of the requesting client.

Frontier retains the following information in connection with each proxy vote:

● the Issuer's name;

● the security's ticker symbol or CUSIP, as applicable;

● the shareholder meeting date;

● the number of shares that the Company cast or instructed to be cast;

● the number of shares loaned and not recalled (if subject to Form N-PX);

● a brief identification of the matter voted on;

● whether the matter was proposed by the Issuer or a security-holder; and

● how the Company cast its vote (for, against, or abstain)

**Brandywine Global Investment Management, LLC Proxy Voting**

**Responsibility to Vote Proxies**

As an investment adviser, Brandywine Global owes its clients a duty of care and loyalty with respect to services undertaken on their behalf, including proxy voting. Rule 206(4)-6 under the Investment Advisers Act of 1940 requires an investment adviser who exercises voting authority with respect to client securities to adopt and implement written policies and procedures that are reasonably designed to ensure that the investment adviser votes proxies in the best interest of its clients.

**Client Accounts for which Brandywine Global Votes Proxies**

Brandywine Global votes proxies for each client account for which the client has specifically delegated to Brandywine Global the power to vote proxies in the applicable investment management agreement or other written document, or in instances where the client has assigned Brandywine Global investment discretion over their account. Brandywine Global also votes proxies for any employee benefit plan client subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), unless the applicable investment management agreement specifically reserves the responsibility for voting proxies to the plan trustees or other named fiduciary.

At or prior to the inception of each client account, Brandywine Global will determine whether it has proxy voting authority over such account. In instances where the client has retained proxy voting responsibility, Brandywine Global will have no involvement in the proxy voting process for that client.

**General Principles**

In exercising discretion to vote proxies for securities held in client accounts, Brandywine Global is guided by general fiduciary principles. Brandywine Global's goal in voting proxies is to act prudently and solely in the best economic interest of its clients. In furtherance of such goal, Brandywine Global will vote proxies in a manner that Brandywine Global believes will be consistent with efforts to maximize shareholder value and to protect shareholder interests.

Brandywine Global does not exercise its proxy voting discretion to further policy, political or other issues that have no connection to enhancing the economic value of a client's investment. As part of its fiduciary duty, Brandywine Global does consider environmental, social, and governance issues that may impact the value of an investment, through introducing opportunity or by creating risk, or both.

**How Brandywine Global Votes Proxies**

Appendix A sets forth general guidelines considered by Brandywine Global in voting common proxy items.

In the case of a proxy issue for which there is a stated position set forth in Appendix A, Brandywine Global generally votes in accordance with the stated position. In the case of a proxy issue for which there is no stated position set forth in Appendix A, Brandywine Global votes on a case-by-case basis in accordance with the General Principles.

The general guidelines set forth in Appendix A are not binding on Brandywine Global, but rather are intended to provide an analytical framework for the review and assessment of common proxy issues. Such guidelines can always be superseded based on an assessment of the proxy issue and determination that a vote that is contrary to such general guidelines is in the best economic interests of client accounts. Different portfolio management teams within Brandywine Global may vote differently on the same issue based on their respective assessments of the proxy issue and determinations as to what is in the best economic interests of client accounts for which they are responsible.

**Use of an Independent Proxy Service Firm**

Brandywine Global may contract with an independent proxy service firm to provide Brandywine Global with certain services, including but not limited to, information or recommendations with regard to proxy votes or other administrative support.

Brandywine Global is not required to follow any recommendation furnished by such service provider. The use of an independent proxy service firm to provide proxy voting information or recommendations does not relieve Brandywine Global of its responsibility for any proxy votes.

With respect to any independent proxy service firm engaged by Brandywine Global to provide Brandywine Global with information or recommendations with regard to proxy votes, Brandywine Global will periodically review and assess such firm's policies, procedures and practices including those with respect to the disclosure and handling of conflicts of interest.

**Conflict of Interest Procedures**

In furtherance of Brandywine Global's goal to vote proxies in the best interests of clients, Brandywine Global follows procedures designed to identify and address material conflicts that may arise between the interests of Brandywine Global and its employees and those of its clients before voting proxies on behalf of such clients. Conflicts of interest may arise as a result of the firm's business or as a result of an employee's personal relationships or circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp; Procedures for Identifying Conflicts of Interest**

Brandywine Global relies on the procedures set forth below to seek to identify conflicts of interest with respect to proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Global's Compliance Department annually requires each Brandywine Global employee to complete a questionnaire designed to elicit information that may reveal potential conflicts between the employee's interests and those of Brandywine Global clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Global treats client relationships as creating a material conflict of interest for Brandywine Global in voting proxies with respect to securities issued by such client or its known affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; As a general matter, Brandywine Global takes the position that relationships between a non-Brandywine Global Franklin Resources business unit and an issuer (*e.g.*, investment management relationship between an issuer and a non-Brandywine Global Franklin Resources-owned asset manager) do not present a conflict of interest for Brandywine Global in voting proxies with respect to such issuer because Brandywine Global operates as an independent business unit from other Franklin Resources business units and because of the existence of informational barriers between Brandywine Global and certain other Franklin Resources business units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp; Procedures for Assessing Materiality of Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; All potential conflicts of interest identified must be brought to the attention of the Investment Committee for resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; The Investment Committee determines whether a conflict of interest is material. A conflict of interest will be considered material to the extent that it is determined that such conflict is likely to influence, or appear to influence, Brandywine Global's decision-making in voting the proxy. All materiality determinations will be based on an assessment of the particular facts and circumstances. A written record of all materiality determinations made by the Investment Committee will be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; If it is determined by the Investment Committee that a conflict of interest is not material, Brandywine Global may vote proxies following normal processes notwithstanding the existence of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp; Procedures for Addressing Material Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; With the exception of those material conflicts identified in A.2. which will be voted in accordance with paragraph C.1.b. below, if it is determined by the Investment Committee that a conflict of interest is material, the Investment Committee will determine an appropriate method or combination of methods to resolve such conflict of interest before the proxy affected by the conflict of interest is voted by Brandywine Global. Such determination will be based on the particular facts and circumstances, including the importance of the proxy issue, the nature of the conflict of interest, etc. Such methods may include:

&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. confirming
 that the proxy will be voted in accordance with the recommendations of an independent proxy
 service firm retained by Brandywine Global;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in
 the case of a conflict of interest resulting from a particular employee's personal
 relationships or circumstances, removing such employee from the decision-making process with
 respect to such proxy vote; or

&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. such
 other method as is deemed appropriate given the particular facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; A written record of the method used to resolve a material conflict of interest will be maintained.

**Other Considerations**

In certain situations, Brandywine Global may decide not to vote proxies on behalf of a client account for which it has discretionary voting authority because Brandywine Global believes that the expected benefit to the client account of voting shares is outweighed by countervailing considerations (excluding the existence of a potential conflict of interest). Examples of situations in which Brandywine Global may determine not to vote proxies are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp; Share Blocking**

Proxy voting in certain countries requires "share blocking." This means that shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (e.g. one week) with a designated depositary. During the blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares have been returned to client accounts by the designated depositary. In deciding whether to vote shares subject to share blocking, Brandywine Global may consider and weigh, based on the particular facts and circumstances, the expected benefit to client accounts of voting in relation to the potential detriment to clients of not being able to sell such shares during the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp; Securities on Loan**

Certain clients of Brandywine Global, such as an institutional client or a registered investment company for which Brandywine Global acts as a sub-adviser, may engage in securities lending with respect to the securities in their accounts. Brandywine Global typically does not direct or oversee such securities lending activities. To the extent feasible and practical under the circumstances, Brandywine Global may request that the client recall shares that are on loan so that such shares can be voted if Brandywine Global believes that the expected

benefit to the client of voting such shares outweighs the detriment to the client of recalling such shares (*e.g.*, foregone income). The ability to timely recall shares for proxy voting purposes typically is not entirely within the control of Brandywine Global and requires the cooperation of the client and its other service providers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates and administrative considerations.

**Proxy Voting-Related Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp; Proxy Voting Independence and Intent**

Brandywine Global exercises its proxy voting authority independently of other Franklin Resources-owned asset managers. Brandywine Global and its employees will not consult with or enter into any formal or informal agreements with Brandywine Global's ultimate parent, Franklin Resources, Inc., any other Franklin Resources business unit, or any of their respective officers, directors or employees, regarding the voting of any securities by Brandywine Global on behalf of its clients.

Brandywine Global and its employees may not disclose to any person outside of Brandywine Global, including without limitation another investment management firm (affiliated or unaffiliated) how Brandywine Global intends to vote a proxy without prior approval from Brandywine Global's Chief Compliance Officer. Prior approval is not required in instances where Brandywine Global discloses directly to representatives of an issuer how Brandywine Global intends to vote a proxy so long as the disclosure is made solely to representatives of the issuer and Brandywine Global believes that the disclosure is in the best interests of its clients.

If a Brandywine Global employee receives a request to disclose Brandywine Global's proxy voting intentions to another person outside of Brandywine Global (including an employee of another Franklin Resources business unit) in connection with an upcoming proxy voting matter, the employee should immediately notify Brandywine Global's Chief Compliance Officer.

If a Brandywine Global portfolio manager wants to take a public stance with regards to a proxy, the portfolio manager must consult with and obtain the approval of Brandywine Global's Chief Compliance Officer before making or issuing a public statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Votes and Policy and Procedures**

Upon Brandywine Global's receipt of any oral or written client request for information on how Brandywine Global voted proxies for that client's account, Brandywine Global will promptly provide the client with such requested information in writing.

Brandywine Global will deliver to each client, for which it has proxy voting authority, no later than the time it accepts such authority, a written summary of this Proxy Voting policy and procedures. This summary must include information on how clients may obtain information about how Brandywine Global has voted proxies for their accounts and must also state that a copy of Brandywine Global's Proxy Voting policy and procedures is available upon request.

Brandywine Global must create and maintain a record of each written client request for proxy voting information. Such record must be created promptly after receipt of the request and must include the date the request was received, the content of the request, and the date of Brandywine Global's response. Brandywine Global must also maintain copies of written client requests and copies of all responses to such requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp; Delegation of Duties**

Brandywine Global may delegate to non-investment personnel the responsibility to vote proxies in accordance with the guidelines set forth in Appendix A. Such delegation of duties will only be made to employees deemed to be reasonably capable of performing this function in a satisfactory manner.

**Proxy Engagement and Certain Non-Proxy Voting Matters**

Brandywine Global may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders regarding certain matters on a company's proxy statement from time to time, if and to the extent that Brandywine Global determines that doing so is consistent with law and applicable general fiduciary principles. A company or shareholder may also seek to engage with Brandywine Global in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain proposals.

Absent a specific contrary written agreement with a client or other legal obligation, Brandywine Global does not (1) render any advice to, or take any action on behalf of, clients with respect to any legal proceedings, including bankruptcies and shareholder litigation, to which any securities or other investments held in client accounts, or the issuers thereof, become subject, or (2) initiate or pursue legal proceedings, including without limitation shareholder litigation, on behalf of clients with respect to transactions or securities or other investments held in client accounts, or the issuers thereof. Except as otherwise agreed to in writing with a particular client, the right to take any action with respect to any legal proceeding, including without limitation bankruptcies

and shareholder litigation, and the right to initiate or pursue any legal proceedings, including without limitation shareholder litigation, with respect to transactions or securities or other investments held in a client account is expressly reserved to the client.

**Recordkeeping**

In addition to all other records required by this Policy and Procedures, Brandywine Global will maintain the following records relating to proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;A. a
 copy of this Policy and Procedures, including any and all amendments that may be adopted;

&nbsp;&nbsp;&nbsp;&nbsp;B. a
 copy of each proxy statement that Brandywine Global receives regarding client securities;

&nbsp;&nbsp;&nbsp;&nbsp;C. a
 record of each vote cast by Brandywine Global on behalf of a client;

&nbsp;&nbsp;&nbsp;&nbsp;D. documentation
 relating to the identification and resolution of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;E. any

 memorialized the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;F. a
 copy of each written client request for information on how Brandywine Global voted proxies
 on behalf of the client, and a copy of any written response by Brandywine Global to any (written
 or oral) client request for information on how Brandywine Global voted proxies on behalf
 of the requesting client; and

&nbsp;&nbsp;&nbsp;&nbsp;G. records
 showing whether or not Brandywine Global has proxy voting authority for each client account.

All required records will be maintained and preserved in an easily accessible place for a period of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years in an appropriate office of Brandywine Global. Brandywine Global also will maintain a copy of any proxy voting policies and procedures that were in effect at any time within the last five years.

To the extent that Brandywine Global is authorized to vote proxies for a United States registered investment company, Brandywine Global will maintain such records as are necessary to allow such fund to comply with its recordkeeping, reporting and disclosure obligations under applicable laws, rules and regulations.

In lieu of keeping copies of proxy statements, Brandywine Global may rely on proxy statements filed on the EDGAR system as well as on third party records of proxy statements if the third party provides an undertaking to provide copies of such proxy statements promptly upon request. Brandywine Global may rely on a third party to make and retain, on Brandywine Global's behalf, records of votes cast by Brandywine Global on behalf of clients if the third party provides an undertaking to provide a copy of such records promptly upon request.

**Appendix A <u>Proxy Voting Guidelines</u>**

Below are proxy voting guidelines that Brandywine Global generally follows when voting proxies for securities held in client accounts. One or more portfolio management teams may decide to deviate from these guidelines with respect to any one or more particular proxy votes, subject in all cases to the duty to act solely in the best interest of client accounts holding the applicable security.

I.&nbsp;&nbsp;&nbsp;&nbsp; Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. We
 vote for non-employee director stock options, unless we consider the number of shares available
 for issue excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We
 vote for employee stock purchase programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. We
 vote for compensation plans that are tied to the company achieving set profitability hurdles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. We
 vote against attempts to re-price options. Also, we vote against the re-election of incumbent
 Directors in the event of such a re-pricing proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. We
 vote against attempts to increase incentive stock options available if they are excessive,
 either in total or for one individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. We
 vote against stock option plans allowing for stock options with exercise prices less than
 100% of the stock's price at the time of the option grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. We
 vote for measures that give shareholders a vote on executive compensation.

II.&nbsp;&nbsp;&nbsp;&nbsp; Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. We
 vote for proposals to separate the Chief Executive Officer and Chairman of the Board positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We
 vote against "catch-all" authorizations permitting proxy holders to conduct unspecified
 business that arises during shareholder meetings.

III.&nbsp;&nbsp;&nbsp;&nbsp; Anti-Takeover

We vote against anti-takeover measures, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Staggered
 Boards of Directors (for example, where 1/3 of a company's Board is elected each year
 rather than the entire Board each year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Super-Majority
 Voting Measures (for example, requiring a greater than 50% vote to approve takeovers or make
 certain changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Poison
 Pills, which are special stock rights that go into effect upon a takeover offer or an outsider
 acquiring more than a specified percentage of a company's outstanding shares.

IV.&nbsp;&nbsp;&nbsp;&nbsp; Capital Structure

We vote against attempts to increase authorized shares by more than twice the number of outstanding shares unless there is a specific purpose for such increase given, such as a pending stock split or a corporate purchase using shares, and we determine that increasing authorized shares for such purpose is appropriate.

February 2024

**Northern Lights Fund Trust II**

**PART C**

**OTHER INFORMATION**

ITEM 28. <u>EXHIBITS.</u>

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| | |
|:---|:---|
| (a)(1) | [Agreement and Declaration of Trust dated August 26, 2010.<sup>3</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047211000958/nlftiideclarationoftrust0826.htm) |
| (a)(2) | [Amended Agreement and Declaration of Trust effective May 23, 2019](https://www.sec.gov/Archives/edgar/data/1518042/000158064226002065/ex99a_2.htm) <sup>286</sup> |
| (a)(3) | [Certificate of Trust as filed with the State of Delaware on August 26, 2010.<sup>3</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047211000958/certificateoftrustnlftii.htm) |
| (b) | [By-Laws, effective as of August 26, 2010. <sup>3</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047211000958/nlftiibylaws.htm) |
| (c) | Instruments Defining Rights of Security Holders. See Article III, "Shares" and Article V "Shareholders' Voting Powers and Meetings" of the Registrant's Agreement and Declaration of Trust. See also, Article II, "Meetings of Shareholders" of the Registrant's By-Laws. |
| (d)(1) | [Investment Advisory Agreement between the Registrant and North Star Investment Management Corp., with respect to the North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99d1.htm). <sup>247</sup> |
| (d)(2) | [Investment Advisory Agreement between the Registrant and Kovitz Investment Group Partners, LLC, on behalf of the Al Frank Fund.<sup>180</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064218006103/ex99d.htm) |
| (d)(3) | [Investment Advisory Agreement between the Registrant and Longboard Asset Management, LP on behalf of the Longboard Managed Futures Strategy Fund and Longboard Alternative Growth Fund.<sup>177</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064218004648/ex99d.htm) |
| (d)(4) | [Investment Advisory Agreement between the Registrant and KKM Financial, LLC on behalf of the Essential 40 Stock ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224007808/ex-d4.htm). <sup>268</sup> |
| (d)(5) | [Investment Advisory Agreement between the Registrant and Innealta Capital, LLC on behalf of the Dynamic International Opportunity Fund, Dynamic U.S. Opportunity Fund, Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund.<sup>199</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064220000825/ex99d12.htm) |
| (d)(6) | [Investment Advisory Agreement between the Registrant and Invenomic Capital Management, LP on behalf of the Invenomic Fund. <sup>193</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064219003353/ex99d16.htm) |
| (d)(7) | [Investment Sub-Advisory Agreement between LifeGoal Investments, LLC and Penserra Capital Management, LLC with respect to LifeGoal Conservative Wealth Builder ETF, LifeGoal Home Down Payment Investment ETF, and LifeGoal Wealth Builder ETF. <sup>223</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064221003651/ex99_d13.htm) |
| (d)(8) | [Investment Advisory Agreement between the Registrant and The Future Fund, LLC with respect to One Global ETF and The Future Fund Long/Short ETF](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001518042/000158064223003361/woa485b.htm). <sup>250</sup> |
| (d)(9) | [Investment Advisory Agreement between the Registrant and Beacon Capital Management, Inc. with respect to the Beacon Selective Risk ETF and the Beacon Tactical Risk ETF.<sup>244</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002293/ex99d17.htm) |
| (d)(10) | [Investment Advisory Agreement between the Registrant and Hodges Capital Management, LLC on behalf of the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund. <sup>255</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223005209/ex_d10.htm) |
| (d)(11) | [Investment Sub-Advisory Agreement between Beacon Capital Management, Inc. and Exchange Traded Concepts, LLC with respect to the Beacon Selective Risk ETF and the Beacon Tactical Risk ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002076/ex99_28d18.htm). <sup>242</sup> |
| (d)(12) | [Investment Advisory Agreement between the Registrant and PeakShares LLC on behalf of the PeakShares Sector Rotation Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002354/ex99d12.htm). <sup>260</sup> |
| (d)(13) | [Investment Advisory Agreement between the Registrant and Weitz Investment Management, Inc. on behalf of the Weitz Multisector Bond ETF and the Weitz Core Plus Bond ETF.](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004756/ex99d13.htm) <sup>276</sup> |
| (d)(14) | Agreement and Plan of Reorganization by and among Advisors Series Trust, with respect to the Al Frank Fund and Al Frank Dividend Value Fund, each a separate series of Advisors Series Trust, the Registrant, on behalf of the Al Frank Fund and Al Frank Dividend Value Fund, each a separate series of the Registrant, and Al Frank Asset Management, Inc. dated January 18, 2013.<sup>2</sup> |

---

---

| | |
|:---|:---|
| (d)(15) | [Agreement and Plan of Reorganization by and among Professionally Managed Portfolios, with respect to the Balter Long/Short Equity Fund, a separate series of Professionally Managed Portfolios, the Registrant, on behalf of the Balter Long/Short Equity Fund, a separate series of the Registrant, and Balter Liquid Alternatives, LLC dated June 24, 2015.<sup>108</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064215003111/ex99d33balter_agreeandreorg.htm) |
| (d)(16) | [Agreement and Plan of Reorganization dated April 21, 2017 with respect to the reorganization of the Al Frank Dividend Value Fund into the Al Frank Fund. <sup>154</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217002615/ex99d.htm) |
| (d)(17) | [Master Securities Loan Agreement between AFAM Capital, Inc., Morgan Stanley & Co., LLC and MS Securities Services, Inc.<sup>45</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047213000352/alfranksecuritieslendingagre.htm) |
| (d)(18) | [Agreement and Plan of Reorganization by and among Professionally Managed Portfolios, with respect to the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund, each a separate series of the Registrant, and Hodges Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99d17.htm).<sup>261</sup> |
| (d)(19) | [Agreement and Plan of Reorganization by and among Northern Lights Fund Trust II and KKM Financial LLC, with respect to the Essential 40 Stock Fund and the Essential 40 Stock ETF, each a separate series of the Registrant dated July 30, 2024](https://www.sec.gov/Archives/edgar/data/1518042/000158064224007808/ex-d18.htm). <sup>268</sup> |
| (d)(20) | [Investment Advisory Agreement between the Registrant and GGM Wealth Advisors on behalf of the GGM Macro Alignment ETF.](https://www.sec.gov/Archives/edgar/data/1518042/000158064223004974/ex_d17.htm)<sup>251</sup> |
| (d)(21) | [Investment Sub-Advisory Agreement between GGM Wealth Advisors and Penserra Capital Management, LLC on behalf of the GGM Macro Alignment ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064223004974/ex_d18.htm). <sup>251</sup> |
| (d)(22) | [Investment Advisory Agreement between the Registrant and Waverly Advisors, LLC on behalf of GGM Macro Alignment ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225008010/ex99d22.htm) <sup>281</sup> |
| (d)(23) | [Investment Advisory Agreement between the Registrant and PeakShares, LLC on behalf of PeakShares Sector Rotation ETF and PeakShares RMR Prime Equity ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225008010/ex99d23.htm). <sup>281</sup> |
| (d)(24) | [Form of Investment Sub-Advisory Agreement between PeakShares, LLC and RMR Wealth Management, LLC on behalf of PeakShares RMR Prime Equity ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225008010/ex99d24.htm). <sup>281</sup> |
| (d)(25) | [Investment Sub-Advisory Agreement between Waverly Advisers, LLC and Penserra Capital Management, LLC on behalf of GGM Macro Alignment ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225008010/ex99d25.htm). <sup>281</sup> |
| (d)(26) | Investment Advisory Agreement between the Registrant and Weitz Investment Management, Inc. on behalf of the Weitz Multisector Bond ETF, Weitz Core Plus Bond ETF and Weitz Short Duration Bond ETF <sup>286</sup> |
| (d)(27) | [Investment Advisory Agreement between the Registrant and North Star Investment Management Corp., with respect to the North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99d1.htm). <sup>286</sup> |
| (d)(28) | [Investment Advisory Agreement between the Registrant and M Financial Investment Advisers, Inc with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_d-28.htm) <sup>1</sup> |
| (d)(29) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Brandywine Global Investment Management, LLC](ex_d-29.htm) <sup>1</sup> |
| (d)(30) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Dimensional Fund Advisors LP](ex_d-30.htm) <sup>1</sup> |
| (d)(31) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Federated MDTA LLC](ex_d-31.htm) <sup>1</sup> |
| (d)(32) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Frontier Capital Management Company, LLC](ex_d-32.htm) <sup>1</sup> |
| (e)(1) | [Underwriting Agreement between the Registrant and Northern Lights Distributors LLC.<sup>187</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064219001614/ex99e.htm) |
| (e)(2) | [ETF Distribution Agreement between the Registrant and Northern Lights Distributors, LLC. <sup>223</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064221003651/ex99_e2.htm) |
| (e)(3) | [Underwriting Agreement between Registrant and M-Holdings Securities, Inc. with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_e-3.htm) <sup>1</sup> |
| (f) | Bonus or Profit Sharing Contracts - Not Applicable |
| (g)(1) | [Custody Agreement between the Registrant and U.S. Bank, N.A., on behalf of the Al Frank Fund.<sup>46</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047213001129/usbankcustodyagrmnt.htm) |

---

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| | |
|:---|:---|
| (g)(2) | [Fourth Amendment, effective June 1, 2017, to the Custody Agreement dated May 26, 2015 between the Registrant and U.S. Bank, N.A., on behalf of the Balter L/S Small Cap Equity Fund, Balter European L/S Small Cap Fund, and Balter Invenomic Fund. <sup>155</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217003022/ex99g8.htm) |
| (g)(3) | [Custody Agreement between the Registrant and Brown Brothers Harriman & Co. <sup>222</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064221003201/ex99g_7.htm) |
| (g)(4) | Amendment to the Custody Agreement between the Registrant and Brown Brothers Harriman & Co. |
| (g)(5) | [Amendment to the U.S. Bank Custody Agreement to add the North Star Small Cap Value Fund. <sup>248</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002901/ex_g5.htm) |
| (g)(6) | [Amendment to the U.S. Bank Custody Agreement to add the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund. <sup>255</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223005209/ex_g6.htm) |
| (g)(7) | [Amendment to the U.S. Bank Custody Agreement to add the Beacon Dynamic Allocation Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064226001033/beacon_exg7.htm) <sup>283</sup> |
| (g)(8) | [Custody Agreement between the Registrant and State Street Bank and Trust Company with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_g-8.htm)<sup>1</sup> |
| (h)(1) | [Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated October 19, 2021. <sup>228</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064222000955/ex99h1.htm) |
| (h)(2) | [Amendment No.1 to the Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated November 1, 2023.<sup>261</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h2.htm) |
| (h)(3) | [18f-4 Addendum to the Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated August 1, 2022](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h3.htm).<sup>261</sup> |
| (h)(4) | [Master ETF Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated October 19, 2021](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h4.htm). <sup>261</sup> |
| (h)(5) | [Amendment No.1 to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated May 17, 2023](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h5.htm). <sup>261</sup> |
| (h)(6) | [Amendment No.2 to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated November 1, 2023](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h6.htm). <sup>261</sup> |
| (h)(7) | [Amendment No.3 to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated April 11, 2024](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h7.htm). <sup>261</sup> |
| (h)(8) | [18f-4 Addendum to the ETF Master Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC dated May 17, 2023](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002748/ex99h8.htm). <sup>261</sup> |
| (h)(9) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund. <sup>249</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99h3.htm) |
| (h)(10) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of WOA All](http://www.sec.gov/Archives/edgar/data/1518042/000158064217001965/ex99h7.htm)<br> [Asset I.](http://www.sec.gov/Archives/edgar/data/1518042/000158064217001965/ex99h7.htm) <sup>214</sup> |
| (h)(11) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of the Al Frank Fund. <sup>75</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047214002720/exhfundservicesagree.htm) |
| (h)(12) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of the Longboard Managed Futures Strategy Fund. <sup>35</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047212001853/longboardgfsservicingschedul.htm) |
| (h)(13) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of the Essential 40 Stock Fund (formerly, KKM Enhanced U.S. Equity Fund). <sup>76</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047214002749/kkmgfsservicingschedule.htm) |
| (h)(14) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of the Longboard Alternative Growth Fund (formerly, Longboard Long/Short Fund). <sup>94</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064215001287/ex99hfundsvcs.htm) |
| (h)(15) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of the Dynamic U.S. Opportunity Fund, Dynamic International Opportunity Fund, Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund. <sup>199</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064220000825/ex99h17.htm) |
| (h)(16) | [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, on behalf of the Invenomic Fund. <sup>199</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064220000825/ex99h18.htm) |
| (h)(17) | [ETF Fund Services Agreement between the Registrant and Ultimus Fund Services, LLC, on behalf of One Global ETF and The Future Fund Long/Short ETF.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001518042/000158064223003361/woa485b.htm) <sup>250</sup> |

---

---

| |
|:---|
| (h)(18) |
| (h)(19) [Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC, on behalf of the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund. <sup>255</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223005209/ex_h13.htm) |
| (h)(20) [Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC, on behalf of the GGM Macro Alignment ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064223004974/ex_h14.htm). <sup>251</sup> |
| (h)(21) [Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC on behalf of the PeakShares Sector Rotation ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002354/ex99h15.htm). <sup>260</sup> |
| (h)(22) [ETF Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC on behalf of the Weitz Multisector Bond ETF and the Weitz Core Plus Bond ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004756/ex99h22.htm). <sup>276</sup> |
| (h)(23) [ETF Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC on behalf of the Essential 40 Stock ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224007808/ex-h22.htm). <sup>268</sup> |
| (h)(24) [Expense Limitation Agreement between the Registrant, with respect to North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund.<sup>249</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99h16.htm) |
| (h)(25) [Expense Limitation Agreement between the Registrant, with respect to WOA All Asset I.](http://www.sec.gov/Archives/edgar/data/1518042/000091047211002659/expenselimitationagreement.htm) <sup>214</sup> |
| (h)(26) [Expense Limitation Agreement between the Registrant, with respect to the Dynamic U.S. Opportunity Fund and the Dynamic International Opportunity Fund, Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund. <sup>199</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064220000825/ex99h23.htm) |
| (h)(27) [Expense Limitation Agreement between the Registrant, with respect to the Al Frank Fund.<sup>180</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064218006103/ex99h.htm) |
| (h)(28) [Expense Limitation Agreement between the Registrant, with respect to the Essential 40 Stock Fund. <sup>160</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217005278/ex99h28.htm) |
| (h)(29) [Expense Limitation Agreement between the Registrant, with respect to the Invenomic Fund.<sup>193</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064219003353/ex99h33.htm) |
| (h)(30) [Expense Limitation Agreement between the Registrant, with respect to One Global ETF and The Future Fund Long/short ETF. <sup>250</sup>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001518042/000158064223003361/woa485b.htm) |
| (h)(31) [Expense Limitation Agreement between the Registrant, with respect to the Beacon Selective Risk ETF and Beacon Tactical Risk ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002293/ex99h31.htm). <sup>244</sup> |
| (h)(32) [Expense Limitation Agreement between the Registrant, with respect to the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund. <sup>275</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004587/ex99h_32.htm) |
| (h)(33) [Expense Limitation Agreement between the Registrant and PeakShares LLC with respect to the PeakShares Sector Rotation ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002354/ex99h25.htm). <sup>260</sup> |
| (h)(34) [Expense Limitation Agreement between the Registrant and KKM Financial LLC with respect to the Essential 40 Stock ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224007808/ex-h33.htm). <sup>268</sup> |
| (h)(35) [Expense Limitation Agreement between the Registrant and Weitz Investment Management, Inc. on behalf of the Weitz Multisector Bond ETF and the Weitz Core Plus Bond ETF.](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004756/ex99h35.htm) <sup>276</sup> |
| (h)(36) [Amended and Restated Consulting Agreement between the Registrant and Northern Lights Compliance Services, LLC.<sup>235</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064222003296/ex99h_31.htm) |
| (h)(37) [Shareholder Services Plan on behalf of the Invenomic Fund. <sup>193</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064219003353/ex99h36.htm) |
| (h)(38) [ETF Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC, on behalf of the](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002117/ex99h17.htm)PeakShares Sector Rotation ETF and PeakShares RMR Prime Equity ETF. <sup>281</sup> |
| (h)(39) [Expense Limitation Agreement between the Registrant and PeakShares, LLC on behalf of PeakShares Sector Rotation ETF and PeakShares RMR Prime Equity ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225008010/ex99h39.htm) <sup>281</sup> |
| (h)(40) [Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC on behalf of the](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002354/ex99h15.htm)Beacon Dynamic Allocation Fund. <sup>283</sup> |
| (h)(41) [Expense Limitation Agreement between the Registrant and Weitz Investment Management, Inc. on behalf of the Weitz Multisector Bond ETF, Weitz Core Plus Bond ETF and Weitz Short Duration Bond ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064226002065/ex99h_41.htm). <sup>286</sup> |
| (h)(42) [Expense Limitation Agreement between the Registrant and North Star Investment Management Corporation on behalf of North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064226002065/ex99h_42.htm). <sup>286</sup> |

---

---

| |
|:---|
| (h)(43) |
| (h)(44) [Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC, on behalf of M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_h-44.htm) <sup>1</sup> |
| (i)(1) [Opinion of Alston & Bird LLP regarding the North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund. <sup>270</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064225001974/ex-99i1.htm) |
| (i)(2) [Opinion of Alston & Bird LLP regarding the Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Dynamic U.S. Opportunity Fund and the Dynamic International Opportunity Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064225002556/ex-i2.htm). <sup>272</sup> |
| (i)(3) [Opinion of Alston & Bird LLP regarding the WOA All Asset I. <sup>262</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064224003301/ex99i3.htm) |
| (i)(4) [Opinion of Alston & Bird LLP regarding the Longboard Fund (formerly, the Longboard Alternative Growth Fund). <sup>265</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064224005739/ex99i4.htm) |
| (i)(5) [Opinion of Alston & Bird LLP regarding the Al Frank Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064225002529/ex99i5.htm). <sup>271</sup> |
| (i)(6) [Opinion of Alston & Bird LLP regarding the Essential 40 Stock Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064224005800/ex99i_6.htm). <sup>267</sup> |
| (i)(7) [Opinion of Alston & Bird LLP regarding the Invenomic Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064225001223/ex-99i8.htm). <sup>269</sup> |
| (i)(8) [Opinion of Alston & Bird LLP regarding the Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund.<sup>197</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064219005708/ex99i16.htm) |
| (i)(9) [Opinion of Alston & Bird LLP regarding One Global ETF and the Future Fund Long/Sort ETF.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001518042/000158064224005765/futurefundetfs485b.htm) <sup>266</sup> |
| (i)(10) [Opinion of Alston & Bird LLP regarding the North Star Small Cap Value Fund. <sup>249</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99i13.htm) |
| (i)(11) [Opinion of Alston & Bird LLP regarding the Beacon Selective Risk ETF and Beacon Tactical Risk ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225003996/ex99i11.htm). <sup>274</sup> |
| (i)(12) [Opinion of Alston & Bird LLP regarding the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund.](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004587/ex99i_12.htm)<sup>282</sup> |
| (i)(13) [Opinion of Alston & Bird LLP regarding the GGM Macro Alignment ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224007808/ex-i14.htm). <sup>281</sup> |
| (i)(14) [Opinion of Alston & Bird LLP regarding the PeakShares Sector Rotation ETF. <sup>273</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064225003995/ex99i14.htm) |
| (i)(15) [Opinion of Alston & Bird LLP regarding the Essential 40 Stock ETF. <sup>264</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064224004590/ex99i18.htm) |
| (i)(16) Opinion of Alston & Bird LLP regarding Weitz Multisector Bond ETF and the Weitz Core Plus Bond ETF. <sup>276</sup> |
| (i)(17) [Opinion of Alston & Bird LLP regarding the Essential 40 Stock ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225006202/ex99i_17.htm) <sup>277</sup> |
| (i)(18) Consent of Alston & Bird LLP.<sup>279</sup> |
| (i)(19) [Opinion of Alston & Bird LLP regarding Future Fund Long/Short ETF and One Global ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225006231/ex99i19.htm) <sup>278</sup> |
| (i)(20) [Opinion of Alston & Bird LLP regarding the Longboard Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064225006277/ex99i20.htm) <sup>279</sup> |
| (i)(21) [Opinion of Alston & Bird LLP regarding PeakShares RMR Prime Equity ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064225007429/peakshares_exi21.htm) <sup>280</sup> |
| (i)(22) Consent of Alston & Bird LLP regarding PeakShares RMR Prime Equity ETF <sup>280</sup> |
| (i)(23) Consent of Alston & Bird LLP <sup>282</sup> |
| (i)(24) [Opinion and Consent of Vedder Price P.C. on behalf the Beacon Dynamic Allocation Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064226001033/beacon_i24.htm) <sup>283</sup> |
| (i)(25) [Consent of Vedder Price P.C.](ex_i-25.htm) <sup>1</sup> |
| (i)(26) [Opinion and Consent of Vedder Price P.C. on behalf of the Invenomic Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064226001325/ex-99i26.htm). <sup>284</sup> |
| (i)(27) [Opinion of Vedder Price P.C. on behalf of the](https://www.sec.gov/Archives/edgar/data/1518042/000158064226001325/ex-99i26.htm)Opinion of Vedder Prince P.C on behalf of Weitz Short Duration Bond ETF <sup>285</sup> |
| (i)(28) [Opinion of Vedder Price P.C regarding the North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064226002065/ex99i_28.htm). <sup>286</sup> |
| (i)(29) [Opinion of Vedder Price P.C with respect to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_i-29.htm) <sup>1</sup> |
| (j)(1) [Consent of RSM US LLP with respect to North Star Bond Fund, North Star Opportunity Fund, North Star Micro Cap Fund, North Star Dividend Fund and North Star Small Cap Value Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064225001974/ex-99j1.htm). <sup>286</sup> |
| (j)(2) [Consent of Tait, Weller & Baker, LLP with respect to WOA All Asset I. <sup>262</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064224003301/ex99j2.htm) |
| (j)(3) [Consent of Cohen & Company, Ltd. with respect to the Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Dynamic U.S. Opportunity Fund and the Dynamic International Opportunity Fund.<sup>272</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064225002556/ex-j3.htm) |

---

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| | |
|:---|:---|
| (j)(4) | [Consent of RSM US LLP with respect to the Longboard Fund (formerly, the Longboard Alternative Growth Fund. <sup>265</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064224005739/ex99j4.htm) |
| (j)(5) | [Consent of Tait, Weller & Baker LLP with respect to the Al Frank Fund and Al Frank Dividend Value Fund.<sup>49</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047213001618/exj20consent.htm) |
| (j)(6) | [Consent of Cohen & Company, Ltd with respect to the Al Frank Fund.<sup>271</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064225002529/ex99j6.htm) |
| (j)(7) | [Consent of RSM US LLP with respect to the Essential 40 Stock Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064224005800/ex99j.htm). <sup>267</sup> |
| (j)(8) | [Consent of Tait, Weller & Baker LLP with respect to the Invenomic Fund.](https://www.sec.gov/Archives/edgar/data/1518042/000158064225001223/ex-99j9.htm)<sup>284</sup> |
| (j)(9) | [Consent of BBD, LLP with respect to the Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064219005708/ex99j20_2.htm). <sup>197</sup> |
| (j)(10) | [Consent of Cohen & Company, Ltd. on behalf of One Global ETF and the Future Fund Long/Short ETF](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001518042/000158064224005765/futurefundetfs485b.htm). <sup>266</sup> |
| (j)(11) | [Consent of RSM US LLP on behalf of the North Star Small Cap Value Fund. <sup>249</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99j14.htm) |
| (j)(12) | [Consent of Cohen & Company, Ltd. on behalf of the North Star Small Cap Value Fund. <sup>249</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002695/ex99j15.htm) |
| (j)(13) | [Consent of Tait, Weller & Baker LLP on behalf of the Beacon Selective Risk ETF and Beacon Tactical Risk ETF.<sup>273</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064225003996/ex99j13.htm) |
| (j)(14) | [Consent of Tait, Weller & Baker LLP on behalf of the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Growth Fund and the Hodges Small Intrinsic Value Fund.](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004587/ex99j_14.htm)<sup>282</sup> |
| (j)(15) | [Consent of Tait, Weller & Baker LLP on behalf of the GGM Macro Alignment ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224007808/ex-99j16.htm). <sup>281</sup> |
| (j)(16) | [Consent of Tait, Weller & Baker LLP on behalf of PeakShares Sector Rotation ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002155/exj18.htm). <sup>273</sup> |
| (j)(17) | [Consent of BBD, LLP with respect to the Al Frank Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002298/ex99j19.htm). <sup>258</sup> |
| (j)(18) | [Consent of BBD, LLP with respect to the Dynamic International Opportunity Fund and the Dynamic U.S. Opportunity Fund](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002317/ex99j20.htm).<sup>259</sup> |
| (j)(19) | [Consent of BBD, LLP with respect to the Acclivity Mid Cap Multi-Style Fund and the Acclivity Small Cap Value Fund.](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002354/ex99j21.htm)<sup>260</sup> |
| (j)(20) | [Consent of Cohen & Company, Ltd, with respect to the Acclivity Small Cap Growth Fund.](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002354/ex99j22.htm)<sup>260</sup> |
| (j)(21) | [Consent of RSM US LLP with respect to the Essential 40 Stock ETF](https://www.sec.gov/Archives/edgar/data/1518042/000158064224004590/ex99j23.htm). <sup>264</sup> |
| (j)(22) | Consent of Tait, Weller & Baker LLP with respect to the Weitz Multisector Bond ETF and the Weitz Core Plus Bond ETF. <sup>276</sup> |
| (j)(23) | Consent of RSM US LLP with respect Essential 40 Stock ETF <sup>277</sup> |
| (j)(24) | Consent of Cohen & Company, Ltd, on behalf of Beacon Dynamic Allocation Fund. <sup>283</sup> |
| (j)(25) | Consent of Tait, Weller & Baker LLP on behalf of Beacon Dynamic Allocation Fund. <sup>283</sup> |
| (j)(24) | [Power of Attorney. <sup>155</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217003022/ex99j27.htm) |
| (j)(25) | Consent of Cohen & Company Ltd with respect to Future Fund Long/Short ETF and One Global ETF <sup>278</sup> |
| (j)(26) | Consent of RSM US LLP with respect to the Longboard Fund <sup>279</sup> |
| (j)(27) | Consent of Tait, Weller & Baker LLP with respect to PeakShares RMR Prime Equity ETF <sup>280</sup> |
| (j)(28) | [Consent of Cohen & Company, Ltd with respect to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_j-28.htm)<sup>1</sup> |
| (k) | Omitted Financial Statements - Not Applicable. |
| (l) | Initial Capital Agreements - Not Applicable. |
| (m)(1) | [Class A Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-. <sup>246</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99m1.htm) |
| (m)(2) | [Class C Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-1. <sup>154</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217002615/ex99m2.htm) |
| (m)(3) | [Class I Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-1](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99m3.htm). <sup>246</sup> |
| (m)(4) | [Class N Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-1](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99m4.htm). <sup>246</sup> |
| (m)(5) | [Class R Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-1. <sup>154</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217002615/ex99m4.htm) |
| (m)(6) | [Investor Class Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-1](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99m6.htm). <sup>246</sup> |
| (m)(7) | [Retail Class Master Distribution and Shareholder Services Plan Pursuant to Rule 12b-1](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99m7.htm). <sup>246</sup> |
| (m)(8) | [Shareholder Servicing Plan and Agreement on behalf of the Balter L/S Small Cap Equity Fund (formerly the Balter Long/Short Equity Fund), Balter European L/S Small Cap Fund and Balter Invenomic Fund.<sup>155</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217003022/ex99m8.htm) |
| (n)(1) | [Rule 18f-3 Plan, as amended January 26, 2023](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99n.htm). <sup>246</sup> |
| (n)(2) | [Rule 18f-3 Plan, as amended](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99n.htm)October 2025 <sup>280</sup> |
| (p)(1) | [Code of Ethics of the Gemini Companies.<sup>204</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064220001592/ex99p.htm) |

---

---

| |
|:---|
| (p)(2) |
| (p)(3) [Code of Ethics for Pathstone Family Office, LLC <sup>235</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064222003296/ex99p_3.htm) |
| (p)(4) [Code of Ethics for Longboard Asset Management, LP. <sup>115</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064215004441/ex99p19.htm) |
| (p)(5) [Code of Ethics for KKM Financial, LLC. <sup>74</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000091047214002473/kkmfinancialllccoe.htm) |
| (p)(6) [Code of Ethics for Invenomic Capital Management, LP. <sup>155</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064217003022/ex99p16.htm) |
| (p)(7) [Code of Ethics for Innealta Capital, LLC. <sup>172</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064218001755/ex99p.htm) |
| (p)(8) [Code of Ethics for Kovitz Investment Group Partners, LLC. <sup>180</sup>](http://www.sec.gov/Archives/edgar/data/1518042/000158064218006103/ex99p.htm) |
| (p)(10) [Code of Ethics for The Future Fund, LLC. <sup>222</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064221003201/ex99p_13.htm) |
| (p)(11) [Code of Ethics for Beacon Capital Management, Inc](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002117/ex99p12.htm).<sup>243</sup> |
| (p)(12) [Code of Ethics for Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002375/ex99p13.htm). <sup>246</sup> |
| (p)(13) [Code of Ethics for Hodges Capital Management, LLC. <sup>248</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223002901/ex_p13.htm) |
| (p)(14) [Code of Ethics for GGM Wealth Advisors. <sup>251</sup>](https://www.sec.gov/Archives/edgar/data/1518042/000158064223004974/ex_p14.htm) |
| (p)(15) [Code of Ethics for Penserra Capital Management, LLC.](https://www.sec.gov/Archives/edgar/data/1518042/000158064223004974/ex_p15.htm)<sup>251</sup> |
| (p)(16) [Code of Ethics for PeakShares LLC](https://www.sec.gov/Archives/edgar/data/1518042/000158064224002155/ex99p16.htm). <sup>257</sup> |
| (p)(17) [Code of Ethics for Weitz Investment Management, Inc.](https://www.sec.gov/Archives/edgar/data/1518042/000158064225004756/ex99p17.htm) <sup>276</sup> |
| (p)(18) [Code of Ethics for M Financial Investment Advisers, Inc.](ex_p-18.htm) <sup>1</sup> |
| (p)(19) [Code of Ethics for Dimensional Fund Advisors, LP](ex_p-19.htm) <sup>1</sup> |
| (p)(20) [Code of Ethics for Federated MDTA LLC](ex_p-20.htm) <sup>1</sup> |
| (p)(21) [Code of Ethics for Frontier Capital Management Company, LLC](ex_p-21.htm) <sup>1</sup> |
| (p)(22) [Code of Ethics for Brandywine Global Investment Management, LLC](ex_p-22.htm) <sup>1</sup> |

---

<sup>1</sup> Is filed herewith.

<sup>2</sup> To be filed by subsequent amendment.

<sup>3</sup> Previously filed on June 16, 2011 in the Registrant's Registration Statement on Form N-1A, and hereby incorporated by reference.

<sup>4</sup> Previously filed on June 28, 2011 in the Registrant's Pre-Effective Amendment No. 2, and hereby incorporated by reference.

<sup>5</sup> Previously filed on August 3, 2011 in the Registrant's Proxy/Registration Statement on Form N-14, and hereby incorporated by reference.

<sup>6</sup> Previously filed on August 3, 2011 in the Registrant's Post-Effective Amendment No. 2, and hereby incorporated by reference.

<sup>7</sup> Previously filed on August 19, 2011 in the Registrant's Post-Effective Amendment No. 3, and hereby incorporated by reference.

<sup>8</sup> Previously filed on August 26, 2011 in the Registrant's Post-Effective Amendment No. 4, and hereby incorporated by reference.

<sup>9</sup> Previously filed on September 20, 2011 in the Registrant's Post-Effective Amendment No. 5, and hereby incorporated by reference.

<sup>10</sup> Previously filed on October 3, 2011 in the Registrant's Post-Effective Amendment No. 9, and hereby incorporated by reference.

<sup>11</sup> Previously filed on October 27, 2011 in the Registrant's Post-Effective Amendment No. 12, and hereby incorporated by reference.

<sup>12</sup> Previously filed on October 27, 2011 in the Registrant's Post-Effective Amendment No. 13, and hereby incorporated by reference.

<sup>13</sup> Previously filed on November 2, 2011 in the Registrant's Post-Effective Amendment No. 14, and hereby incorporated by reference.

<sup>14</sup> Previously filed on November 17, 2011 in the Registrant's Post-Effective Amendment No. 18 and hereby incorporated by reference.

<sup>15</sup> Previously filed on November 22, 2011 in the Registrant's Post-Effective Amendment No. 20 and hereby incorporated by reference.

<sup>16</sup> Previously filed on December 14, 2011 in the Registrant's Post-Effective Amendment No. 24 and hereby incorporated by reference.

<sup>17</sup> Previously filed on December 19, 2011 in the Registrant's Post-Effective Amendment No. 25 and hereby incorporated by reference.

<sup>18</sup> Previously filed on December 20, 2011 in the Registrant's Post-Effective Amendment No. 27 and hereby incorporated by reference.

<sup>19</sup> Previously filed on January 4, 2012 in the Registrant's Post-Effective Amendment No. 29 and hereby incorporated by reference.

<sup>20</sup> Previously filed on January 10, 2012 in the Registrant's Post-Effective Amendment No. 31 and hereby incorporated by reference.

<sup>21</sup> Previously filed on January 10, 2012 in the Registrant's Post-Effective Amendment No. 32 and hereby incorporated by reference.

<sup>22</sup> Previously filed on January 27, 2012 in the Registrant's Post-Effective Amendment No. 34 and hereby incorporated by reference.

<sup>23</sup> Previously filed on February 2, 2012 in the Registrant's Post-Effective Amendment No. 37 and hereby incorporated by reference.

<sup>24</sup> Previously filed on February 7, 2012 in the Registrant's Post-Effective Amendment No. 39 and hereby incorporated by reference.

<sup>25</sup> Previously filed on February 10, 2012 in the Registrant's Post-Effective Amendment No. 40 and hereby incorporated by reference.

<sup>26</sup> Previously filed on March 8, 2012 in the Registrant's Post-Effective Amendment No. 45 and hereby incorporated by reference.

<sup>27</sup> Previously filed on March 9, 2012 in the Registrant's Post-Effective Amendment No. 46 and hereby incorporated by reference.

<sup>28</sup> Previously filed on March 13, 2012 in the Registrant's Post-Effective Amendment No. 47 and hereby incorporated by reference.

<sup>29</sup> Previously filed on March 23, 2012 in the Registrant's Post-Effective Amendment No. 51 and hereby incorporated by reference.

<sup>30</sup> Previously filed on March 27, 2012 in the Registrant's Post-Effective Amendment No. 52 and hereby incorporated by reference.

<sup>31</sup> Previously filed on April 12, 2012 in the Registrant's Post-Effective Amendment No. 56 and hereby incorporated by reference.

<sup>32</sup> Previously filed on April 17, 2012 in the Registrant's Post-Effective Amendment No. 57 and hereby incorporated by reference.

<sup>33</sup> Previously filed on May 15, 2012 in the Registrant's Post-Effective Amendment No. 62 and hereby incorporated by reference.

<sup>34</sup> Previously filed on May 25, 2012 in the Registrant's Post-Effective Amendment No. 65 and hereby incorporated by reference.

<sup>35</sup> Previously filed on June 19, 2012 in the Registrant's Post-Effective Amendment No. 68 and hereby incorporated by reference.

<sup>36</sup> Previously filed on June 28, 2012 in the Registrant's Post-Effective Amendment No. 69 and hereby incorporated by reference.

<sup>37</sup> Previously filed on July 27, 2012 in the Registrant's Post-Effective Amendment No. 73 and hereby incorporated by reference.

<sup>38</sup> Previously filed on August 17, 2012 in the Registrant's Post-Effective Amendment No. 75 and hereby incorporated by reference.

<sup>39</sup> Previously filed on September 20, 2012 in the Registrant's Post-Effective Amendment No. 78 and hereby incorporated by reference.

<sup>40</sup> Previously filed on October 19, 2012 in the Registrant's Post-Effective Amendment No. 81 and hereby incorporated by reference.

<sup>41</sup> Previously filed on November 9, 2012 in the Registrant's Post-Effective Amendment No. 86 and hereby incorporated by reference.

<sup>42</sup> Previously filed on December 28, 2012 in the Registrant's Post-Effective Amendment No. 88 and hereby incorporated by reference.

<sup>43</sup> Previously filed on January 17, 2013 in the Registrant's Post-Effective Amendment No. 91 and hereby incorporated by reference.

<sup>44</sup> Previously filed on January 30, 2013 in the Registrant's Post-Effective Amendment No. 92 and hereby incorporated by reference.

<sup>45</sup> Previously filed on February 1, 2013 in the Registrant's Post-Effective Amendment No. 93 and hereby incorporated by reference.

<sup>46</sup> Previously filed on March 22, 2013 in the Registrant's Post-Effective Amendment No. 95 and hereby incorporated by reference.

<sup>47</sup> Previously filed on March 28, 2013 in the Registrant's Post-Effective Amendment No. 96 and hereby incorporated by reference.

<sup>48</sup> Previously filed on April 17, 2013 in the Registrant's Post-Effective Amendment No. 99 and hereby incorporated by reference.

<sup>49</sup> Previously filed on April 30, 2013 in the Registrant's Post-Effective Amendment No. 101 and hereby incorporated by reference.

<sup>50</sup> Previously filed on June 7, 2013 in the Registrant's Post-Effective Amendment No. 103 and hereby incorporated by reference.

<sup>51</sup> Previously filed on June 25, 2013 in the Registrant's Post-Effective Amendment No. 105 and hereby incorporated by reference.

<sup>52</sup> Previously filed on July 29, 2013 in the Registrant's Post-Effective Amendment No. 109 and hereby incorporated by reference.

<sup>53</sup> Previously filed on September 3, 2013 in the Registrant's Post-Effective Amendment No. 112 and hereby incorporated by reference.

<sup>54</sup> Previously filed on September 19, 2013 in the Registrant's Post-Effective Amendment No. 115 and hereby incorporated by reference.

<sup>55</sup> Previously filed on September 26, 2013 in the Registrant's Post-Effective Amendment No. 117 and hereby incorporated by reference.

<sup>56</sup> Previously filed on September 30, 2013 in the Registrant's Post-Effective Amendment No. 118 and hereby incorporated by reference.

<sup>57</sup> Previously filed on November 18, 2013 in the Registrant's Post-Effective Amendment No. 123 and hereby incorporated by reference.

<sup>58</sup> Previously filed on December 17, 2013 in the Registrant's Post-Effective Amendment No. 125 and hereby incorporated by reference.

<sup>59</sup> Previously filed on December 27, 2013 in the Registrant's Post-Effective Amendment No. 127 and hereby incorporated by reference.

<sup>60</sup> Previously filed on December 27, 2013 in the Registrant's Post-Effective Amendment No. 128 and hereby incorporated by reference.

<sup>61</sup> Previously filed on December 30, 2013 in the Registrant's Post-Effective Amendment No. 131 and hereby incorporated by reference.

<sup>62</sup> Previously filed on January 13, 2014 in the Registrant's Post-Effective Amendment No. 134 and hereby incorporated by reference.

<sup>63</sup> Previously filed on January 13, 2014 in the Registrant's Post-Effective Amendment No. 135 and hereby incorporated by reference.

<sup>64</sup> Previously filed on March 14, 2014 in the Registrant's Post-Effective Amendment No. 138 and hereby incorporated by reference

<sup>65</sup> Previously filed on March 26, 2014 in the Registrant's Post-Effective Amendment No. 141 and hereby incorporated by reference.

<sup>66</sup> Previously filed on March 26, 2014 in the Registrant's Post-Effective Amendment No. 142 and hereby incorporated by reference.

<sup>67</sup> Previously filed on March 27, 2014 in the Registrant's Post-Effective Amendment No. 143 and hereby incorporated by reference

<sup>68</sup> Previously filed on March 27, 2014 in the Registrant's Post-Effective Amendment No. 144 and hereby incorporated by reference

<sup>69</sup> Previously filed on March 27, 2014 in the Registrant's Post-Effective Amendment No. 145 and hereby incorporated by reference

<sup>70</sup> Previously filed on March 28, 2014 in the Registrant's Post-Effective Amendment No. 146 and hereby incorporated by reference.

<sup>71</sup> Previously filed on March 28, 2014 in the Registrant's Post-Effective Amendment No. 147 and hereby incorporated by reference.

<sup>72</sup> Previously filed on April 30, 2014 in the Registrant's Post-Effective Amendment No. 149 and hereby incorporated by reference.

<sup>73</sup> Previously filed on April 30, 2014 in the Registrant's Post-Effective Amendment No. 150 and hereby incorporated by reference.

<sup>74</sup> Previously filed on June 2, 2014 in the Registrant's Post-Effective Amendment No. 155 and hereby incorporated by reference.

<sup>75</sup> Previously filed on June 20, 2014 in the Registrant's Post-Effective Amendment No. 157 and hereby incorporated by reference.

<sup>76</sup> Previously filed on June 25, 2014 in the Registrant's Post-Effective Amendment No. 158 and hereby incorporated by reference.

<sup>77</sup> Previously filed on June 27, 2014 in the Registrant's Post-Effective Amendment No. 159 and hereby incorporated by reference.

<sup>78</sup> Previously filed on June 27, 2014 in the Registrant's Post-Effective Amendment No. 160 and hereby incorporated by reference.

<sup>79</sup> Previously filed on July 8, 2014 in the Registrant's Post-Effective Amendment No. 163 and hereby incorporated by reference.

<sup>80</sup> Previously filed on July 24, 2014 in the Registrant's Post-Effective Amendment No. 168 and hereby incorporated by reference.

<sup>81</sup> Previously filed on September 3, 2014 in the Registrant's Post-Effective Amendment No. 170 and hereby incorporated by reference.

<sup>82</sup> Previously filed on September 24, 2014 in the Registrant's Post-Effective Amendment No. 175 and hereby incorporated by reference.

<sup>83</sup> Previously filed on September 24, 2014 in the Registrant's Post-Effective Amendment No. 176 and hereby incorporated by reference.

<sup>84</sup> Previously filed on September 25, 2014 in the Registrant's Post-Effective Amendment No. 177 and hereby incorporated by reference.

<sup>85</sup> Previously filed on September 26, 2014 in the Registrant's Post-Effective Amendment No. 178 and hereby incorporated by reference.

<sup>86</sup> Previously filed on November 21, 2014 in the Registrant's Post-Effective Amendment No. 189 and hereby incorporated by reference.

<sup>87</sup> Previously filed on December 4, 2014 in the Registrant's Post-Effective Amendment No. 190 and hereby incorporated by reference.

<sup>88</sup> Previously filed on December 23, 2014 in the Registrant's Post-Effective Amendment No. 192 and hereby incorporated by reference.

<sup>89</sup> Previously filed on December 29, 2014 in the Registrant's Post-Effective Amendment No. 192 and hereby incorporated by reference.

<sup>90</sup> Previously filed on December 30, 2014 in the Registrant's Post-Effective Amendment No. 197 and hereby incorporated by reference.

<sup>91</sup> Previously filed on December 31, 2014 in the Registrant's Post-Effective Amendment No. 200 and hereby incorporated by reference.

<sup>92</sup> Previously filed on December 31, 2014 in the Registrant's Post-Effective Amendment No. 201 and hereby incorporated by reference.

<sup>93</sup> Previously filed on January 27, 2015 in the Registrant's Post-Effective Amendment No. 207 and hereby incorporated by reference.

<sup>94</sup> Previously filed on March 16, 2015 in the Registrant's Post-Effective Amendment No. 209 and hereby incorporated by reference.

<sup>95</sup> Previously filed on March 23, 2015 in the Registrant's Post-Effective Amendment No. 210 and hereby incorporated by reference.

<sup>96</sup> Previously filed on March 23, 2015 in the Registrant's Post-Effective Amendment No. 211 and hereby incorporated by reference.

<sup>97</sup> Previously filed on March 24, 2015 in the Registrant's Post-Effective Amendment No. 212 and hereby incorporated by reference.

<sup>98</sup> Previously filed on March 25, 2015 in the Registrant's Post-Effective Amendment No. 213 and hereby incorporated by reference.

<sup>99</sup> Previously filed on March 27, 2015 in the Registrant's Post-Effective Amendment No. 214 and hereby incorporated by reference.

<sup>100</sup> Previously filed on March 30, 2015 in the Registrant's Post-Effective Amendment No. 215 and hereby incorporated by reference.

<sup>101</sup> Previously filed on April 29, 2015 in the Registrant's Post-Effective Amendment No. 225 and hereby incorporated by reference.

<sup>102</sup> Previously filed on April 29, 2015 in the Registrant's Post-Effective Amendment No. 226 and hereby incorporated by reference.

<sup>103</sup> Previously filed on April 29, 2015 in the Registrant's Post-Effective Amendment No. 227 and hereby incorporated by reference.

<sup>104</sup> Previously filed on May 26, 2015 in the Registrant's Post-Effective Amendment No. 233 and hereby incorporated by reference.

<sup>105</sup> Previously filed on June 26, 2015 in the Registrant's Post-Effective Amendment No. 234 and hereby incorporated by reference.

<sup>106</sup> Previously filed on June 29, 2015 in the Registrant's Post-Effective Amendment No. 235 and hereby incorporated by reference.

<sup>107</sup> Previously filed on July 14, 2015 in the Registrant's Post-Effective Amendment No. 238 and hereby incorporated by reference.

<sup>108</sup> Previously filed on July 24, 2015 in the Registrant's Post-Effective Amendment No. 240 and hereby incorporated by reference.

<sup>109</sup> Previously filed on July 28, 2015 in the Registrant's Post-Effective Amendment No. 242 and hereby incorporated by reference.

<sup>110</sup> Previously filed on September 23, 2015 in the Registrant's Post-Effective Amendment No. 251 and hereby incorporated by reference.

<sup>111</sup> Previously filed on September 23, 2015 in the Registrant's Post-Effective Amendment No. 252 and hereby incorporated by reference.

<sup>112</sup> Previously filed on September 24, 2015 in the Registrant's Post-Effective Amendment No. 253 and hereby incorporated by reference.

<sup>113</sup> Previously filed on September 25, 2015 in the Registrant's Post-Effective Amendment No. 254 and hereby incorporated by reference.

<sup>114</sup> Previously filed on September 25, 2015 in the Registrant's Post-Effective Amendment No. 255 and hereby incorporated by reference.

<sup>115</sup> Previously filed on September 28, 2015 in the Registrant's Post-Effective Amendment No. 256 and hereby incorporated by reference.

<sup>116</sup> Previously filed on October 14, 2015 in the Registrant's Post-Effective Amendment No. 262 and hereby incorporated by reference.

<sup>117</sup> Previously filed on November 19, 2015 in the Registrant's Post-Effective Amendment No. 268 and hereby incorporated by reference.

<sup>118</sup> Previously filed on November 19, 2015 in the Registrant's Post-Effective Amendment No. 269 and hereby incorporated by reference.

<sup>119</sup> Previously filed on December 21, 2015 in the Registrant's Post-Effective Amendment No. 280 and hereby incorporated by reference.

<sup>120</sup> Previously filed on December 21, 2015 in the Registrant's Post-Effective Amendment No. 281 and hereby incorporated by reference.

<sup>121</sup> Previously filed on December 23, 2015 in the Registrant's Post-Effective Amendment No. 282 and hereby incorporated by reference.

<sup>122</sup> Previously filed on December 23, 2015 in the Registrant's Post-Effective Amendment No. 283 and hereby incorporated by reference.

<sup>123</sup> Previously filed on December 28, 2015 in the Registrant's Post-Effective Amendment No. 284 and hereby incorporated by reference.

<sup>124</sup> Previously filed on December 29, 2015 in the Registrant's Post-Effective Amendment No. 285 and hereby incorporated by reference.

<sup>125</sup> Previously filed on January 29, 2016 in the Registrant's Post-Effective Amendment No. 290 and hereby incorporated by reference.

<sup>126</sup> Previously filed on February 26, 2016 in the Registrant's Post-Effective Amendment No. 293 and hereby incorporated by reference.

<sup>127</sup> Previously filed on February 26, 2016 in the Registrant's Post-Effective Amendment No. 294 and hereby incorporated by reference.

<sup>128</sup> Previously filed on March 17, 2016 in the Registrant's Post-Effective Amendment No. 297 and hereby incorporated by reference.

<sup>129</sup> Previously filed on March 18, 2016 in the Registrant's Post-Effective Amendment No. 298 and hereby incorporated by reference.

<sup>130</sup> Previously filed on March 22, 2016 in the Registrant's Post-Effective Amendment No. 299 and hereby incorporated by reference.

<sup>131</sup> Previously filed on March 23, 2016 in the Registrant's Post-Effective Amendment No. 300 and hereby incorporated by reference.

<sup>132</sup> Previously filed on March 28, 2016 in the Registrant's Post-Effective Amendment No. 301 and hereby incorporated by reference.

<sup>133</sup> Previously filed on March 28, 2016 in the Registrant's Post-Effective Amendment No. 301 and hereby incorporated by reference.

<sup>134</sup> Previously filed on April 22, 2016 in the Registrant's Post-Effective Amendment No. 308 and hereby incorporated by reference.

<sup>135</sup> Previously filed on June 26, 2016 in the Registrant's Post-Effective Amendment No. 312 and hereby incorporated by reference.

<sup>136</sup> Previously filed on July 27, 2016 in the Registrant's Post-Effective Amendment No. 313 and hereby incorporated by reference.

<sup>137</sup> Previously filed on September 27, 2016 in the Registrant's Post-Effective Amendment No. 315 and hereby incorporated by reference.

<sup>138</sup> Previously filed on September 27, 2016 in the Registrant's Post-Effective Amendment No. 316 and hereby incorporated by reference.

<sup>139</sup> Previously filed on September 27, 2016 in the Registrant's Post-Effective Amendment No. 317 and hereby incorporated by reference.

<sup>140</sup> Previously filed on September 27, 2016 in the Registrant's Post-Effective Amendment No. 318 and hereby incorporated by reference.

<sup>141</sup> Previously filed on December 27, 2016 in the Registrant's Post-Effective Amendment No. 324 and hereby incorporated by reference.

<sup>142</sup> Previously filed on December 27, 2016 in the Registrant's Post-Effective Amendment No. 325 and hereby incorporated by reference.

<sup>143</sup> Previously filed on December 28, 2016 in the Registrant's Post-Effective Amendment No. 326 and hereby incorporated by reference.

<sup>144</sup> Previously filed on February 27, 2017 in the Registrant's Post-Effective Amendment No. 331 and hereby incorporated by reference.

<sup>145</sup> Previously filed on February 28, 2017 in the Registrant's Post-Effective Amendment No. 332 and hereby incorporated by reference.

<sup>146</sup> Previously filed on March 1, 2017 in the Registrant's Post-Effective Amendment No. 333 and hereby incorporated by reference.

<sup>147</sup> Previously filed on March 3, 2017 in the Registrant's Post-Effective Amendment No. 334 and hereby incorporated by reference.

<sup>148</sup> Previously filed on March 27, 2017 in the Registrant's Post-Effective Amendment No. 337 and hereby incorporated by reference.

<sup>149</sup> Previously filed on March 28, 2017 in the Registrant's Post-Effective Amendment No. 338 and hereby incorporated by reference.

<sup>150</sup> Previously filed on March 28, 2017 in the Registrant's Post-Effective Amendment No. 339 and hereby incorporated by reference.

<sup>151</sup> Previously filed on March 29, 2017 in the Registrant's Post-Effective Amendment No. 340 and hereby incorporated by reference.

<sup>152</sup> Previously filed on March 29, 2017 in the Registrant's Post-Effective Amendment No. 341 and hereby incorporated by reference.

<sup>153</sup> Previously filed on April 13, 2017 in the Registrant's Post-Effective Amendment No. 347 and hereby incorporated by reference.

<sup>154</sup> Previously filed on April 28, 2017 in the Registrant's Post-Effective Amendment No. 348 and hereby incorporated by reference.

<sup>155</sup> Previously filed on May 17, 2017 in the Registrant's Post-Effective Amendment No. 351 and hereby incorporated by reference.

<sup>156</sup> Previously filed on June 16, 2017 in the Registrant's Post-Effective Amendment No. 353 and hereby incorporated by reference.

<sup>157</sup> Previously filed on June 27, 2017 in the Registrant's Post-Effective Amendment No. 354 and hereby incorporated by reference.

<sup>158</sup> Previously filed on July 28, 2017 in the Registrant's Post-Effective Amendment No. 356 and hereby incorporated by reference.

<sup>159</sup> Previously filed on August 25, 2017 in the Registrant's Post-Effective Amendment No. 358 and hereby incorporated by reference.

<sup>160</sup> Previously filed on September 27, 2017 in the Registrant's Post-Effective Amendment No. 361 and hereby incorporated by reference.

<sup>161</sup> Previously filed on September 27, 2017 in the Registrant's Post-Effective Amendment No. 362 and hereby incorporated by reference.

<sup>162</sup> Previously filed on November 22, 2017 in the Registrant's Post-Effective Amendment No. 367 and hereby incorporated by reference.

<sup>163</sup> Previously filed on December 4, 2017 in the Registrant's Post-Effective Amendment No. 370 and hereby incorporated by reference.

<sup>164</sup> Previously filed on December 27, 2017 in the Registrant's Post-Effective Amendment No. 372 and hereby incorporated by reference.

<sup>165</sup> Previously filed on December 27, 2017 in the Registrant's Post-Effective Amendment No. 373 and hereby incorporated by reference.

<sup>166</sup> Previously filed on December 28, 2017 in the Registrant's Post-Effective Amendment No. 374 and hereby incorporated by reference.

<sup>167</sup> Previously filed on February 23, 2018 in the Registrant's Post-Effective Amendment No. 379 and hereby incorporated by reference.

<sup>168</sup> Previously filed on March 26, 2018 in the Registrant's Post-Effective Amendment No. 381 and hereby incorporated by reference.

<sup>169</sup> Previously filed on March 26, 2018 in the Registrant's Post-Effective Amendment No. 382 and hereby incorporated by reference.

<sup>170</sup> Previously filed on March 27, 2018 in the Registrant's Post-Effective Amendment No. 383 and hereby incorporated by reference.

<sup>171</sup> Previously filed on March 28, 2018 in the Registrant's Post-Effective Amendment No. 384 and hereby incorporated by reference.

<sup>172</sup> Previously filed on March 29, 2018 in the Registrant's Post-Effective Amendment No. 385 and hereby incorporated by reference.

<sup>173</sup> Previously filed on April 18, 2018 in the Registrant's Post-Effective Amendment No. 391 and hereby incorporated by reference.

<sup>174</sup> Previously filed on April 27, 2018 in the Registrant's Post-Effective Amendment No. 394 and hereby incorporated by reference.

<sup>175</sup> Previously filed on June 27, 2018 in the Registrant's Post-Effective Amendment No. 395 and hereby incorporated by reference.

<sup>176</sup> Previously filed on July 27, 2018 in the Registrant's Post-Effective Amendment No. 397 and hereby incorporated by reference.

<sup>177</sup> Previously filed on September 25, 2018 in the Registrant's Post-Effective Amendment No. 400 and hereby incorporated by reference.

<sup>178</sup> Previously filed on September 26, 2018 in the Registrant's Post-Effective Amendment No. 401 and hereby incorporated by reference.

<sup>179</sup> Previously filed on October 31, 2018 in the Registrant's Post-Effective Amendment No. 404 and hereby incorporated by reference.

<sup>180</sup> Previously filed on December 28, 2018 in the Registrant's Post-Effective Amendment No. 405 and hereby incorporated by reference.

<sup>181</sup> Previously filed on December 28, 2018 in the Registrant's Post-Effective Amendment No. 406 and hereby incorporated by reference.

<sup>182</sup> Previously filed on February 27, 2019 in the Registrant's Post-Effective Amendment No. 411 and hereby incorporated by reference.

<sup>183</sup> Previously filed on March 26, 2019 in the Registrant's Post-Effective Amendment No. 413 and hereby incorporated by reference.

<sup>184</sup> Previously filed on March 26, 2019 in the Registrant's Post-Effective Amendment No. 414 and hereby incorporated by reference.

<sup>185</sup> Previously filed on March 27, 2019 in the Registrant's Post-Effective Amendment No. 415 and hereby incorporated by reference.

<sup>186</sup> Previously filed on March 28, 2019 in the Registrant's Post-Effective Amendment No. 416 and hereby incorporated by reference.

<sup>187</sup> Previously filed on March 29, 2019 in the Registrant's Post-Effective Amendment No. 417 and hereby incorporated by reference.

<sup>188</sup> Previously filed on April 5, 2019 in the Registrant's Post-Effective Amendment No. 422 and hereby incorporated by reference.

<sup>189</sup> Previously filed on April 26, 2019 in the Registrant's Post-Effective Amendment No. 428 and hereby incorporated by reference.

<sup>190</sup> Previously filed on April 29, 2019 in the Registrant's Post-Effective Amendment No. 429 and hereby incorporated by reference.

<sup>191</sup> Previously filed on May 3, 2019 in the Registrant's Post-Effective Amendment No. 429 and hereby incorporated by reference.

<sup>192</sup> Previously filed on June 28, 2019 in the Registrant's Post-Effective Amendment No. 435 and hereby incorporated by reference.

<sup>193</sup> Previously filed on July 26, 2019 in the Registrant's Post-Effective Amendment No. 437 and hereby incorporated by reference.

<sup>194</sup> Previously filed on September 26, 2019 in the Registrant's Post-Effective Amendment No. 440 and hereby incorporated by reference.

<sup>195</sup> Previously filed on September 30, 2019 in the Registrant's Post-Effective Amendment No. 441 and hereby incorporated by reference.

<sup>196</sup> Previously filed on December 23, 2019 in the Registrant's Post-Effective Amendment No. 445 and hereby incorporated by reference.

<sup>197</sup> Previously filed on December 27, 2019 in the Registrant's Post-Effective Amendment No. 446 and hereby incorporated by reference.

<sup>198</sup> Previously filed on February 25, 2020 in the Registrant's Post-Effective Amendment No. 449 and hereby incorporated by reference.

<sup>199</sup> Previously filed on February 25, 2020 in the Registrant's Post-Effective Amendment No. 450 and hereby incorporated by reference.

<sup>200</sup> Previously filed on March 24, 2020 in the Registrant's Post-Effective Amendment No. 453 and hereby incorporated by reference.

<sup>201</sup> Previously filed on March 25, 2020 in the Registrant's Post-Effective Amendment No. 454 and hereby incorporated by reference.

<sup>202</sup> Previously filed on March 26, 2020 in the Registrant's Post-Effective Amendment No. 455 and hereby incorporated by reference.

<sup>203</sup> Previously filed on March 27, 2020 in the Registrant's Post-Effective Amendment No. 456 and hereby incorporated by reference.

<sup>204</sup> Previously filed on April 14, 2020 in the Registrant's Post-Effective Amendment No. 461 and hereby incorporated by reference.

<sup>205</sup> Previously filed on April 17, 2020 in the Registrant's Post-Effective Amendment No. 462 and hereby incorporated by reference.

<sup>206</sup> Previously filed on April 24, 2020 in the Registrant's Post-Effective Amendment No. 463 and hereby incorporated by reference.

<sup>207</sup> Previously filed on April 27, 2020 in the Registrant's Post-Effective Amendment No. 464 and hereby incorporated by reference.

<sup>208</sup> Previously filed on April 28, 2020 in the Registrant's Post-Effective Amendment No. 465 and hereby incorporated by reference.

<sup>209</sup> Previously filed on June 15, 2020 in the Registrant's Post-Effective Amendment No. 471 and hereby incorporated by reference.

<sup>210</sup> Previously filed on June 25, 2020 in the Registrant's Post-Effective Amendment No. 472 and hereby incorporated by reference.

<sup>211</sup> Previously filed on July 27, 2020 in the Registrant's Post-Effective Amendment No. 475 and hereby incorporated by reference.

<sup>212</sup> Previously filed on September 24, 2020 in the Registrant's Post-Effective Amendment No. 477 and hereby incorporated by reference.

<sup>213</sup> Previously filed on September 25, 2020 in the Registrant's Post-Effective Amendment No. 478 and hereby incorporated by reference.

<sup>214</sup> Previously filed on December 23, 2020 in the Registrant's Post-Effective Amendment No. 482 and hereby incorporated by reference.

<sup>215</sup> Previously filed on February 25, 2021 in the Registrant's Post-Effective Amendment No. 484 and hereby incorporated by reference.

<sup>216</sup> Previously filed on March 25, 2021 in the Registrant's Post-Effective Amendment No. 486 and hereby incorporated by reference.

<sup>217</sup> Previously filed on March 26, 2021 in the Registrant's Post-Effective Amendment No. 487 and hereby incorporated by reference.

<sup>218</sup> Previously filed on April 26, 2021 in the Registrant's Post-Effective Amendment No. 491 and hereby incorporated by reference.

<sup>219</sup> Previously filed on April 26, 2021 in the Registrant's Post-Effective Amendment No. 492 and hereby incorporated by reference.

<sup>220</sup> Previously filed on April 27, 2021 in the Registrant's Post-Effective Amendment No. 493 and hereby incorporated by reference.

<sup>221</sup> Previously filed on June 25, 2021 in the Registrant's Post-Effective Amendment No. 499 and hereby incorporated by reference.

<sup>222</sup> Previously filed on July 21, 2021 in the Registrant's Post-Effective Amendment No. 506 and hereby incorporated by reference.

<sup>223</sup> Previously filed on August 9, 2021 in the Registrant's Post-Effective Amendment No. 507 and hereby incorporated by reference.

<sup>224</sup> Previously filed on September 27, 2021 in the Registrant's Post-Effective Amendment No. 511 and hereby incorporated by reference.

<sup>225</sup> Previously filed on September 28, 2021 in the Registrant's Post-Effective Amendment No. 512 and hereby incorporated by reference.

<sup>226</sup> Previously filed on December 23 2021 in the Registrant's Post-Effective Amendment No. 517 and hereby incorporated by reference.

<sup>227</sup> Previously filed on January 31, 2022 in the Registrant's Post-Effective Amendment No. 522 and hereby incorporated by reference.

<sup>228</sup> Previously filed on February 25, 2022 in the Registrant's Post-Effective Amendment No. 523 and hereby incorporated by reference.

<sup>229</sup> Previously filed on March 24, 2022 in the Registrant's Post-Effective Amendment No. 524 and hereby incorporated by reference.

<sup>230</sup> Previously filed on March 25, 2022 in the Registrant's Post-Effective Amendment No. 525 and hereby incorporated by reference.

<sup>231</sup> Previously filed on March 30, 2022 in the Registrant's Post-Effective Amendment No. 526 and hereby incorporated by reference.

<sup>232</sup> Previously filed on April 27, 2022 in the Registrant's Post-Effective Amendment No. 527 and hereby incorporated by reference.

<sup>233</sup> Previously filed on April 28, 2022 in the Registrant's Post-Effective Amendment No. 528 and hereby incorporated by reference.

<sup>234</sup> Previously filed on April 29, 2022 in the Registrant's Post-Effective Amendment No. 529 and hereby incorporated by reference.

<sup>235</sup> Previously filed on June 29, 2022 in the Registrant's Post-Effective Amendment No. 530 and hereby incorporated by reference.

<sup>236</sup> Previously filed on September 23, 2022 in the Registrant's Post-Effective Amendment No. 531 and hereby incorporated by reference.

<sup>237</sup> Previously filed on September 27, 2022 in the Registrant's Post-Effective Amendment No. 532 and hereby incorporated by reference

<sup>238</sup> Previously filed on September 28, 2022 in the Registrant's Post-Effective Amendment No. 533 and hereby incorporated by reference.

<sup>239</sup> Previously filed on December 29, 2022 in the Registrant's Post-Effective Amendment No. 534 and hereby incorporated by reference.

<sup>240</sup> Previously filed on February 28, 2023 in the Registrant's Post-Effective Amendment No. 537 and hereby incorporated by reference.

<sup>241</sup> Previously filed on March 29, 2023 in the Registrant's Post-Effective Amendment No. 539 and hereby incorporated by reference.

<sup>242</sup> Previously filed on April 13, 2023 in the Registrant's Post-Effective Amendment No. 541 and hereby incorporated by reference.

<sup>243</sup> Previously filed on April 17, 2023 in the Registrant's Post-Effective Amendment No. 543 and hereby incorporated by reference.

<sup>244</sup> Previously filed on April 27, 2023 in the Registrant's Post-Effective Amendment No. 544 and hereby incorporated by reference.

<sup>245</sup> Previously filed on April 28, 2023 in the Registrant's Post-Effective Amendment No. 545 and hereby incorporated by reference.

<sup>246</sup> Previously filed on May 1, 2023 in the Registrant's Post-Effective Amendment No. 546 and hereby incorporated by reference.

<sup>247</sup> Previously filed on May 12, 2023 in the Registrant's Post-Effective Amendment No. 549 and hereby incorporated by reference.

<sup>248</sup> Previously filed on May 25, 2023 in the Registrant's Post-Effective Amendment No. 550 and hereby incorporated by reference.

<sup>249</sup> Previously filed on June 14, 2023 in the Registrant's Post-Effective Amendment No. 551 and hereby incorporated by reference.

<sup>250</sup> Previously filed on June 28, 2023 in the Registrant's Post-Effective Amendment No. 552 and hereby incorporated by reference.

<sup>251</sup> Previously filed on September 15, 2023 in the Registrant's Post-Effective Amendment No. 556 and hereby incorporated by reference.

<sup>252</sup> Previously filed on September 20, 2023 in the Registrant's Post-Effective Amendment No. 558 and hereby incorporated by reference.

<sup>253</sup> Previously filed on September 26, 2023 in the Registrant's Post-Effective Amendment No. 559 and hereby incorporated by reference.

<sup>254</sup> Previously filed on September 27, 2023 in the Registrant's Post-Effective Amendment No. 560 and hereby incorporated by reference.

<sup>254</sup> Previously filed on September 28, 2023 in the Registrant's Post-Effective Amendment No. 561 and hereby incorporated by reference.

<sup>255</sup> Previously filed on February 28, 2024 in the Registrant's Post-Effective Amendment No. 563 and hereby incorporated by reference.

<sup>256</sup> Previously filed on March 28, 2024 in the Registrant's Post-Effective Amendment No. 564 and hereby incorporated by reference.

<sup>257</sup> Previously filed on April 16, 2024 in the Registrant's Post-Effective Amendment No. 566 and hereby incorporated by reference.

<sup>258</sup> Previously filed on April 25, 2024 in the Registrant's Post-Effective Amendment No. 567 and hereby incorporated by reference.

<sup>259</sup> Previously filed on April 26, 2024 in the Registrant's Post-Effective Amendment No. 568 and hereby incorporated by reference.

<sup>260</sup> Previously filed on April 29, 2024 in the Registrant's Post-Effective Amendment No. 569 and hereby incorporated by reference.

<sup>261</sup> Previously filed on May 17, 2024 in the Registrant's Post-Effective Amendment No. 570 and hereby incorporated by reference.

<sup>262</sup> Previously filed on June 26, 2024 in the Registrant's Post-Effective Amendment No. 572 and hereby incorporated by reference.

<sup>262</sup> Previously filed on June 27, 2024 in the Registrant's Post-Effective Amendment No. 573 and hereby incorporated by reference.

<sup>263</sup> Previously filed on July 29, 2024 in the Registrant's Post-Effective Amendment No. 574 and hereby incorporated by reference

<sup>264</sup> Previously filed on August 16, 2024 in the Registrant's Post-Effective Amendment No. 578 and hereby incorporated by reference

<sup>265</sup> Previously filed on September 25, 2024 in the Registrant's Post-Effective Amendment No. 579 and hereby incorporated by reference.

<sup>266</sup> Previously filed on September 26, 2024 in the Registrant's Post-Effective Amendment No. 580 and hereby incorporated by reference.

<sup>267</sup> Previously filed on September 27, 2024 in the Registrant's Post-Effective Amendment No. 581 and hereby incorporated by reference.

<sup>268</sup> Previously filed on December 27, 2024 in the Registrant's Post-Effective Amendment No. 582 and hereby incorporated by reference.

<sup>269</sup> Previously filed on February 28, 2025 in the Registrant's Post-Effective Amendment No. 583 and hereby incorporated by reference.

<sup>270</sup> Previously filed on March 28, 2025 in the Registrant's Post-Effective Amendment No. 584 and hereby incorporated by reference.

<sup>271</sup> Previously filed on April 24, 2025 in the Registrant's Post-Effective Amendment No. 585 and hereby incorporated by reference.

<sup>272</sup> Previously filed on April 25, 2025 in the Registrant's Post-Effective Amendment No. 586 and hereby incorporated by reference.

<sup>273</sup> Previously filed on July 2, 2025 in the Registrant's Post-Effective Amendment No. 589 and hereby incorporated by reference.

<sup>274</sup> Previously filed on July 2, 2025 in the Registrant's Post-Effective Amendment No. 590 and hereby incorporated by reference.

<sup>275</sup> Previously filed on July 29, 2025 in the Registrant's Post-Effective Amendment N., 591 and hereby incorporated by reference.

<sup>276</sup> Previously filed on August 1, 2025 in the Registrant's Post-Effective Amendment No. 592 and hereby incorporated by reference.

<sup>277</sup> Previously filed on September 24, 2025 in the Registrant's Post-Effective Amendment No. 595 and hereby incorporated by reference.

<sup>278</sup> Previously filed on September 26, 2025 in the Registrant's Post-Effective Amendment No. 596 and hereby incorporated by reference.

<sup>279</sup> Previously filed on September 29, 2025 in the Registrant's Post-Effective Amendment No. 597 and hereby incorporated by reference.

<sup>280</sup> Previously filed on November 25, 2025 in the Registrant's Post-Effective Amendment No. 600 and hereby incorporated by reference.

<sup>281</sup> Previously filed December 23, 2025 in the Registrant's Post-Effective Amendment No. 603 and hereby incorporated by reference.

<sup>282</sup> Previously filed January 29, 2026 in the Registrant's Post-Effective Amendment No. 609 and hereby incorporated by reference.

<sup>283</sup> Previously filed February 12, 2026 in the Registrant's Post-Effective Amendment No. 610 and hereby incorporated by reference.

<sup>284</sup> Previously filed March 2, 2026 in the Registrant's Post-Effective Amendment No. 611 and hereby incorporated by reference.

<sup>285</sup> Previously filed March 24, 2026 in the Registrant's Post-Effective Amendment No. 613 and hereby incorporated by reference.

<sup>286</sup> Previously filed March 27, 2026 in the Registrant's Post-Effective Amendment No. 614 and hereby incorporated by reference.

ITEM 29. <u>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT.</u>

None.

ITEM 30. <u>INDEMNIFICATION.</u>

Article VIII, Section 2(a) of the Agreement and Declaration of Trust provides that to the fullest extent that limitations on the liability of Trustees and officers are permitted by the Delaware Statutory Trust Act of 2002, the officers and Trustees shall not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any investment adviser or principal underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, is required to indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a person serves as a Trustee or officer of the Trust whether or not such person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing contained in the Agreement and Declaration of Trust indemnifies holds harmless or protects any officer or Trustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Article VIII, Section 2(b) provides that every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in such Person's capacity as Trustee and/or as officer, and such Trustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph of Section 2 of Article VIII.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the provisions of Delaware law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ITEM 31. <u>BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER.</u>

Certain information pertaining to the business and other connections of each Advisor of each series of the Trust is hereby incorporated herein by reference to the section of the respective Prospectus captioned "Investment Advisor" and to the section of the respective Statement of Additional Information captioned "Investment Advisory and Other Services." The information required by this Item 31 with respect to each director, officer or partner of each Advisor is incorporated by reference to the Advisor's Uniform Application for Investment Adviser Registration (Form ADV) on file with the Securities and Exchange Commission ("SEC"). Each

Advisor's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov, and may be requested by File No. as follows:

North Star Investment Management Corp., adviser to the North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund – File No. 801-62013.

Focus Partners Wealth, LLC, adviser to the Al Frank Fund – File No. 801-107054.

Innealta Capital, LLC, adviser to the Dynamic U.S. Opportunity Fund, Dynamic International Opportunity Fund, Acclivity Small Cap Growth Fund, Acclivity Small Cap Value Fund, Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund. – File No. 801-112421

Longboard Asset Management, LP, adviser to the Longboard Fund – File No. 801-72623.

KKM Financial, LLC, adviser to the Essential 40 Stock ETF – File No. 801-77094.

Invenomic Capital Management, LP. adviser to the Invenomic Fund – File No. 801-110459.

The Future Fund, LLC adviser to One Global ETF and The Future Fund Long/Short ETF – File No. 801-121505.

Beacon Capital Management, Inc. – Adviser to the Beacon Selective Risk ETF, Beacon Tactical Risk ETF and Beacon Dynamic Allocation Fund- File No. 801-61249.

Exchange Traded Concepts, LLC – Sub-Adviser to the Beacon Selective Risk ETF, Beacon Tactical Risk ETF and Beacon Dynamic Allocation Fund– File No. 801-7048.5

Waverly Advisers, LLC – Adviser to the GGM Macro Alignment ETF – File No. 801-50972.

Penserra Capital Management, LLC – Sub-Adviser to the GGM Macro Alignment ETF – File No. 801-80466.

PeakShares, LLC - Adviser to the PeakShares Sector Rotation ETF and PeakShares RMR Prime Equity ETF - File No. 801-129548

RMR Wealth Builders, Inc - Sub-Adviser to the PeakShares RMR Prime Equity ETF

Weitz Investment Management, Inc. Adviser to the Weitz Multisector Bond ETF, Weitz Core Plus Bond ETF and Weitz Short Duration Bond ETF– File No. 801-18819

M Financial Investment Advisers, Inc. Adviser to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund – File No. 801-50553

Frontier Capital Management Company, LLC, Sub-Adviser to the M Capital Appreciation Fund – File No. 801-15724

Federated MDTA LLC, Sub-Adviser to the M Large Cap Growth Fund – File No. 801-55094 Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746 – File No. 801-16283

Brandywine Global Investment Management, LLC, Sub-Adviser to the M Large Cap Value Fund – File No. 801-27797

ITEM 32. <u>PRINCIPAL UNDERWRITER.</u> 

(a) Northern Lights Distributors, LLC ("NLD"), is the principal underwriter for certain series of Northern Lights Fund Trust II. NLD also acts as principal underwriter for the following:

Atlas U.S. Government Money Market Fund, Inc., Atlas U.S. Tactical Income Fund, Inc., AdvisorOne Funds, Arrow Investments Trust (ETFs Only), Arrow ETF Trust, Boyar Value Fund Inc., Centerstone Investors Trust, Capitol Series Trust, CIM Real Assets & Credit Fund, Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust, Humankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, New Age Alpha Trust, The North Country Funds, Northern Lights Fund Trust, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, OCM Mutual Fund, PREDEX, Princeton Private Investment AccessEverest Fund, Segall Bryant & Hamill Trust, Texas Capital Funds Trust, Two Roads Shared Trust, The Saratoga Advantage Trust, Tributary Funds, Inc., Uncommon Investment Funds Trust, and Ultimus Managers Trust, Unified Series Trust, Valued Advisers Trust, and Zacks Trust.

(b) NLD is registered with Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The principal business address of NLD is 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022. NLD is an affiliate of Ultimus Fund Solutions, LLC. To the best of Registrant's knowledge, the following are the managers and officers of NLD:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Positions and Offices with Underwriter | &nbsp;&nbsp;Positions and Offices with the Trust |
| &nbsp;&nbsp;Kevin Guerette | &nbsp;&nbsp;President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Stephen Preston | &nbsp;&nbsp;Chief Compliance Officer, Financial Operations Principal, and AML Compliance Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;William J. Strait | &nbsp;&nbsp;Manager, Secretary and General Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Melvin Van Cleave | &nbsp;&nbsp;Chief Information Securities Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;David James | &nbsp;&nbsp;Manager | &nbsp;&nbsp;None |

---

(e) Not Applicable.

ITEM 33. <u>LOCATION OF ACCOUNTS AND RECORDS.</u>

The following entities prepare, maintain and preserve the records required by Section 31 (a) of the 1940 Act for the Registrant. These services are provided to the Registrant for such periods prescribed by the rules and regulations of the U.S. Securities and Exchange Commission under the 1940 Act and such records are the property of the entity required to maintain and preserve such records and will be surrendered promptly on request.

U.S. Bank, National Association ("U.S. Bank"), 1555 North River Center Drive, Milwaukee, WI 53212, provides custodian services to the Al Frank Fund, Invenomic Fund, North Star Opportunity Fund, Dynamic U.S. Opportunity Fund, Dynamic International Opportunity Fund, Longboard Fund (formerly, the Longboard Alternative Growth Fund), North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund, Essential 40 Stock Fund, Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund, Acclivity

Small Cap Value Fund, Acclivity Broad Equity Multi-Style Fund, Dynamic Global Diversified Fund and the North Star Small Cap Value Fund pursuant to a Custody Agreement between U.S. Bank and the Trust.

Brown Brothers Harriman & Co., 50 Post Office Square, Boston, MA 02110, provides custodian services to One Global ETF, The Future Fund Long/Short ETF, Beacon Selective Risk ETF. Beacon Tactical Risk ETF, GGM Macro Alignment ETF, PeakShares Sector Rotation ETF, Essential 40 Stock ETF, Weitz Multisector Bond ETF, Weitz Core Plus Bond ETF and Weitz Short Duration Income ETF.

Ultimus Fund Solutions, LLC (formerly known as Gemini Fund Services, LLC) ("UFS"), located at 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, provides transfer agent and dividend disbursing services pursuant to a Transfer Agency and Service Agreements between UFS and the Trust. In such capacities, UFS provides pricing for each Fund's portfolio securities, keeps records regarding securities and other assets in custody and in transfer, bank statements, canceled checks, financial books and records, and keeps records of each shareholder's account and all disbursement made to shareholders. UFS also maintains all records required pursuant to Administrative Service Agreements with the Trust.

Northern Lights Distributors, LLC ("NLD") located at 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, serves as principal underwriter for all series of Northern Lights Fund Trust II. NLD maintains all records required to be maintained pursuant to each Fund's Distribution Plan and Agreement adopted pursuant to Rule 12b-1 under the 1940 Act.

Northern Lights Compliance Services, LLC ("NLCS"), located at 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, provides CCO and compliance services to each Fund of the Trust.

North Star Investment Management Corp. located at 20 N. Wacker Drive, Suite 1416, Chicago, IL 60606 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the North Star Opportunity Fund, North Star Dividend Fund, North Star Micro Cap Fund, North Star Bond Fund and North Star Small Cap Value Fund.

Focus Partners Wealth, LLC located at 190 Carondele Plaza, Suite 600, St. Louis, MO 63105 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Al Frank Fund.

Innealta Capital, LLC located at 13215 Bee Cave Parkway, Building A, Suite 240, Austin, TX 78738

pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Dynamic U.S. Opportunity Fund, Dynamic International Opportunity Fund, Acclivity Mid Cap Multi-Style Fund, Acclivity Small Cap Growth Fund and the Acclivity Small Cap Value Fund, Acclivity Broad Equity Multi-Style Fund and the Dynamic Global Diversified Fund.

Longboard Asset Management, LP located at P.O. Box 97730, Phoenix, Arizona 85060-7730 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Longboard Fund (formerly, the Longboard Alternative Growth Fund).

M Financial Investment Advisers, Inc. 1125 NW Couch Street, Suite 900, Portland Oregon 97209 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund.

Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746 with respect to the M International Equity Fund.

Frontier Capital Management Company, LLC, 99 Summer Street, Boston, Massachusetts 02110 with respect to the M Capital Appreciation Fund.

Brandywine Global Investment Management, LLC, 1735 Market Street, Suite 1800 Philadelphia, Pennsylvania 19103 with respect to the M Large Cap Value Fund.

DSM Capital Partners, LLC 7111 Fairway Drive, Suite 35,0 Palm Beach Gardens, Florida 33418 with respect to the M Large Cap Growth Fund.

KKM Financial, LLC, located at 311 South Wacker Drive, Suite 650, Chicago, IL 60606 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Essential 40 Stock ETF.

Invenomic Capital Management, LP, located at 211 Congress Street, 7<sup>th</sup> Floor, Boston, MA 02110 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Invenomic Fund.

The Future Fund LLC located at 330 N. Wabash Avenue, Suite 2300, Chicago, IL 6061112866 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to One Global ETF and The Future Fund Long/Short ETF.

Beacon Capital Management, Inc. located at 7777 Washington Village dr. Suite 280, Dayton, OH 45459 on behalf of the Beacon Selective Risk ETF, Beacon Tactical Risk ETF and Beacon Dynamic Allocation Fund.

Exchange Traded Concepts, LLC located at 10900 Hefner point drive, Suite 400, Oklahama City, OK 73120 on behalf of the Beacon Selective Risk ETF and Beacon Tactical Risk ETF.

Waverly Advisors, LLC, located at 600 University Park Place, Suite 501, Birmingham, AL 35209, on behalf of the GGM Macro Alignment ETF.

Penserra Capital Management, LLC located at 4 Orinda Way, Suite 100-A, Orinda, CA 94563 on behalf of the GGM Macro Alignment ETF.

PeakShares LLC located at 2701 Rocky Point Drive, Suite 1000, Tampa, FL on behalf of the PeakShares Sector Rotation ETF.

Weitz Investment Management, Inc. located at 3555 Farnam Street, Suite 80, Omaha, NE 68131 on behalf of the Weitz Multisector Bond ETF, Weitz Core Plus Bond ETF and Weitz Short Duration Bond ETF.

ITEM 34. <u>MANAGEMENT SERVICES.</u>

Not applicable.

ITEM 35. <u>UNDERTAKINGS.</u> 

See Item 30 above, second paragraph.

One or more of the Registrant's series may invest up to 25% of its respective total assets in a wholly-owned and controlled subsidiary (each a "Subsidiary" and collectively the "Subsidiaries"). Each Subsidiary will operate under the supervision of the Registrant. The Registrant hereby undertakes that the Subsidiaries will submit to inspection by the U. S. Securities and Exchange Commission.

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 616 to its Registration Statement to be signed on its behalf by the undersigned, thereunto authorized, in the City of Hauppauge, State of New York, on April 24, 2026 .

---

| | |
|:---|:---|
| NORTHERN LIGHTS FUND TRUST II | NORTHERN LIGHTS FUND TRUST II |
| By: | /s/ Kevin Wolf |
|  | Kevin Wolf\* |
|  | President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in their capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signature | &nbsp;&nbsp;Title | &nbsp;&nbsp;Date |
| &nbsp;&nbsp;Brian Nielsen\* | &nbsp;&nbsp;/s/ Brian Nielsen<br> Trustee & Chairman | &nbsp;&nbsp;April 24, 2026 |
| &nbsp;&nbsp;Thomas Sarkany\* | &nbsp;&nbsp;/s/ Thomas Sarkany<br> Trustee | &nbsp;&nbsp;April 24, 2026 |
| &nbsp;&nbsp;Anthony Lewis\* | &nbsp;&nbsp;/s/ Anthony Lewis<br> Trustee | &nbsp;&nbsp;April 24, 2026 |
| &nbsp;&nbsp;Keith Rhoades\* | &nbsp;&nbsp;/s/ Keith Rhoades<br> Trustee | &nbsp;&nbsp;April 24, 2026 |
| &nbsp;&nbsp;Randy Skalla\* | &nbsp;&nbsp;/s/ Randy Skalla<br> Trustee | &nbsp;&nbsp;April 24, 2026 |
| &nbsp;&nbsp;Kevin Wolf\* | &nbsp;&nbsp;/s/ Kevin Wolf<br> President and Principal Executive Officer | &nbsp;&nbsp;April 24, 2026 |
| &nbsp;&nbsp;Erik Naviloff\* | &nbsp;&nbsp;/s/ Erik Naviloff<br> Treasurer and Principal Financial Officer | &nbsp;&nbsp;April 24, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Kevin Wolf |
|  | Kevin Wolf |

---

\* Attorney-in-Fact – pursuant to powers of attorney incorporated by reference to Post-Effective Amendment No. 351 (filed on May 17, 2017) in the Registrant's Registration Statement on Form N-1A.

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| (d)(28) | [Investment Advisory Agreement between the Registrant and M Financial Investment Advisers, Inc with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_d-28.htm) |
| (d)(29) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Brandywine Global Investment Management, LLC](ex_d-29.htm) |
| (d)(30) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Dimensional Fund Advisors LP](ex_d-30.htm) |
| (d)(31) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Federated MDTA LLC](ex_d-31.htm) |
| (d)(32) | [Investment Sub-Advisory Agreement between M Financial Investment Advisers, Inc. and Frontier Capital Management Company, LLC](ex_d-32.htm) |
| (e)(3) | [Underwriting Agreement between Registrant and M-Holdings Securities, Inc. with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_e-3.htm) |
| (g)(8) | [Custody Agreement between the Registrant and State Street Bank and Trust Company with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_g-8.htm) |
| (h)(43) | [Expense Limitation Agreement between the Registrant and M Financial Investment Advisers, Inc. with respect to M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_h-43.htm) |
| (h)(44) | [Fund Services Agreement between the Registrant and Ultimus Fund Solutions, LLC, on behalf of M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_h-44.htm) |
| (i)(25) | [Consent of Vedder Price P.C.](ex_i-25.htm) |
| (i)(29) | [Opinion of Vedder Price P.C with respect to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_i-29.htm) |
| (j)(28) | [Consent of Cohen & Company, Ltd with respect to the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund](ex_j-28.htm) |
| (p)(18) | [Code of Ethics for M Financial Investment Advisers, Inc.](ex_p-18.htm) |
| (p)(19) | [Code of Ethics for Dimensional Fund Advisors, LP](ex_p-19.htm) |
| (p)(20) | [Code of Ethics for Federated MDTA LLC](ex_p-20.htm) |
| (p)(21) | [Code of Ethics for Frontier Capital Management Company, LLC](ex_p-21.htm) |
| (p)(22) | [Code of Ethics for Brandywine Global Investment Management, LLC](ex_p-22.htm) |

---

## Ex-99.D

**Exhibit(d)(28)** 

INVESTMENT ADVISORY AGREEMENT

Between

NORTHERN LIGHTS FUND TRUST II

and

M FINANCIAL INVESTMENT ADVISERS, INC.

AGREEMENT, made as of January 21, 2026 between Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), and M Financial Investment Advisers, Inc., a corporation organized and existing under the laws of the State of Colorado (the "Adviser"), located at M Financial Plaza, 1125 NW Couch Street, Suite 900, Portland, OR 97202.

RECITALS:

WHEREAS, the Trust is an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Act");

WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series, each having its own investment objective or objectives, policies and limitations;

WHEREAS, the Trust offers shares in the series named on Appendix A hereto (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 1.3, being herein referred to as a "Fund," and collectively as the "Funds");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940; and

WHEREAS, the Trust desires to retain the Adviser to render investment advisory services to the Trust with respect to each Fund in the manner and on the terms and conditions hereinafter set forth;

NOW, THEREFORE, the parties hereto agree as follows:

**<u>1. Services of the Adviser.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.1 Investment Advisory Services.</u> The Adviser shall act as the investment adviser to each Fund and, as such, shall (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities hereunder, (ii) formulate a continuing program for the investment of the assets of each Fund in a manner consistent with its investment objective(s), policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by each Fund, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission than may be charged by other brokers.

The Trust hereby authorizes any entity or person associated with the Adviser or any sub-adviser retained by the Adviser pursuant to Section 9 of this Agreement, which is a member of a national securities exchange, to effect any transaction on the exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

The Adviser shall carry out its duties with respect to each Fund's investments in accordance with applicable law and the investment objectives, policies and restrictions set forth in each Fund's then-current Prospectus and Statement of Additional Information, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.2 Administrative Services.</u> The Trust has engaged the services of an administrator. The Adviser shall provide such additional administrative services as reasonably requested by the Board of Trustees or officers of the Trust; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Trust shareholders, any services related to the distribution of Trust shares, or any other services which are the subject of a separate agreement or arrangement between the Trust and the Adviser. Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 Office Space, Equipment and Facilities. Provide such office space, office equipment and office facilities as are adequate to fulfill the Adviser's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 Personnel. Provide, without remuneration from or other cost to the Trust, the services of individuals competent to perform the administrative functions which are not performed by employees or other agents engaged by the Trust or by the Adviser acting in some other capacity pursuant to a separate agreement or arrangement with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 Agents. Assist the Trust in selecting and coordinating the activities of the other agents engaged by the Trust, including the Trust's shareholder servicing agent, custodian, administrator, independent auditors and legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 Trustees and Officers. Authorize and permit the Adviser's directors, officers and employees who may be elected or appointed as Trustees or officers of the Trust to serve in such capacities, without remuneration from or other cost to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 Books and Records. Ensure that all financial, accounting and other records required to be maintained and preserved by the Adviser on behalf of the Funds are maintained and preserved by it in accordance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 Reports and Filings. Assist in the preparation of (but not pay for) all periodic reports by the Fund to its shareholders and all reports and filings required to maintain the registration and qualification of the Funds and Fund shares, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.3 Additional Series.</u> In the event that the Trust establishes one or more series after the effectiveness of this Agreement ("Additional Series"), Appendix A to this Agreement may be amended to make such Additional Series subject to this Agreement upon the approval of the Board of Trustees of the Trust and the shareholder(s) of the Additional Series, in accordance with the provisions of the Act. The Trust or the Adviser may elect not to make any such series subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.4 Change in Management or Control.</u> To the extent possible, the Adviser shall provide at least sixty (60) days' prior written notice to the Trust of any change in the ownership or management of the Adviser, or any event or action that may constitute a change in "control," as that term is defined in Section 2 of the Act. The Adviser shall provide prompt notice of any change in the portfolio manager(s) responsible for the day-to-day management of the Funds.

**<u>2. Expenses of the Funds.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.1 Expenses to be Paid by Adviser.</u> The Adviser shall pay all salaries, expenses and fees of the officers, Trustees and employees of the Trust who are officers, directors, members or employees of the Adviser, if any. In the event that the Adviser pays or assumes any expenses of the Trust not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein contained shall be deemed to relieve the Adviser of any obligation to the Funds under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.2 Expenses to be Paid by the Fund.</u> Each Fund shall bear all expenses of its operation, except those specifically allocated to the Adviser under this Agreement or under any separate agreement between the Trust and the Adviser. Subject to any separate agreement or arrangement between the Trust and the Adviser, the expenses hereby allocated to the Fund, and not to the Adviser, include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Custody. All charges of depositories, custodians, and other agents for the transfer, receipt, safekeeping, and servicing of the Fund's cash, securities, and other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Shareholder Servicing. All expenses of maintaining and servicing shareholder accounts, including but not limited to the charges of any shareholder servicing agent, dividend disbursing agent, transfer agent or other agent engaged by the Trust to service shareholder accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Shareholder Reports. All expenses of preparing, setting in type, printing and distributing reports and other communications to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Prospectuses. All expenses of preparing, converting to EDGAR format, filing with the Securities and Exchange Commission or other appropriate regulatory body, setting in type, printing and mailing annual or more frequent revisions of the Fund's Prospectus and Statement of Additional Information and any supplements thereto and of supplying them to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 Pricing and Portfolio Valuation. All expenses of computing the Fund's net asset value per share, including any equipment or services obtained for the purpose of pricing shares or valuing the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 Communications. All charges for equipment or services used for communications between the Adviser or the Trust and any custodian, shareholder servicing agent, portfolio accounting services agent, or other agent engaged by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 Legal and Accounting Fees. All charges for services and expenses of the Trust's legal counsel and independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 Trustees' Fees and Expenses. All compensation of Trustees other than those affiliated with the Adviser, all expenses incurred in connection with such unaffiliated Trustees' services as Trustees, and all other expenses of meetings of the Trustees and committees of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 Shareholder Meetings. All expenses incidental to holding meetings of shareholders, including the printing of notices and proxy materials, and proxy solicitations therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 Federal Registration Fees. All fees and expenses of registering and maintaining the registration of the Fund under the Act and the registration of the Fund's shares under the Securities Act of 1933 (the "1933 Act"), including all fees and expenses incurred in connection with the preparation, converting to EDGAR format, setting in type, printing, and filing of any Registration Statement, Prospectus and Statement of Additional Information under the 1933 Act or the Act, and any amendments or supplements that may be made from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11 State Registration Fees. All fees and expenses of taking required action to permit the offer and sale of the Fund's shares under securities laws of various states or jurisdictions, and of registration and qualification of the Fund under all other laws applicable to the Trust or its business activities (including registering the Trust as a broker-dealer, or any officer of the Trust or any person as agent or salesperson of the Trust in any state).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12 Confirmations. All expenses incurred in connection with the issue and transfer of Fund shares, including the expenses of confirming all share transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13 Bonding and Insurance. All expenses of bond, liability, and other insurance coverage required by law or regulation or deemed advisable by the Trustees of the Trust, including, without limitation, such bond, liability and other insurance expenses that may from time to time be allocated to the Fund in a manner approved by its Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14 Brokerage Commissions. All brokers' commissions and other charges incident to the purchase, sale or lending of the Fund's portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.15 Taxes. All taxes or governmental fees payable by or with respect to the Fund to federal, state or other governmental agencies, domestic or foreign, including stamp or other transfer taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.16 Trade Association Fees. All fees, dues and other expenses incurred in connection with the Trust's membership in any trade association or other investment organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.18 Compliance Fees. All charges for services and expenses of the Trust's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.19 Nonrecurring and Extraordinary Expenses. Such nonrecurring and extraordinary expenses as may arise including the costs of actions, suits, or proceedings to which the Trust is a party and the expenses the Trust may incur as a result of its legal obligation to provide indemnification to its officers, Trustees and agents.

**<u>3. Advisory Fee.</u>**

As compensation for all services rendered, facilities provided, and expenses paid or assumed by the Adviser under this Agreement, each Fund shall pay the Adviser on the last day of each month (or as promptly as possible thereafter) a fee calculated by applying a monthly rate, based on an annual percentage rate, of the Fund's average daily net assets for the month. The annual percentage

rate applicable to each Fund is set forth in Appendix A to this Agreement, as it may be amended from time to time in accordance with Section 1.3 of this Agreement. If this Agreement shall be effective for only a portion of a month with respect to a Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund. All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of the Agreement.

**<u>4. Proxy Voting.</u>**

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of a Fund may be invested from time to time. Such proxies will be voted in a manner that Adviser deem, in good faith, to be in the best interest of the Fund and in accordance with its proxy voting policy. The Adviser agrees to provide a copy of its proxy voting policy to the Trust prior to the execution of this Agreement, and any amendments thereto promptly.

**<u>5. Records.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.1 Tax Treatment.</u> Both the Adviser and the Trust shall maintain, or arrange for others to maintain, the books and records of the Trust in such a manner that treats each Fund as a separate entity for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.2 Ownership.</u> All records required to be maintained and preserved by the Trust pursuant to the provisions or rules or regulations of the Securities and Exchange Commission under Section 31(a) of the Act and maintained and preserved by the Adviser on behalf of the Trust are the property of the Trust and shall be surrendered by the Adviser promptly on request by the Trust; provided, that the Adviser may at its own expense make and retain copies of any such records.

**<u>6. Reports to Adviser.</u>**

The Trust shall furnish or otherwise make available to the Adviser such copies of each Fund's Prospectus, Statement of Additional Information, financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.

**<u>7. Reports to the Trust.</u>**

The Adviser shall prepare and furnish to the Trust such reports, statistical data and other information in such form and at such intervals as the Trust may reasonably request.

**<u>8. Code of Ethics.</u>**

The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Trust with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, the Adviser will provide to the Board of Trustees of the Trust a written report that describes any issues arising under the code of ethics since the last report to the Board of Trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

**<u>9. Retention of Sub-Adviser.</u>**

Subject to the Trust's obtaining the initial and periodic approvals required under Section 15 of the Act, the Adviser may retain one or more sub-advisers, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of one or more Funds of the Trust. For the avoidance of doubt, the Adviser may retain one or more sub-advisers to provide any or all of the services listed in Section 1.1 of this Agreement. Retention of one or more sub-advisers shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 11 of this Agreement, be responsible to the Trust for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

**<u>10. Services to Other Clients.</u>**

Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

**<u>11. Limitation of Liability of Adviser and its Personnel.</u>**

Neither the Adviser nor any director, manager, officer or employee of the Adviser performing services for the Trust at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Trustees of the Trust in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser retained by the Adviser pursuant to Section 9 of this Agreement; PROVIDED, that nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Trust or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Trustee or officer of the Trust against any liability of the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Trust.

**<u>12. Effect of Agreement.</u>**

Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

**<u>13. Term of Agreement.</u>**

The term of this Agreement shall begin as of the date and year upon which the Fund listed on Appendix A commences investment operations, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to each Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; PROVIDED, such continuance with respect to a Fund is approved at least annually by vote of the holders of a majority of the

outstanding voting securities of the Fund or by the Trustees of the Trust; PROVIDED, that in either event such continuance is also approved annually by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto. The Adviser shall furnish to the Trust, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

**<u>14. Amendment or Assignment of Agreement.</u>**

Any amendment to this Agreement shall be in writing signed by the parties hereto; PROVIDED, that no such amendment shall be effective unless authorized (i) by resolution of the Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment as required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

**<u>15. Termination of Agreement.</u>**

This Agreement may be terminated as to any Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party; PROVIDED, that in the case of termination by any Fund by the Trust, such action shall have been authorized (i) by resolution of the Trust's Board of Trustees, including the vote or written consent of Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, or (ii) by vote of majority of the outstanding voting securities of the Fund.

**<u>16. Use of Name.</u>**

The Trust is named the Northern Lights Fund Trust II and each Fund may be identified, in part, by the name "Northern Lights."

**<u>17. Declaration of Trust.</u>**

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust's Declaration of Trust and agrees that the obligations assumed by the Trust or a Fund, as the case may be, pursuant to this Agreement shall be limited in all cases to the Trust or a Fund, as the case may be, and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust. In addition, the Adviser shall not seek satisfaction of any such obligations from the Trustees or any individual Trustee. The Adviser understands that the rights and obligations of any Fund under the Declaration of Trust are separate and distinct from those of any and all other Funds. The Adviser further understands and agrees that no Fund of the Trust shall be liable for any claims against any other Fund of the Trust and that the Adviser must look solely to the assets of the pertinent Fund of the Trust for the enforcement or satisfaction of any claims against the Trust with respect to that Fund.

**<u>18. Confidentiality.</u>**

The Parties agree to treat all records and other information relating to the Advisor, theTrust, and the securities holdings of the Funds as confidential and shall not disclose any such records or information to any other person unless (i) the Board of Trustees of the Trust has approved the disclosure, (ii) such disclosure is compelled by law, or (iii) the information is publicly available.

In addition, the Adviser and the Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Funds, as a result of disclosing a Fund's portfolio holdings. The Trust acknowledges that the Adviser provides information regarding the holdings of, and may be compensated with respect, to separated managed accounts (SMAs) that pursue similar strategies as the Funds, however, the Trust understands that such communications are only with respect to such SMAs and do not, and will not, address the Funds. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic information about a Fund's portfolio holdings.

**<u>19. Governing Law.</u>**

This Agreement shall be governed and construed in accordance with the laws of the State of Delaware.

**<u>20. Notice.</u>**

Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient if delivered by hand, transmitted by e-mail, electronic facsimile, in portable document format (pdf) or some other electronic form, or mailed by registered, certified or overnight United States mail , postage prepaid, or sent by overnight delivery with a recognized courier addressed by the party giving notice to the other party at the last address furnished by either party:

To the Trust at:

**Northern Lights Fund Trust II**

Attn: Legal Department

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

To the Adviser at:

**M Financial Investment Advisers, Inc.**

M Financial Plaza

1125 NW Couch Street, Suite 900

Portland, OR 97202

Attn: President

**<u>21. Severability.</u>**

If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remained of this Agreement shall not be affected thereby.

**<u>22. Interpretation and Definition of Terms.</u>**

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission validly issued pursuant to the Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the Act. In addition, when the effect of a requirement of the Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule,

regulation or order of the Securities and Exchange Commission, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**<u>23. Captions.</u>**

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

**<u>24. Execution in Counterparts.</u>**

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date and year first above written.

NORTHERN LIGHTS FUND TRUST II

By: <u>/s/Kevin Wolf</u> 

Name: Kevin Wolf

Title: President

M FINANCIAL INVESTMENT ADVISERS, INC.

By: <u>/s/Robert Olson</u> 

Name: Robert Olson

Title: President

**NORTHERN LIGHTS FUND TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**APPENDIX A**

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| | |
|:---|:---|
| &nbsp;&nbsp;**NAME OF FUND** | &nbsp;&nbsp; **ANNUAL ADVISORY FEE AS A % OF** <br> **AVERAGE NET ASSETS OF THE FUND** |
| &nbsp;&nbsp; M International Equity Fund,<br> a series of Northern Lights Fund Trust II | &nbsp;&nbsp;0.15% on all assets plus (and only with respect to Fund assets which are not invested in a mutual fund that is advised by the Fund's sub-adviser): 0.25% on the first $100 million 0.20% on amounts thereafter |
| &nbsp;&nbsp; M Large Cap Growth Fund,<br> a series of Northern Lights Fund Trust II | &nbsp;&nbsp;0.45% of first $100 million 0.40% on amounts thereafter |
| &nbsp;&nbsp; M Capital Appreciation Fund,<br> a series of Northern Lights Fund Trust II | &nbsp;&nbsp;0.85% of the first $125 million 0.75% on the amounts thereafter |
| &nbsp;&nbsp; M Large Cap Value Fund,<br> a series of Northern Lights Fund Trust II | &nbsp;&nbsp;0.43% |

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## Ex-99.D

**Exhibit(d)(29)** 

**INVESTMENT SUB-ADVISORY AGREEMENT**

**For The**

**M LARGE CAP VALUE FUND**

THIS AGREEMENT made and entered into this 24 day of April, 2026, by and between M Financial Investment Advisers, Inc., a corporation organized and existing under the laws of the State of Colorado (the "Adviser"), and Brandywine Global Investment Management, LLC, a limited liability company and existing under the laws of the State of Delaware (the "Sub-Adviser").

WHEREAS, Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and is a series fund with a number of portfolios; and

WHEREAS, the Adviser is registered as an investment adviser pursuant to the Investment Advisers Act of 1940 (the "Advisers Act").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to the M Large Cap Value Fund portfolio of the Trust (the "Fund"), which is a series of the Trust; and

WHEREAS, the Adviser is authorized under the Advisory Agreement to delegate certain of its investment advisory responsibilities to one or more persons or companies; and

WHEREAS, the Adviser, with the approval of the Board of the Trustees of the Trust (the "Board"), desires to retain the Sub-Adviser to provide investment advisory services to the Fund, and the Sub-Adviser is willing to render such investment advisory services.

WHEREAS, the Sub-Adviser is registered as an investment adviser pursuant to the Advisers Act.

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

1. **Appointment and Acceptance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Adviser and the Trust hereby appoint and employ the Sub-Adviser as a discretionary portfolio
 manager, on the terms and conditions set forth herein, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser accepts that appointment and agrees to render the services herein set forth,
 for the compensation herein provided.

2. **Duties of the Sub-Adviser**. Subject to supervision by the Adviser and the Board, the Sub-Adviser
 shall manage the investment operations of the Fund and the composition of the Fund, including
 the purchase, retention and disposition of securities and other assets, in accordance with
 the Fund's investment objectives, policies and restrictions as stated in the Fund's prospectus
 and statement of additional information, as currently in effect and as

amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser shall provide: (i) a continuous investment program with respect to the Fund and
 (ii) supervision of the Fund's investments and determine from time to time what investments
 and securities will be purchased, retained or sold by the Fund, and what portion of the assets
 will be invested or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the performance of its duties and obligations under this Agreement, the Sub-Adviser shall
 act in conformity, as applicable, with the Trust's Agreement and Declaration of Trust
 and Bylaws (as such terms are defined herein) and the Prospectus and with the instructions
 and directions of the Adviser and of the Board and will conform to and comply with the requirements
 of the 1940 Act, the Internal Revenue Code (the "Code") of 1986, and all other
 applicable federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser shall determine the securities to be purchased or sold by the Fund and will place
 orders with or through such persons, brokers or dealers to carry out the policy with respect
 to brokerage set forth in the Fund's Registration Statement (as defined herein) and Prospectus
 or as the Board of Trustees or the Adviser may direct from time to time, in conformity with
 federal securities laws. In executing Fund transactions and selecting brokers or dealers,
 the Sub-Adviser will seek to obtain best execution, considering all of the circumstances,
 and shall maintain records adequate to demonstrate compliance with this requirement. In assessing
 best execution for any transaction, the Sub-Adviser shall consider all factors that it deems
 relevant, including, but not limited to, the breadth of the market in the security, the price
 of the security, the financial condition and execution capability of the broker or dealer,
 and the reasonableness of the commission, if any, both for the specific transaction and on
 a continuing basis. In evaluating best execution, and in selecting the broker-dealer to execute
 a particular transaction, the Sub-Adviser may also consider the brokerage and research services
 (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided
 to the Fund and/or other accounts over which the Sub-Adviser or an affiliate of the Sub-Adviser
 may exercise investment discretion. The Sub-Adviser is authorized, subject to compliance
 with said Section 28(e), to pay to 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, but only if, the Sub-Adviser determines in good faith that such commission
 was reasonable in relation to the value of the brokerage and research services provided by
 such broker or dealer — viewed in terms of that particular transaction or in terms of the
 overall responsibilities of the Sub-Adviser to the Fund. The Sub-Adviser shall certify quarterly
 to the Trust as to the Sub-Adviser's compliance with Section 28(e).

Except as permitted by law or an exemptive order or rule of the Securities and Exchange Commission ("SEC"), and the Trust's policies and procedures adopted thereunder, the Sub-Adviser agrees that it will not execute without the prior written approval of the Adviser any portfolio transactions for the Fund with a broker or dealer which is (i) an affiliated person of the Trust, the Adviser or any sub-adviser for any series of the Trust; (ii) a principal underwriter of the Fund's shares; or (iii)

an affiliated person of such an affiliated person or principal underwriter. The Adviser agrees that it will provide the Sub-Adviser with a written list of such brokers and dealers prior to execution of this Agreement and will, from time to time, update such list as necessary. The Sub-Adviser agrees that it will provide the Adviser with a written list of brokers and dealers that are affiliates of the Sub-Adviser and will, from time to time, update such list as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser shall maintain all books and records required to be maintained pursuant to the
 1940 Act and the rules and regulations promulgated thereunder with respect to actions by
 the Sub-Adviser on behalf of the Fund and shall render to the Adviser or Board such periodic
 and special reports as the Adviser or Board may reasonably request.

The Sub-Adviser shall keep the Fund's books and records required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser shall also furnish to the Adviser any other information that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser agrees that all records that it maintains on behalf of the Fund are the property of the Trust and the Sub-Adviser will surrender promptly to the Trust any of such records upon the Trust's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor Sub-Adviser upon the termination of this Agreement (or, if there is no successor Sub-Adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser shall provide the Fund's custodian on each business day with information relating
 to all transactions concerning the Fund's assets and shall provide the Adviser with such
 information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser shall cooperate with the Adviser, its representatives, and any third party retained
 thereby upon the Adviser's exercise of its right, granted hereby, to compel an audit of the
 Fund's financial records, examine records of the Fund's portfolio transactions, and/or make
 a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 furnishing services hereunder, to the extent prohibited under, or necessary to comply with,
 the 1940 Act, the Sub-Adviser will not consult with any other sub-adviser to the Trust concerning
 transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing
 restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any
 of its affiliated persons concerning transactions in securities or other assets; (ii) any
 of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule
 12d3-1; and (iii) a successor sub-adviser of the Fund in order to effect an orderly transition
 of sub-

advisory duties so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Sub-Adviser shall promptly notify the Adviser of any material financial condition affecting
 the Sub-Adviser that is likely to impair the Sub-Adviser's ability to fulfill its commitments
 under this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 the Adviser advises the Sub-Adviser in writing that the right to vote proxies has been expressly
 reserved to the Adviser or otherwise delegated to another party, the Sub-Adviser shall exercise
 voting rights incident to any securities held in the Fund without consultation with the Adviser,
 provided that the Sub-Adviser will follow any written instructions received from the Adviser
 with respect to voting as to particular issues. The Sub-Adviser shall further respond to
 all voluntary corporate action matters incident to the securities held in the Fund that require
 a portfolio management decision including, without limitation, the decision to respond to
 tender shares in response to a tender offer. The Sub-Adviser shall provide to the Adviser
 the Fund's proxy voting record as may be required to comply with all applicable regulatory
 disclosure and filing requirements. The Adviser agrees and understands that the Sub-Adviser
 will not take any action or render advice involving legal action on behalf of the Adviser
 with respect to securities or other investments held in the Fund or the issuers thereof,
 which become the subject of legal notices or proceedings, including securities class actions
 and bankruptcies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Sub-Adviser shall timely provide such information and data as may be reasonably requested
 by the Adviser regarding the Sub-Adviser's management of the Fund's assets, including,
 but not limited to, semiannual written Fund manager commentary and analysis, portfolio holdings
 and positions, and country and industry diversification tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Sub-Adviser shall provide to the Adviser in a timely manner, such information as is needed
 by the Trust to properly prepare registration statements, proxy statements, and other documents
 required by SEC rules and regulations, including but not limited to information required
 by Items 5, 9, 10(a)(2), 19(a)(1)and 20 of SEC Registration Statement Form N-1A. The Sub-Adviser
 shall promptly, but in any event within five business days, inform the Adviser of any material
 change in such information. The Sub-Adviser will prepare and cause to be filed
 in a timely manner Form 13F and, if required, Schedule 13G with respect to securities in
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 Sub-Adviser will assist the Adviser, the Trust's administrator (the "Administrator")
 and/or the Trust in their determination of fair valuation of all portfolio securities held
 in the Fund and will use its reasonable efforts to arrange for the provision of valuation
 information for each portfolio security held in the Fund for which the Administrator does
 not obtain prices in the ordinary course of business from an automated pricing service. The
 Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes
 that the price of any security or other investment in the Fund may not accurately reflect
 the value thereof. The Sub-Adviser will maintain adequate records with respect to securities
 valuation information provided hereunder, and shall provide such information to the Adviser
 upon request, with such records being deemed Trust records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 Sub-Adviser shall furnish the Adviser with any further documents, materials or information
 that Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
 Sub-Adviser and its officers may act and continue to act as investment manager for others,
 and nothing in this Agreement shall in any way be deemed to restrict the right of the Sub-Adviser
 to perform investment management or other services for any other person or entity, and the
 performance of such services for others shall not be deemed to violate or give rise to any
 duty or obligation to Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Sub-Adviser is authorized on behalf of the Trust to execute all agreements, instruments and
 documents that the Sub-Adviser believes are necessary or advisable in performing its duties
 in the management of the Fund and relate to investments authorized hereunder.

3. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to
 be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the
 Sub-Adviser's performance of its duties under this Agreement.

4. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies properly certified
 or authenticated of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust,
 as in effect on the date of this Agreement and as amended from time to time, are herein called
 the " Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bylaws
 of the Trust (such Bylaws, as in effect on the date of this Agreement and as amended from
 time to time, are herein called the "Bylaws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 SEC Registration Statement for the Trust (the "Registration Statement")

The Adviser shall furnish the Sub-Adviser with any further documents, materials or information that Sub-Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement.

5. **Expenses.** During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by
 it in connection with its performance of the services under this Agreement other than the
 cost of securities (including brokerage commissions, transactional fees and taxes, if any)
 purchased for the Fund. The Fund shall be responsible for its expenses. Additionally, the
 Sub-Adviser will not be responsible for the expenses of the Fund, the Trust or the Adviser,
 including, but not limited to: expenses incurred in the distribution of shares of the Fund;
 fees and expenses related to any required filings, or any amendment or supplement thereto,
 under the Securities Act of 1933, as amended ("Securities Act"), the Investment
 Company Act or otherwise; interest expense, taxes, fees and commissions of every kind; and
 charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder
 servicing agents and other service providers to the Fund or the Trust.

6. **Compensation of the Sub-Adviser**. For the services to be provided by the Sub-Adviser pursuant to this
 Agreement, the Adviser shall pay to the Sub-Adviser, and the Sub-Adviser agrees to accept
 as full compensation therefor, a sub-advisory fee at the rates specified in Schedule A, which
 is attached hereto and made part of this Agreement. The fee shall be calculated by applying
 a daily rate, based on the annual percentage rates as specified in Schedule A, to the average
 daily net assets of the Fund and shall be paid to the Sub-Adviser quarterly. The Sub-Adviser
 may, in its discretion and from time to time, waive all or a portion of its fee.

7. **Limitation of Liability of the Sub-Adviser; Indemnification**. The Sub-Adviser shall not be liable
 for any error of judgment or for any loss suffered by the Fund or the Adviser in connection
 with performance of the Sub-Adviser's obligations under this Agreement, except a loss resulting
 from a breach of fiduciary duty with respect to the receipt of compensation for services
 (in which case any award of damages shall be limited to the period and the amount set forth
 in Section 36(b)(3) of the 1940 Act), or a loss resulting from willful misfeasance, bad faith
 or gross negligence on the Sub-Adviser's part in the performance of its duties or from reckless
 disregard of its obligations and duties under this Agreement, except as may otherwise be
 provided under provisions of applicable state law which cannot be waived or modified hereby.

Adviser shall reimburse, indemnify, and hold harmless Sub-Adviser, individually and as sub-adviser, of and from any and all expenses, losses, damages, liabilities, demands, charges, and claims of any kind or nature (including attorneys' fees) whatsoever, arising from the operations and management of the Fund except where such expense, loss, damage, liability, demand, charge, or claim is the result of an occurrence described in the foregoing paragraph for which the Sub-Adviser is determined to be liable.

The Sub-Adviser shall indemnify the Adviser or any of its directors, officers, employees or affiliates from any and all expenses, losses, damages, liabilities, demands, charges, and claims of any kind or nature (including attorneys' fees) whatsoever incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the gross negligence, willful misfeasance, bad faith or breach of fiduciary duty of the Sub-Adviser, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the gross negligence, willful misfeasance or bad faith of the Adviser or the Adviser's breach of fiduciary duty to the Sub-Adviser. Notwithstanding the foregoing, the Sub-Adviser does not guarantee the future performance of the Fund or any specific level of performance, the success of any investment decision or strategy that the Sub-Adviser may use, or the success of the Sub-Adviser's overall management of the Fund. The Adviser understands and acknowledges that investment decisions made for the Fund are subject to various market, currency, economic and business risks, and that those investment decisions will not always be profitable or even successful.

The Sub-Adviser shall indemnify the Fund or any of its directors, officers, employees or affiliates for all expenses, losses, damages, liabilities, demands, charges, and claims of any kind or nature (including attorneys' fees) whatsoever incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the gross negligence, willful misfeasance, bad faith or breach of fiduciary duty of the Sub-Adviser, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the gross negligence,

willful misfeasance or bad faith of the Trust or the Trust's breach of fiduciary duty to the Sub-Adviser.

This Section 7 shall survive termination of the Agreement.

8. **Reports**.
 During the term of this Agreement, the Adviser agrees to furnish the Sub-Adviser at its principal
 office all prospectuses, proxy statements, reports to shareholders, sales literature or other
 materials prepared for distribution to shareholders of the Fund, the Trust or the public
 that refer to the Sub-Adviser or its clients in any way prior to the use thereof and not
 to use such material if the Sub-Adviser reasonably objects to the use thereof in a writing
 received by the Adviser within five business days (or such other period as may be mutually
 agreed) after the Sub-Adviser's receipt thereof. The Sub-Adviser's right to object to such
 materials is limited to the portions of such materials that expressly relate to the Sub-Adviser,
 its services and its clients. The Adviser agrees to use its reasonable best efforts to ensure
 that materials prepared by its employees or agents or its affiliates that refer to the Sub-Adviser
 or its clients in any way are consistent with those materials previously approved by the
 Sub-Adviser as referenced in the first sentence of this paragraph. Sales literature may be
 furnished to the Sub-Adviser by first class or overnight mail, facsimile transmission equipment
 or hand delivery.

During the term of this Agreement, the Sub-Adviser agrees to furnish the Adviser at its principal office all sales literature or other materials prepared for distribution to shareholders of the Fund, the Trust or the public that refer to the Adviser, its clients or the Trust in any way prior to the use thereof and not to use such material if the Adviser reasonably objects to the use thereof in a writing received by the Sub-Adviser within five business days (or such other period as may be mutually agreed) after the Adviser's receipt thereof. The Adviser's right to object to such materials is limited to the portions of such materials that expressly relate to the Adviser, its clients or the Trust. The Sub-Adviser agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Adviser or its clients in any way are consistent with those materials previously approved by the Adviser as referenced in the first sentence of this paragraph. Sales literature may be furnished to the Adviser by first class or overnight mail, facsimile transmission equipment or hand delivery. Notwithstanding anything in the foregoing paragraph to the contrary, any sales literature or other advertising materials of the Sub-Adviser that solely includes the Trust, the Adviser and/or "M Financial Group," in a list of Sub-Adviser's clients may be used by the Sub-Adviser without obtaining prior authorization of the Adviser.

9. **Representations of Sub-Adviser.** Sub-Adviser represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser (i) is registered as an investment adviser under Advisers Act and will continue
 to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited
 by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement;
 (iii) has met, and will continue to meet for so long as this Agreement remains in effect,
 any other applicable federal or state requirements, or the applicable requirements of any
 regulatory or industry self regulatory agency, necessary to be met in order to perform the
 services contemplated by this Agreement; (iv) has the authority to enter into and perform
 the services contemplated by this Agreement; and (v) will immediately notify

Adviser of the occurrence of any event that would disqualify Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser has adopted a written code of ethics (the "Sub-Adviser Code") complying
 with the requirements of Rule 17j-1 under the 1940 Act, as may be amended from time to time,
 and, has provided the Adviser with a copy of the Sub-Adviser Code, together with evidence
 of its adoption. The Sub-Adviser certifies that it has adopted procedures reasonably necessary
 to prevent "access persons" as defined in Rule 17j-1 ("Access Persons")
 from violating the Sub-Adviser Code. On a quarterly basis, the Sub-Adviser will either: (i)
 certify to Adviser that the Sub-Adviser and its Access Persons have complied with Sub-Adviser
 Code with respect to the Trust, or (ii) identify any material violations of the Sub-Adviser
 Code which have occurred with respect to the Trust. In addition, the Sub-Adviser will furnish
 at least annually to Adviser and the Board a written report that (a) describes any issues
 arising under the Sub-Adviser Code since the last report to the Board, including, but not
 limited to, information about material violations of the Sub-Adviser Code with respect to
 the Trust and sanctions imposed in response to the material violations and (b) certifies
 that the Sub-Adviser has adopted procedures reasonably necessary to prevent Access Persons
 from violating the Sub-Adviser Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser has provided the Adviser, and the Adviser acknowledges having received, a description
 or copy of the Sub-Adviser's policies and procedures for voting proxies relating to
 client securities and information concerning how they can obtain information concerning how
 the Sub-Adviser has voted proxies relating to securities held by the Trust. The Sub-Adviser
 shall promptly, but in any event within five business days, inform the Adviser of any material
 changes to such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser has adopted and implemented written policies and procedures pursuant to Rule
 206(4)-7 under the Advisers Act (copies of which have been provided to the Adviser, receipt
 of which is hereby acknowledged by the Adviser) reasonably designed to prevent violation,
 by the Sub-Adviser and its supervised persons, at all times of all applicable provisions
 of the Advisers Act, and any rules and regulations adopted thereunder. The Sub-Adviser shall
 promptly, but in any event within five business days, notify the Adviser of any material
 changes in the written policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser shall be responsible for ensuring that the Fund: (i) complies with the diversification
 requirements of Section 817(h) of the Code and regulations issued thereunder as these apply
 to separate accounts through which variable life insurance contracts and variable annuity
 contracts are issued, and (ii) continuously qualifies as a regulated investment company under
 Sub-Chapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser shall be responsible for ensuring compliance, by itself and its supervised persons,
 with the provisions of the Registration Statement and the Declaration of Trust and Bylaws
 of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 order that the Board and the Trust's chief compliance officer may fulfill their obligations
 under Rule 38a-1 under the 1940 Act (and in addition to, and without limiting, its duties
 and obligations under other provisions of this Agreement), the Sub-Adviser agrees that (i)
 the policies and procedures established by the Sub-Adviser for managing the Fund, including,
 but not limited to all policies and procedures designed to ensure compliance with applicable
 federal and state laws and regulations governing the Sub-Adviser/client relationship and
 management and operation of the Fund, shall be made available for inspection by the Adviser
 and its authorized representatives, including the Trust's and the Adviser's chief
 compliance officers, not less frequently than annually; (ii) the Trust's chief compliance
 officer, and her (or his) agents and representatives, shall have reasonable access to the
 Sub-Adviser's directors, officers, and employees, and reasonable access to the Sub-Adviser's
 offices and facilities; and (iii) it will complete and promptly return to the Trust quarterly
 and annual due diligence questionnaires provided by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser,
 including any change of its general partners, controlling persons or 25% shareholders, as
 applicable, and any changes in the key personnel who are either the portfolio manager(s)
 of the Fund or to the Executive Board of the Sub-Adviser, in each case prior to such change
 if possible but in any event not later than promptly after such change. The Sub-Adviser agrees
 to bear all reasonable expenses of the Trust and Adviser, if any, arising out of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional
 liability insurance coverage equal to not less than $5,000,000.

10. **Nondisclosure**.
 The Sub-Adviser acknowledges it is subject to and will abide by Section 204A of the Advisers
 Act regarding the misuse of non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 addition to and without limiting the generality of the foregoing, the Sub-Adviser shall not,
 and shall cause its affiliates, officers, directors, employees and representatives not to,
 use or disclose any confidential or proprietary information of the Adviser or relating to
 the Trust (including, without limitation, any information or data with respect to the investment
 activities of the Trust or the terms of the Advisory Agreement) to any unaffiliated third
 party, or use the name of the Adviser or any of the Adviser's subsidiaries or affiliates;
 provided, that the Sub-Adviser may disclose any confidential or proprietary information (i)
 with the prior written approval of Adviser or (ii) to a regulatory authority, so long as
 Sub-Adviser shall have given Adviser written notice of any such required disclosure at least
 five (5) business days prior to disclosure and agrees to assist the Adviser in obtaining
 a protective order or other similar relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Adviser shall not, and shall cause its affiliates, officers, directors, employees and representatives
 not to, disclose confidential or proprietary information of the Sub-Adviser to any unaffiliated
 third parties; provided, that the Adviser may disclose any confidential or proprietary information
 regarding the Sub-Adviser (i)

with the prior written approval of the Sub-Adviser or (ii) to a regulatory authority, so long as the Adviser shall have given the Sub-Adviser written notice of any such required disclosure at least five (5) business days prior to disclosure and agrees to assist the Sub-Adviser in obtaining a protective order or other similar relief; provided further, that the Adviser shall have the right to use the Sub-Adviser's name in public relations and marketing material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 foregoing restrictions shall not apply to any information that: (i) is or becomes a matter
 of general public knowledge without any violation of the Advisory Agreement or confidentiality
 on the part of the disclosing party; (ii) was available to a party or any of its affiliates,
 officers, directors, employees or representatives on a non-confidential basis prior to the
 disclosure of such information by the disclosing party; or (iii) comes into possession of
 a party hereto from any third party not affiliated with either party hereto properly in possession
 of such information.

12. **Duration and Termination**. This Agreement shall become effective upon its approval and at the time
 determined by the Trust's Board of Trustees and by the vote of a majority of the outstanding
 voting securities of the Fund; provided, however, that at any time the Adviser shall have
 obtained exemptive relief from the SEC permitting it to engage a sub-adviser without first
 obtaining approval of the Agreement from a majority of the outstanding voting securities
 of the portfolio(s) involved, this Agreement shall become effective upon its approval by
 the Trust's Board of Trustees at the time specified by the Board. Any sub-adviser so selected
 and approved shall be without the protection accorded by shareholder approval of an investment
 adviser's receipt of compensation under Section 36(b) of the 1940 Act, until such shareholder
 approval is obtained.

This Agreement shall continue in effect for a period of two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the other party, or (c) the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the other party. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Adviser's agreement with the Trust. As used in this Section 10, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

13. **Governing Law**. This Agreement shall be governed by the internal laws of the State of Delaware,
 without regard to conflicts of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

14. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule
 or otherwise, the remainder of this Agreement shall not be affected thereby.

This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their permitted successors.

15. **Notice**.
 Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
 if delivered by hand, transmitted by electronic facsimile or in portable document format
 (pdf), or mailed by registered, certified or overnight United States mail, postage prepaid,
 or sent by overnight delivery with a nationally recognized courier, addressed by the party
 giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | **M Financial Investment Advisers, Inc.** |
|  | M Financial Plaza |
|  | 1125 NW Couch Street, Suite 900 |
|  | Portland, OR 97209 |
|  | Attn: President, Robert Olson |
| To the Sub-Adviser at: | **Brandywine Global Investment Management, LLC** |
|  | 1735 Market Street, 18<sup>th</sup> Floor |
|  | Philadelphia, PA 19103 |
|  | Attn: General Counsel and CCO |

---

Each such notice, advice or report shall be effective upon receipt or three days after mailing.

16. **Entire Agreement**. This Agreement embodies the entire agreement and understanding between the
 parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's
 subject matter. This Agreement may be executed in any number of counterparts, each of which
 shall be deemed to be an original, but such counterparts shall, together, constitute only
 one instrument.

17. **1940 Act.** Where the effect of a requirement of the 1940 Act reflected in any provision of
 this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
 general application, such provision shall be deemed to incorporate the effect of such rule,
 regulation or order.

*[This space is intentionally blank.]*

IN WITNESS WHEREOF, the parties hereto have caused this INVESTMENT SUB-ADVISORY AGREEMENT to be executed by their duly authorized officers as of the day and year first written above.

**M FINANCIAL INVESTMENT ADVISERS, INC.** 

---

| |
|:---|
| /s/ Robert Olson |
| By: Robert Olson |
| Title: President |

---

**BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC** 

---

| | |
|:---|:---|
|  | /s/ |
| Title: |  |

---

**Schedule A**

**to the**

**Investment Sub-Advisory Agreement**

**between**

**M Financial Investment Advisers, Inc.**

**and**

**Brandywine Global Investment Management, LLC**

Pursuant to Section 4, the Adviser shall pay the Sub-Adviser compensation at an effective annual rate as follows:

---

| | |
|:---|:---|
| <u>Name of Fund</u> | <u>Annual Rate of Compensation</u> |
| M Large Cap Value Fund | 0.28% |

---

## Ex-99.D

**Exhibit(d)(30)** 

**INVESTMENT SUB-ADVISORY AGREEMENT**

**For The**

**M INTERNATIONAL EQUITY FUND**

THIS AGREEMENT made and entered into this 24th day of April, 2026, by and between M Financial Investment Advisers, Inc., a corporation organized and existing under the laws of the State of Colorado (the "Adviser"), and Dimensional Fund Advisors LP, a limited partnership organized and existing under the laws of the State of Delaware (the "Sub-Adviser").

WHEREAS, Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and is a series trust with a number of portfolios; and

WHEREAS, the Adviser is registered as an investment adviser pursuant to the Investment Advisers Act of 1940 (the "Advisers Act").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to the M International Equity Fund of the Trust (the "Fund"), which is a series of the Trust; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of the Fund, and the Sub-Adviser is willing to render such investment advisory services.

WHEREAS, the Sub-Adviser is registered as an investment adviser pursuant to the Advisers Act.

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser.** Subject to supervision by the Adviser and the Trust's Board
 of Trustees (the "Board"), the Sub-Adviser shall manage the investment operations
 of the Fund and the composition of the Fund, including the purchase, retention and disposition
 of securities and other assets, in accordance with the Fund's investment objectives,
 policies and restrictions as stated in the Fund's prospectus and statement of additional
 information, as currently in effect and as amended or supplemented from time to time (referred
 to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser shall provide supervision of the Fund's investments and determine from
 time to time what investments and securities will be purchased, retained or sold by the Fund,
 and what portion of the assets will be invested or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the performance of its duties and obligations under this Agreement, the Sub-Adviser shall
 act in conformity with the Trust's Agreement and Declaration of Trust and Bylaws (as
 such terms are defined herein) and the Prospectus and with

the instructions and directions of the Adviser and of the Board and will conform to and comply with the applicable requirements of the 1940 Act, the Internal Revenue Code (the "Code") of 1986 as provided in Section 7(e) of this Agreement, and all other applicable federal and state laws and regulations, as each is amended from time to time. The Sub-Adviser will have a reasonable time to review and implement any changes to the Prospectus, Trust's Agreement and Declaration of Trust and Bylaws that affect the performance of its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser shall determine the securities to be purchased or sold by the Fund and will place
 orders with or through such persons, brokers or dealers to carry out the policy with respect
 to brokerage pursuant to the Sub-Adviser's relevant brokerage and portfolio management
 policies and procedures and consistent with applicable law. In executing Fund transactions
 and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf
 of the Fund the best overall terms available. In assessing the best overall terms available
 for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including,
 as applicable, the breadth of the market in the security, the price of the security, the
 financial condition and execution capability of the broker or dealer, and the reasonableness
 of the commission, if any, both for the specific transaction and on a continuing basis. In
 evaluating the best overall terms available, and in selecting the broker-dealer to execute
 a particular transaction, the Sub-Adviser may also consider the brokerage and research services
 (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided
 to the Fund and/or other accounts over which the Sub-Adviser or an affiliate of the Sub-Adviser
 may exercise investment discretion. The Sub-Adviser is authorized, subject to compliance
 with said Section 28(e), to pay to 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, but only if, the Sub-Adviser determines in good faith that such commission
 was reasonable in relation to the value of the brokerage and research services provided by
 such broker or dealer — viewed in terms of that particular transaction or in terms of the
 overall responsibilities of the Sub-Adviser to the Fund. The Sub-Adviser shall certify quarterly
 to the Trust as to the Sub-Adviser's compliance with Section 28(e). In addition, the
 Sub-Adviser is authorized to allocate purchase and sale orders for the Fund's portfolio
 securities to brokers or dealers (including brokers and dealers that are affiliated with
 the Sub-Adviser) to take into account the sale of variable contracts investing through separate
 accounts in the Trust if the Sub-Adviser believes that the quality of the transactions and
 the commission are comparable to what they would be with other qualified firms. In no instance,
 however, will any Fund's securities be purchased from or sold to the Sub-Adviser, the
 Adviser, or any affiliated person of either the Trust, the Sub-Adviser or the Adviser, acting
 as principal in the transaction, except to the extent permitted by the Securities and Exchange
 Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser shall maintain all books and records with respect to the Fund's portfolio
 transactions required by subparagraphs (b)(5), (6), (7), (9), (10) and (11) and paragraph
 (f) of Rule 31a-1 under the 1940 Act and shall render to the Adviser or Board such periodic
 and special reports as the Adviser or Board may reasonably request.

The Sub-Adviser shall keep the Fund's books and records required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser shall also furnish to the Adviser any other information that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC. The Sub-Adviser agrees that all records that it maintains on behalf of the Fund are the property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor Sub-Adviser upon the termination of this Agreement (or, if there is no successor Sub-Adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser shall provide the Fund's custodian on each business day with information
 relating to all transactions concerning the Fund's assets and shall provide the Adviser
 with such information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser shall cooperate with the Adviser, its representatives, and any third party retained
 thereby by the Adviser to review, audit, or make copies of the records required to be maintained
 by the Sub-Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
Sub-Adviser will provide reasonable assistance in connection with the determinations of the Adviser or the Trust's pricing agent,
as the case may be, in valuing any portfolio security held by the Trust; provided, such assistance shall be limited to providing pricing
recommendations for a security in the form and in the manner that Sub-Adviser provides a recommendation for that security to other funds
that it sub-advises that are registered as investment companies under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Sub-Adviser shall promptly notify the Adviser of any material financial condition affecting
 the Sub-Adviser that is likely to materially impair the Sub-Adviser's ability to fulfill
 its commitments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 the Adviser advises the Sub-Adviser in writing that the right to vote proxies has been expressly
 reserved to the Adviser or otherwise delegated to another party,

Sub-Adviser shall vote, or abstain from voting, all proxies with respect to companies whose securities are held in the Fund, using its best good faith judgment to vote, or abstain from voting, such proxies in accordance with the Sub-Adviser's then-current Proxy Voting Policies and Procedures and provided that the relevant proxy materials have been forwarded to the Sub-Adviser in a timely manner by the Fund's custodian, provided that the Sub-Adviser will follow any written instructions received from the Adviser with respect to voting as to particular issues. Sub-Adviser shall not be responsible to advise or act for the Adviser or the Trust in any legal proceedings, including any bankruptcy action or class action settlements, relating to the securities or assets currently or previously held or purchased or sold by the Trust; provided, however, that Sub-Adviser, upon request, shall provide Adviser with non-confidential information in Sub-Adviser's possession with respect to such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Sub-Adviser shall timely provide such information and data as may be reasonably requested
 by the Adviser regarding the Sub-Adviser's management of the Fund's assets, including,
 but not limited to, semiannual written Fund manager commentary and analysis, portfolio holdings
 and positions, and country and industry diversification tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Sub-Adviser shall provide to the Adviser in a timely manner, such information as is needed
 by the Trust to properly prepare registration statements, proxy statements, and other documents
 required by SEC rules and regulations, including but not limited to information required
 by Items 5(a), 14, and 15 of SEC Registration Statement Form N-1A. The Sub-Adviser shall
 promptly, but in any event within five business days, inform the Adviser of any material
 change in such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Sub-Adviser shall furnish the Adviser with any further documents, materials or information
 that Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To
 the extent permitted by applicable laws and regulations, Sub-Adviser may, but shall be under
 no obligation to, aggregate the purchase or sale of securities or futures contracts made
 for the Fund and other client accounts or portfolios managed by the Sub-Adviser or its affiliates.
 In such event, Sub-Adviser will make allocation of the securities or futures contracts so
 purchased or sold, as well as the expenses incurred in the transaction, in the manner Sub-Adviser
 considers to be, over time, the most equitable and consistent with its fiduciary obligations
 to the Fund and to such other clients, pursuant to the Sub-Adviser's relevant policies
 and procedures. Adviser acknowledges that in some cases the above-described process for aggregation
 and allocation may adversely affect the size of the position obtainable for the Trust.

In rendering the services required under this Agreement, Sub-Adviser may, consistent with applicable law and regulations, from time to time, employ, delegate, engage, or associate

with such affiliated or unaffiliated entities or persons as it believes necessary to assist it in carrying out its obligations under this Agreement; provided, however, that, in the case of any such delegation that involves any such entities or persons serving as an "investment adviser" to the Trust within the meaning of the 1940 Act, such delegation must meet the requirements of Sections 15(a) and 15(c) of the 1940 Act and related guidance of the Securities and Exchange Commission and its staff. Sub-Adviser shall remain liable to Adviser for the performance of Sub-Adviser's obligations hereunder and for the acts and omission of such other entities or persons, and Adviser shall not be responsible for any fees that any such entities or persons may charge to Sub-Adviser for such service.

2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to
 be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the
 Sub-Adviser's performance of its duties under this Agreement.

3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies properly certified
 or authenticated of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust,
 as in effect on the date of this Agreement and as amended from time to time, are herein called
 the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bylaws
 of the Trust (such Bylaws, as in effect on the date of this Agreement and as amended from
 time to time, are herein called the "Bylaws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 SEC Registration Statement for the Trust (the "Registration Statement")

The Adviser shall furnish the Sub-Adviser with any further documents, materials or information that Sub-Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement.

4. **Compensation of the Sub-Adviser.** For the services to be provided by the Sub-Adviser pursuant to this
 Agreement, the Adviser shall pay to the Sub-Adviser, and the Sub-Adviser agrees to accept
 as full compensation therefor, a sub-advisory fee at the rates specified in Schedule A, which
 is attached hereto and made part of this Agreement. The fee shall be calculated by applying
 a daily rate, based on the annual percentage rates as specified in Schedule A, to the average
 daily net assets of the Fund and shall be paid to the Sub-Adviser quarterly. The Sub-Adviser
 may, in its discretion and from time to time, waive all or a portion of its fee.

5. **Limitation of Liability of the Sub-Adviser.** 

The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Fund or that the Fund will perform comparably with any standard or index, including other clients of the Sub-Adviser.

The Sub-Adviser shall not be subject to any liability to the Fund or the Adviser for any act, omission, error of judgement or mistake of law or for any loss suffered by the Fund, any shareholder of the Fund or the Adviser either in connection with performance of the Sub-Adviser's obligations under this Agreement or its failure to perform due to events beyond the reasonable control of the Sub-Adviser, except a loss resulting from Sub-Adviser's breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act), or a loss resulting from willful misfeasance, bad faith or gross negligence on the Sub-Adviser's part in the performance of its duties or from reckless disregard of its obligations and duties under this Agreement, except as may otherwise be provided under provisions of applicable state law which cannot be waived or modified hereby.

The Sub-Adviser shall not be liable to the Adviser, the Fund or its shareholders for any action taken or omitted in good faith and reasonable reliance upon: (i) information, directions, instructions or requests, whether oral or written, with respect to a Fund made to the Sub-Adviser by a duly authorized officer of the Adviser or the Trust; (ii) the advice of counsel to the Trust; and (iii) any written instruction or certified copy of any resolution of the Trust's Board of Trustees. This provision shall survive termination of this Agreement.

6. **Indemnification.** 

The Sub-Adviser shall indemnify and hold harmless the Adviser, its affiliates, and its controlling persons (the "Sub-Adviser Indemnified Persons") from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees) arising from a third-party claim that the Adviser may sustain as a result of (i) the Sub-Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties or from reckless disregard of its obligations, duties, representations or warranties under this Agreement, or (ii) any untrue statement or alleged untrue statement of a material fact contained in a prospectus covering the Fund's shares, or any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein material fact required to be stated therein or necessary to make the statements therein not misleading, provided that such statement or omission was made in reliance upon information furnished to the Adviser, the Trust, or the Fund by the Sub-Adviser; provided, however, that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses which may be sustained as a result of the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder. For the purposes of this paragraph, the actions or omissions of the Sub-Adviser shall be deemed to include the actions or omissions of its affiliates, controlling persons, and agents.

The Adviser shall indemnify and hold harmless the Sub-Adviser, its affiliates, and its controlling persons (the "Adviser Indemnified Persons") from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees) arising from a third-party claim that the Sub-Adviser may sustain as a result of (i) the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its obligations, duties, representations or warranties hereunder, or (ii) any untrue statement or alleged untrue

statement of a material fact contained in a prospectus covering the shares of the Fund, or any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Adviser, the Trust, or the Fund by the Sub-Adviser; provided, however, that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses which may be sustained as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder. For the purposes of this paragraph, the actions or omissions of the Adviser shall be deemed to include the actions or omissions of the Trust, the Fund, and their respective affiliates, controlling persons, and agents.

In no event shall either party be liable for any consequential, indirect, punitive, or exemplary damages, or for lost profits under any provision of this Agreement, including with respect to a party's indemnification obligation under this Section 6 of this Agreement.

This provision shall survive termination of this Agreement.

7. **Reports.** During the term of this Agreement, the Adviser agrees to furnish the Sub-Adviser at its
 principal office all prospectuses, proxy statements, reports to shareholders, sales literature
 or other materials prepared for distribution to shareholders of the Fund, the Trust or the
 public that refer to the Sub-Adviser or its clients in any way prior to the use thereof and
 not to use such material if the Sub-Adviser reasonably objects to the use thereof in a writing
 received by the Adviser within five business days (or such other period as may be mutually
 agreed) after the Sub-Adviser's receipt thereof. The Sub-Adviser's right to object
 to such materials is limited to the portions of such materials that expressly relate to the
 Sub-Adviser, its services and its clients. The Adviser agrees to use its reasonable best
 efforts to ensure that materials prepared by its employees or agents or its affiliates that
 refer to the Sub-Adviser or its clients in any way are consistent with those materials previously
 approved by the Sub-Adviser as referenced in the first sentence of this paragraph. Sales
 literature may be furnished to the Sub-Adviser by first class or overnight mail, facsimile
 transmission equipment or hand delivery.

During the term of this Agreement, the Sub-Adviser agrees to furnish the Adviser at its principal office all sales literature or other materials prepared for distribution to shareholders of the Fund, the Trust or the public that refer to the Adviser, its clients or the Trust in any way prior to the use thereof and not to use such material if the Adviser reasonably objects to the use thereof in a writing received by the Sub-Adviser within five business days (or such other period as may be mutually agreed) after the Adviser's receipt thereof. The Adviser's right to object to such materials is limited to the portions of such materials that expressly relate to the Adviser, its clients or the Trust. The Sub-Adviser agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Adviser or its clients in any way are consistent with those materials previously approved by the Adviser as referenced in the first sentence of this paragraph. Sales literature may be furnished to the Adviser by first class or overnight mail, facsimile transmission equipment, e-mail, or hand delivery.

8. **Representations of Sub-Adviser.** Sub-Adviser represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser (i) is registered as an investment adviser under Advisers Act and will continue
 to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited
 by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement;
 (iii) has met, and will continue to meet for so long as this Agreement remains in effect,
 any other applicable federal or state requirements, or the applicable requirements of any
 regulatory or industry self regulatory agency, necessary to be met in order to perform the
 services contemplated by this Agreement; (iv) has the authority to enter into and perform
 the services contemplated by this Agreement; and (v) will immediately notify Adviser of the
 occurrence of any event that would disqualify Sub-Adviser from serving as an investment adviser
 of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser has adopted a written code of ethics (the "Sub-Adviser Code") complying
 with the requirements of Rule 17j-1 under the 1940 Act, as may be amended from time to time,
 and, has provided the Adviser with a copy of the Sub-Adviser Code, together with evidence
 of its adoption. The Sub-Adviser certifies that it has adopted procedures reasonably necessary
 to prevent "access persons" as defined in Rule 17j-1 ("Access Persons")
 from violating the Sub-Adviser Code. On a quarterly basis, the Sub-Adviser will either: (i)
 certify to Adviser that the Sub-Adviser and its Access Persons have complied with Sub-Adviser
 Code with respect to the Trust, or (ii) identify any material violations of the Sub-Adviser
 Code which have occurred with respect to the Trust. In addition, the Sub-Adviser will furnish
 at least annually to Adviser and the Board a written report that (a) describes any issues
 arising under the Sub-Adviser Code since the last report to the Board, including, but not
 limited to, information about material violations of the Sub-Adviser Code with respect to
 the Trust and sanctions imposed in response to the material violations and (b) certifies
 that the Sub-Adviser has adopted procedures reasonably necessary to prevent Access Persons
 from violating the Sub-Adviser Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser has provided the Adviser, and the Adviser acknowledges having received, a description
 or copy of the Sub-Adviser's policies and procedures for voting proxies relating to
 client securities and information concerning how they can obtain information concerning how
 the Sub-Adviser has voted proxies relating to securities held by the Trust. The Sub-Adviser
 shall inform the Adviser of any material changes to such policies and procedures on a monthly
 basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser has adopted and implemented written policies and procedures pursuant to Rule
 206(4)-7 under the Advisers Act (copies of which have been provided to the Adviser, receipt
 of which is hereby acknowledged by the Adviser, and which are subject to review and approval
 by the Adviser and the Board)

reasonably designed to prevent violation, by the Sub-Adviser and its supervised persons, at all times of all applicable provisions of the Advisers Act, and any rules and regulations adopted thereunder. The Sub-Adviser shall inform the Adviser on a monthly basis of any material changes in the written policies and procedures that apply to the services that the Sub-Adviser provides hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser shall manage the Fund's portfolio in compliance with the diversification
 requirements of (i) Section 817(h) of the Code and regulations issued thereunder as these
 apply to separate accounts through which variable life insurance contracts and variable annuity
 contracts are issued, and (ii) Section 851(b)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser shall be responsible for ensuring compliance, by itself and its supervised persons,
 with the applicable provisions of the Registration Statement and the Declaration of Trust
 and Bylaws of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 order that the Board and the Trust's chief compliance officer may fulfill their obligations
 under Rule 38a-1 under the 1940 Act (and in addition to, and without limiting, its duties
 and obligations under other provisions of this Agreement), the Sub-Adviser agrees that (i)
 the policies and procedures established by the Sub-Adviser for managing the Fund, including,
 but not limited to all policies and procedures designed to ensure compliance with applicable
 federal and state laws and regulations governing the Sub-Adviser/client relationship and
 management and operation of the Fund, shall be made available for inspection by the Adviser
 and its authorized representatives, including the Trust's and the Adviser's chief
 compliance officers, not less frequently than annually; (ii) the Trust's chief compliance
 officer, and her (or his) agents and representatives, shall have reasonable access to the
 Sub-Adviser's officers and employees; and (iii) it will complete and promptly return
 to the Trust an annual due diligence questionnaire provided by the Trust.

9. **Nondisclosure and Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser acknowledges it is subject to and will abide by Section 204A of the Advisers
 Act regarding the misuse of non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 addition to and without limiting the generality of the foregoing and except as otherwise
 set forth in this Agreement or required by applicable law, each party will restrict access
 to the Confidential Information to its, its affiliates', or the other party's
 employees, Trustees, officers, attorneys, auditors, agents, service providers, consultants,
 sub-contractors, and advisers who will use it only (i) for the purpose for which the Confidential
 Information was provided to that party; (ii) as reasonably necessary for a party to meet
 its obligations under this Agreement; or (iii) as reasonably necessary for the provision
 of services to a party. The foregoing shall not prevent a party from disclosing Confidential
 Information that is (1) publicly known or becomes publicly known through no unauthorized
 act of its own, (2)

rightfully received from a third party without obligation of confidentiality, (3) approved in writing by the other party for disclosure, (4) required to be disclosed to a regulator in the course of a routine regulatory examination; or (5) required to be disclosed pursuant to a requirement of a governmental agency, court order, or law so long as the disclosing party provides the other party with prompt written notice of such requirement prior to any such disclosure; however, such notice is not required if information is provided on an aggregate basis without specific attribution to the party providing the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purposed of this Section 9, "Confidential Information" shall mean any information
 or recommendations supplied by either the Adviser or the Sub-Adviser, that are not otherwise
 in the public domain or previously known to the other party in connection with the performance
 of its obligations and duties hereunder, including portfolio holdings of the Fund, financial
 information or other information relating to a party to this Agreement, are to be regarded
 as confidential.

10. **Duration and Termination.** This Agreement shall become effective upon its approval and at the time
 determined by the Trust's Board of Trustees and by the vote of a majority of the outstanding
 voting securities of the Fund; provided, however, that at any time the Adviser shall have
 obtained exemptive relief from the SEC permitting it to engage a sub-adviser without first
 obtaining approval of the Agreement from a majority of the outstanding voting securities
 of the portfolio(s) involved, this Agreement shall become effective upon its approval by
 the Trust's Board of Trustees at the time specified by the Board. Any sub-adviser so
 selected and approved shall be without the protection accorded by shareholder approval of
 an investment adviser's receipt of compensation under Section 36(b) of the 1940 Act,
 until such shareholder approval is obtained.

This Agreement shall continue in effect for a period of two years from the date hereof and, thereafter, shall continue from year to year only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the other party, or (c) the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the other party. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Adviser's agreement with the Trust. As used in this Section 10, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

11. **Governing Law.** This Agreement shall be governed by the internal laws of the State of Delaware,
 without regard to conflicts of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

12. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule
 or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their permitted
 successors.

13. **Notice.** Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
 if delivered by hand, transmitted by electronic facsimile or in portable document format
 (pdf), or mailed by registered, certified or overnight United States mail, postage prepaid,
 or sent by overnight delivery with a nationally recognized courier, addressed by the party
 giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Adviser at: | **M Financial Investment Advisers, Inc.** |
|  | M Financial Plaza |
|  | 1125 NW Couch Street, Suite 900 |
|  | Portland, OR 97209 |
|  | Attn: President, Robert Olson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Sub-Adviser at: | **Dimensional Fund Advisors LP** |
|  | 6300 Bee Cave Road, Bldg. 1 |
|  | Austin, TX 78746 |
|  | Attn: General Counsel |

---

Each such notice, advice or report shall be effective upon receipt or three days after mailing.

14. **Entire Agreement.** This Agreement, except with respect to any written agreements entered into
 separately, embodies the entire agreement and understanding between the parties hereto, and
 supersedes all prior agreements and understandings relating to this Agreement's subject
 matter. This Agreement may be executed in any number of counterparts, each of which shall
 be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

15. **1940 Act.** Where the effect of a requirement of the 1940 Act reflected in any provision of
 this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
 general application, such provision shall be deemed to incorporate the effect of such rule,
 regulation or order.

*[This space is intentionally blank.]*

IN WITNESS WHEREOF, the parties hereto have caused this INVESTMENT SUB-ADVISORY AGREEMENT to be executed by their duly authorized officers as of the day and year first written above.

---

| | |
|:---|:---|
| **M FINANCIAL INVESTMENT ADVISERS, INC.** | **M FINANCIAL INVESTMENT ADVISERS, INC.** |
| By: | /s/ Robert Olson |
|  | Name:Robert Olson<br> Title: President |
| **DIMENSIONAL FUND ADVISORS LP** | **DIMENSIONAL FUND ADVISORS LP** |
| &nbsp;&nbsp;&nbsp;**By: Dimensional Holdings Inc., its general partner** | &nbsp;&nbsp;&nbsp;**By: Dimensional Holdings Inc., its general partner** |
| By: | /s/ |
|  | Name:<br> Title: |

---

**Schedule A**

**to the**

**Investment Sub-Advisory Agreement**

**between**

**M Financial Investment Advisers, Inc.**

**and**

**Dimensional Fund Advisors LP**

Pursuant to Section 4, the Adviser shall pay the Sub-Adviser compensation at an effective annual rate as follows:

---

| | | |
|:---|:---|:---|
| <u>Name of Fund</u> | <u>Annual Rate of Compensation\*</u> | <u>Annual Rate of Compensation\*</u> |
| M International Equity Fund | Break Point (assets) | Rate % |
|  | First $100 million | 0.25% |
|  | Excess over $100 million | 0.20% |

---

*\** *The Sub-adviser shall not receive any sub-advisory fee for its sub-advisory services to the M International Equity Fund with respect to assets of the M International Equity Fund invested in any other mutual fund advised by the Sub-Adviser, nor shall such assets count towards the application of the $100 million breakpoint. The Sub-Adviser and the Adviser acknowledge that, as a shareholder of any mutual fund advised by the Sub-Adviser, the M International Equity Fund will be subject to the fees of that fund as outlined in such fund's currently effective registration statement.*

## Ex-99.D

**Exhibit(d)(31)** 

**INVESTMENT SUB-ADVISORY AGREEMENT**

**For The**

**M LARGE CAP GROWTH FUND**

THIS AGREEMENT made and entered into this 24<sup>th</sup> day of April, 2026, by and between M Financial Investment Advisers, Inc., a corporation organized and existing under the laws of the State of Colorado (the "Adviser"), and Federated MDTA LLC, a limited liability company organized under the laws of the State of Delaware (the "Sub-Adviser").

WHEREAS, Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and is a series fund with a number of portfolios; and

WHEREAS, the Adviser is registered as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to the M Large Cap Growth Fund of the Trust (the "Fund"), which is a series of the Trust; and

WHEREAS, the Adviser is authorized under the Advisory Agreement to delegate certain of its investment advisory responsibilities to one or more persons or companies; and

WHEREAS, the Adviser, with the approval of the Board of the Trustees of the Trust (the "Board"), desires to retain the Sub-Adviser to provide investment advisory services to the Fund, and the Sub-Adviser is willing to render such investment advisory services.

WHEREAS, the Sub-Adviser is registered as an investment adviser pursuant to the Advisers Act.

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

1. **Appointment and Acceptance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Adviser and the Trust hereby appoint and employ the Sub-Adviser as a discretionary portfolio
 manager, on the terms and conditions set forth herein, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser accepts that appointment and agrees to render the services herein set forth,
 for the compensation herein provided.

2. **Duties of the Sub-Adviser**. Subject to supervision by the Adviser and the Board, the Sub-Adviser
 shall manage the investment operations of the Fund and the composition of the

Fund, including the purchase, retention and disposition of securities and other assets, in accordance with the Fund's investment objectives, policies and restrictions as stated in the Fund's prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser shall provide: (i) a continuous investment program with respect to the Fund and
 (ii) supervision of the Fund's investments and determine from time to time what investments
 and securities will be purchased, retained or sold by the Fund, and what portion of the assets
 will be invested or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the performance of its duties and obligations under this Agreement, the Sub-Adviser shall
 act in conformity, as applicable, with the Trust's Agreement and Declaration of Trust
 and Bylaws (as such terms are defined herein) and the Prospectus and with the instructions
 and directions of the Adviser and of the Board and will conform to and comply with the requirements
 of the 1940 Act, the Internal Revenue Code of 1986, as amended (the "Code"),
 and all other applicable federal and state laws and regulations, as each is amended from
 time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser shall determine the securities to be purchased or sold by the Fund and will place
 orders with or through such persons, brokers or dealers to carry out the policy with respect
 to brokerage set forth in the Fund's Registration Statement (as defined herein) and Prospectus
 or as the Board of Trustees or the Adviser may direct from time to time, in conformity with
 federal securities laws. In executing Fund transactions and selecting brokers or dealers,
 the Sub-Adviser will seek to obtain best execution, considering all of the circumstances,
 and shall maintain records adequate to demonstrate compliance with this requirement. In assessing
 best execution for any transaction, the Sub-Adviser shall consider all factors that it deems
 relevant, including, but not limited to, the breadth of the market in the security, the price
 of the security, the financial condition and execution capability of the broker or dealer,
 and the reasonableness of the commission, if any, both for the specific transaction and on
 a continuing basis. In evaluating best execution, and in selecting the broker-dealer to execute
 a particular transaction, the Sub-Adviser may also consider the brokerage and research services
 (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended)
 provided to the Fund and/or other accounts over which the Sub-Adviser or an affiliate of
 the Sub-Adviser may exercise investment discretion. The Sub-Adviser is authorized, subject
 to compliance with said Section 28(e), to pay to 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, but only if, the Sub-Adviser determines in good faith that
 such commission was reasonable in relation to the value of the brokerage and research services
 provided

by such broker or dealer -- viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to the Fund. The Sub-Adviser shall certify quarterly to the Trust as to the Sub-Adviser's compliance with Section 28(e).

Except as permitted by law or an exemptive order or rule of the Securities and Exchange Commission ("SEC"), and the Trust's policies and procedures adopted thereunder, the Sub-Adviser agrees that it will not execute without the prior written approval of the Adviser any portfolio transactions for the Fund with a broker or dealer which is (i) an affiliated person of the Trust, the Adviser or any sub-adviser for any series of the Trust; (ii) a principal underwriter of the Fund's shares; or (iii) an affiliated person of such an affiliated person or principal underwriter. The Adviser agrees that it will provide the Sub-Adviser with a written list of such brokers and dealers prior to execution of this Agreement and will, from time to time, update such list as necessary. The Sub-Adviser agrees that it will provide the Adviser with a written list of brokers and dealers that are affiliates of the Sub-Adviser and will, from time to time, update such list as necessary.

On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations, may (but shall not be obligated to) aggregate purchase or sale orders for the Fund with contemporaneous purchase or sale orders of other clients of the Sub-Adviser or its affiliated persons to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be equitable and consistent with the Sub-Adviser's applicable policies and procedures as in effect from time to time. The Adviser hereby acknowledges that such aggregation of orders may not result in a more favorable price or lower brokerage commissions in all instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser shall maintain all books and records required to be maintained pursuant to the
 1940 Act and the rules and regulations promulgated thereunder with respect to actions by
 the Sub-Adviser on behalf of the Fund and shall render to the Adviser or Board such periodic
 and special reports as the Adviser or Board may reasonably request.

The Sub-Adviser shall keep the Fund's books and records required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser shall also furnish to the Adviser any other information that is required to be filed by the Adviser or the Trust with the

SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser agrees that all records that it maintains on behalf of the Fund are the property of the Trust and the Sub-Adviser will surrender promptly to the Trust any of such records upon the Trust's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor Sub-Adviser upon the termination of this Agreement (or, if there is no successor Sub-Adviser, to the Adviser). For the avoidance of doubt, the Sub-Adviser is not the compliance agent for the Fund, the Trust or the Adviser, may not have access to all of the books and records of the Fund necessary to perform certain compliance testing, and will not be obligated to request any books and records of the Trust or the Fund not in the Sub-Adviser's possession for purposes of compliance testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser shall provide the Fund's custodian on each business day with information
 relating to all transactions concerning the Fund's assets and shall provide the Adviser
 with such information upon reasonable request of the Adviser. For the avoidance of doubt,
 the assets of the Fund will be maintained in the custody of the Fund's custodian (who
 shall be identified by the Adviser in writing). The Sub-Adviser will not have custody of
 any cash, securities or other assets of the Fund and will not be liable for any loss resulting
 from any act or omission of the custodian other than acts or omissions arising in reliance
 on instructions of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser shall cooperate with the Adviser, its representatives, and any third party retained
 thereby upon the Adviser's exercise of its right, granted hereby, to compel an audit
 of the Fund's financial records, examine records of the Fund's portfolio transactions,
 and/or make a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 furnishing services hereunder, to the extent prohibited under, or necessary to comply with,
 the 1940 Act, the Sub-Adviser will not consult with any other sub-adviser to the Trust concerning
 transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing
 restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any
 of its affiliated persons concerning transactions in securities or other assets; (ii) any
 of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule
 12d3-1 under the 1940 Act; and (iii) a successor sub-adviser of the Fund in order to effect
 an orderly transition of sub-advisory duties so long as such consultations do not concern
 transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Sub-Adviser shall promptly notify the Adviser of any material financial condition affecting
 the Sub-Adviser that is likely to impair the Sub-Adviser's ability to fulfill its commitments
 under this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 the Adviser advises the Sub-Adviser in writing that the right to vote proxies has been expressly
 reserved to the Adviser or otherwise delegated to another party, the Sub-Adviser shall exercise
 voting rights incident to any securities held in the Fund without consultation with the Adviser
 in accordance with Sub-Adviser's proxy voting policies and procedures as in effect
 from time to time. The Sub-Adviser shall further respond to all voluntary corporate action
 matters incident to the securities held in the Fund that require a portfolio management decision
 including, without limitation, the decision to respond to tender shares in response to a
 tender offer. The Sub-Adviser shall provide to the Adviser the Fund's proxy voting
 record as may be required to comply with all applicable regulatory disclosure and filing
 requirements. The Adviser agrees and understands that the Sub-Adviser will not take any action
 or render advice involving legal action on behalf of the Adviser with respect to securities
 or other investments held in the Fund or the issuers thereof, which become the subject of
 legal notices or proceedings, including securities class actions and bankruptcies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Sub-Adviser shall timely provide such information and data as may be reasonably requested
 by the Adviser regarding the Sub-Adviser's management of the Fund's assets, including,
 but not limited to, semiannual written Fund manager commentary and analysis, portfolio holdings
 and positions, and country and industry diversification tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Sub-Adviser shall provide to the Adviser in a timely manner, such information as is needed
 by the Trust to properly prepare registration statements, proxy statements, and other documents
 required by SEC rules and regulations, including but not limited to information required
 by Items 5, 9, 10(a)(2), 19(a)(1) and 20 of SEC Registration Statement Form N-1A. The Sub-Adviser
 shall promptly inform the Adviser of any material change in such information. The Sub-Adviser will
 prepare and cause to be filed in a timely manner Form 13F and, if required, Schedule 13G
 with respect to securities in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 Sub-Adviser will provide (i) quarterly reports confirming that it has complied with the Adviser's
 compliance policies and procedures in managing the Fund and (ii) quarterly certifications
 that there were no unreported Material Compliance Matters (as that term is defined by Rule
 38a-1(e)(2) that arose under the Trust's compliance policies and procedures that related
 to the Sub-Adviser's management of the Fund. In addition, the Sub-Adviser will provide
 sub-certifications, upon request, with respect to Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 Sub-Adviser will assist the Adviser, the Trust's administrator (the "Administrator")
 and/or the Trust in their determination of fair valuation of all portfolio securities held
 in the Fund and will use its reasonable efforts to arrange for the provision of valuation
 information for each portfolio security held in the Fund for which the Administrator does
 not obtain prices in the ordinary course of business from an automated pricing service, unless
 prohibited by applicable law or confidentiality obligations. The Sub-Adviser shall promptly
 notify the Adviser if, for any reason, the Sub-Adviser believes that the price of any security
 or other investment in the Fund may not accurately reflect the value thereof. The Sub-Adviser
 will maintain adequate records with respect to securities valuation information provided
 hereunder, and shall provide such information to the Adviser upon request, with such records
 being deemed Trust records. For the avoidance of doubt, the Sub-Adviser is not responsible
 for valuing or pricing the portfolio securities held in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
 Sub-Adviser shall furnish the Adviser with any further documents, materials or information
 that Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Sub-Adviser and its officers may act and continue to act as investment manager for others,
 and nothing in this Agreement shall in any way be deemed to restrict the right of the Sub-Adviser
 to perform investment management or other services for any other person or entity, and the
 performance of such services for others shall not be deemed to violate or give rise to any
 duty or obligation to Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The
 Sub-Adviser is authorized on behalf of the Trust to execute all agreements, instruments and
 documents that the Sub-Adviser believes are necessary or advisable in performing its duties
 in the management of the Fund and relate to investments authorized hereunder.

3. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to
 be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the
 Sub-Adviser's performance of its duties under this Agreement.

4. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies properly certified
 or authenticated of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust Agreement and Declaration of Trust, as filed with the Secretary of State of the State
 of Maryland (such Declaration of Trust of Incorporation, as in effect on the date of this
 Agreement and as amended from time to time, are herein called the "Declaration of Trust
 of Incorporation");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bylaws
 of the Trust (such Bylaws, as in effect on the date of this Agreement and as amended from
 time to time, are herein called the "Bylaws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 SEC Registration Statement for the Trust (the "Registration Statement").

The Adviser shall furnish the Sub-Adviser with any further documents, materials or information that Sub-Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement.

5. **Expenses.** During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by
 it in connection with its performance of the services under this Agreement other than the
 cost of securities (including brokerage commissions, transactional fees and taxes, if any)
 purchased for the Fund. The Fund shall be responsible for its expenses, including any extraordinary
 expenses that may arise. Additionally, the Sub-Adviser will not be responsible for the expenses
 of the Fund, the Trust or the Adviser, including, but not limited to: expenses incurred in
 the distribution of shares of the Fund; fees and expenses related to any required filings,
 or any amendment or supplement thereto, under the Securities Act of 1933, as amended ("Securities
 Act"), the 1940 Act or otherwise; interest expense, taxes, fees and commissions of
 every kind; and charges and expenses of custodians, transfer agents, dividend disbursing
 agents, shareholder servicing agents and other service providers to the Trust or the Fund.

6. **Compensation of the Sub-Adviser**. For the services to be provided by the Sub-Adviser pursuant to this
 Agreement, the Adviser shall pay to the Sub-Adviser, and the Sub-Adviser agrees to accept
 as full compensation therefor, a sub-advisory fee at the rates specified in Schedule A, which
 is attached hereto and made part of this Agreement. The fee shall be calculated by applying
 a daily rate, based on the annual percentage rates as specified in Schedule A, to the average
 daily net assets of the Fund and shall be paid to the Sub-Adviser quarterly. The Sub-Adviser
 may, in its discretion and from time to time, waive all or a portion of its fee.

7. **Limitation of Liability of the Sub-Adviser; Indemnification**. Neither the Sub-Adviser nor any of
 its directors, officers, employees or affiliates shall be liable for any expenses, losses,
 damages, liabilities, demands, charges, and claims of any kind or nature (including attorneys'
 fees) (collectively, "Losses"), suffered by the Fund or the Adviser in connection
 with performance of the Sub-Adviser's obligations under this Agreement as a result
 of any error of judgment, mistake of law or other action or omission by the Sub-Adviser or
 its directors, officers, employees or affiliates, except Losses resulting from a breach of
 fiduciary duty with respect to the receipt of compensation for services (in which case any
 award of damages shall be limited to the period and the amount set forth in Section 36(b)(3)
 of the 1940 Act), or Losses resulting from willful misfeasance, bad faith or gross negligence
 of the Sub-Adviser or its directors, officers, employees or affiliates part in the performance
 of its duties or from reckless disregard of its obligations and duties under this Agreement,
 except as may otherwise be provided under provisions of applicable state law which cannot
 be waived or modified hereby.

The Adviser shall reimburse, indemnify, and hold harmless the Sub-Adviser or any of its directors, officers, employees or affiliates, individually and as sub-adviser, of and from any and all Losses whatsoever, arising from the operations and management of the Fund except where such Losses are the result of an occurrence described in the foregoing paragraph for which the Sub-Adviser or its directors, officers, employees or affiliates is determined to be liable.

The Sub-Adviser shall indemnify the Adviser or any of its directors, officers, employees or affiliates, from any and all Losses whatsoever incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the gross negligence, willful misfeasance, bad faith or breach of fiduciary duty of the Sub-Adviser, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the gross negligence, willful misfeasance or bad faith of the Adviser or the Adviser's breach of fiduciary duty to the Sub-Adviser.

The Sub-Adviser shall indemnify the Trust or any of its directors, officers, employees or affiliates for all Losses whatsoever incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser or its directors, officers, employees or affiliates under this Agreement if such act or omission involves the gross negligence, willful misfeasance, bad faith or breach of fiduciary duty of the Sub-Adviser or its directors, officers, employees or affiliates, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the gross negligence, willful misfeasance or bad faith of the Trust or the Trust's breach of fiduciary duty to the Sub-Adviser.

Notwithstanding the foregoing, the Sub-Adviser does not guarantee the future performance of the Fund or any specific level of performance, the success of any investment decision or strategy that the Sub-Adviser may use, or the success of the Sub-Adviser's overall management of the Fund. The Adviser understands and acknowledges that investment decisions made for the Fund are subject to various market, currency, economic and business risks, and that those investment decisions will not always be profitable or even successful.

This Section 7 shall survive termination of the Agreement.

8. **Reports**.
 During the term of this Agreement, the Adviser agrees to furnish the Sub-Adviser at its principal
 office all prospectuses, proxy statements, reports to shareholders, sales literature or other
 materials prepared for distribution to shareholders of the Fund, the Fund or the public that
 refer to the Sub-Adviser or its clients in any way prior to the use thereof and not to use
 such material if the Sub-Adviser reasonably objects to the use thereof in a writing received
 by the Adviser within five business days (or such period as may be mutually agreed upon) a fter the Sub-Adviser's receipt thereof. The Sub-Adviser's right
 to object to such materials is limited to the portions of such materials that expressly relate
 to the Sub-Adviser, its services and its clients. The Adviser agrees to use its reasonable
 best

efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Sub-Adviser or its clients in any way are consistent with those materials previously approved by the Sub-Adviser as referenced in the first sentence of this paragraph. Sales literature may be furnished to the Sub-Adviser by e-mail, first class or overnight mail, facsimile transmission equipment or hand delivery.

During the term of this Agreement, the Sub-Adviser agrees that it will not produce or cause to be produced any sales literature or other marketing materials that refer to the Adviser or the Trust in any way.

9. **Representations of Sub-Adviser.** Sub-Adviser represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser (i) is registered as an investment adviser under Advisers Act and will continue
 to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited
 by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement;
 (iii) has met, and will continue to meet for so long as this Agreement remains in effect,
 any other applicable federal or state requirements, or the applicable requirements of any
 regulatory or industry self-regulatory agency, necessary to be met in order to perform the
 services contemplated by this Agreement; (iv) has the authority to enter into and perform
 the services contemplated by this Agreement; and (v) will immediately notify Adviser of the
 occurrence of any event that would disqualify Sub-Adviser from serving as an investment adviser
 of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sub-Adviser has adopted a written code of ethics (the "Sub-Adviser Code") complying
 with the requirements of Rule 17j-1 under the 1940 Act, as may be amended from time to time,
 and, has provided the Adviser with a copy of the Sub-Adviser Code, together with evidence
 of its adoption. The Sub-Adviser certifies that it has adopted procedures reasonably necessary
 to prevent "access persons" as defined in Rule 17j-1 ("Access Persons")
 from violating the Sub-Adviser Code. On a quarterly basis, the Sub-Adviser will either: (i)
 certify to Adviser that the Sub-Adviser and its Access Persons have complied with Sub-Adviser
 Code with respect to the Trust, or (ii) identify any material violations of the Sub-Adviser
 Code which have occurred with respect to the Trust. In addition, the Sub-Adviser will furnish
 at least annually to Adviser and the Board a written report that (a) describes any issues
 arising under the Sub-Adviser Code since the last report to the Board, including, but not
 limited to, information about material violations of the Sub-Adviser Code with respect to
 the Trust and sanctions imposed in response to the material violations and (b) certifies
 that the Sub-Adviser has adopted procedures reasonably necessary to prevent Access Persons
 from violating the Sub-Adviser Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser represents and warrants that it has delivered to the Trust at least 48 hours
 prior to the execution of this Agreement a copy of the Sub-Adviser's current Form ADV
 (Parts 1 and 2) and all information in such document is complete and accurate in all material
 respects as of the date hereof and is in conformity in all material respects with applicable
 laws, rules and regulations. The Sub-Adviser hereby covenants and agrees promptly to deliver
 to the Trust all amendments to its Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser acknowledges and agrees that it has not received legal or regulatory advice from
 the Trust, the Adviser, or any of their respective employees or representatives, and is not
 entitled to rely on any statements or omissions by such employees or representatives regarding
 applicable law or regulation in satisfying its obligations hereunder, including it obligation
 to comply with all applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser has provided the Adviser, and the Adviser acknowledges having received, a description
 or copy of the Sub-Adviser's policies and procedures for voting proxies relating to
 client securities and information concerning how they can obtain information concerning how
 the Sub-Adviser has voted proxies relating to securities held by the Fund. The Sub-Adviser
 shall on a quarterly basis inform the Adviser of any material changes to such policies and
 procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser has adopted and implemented written policies and procedures pursuant to Rule
 206(4)-7 under the Advisers Act (copies of which have been provided to the Adviser, receipt
 of which is hereby acknowledged by the Adviser) reasonably designed to prevent violation,
 by the Sub-Adviser and its supervised persons, at all times of all applicable provisions
 of the Advisers Act, and any rules and regulations adopted thereunder. The Sub-Adviser shall
 on a quarterly basis notify the Adviser of any material changes in the written policies and
 procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Sub-Adviser shall be responsible for ensuring that the Fund complies with the diversification
 requirements of Sub-Chapter M and Section 817(h) of the Code and regulations issued thereunder
 as these apply to separate accounts through which variable life insurance contracts and variable
 annuity contracts are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Sub-Adviser shall be responsible for ensuring compliance, by itself and its supervised persons,
 with the provisions of the Registration Statement and the Declaration of Trust and Bylaws
 of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 order that the Board and the Trust's chief compliance officer may fulfill their obligations
 under Rule 38a-1 under the 1940 Act (and in addition to, and without limiting, its duties
 and obligations under other provisions of this Agreement), the Sub-Adviser agrees that (i)
 the policies and procedures established by the Sub-

Adviser for managing the Fund, including, but not limited to all policies and procedures designed to ensure compliance with applicable federal and state laws and regulations governing the Sub-Adviser/client relationship and management and operation of the Fund, shall be made available for inspection by the Adviser and its authorized representatives, including the Trust's and the Adviser's chief compliance officers, not less frequently than annually; (ii) the Trust's chief compliance officer, and her (or his) agents and representatives, shall have reasonable access to the Sub-Adviser's directors, officers, and employees, and reasonable access to the Sub-Adviser's offices and facilities; and (iii) it will complete and promptly return to the Trust quarterly and annual due diligence questionnaires provided by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser,
 including any change of its general partners, controlling persons or 25% shareholders, as
 applicable, and any changes in the key personnel who are either the portfolio manager(s)
 of the Fund or to the Executive Board of the Sub-Adviser, in each case prior to such change
 if possible but in any event not later than promptly after such change. The Sub-Adviser agrees
 to bear all reasonable expenses of the Trust and Adviser, if any, arising out of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional
 liability insurance coverage equal to not less than $5,000,000.

10. **Nondisclosure**.
 The Sub-Adviser acknowledges it is subject to and will abide by Section 204A of the Advisers
 Act regarding the misuse of non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 addition to and without limiting the generality of the foregoing, the Sub-Adviser shall not,
 and shall cause its affiliates, officers, directors, employees and representatives not to,
 use or disclose any confidential or proprietary information of the Adviser or relating to
 the Trust (including, without limitation, any information or data with respect to the investment
 activities of the Trust or the terms of the Advisory Agreement) to any unaffiliated third
 party, or use the name of the Adviser or any of the Adviser's subsidiaries or affiliates;
 provided, that the Sub-Adviser may disclose any confidential or proprietary information (i)
 with the prior written approval of Adviser or (ii) to a regulatory authority, so long as
 Sub-Adviser shall have given Adviser prompt written notice of any such required disclosure
 prior to disclosure and agrees to assist the Adviser in obtaining a protective order or other
 similar relief, unless such notice is prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Adviser shall not, and shall cause its affiliates, officers, directors, employees and representatives
 not to, disclose confidential or proprietary information of the Sub-Adviser to any unaffiliated
 third parties; provided, that the Adviser may disclose any confidential or proprietary information
 regarding the Sub-Adviser (i)

with the prior written approval of the Sub-Adviser or (ii) to a regulatory authority, so long as the Adviser shall have given the Sub-Adviser prompt written notice of any such required disclosure prior to disclosure and agrees to assist the Sub-Adviser in obtaining a protective order or other similar relief, unless such notice is prohibited by applicable law; provided further, that the Adviser shall have the right to use the Sub-Adviser's name in public relations and marketing material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 foregoing restrictions shall not apply to any information that: (i) is or becomes a matter
 of general public knowledge without any violation of the Advisory Agreement or confidentiality
 on the part of the disclosing party; (ii) was available to a party or any of its affiliates,
 officers, directors, employees or representatives on a non-confidential basis prior to the
 disclosure of such information by the disclosing party; or (iii) comes into possession of
 a party hereto from any third party not affiliated with either party hereto properly in possession
 of such information.

11. **Duration and Termination**. This Agreement shall become effective upon its approval and at the time
 determined by the Trust's Board of Trustees and by the vote of a majority of the outstanding
 voting securities of the Fund; provided, however, that at any time the Adviser shall have
 obtained exemptive relief from the SEC permitting it to engage a sub-adviser without first
 obtaining approval of the Agreement from a majority of the outstanding voting securities
 of the portfolio(s) involved, this Agreement shall become effective upon its approval by
 the Trust's Board of Trustees at the time specified by the Board. Any sub-adviser so
 selected and approved shall be without the protection accorded by shareholder approval of
 an investment adviser's receipt of compensation under Section 36(b) of the 1940 Act,
 until such shareholder approval is obtained.

This Agreement shall continue in effect for a period of one year from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Adviser's agreement with the Trust. As used in this Section 11, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

**12.** **Service Providers**. Notwithstanding anything contained in this Agreement to the contrary, the
 Sub-Adviser may enter into arrangements with its affiliates and other third party

contractors in connection with the performance of the Sub-Adviser's services and other obligations under this Agreement, including for the provision of certain personnel, services and facilities to the Sub-Adviser (including, for example, services provided by Federated Advisory Services Company), provided that such arrangements comply with the 1940 Act (including, if applicable the requirements of Section 15 of the 1940 Act). The Sub-Adviser agrees, subject to the terms and conditions of this Agreement, that the Sub-Adviser will remain responsible for any actions or omissions of such affiliates or other third-party contractors to the same extent as if the Sub-Adviser had taken such action or made such omission under this Agreement.

13. **Governing Law**. This Agreement shall be governed by the internal laws of the State of Delaware,
 without regard to conflicts of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

14. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule
 or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their permitted
 successors.

15. **Notice**.
 Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
 if delivered by hand, transmitted by e-mail, electronic facsimile, in portable document format
 (pdf) or some other electronic form, or mailed by registered, certified or overnight United
 States mail, postage prepaid, or sent by overnight delivery with a nationally recognized
 courier, addressed by the party giving notice to the other party at the last address furnished
 by the other party:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Adviser at: | **M Financial Investment Advisers, Inc.** |
|  | M Financial Plaza |
|  | 1125 NW Couch Street, Suite 900 |
|  | Portland, OR 97209 |
|  | Attn: Robert Olson |
|  | Email: mfunds@mfin.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Sub-Adviser at: | **Federated MDTA LLC** |
|  | 1001 Liberty Avenue |
|  | Pittsburgh, PA 15222-3779 |
|  | Attn: George Polatas |
|  | Tel: 412-288-7572 |
|  | Email: <br> Federatedsubadvised@FederatedHermes.com |

---

Each such notice, advice or report shall be effective upon receipt or three days after mailing.

16. **Entire Agreement**. This Agreement, along with the Exclusivity Agreement, dated as of March 28,
 2025, between the parties embodies the entire agreement and understanding between the parties
 hereto, and supersedes all prior agreements and understandings relating to this Agreement's
 subject matter. This Agreement may be executed in any number of counterparts, each of which
 shall be deemed to be an original, but such counterparts shall, together, constitute only
 one instrument.

17. **1940 Act.** Where the effect of a requirement of the 1940 Act reflected in any provision of
 this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
 general application, such provision shall be deemed to incorporate the effect of such rule,
 regulation or order.

*[This space is intentionally blank.]*

IN WITNESS WHEREOF, the parties hereto have caused this INVESTMENT SUB-ADVISORY AGREEMENT to be executed by their duly authorized officers as of the day and year first written above.

---

| | |
|:---|:---|
| **M FINANCIAL INVESTMENT ADVISERS, INC.** | **M FINANCIAL INVESTMENT ADVISERS, INC.** |
|  | /s/Robert Olson |
| By: | Robert Olson |
| Title: President | Title: President |
| **FEDERATED MDTA LLC** | **FEDERATED MDTA LLC** |
|  | /s/John B. Fisher |
| By: | John B. Fisher |
| Title: President & CEO | Title: President & CEO |

---

**Schedule A<br> to the<br> Investment Sub-Advisory Agreement<br> between<br> M Financial Investment Advisers, Inc.<br> and<br> Federated MDTA LLC**

Pursuant to Section 6, the Adviser shall pay the Sub-Adviser compensation at an effective annual rate as follows:

---

| | |
|:---|:---|
| <u>Name of Fund</u> | <u>Annual Rate of Compensation</u> |
| M Large Cap Growth Fund | 0.30% on the first $100 million |
|  | 0.25% on all assets thereafter |

---

## Ex-99.D

**Exhibit(d)(32)** 

**INVESTMENT SUB-ADVISORY AGREEMENT**

**For The**

**FRONTIER CAPITAL APPRECIATION FUND**

THIS AGREEMENT made and entered into this 24 day of April, 2026, by and between M Financial Investment Advisers, Inc., a corporation organized and existing under the laws of the State of Colorado (the "Adviser"), and Frontier Capital Management Company, LLC, a limited liability company organized and existing under the laws of the State of Delaware (the "Sub-Adviser").

WHEREAS, Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and is a series fund with a number of portfolios; and

WHEREAS, the Adviser has entered or will enter into an Investment Advisory Agreement (the "Advisory Agreement") with the Trust, pursuant to which the Adviser will act as investment adviser to the Frontier Capital Appreciation Fund portfolio of the Trust (the "Fund"), which is a series of the Trust; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of the Fund, and the Sub-Adviser is willing to render such investment advisory services.

WHEREAS, the Sub-Adviser is registered as an investment adviser pursuant to the Investment Adviser Act of 1940.

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser**. Subject to supervision by the Adviser and the Trust's Board of Trustees,
 the Sub-Adviser shall manage the investment operations of the Fund and the composition of
 the Fund, including the purchase, retention and disposition of securities and other assets,
 in accordance with the Fund's investment objectives, policies and restrictions as stated
 in the Fund's prospectus and statement of additional information, as currently in effect
 and as amended or supplemented from time to time (referred to collectively as the "Prospectus"),
 and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser shall provide supervision of the Fund's investments and determine from time to
 time what investments and securities will be purchased, retained or sold by the Fund, and
 what portion of the assets will be invested or held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the performance of its duties and obligations under this Agreement, the Sub-Adviser shall
 act in conformity with the Trust's Agreement and Declaration of

Trust and Bylaws (as such terms are defined herein) and the Prospectus and with the instructions and directions of the Adviser and of the Board of Trustees of the Trust and will conform to and comply with the requirements of the 1940 Act, the Internal Revenue Code of 1986, and all other applicable federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sub-Adviser shall determine the securities to be purchased or sold by the Fund and will place
 orders with or through such persons, brokers or dealers to carry out the policy with respect
 to brokerage set forth in the Fund's Registration Statement (as defined herein) and Prospectus
 or as the Board of Trustees or the Adviser may direct from time to time, in conformity with
 federal securities laws. In executing Fund transactions and selecting brokers or dealers,
 the Sub-Adviser will use its best efforts to seek on behalf of the Fund the best overall
 terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser
 shall consider all factors that it deems relevant, including the breadth of the market in
 the security, the price of the security, the financial condition and execution capability
 of the broker or dealer, and the reasonableness of the commission, if any, both for the specific
 transaction and on a continuing basis. In evaluating the best overall terms available, and
 in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser may also
 consider the brokerage and research services (as those terms are defined in Section 28(e)
 of the Securities Exchange Act of 1934) provided to the Fund and/or other accounts over which
 the Sub-Adviser or an affiliate of the Sub-Adviser may exercise investment discretion. The
 Sub-Adviser is authorized, subject to compliance with said Section 28(e), to pay to 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, but only if, the Sub-Adviser
 determines in good faith that such commission was reasonable in relation to the value of
 the brokerage and research services provided by such broker or dealer — viewed in terms
 of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser
 to the Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders
 for the Fund's portfolio securities to brokers or dealers (including brokers and dealers
 that are affiliated with the Sub-Adviser) to take into account the sale of variable contracts
 investing through separate accounts in the Trust if the Sub-Adviser believes that the quality
 of the transactions and the commission are comparable to what they would be with other qualified
 firms. In no instance, however, will any Fund's securities be purchased from or sold to the
 Sub-Adviser, the Adviser, or any affiliated person of either the Trust, the Sub-Adviser or
 the Adviser, acting as principal in the transaction, except to the extent permitted by the
 Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser shall maintain all books and records with respect to the Fund's portfolio transactions
 required by subparagraphs (b)(5), (6), (7), (9), (10) and (11) and paragraph (f) of Rule
 31a-1 under the 1940 Act and shall render to the Adviser or Board of Trustees of the Trust
 such periodic and special reports as the Adviser or Board of Trustees may reasonably request.

The Sub-Adviser shall keep the Fund's books and records required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser

all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser shall also furnish to the Adviser any other information that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC. The Sub-Adviser agrees that all records that it maintains on behalf of the Fund are the property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor Sub-Adviser upon the termination of this Agreement (or, if there is no successor Sub-Adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Sub-Adviser shall provide the Fund's custodian on each business day with information relating
 to all transactions concerning the Fund's assets and shall provide the Adviser with such
 information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sub-Adviser shall cooperate with the Adviser, its representatives, and any third party retained
 thereby upon the Adviser's exercise of its right, granted hereby, to compel an audit of the
 Fund's financial records, examine records of the Fund's portfolio transactions, and/or make
 a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 investment management services provided by the Sub-Adviser under this Agreement are not to
 be deemed exclusive and the Sub-Adviser shall be free to render similar services to others,
 as long as such services do not impair the services rendered to the Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Sub-Adviser shall promptly notify the Adviser of any financial condition that is likely to
 impair the Sub-Adviser's ability to fulfill its commitments under this Agreement.

Services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers or employees.

2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to
 be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the
 Sub-Adviser's performance of its duties under this Agreement.

3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies properly certified
 or authenticated of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust's Agreement and Declaration of Trust, as filed with the Secretary of State of
 the State of Delaware (such Agreement and Declaration of Trust, as in effect on the date
 of this Agreement and as amended from time to time, are herein called the "Agreement
 and Declaration of Trust");7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bylaws
 of the Trust (such Bylaws, as in effect on the date of this Agreement and as amended from
 time to time, are herein called the "Bylaws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Current
 Prospectus of the Fund.

4. **Compensation of the Sub-Adviser**. For the services to be provided by the Sub-Adviser pursuant to this
 Agreement, the Adviser shall pay to the Sub-Adviser, and the Sub-Adviser agrees to accept
 as full compensation therefor, a sub-advisory fee at the rates specified in Schedule A, which
 is attached hereto and made part of this Agreement. The fee shall be calculated by applying
 a daily rate, based on the annual percentage rates as specified in Schedule A, to the average
 daily net assets of the Fund and shall be paid to the Sub-Adviser monthly. The Sub-Adviser
 may, in its discretion and from time to time, waive all or a portion of its fee.

5. **Limitation of Liability of the Sub-Adviser**. The Sub-Adviser shall not be liable for any error of
 judgment or for any loss suffered by the Fund or the Adviser in connection with performance
 of the Sub-Adviser's obligations under this Agreement, except a loss resulting from a breach
 of fiduciary duty with respect to the receipt of compensation for services (in which case
 any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3)
 of the 1940 Act), or a loss resulting from willful misfeasance, bad faith or gross negligence
 on the Sub-Adviser's part in the performance of its duties or from reckless disregard of
 its obligations and duties under this Agreement, except as may otherwise be provided under
 provisions of applicable state law which cannot be waived or modified hereby.

6. **Reports**.
 During the term of this Agreement, the Adviser agrees to furnish the Sub-Adviser at its principal
 office all prospectuses, proxy statements, reports to shareholders, sales literature or other
 materials prepared for distribution to shareholders of the Fund, the Trust or the public
 that refer to the Sub-Adviser or its clients in any way prior to the use thereof and not
 to use such material if the Sub-Adviser reasonably objects to the use thereof in a writing
 received by the Adviser within five business days (or such other period as may be mutually
 agreed) after the Sub-Adviser's receipt thereof. The Sub-Adviser's right to object to such
 materials is limited to the portions of such materials that expressly relate to the Sub-Adviser,
 its services and its clients. The Adviser agrees to use its reasonable best efforts to ensure
 that materials prepared by its employees or agents or its affiliates that refer to the Sub-Adviser
 or its clients in any way are consistent with those materials previously approved by the
 Sub-Adviser as referenced in the first sentence of this paragraph. Sales literature may be
 furnished to the Sub-Adviser by first class or overnight mail, facsimile transmission equipment
 or hand delivery.

During the term of this Agreement, the Sub-Adviser agrees to furnish the Adviser at its principal office all sales literature or other materials prepared for distribution to shareholders of the Fund, the Trust or the public that refer to the Adviser, its clients or the Trust in any way prior to the use thereof and not to use such material if the Adviser reasonably objects to the use thereof in a writing received by the Sub-Adviser within five business days (or such other period as may be mutually agreed) after the Adviser's receipt thereof. The Adviser's right to object to such materials is limited to the portions of such materials that expressly relate to the Adviser, its clients or the Trust. The Sub-Adviser

agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Adviser or its clients in any way are consistent with those materials previously approved by the Adviser as referenced in the first sentence of this paragraph. Sales literature may be furnished to the Adviser by first class or overnight mail, facsimile transmission equipment or hand delivery.

7. **Indemnification**.
 The Sub-Adviser shall indemnify and hold harmless the Adviser from and against any and all
 claims, losses, liabilities or damages (including reasonable attorney's fees and other related
 expenses) arising from or in connection with the performance by the Sub-Adviser of its duties
 under this Agreement. This provision shall survive termination of this Agreement.

8. **Duration and Termination**. This Agreement shall become effective upon the later to occur of (i)
 its execution and (ii) its approval by the Trust's Board of Trustees and by the vote of a
 majority of the outstanding voting securities of the Fund; provided, however, that at any
 time the Adviser shall have obtained exemptive relief from the SEC permitting it to engage
 a sub-adviser without first obtaining approval of the Agreement from a majority of the outstanding
 voting securities of the portfolio(s) involved, this Agreement shall become effective upon
 the later to occur of (i) its execution and (ii) its approval by the Trust's Board of Trustees.
 Any sub-adviser so selected and approved shall be without the protection accorded by shareholder
 approval of an investment adviser's receipt of compensation under Section 36(b) of the 1940
 Act.

This Agreement shall continue in effect continuously from the effective date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the other party, or (c) the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the other party. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Adviser's agreement with the Trust. As used in this Section 8, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

9. **Governing Law**. This Agreement shall be governed by the internal laws of the State of Delaware,
 without regard to conflicts of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

10. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule
 or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their permitted
 successors.

11. **Notice**.
 Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
 if delivered by hand, transmitted by electronic facsimile, or mailed by

registered, certified or overnight United States mail, postage prepaid, or sent by overnight delivery with a nationally recognized courier, addressed by the party giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | **M Financial Investment Advisers, Inc.** |
|  | M Financial Plaza |
|  | 1125 NW Couch Street, Suite 900 |
|  | Portland, OR 97209 |
|  | Attn: Robert Olson |
|  | Email: mfunds@mfin.com |
| To the Sub-Adviser at: | **Frontier Capital Management Company, LLC** |
|  | 99 Summer Street |
|  | Boston, MA 02110 |
|  | Attn: Sarah J. Jankowski |

---

Each such notice, advice or report shall be effective upon receipt or three days after mailing.

12. **Entire Agreement**. This Agreement embodies the entire agreement and understanding between the
 parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's
 subject matter. This Agreement may be executed in any number of counterparts, each of which
 shall be deemed to be an original, but such counterparts shall, together, constitute only
 one instrument.

13. **1940 Act.** Where the effect of a requirement of the 1940 Act reflected in any provision of
 this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
 general application, such provision shall be deemed to incorporate the effect of such rule,
 regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the day and year first written above.

---

| | |
|:---|:---|
| **M FINANCIAL INVESTMENT** | **FRONTIER CAPITAL** |
| **ADVISERS, INC.** | **MANAGEMENT COMPANY, LLC** |
| /s/ Robert Olson | /s/ John B. Fisher |
| By: Robert Olson | By: John B. Fisher |
| Title: President | Title: President & CEO |

---

**Schedule A**

**to the**

**Investment Sub-Advisory Agreement**

**between**

**M Financial Investment Advisers, Inc.**

**and**

**Frontier Capital Management Company, LLC**

Pursuant to Section 4, the Adviser shall pay the Sub-Adviser compensation at an effective annual rate as follows:

<u>Name of Fund</u>

Frontier Capital Appreciation Fund

<u>Annual Rate of Compensation</u>

First $125 million of assets: 0.70% per annum

Over $125 million of assets: 0.60% per annum

## Ex-99.E

**Exhibit(g)(3)** 

---

| |
|:---|
| UNDERWRITING AGREEMENT |
| Between |
| NORTHERN LIGHTS FUND TRUST II |
| and |
| M Holdings Securities, Inc. |

---

Page 1 of 23

INDEX

1. APPOINTMENT
 OF MHS AND DELIVERY OF DOCUMENTS 3

2. NATURE
 OF DUTIES 4

3. OFFERING
 OF SHARES 4

4. LICENSED
 REPRESENTATIVES OF THE FUNDS 5

5. REPURCHASE
 OR REDEMPTION OF SHARES BY THE TRUST 6

6. DUTIES
 AND REPRESENTATIONS OF MHS 7

7. DUTIES
 AND REPRESENTATIONS OF THE TRUST 9

8. INDEMNIFICATION
 OF MHS BY THE TRUST 12

9. INDEMNIFICATION
 OF THE TRUST BY MHS 14

10. NOTIFICATION
 BY THE TRUST 15

11. COMPENSATION
 AND EXPENSES 16

12. SELECTED
 DEALER AND SELECTED AGENT AGREEMENTS 17

13. CONFIDENTIALITY 17

14. EFFECTIVENESS
 AND DURATION 18

15. DISASTER
 RECOVERY 18

16. DEFINITIONS 18

17. MISCELLANEOUS 19

<u>ATTACHED SCHEDULES</u>

SCHEDULE A

SCHEDULE B

Page 2 of 23

**UNDERWRITING AGREEMENT**

**THIS UNDERWRITING AGREEMENT** effective the 1st day of [ ], 2026, by and between NORTHERN LIGHTS FUND TRUST II, a Delaware statutory trust, having its principal office and place of business at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 (the "Trust"), and M HOLDINGS SECURITIES, INC.**,** a [ ] corporation having its principal office and place of business at [ ] ("MHS").

**WHEREAS**, the Trust is offering shares of beneficial interest (the "Shares") in separate investment portfolios as set forth on **Schedule A**, as may be amended from time to time (each a "Fund"), and each a series of the Trust; and

**WHEREAS**, the Trust is an open-end management investment company registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS**, MHS is registered under the Securities Exchange Act of 1934, as amended ("1934 Act"), as a broker-dealer and is engaged in the business of selling shares of registered investment companies either directly to purchasers or through other financial intermediaries; and

**WHEREAS**, the Trust desires that MHS offer, as principal underwriter, the Shares of the Funds to the public and MHS is willing to provide those services on the terms and conditions set forth in this Agreement in order to promote the growth of the Funds and facilitate the distribution of the Shares;

**NOW THEREFORE**, for and in consideration of the mutual covenants and agreements contained herein, the Trust and MHS hereby agree as follows:

**1.** **APPOINTMENT OF MHS AND DELIVERY OF DOCUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby appoints MHS, and MHS hereby agrees, to act as principal underwriter and distributor of the Shares of the Funds for the period and on the terms set forth in this Agreement. In connection therewith, the Funds have delivered to MHS current copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust's Agreement and Declaration of Trust and By-laws (the "Organizational Documents");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's current Registration Statement;

Page 3 of 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trust's notification of registration under the 1940 Act on Form N-8A as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust's current Prospectus and Statement of Additional Information (as currently in effect and as amended or supplemented, the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any current plan of distribution or similar document adopted by the Funds under Rule 12b-1 under the 1940 Act ("Plan") and each current shareholder service plan or similar document adopted by the Trust ("Service Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall promptly furnish MHS with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all amendments of or supplements to the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the resolution of the Board appointing MHS and authorizing the execution and delivery of this Agreement.

**2.** **NATURE OF DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MHS shall act as distributor of the Funds except that the rights given under this Agreement to MHS shall not apply to: (i) Shares issued in connection with the merger, consolidation or reorganization of any other investment company or series or class thereof with a Fund or class thereof; (ii) the Trust's acquisition by purchase or otherwise of all or substantially all of the assets or stock of any other investment company or series or class thereof; (iii) the reinvestment in Shares by the Funds' shareholders of dividends or other distributions; or (iv) any other offering by the Funds of securities to its shareholders (collectively "exempt transactions").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, MHS is and may in the future distribute shares of other investment companies including investment companies having investment objectives similar to those of the Funds. The Funds further understand that existing and future investors in the Funds may invest in shares of such other investment companies. The Funds agree that the services that MHS provides to such other investment companies shall not be deemed in conflict with its duties to the Funds under this Agreement.

**3.** **OFFERING OF SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MHS shall have the right to buy from the Funds the Shares needed to fill unconditional orders for Shares of the Funds placed with MHS by investors or selected dealers or selected agents (each as defined in Section 12 hereof) acting as agent for their

Page 4 of 23

customers' or on their own behalf. Alternatively, MHS may act as the Funds' agent, to offer, and to solicit offers to subscribe to, Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The price that MHS shall pay for Shares purchased from the Funds shall be the NAV used in determining the Public Offering Price on which the orders are based. Shares purchased by MHS are to be resold by MHS to investors at the respective Public Offering Price(s), or to selected dealers or selected agents acting in accordance with the terms of selected dealer or selected agent agreements described in Section 12 of this Agreement. The Funds will advise MHS of the NAV(s) each time that it is determined by the Funds, or its designated agent, and at such other times as MHS may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) MHS will promptly forward all orders and subscriptions to the Funds or its designated agent. All orders and all subscriptions shall be directed to the Funds for acceptance and shall not be binding until accepted by the Funds. Any order or subscription may be rejected by the Funds; provided, however, that the Funds will not arbitrarily or without reasonable cause refuse to accept or confirm orders or subscriptions for the purchase of Shares. The Funds or its designated agent will confirm orders and subscriptions upon their receipt, will make appropriate book entries and, upon receipt by the Funds or its designated agent of payment therefore, will issue such Shares in uncertificated form pursuant to the instructions of MHS. MHS agrees to cause such payment and such instructions to be delivered promptly to the Funds or its designated agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Funds reserve the right to suspend the offering of Shares of the Funds at any time in the absolute discretion of the Board, and upon notice of such suspension MHS shall cease to offer Shares of the Funds specified in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Shares shall be offered by either MHS or the Funds under any of the provisions of this Agreement and no orders for the purchase or sale of Shares hereunder shall be accepted by the Funds if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the Securities Act, or if and so long as a current Prospectus, as required by Section 10(b) of the Securities Act, as amended, is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way limit the Funds' obligation to repurchase Shares from any shareholder in accordance with the provisions of the Fund's Organizational Documents or the Prospectus applicable to the Shares.

**4.** **LICENSED REPRESENTATIVES OF THE FUNDS.** 

At the request of the Trust, a Fund, a Fund's sponsor, adviser or affiliate, MHS may license certain designated employees as a "registered representative" and maintain

Page 5 of 23

their licensed status in accordance with FINRA rules and regulations including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Filing Form U-4's and fingerprint submission and processing renewals and terminations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On-going compliance up-dates and training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Preparation of materials and training for compliance with FINRA continuing education requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Supervision of registered representatives

MHS reserves the right in its sole discretion of refuse to register or maintain the registration for any individual and otherwise impose any requirements, fees or limitations on licensed persons.

**5.** **REPURCHASE OR REDEMPTION OF SHARES BY THE TRUST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any of the outstanding Shares of the Funds may be tendered for redemption at any time, and the Funds agree to redeem or repurchase the Shares so tendered in accordance with its obligations as set forth in the Organizational Documents and the Prospectus relating to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Funds or its designated agent shall pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the total amount of the redemption price consisting of the NAV less any applicable redemption fee to the redeeming shareholder or its agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as may be otherwise required by FINRA Rules, any applicable deferred sales charges to MHS in accordance with MHS's instructions on or before the fifth business day (or such other earlier business day as is customary in the investment company industry) subsequent to the Trust or its agent having received the notice of redemption in proper form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Redemption of Shares or payment therefore may be suspended at times when the New York Stock Exchange is closed for any reason other than its customary weekend or holiday closings, when trading thereon is restricted, when an emergency exists as a result of which disposal by the Funds of securities owned by the Funds is not reasonably practicable or it is not reasonably practicable for the Funds fairly to determine the value of the Funds' net assets, or during any other period when the SEC so requires or permits.

Page 6 of 23

6. DUTIES
AND REPRESENTATIONS OF MHS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MHS shall use reasonable efforts to facilitate the sale of Shares of the Funds upon the terms and conditions contained herein and in the then current Prospectus. MHS shall devote reasonable time and effort to facilitate the distribution of Fund shares but shall not be obligated to sell any specific number of Shares. The services of MHS to the Funds hereunder are not to be deemed exclusive, and nothing herein contained shall prevent MHS from entering into like arrangements with other investment companies so long as the performance of its obligations hereunder is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MHS will execute and deliver agreements with broker/dealers, financial institutions and other industry professionals based on forms of agreement approved from time to time by the Board with respect to shares of the Funds, including but not limited to forms of sales support agreements and shareholder servicing agreements approved in connection with any distribution and/or servicing plan approved in accordance with Rule 12b-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) MHS shall be responsible for reviewing and providing advice and counsel on, and filing with FINRA, all sales literature (e.g., advertisements, brochures and shareholder communications, including the Fund's website) with respect to the Funds. All costs associated with advertising filings shall be paid by the Funds. MHS will forward all FINRA comments on marketing materials to the Trust for incorporation into such materials and the sole responsibility for incorporation of such comments shall remain with the Trust; provided, however, that the Trust shall provide all factual content, opinion, and other content for such materials and MHS shall not be responsible for the accuracy of the content of such materials, when used thereafter by the Trust or any person authorized by the Trust to use such material; nor shall MHS be responsible for the filing or content of any such materials used by third parties without the authorization of MHS; and provided further that MHS shall not be responsible for filing any materials that fall within the definition of advertising and sales literature if such materials are not provided to MHS in a form suitable for filing in a timely manner. In addition, MHS will provide one or more persons, during normal business hours, to respond to telephone questions with respect to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MHS will forward all sales related complaints concerning the Funds to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) MHS will provide assistance in the preparation of quarterly board materials with regard to sales and other distribution related data reasonably requested by the Board of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All activities by MHS and its agents and employees as distributor of Shares shall comply with all applicable laws, rules and regulations, including, without limitation,

Page 7 of 23

the 1940 Act, the Securities Act, the Securities Exchange Act, and FINRA Rules, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In selling Shares of the Funds, MHS shall use its best efforts in all material respects duly to conform with the requirements of all federal and state laws relating to the sale of the Shares. Neither MHS, any selected dealer, any selected agent nor any other person is authorized by the Funds to give any information or to make any representations other than as is contained in a Funds' Prospectus or any advertising materials or sales literature specifically approved in writing by the Funds or their agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) MHS shall adopt and follow procedures for the confirmation of sales to investors and selected dealers or selected agents, the collection of amounts payable by investors and selected dealers or selected agents on such sales, and the cancellation of unsettled transactions, as may be necessary to comply with the requirements of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) MHS represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is a limited liability company duly organized and existing and in good standing under the laws of the State of [ ] and it is duly qualified to carry on its business in the State of [ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is empowered under applicable laws and by its Articles of Organization to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All requisite actions have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of MHS, enforceable against MHS in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It is registered under the Securities Exchange Act with the SEC as a broker-dealer, it is a member in good standing of FINRA, it will abide by FINRA Rules, and it will notify the Funds if its membership in FINRA is terminated or suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Its selling agreements will require that selling agents comply with applicable anti-money laundering laws, regulations, rules and government guidance,

Page 8 of 23

including the reporting, record keeping and compliance requirements of the Bank Secrecy Act ("BSA"), as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2002, Title III of the USA PATRIOT Act (the "PATRIOT Act"), its implementing regulations, and related SEC and SRO rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything in this Agreement, including the Schedules, to the contrary, MHS makes no warranty or representation as to the number of selected dealers or selected agents with which it has entered into agreements in accordance with Section 12 hereof, as to the availability of any Shares to be sold through any selected dealer, selected agent or other intermediary or as to any other matter not specifically set forth herein.

**7.** **DUTIES AND REPRESENTATIONS OF THE TRUST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall furnish to MHS copies of all financial statements and other documents to be delivered to shareholders or investors at least two (2) Fund Business Days prior to such delivery and shall furnish MHS copies of all other financial statements, documents and other papers or information which MHS may reasonably request for use in connection with the distribution of Shares. The Trust shall make available to MHS the number of copies of the Funds' Prospech1ses as MHS shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall take, from time to time, subject to the approval of the Board and any required approval of the shareholders of the Funds, all actions necessary to fix the number of authorized Shares (if such number is not unlimited) and to register the Shares under the Securities Act, to the end that there will be available for sale the number of Shares as reasonably may be expected to be sold pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will execute any and all documents, furnish any and all information and otherwise take all actions that may be reasonably necessary to register or qualify Shares for sale in such states as MHS may designate to the Funds and the Funds may approve, and the Funds shall pay all fees and other expenses incurred in connection with such registration or qualification; provided that MHS shall not be required to register as a broker-dealer or file a consent to service of process in any State and the Funds shall not be required to qualify as a foreign corporation, Fund or association in any State. Any registration or qualification may be withheld, terminated or withdrawn by the Funds at any time in its discretion. MHS shall furnish such information and other material relating to its affairs and activities as the Funds require in connection with such registration or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust represents and warrants to MHS that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is a business trust duly organized and existing and in good standing under the laws of the state of Delaware;

Page 9 of 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is empowered under applicable laws and by its Organizational Documents to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All proceedings required by the Organizational Documents have been taken to authorize it to enter into and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It is an open-end management investment company registered with the SEC under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All Shares, when issued, shall be validly issued, fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The performance by the Trust of its obligations hereunder does not and will not contravene any provision of the Trust's Agreement and Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Registration Statement is currently effective and will remain effective with respect to all Shares of the Funds being offered for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Registration Statement and Prospectus have been or will be, as the case may be, carefully prepared in conformity with the requirements of the Securities Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Registration Statement and Prospech1s contain or will contain all statements required to be stated therein in accordance with the Securities Act and the rules and regulations thereunder; all statements of fact contained or to be contained in the Registration Statement or Prospectus are or will be true and correct at the time indicated or on the effective date as the case may be; and neither the Registration Statement nor any Prospectus, when they shall become effective or be authorized for use, will include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) It will from time to time file such amendment or amendments to the Registration Statement and Prospectus as, in the light of then-current and then-prospective developments, shall, in the opinion of its counsel, be necessary in order to have the Registration Statement and Prospectus at all times contain all material facts

Page 10 of 23

required to be stated therein or necessary to make any statements therein not misleading to a purchaser of Shares ("Required Amendments");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) It shall not file any amendment to the Registration Statement or Prospectus without giving MHS reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Funds' right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Funds may deem advisable, such right being in all respects absolute and unconditional; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) All Shares of the Fund are properly registered in the states as required by applicable state laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Any amendment to the Registration Statement or Prospectus hereafter filed will, when it becomes effective, contain all statements required to be stated therein in accordance with the 1940 Act and the rules and regulations thereunder; all statements of fact contained in the Registration Statement or Prospectus will, when it becomes effective, be true and correct at the time indicated or on the effective date as the case may be; and no such amendment, when it becomes effective, will include an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) In connection with any registered representatives maintained under this Agreement, the Trust agrees to cooperate with MHS and provide reports as necessary to maintain appropriate licensing and qualifications and report to MHS any complaints, arbitrations, litigation or any other material matter that may affect a registered representative's registration status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) It has adopted necessary procedures to comply with the Bank Secrecy Act ("BSA"), as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2002, Title III of the USA PATRIOT Act (the "PATRIOT Act"), its implementing regulations, and related SEC and SRO rules. Consistent with this requirement, the Trust shall ensure that the account opening forms utilized by the Funds contain the necessary customer information such as name, address, taxpayer identification and other information to verify the identity of such customers as well as provide proper notification to customers of such anti-money laundering program adopted by the Trust and/or its service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) MHS may rely on and will be held harmless from relying on oral or written instructions it receives from an officer, agent, or legal counsel to the Trust.

Page 11 of 23

**8.** **INDEMNIFICATION OF MHS BY THE TRUST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust authorizes MHS and any dealers with whom MHS has entered into dealer agreements to use the latest Prospectus in the form furnished by the Trust in connection with the sale of Shares. The Trust agrees to indemnify, defend and hold MHS, its several officers and managers, and any person who controls MHS within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which MHS, its officers and managers, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the breach of any representations, warranties or obligations set forth herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospech1s or necessary to make the statements in any of them not misleading,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust's failure to maintain an effective Registration statement and Prospech1s with respect to Shares of the Funds that are the subject of the claim or demand,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Trust's failure to provide MHS with advertising or sales materials to be filed with FINRA on a timely basis or use of marketing materials that are false or misleading,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Trust's failure to properly register Fund Shares under applicable state laws, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all reasonable actions taken by MHS hereunder, including all actions resulting from MHS's reliance on instructions received from an officer, agent or legal counsel of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust's agreement to indemnify MHS, its officers or managers, and any such controlling person will not be deemed to cover any such claim, demand, liability or expense to the extent that it arises out of or is based upon:

Page 12 of 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any such untrue statement, alleged untrue statement, omission or alleged omission made in any Registration Statement or any Prospectus in reliance upon information furnished by MHS, its officers, managers or any such controlling person to the Fund or its representatives for use in the preparation thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) willful misfeasance, bad faith or gross negligence in the performance of MHS's duties, or by reason of MHS's reckless disregard of its obligations and duties under this Agreement ("Disqualifying Conduct").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust's agreement to indemnify MHS, its officers and managers, and any such controlling person, as aforesaid, is expressly conditioned upon the Trust's being notified of any action brought against MHS, its officers or managers, or any such controlling person, such notification to be given by letter, by facsimile or by telegram addressed to the Funds at the address set forth above within a reasonable period of time after the summons or other first legal process shall have been served; provided, however, that the failure to notify the Trust of any such action shall not relieve the Trust from any liability which the Trust may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Funds' indemnity agreement contained in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust will be entitled to assume the defense of any suit brought to enforce any such claim, demand or liability, but, in such case, such defense shall be conducted by counsel of good standing chosen by the Trust and approved by MHS, which approval shall not be unreasonably withheld. If the Trust elects to assume the defense of any such suit and retain counsel of good standing approved by MHS, the defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by any of them; but in case the Trust does not elect to assume the defense of any such suit, the Trust will reimburse MHS, its officers and managers, or the controlling person or persons named as defendant or defendants in such suit, for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust's indemnification agreement contained in this Section and the Funds' representations and warranties in this Agreement shall remain operative and in full force and effect regardless of any investigation made by or on behalf of MHS, its officers and managers, or any controlling person, and shall survive the delivery of any Shares. This agreement of indemnity will inure exclusively to MHS's benefit, to the benefit of its several officers and managers, and their respective estates, and to the benefit of any controlling persons and their successors. The Trust agrees promptly to notify MHS of the commencement of any litigation or proceedings against the Trust or any of its officers or Board members in connection with the issue and sale of Shares.

Page 13 of 23

**9.** **INDEMNIFICATION OF THE TRUST BY MHS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MHS agrees to indemnify, defend and hold the Trust, its several officers and Board members, and any person who controls the Trust within the meaning of Section 15 of the Securities Act, free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which the Trust, its officers or Board members, or any such controlling person, may incur under the Securities Act, the 1940 Act, or under common law or otherwise, but only to the extent that such liability or expense incurred by the Trust, its officers or Board members, or such controlling person results from such claims or demands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arising out of or based upon statements or representations made by MHS which are unauthorized by the Trust or its agents in any sales literature or advertisements or any Disqualifying Conduct by MHS in connection with the offering and. sale of any Shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arising out of or based upon any untrue, or alleged untrue, statement of a material fact contained in information furnished in writing by MHS to the Fund specifically for use in the Trust's Registration Statement and used in the answers to any of the items of the Registration Statement or in the corresponding statements made in the Prospectus, or shall arise out of or be based upon any omission, or alleged omission, to state a material fact in connection with such information furnished in writing by MHS to the Trust and required to be stated in such answers or necessary to make such information not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MHS's agreement to indemnify the Trust, its officers and Trustees, and any such controlling person, as aforesaid, is expressly conditioned upon MHS's being notified of any action brought against the Trust, its officers or Trustees, or any such controlling person, such notification to be given by letter, by facsimile or by telegram addressed to MHS at its address set forth above within a reasonable period of time after the summons or other first legal process shall have been served.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The failure to notify MHS of any such action shall not relieve MHS from any liability which it may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of MHS's indemnity agreement contained in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MHS will be entitled to assume the defense of any suit brought to enforce any such claim, demand or liability, but, in such case, such defense shall be conducted by counsel of good standing chosen by MHS and approved by the Trust, which approval shall not be unreasonably withheld. If MHS elects to assume the defense of any such suit and retain counsel of good standing approved by the Trust the defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by any of

Page 14 of 23

them; but in the case MHS does not elect to assume the defense of any such suit, MHS will reimburse the Trust, the Trust's officers and directors, or the controlling person or persons named as defendant or defendants in such suit, for the reasonable fees and expenses of any counsel retained by the Trust or them.

MHS's indemnification agreement contained in this Section and MHS's representations and warranties in this Agreement shall remain operative and in full force and effect regardless of any investigation made by MHS or on behalf of MHS, its officers and managers, or any controlling person, and shall survive the delivery of any Shares. This agreement of indemnity will inure exclusively to the Funds' benefit, to the benefit of the Funds' officers and Trustees, and their respective estates, and to the benefit of any controlling persons and their successors. MHS agrees promptly to notify the Funds of the commencement of any litigation or proceedings against MHS or any of its officers or managers in connection with the issue and sale of Shares.

**10.** **NOTIFICATION BY THE TRUST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to advise MHS as soon as reasonably practical:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any request by the SEC for amendments to the Registration Statement or any Prospectus then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or any Prospectus then in effect or of the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event that makes untrue any statement of a material fact made in the Registration Statement or any Prospectus then in effect or which requires the making of a change in such Registration Statement or Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all actions of the SEC with respect to any amendment to any Registration Statement or any Prospectus which may from time to time be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a current Prospectus is not on file with the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of all advertising, sales materials and other communications with the public required to be filed with FINRA. This obligation shall extend to all revisions of such communications.

For purposes of this section, informal requests by or acts of the Staff of the SEC shall not be deemed actions of or requests by the SEC.

Page 15 of 23

11. COMPENSATION
AND EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of MHS's services hereunder, the Fund agrees to pay, or cause the Fund's adviser to pay, to MHS the fees set forth in **Schedule B,** attached hereto. Fees will begin to accrue for each Fund on the latter of the date of this Agreement of the date MHS begins providing services to or on behalf of such Fund. The monthly Service Fee set forth on **Schedule B** may be offset by any fees and charges collected and retained by MHS, for the applicable month, as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any applicable sales charge assessed upon investors in connection with the purchase of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from the Fund, any applicable contingent deferred sales charge ("CDSC") assessed upon investors in connection with the redemption of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) from the Fund, the distribution service fees with respect to the Shares of those classes as designated in **Schedule A** for which a Plan is effective (the "Distribution Fee"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) from the Fund, the shareholder service fees with respect to the Shares of those Classes as designated in **Schedule A** for which a Service Plan is effective (the "Shareholder Service Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distribution Fee and Shareholder Service Fee, if any, shall be accrued daily by the Trust or class thereof and shall be paid monthly as promptly as possible after the last day of each calendar month, at the rate or in the amounts set forth in the Plan(s). The Trust grants and transfers to MHS a general lien and security interest in any and all securities and other assets of the Trust now or hereafter maintained in an account at the Trust's custodian on behalf of the Trust to secure any Distribution Fees, Shareholder Service Fees, or other fees owed MHS by the Trust under this Agreement. All fees set forth herein shall be due and payable upon receipt of invoice and shall be considered late if payment is not received by MHS within fifteen (15) days of the Fund's receipt of the invoice. Payments not received with fifteen (15) days may be assessed interest at the maximum amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall be responsible and assumes the obligation for payment of all the expenses of the Trust, including fees and disbursements of its counsel and auditors, in connection with the preparation and filing of the Registration Statement and Prospectus (including but not limited to the expense of setting in type the Registration Statement and Prospectus and printing sufficient quantities for internal compliance, regulatory purposes and for distribution to current shareholders).

Page 16 of 23

The Trust shall bear the cost and expenses (i) of the registration of the Shares for sale under the Securities Act; (ii) of the registration or qualification of the Shares for sale under the securities laws of the various States; (iii) if necessary or advisable **in** connection therewith, of qualifying the Funds, (but not MHS) as an issuer or as a broker or dealer, in such States as shall be selected by the Trust and MHS pursuant to Section 7(c) hereof; (iv) payable to each State for continuing registration or qualification therein until the Funds decide to discontinue registration or qualification pursuant to Section 7(c) hereof; and (v) payable for standard transmission costs, including costs imposed by the National Securities Clearing Corporation. MHS shall pay all expenses relating to MHS's broker-dealer qualification.

**12.** **SELECTED DEALER AND SELECTED AGENT AGREEMENTS** 

MHS shall have the right to enter into selected dealer agreements with securities dealers of its choice ("selected dealers") and selected agent agreements with depository instih1tions and other financial intermediaries of its choice ("selected agents") for the sale of Shares and to fix therein the portion of the sales charge, if any, that may be allocated to the selected dealers or selected agents; provided, that the Trust shall approve the forms of agreements with selected dealers or selected agents and shall review and approve the compensation set forth therein. A form selling agreement for the Funds is attached hereto. Selected dealers and selected agents shall resell Shares of the Funds at the public offering price(s) set forth in the Prospectus relating to the Shares. Within the United States, MHS shall offer and sell Shares of the Funds only to selected dealers that are members in good standing of FINRA.

**13.** **CONFIDENTIALITY** 

MHS agrees to treat all records and other information related to the Trust as proprietary information of the Trust and, on behalf of itself and its employees, to keep confidential all such information, except that MHS may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepare or assist in the preparation of periodic reports to shareholders and regulatory bodies such as the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide information typically supplied in the investment company industry to companies that track or report price, performance or other information regarding investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) release such other information as approved in writing by the Fund, which approval shall not be unreasonably withheld;

Page 17 of 23

MHS may release any information regarding the Trust without the consent of the Trust if MHS reasonably believes that it may be exposed to civil or criminal legal proceedings for failure to comply, when requested to release any information by duly constituted authorities or when so requested by the Trust. Each party agrees to comply with Regulation S-P under the Gramm-Leach-Bliley Act.

**14.** **EFFECTIVENESS AND DURATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date hereof and will continue for an initial two-year term and will continue thereafter so long as such continuance is specifically approved at least annually (i) by the Trust's Board or (ii) by a vote of a majority of the Shares of the Trust, provided that in either event its continuance also is approved by a majority of the Board members who are not "interested persons" of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This agreement is terminable, without penalty, on sixty (60) days' notice, by the Board, by vote of a majority of the outstanding voting securities of such Trust, or by MHS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will automatically and immediately terminate in the event of its "assignment."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) MHS agrees to notify the Trust immediately upon the event of MHS's expulsion or suspension by FINRA. This Agreement will automatically and immediately terminate in the event of MHS's expulsion or suspension by FINRA.

**15.** **DISASTER RECOVERY** 

MHS shall maintain disaster recovery procedures in effect making reasonable provisions for the storage and retrieval of information maintained in MHS's possession.

**16.** **DEFINITIONS** 

As used in this Agreement, the following terms shall have the meaning set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "Board" means the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Fund Business Day" means any day on which the NAV of Shares of each Fund is determined as stated in the then current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "FINRA Rules" means the Constitution, By-Laws, and Rules of Fair Practice of the Financial Industry Regulatory Authority, Inc. ("FINRA") and any interpretations thereof.

Page 18 of 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "NAV" means the net asset value per Share of each Fund as determined by the Fund, or its designated agent, in accordance with and at the times indicated in the applicable Prospectus of the Fund on each Fund Business Day in accordance with the method set forth in the Prospectus and guidelines established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Public Offering Price" means the price per Share of the Fund at which MHS or selected dealers or selected agents may sell Shares to the public or to those persons eligible to invest in Shares as described in the Prospectus of the Funds, determined in accordance with such Prospectus under the Securities Act relating to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Prospectus" means the current prospectus and statement of additional information of the Fund, as currently in effect and as amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Registration Statement" means the Fund's Registration Statement on Form N-lA and all amendments thereto filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "SEC" means the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Securities Act" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Securities Exchange Act" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "1940 Act" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The terms "majority of the outstanding voting securities," "interested person" and "assignment" shall have the same meanings as such terms have in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No provision of this Agreement may be amended or modified in any manner except by a written agreement properly authorized and executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of [ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

Page 19 of 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties may execute this Agreement or any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other party resulting from such failure to perform or otherwise from such causes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) MHS shall not be liable for any consequential, incidental, exemplary, punitive, special or indirect damages, whether or not the likelihood of such damages was known by MHS or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any controversy or claim arising out of, or related to, this Agreement, its termination or the breach thereof, shall be settled by binding arbitration by three arbitrators (or by fewer arbitrator(s), if the parties subsequently agree to fewer) in the State of [ ], in accordance with the rules then obtaining of FINRA, and the arbitrators' decision shall be binding and final, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All notices and other communications hereunder shall be in writing, shall be deemed to have been given when received, and shall be given to the following addresses (or such other addresses as to which notice is given):

---

| | |
|:---|:---|
| **To the Trust:** | **To MHS:** |
| Northern Lights Fund Trust II <br> Attn: President | [ ] |
| 225 Pictoria Drive, Suite 450 |  |
| Cincinnati, OH 45246 |  |

---

Page 20 of 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding any other provision of this Agreement, the parties agree that the assets and liabilities (including, without limitation, any liability associated with any indemnification obligation arising under Section 8 of this Agreement) of each Fund of the Trust and of the Trust generally are separate and distinct from the assets and liabilities of each other Fund and that no Fund shall be liable or shall be charged for any debt, obligation or liability of any other Fund or of the Trust generally, whether arising under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each of the undersigned expressly warrants and represents that they have full power and authority to sign this Agreement on behalf of the party indicated and that their signature will bind the party indicated to the terms hereof.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized persons, as of the day and year first above written.

---

| | |
|:---|:---|
| **NORTHERN LIGHTS FUND TRUST II** | **M HOLDINGS SECURITIES, INC.** |

---

**By:** 

---

| | |
|:---|:---|
| **Name:** Kevin Wolf | **Name:** [ ] |
| **Title:** President | **Title:** [ ] |

---

Page 21 of 23

**SCHEDULE A**

**M International Equity Fund**

**M Large Cap Growth Fund** 

**M Capital Appreciation Fund** 

**M Large Cap Value Fund** 

Page 22 of 23

**SCHEDULE B**

**[Fees]**

Page 23 of 23

## Ex-99.G

**Exhibit(g)(8)**

*State Street Draft 1/16/2026*

 

**Master Custodian Agreement**

This Agreement is made as of April 1, 2026 (this "***Agreement***"), between each management investment company identified on Appendix A and each management investment company which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "***Fund***"), including, if applicable, each series of the Fund identified on Appendix A and each series which becomes a party to this Agreement in accordance with the terms hereof, and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the "***Custodian***" or "***State Street***").

*W**ITNESSETH** **:***

 ****

**Whereas,** each Fund desires for the Custodian to provide certain custodial services relating to securities and other assets of the Fund; and

**Whereas,** the Custodian is willing to provide the services upon the terms contained in this Agreement;

SECTION 1. <u>DEFINITIONS</u>. In addition to terms defined in Section 4.1 (Rule 17f-5 and Rule 17f-7 related definitions) or elsewhere in this Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the following other terms have the following meanings for purposes of this Agreement:

"***1940 Act***" means the Investment Company Act of 1940, as amended from time to time.

"***Board***" means, in relation to a Fund, the board of directors, trustees or other governing body of the Fund.

"***Client Publications***" means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers.

"***Deposit Account Agreement***" means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian's internet customer portal, "my.statestreet.com".

"***Domestic securities***" means securities held within the United States.

"***Foreign securities***" means securities held primarily outside of the United States. "***Held outside of the United States***" means not held within the United States.

"***Held within the United States***" means (a) in relation to a security or other financial asset, the security or other financial asset (i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is endorsed to the Custodian or its sub-custodian, agent or nominee or in blank and the security certificate is located within the United States, (ii) is an uncertificated security or other financial asset registered in the name of the Custodian or its sub-custodian, agent or nominee at an office located in the United States, or (iii) has given rise to a security entitlement of which the Custodian or its sub-custodian, agent or nominee is the entitlement holder against a U.S. Securities System or another

Information Classification: Limited Access

securities intermediary for which the securities intermediary's jurisdiction is within the United States, and (b) in relation to cash, the cash is maintained in a deposit account denominated in U.S. dollars with the banking department of the Custodian or with another bank or trust company's office located in the United States.

"***Investment Advisor***" means, in relation to a Portfolio, the investment manager or investment advisor of the Portfolio.

"***On book currency***" means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of a customer maintained in the banking department of the Custodian or an Eligible Foreign Custodian, the Custodian maintains on its books as an amount owing as a liability by the Custodian to the customer.

"***Portfolio***" means (a) in relation to a Fund that is a series organization, a series of the Fund and (b) in relation to a Fund that is not a series organization, the Fund itself.

"***Portfolio Interests***" means beneficial interests in a Portfolio.

"***Proper Instructions***" means instructions in accordance with Section 9 received by the Custodian from a Fund, the Fund's Investment Advisor, or an individual or organization duly authorized by the Fund or the Investment Advisor. The term includes standing instructions.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***Series organization***" means an organization that, pursuant to the statute under which the organization is organized, has the following characteristics: (a) the organic record of the organization provides for creation by the organization of one or more series (however denominated) with respect to specified property of the organization, and provides for records to be maintained for each series that identify the property of or associated with the series, (b) debt incurred or existing with respect to the activities of, or property of or associated with a particular series is enforceable against the property of or associated with the series only, and not against the property of or associated with the organization or of other series of the organization, and (c) debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with any series of the organization.

"***UCC***" means the Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

"***Underlying Portfolios***" means a group of investment companies as defined in Section 12(d)(1)(F) of the 1940 Act.

"***Underlying Shares"*** means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered "investment companies" (as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act).

"***Underlying Transfer Agent***" means State Street Bank and Trust Company or such other organization which may from time to time be appointed by the Fund to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions.

Information Classification: Limited Access

"***U.S. Securities System***" means a securities depository or book-entry system authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC. SECTION 2. <u>EMPLOYMENT OF CUSTODIAN</u>.

SECTION 2.1 <u>GENERAL</u>. Each Fund hereby employs the Custodian as a custodian of (a) securities and cash of each of the Portfolios and (b) other assets of each of the Portfolios that the Custodian agrees to treat as financial assets. Each Fund, on behalf of each of its Portfolios, agrees to deliver to the Custodian (i) all securities and cash of the Portfolios, (ii) all other assets of each Portfolio that the Fund desires the Custodian, and the Custodian is willing, to treat as a financial asset and (iii) all cash and other proceeds of the securities and financial assets held in custody under this Agreement. The holding of confirmation statements that identify Underlying Shares as being recorded in the Custodian's name on behalf of the Portfolios will be custody for purposes of this Section 2.1. This Agreement does not require the Custodian to accept an asset for custody hereunder or to treat any asset that is not a security as a financial asset.

SECTION 2.2 <u>SUB-CUSTODIANS</u>. Upon receipt of Proper Instructions, the Custodian shall on behalf of a Fund appoint one or more banks, trust companies or other entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting such transactions as may be designated by the Fund in the Proper Instructions. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories, all in accordance with the applicable provisions of Sections 4 and 5. An entity acting in the capacity of Underlying Transfer Agent is not an agent or sub-custodian of the Custodian for purposes of this Agreement.

SECTION 2.3 <u>RELATIONSHIP</u>. With respect to securities and other financial assets, the Custodian is a securities intermediary and the Portfolio is the entitlement holder. With respect to cash maintained in a deposit account and denominated in an "on book" currency, the Custodian is a bank and the Portfolio is the bank's customer. If cash is maintained in a deposit account with a bank other than the Custodian and the cash is denominated in an "on book" currency, the Custodian is that bank's customer. The Custodian agrees to treat the claim to the cash as a financial asset for the benefit of the Portfolio**.** The Custodian does not otherwise agree to treat cash as financial asset. The duties of the Custodian as securities intermediary and bank set forth in the UCC are varied by the terms of this Agreement to the extent that the duties may be varied by agreement under the UCC.

Section 3. <u>Activities of the Custodian with Respect to Property Held in the United States.</u>

SECTION 3.1 HOLDING SECURITIES. The Custodian may deposit and maintain securities or other financial assets of a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act. Upon receipt of Proper Instructions on behalf of a Portfolio, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Portfolio and into which account or accounts may be transferred cash or securities and other financial assets, including securities and financial assets maintained in a U.S. Securities System. The Custodian shall hold and physically segregate for the account of each Portfolio all securities and other financial assets held by the Custodian in the United States, including all domestic securities of the Portfolio, other than (a) securities or other financial assets maintained in a U.S. Securities System and (b) Underlying Shares maintained pursuant to Section 3.6 in an account of an Underlying Transfer Agent. The Custodian may at any time or times in its discretion appoint any other bank or trust company, qualified under the 1940 Act to act as a custodian, as

Information Classification: Limited Access

the Custodian's agent to carry out such of the provisions of this Section as the Custodian may from time to time direct. The appointment of any agent shall not relieve the Custodian of any of its duties hereunder. The Custodian may at any time or times in its discretion remove the bank or trust company as the Custodian's agent.

SECTION 3.2 <u>REGISTRATION OF SECURITIES</u>. Domestic securities or other financial assets held by the Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian, or in the name or nominee name of any agent or any sub-custodian permitted hereby. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. However, if a Fund directs the Custodian to maintain securities or other financial assets in "street name," the Custodian shall utilize reasonable efforts only to timely collect income due the Fund on the securities and other financial assets and to notify the Fund of relevant issuer actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

SECTION 3.3 <u>BANK ACCOUNTS</u>. The Custodian shall open and maintain upon the terms of the Deposit Account Agreement a separate deposit account or accounts in the United States in the name of each Portfolio, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Portfolio, other than cash maintained by the Portfolio in a deposit account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by the Custodian to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that (a) every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and (b) each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio of a Fund be approved by vote of a majority of the Fund's Board. The funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

SECTION 3.4 <u>COLLECTION OF INCOME</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall collect on a timely basis all income and other payments with respect to the securities and other financial assets and to which a Portfolio shall be entitled either by law or pursuant to custom in the securities business. The Custodian shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, the securities are held by the Custodian or its agent. The Custodian shall present for payment all income items requiring presentation as and when they become due and shall collect interest when due on securities and other financial assets held hereunder. The Custodian shall credit income to the Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited.

SECTION 3.5 <u>DELIVERY OUT</u>. The Custodian shall release and deliver out domestic securities and other financial assets of a Portfolio held in a U.S. Securities System, or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the domestic securities or financial assets held in the United States to be delivered out and the person or persons to whom delivery is to be made. The Custodian shall pay out cash of a Portfolio upon receipt of Proper Instructions on behalf of the applicable Portfolio, specifying the amount of the payment and the person or persons to whom the payment is to be made.

Information Classification: Limited Access

Section 3.6 <u>Deposit of Fund Assets with the Underlying Transfer Agent</u>. Underlying Shares of a Fund, on behalf of a Portfolio, shall be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. The Custodian's only responsibilities with respect to the Underlying Shares shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that the Underlying Shares are being held by it as custodian for the benefit of the Portfolio.

2) Upon receipt of Proper Instructions to purchase Underlying Shares for the account of a Portfolio, the Custodian shall pay out cash of the Portfolio as so directed to purchase the Underlying Shares and record the payment from the account of the Portfolio on the Custodian's books and records.

3) Upon receipt of Proper Instructions for the sale or redemption of Underlying Shares for the account of a Portfolio, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying Shares, record the transfer from the account of the Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds of the sale or redemption, record the receipt of the proceeds for the account of such Portfolio on the Custodian's books and records.

SECTION 3.7 <u>PROXIES</u>. The Custodian shall cause to be promptly executed by the registered holder of domestic securities or other financial assets held in the United States of a Portfolio, if the securities or other financial assets are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets.

SECTION 3.8 <u>COMMUNICATIONS</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian from issuers of the securities and other financial assets being held for the Portfolio. The Custodian shall transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities and other financial assets whose tender or exchange is sought and from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian regarding any class action or other collective litigation relating to Portfolio securities or other financial assets issued in the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of- claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian.

Information Classification: Limited Access

Section 4. <u>Provisions Relating to Rules 17f-5 and 17f-7</u>.

SECTION 4.1. <u>DEFINITIONS</u>. As used in this Agreement, the following terms have the following meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include but are not limited to risks arising from the country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country); prevailing or developing custody, tax and settlement practices; nationalization, expropriation or other government actions; currency restrictions, devaluations or fluctuations; market conditions affecting the orderly execution of securities transactions or the value of assets; the regulation of the banking and securities industries, including changes in market rules; and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Covered Foreign Country***" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Fund and with the agreement of the Foreign Custody Manager.

"***Eligible Foreign Custodian***" has the meaning set forth in Section (a)(1) of Rule 17f-5. "***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means, in relation to a Portfolio, any of the Portfolio's securities or other investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions of the Portfolio in those investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5. "***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B. "***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

Section 4.2. <u>The Custodian as Foreign Custody Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 <u>DELEGATION</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 4.2 with respect to Foreign Assets of the Portfolios held outside the United States. The Custodian hereby accepts such delegation. By giving at least 30 days' prior written notice to the Fund, the Foreign Custody Manager may withdraw its acceptance of the delegated responsibilities generally or with respect to a Covered Foreign Country designated in the notice. Following the withdrawal, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund generally or, as the case may be, with respect to the Covered Foreign Country so designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>E XERCISE OF C ARE AS F OREIGN C USTODY M ANAGER</u>. The Foreign Custody

Manager shall exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Foreign Assets would exercise in performing the delegated responsibilities.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 <u>FOREIGN CUSTODY ARRANGEMENTS</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities only with respect to Covered Foreign Countries. The Foreign Custody Manager shall list on Schedule A for a Covered Foreign Country each Eligible Foreign Custodian selected by the Foreign Custody Manager to maintain the Foreign Assets of the Portfolios with respect to the Covered Foreign Country. The list of Eligible Foreign Custodians may be amended from time to time upon notice in the sole discretion of the Foreign Custody Manager. This Agreement constitutes a Proper Instruction by a Fund, on behalf of each applicable Portfolio, to open an account, and to place and maintain Foreign Assets, for the Portfolio in each applicable Covered Foreign Country. The Fund, on behalf of the Portfolios, shall satisfy the account opening requirements for the Covered Foreign Country, and the delegation with respect to the Portfolio for the Covered Foreign Country will not be considered to have been accepted by the Custodian until that satisfaction. If the Foreign Custody Manager receives from the Fund Proper Instructions directing the Foreign Custody Manager to close the account, the delegation shall be considered withdrawn, and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to the Portfolio for the Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 <u>SCOPE OF DELEGATED RESPONSIBILITIES</u>: Subject to the provisions of this Section 4.2, the Foreign Custody Manager may place and maintain Foreign Assets in the care of an Eligible Foreign Custodian selected by the Foreign Custody Manager in each applicable Covered Foreign Country. The Foreign Custody Manager shall determine that (a) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1) and (b) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements. If the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate, the Foreign Custody Manager shall so notify the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 <u>REPORTING REQUIREMENTS</u>. The Foreign Custody Manager shall (a) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Fund's Board an amended Schedule A at the end of the calendar quarter in which the action has occurred, and (b) after the occurrence of any other material change in the foreign custody arrangements of the Portfolios described in this Section 4.2, make a written report to the Board containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 <u>REPRESENTATIONS</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has (a) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios and (b) considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets of each Portfolio in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7 <u>Termination by a Portfolio of the Custodian as Foreign Custody</u> 

<u>MANAGER</u>. By giving at least 30 days' prior written notice to the Custodian, a Fund, on behalf of a Portfolio, may terminate the delegation to the Custodian as the Foreign Custody Manager for the Portfolio. Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Portfolio.

Information Classification: Limited Access

SECTION 4.3 <u>MONITORING OF ELIGIBLE SECURITIES DEPOSITORIES</u>. The Custodian shall (a) provide the Fund or its Investment Advisor with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7 and (b) monitor such risks on a continuing basis and promptly notify the Fund or its Investment Advisor of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7.

Section 5. <u>Activities of the Custodian with Respect to Property Held Outside the United States.</u>

SECTION 5.1. <u>HOLDING SECURITIES.</u> Foreign securities and other financial assets held outside of the United States shall be maintained in a Foreign Securities System in a Covered Foreign Country through arrangements implemented by the Custodian or an Eligible Foreign Custodian, as applicable, in the Covered Foreign Country. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities and other financial assets held by each Eligible Foreign Custodian or Foreign Securities System. The Custodian may hold foreign securities and other financial assets for all of its customers, including the Portfolios, with any Eligible Foreign Custodian in an account that is identified as the Custodian's account for the benefit of its customers; provided however, that (a) the records of the Custodian with respect to foreign securities or other financial assets of a Portfolio maintained in the account shall identify those securities and other financial assets as belonging to the Portfolio and (b) to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities and other financial assets so held by the Eligible Foreign Custodian be held separately from any assets of the Eligible Foreign Custodian or of other customers of the Eligible Foreign Custodian.

SECTION 5.2. <u>REGISTRATION OF FOREIGN SECURITIES</u>. Foreign securities and other financial assets held outside of the United States maintained in the custody of an Eligible Foreign Custodian and that are not bearer securities shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Eligible Foreign Custodian or in the name of any nominee of any of the foregoing. The Fund on behalf of the Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of the foreign securities or other financial assets. The Custodian or an Eligible Foreign Custodian reserves the right not to accept securities or other financial assets on behalf of a Portfolio under the terms of this Agreement unless the form of the securities or other financial assets and the manner in which they are delivered are in accordance with local market practice.

SECTION 5.3. <u>INDEMNIFICATION BY ELIGIBLE FOREIGN CUSTODIANS</u>. Each contract pursuant to which the Custodian employs an Eligible Foreign Custodian shall, to the extent possible, require the Eligible Foreign Custodian to indemnify and hold harmless the Custodian from and against any loss, cost or expense arising out of or in connection with the Eligible Foreign Custodian's performance of its obligations. At a Fund's election, a Portfolio shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against an Eligible Foreign Custodian as a consequence of any such loss, cost or expense if and to the extent that the Portfolio has not been made whole for the loss, cost or expense. In no event shall the Custodian be obligated to bring suit in its own name or to allow suit to be brought in its name.

Section 5.4 <u>Bank Accounts</u>.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 <u>GENERAL</u>. The Custodian shall identify on its books as for the account of the applicable Portfolio the amount of cash (including cash denominated in foreign currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet. The Custodian shall be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Portfolio of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the United States on behalf of the Portfolio with an Eligible Foreign Custodian. The Custodian shall not maintain the cash deposit on its balance sheet. The Eligible Foreign Custodian will be liable for such balance directly to the Portfolio. All deposit accounts referred to in this Section shall be subject only to draft or order by the Custodian or, if applicable, the Eligible Foreign Custodian acting pursuant to the terms of this Agreement. Cash maintained in a deposit account and denominated in an "on book" currency will be maintained under and subject to the laws of the Commonwealth of Massachusetts. The Custodian will not have any deposit liability for deposits in any currency that is not an "on book" currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 <u>NON-U.S. BRANCH AND NON-U.S. DOLLAR DEPOSITS</u>. In accordance with the laws of the Commonwealth of Massachusetts, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

SECTION 5.5. <u>COLLECTION OF INCOME</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which a Portfolio shall be entitled. If extraordinary measures are required to collect the income or payment, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income on securities or other financial assets loaned other than from the Custodian's securities lending program shall be credited as received.

Section 5.6. <u>Transactions in Foreign Custody Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 <u>DELIVERY OUT</u>. The Custodian or an Eligible Foreign Custodian shall release and deliver foreign securities or other financial assets held outside of the United States owned by a Portfolio and held by the Custodian or such Eligible Foreign Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, specifying the foreign securities to be delivered and the person or persons to whom delivery is to be made. The Custodian shall pay out, or direct the respective Eligible Foreign Custodian or the respective Foreign Securities System to pay out, cash of a Portfolio only upon receipt of Proper Instructions specifying the amount of the payment and the person or persons to payment is 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 <u>MARKET CONDITIONS</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery

Information Classification: Limited Access

of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for the Foreign Assets from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 <u>SETTLEMENT PRACTICES</u>. The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set forth on the Schedule. The Custodian may revise Schedule C from time to time, but no revision shall result in a Board being provided with substantively less information than had been previously provided on Schedule C.

SECTION 5.7 <u>SHAREHOLDER OR BONDHOLDER RIGHTS</u>. The Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder and bondholder rights with respect to foreign securities and other financial assets held outside the United States, subject always to the laws, regulations and practical constraints that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize Broadridge Financial Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services for the exercise of shareholder and bondholder rights. Local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of a Fund to exercise shareholder and bondholder rights.

SECTION 5.8. <u>COMMUNICATIONS</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities and other financial asset assets being held outside the United States for the account of a Portfolio. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of foreign securities whose tender or exchange is sought or from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the Fund all written information received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities or other financial assets issued outside of the United States and being held for the account of the Portfolio regarding any class action or other collective litigation relating to the Portfolio's foreign securities or other financial assets issued outside the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian via an Eligible Foreign Custodian for the account of the Fund for the Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Fund beyond such forwarding of written information received by the Custodian.

Section 6. <u>Foreign Exchange</u>.

SECTION 6.1. <u>GENERALLY</u>. Upon receipt of Proper Instructions, which for purposes of this section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement.

SECTION 6.2. <u>FUND ELECTIONS</u>. Each Fund (or its Investment Advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with

Information Classification: Limited Access

the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies ("***SSGM***"), or with a sub-custodian. Where the Fund or its Investment Advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, the Fund (or its Investment Advisor) instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its Investment Advisor or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Fund (or its Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

SECTION 6.3. <u>FUND ACKNOWLEDGEMENT</u> Each Fund acknowledges that in connection with all foreign exchange transactions entered into by the Fund (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be acting in a principal capacity and not as broker, agent or fiduciary to the
 Fund or its Investment Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall seek to profit from such foreign exchange transactions, and are entitled to
 retain and not disclose any such profit to the Fund or its Investment Advisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall enter into such foreign exchange transactions pursuant to the terms and conditions,
 including pricing or pricing methodology, (a) agreed with the Fund or its Investment Advisor from time to time or (b) in the case of an
 indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to the particular
 foreign exchange execution services selected by the Fund or the Investment Advisor or (ii) as established by the sub-custodian from time
 to time.

SECTION 6.4. <u>TRANSACTIONS BY STATE STREET</u>. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Fund (or its Investment Advisor acting on its behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund (or its Investment Manager), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Fund or the Investment Advisor.

Section 6A. <u>Contractual Settlement</u>.

In order to facilitate transaction settlement, the Custodian may provisionally credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible clients as determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time. Where Contractual Settlement applies, the Custodian will credit or debit the appropriate cash account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Fund will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the cash account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

Information Classification: Limited Access

The Custodian may reverse any Contractual Settlement credit at any time before actual receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement for those securities in that market. The Custodian will generally notify the Fund two business days before any such reversal.

Section 7. <u>Tax Services</u>.

SECTION 7.1 <u>FUND INFORMATION</u>. Each Fund will provide documentary evidence of its tax domicile, organizational specifics and other documentation and information as may be required by the Custodian from time to time for tax purposes, including, without limitation, information relating to any special ruling or treatment to which the Fund may be entitled that is not applicable to the general nationality and category of person to which the Fund belongs under general laws and treaty obligations and documentation and information required in relation to countries where the Fund engages or proposes to engage in investment activity or where Portfolio assets are or will be held. The provision of such documentation and information shall be deemed to be a Proper Instruction, upon which the Custodian shall be entitled to rely and act. In giving such documentation and information, the Fund represents and warrants that it is true and correct in all material respects and that it will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied.

SECTION 7.2 <u>TAX RESPONSIBILITY</u>. The Fund shall be liable for all taxes (including Taxes, as defined below) relating to its investment activity, including with respect to any cash or securities held by the Custodian on behalf of the Fund or any transactions related thereto. Subject to compliance by the Fund with its obligations under Section 7.1, the Custodian shall withhold (or cause to be withheld) the amount of any Tax which is required to be withheld under applicable law in connection with the collection on behalf of the Fund pursuant to this Agreement of any dividend, interest income or other distribution with respect to any security and the proceeds or income from the sale or other transfer of any security held by the Custodian. If any Taxes become payable with respect to any prior payment made to the Fund by the Custodian or otherwise, the Custodian may apply any credit balance in the Fund's deposit account to the extent necessary to satisfy such Tax obligation. The Fund shall remain liable for any tax deficiency. The Custodian is not liable for any tax obligations relating to the Portfolio or the Fund, other than those Tax services as set out specifically in this Section 7. The Fund agrees that the Custodian is not, and shall not be deemed to be, providing tax advice or tax counsel. The capitalized terms "Tax" or "Taxes" means any withholding or capital gains tax, stamp duty, levy, impost, charge, assessment, deduction or related liability, including any addition to tax, penalty or interest imposed on or in respect of (i) cash or securities, (ii) the transactions effected under this Agreement, or (iii) the Fund.

SECTION 7.3 <u>TAX RELIEF</u>. The Custodian will provide tax relief services in relation to designated markets as may be specified from time to time in the Client Publications. Subject to the preceding sentence and compliance by the Fund with its obligations under Section 7.1, the Custodian will apply for a reduction of withholding tax and refund of any tax paid or tax credits which apply in each applicable market in respect of income payments on securities for the benefit of the Fund. Unless otherwise informed by the Fund, the Custodian shall be entitled to apply categorical treatment of the Fund according to its nationality, particulars of its organization and other relevant details supplied by the Fund.

Section 8. <u>Payments for Sales or Redemptions of Portfolio Interests</u>.

Information Classification: Limited Access

SECTION 8.1 <u>PAYMENT FOR PORTFOLIO INTERESTS ISSUED</u>. The Custodian shall receive from the distributor of Portfolio Interests of a Fund or from the Fund's transfer agent (the "***Transfer Agent***") and deposit into the account of the Portfolio such payments as are received for Portfolio Interests issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund on behalf of the Portfolio and the Transfer Agent of any receipt of the payments by the Custodian.

SECTION 8.2 <u>PAYMENT FOR PORTFOLIO INTERESTS REDEEMED</u>. Upon receipt of instructions from the Transfer Agent, the Custodian shall set aside funds of a Portfolio to the extent available for payment to holders of Portfolio Interests who have delivered to the Transfer Agent a request for redemption of their Portfolio Interests. The Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming interest holders. If the Custodian furnishes a check to a holder in payment for the redemption of the holder's Portfolio Interests and the check is drawn on the Custodian, the Custodian shall honor the check so long as the check is presented to the Custodian in accordance with the Deposit Account Agreement and such procedures and controls as are mutually agreed upon from time to time between the Fund and the Custodian.

Section 9. <u>Proper Instructions</u>.

SECTION 9. 1 <u>FORM AND SECURITY PROCEDURES</u>. Proper Instructions may be in writing signed by the authorized individual or individuals or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from time to time by the Custodian and the individual or organization giving the instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian. The Custodian may agree to accept oral instructions, and in such case oral instructions will be considered Proper Instructions. The Fund shall cause all oral instructions to be confirmed in writing, but the Fund's failure to do so shall not affect the Custodian's authority to rely on the oral instructions.

Section 9.2 <u>RELIANCE ON OFFICER'S CERTIFICATE</u>. Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian an officer's certificate setting forth the names, titles, signatures and scope of authority of all individuals authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund. The certificate may be accepted and conclusively relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary and the Custodian has had a reasonable time to act thereon.

Section 9.3 <u>UNTIMELY PROPER INSTRUCTIONS</u>. If the Custodian is not provided with reasonable time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper Instruction), the Custodian will use good faith efforts to execute the Proper Instruction but will not be responsible or liable if the Custodian's efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the prior Proper Instruction). The inclusion of a statement of purpose or intent (or any similar notation) in a Proper Instruction shall not impose any additional obligations on the Custodian or condition or qualify its authority to effect the Proper Instruction. The Custodian will not assume a duty to ensure that the stated purpose or intent is fulfilled and will have no responsibility or liability when it follows the Proper Instruction without regard to such purpose or intent.

Section 10. <u>Actions Permitted without Express Authority</u>.

Information Classification: Limited Access

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other financial assets relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio;

2) Surrender securities or other financial assets in temporary form for securities or other financial assets in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and other financial assets of the Portfolio except as otherwise directed by the applicable Board.

Section 11. <u>Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income</u>.

The Custodian shall cooperate with and supply necessary information to any organization appointed by the Board of a Portfolio of a Fund to keep the books of account of the Portfolio and compute the net asset value per Portfolio Interest of the outstanding Portfolio Interests or, if directed in writing to do so by the Fund on behalf of the Portfolio, shall itself keep such books of account and compute such net asset value per Portfolio Interest. If and as so directed, the Custodian shall also calculate daily the net income of the Portfolio as described in the Fund's currently effective prospectus ("***Prospectus***") and shall advise the Fund and the Transfer Agent daily of the total amounts of such net income and, if instructed in writing by an officer of the Fund to do so, shall advise the Transfer Agent periodically of the division of such net income among its various components. Each Fund acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of Portfolio Interests held by it on behalf of a Portfolio and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 11 and in Section 12; provided, however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent. If and as so directed, the calculations of the net asset value per Portfolio Interest and the daily income of each Portfolio shall be made at the time or times described from time to time in the Prospectus.

Section 12. <u>Records</u>.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of the SEC. The Custodian shall, at the Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian,

Information Classification: Limited Access

include certificate numbers in such tabulations. In the event that the Custodian is requested or authorized by a Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to produce the records of the Fund or the Custodian's personnel as witnesses, the Fund agrees to pay the Custodian for the Custodian's time and expenses, as well as the fees and expenses of the Custodian's counsel, incurred in responding to such request, order or requirement.

Section 13. <u>Fund's Independent Accountants; Reports</u>.

SECTION 13.1 <u>OPINIONS</u>. The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-SAR or other annual reports to the SEC and with respect to any other requirements thereof.

SECTION 13.2 <u>REPORTS</u>. Upon reasonable request of a Fund, the Custodian shall provide the Fund with a copy of the Custodian's Service Organizational Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, *Reporting on Controls at a Service Organization* (formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable efforts to provide the Fund with such reports as the Fund may reasonably request or otherwise reasonably require to fulfill its duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

Section 14. <u>Custodian's Standard of Care; Exculpation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>STANDARD OF CARE.</u> In carrying out the provisions of this Agreement, the Custodian shall act (i) with reasonable care and diligence and in good faith, (ii) without negligence, fraud, willful misconduct, willful omission or bad faith, and at least at the same standard of care as the Custodian provides for itself and its affiliates ("Affiliates") with respect to similar services, and (iii) with the level of skill and care which would be expected from a reasonably skilled and experienced professional provider of services similar to the services provided under this Agreement. Subject to the terms of the Agreement, including any exculpatory language, the Custodian shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless and to the extent the Custodian fails to exercise such standard of care. Upon the occurrence of any event that causes or that the Custodian believes or Portfolio reasonably believes will imminently cause any loss, damage or expense to any Portfolio, the Custodian (i) shall take and (ii) shall take all reasonable steps to cause any applicable sub-custodian to take all commercially reasonable steps (to the extent consistent with the Custodian's obligations pursuant to Rules 17f-5 and 17f-7, as applicable) to mitigate the effects of such event and to avoid continuing harm to a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>RELIANCE ON PROPER INSTRUCTIONS</u>. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian has received notice of any change from the Fund and has had a reasonable time to act thereon. The Custodian may act on a Proper Instruction if it reasonably believes that it contains sufficient information and may refrain from acting on any Proper Instructions until such time that it has determined, in its sole discretion, that is has received any required clarification or authentication of Proper Instructions. The Custodian may rely upon and shall be protected in acting upon any Proper Instruction or any other instruction, notice, request, consent, certificate or other instrument or paper believed by it in good faith to be genuine and to have been properly executed by or on behalf of the applicable Fund.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>OTHER RELIANCE</u>. The Custodian is authorized and instructed to rely upon the information that the Custodian receives from the Fund or any third party on behalf of the Fund. The Custodian shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any information supplied to it by or on behalf of any Fund. The Custodian shall have no liability in respect of any loss, cost or expense incurred or sustained by the Fund arising from the performance of the Custodian's duties hereunder in reliance upon records that were maintained for the Fund by any individual or organization, other than the Custodian, prior to the Custodian's appointment as custodian hereunder. The Custodian shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters and shall be without liability for any action reasonably taken or omitted pursuant to the advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>LIABILITY FOR FOREIGN CUSTODIANS</u>. The Custodian shall be liable for the acts or omissions of an Eligible Foreign Custodian to the same extent as if the action or omission were performed by the Custodian itself, taking into account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction in which the Fund elects to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>INSOLVENCY AND COUNTRY RISK</u>. The Custodian will have no liability for losses, costs or expenses resulting from the insolvency or other financial default of an Eligible Foreign Custodian that is not an affiliate of the Custodian, except to the extent that such losses, costs or expenses are caused by the failure of the Custodian to exercise reasonable care, prudence and diligence in selecting and monitoring the Eligible Foreign Custodian. The Custodian will have no liability for any loss, cost or expense incurred or sustained by a Fund or Portfolio resulting from or caused by Country Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>FORCE MAJEURE AND THIRD PARTY ACTIONS</u>. The Custodian shall be without responsibility or liability to any Fund or Portfolio for: (a) events or circumstances beyond the reasonable control of the Custodian, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any currency or securities market or system, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts; (b) errors by any Fund, its Investment Advisor or any other duly authorized person in their instructions to the Custodian; (c) the insolvency of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or domestic sub-custodian designated pursuant to Section 2.2; (d) the failure of any Fund, its Investment Advisor, Portfolio or any duly authorized individual or organization to adhere to the Custodian's operational policies and procedures; (e) any delay or failure of any broker, agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities or other financial assets purchased or in the remittance or payment made in connection with securities or other financial assets sold; (f) any delay or failure of any organization in charge of registering or transferring securities or other financial assets in the name of the Custodian, any Fund, any Portfolio, the Custodian's sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and other accretions or benefits; (g) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security, other financial asset, U.S. Securities System or Foreign Securities System; and (h) the effect of any provision of any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>INDIRECT/SPECIAL/CONSEQUENTIAL DAMAGES</u>. Notwithstanding any other provision set forth herein, in no event shall the Custodian be liable for any special, indirect, incidental, punitive or consequential damages of any kind whatsoever (including, without limitation, lost profits) with respect to the services provided pursuant to this Agreement, regardless of whether either party has been advised of the

Information Classification: Limited Access

possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>DELIVERY OF PROPERTY</u>. The Custodian shall not be responsible for any securities or other assets of a Portfolio which are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>N O I NVESTMENT A DVICE</u>.
 The Custodian has no responsibility to monitor or oversee the

investment activity undertaken by a Fund or its Investment Advisor or by an Portfolio. The Custodian has no duty to ensure or to inquire whether an Investment Advisor complies with any investment objectives or restrictions agreed upon between a Fund and the Investment Advisor or whether the Investment Advisor complies with its legal obligations under applicable securities laws or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability for the suitability or appropriateness of the investments made by a Fund or a Portfolio or on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>COMMUNICATIONS</u>. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities or other financial assets of a Portfolio at any time held by the Custodian unless (a) the Custodian or the Eligible Foreign Custodian is in actual possession of such securities or other financial assets, (b) the Custodian receives Proper Instructions with regard to the exercise of the right or power, and (c) both of the conditions referred to in the foregoing clauses (a) and (b) have been satisfied at least three business days prior to the date on which the Custodian is to take action to exercise the right or power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>LOANED SECURITIES</u>. Income due to each Portfolio on securities or other financial assets loaned shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility in connection with loaned securities or other financial assets, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>TRADE COUNTERPARTIES</u>. A Fund's receipt of securities or other financial assets from a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty in connection with any sale or redemption of securities or other financial assets will be at the Fund's sole risk, and the Custodian shall not be obligated to make demands on the Fund's behalf if the Fund's counterparty defaults. If a Fund's counterparty fails to deliver securities, other financial assets or cash, the Custodian will, as its sole responsibility, notify the Fund's Investment Advisor of the failure within a reasonable time after the Custodian became aware of the failure.

Section 15. <u>Compensation and Indemnification of Custodian; Security Interest</u>.

SECTION. 15.1 <u>COMPENSATION</u>. The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

SECTION 15.2 <u>INDEMNIFICATION</u>. Each Portfolio agrees to indemnify the Custodian and to hold the Custodian harmless from and against any loss, cost or expense sustained or incurred by the Custodian in acting or omitting to act under or in respect of this Agreement in good faith and without negligence, including, without limitation, (a) the Custodian's compliance with Proper Instructions and (b) in connection

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with the provision of services to a Fund pursuant to Section 7, any obligations, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses, that may be assessed against the Fund, the Portfolio or the Custodian as custodian of the assets of the Fund or the Portfolio. If a Fund on behalf of a Portfolio instructs the Custodian to take any action with respect to securities or other financial assets, and the action involves the payment of money or may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable therefor, the Fund on behalf of the Portfolio, as a prerequisite to the Custodian taking the action, shall provide to the Custodian at the Custodian's request such further indemnification in an amount and form satisfactory to the Custodian.

SECTION 15.3 <u>SECURITY INTEREST</u>. Each Fund hereby grants to the Custodian, to secure the payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise, a security interest in and right of recoupment and setoff against all cash and all securities and other financial assets at any time held for the account of a Portfolio by or through the Custodian. The obligations include, without limitation, the Fund's obligations to reimburse the Custodian if the Custodian or any of its affiliates, subsidiaries or agents advances cash or securities or other financial assets to the Fund for any purpose (including but not limited to settlements of securities or other financial assets, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligence, as well as the Fund's obligation to compensate the Custodian pursuant to Section 15.1 or indemnify the Custodian pursuant to Section 15.2. Should the Fund fail to reimburse or otherwise pay the Custodian any obligation under this Agreement promptly, the Custodian shall have the rights and remedies of a secured party under this Agreement, the UCC and other applicable law, including the right to utilize available cash and to sell or otherwise dispose of the Portfolio's assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time decline to follow Proper Instructions to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable discretion that, after giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have sufficient value fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise.

Section 16. <u>Effective Period and Termination</u>.

SECTION 16.1 <u>TERM</u>. This Agreement shall remain in full force and effect for an initial term ending three (3) years from the date of this Agreement. After the expiration of the initial term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the initial term or any renewal term, as the case may be. A written notice of non-renewal may be given as to a Fund or a Portfolio.

SECTION 16.2 <u>TERMINATION</u>. Either party may terminate this Agreement as to a Fund or a Portfolio: (a) in the event of the other party's material breach of a material provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, (b) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction or (c) upon one hundred twenty (120) days' prior written notice to the other party. A written notice of termination may be given as to a Fund or a Portfolio.

SECTION 16.3 <u>PAYMENTS OWING TO THE CUSTODIAN</u>. Upon termination of this Agreement

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pursuant to Section 16.1 or 16.2 with respect to any Fund or Portfolio, the applicable Fund shall pay to the Custodian any compensation then due and shall reimburse the Custodian for its other fees, expenses and charges to the extent the Fund is responsible for such reimbursement hereunder. Upon receipt of such payment and reimbursement, the Custodian will deliver the Fund's or Portfolio's cash and its securities and other financial assets as set forth in Section 17.

SECTION 16.4 <u>EXCLUSIONS</u>. No payment will be required pursuant to clause (b) of Section 16.3 in the event of any transaction consisting of (a) the liquidation or dissolution of a Fund or a Portfolio and distribution of the Fund's or Portfolio's assets as a result of the Board's determination in its reasonable business judgment that the Fund or Portfolio is no longer viable, (b) a merger of a Fund or Portfolio into, or the consolidation of a Fund or Portfolio with, another organization or series, or (c) the sale by a Fund or Portfolio of all or substantially all of its assets to another organization or series and, in the case of a transaction referred to in the foregoing clause (b) or (c) the Custodian is retained to continue providing services to the Fund or Portfolio (or its respective successor) on substantially the same terms as this Agreement.

SECTION 16.5 <u>EFFECT OF TERMINATION</u>. Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. Following termination with respect to a Fund or Portfolio, the Custodian shall have no further responsibility to forward information under Section 3.8 or 5.8. The provisions of Sections 7, 14, 15 and 17 of this Agreement shall survive termination of this Agreement.

Section 17. <u>Successor Custodian</u>.

SECTION 17.1 <u>SUCCESSOR APPOINTED</u>. If a successor custodian shall be appointed for a Portfolio by its Board, the Custodian shall, upon termination of this Agreement and receipt of Proper Instructions, deliver to the successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder and shall transfer to an account of the successor custodian all of the securities and other financial assets of the Portfolio held in a U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent.

SECTION 17.2 <u>NO SUCCESSOR APPOINTED</u>. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the securities and other financial assets of the Portfolio in accordance with the Proper Instructions.

SECTION 17.3 <u>NO SUCCESSOR APPOINTED AND NO PROPERTY INSTRUCTIONS</u>. If no successor custodian has been appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all cash and all securities and other financial assets of the Portfolio then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all of the securities and other financial assets of the Portfolio held in any U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer shall be for the account of the Portfolio.

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SECTION 17.4 <u>REMAINING PROPERTY</u>. If any cash or any securities or other financial assets of the Portfolio held by the Custodian hereunder remain held by the Custodian after the termination of this Agreement owing to the failure of the applicable Fund to provide Proper Instructions, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian holds the cash or the securities or other financial assets (the existing agreed-to compensation at the time of termation shall be one indicator of what is considered fair compensation). The provisions of this Agreement relating to the duties, exculpation and indemnification of the Custodian shall apply in favor of the Custodian during such period.

SECTION 17.5 <u>RESERVES</u>. Notwithstanding the foregoing provisions of this Section 17, the Custodian may retain cash or securities or other financial assets of the Fund or Portfolio as a reserve reasonably established by the Custodian to secure the payment or performance of any obligations of the Fund or Portfolio secured by a security interest or right of recoupment or setoff in favor of the Custodian.

SECTION 18. [Reserved]

SECTION 19. <u>LOAN SERVICES ADDENDUM</u>. If a Fund directs the Custodian in writing to perform loan services, the Custodian and the Fund will be bound by the terms of the Loan Services Addendum attached hereto. The Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Fund and the Custodian.

General.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 GOVERNING LAW. Any and all matters in dispute between the parties hereto, whether arising from or relating to this Agreement, shall be governed by and construed in accordance with laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules. Likewise, the law applicable to all issues in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary is the law in force in the Commonwealth of Massachusetts.

Section 20.2 [Reserved]

SECTION 20.3 <u>PRIOR AGREEMENTS; AMENDMENTS</u>. This Agreement supersedes all prior agreements between each Fund on behalf of each of the Fund's Portfolios and the Custodian relating to the custody of the Fund's assets. This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

SECTION 20.4 <u>ASSIGNMENT; DELEGATION</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) the Custodian without the written consent of each applicable Fund, except that the Custodian may assign this Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Custodian.

The Custodian shall have the right, without the consent or approval of any Fund, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services provided pursuant to this Agreement other than services required by applicable law to be performed by an Eligible Foreign Custodian, U.S. Securities System or Foreign Securities System (each, a "***Delegate***" and collectively, the "***Delegates***") without the consent or approval of the Fund. The Custodian shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Custodian had provided such services and committed such acts and omissions

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itself. Unless otherwise agreed in a written fee schedule, the Custodian shall be responsible for the compensation of its Delegates. Notwithstanding the foregoing, in no event shall the term Delegate include sub-custodians, Eligible Foreign Custodians, U.S. Securities Systems and Foreign Securities Systems, and the Custodian shall have no liability for their acts or omissions except as otherwise expressly provided elsewhere in this Agreement. The Custodian will provide the Fund with information regarding its global operating model for the delivery of the services provided hereunder on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Custodian that perform or may perform parts of the services (excluding services performed by Eligible Foreign Custodians, U.S. Securities Systems and Foreign Securities Systems), and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Fund may reasonably request from time to time. Nothing in this paragraph shall limit or restrict the Custodian's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

SECTION 20.5 <u>INTERPRETIVE AND ADDITIONAL PROVISIONS.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of a Fund's organic record and Prospectus. No interpretive or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement.

Section 20.6 <u>Additional Funds and Portfolios</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 <u>ADDITIONAL FUND</u>. If any management investment company in addition to those listed on Appendix A desires the Custodian to render services as custodian under the terms of this Agreement, the management investment company shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 20.7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 <u>ADDITIONAL PORTFOLIO</u>. If any Fund establishes a series in addition to the Portfolios set forth on Appendix A with respect to which the Fund desires the Custodian to render services as custodian under the terms of this Agreement, the Fund shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the series shall become a Portfolio hereunder.

SECTION 20.7 <u>THE PARTIES; REPRESENTATIONS AND WARRANTIES</u>. All references in this Agreement to the "Fund" are to each of the management investment companies listed on Appendix A, and each management investment company made subject to this Agreement in accordance with Section 20.6 above, individually, as if this Agreement were between the individual Fund and the Custodian. In the case of a series organization, all references in this Agreement to the "Portfolio" are to the individual series of the series organization on behalf of the individual series. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.1 <u>FUND REPRESENTATIONS AND WARRANTIES.</u> Each Fund hereby represents and warrants that (a) it is duly organized and validly existing in good standing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law and its organic record to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this

Information Classification: Limited Access

Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Fund's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.2 <u>CUSTODIAN REPRESENTATIONS AND WARRANTIES</u>. The Custodian hereby represents and warrants that (a) it is a trust company, duly organized and validly existing under the laws of the Commonwealth of Massachusetts; (b) it has the requisite power and authority to carry on its business in the Commonwealth of Massachusetts; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

SECTION 20.8 <u>NOTICES</u>. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

If to the Trust:

Northern Lights Fund Trust II

Attention: Richard Malinowski, President Telephone: 631-470-2600

Email:

To the Custodian:

STATE STREET BANK AND TRUST COMPANY

One Congress Street

Boston, MA 02114

Attention: Andrea Sharp

Email: andrea.sharp@statestreet.com

with a copy to:

State Street Bank and Trust Company

Legal Division - Institutional Services Americas

One Congress Street

Boston, MA 02114

Attention: Senior Vice President and Senior Managing Counsel

SECTION 20.9 <u>COUNTERPARTS</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received in electronically transmitted form.

SECTION 20.10 <u>SEVERABILITY; NO WAIVER</u>. If any provision of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any the term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other

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right or remedy.

SECTION 20.11 <u>CONFIDENTIALITY</u>. All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 20.12 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.*

 

Section 20.12 <u>Use of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section 20.12 includes each of its parent company, branches and affiliates ("***Affiliates***")) may collect and store information regarding a Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Custodian and/or its Affiliates may use any Confidential Information of the Fund ("***Data***") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Custodian or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "***Indicators***"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Custodian and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Fund, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund acknowledges that the Custodian may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 20.12 shall

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limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 20.12 to comply at all times with confidentiality and data- protection obligations as if it were a party to this Agreement.

SECTION 20.13 <u>DATA PRIVACY.</u> The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Funds' shareholders, employees, directors and officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, "***personal information***", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (i) Social Security number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, or (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account. The term does not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

SECTION 20.14 <u>REPRODUCTION OF DOCUMENTS</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

SECTION 20.15 <u>REGULATION GG</u>. Each Fund represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Fund is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

SECTION 20.16 <u>SHAREHOLDER COMMUNICATIONS ELECTION</u>. SEC Rule 14b-2 requires banks that hold securities, as that term is used in federal securities laws, for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, as may be applicable, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule, as applicable, to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule, as applicable, prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES [ ] The Custodian is authorized to release the Fund's name, address, and share positions. <br> NO [X] The Custodian is not authorized to release the Fund's name, address, and share positions.

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**<u>Signature Page</u>**

**In Witness Whereof**, each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE MANAGEMENT INVESTMENT COMPANIES AND SERIES** 

**SET FORTH ON APPENDIX A HERETO**

By: ________________________________

Name:

Title:

**STATE STREET BANK AND TRUST COMPANY**

By: ________________________________

Name:

Title:

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**APPENDIX A**

**TO**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

**NORTHERN LIGHTS FUND TRUST II**

M International Equity Fund

M Large Cap Growth Fund

M Capital Appreciation Fund

M Large Cap Value Fund

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## Ex-99.H

**Exhibit(h)(43)** 

**NORTHERN LIGHTS FUND TRUST II**

**OPERATING EXPENSES LIMITATION AGREEMENT**

**THIS OPERATING EXPENSES LIMITATION AGREEMENT** (this "Agreement") is effective as of the January 21, 2026, by and between Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), on behalf of the series of the Trust listed on Appendix A which may be amended from time to time (each a "Fund" and, collectively, the "Funds"), and the Adviser of the Funds, M Financial Investment Advisers, Inc. (the "Adviser").

**WITNESSETH:**

**WHEREAS**, the Adviser renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser dated as of the [ ], 2026, (the "Investment Advisory Agreement"); and

**WHEREAS**, pursuant to the Investment Advisory Agreement, the Fund, are responsible for, and has assumed the obligation for, payment of all expenses that have not been assumed by the Adviser thereunder; and

**WHEREAS**, the Adviser desires to limit the Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) of one or more classes of the Fund, pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Funds) desires to allow the Adviser to implement those limits;

**NOW THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. LIMIT ON OPERATING EXPENSES.** The Adviser hereby agrees to limit each Fund's Operating Expenses to an annual rate, expressed as a percentage of the Fund's average annual net assets to the amounts listed in <u>Appendix A</u> (the "Annual Limits"). In the event that the current Operating Expenses of a Fund, as accrued each month, exceed its Annual Limit, the Adviser will pay to the Fund, on a monthly basis, the excess expense within fifteen (15) calendar days, or such other period as determined by the Board of Trustees of the Trust, of being notified that an excess expense payment is due. In the event that the Board of Trustees of the Trust determines that an excess expense payment due date be other than fifteen (15) calendar days, the Trust will provide the Adviser with ten (10) calendar days, written notice prior to the implementation of such other excess expense payment due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITION.** For purposes of this Agreement, the term "Operating Expenses" with respect to the Funds, is defined to include all expenses necessary or appropriate for the operation of that class of a Fund, including the Adviser's investment advisory or management fee detailed in the Investment Advisory Agreement, and other expenses described in the Investment Advisory Agreement, but does not include any front-end or contingent deferred loads, taxes, interest expenses, brokerage commissions, acquiring fund fees and expenses, expenses incurred in connection with any merger or reorganization, extraordinary expenses such as litigation, or any class-specific expenses such as Rule 12b-1 fees or Shareholder Servicing Plan fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. REIMBURSEMENT OF FEES AND EXPENSES.** Any excess expense payments paid by the Adviser pursuant to this Agreement which are a Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses. The Adviser may recoup reimbursements made in any fiscal year of a Fund over the following three fiscal years. Any such reimbursement is also contingent upon

Board of Trustees review and approval at time the reimbursement is made. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. TERM.** This Agreement shall become effective on the date specified herein and shall remain in effect until [ ], 2027 and shall continue in effect thereafter for additional periods not exceeding one year so long as such continuation is approved at least annually by the Adviser and the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. TERMINATION.** This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf a Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees of the Trust, which consent will not be unreasonably withheld. This Agreement will automatically terminate as to the Fund, if the Investment Advisory Agreement as to the Fund is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. ASSIGNMENT.** This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERABILITY.** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, and the Investment Advisers Act of 1940, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | |
|:---|:---|
| ***NORTHERN LIGHTS FUND TRUST II***<br> ***on behalf of the series listed on Schedule A*** | ***M FINANCIAL INVESTMENT ADVISERS, INC.*** |
| By:_<u>/s/ Kevin Wolf</u> | By: <u>/s/Robert Olson</u> |
| Name: Kevin Wolf | Name: Robert Olson |
| Title: President | Title: President |

---

**<u>Appendix A</u>**

to the

**NORTHERN LIGHTS FUND TRUST II**

**OPERATING EXPENSES LIMITATION AGREEMENT**

*(as a percentage of average daily net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;M International Equity Fund | &nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;M Large Cap Growth Fund | &nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;M Capital Appreciation Fund | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;M Large Cap Value Fund | &nbsp;&nbsp;0.61% |

---

## Ex-99.H

**Exhibit(h)(44)** 

 **APPENDIX IV-38**

**LIST OF FUNDS**

**SERVICES & FEES**

This **Appendix IV-38** is part of the Fund Services Agreement (the "Agreement"), dated October 19, 2021, between Northern Lights Fund Trust II (the "Trust") and Ultimus Fund Solutions, LLC ("UFS"). Set forth below are the Services elected by the Fund(s) identified on this **Appendix IV-38** along with the associated Fees. Capitalized terms used herein that are not otherwise defined shall have the same meanings ascribed to them in the Agreement.

**<u>COVERED FUNDS</u>**

The Fund(s) to be covered under this Agreement include:

---

| |
|:---|
| &nbsp;&nbsp;**<u>Fund(s)</u>** |
| &nbsp;&nbsp;M International Equity Fund |
| &nbsp;&nbsp;M Large Cap Growth Fund |
| &nbsp;&nbsp;M Capital Appreciation Fund |
| &nbsp;&nbsp;M Large Cap Value Fund |

---

***Funds with the same investment adviser are collectively referred to as a "Fund Family."***

**[REDACTED – schedule has been excluded because it is both (1) not material and (2) would likely cause competitive harm to the registrant if publicly disclosed]**

 ****

 ****

***Signature Page Follows***

Appendix IV-38 \| Page 1

 **APPENDIX IV-38**

**LIST OF FUNDS**

**SERVICES & FEES**

**IN WITNESS WHEREOF,** the parties hereto have executed this **Appendix IV-38** to the Fund Services Agreement effective as of January 21, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NORTHERN LIGHTS FUND TRUST II**<br>By: __<u>/s/Kevin Wolf</u>_______________________<br> Kevin Wolf<br> President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ULTIMUS FUND SOLUTIONS, LLC**<br>By: ____<u>/s/Gary Tankman</u>__________________<br> Gary Tenkman<br> Chief Executive Officer |

---

**The undersigned investment adviser (the "Adviser") hereby acknowledges and agrees to the terms of the Agreement and further acknowledges and agrees that:**

(1) UFS expends substantial time and money, on an ongoing basis, to recruit and train its employees; (2) UFS's business is highly competitive and is marketed throughout the United States, and (3) if the Adviser were to hire any UFS employees who are involved in the procurement of the Services under this Agreement then UFS may suffer lost sales and other opportunities and would incur substantial expense in hiring and training replacement(s) for those employees. Accordingly, the Adviser agrees that it, including its respective affiliates and subsidiaries, shall not solicit, attempt to induce or otherwise hire an employee of UFS for so long as this Agreement is in effect and for a period of two (2) years after termination of this Agreement, unless expressly agreed upon in writing by both parties. In the event that this provision is breached by the Adviser, the Adviser agrees to pay damages to UFS in the amount of two times the current annual salary of such employee or former employee. For purposes of this provision, "hire" means to employ as an employee or to engage as an independent contractor, whether on a full-time, part-time or temporary basis.

**M Financial Investment Advisers, Inc.**

M Financial Plaza

1125 NW Couch Street, Suite 900

Portland, OR 97209

---

| | |
|:---|:---|
|  | <u>/s/Robert Olson</u> |
| By: | Robert Olson |
|  | President |

---

Appendix IV-38 \| Page 2

## Ex-99.I

**Exhibit(i)(25)**

**<u>CONSENT OF VEDDER PRICE P.C., COUNSEL FOR THE REGISTRANT</u>**

We hereby consent to the use of our name and the references to our firm under the caption "Legal Counsel" included in or made a part of Post-Effective Amendment No. 616 to the Registration Statement of Northern Lights Fund Trust II on Form N-1A under the Securities Act of 1933, as amended.

VEDDER PRICE P.C.

<u>/s/ Vedder Price P.C.</u>

Washington, DC

April 23, 2026

## Ex-99.I

**Exhibit(i)(29)**

---

| | | |
|:---|:---|:---|
| Vedder Price 1<br> 401 New York Avenue NW,<br> Suite 500<br> Washington, DC 20005 | <br> T: +1 202 312 3320<br> F: +1 202 312 3322<br> vedder.com | ![](image_001.jpg) |
| **David J. Baum**<br> Shareholder<br> +1 (202) 312 3375 DBaum@vedder.com |  |  |

---

April 23, 2026

**<u>Via E-Mail</u>**<br> Northern Lights Fund Trust II<br> 225 Pictoria Drive, Suite 459<br> Cincinnati, OH 45246<br>

Re: Opinion of Counsel regarding Post-Effective Amendment No. 616 to Northern Lights Fund Trust II's Registration Statement Filed on Form N-1A under the Securities Act of 1933 (File Nos. 333-174926; 811-22549)

Ladies and Gentlemen:

We have acted as counsel to Northern Lights Fund Trust II, a Delaware statutory trust (the "Trust"), in connection with the filing with the Securities and Exchange Commission (the "SEC") of Post-Effective Amendment No. 616 to the Trust's Registration Statement on Form N-1A (the "Post-Effective Amendment"), registering an indefinite number of units of beneficial interest ("Shares"), without par value, of the M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund and M Large Cap Value Fund, each a series of the Trust (the "Funds"), under the Securities Act of 1933, as amended (the "1933 Act").

You have requested our opinion as to the matters set forth below in connection with the filing of the Post-Effective Amendment. In connection with rendering this opinion, we have examined the Post-Effective Amendment, the Trust's Certificate of Trust, the Trust's Agreement and Declaration of Trust (the "Declaration of Trust"), the Trust's By-Laws (the "By-Laws"), the actions of the Trustees of the Trust that authorized the approval of the foregoing documents and the issuance of the Shares, and such other documents as we, in our professional opinion, have deemed necessary or appropriate as a basis for the opinion set forth below. In examining the documents referred to above, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of documents purporting to be originals and the conformity to originals of all documents submitted to us as copies. As to questions of fact material to our opinion, we have relied (without investigation or independent confirmation) upon the representations contained in the above-described documents and on certificates and other communications from public officials and officers and Trustees of the Trust.

Our opinion, as set forth herein, is based on the facts in existence on the date hereof and is limited to the Delaware Statutory Trust Act as in effect on the date hereof. We express no opinion with

Vedder Price P.C. is affiliated with Vedder Price LLP, which operates in England and Wales, Vedder Price (CA), LLP, which operates in California, Vedder Price Pte. Ltd., which operates in Singapore, and Vedder Price (FL) LLP, which operates in Florida.

Chicago \| Dallas \| London \| Los Angeles \| Miami \| New York \| San Francisco \| Singapore \| Washington, DC

Northern Lights Fund Trust II<br>April 23, 2026<br>Page 2<br>

respect to any other laws or regulations. No opinion is given herein as to the choice of law which any tribunal may apply. In addition, to the extent that the Declaration of Trust or the By-Laws refer to, incorporate or require compliance with the Investment Company Act of 1940, as amended, or any other law or regulation applicable to the Funds, except for the internal substantive laws of the State of Delaware, as aforesaid, we have assumed compliance with such reference, incorporation or requirement by the Funds.

Based upon and subject to the foregoing and the qualifications set forth below, we are of the opinion that (a) the Shares to be issued pursuant to the Post-Effective Amendment have been duly authorized for issuance by the Trust; and (b) when issued and paid for upon the terms provided in the Post-Effective Amendment, such Shares will be validly issued, fully paid and non-assessable.

This opinion is rendered solely for your use in connection with the filing of the Post-Effective Amendment. We hereby consent to the filing of this opinion with the SEC in connection with the Post-Effective Amendment. In giving our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations of the SEC thereunder. Except as specifically authorized above in this paragraph, this opinion is not to be quoted in whole or in part or otherwise referred to, nor is it to be filed with any government agency or any other person, without, in each case, our prior written consent. This opinion is given to you as of the date hereof, and we assume no obligation to advise you of any change that may hereafter be brought to our attention. The opinion expressed herein is a matter of professional judgment and is not a guarantee of result.

Very truly yours,<br> /s/ Vedder Price P.C.<br>VEDDER PRICE P.C.<br>

## Ex-99.J

**Exhibit(j)(28)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 25, 2026, relating to the financial statements and financial highlights of M International Equity Fund, M Large Cap Growth Fund, M Capital Appreciation Fund, and M Large Cap Value Fund, each a series of Northern Lights Fund Trust II (formerly, each a series in M Fund, Inc.); which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Other Service Providers", "Portfolio Holdings Information", and "Financial Statements" in the Statement of Additional Information.

![](image_002.jpg)

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 24, 2026

## Ex-99.P

**Exhibit(p)(18)** 

**M FUND, INC.**

**M FINANCIAL INVESTMENT ADVISERS, INC.** 

**<u>Code of Ethics and Insider Trading Policy</u>**

**I.** **Background.** 

This Code of Ethics (the "Code") is adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") by the Board of Directors of M Fund, Inc. (the "Corporation") and pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") by the Board of Directors of M Financial Investment Advisers, Inc. (the "Adviser").

Section 17(j) under the 1940 Act makes it unlawful for persons affiliated with investment companies, their principal underwriters, or their investment advisers to engage in fraudulent personal securities transactions. Rule 17j-1 and Rule 204A-1 (the "Rules") require each fund, investment adviser and principal underwriter to adopt a code of ethics that contains provisions reasonably necessary to prevent an employee from engaging in conduct prohibited by the principles of the Rules. The Rules also require that reasonable diligence be used and procedures be instituted that are reasonably necessary to prevent violations of the code of ethics.

Among other things, Rule 17j-1 requires Board oversight of personal trading practices, reporting of employee securities trading and preclearance of employee purchases of initial public offerings and private placements. Under Rule 17j-1, the Adviser and the Corporation each provide to the Board annually a written report that (1) describes issues that arose during the previous year under the Code, including information about material Code violations and sanctions imposed and (2) certifies to the Board that it has adopted procedures reasonably necessary to prevent access persons from violating the Code.

Rule 204A-1 requires that an investment adviser registered under the Advisers Act must establish, maintain and enforce a written code of ethics that at a minimum includes:

&nbsp;&nbsp;&nbsp;&nbsp;A. A
standard (or standards) of business conduct that the adviser requires of its supervised persons, which standard must reflect the adviser's
fiduciary obligations and those of its supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;B. Provisions
requiring the adviser's supervised persons to comply with applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;C. Provisions
that require the adviser's access persons to report, and the adviser to review, their personal securities transactions and holdings
periodically as provided under Rule 204A-1;

&nbsp;&nbsp;&nbsp;&nbsp;D. Provisions
requiring the adviser's supervised persons to report any violations of the adviser's code of ethics promptly to the chief
compliance officer or, provided the chief compliance officer also receives reports of all violations, to other persons who the adviser
designates in its code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;E. Provisions
requiring the adviser to provide each of its supervised persons with a copy of the adviser's code of ethics and any amendments
and requiring its supervised persons to provide the adviser with a written acknowledgement of their receipt of the code and any amendments.

**II.** **Statement of General Fiduciary Principles.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Fiduciary Standards**. The Code is based on the fundamental principle that the Corporation and the Adviser must put clients' interests first. As an investment adviser, the Adviser has fiduciary responsibilities to clients, including the Corporation and each portfolio of the Corporation (each, a "Fund"; together, the "Funds") for which it serves as investment adviser. Among the Adviser's fiduciary responsibilities is the responsibility to ensure that its employees and those of any Sub-Advisers it retains to manage one or more Funds conduct their personal securities transactions in a manner that does not interfere, or appear to interfere, with any Fund transactions or otherwise take unfair advantage of their relationship to the Funds. All Adviser and Sub-Adviser employees must adhere to this fundamental principle as well as comply with the specific provisions set forth herein and, in the case of each Sub-Adviser, its code of ethics. It bears emphasis that technical compliance with such provisions will not insulate from scrutiny, transactions that show a pattern of compromise or abuse of an employee's fiduciary responsibilities to the Funds. Accordingly, all Adviser and Sub-Adviser employees must seek to avoid any actual or potential conflicts between their personal interests and the interest of the Funds. In sum, all Adviser and Sub-Adviser employees shall place the interest of the Funds before personal interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Federal Securities Laws.** In particular, Rule 204A-1 requires that all Adviser and Sub-Adviser employees must comply with all applicable federal securities laws ("Federal Securities Laws").

Under Rule 17j-1, no Access Person (as defined in Section III.B. below) shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Employ
any device, scheme or artifice to defraud the Corporation or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Make
to the Corporation any untrue statement of a material fact or omit to state to the Corporation a material fact necessary in order to
make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;3. Engage
in any act, practice or course of business that would operate as a fraud or deceit upon any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Engage
in any manipulative act or practice with respect to the Corporation or any Fund, including, but not limited to, intentionally inducing
or causing the Corporation to take action or to fail to take action, for the purpose of achieving a personal benefit rather than to benefit
the Funds; doing so is a violation of this Code. Examples of this violation include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Causing
any Fund to purchase a Covered Security owned by the individual for the purpose of supporting or increasing the price of the Security;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Causing
any Fund to refrain from selling a Covered Security in an attempt to protect the value of the individual's investment, such as
an outstanding option.

&nbsp;&nbsp;&nbsp;&nbsp;5. Use
actual knowledge of transactions for any Fund to profit by the market effect of such transactions.

**III.** **Definitions.** 

The following definitions apply for purposes of the Code:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **"1940 Act"** means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **"Access Person"** means each trustee, manager, Advisory Person, or officer of the Corporation
 or the Adviser or any Sub-Adviser. The defined term "Access Person" shall not
 include any person who is subject to securities transaction reporting requirements of a code
 of ethics adopted by an administrator, Sub-Adviser, or affiliate thereof in compliance with
 Rule 17j-1 under the 1940 Act, which has been submitted to, and approved by, the Board of
 the Corporation as contemplated in Section VI.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** "**Advisory Person**" of the Corporation or of the Adviser or a Sub-Adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any
 Director, manager, officer or employee of the Corporation, the Adviser or Sub-Adviser (or
 of any company in a control relationship to the Corporation, the Adviser, or a Sub-Adviser)
 who, in connection with his or her regular functions or duties, makes, participates in, or
 obtains information regarding the purchase or sale of Covered Securities by, or on behalf
 of, the Corporation, or whose functions relate to the making of any recommendations with
 respect to the purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 natural person in a control relationship to the Corporation, the Adviser, or a Sub-Adviser
 who obtains information concerning the recommendations made to the Corporation with regard
 to the purchase or sale of Covered Securities by the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 supervised persons of the Adviser or any Sub-Adviser, who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Are
 involved in making securities recommendations for a Fund, or who have access to such recommendations
 that are nonpublic; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Have
 access to nonpublic information regarding any Funds' purchase or sale of securities,
 or regarding the holdings of any Funds or any other registered investment company whose investment
 adviser controls, is controlled by, or is under common control with the Adviser or any Sub-Adviser.

The defined term "Advisory Person" shall not include any person who is subject to securities transaction reporting requirements of a code of ethics adopted by an administrator, Sub-Adviser, or affiliate thereof in compliance with Rule 17j-1 under the

1940 Act, which has been submitted to, and approved by, the Board of the Corporation as contemplated in Section VI.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** "**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, including dividend reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **"Beneficial Ownership"** is interpreted as it is under Section 16 of the Securities Exchange
 Act of 1934, as amended, (the "Exchange Act") and Rule 16a-1(a)(2) thereunder.
 A person is generally deemed the beneficial owner of any securities in which he or she has
 a direct or indirect pecuniary interest. In addition, beneficial ownership includes the accounts
 of a spouse, minor children, relatives resident in the person's home, or other persons
 by reason of any contract, arrangement, understanding or relationship that provides the person
 with sole or shared voting or investment power.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **"Board"** means the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **"Chief Compliance Officer ("CCO")"** shall mean the person charged with the
 responsibility to pre-clear trades, grant exceptions to prohibitions under the Code, receive
 reports and notices required by this Code to be generated, and to accomplish any other requirement
 of this Code related to the oversight of activities, the exercise of discretion or the making
 of decisions relating to the activities of persons covered by this Code. The term relates
 to the Chief Compliance Officer of the Corporation, the Adviser or each Sub-Adviser, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **"Code"** means this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **"Control"** shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act, which
 states 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." Ownership of 25% or more of a company's
 outstanding voting securities is presumed to give the holder thereof control over the company.
 Such presumption may be countered by the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;**K.** **"Covered Security"** means a security as defined in section 2(a)(36) of the 1940 Act, except
 that it shall not include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Banker's
 acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares
 of registered open-end investment companies other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 issued by money market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end funds,
 none of which are reportable funds.

&nbsp;&nbsp;&nbsp;&nbsp;**L.** **"Covered Security held or to be acquired"** by the Corporation means (1) any Covered Security
 which, within the most recent fifteen (15) days, (a) is or has been held by any Fund, or
 (b) is being or has been considered for purchase by any Fund; and (2) any option to purchase
 or sell and any security convertible into or exchangeable for a Covered Security described
 in (1) of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;**M.** **A Covered Security is "being purchased or sold"** by any Fund from the time when
 a purchase or sale program has been communicated to the person who places the buy and sell
 orders for any Fund until the time when such program has been fully completed or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;**N.** **A Covered Security is "being considered for purchase or sale"** when a recommendation
 to purchase or sell a Covered Security for the C Corporation is made and communicated and,
 with respect to the person making the recommendation, when such person seriously considers
 making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;**O.** **"Disinterested Director"** means a director of the Corporation who is not an "interested person"
 of the Corporation within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**P.** **"Federal Securities Laws"** means the Securities Act of 1933, the Securities Exchange Act
 of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment
 Advisers Act of 1940, 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 funds and investment advisers, and any rules adopted thereunder
 by the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;**Q.** **"Initial Public Offering"** means an offering of securities registered under the Securities
 Act of 1933, as amended, (the "1933 Act"), the issuer of which, immediately before
 the registration, was not subject to the reporting requirements of sections 13 or 15(d) of
 the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;**R.** **"Investment Personnel"** (singularly an "Investment Person") means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 Access Persons who occupy the position of portfolio manager (or who serve on an investment
 committee that carries out the portfolio management function) with respect to the Corporation
 (or any Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 Access Persons who, in connection with their regular functions or duties, make or participate
 in making any recommendations regarding the purchase or sale of any security or other investment
 by the Corporation (or any Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 natural person who controls the Corporation, the Adviser, or a Sub-Adviser who obtains information
 concerning recommendations made to or by the Corporation with respect to the purchase or
 sale of a security or other investment by any Fund.

The defined term "Investment Personnel" shall not include any person who is subject to securities transaction reporting requirements of a code of ethics adopted by an administrator, Sub-Adviser, or affiliate thereof in compliance with Rule 17j-1 under the 1940 Act, which has been submitted to, and approved by, the Board of the Corporation as contemplated in Section VI.

The Adviser's CCO will retain a current a list of Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;**S.** "**Purchase or sale of a Covered Security**" includes, among other things, the purchase or sale
 of a put or call option on a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;**T.** **"Reportable Fund"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any
fund for which the Adviser serves as an investment adviser as defined in Section 2(a)(20) of the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any
fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**U.** "**Sub-Adviser** "
 means any entity that, pursuant to a contract with the Adviser, regularly furnishes advice
 to the Corporation with respect to the desirability of investing in, purchasing or selling
 securities or other property, or is empowered to determine what securities or other property
 shall be purchased or sold by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** A
 "**Supervised Person"** means any partner, officer, director (or other person
 occupying a similar status or performing similar functions), or employee of an investment
 adviser, or other person who provides investment advice on behalf of the investment adviser
 and is subject to the supervision and control of the investment adviser.

**IV.** **Limitations on Personal Securities Transactions.** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Trading Restrictions for Access Persons.** Each Access Person (other than the Corporation's
 Disinterested Directors) shall be subject to the trading restrictions identified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Accounts Include Family Members and Other Accounts.** Accounts of Access Persons include the accounts of their spouses, dependent relatives,
trustee and custodial accounts or any other account in which the Access Person has a financial interest or over which the Access Person
has investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Restrictions on Purchases and Sales.** 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 he or she actually knows or should
have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is
 being considered for purchase or sale by any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is
 then being purchased or sold by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Restrictions on Related Securities.** The restrictions and procedures applicable to the transactions
 in Covered Securities by Access Persons set forth in this Code shall similarly apply to securities
 that are issued by the same issuer and whose value or return is related, in whole or in part,
 to the value or return of the security purchased or sold or being contemplated for purchase
 or sale during the relevant period by a Fund. For example, options or warrants to purchase
 common stock, and convertible debt and convertible preferred stock of a particular issuer
 would be considered related to the underlying common stock of that issuer for purposes of
 this policy. In sum, the related security is treated as if it is the underlying security
 for the purpose of the preclearance procedures described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Non-Public, Material Information.** No Access Person may disclose or use material, non-public information
 about any issuer of Securities, whether or not such Securities are held in client accounts
 or suitable for inclusion in such accounts, for personal gain or on behalf of a client. Any
 Access Person who believes he or she is in possession of such information must contact the
 Firm's CCO immediately to discuss the information and the circumstances surrounding
 its receipt. (Refer to the *Insider Information and Trading Policy* – Section
 XIV of this Code of Ethics) <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Trading Restrictions for Advisory Persons and Investment Personnel.** In addition to the
 restrictions described in Section IV.A. above, each Advisory Person and Investment Person
 shall be subject to the trading restrictions identified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Private Placements.** Advisory Person and Investment Person purchases and sales of "private
 placement" securities (including all private equity partnerships, hedge funds, limited
 partnership or venture capital funds) must be precleared directly with the CCO. No Advisory
 Person or Investment Person may engage in any such transaction unless the CCO and the Advisory
 Person or Investment Person's supervisor have each previously determined in writing
 that the contemplated investment does not involve any potential for conflict with the investment
 activities of the Funds.

If, after receiving the required approval, an Advisory Person or Investment Person has any material role in the subsequent consideration by any Fund of an investment in the same or affiliated issuer, the Advisory Person or Investment Person must disclose his or her interest in the private placement investment to the CCO and to his or her supervisor. The decision to have a Fund purchase securities of that issuer must be independently reviewed and authorized by the most senior person in the department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Initial Public Offerings.** Access Persons are not allowed to participate in any initial public
 offering, private placement, or so-called "hot" offerings (*i.e*.,

offerings that are oversubscribed or for which the demand is such that there is the possibility of oversubscription).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading Restrictions for Disinterested Directors.** In lieu of the trading restrictions stated
 above in Section IV. A., Disinterested Directors shall be subject to the following restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Restrictions on Purchases.** No Disinterested Director may purchase any security which, to the director's
 knowledge at the time, is being purchased or is being considered for purchase by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Restrictions on Sales.** No Disinterested Director may sell any security which, to the director's
 knowledge at the time, is being sold or is being considered for sale by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Restrictions on Trades in Securities Related in Value.** The restrictions applicable to the transactions
 in securities by Disinterested Directors shall similarly apply to securities that are issued
 by the same issuer and whose value or return is related, in whole or in part, to the value
 or return of the security purchased or sold by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Transactions/Securities Exempted From Reporting Obligations.** The following types of securities transactions are
 not subject to the reporting obligations set forth in this Code: purchases or sales in an
 account over which the Access Person or Investment Person has no direct or indirect influence
 or control, including blind trusts but not accounts that are merely managed on a fully discretionary
 basis by an investment adviser or a trustee <u>unless</u> the following processes have been
 implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 individual <u>and</u> the investment adviser or trustee have completed and semi-annually
 complete a "no influence or control certification **"** which (i) contains
 information about the adviser's or trustee's relationship with the individual,
 (ii) includes a certification by the individual and the adviser or trustee regarding the
 individual's influence or control over the trust or account, and (iii) and a clear
 definition of "no direct or indirect influence or control" that the Adviser consistently
 applies to all Access Persons and Investment Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On
 a sample basis, the Adviser requests reports on holdings and/or transactions made in the
 discretionary account or trust to identify transactions that would have been prohibited pursuant
 to this Code, absent reliance on the reporting exception in Rule 204A-1(b)(3)(i) under the
 Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 individual has been notified that the above processes have been implemented and that he/she
 can avoid reporting securities in the account or trust by the CCO.

**V.** **Reporting Obligations.** 

The Corporation, the Adviser, and the Sub-Advisers shall each appoint a CCO who shall furnish each Access Person with a copy of its code of ethics upon becoming an Access Person and annually thereafter so that each such Access Person may certify, through a written acknowledgment, that he or she has read and understands said code of ethics and recognizes that he or she is subject to the principles and provisions contained therein. In addition, the CCO shall notify each Access Person of his or her obligation to file an initial holdings report, quarterly transaction reports, annual holdings reports, and annual certifications, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Adviser and Sub-Advisers.** The Adviser and the Sub-Advisers shall each provide the following to
 the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Periodic
 reports on issues raised under the Code or any related procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On
 an annual basis, (a) a written report that describes issues that arose during the previous
 year under the Code, or any other related procedures, including but not limited to, information
 about material violations of the Code or procedures and any sanctions imposed in response
 to the material violations or its procedures, and (b), a written certification that it has
 adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Access Persons.** Each Access Person shall file the reports identified below with the CCO; provided
 however, that an Access Person who provides substantially identical reports to a Sub-Adviser
 is deemed to have complied with this reporting requirement. The requirements will also apply
 to all transactions in the accounts of spouses, dependent relatives and members of the same
 household, trustee and custodial accounts or any other account in which the Access Person
 has a financial interest or over which the Access Person has investment discretion. The requirements
 do not apply to securities acquired for accounts over which the Access Person has no direct
 or indirect control or influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Acknowledgment and Certification (Exhibit A).** Within 10 days of becoming an Access Person, each Access
 Person shall file an Acknowledgement and Certification stating that he or she has read and
 understands the provisions of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Initial Holdings Report (Exhibit B).** Upon becoming an Access Person all new Access Persons must
 disclose their personal securities holdings in Covered Securities, other than securities
 held in accounts that are described in Section IV.D above, to the CCO within 10 days of becoming
 an Access Person. The information provided must be current as of a date no more than 45 days
 prior to the date the person becomes an Access Person. (Similarly, securities holdings of
 all new related accounts must be reported to the CCO within 10 days of the date that such
 account becomes related to the Access Person.) The listing must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 title and type of the Covered Security, and as applicable the exchange ticker symbol or CUSIP
 number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 number of shares held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the
 principal amount of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 the named Covered Securities were held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the
 date that the report is submitted to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Quarterly Transaction Reports (Exhibit C).** No later than thirty (30) days after the end of a calendar
 quarter, each Access Person shall file a report stating the dates of transactions in any
 Covered Securities, other than securities that are purchased or sold in connection with an
 Automatic Investment Plan or securities transactions in accounts that are described in Section
 IV.D above, along with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 title of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the
 nature of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the
 price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the
 name of any broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. the
 date that the report is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. as
 applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date,
 number of shares, and principal amount of each reportable security involved.

Alternatively, an Access Person who provides broker trade confirmations or account statements that contain the aforementioned information to the CCO on an ongoing basis will be deemed to comply with this requirement (*i.e.* a separate quarterly transaction report will not be necessary). An Access Person need not make a quarterly transaction report with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Annual Holdings Report (Exhibit D).** All Access Persons must submit an annual holdings report
 reflecting holdings in Covered Securities, other than securities held in accounts that are
 described in Section IV.D above, as of a date no more than forty-five (45) days before the
 report is submitted.

The listing must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 title and type of the Covered Security, and as applicable the exchange ticker symbol or CUSIP
 number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 number of shares held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the
 principal amount of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 the Covered Securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the
 date that the report is submitted to the Access Person.

Alternatively, an Access Person who provides broker trade confirmations or account statements which contain the aforementioned information to the CCO on an ongoing basis may satisfy the annual holdings report requirement by annually confirming in writing the accuracy of the Corporation or the Adviser's, as applicable, record of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Annual Certification of Compliance.** All Access Persons (including Disinterested Directors) must
 certify annually to the CCO (1) they have read and understand and agree to abide by this
 Code; (2) they have complied with all requirements of the Code except as otherwise notified
 by the Compliance Director that they have not complied with certain of such requirements;
 and (3) they have reported all transactions required to be reported under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Review of Transactions and Holdings Reports.** All transactions reports and holdings reports are
 reviewed by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Investment Personnel.** In addition to the reporting requirements set forth above, Investment Personnel
 must also submit duplicate confirmations and account statements to the CCO, either by (a)
 directing each brokerage firm or bank at which such persons maintain securities accounts
 to send simultaneous duplicate copies of such person's confirmations and account statements
 to the CCO or (b) personally providing duplicate copies of all such confirmations and account
 statements directly to the CCO within two (2) business days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Disinterested Directors.** Except for the requirements in Sections V. B. 3 and V. B. 5, as modified in
 this Section, the aforementioned reporting requirements do not apply to Disinterested Directors.
 A Disinterested Director need only provide a quarterly transaction report to the CCO or his/her
 delegate if the Disinterested Director, at the time of a transaction, knew or, in the ordinary
 course of fulfilling the official duties of a Disinterested Director of the Corporation,
 should have known that, during the 15-day period immediately before or after the date of
 the transaction by the director, the security was purchased or sold by any Fund or was being
 considered for purchase or sale by any Fund for which he or she is a director. For any such
 transactions, a Disinterested Director must provide: the date of the transaction, a complete
 description of the security, number of shares, principal amount, nature of the transaction,
 price, commission, name of broker/dealer through which the transaction was effected, and
 date that the report is being submitted by the Disinterested Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Sub-Advisers.** Each Sub-Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit
 to the Adviser and the Corporation a copy of its code of ethics adopted pursuant to Rule
 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Promptly
 report to the Adviser and the Corporation, in writing, any material amendments to such code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Promptly
 furnish to the Adviser and the Corporation, upon request, copies of any reports made pursuant
 to such code by any person who is an Access Person to the Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Immediately
 furnish to the Adviser and the Corporation, without request, all material information regarding
 any violation of such code related to a Reportable Fund by any person who is an Access Person
 to the Sub-Adviser.

All reports of securities transactions and any other information filed with the Corporation pursuant to this Code or the applicable code of ethics of a Sub-Adviser shall be treated as confidential. In this regard, no Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of any of the Funds) any information regarding securities transactions made or being considered by or on behalf of any Fund of the Corporation.

Any reports filed pursuant to this Code may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Code Provisions Applicable Only to Fund Treasurer.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Code of Ethics</u>. The provisions of Foreside Financial Group, LLC (including Foreside Management
 Services, LLC (d/b/a ACA Group), Foreside Compliance Services, LLC (d/b/a ACA Group) and
 Foreside Fund Services, LLC (d/b/a ACA Group)) (collectively, "Foreside") Codes
 of Ethics are hereby adopted as the Code of Ethics of the Fund applicable to the Fund Treasurer
 that is also an
 employee of Foreside. A violation of the Foreside Code of Ethics by the Treasurer shall also
 constitute a violation of this Code of Ethics. Any amendment or revision of the Foreside
 Code of Ethics shall be deemed to be an amendment or revision of Section V of this Code of
 Ethics, and any such amendment or revision shall be promptly furnished to the Board of Directors
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Reports</u>.
 The Treasurer shall file the reports required by the Foreside Code of Ethics.
 Such filings shall be deemed to be filings with the Fund under this Code of Ethics and shall
 at all times be available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Annual Issues and Certification Report</u>. At periodic intervals established by the Board of Directors of the Fund, but no less frequently
than annually, the Compliance Officer of Foreside shall provide a written report to the Board of Directors of the Fund of all
issues involving the Treasurer under the Foreside Code of Ethics during such period including, but not limited to, information
about material code or procedure violations and sanctions imposed in response to those material violations. Additionally, Foreside
will provide the Board of Directors of the Fund a written certification which certifies to the Board of

Directors of the Fund that Foreside has adopted procedures reasonably necessary to prevent its access persons from violating its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>In addition, the Fund CCO will provide the Board of Directors of the Fund a certification that the Foreside Code of Ethics and reporting process meets all regulatory requirements and is sufficient to ensure compliance with this Code.</u> 

**VI.** **Gifts and Entertainment** 

Access Persons shall not accept or receive gifts in excess of $100 in value from any person or entity that does business with or on behalf of the Corporation, the Adviser, or a client of the Corporation. Access Persons may accept an invitation to a business entertainment event, such as lunch, dinner, or a sporting event of reasonable value if the person or entity providing the entertainment is present. Access Persons shall not accept gifts of cash or cash equivalents from any person or entity that does business with or on behalf of the Corporation, the Adviser or a client of the Corporation. Any issues arising as a result of this policy shall be reported to the CCO.

**VII.** **Service as a Director or Officer of Another Company** 

To avoid conflicts of interest, access to inside information, and other compliance and business issues, Access Persons (other than Disinterested Directors) shall not serve as an officer or director of any other entity, unless they notify the CCO for review and approval. This prohibition does not apply to service as an officer or director of any parent or sister company of the Adviser, any non-publicly traded company or non-profit company.

**VIII.** **Outside Business Activities** 

Access Persons (other than Disinterested Directors) are expected to advise and obtain the approval of the CCO before engaging in outside activities, such as outside employment or financial involvement with other companies and external organizations. Waivers may be granted in limited circumstances by the CCO or by the Board in the case of an executive. Access Persons must not engage in any such activity which would interfere with their ability to perform their job or office in an effective and objective manner.

To engage in an outside business activity, Access Persons must complete an Outside Business Activity Form (**Exhibit E**) and submit the form for prior approval to the CCO. The following information from an Access Person will be required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name and address of the outside organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 description of the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 reasons why approval should be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compensation
 (if any) to be received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 description of the activities that will be performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 amount of time per month likely to be spent at the outside organization.

**IX.** **Approval and Adoption of Code of Ethics.** 

The Board, including a majority of Disinterested Directors, has approved this Code. Additionally, any material changes to this Code must be approved by the Board within six months after adoption of any material change. The Board must base its approval of the Code and any material changes to the Code on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1.

Prior to initially approving any proposed Sub-Adviser for a Fund, the Board, including a majority of the Disinterested Directors, must approve the Sub-Adviser's code of ethics. The Board must base its approval on a determination that the relevant code contains provisions reasonably necessary to prevent Access Persons from violating the code. In addition, the Board must approve any material changes to the Sub-Adviser's code of ethics within six (6) months of the change. Prior to approving a Sub-Adviser's code or any material change thereto, the Board must receive a certification from the Sub-Adviser that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1.

**X.** **Review of Annual Reports.** 

At least annually, the Corporation and the Adviser must furnish to the Corporation's Board, and the Board must consider, a written report that (1) describes any issues arising under this 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 (2) certifies that the Corporation or the Investment Adviser, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

**XI.** **Review and Enforcement.** 

Potential violations of the Code must be brought to the attention of the CCO. Potential violations will be investigated and, if appropriate, sanctions will be imposed. Upon completion of the investigation, if necessary, the matter may also be reviewed by the Board of Directors, which will determine whether any further sanctions should be imposed. Sanctions may include, but are not limited to, a letter of caution or warning, reversal of a trade, disgorgement of a profit or absorption of costs associated with a trade, supervisor approval to trade for a prescribed period, fine or other monetary penalty, suspension of personal trading privileges, suspension of employment (with or without compensation), and termination of employment.

An exception to any of the policies, restrictions or requirements set forth herein may be granted only upon a showing by the Access Person to the CCO that such Access Person would suffer extreme financial hardship should an exception not be granted. Where the subject of the exception request involves a transaction in a security, a change in the Access Person's investment objectives, tax strategies, or special new investment opportunities would not constitute acceptable reasons for a waiver.

*With regard to the* Corporation*, a violation of a Sub-Adviser's code of ethics by Access Persons subject to such code shall constitute a violation of this Code.*

 

**XII.** **Records.** 

The Corporation, the Adviser, and each Sub-Adviser shall maintain records in the manner and to the extent set forth below, which may be maintained by any means permissible under the conditions described in Rule 31a-2 under the 1940 Act, Rule 204-2(g) under the Advisers Act, or under no-action letters or interpretations under that rule, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** A
 copy of the applicable code of ethics and any amendments thereto shall be preserved in an
 easily accessible place (including for five (5) years after the code or the amendment, as
 applicable, is no longer in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** A
 record of any violation of the 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 (5) years
 following the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** A
 record of all written acknowledgments from all Access Persons, as required by Section V of
 this Code, shall be preserved for not less than five (5) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** A
 copy of each report, including any information provided in lieu of the report, made by an
 Access Person pursuant to the code shall be preserved for a period of not less than five
 (5) 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;**E.** A
 list of all Access Persons who are, or within the past five (5) years have been, required
 to make reports pursuant to the code and all persons who are, or within the past five (5)
 years have been, responsible for reviewing the reports, shall be maintained in an easily
 accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** A
 copy of each report of the Corporation, the Adviser or Sub-Adviser detailing any material
 violations of its code of ethics, or certifying that it has adopted procedures reasonably
 necessary to prevent Access Persons from violating such code of ethics shall be maintained
 for at least five (5) years after the end of the fiscal year in which it was made, the first
 two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** A
 copy of any decisions, and reasons supporting the decisions, to approve the purchase of private
 placement securities or public offerings by investment personnel shall be maintained for
 at least five (5) years after the end of the fiscal year in which the approval is granted.

**XIII.** **Approval, Amendment and Interpretation of Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** This
 Code may be amended as necessary or appropriate with the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** This
 Code is subject to interpretation by the Board in its discretion.

**XIV.** **Insider Information and Trading Policy** 

Under applicable federal securities laws, all persons are prohibited from trading or recommending trading in securities on the basis of material, non-public or "inside" information. In addition, Section 206 of the Advisers Act and other laws generally make it unlawful for any employee to use for his or her personal benefit information about prospective transactions being considered for client accounts.

Material, non-public information may include any information concerning an issuer of a security or a security that has not been publicly disseminated and which a reasonable investor might consider important in deciding whether to purchase, sell or hold a security.

Examples of the types of information concerning an issuer that is likely to be deemed "material" include, but are not limited to, the following:

**●** Dividend increases or decreases;

**●** Earnings (or loss) estimates or material changes to previously released earnings (or loss) estimates;

**●** Significant expansion or curtailment of operations;

**●** Significant increase or decline in revenues;

**●** Significant merger or acquisition proposals or agreements, including tender offers;

**●** Significant new products or discoveries;

**●** Extraordinary borrowing;

**●** Major litigation;

**●** Liquidity problems;

**●** Bankruptcy;

**●** Extraordinary management developments;

**●** Purchase or sale of substantial assets; and

**●** Intended purchases of the Funds by investment pools.

Information is non-public when it has been identified as such when communicated or when it is received from a known or suspected inside source. Information becomes public after it has been made generally available and investors have had a chance to absorb it (which may potentially take several days).

Supervised Persons will not trade or recommend trading on the basis of material non-public information or use such information for personal gain or benefit. Supervised Persons in possession of "material non-public information" must maintain the confidentiality of such information and abstain from trading until it has been deemed publicly disclosed. No Supervised Persons who may be in possession of "inside" information with respect to a security shall:

● Purchase or sell, or recommend the purchase or sale of, such security or any related security (e.g., options) for any account it advises or, if applicable, any other client;

● Purchase or sell, or recommend the purchase or sale of, such security or any related security for any account in which he/she has a beneficial interest;

● Share the information with others (i.e., tipping); or

● Selectively disclose information about client holdings.

If Supervised Persons come into possession of material inside information concerning publicly held securities, this fact must be made known promptly to the CCO. Appropriate steps will then be taken to prevent any investment decisions being made on the basis of such information.

**Amended:** September 2018, March 2020, July 16, 2025

**EXHIBIT A**

**<u>ACKNOWLEDGEMENT AND CERTIFICATION</u>**

I acknowledge receipt of the Code of Ethics of M Fund, Inc. I have read and understand such Code of Ethics and agree to be governed by it at all times. Further, if I have been subject to the Code of Ethics during the preceding year, I certify that I have complied with the requirements of the Code of Ethics and have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics.

(signature) <br>(please print name)

Date: _____________

**EXHIBIT B**

**<u>INITIAL HOLDINGS REPORT</u>**

Name ________________________ Date _______________________

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Name of Issuer</u> | <u>Title of Security</u> | <u>Security <br> Symbol/CUSIP</u> | <u>Number of <br> Shares</u> | <u>Principal <br> Amount</u> |

---

Names of brokers, dealers or banks at which I maintain an account holding Covered Securities for my direct or indirect benefit:

<u>Name and Address of Broker, <br> Dealer or Bank</u> <u>Account Number</u> <u>Account Name(s)</u>

I certify that the foregoing is a complete and accurate list of (1) all securities in which I have any Beneficial Ownership, and (2) all brokers, dealers or banks at which I maintain an account holding Covered Securities for my direct or indirect benefit

Signature

**EXHIBIT C**

**<u>QUARTERLY TRANSACTION REPORT</u>**

Name ________________________ Date _______________________

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Date</u> | &nbsp;&nbsp;<u>Name <br> of <br> Issuer <br> and <br> Title</u> | &nbsp;&nbsp;<u>Security <br> Symbol or CUSIP</u> | &nbsp;&nbsp;<u>Number <br> of <br> Shares</u> | &nbsp;&nbsp;<u>Interest <br> Rate</u> | &nbsp;&nbsp;<u>Maturity <br> Date (if <br> applicable)</u> | &nbsp;&nbsp;<u>Number <br> of <br> Shares</u> | &nbsp;&nbsp;<u>Principal <br> Amount</u> | &nbsp;&nbsp;<u>Type of <br> Transaction <br> (Purchase <br> or Sale)</u> | &nbsp;&nbsp;<u>Name of <br> Broker/Dealer <br> or Bank</u> |

---

I certify that the foregoing is a complete and accurate list of all transactions for the covered period in Covered Securities in which I have any Beneficial Ownership.

Signature

**EXHIBIT D**

**<u>ANNUAL HOLDINGS REPORT</u>**

Name ________________________ Date _______________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>Name of <br> Issuer</u> | &nbsp;&nbsp;<u>Title of <br> Security</u> | &nbsp;&nbsp;<u>Security <br> Symbol/CUSIP</u> | &nbsp;&nbsp;<u>Number of <br> Shares</u> | &nbsp;&nbsp;<u>Principal <br> Amount</u> | &nbsp;&nbsp;<u>Name of <br> Broker/Dealer <br> or Bank</u> |

---

I certify that the foregoing is a complete and accurate list of all Covered Securities in which I have any Beneficial Ownership.

Signature

**EXHIBIT E - Outside Business Activity Form**

Name of Access Person:

(Type or Print)

It is important that you notify the CCO if you are, or plan to be, involved in any outside business activity or employment. This notification must be made prior to engaging in the activity. The Corporation and the Adviser consider this signed document form as receipt during the period you are an employee.

To engage in an outside business activity, as an Access Person, you must complete this Form and submit it for prior approval to the CCO. A copy of this Form should be retained for your records and changes should be promptly reported to the CCO.

Please provide the following information and complete, sign and date this Form and return it to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name and address of the outside organization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 description of the business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 reasons why approval should be granted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compensation
 (if any) to be received

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 description of the activities that will be performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 amount of time per month likely to be spent at the outside organization.

I authorize the Corporation and the Adviser to investigate my outside business activities and contact any entities or individuals affiliated with such outside business activities. Furthermore, I authorize these entities or individuals to release any information that it requests about my employment, affiliation and/or activities with this organization.

**The foregoing is true and correct:** 

      <br> Access Person Name-Printed Access Person Signature Date

**Received and Reviewed:**

Notes/comments/verifications:

## Ex-99.P

**Exhibit(p)(19)**

![(COVER PAGE)](nl003_v2.jpg)

Message from Our Co-CEOs

The success of Dimensional Fund Advisors can be traced directly back to our firm's first two guiding principles: Act in the best interest of clients, and act ethically and legally. These beliefs have helped us set the industry standard in exceptional service and build lasting partnerships with our clients.

These strong relationships, some spanning over 30 years, are built on trust—treating our clients as we would want to be treated and always doing what we say we are going to do. We take our fiduciary obligation seriously and work to act as stewards of our clients' assets, free from conflicts of interest.

Our firm's commitment to integrity makes us stand out in a financial industry where competitive pressures are intense to behave otherwise. Dimensional will never compromise its principles or its compliance with laws and regulations, and we depend on our employees, as representatives of the firm, to uphold our ideals.

Please read this guide to learn the rules that influence our decisions and enable us to maintain the highest legal and ethical standards. Your cooperation with our code of ethics and standard of conduct will guarantee our reputation well into the future. We would like to thank you for your continued dedication to Dimensional and to our clients, which in turn allows us to continue providing for your success.

---

| | |
|:---|:---|
| ![(-s- Dave Butler)](nl004_v2.jpg) | ![(-s- Gerard OReilly)](nl005_v2.jpg) |
| Dave Butler | Gerard O'Reilly |
| Co-Chief Executive Officer | Co-Chief Executive Officer and |
|  | Chief Investment Officer |

---

**Table of Contents**

---

| | |
|:---|:---|
| **Introduction** |  |
| &nbsp;&nbsp;&nbsp;Reporting Code and Standard of Conduct Violations | 6.0 |
| &nbsp;&nbsp;&nbsp;Certification Requirements | 6.0 |
| &nbsp;&nbsp;&nbsp;Sanctions | 6.0 |
| **Code of Ethics** |  |
| &nbsp;&nbsp;&nbsp;Who Is Subject to the Code? | 8.0 |
| &nbsp;&nbsp;&nbsp;Covered Accounts | 8.0 |
| &nbsp;&nbsp;&nbsp;New Accounts | 9.0 |
| &nbsp;&nbsp;&nbsp;Authorized Brokerage Firms—U.S. Employees and U.S. Persons Subject to the Code | 9.0 |
| &nbsp;&nbsp;&nbsp;Non-Reportable Accounts | 10.0 |
| &nbsp;&nbsp;&nbsp;Personal Securities Transactions | 10.0 |
| &nbsp;&nbsp;&nbsp;Private Placements | 11.0 |
| &nbsp;&nbsp;&nbsp;Reportable Transactions (transactions that do not require pre-clearance but must be reported) | 11.0 |
| &nbsp;&nbsp;&nbsp;Personal Trading Restrictions and Prohibited Activities | 12.0 |
| &nbsp;&nbsp;&nbsp;Reporting Requirements | 14.0 |
| &nbsp;&nbsp;&nbsp;Summary of Reporting Obligations | 14.0 |
| &nbsp;&nbsp;&nbsp;Communications with Disinterested Trustees and Outside Directors | 15.0 |
| &nbsp;&nbsp;&nbsp;Japan Supplement | 15.0 |

---

DIMENSIONAL FUND ADVISORS 4

---

| | |
|:---|:---|
| **Standard of Conduct** |  |
| &nbsp;&nbsp;&nbsp;Outside Activities | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidelines | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval Process | 17.0 |
| &nbsp;&nbsp;&nbsp;Gifts and Business Entertainment | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Entertainment | 19.0 |
| &nbsp;&nbsp;&nbsp;Political Contributions | 20.0 |
| &nbsp;&nbsp;&nbsp;Other Policy Highlights | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy Against Bribery and Corruption | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy Policies | 22.0 |
| **Glossary of Terms** | 23.0 |
| **Appendix A—List of Authorized Brokerage Firms** | 27.0 |

---

Introduction <br>

All of us at Dimensional are responsible for maintaining the very 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. Dimensional's Global Code of Ethics (the "Code") and Standard of Conduct (the "Standard of Conduct") are designed to help ensure that our actions are consistent with these high standards.

The Code and the Standard of Conduct have been adopted by Dimensional pursuant to SEC Rules with the objectives of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ honest
and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ full,
fair, accurate, timely, and understandable disclosure in reports and documents filed with relevant global regulatory agencies and in
other public communications made by Dimensional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ compliance
with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the
prompt internal reporting of violations of the Code and the Standard of Conduct to the Global Chief Compliance Officer ("Global
CCO"), Chief Compliance Officer for the U.S. registered funds, or a Designated Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ accountability
for adherence to the Code and the Standard of Conduct.

Adherence to the Code and the Standard of Conduct is a basic condition of employment. Whether or not a specific situation is addressed, you must conduct yourself in accordance with the general principles of the Code and Standard of Conduct and in a manner that is designed to *avoid unlawful conflicts of interest*. Failure to comply could result in disciplinary action, up to and including termination of your employment.

DIMENSIONAL FUND ADVISORS 6 <br>

**Reporting Code and Standard of Conduct Violations**

Dimensional 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 or the Standard of Conduct, you are required to report the matter to one of the following:

■ The
Global CCO and/or Designated Officer

■ General
Counsel or

■ a
member of the Ethics Committee

The Global CCO will receive reports on all violations of the Code reported to a Designated Officer and/or a member of the Ethics Committee.

You have the option of reporting compliance-related matters on a confidential basis through the *<u>Compliance Reporting System</u>* ("CRS"), or by email at *<u>Compliance@dimensional.com</u>*.

Retaliation against any employee for reporting compliance-related issues is cause for appropriate corrective action, up to and including termination of the employment of the retaliating employee.

General Code or Standard of Conduct questions should be directed to your local Compliance Team members.

**Certification Requirements**

You are required to complete a Code of Ethics and Standard of Conduct Acknowledgement Form upon commencement of your employment with Dimensional, and at least annually thereafter, to acknowledge and certify that you have received, reviewed, understand, and shall comply with the Code and the Standard of Conduct. In addition, any material amendments to the Code or the Standard of Conduct will be communicated to you, and you will be required to acknowledge your receipt and understanding of any such amendments as a condition of your continued employment.

**Sanctions**

Depending on the severity of the infraction, you may be subject to sanctions for violating the Code and related personal trading controls or the Standard of Conduct. Sanctions may include, but are not limited to:

■ verbal
or written warnings,

■ letters
of reprimand,

■ suspension
of personal trading activity,

DIMENSIONAL FUND ADVISORS 7 <br>

■ disgorgement
and forfeiture of profits,

■ suspension,
and/or

■ termination
of employment

Immaterial violations will typically be communicated to your supervisor, department head, and the Global CCO for corrective action. Material violations will be escalated to the Ethics Committee and may be subsequently reported to the Boards of Directors of the Dimensional Entities, as well as the directors/trustees of the Dimensional Managed Funds, as required, or other persons or entities as determined by one or more of the Dimensional Entities in their sole discretion.

A violation of the Code or Standard of Conduct by an employee or other relevant person is not necessarily considered a violation by that person or by Dimensional of applicable rules or regulations.

Code of Ethics <br>

**Who Is Subject to the Code?**

The Code applies to all Dimensional employees, directors/trustees, and officers, all of whom are considered Access Persons. In addition, certain provisions of the Code apply to Immediate Family Member(s) living in the same household.

Restrictions on personal investment transactions may also be applied to temporary personnel (i.e., interns, contractors, or consultants) whose tenure exceeds ninety (90) days and/or who have access to nonpublic systems.

**Covered Accounts**

You are required to report all investment accounts (i.e., Covered Accounts) for which you, your spouse, domestic partner, or any other Immediate Family Member(s) have Beneficial Ownership or interests.

Covered Accounts include but are not limited to the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Covered Accounts** | &nbsp;&nbsp;**Covered Accounts** |
| &nbsp;&nbsp;Brokerage Accounts | &nbsp;&nbsp;Discretionary/Robo-advised Accounts<sup>1</sup> |
| &nbsp;&nbsp;Employee Stock Compensation Plans | &nbsp;&nbsp;Retirement Accounts (IRAs,401(k) or local equivalent) |
| &nbsp;&nbsp;Transfer Agent Accounts<br> (such as a Computershare account) | &nbsp;&nbsp;Mutual Fund Accounts<br> (i.e., collective investment schemes) |
| &nbsp;&nbsp;Wrap Accounts | &nbsp;&nbsp;UTMAs or UGMAs |
| &nbsp;&nbsp;Treasury Direct Accounts | &nbsp;&nbsp;Cryptocurrency Accounts (excluding Wallets) |
| &nbsp;&nbsp;529 Accounts |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Discretionary
Accounts including those advised or sub-advised by Dimensional) must be disclosed and approved by Compliance. Supporting documentation
must be provided to Compliance as part of your approval request.

DIMENSIONAL FUND ADVISORS 9 <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Other Covered Accounts** | &nbsp;&nbsp;**Other Covered Accounts** |
| &nbsp;&nbsp;Contract for Difference Accounts (CDAs) **(UK-specific)** | &nbsp;&nbsp;Self-Invested Personal Pensions (SIPPs) and Stock and Shares ISAs **(UK-specific)** |
| &nbsp;&nbsp;Superannuation Accounts (managed, SMSF, or Super Wrap) **(Australia-specific)** | &nbsp;&nbsp;Nippon (Japan) Individual Savings Account (NISA) **(Japan-specific)** |
| &nbsp;&nbsp;Personal Retirement Savings Accounts (PRSA) **(Ireland-specific)** | &nbsp;&nbsp;Personal Retirement Savings Accounts (PRSA) **(Ireland-specific)** |
| &nbsp;&nbsp;Local supplementary or mandatory provident funds or retirement schemes (i.e., CPF accounts in **Singapore**; MPF accounts in **Hong Kong**) | &nbsp;&nbsp;Local supplementary or mandatory provident funds or retirement schemes (i.e., CPF accounts in **Singapore**; MPF accounts in **Hong Kong**) |

---

**New Accounts**

You must promptly report any new Covered Account for yourself, your spouse, domestic partner, or any other Immediate Family Member(s). Unless the Covered Account has been reported, no personal securities transactions can occur within the Covered Account.

**Authorized Brokerage Firms—U.S. Employees and U.S. Persons Subject to the Code**

You are required to maintain your Covered Account(s) with an Authorized Brokerage Firm. A list of Authorized Brokerage Firms, which is subject to change from time to time, is included in Appendix A. Exceptions must be approved by the Global CCO or Designated Officer. However, if you began your employment on or before August 15, 2019, and maintained one or more Covered Accounts with a brokerage firm other than an Authorized Brokerage Firm on that date, you may continue to maintain those previously reported and approved Covered Accounts.

By accepting the Code of Ethics, you are providing consent for the Compliance Team to arrange duplicate statements and confirms with U.S. Authorized Brokerage Firms. However, it is your responsibility to ensure that duplicate statements and confirmations (or the local equivalent) are provided promptly for any accounts not held with Authorized Brokerage Firms. Confirmations should be provided within ten (10) calendar days.

The following types of accounts are generally excluded from the Authorized Brokerage requirement: mutual fund only accounts, 529 accounts, and 401(k) accounts. The Global CCO may amend the list of Authorized Brokerage Firms from time to time at the Global CCO's discretion.

DIMENSIONAL FUND ADVISORS 10 <br>

**Non-Reportable Accounts**

You do not need to report the following accounts, as Compliance has independent access to these records for monitoring and verification purposes:

■ Dimensional
401(k) account (or local equivalent);

■ Dimensional
Health Savings Accounts (HSAs);

■ Dimensional
Managed Fund accounts established through Fund Operations; and

■ If
applicable, holdings in Dimensional's privately issued shares.

Although these accounts do not need to be reported, investment activities in these accounts must comply with the standards of conduct embodied in the Code.

**Personal Securities Transactions**

You must pre-clear any personal securities transactions in Covered Securities prior to execution.<sup>2</sup> *This also applies to transactions by any spouse, domestic partner, or any Immediate Family Member of the Access Person*.

All personal securities transaction reports and requests for pre-clearance must be processed through Dimensional's compliance reporting system (CRS), a web-based compliance system. Compliance will evaluate and review each pre-clearance transaction request, and notification will be provided to employees through the CRS in a timely manner.

Pre-clearance approval is valid for T+1 (i.e., market orders), from the time of approval. In addition, you are required to provide confirmations (or the local equivalent) for each approved and executed transaction.

Covered Securities, which require pre-clearance, include, but are not limited to, the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Covered Securities** | &nbsp;&nbsp;**Covered Securities** |
| &nbsp;&nbsp;Stocks/Shares | &nbsp;&nbsp;Fixed Income Securities (excluding |
| &nbsp;&nbsp;(common, preferred, or restricted) | &nbsp;&nbsp;certain Sovereign Government issuances) |
| &nbsp;&nbsp;Exchange-Traded Funds (ETFs) must be pre-cleared if the aggregate daily trade value of the security, across all accounts, is >$50,000 (USD) per ETF per day |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;2. The
Designated Officer is required to receive prior written approval of his/her personal securities transactions from Dimensional's
Global CCO. The Global CCO is required to receive prior approval of his personal securities transactions from one of the Dimensional
Co-Chief Executive Officers.

DIMENSIONAL FUND ADVISORS 11 <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Depositary Receipts (ADRs or GDRs) | &nbsp;&nbsp;Closed-End Funds and REITs |
| &nbsp;&nbsp;Derivatives <br> (options, futures, forwards, etc.) | &nbsp;&nbsp;Voluntary Corporate Actions |
| &nbsp;&nbsp;Private Placements (documentation | &nbsp;&nbsp;Limited Partnerships and Limited |
| &nbsp;&nbsp;must be provided) | &nbsp;&nbsp;Liability Company Interests |
| &nbsp;&nbsp;Warrants & Rights | &nbsp;&nbsp;Convertible Securities |

---

Covered Securities do not include *exempt securities*. Exempt securities include:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exempt Securities** | &nbsp;&nbsp;**Exempt Securities** |
| &nbsp;&nbsp;Shares of U.S. registered open-end investment companies (i.e., open-end mutual funds) | &nbsp;&nbsp;Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments (including repurchase agreements) |
| &nbsp;&nbsp;Direct obligations of the U.S. Government, or direct obligations of a Sovereign Government (e.g., Government of the United Kingdom, Commonwealth Government of Australia) | &nbsp;&nbsp;Shares issued by a unit investment trust that are invested exclusively in one or more registered open-end investment companies (none of which are Dimensional Managed Funds) |
| &nbsp;&nbsp;Shares of money market funds | &nbsp;&nbsp;Privately issued shares of the Advisor |

---

**Private Placements**

You may not purchase a private placement unless approved by the Global CCO or Designated Officer. Approval would be based upon a determination that the investment opportunity was not being offered to you due to your employment with Dimensional, along with other relevant factors. Each private placement pre-clearance is reviewed on a case-by-case basis.

**Reportable Transactions (transactions which do not require pre-clearance, but must be reported)**

Although the following transactions do not require pre-clearance, you must report them through the CRS on a quarterly basis:

■ Dimensional
Managed Funds (through a third-party service provider or financial advisor);

■ Investments
in any funds sub-advised by Dimensional;

■ 529
Accounts that hold or are exclusively made up of Dimensional Funds;

DIMENSIONAL FUND ADVISORS 12 <br>

■ Automatic
Investment Plans (including dividend reinvestment plans) in which regular periodic purchases (or withdrawals) are made automatically
in (or from) investment accounts in accordance with a predetermined schedule and allocation; and

■ Exchange-Traded
Funds (ETFs) where the aggregate daily trade value per security is less than or equal to USD $50,000 per ETF per day.

**Please note:** Although transactions in ETFs in amounts less than or equal to USD $50,000 per ETF do not require pre-clearance, post-trade review will be performed and all other Code provisions will still apply, such as the sixty (60) day profit restriction.

**Personal Trading Restrictions and Prohibited Activities**

The following transactions are prohibited:

■ Limit
orders that expire after the T+1 pre-clearance period (including limit orders with no expiration date);

■ Transactions
on margin;

■ Initial
public offering (IPO) or initial coin offering (ICO) investments;

■ Short
selling of securities;

■ Transactions
in securities that are subject to firmwide restriction; and

■ Transactions
 in a security while in possession of insider information. Such transactions are unethical
 and may be illegal and will be dealt with decisively (reference the *<u>Global Insider Trading Policy,</u>* the *<u>EU Anti-Market Abuse Policy</u>* , the *<u>Singapore Supplemental Insider Trading Policy,</u>* and the *<u>Japan Insider Trading Management Policies</u>*).

**BLACK OUT PERIOD RESTRICTION**

■ A
pre-clearance request involving a covered security will be denied if Dimensional has traded in the same or equivalent security within
the past seven (7) calendar days, and the pre-clearance request is for an amount over USD $10,000. Any transaction in a covered security
for an amount less than or equal to USD $10,000 still must be pre-cleared and reported, with the exception that transactions in ETFs
only require pre-clearance where the aggregate daily trade value per security is greater than USD $50,000 per ETF per day.

■ Compliance
will monitor trading activity for seven (7) calendar days following the pre-clearance approval date for conflicts of interest on non-Discretionary
Accounts.

DIMENSIONAL FUND ADVISORS 13 <br>

**SHORT-TERM TRADING RESTRICTIONS**

■ Access
Persons cannot profit from the purchase and sale (or sale and purchase) of the same or equivalent security, across all accounts, within
sixty (60) calendar days.

■ Gains
are calculated based on a last-in, first-out (LIFO) method within a sixty (60) calendar day period.

**EXCESSIVE TRADING IN COVERED SECURITIES**

Dimensional discourages employees from engaging in excessive trading activity. Compliance has the discretion to notify you and/or an appropriate supervisor of excessive trading patterns if circumstances warrant.

**EXCESSIVE TRADING OF DIMENSIONAL MANAGED FUNDS**

Employees are prohibited from engaging in excessive trading of any Dimensional Managed Funds in order to take advantage of short-term market movements. Excessive trading activity, such as a frequent pattern of exchanges, could result in harm to shareholders or clients.

**ETFS FOR WHICH DIMENSIONAL SERVES AS ADVISOR OR SUBADVISOR**

Employees with knowledge of the composition of the underlying ETF constituents are prohibited from using such information or from disclosing such information to any other person, except as authorized in the course of their employment, until such information is made public.

**CRYPTO CURRENCIES**

When seeking to acquire a digital currency, either directly or in the form of a security, please be aware of the following:

■ If
you purchase or sell a digital currency considered to be a "security" within the meaning of the U.S. federal securities laws
(or any other applicable laws for non-U.S. personnel), you need to pre-clear the transaction just as you would any other Covered Security.
Likewise, if you purchase or sell a fund or other instrument that invests in a digital currency (e.g., Bitcoin Investment Trust ("GBTC")),
you need to pre-clear the transaction just as you would any other covered security.

■ As
with any initial public offering (IPO), your participation in an Initial Coin Offering or Initial Token Offering (ICO), is not permitted
under the Code.

■ Holding
or transacting in actual cryptocurrency that has been determined not to constitute a security within the meaning of the U.S. federal
securities laws (or any other applicable laws for non-U.S. personnel), including holding or transacting in Bitcoin or Ethereum, does
not require pre-clearance or reporting to Compliance.

DIMENSIONAL FUND ADVISORS 14 <br>

**EXCEPTIONS TO CODE RESTRICTIONS**

In cases of hardship, the Global CCO or Designated Officer 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. Any exception (or waiver) will be evidenced in writing and will be reported to the Ethics Committee.

**Reporting Requirements**

Personal securities transactions and holdings reports will be reviewed by 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.

New employees who fail to submit their Compliance New Hire Questionnaire and Initial Holdings Report within ten (10) calendar days of their employment start date will be prohibited from engaging in any personal securities transaction until such report is submitted and may be subject to other sanctions.

**Summary of Reporting Obligations**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**New Hires** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Employees** |
| &nbsp;&nbsp;Upon joining the firm (Due in 10 calendar days) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly and Annually (Due 30 calendar days after each quarter) |
| &nbsp;&nbsp;New Hire Questionnaire<br> (Disciplinary Action Disclosure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly and Annual Compliance Questionnaires |
| &nbsp;&nbsp;Initial Holdings Report <br> (include private placements) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Reports and Annual Holdings Certification |
| &nbsp;&nbsp;Provide Covered Account statement(s) (current, within 45 days prior to start date) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Account(s) Certification; report new accounts upon opening |
| &nbsp;&nbsp;Code of Ethics, Insider Trading and Compliance Manual Acknowledgements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics, Insider Trading and Compliance<br> Manual Acknowledgements |

---

DIMENSIONAL FUND ADVISORS 15 <br>

**Communications with Disinterested Trustees and Outside Directors**

Dimensional attempts to keep directors/trustees informed with respect to Dimensional's investment activities through reports and other information provided to them in connection with board meetings and other events. However, it is Dimensional's policy not to communicate specific trading information and/or advice on specific issues to Disinterested Trustees and *<u>Outside Directors</u>* unless the proposed transaction presents issues on which input from the Disinterested Trustees or Outside Directors is appropriate (i.e., no information is given regarding securities for which current activity is being considered for clients). Any information requests by Disinterested Trustees or Outside Directors should be reported to the General Counsel or the Global CCO.

Disinterested Trustees are not subject to the reporting requirements except to the extent the Disinterested Trustee knew or, in the ordinary course of fulfilling his or her duties as a director, should have known that during the fifteen (15) days immediately before or after the Disinterested Trustee's transaction in a Covered Security, a U.S. Registered Fund purchased or sold the covered security, or an Advisor considered purchasing or selling the covered security for a U.S. Registered Fund.

**Supplemental Material**

**JAPAN**

Pursuant to local rules and regulations, Japanese employees have additional restrictions on personal trading (see the *<u>Japanese Code of Ethics Addendum</u>*).

**AUSTRALIA**

Dimensional employees in Australia are subject to additional rules regarding personal transactions in Dimensional products sold in Australia (see the Investment by Employees in The Dimensional Wholesale Trust policy).

Standard of Conduct <br>

This Standard of Conduct is designed to foster compliance with applicable legal and regulatory requirements and to require that employees act in a manner that is consistent with the highest ethical standards. Adherence to the Standard of Conduct is a basic condition of employment. Whether or not a specific situation is addressed below, you must conduct yourself in accordance with the general principles of the Standard of Conduct and in a manner that is designed to *avoid unlawful conflicts of interest*. Failure to comply could result in disciplinary action, up to and including termination.

Outside 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 a Dimensional employee 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 Standard of Conduct. However, as a practical matter there may be circumstances in which it would not be in Dimensional's best interest to allow an employee to participate in activities with an outside organization, even if the employee's participation did not violate Dimensional's policies and procedures (such as whether the activity would absorb a good part of the employee's time, potentially affecting their performance at Dimensional).

It is impossible to anticipate every conflict of interest that may arise, but activities with outside organizations should be limited to those that either do not present or have the least potential of presenting conflicts of interest. As a result, Dimensional requires that outside business and charitable activities must be approved by your supervisor and Compliance prior to the acceptance of such a position (or if you are new, upon joining the firm).

DIMENSIONAL FUND ADVISORS 17 <br>

**Guidelines**

**SERVING ON THE BOARDS OF PUBLIC COMPANIES**

■ As
a general matter, directorship or (an equivalent position) in an unaffiliated public company (or companies reasonable expected to become
public companies) will not be authorized because of the potential conflicts.

■ If
you wish to accept a directorship, or (an equivalent position), you must obtain prior approval from the Boards of Directors of the Dimensional
Entities in which you are an employee and/or an officer.

**ACTIVITIES WITH A PRIVATE ORGANIZATION**

■ If
you wish to be involved with a private organization (non-Dimensional) in an official capacity (officer, directorship or an equivalent
position), you must obtain approval from the Co-CEOs and the Global CCO.

**ACTIVITIES WITH A NON-PROFIT ORGANIZATION**

■ If
you wish to be involved with a non-profit organization in an official capacity (directorship or an equivalent position), you must notify
Compliance in writing, as further approval may be required.

**COMPENSATION**

■ If
you receive compensation from an outside organization, you must obtain prior written approval from your supervisor and Compliance.

**Approval Process**

Outside 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. Manager approval is required for all outside activities. If any additional information is required, 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 Dimensional 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.

DIMENSIONAL FUND ADVISORS 18 <br>

Gifts and Business Entertainment

If you accept or provide gifts or entertainment (including business entertainment) relating to Dimensional business, you must comply with regulatory requirements, Dimensional's business practices, and the Standard of Conduct. The giving (or accepting) of gifts and entertainment may create (or appear to create) a conflict of interest and place Dimensional or a client in a difficult or embarrassing position. Therefore, embarrassing gifts should never be given (or accepted), and you always should use your best judgment when giving (or accepting) any gift or entertainment to determine whether it is appropriate.

Under certain circumstances, Section 17(e)(1) of the 1940 Act may prohibit Dimensional's Fund Advisory Personnel from accepting gifts and entertainment from Broker Donors. Accordingly, Dimensional has adopted additional restrictions that apply when Broker Donors offer gifts and entertainment to Authorized Traders. If you are a member of the Fund Advisory Personnel, you must comply with these additional restrictions.

**Gifts**

In general, you may give (or accept) gifts that do not exceed the annual aggregate amount of USD $100 (or the local currency equivalent). However, 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 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 a member of your local Compliance Team for reporting details. (*<u>U.S. employees refer to the designee(s) list on Workday</u>*.)

Gifts include logo items (e.g., pens, hats, etc.), tickets for events, gift baskets, meals, and transportation.

This policy does not apply to gifts or charitable donations made by you outside the scope of your responsibilities with Dimensional.

**GIFT RESTRICTIONS**

■ You
may not give (or accept) gifts in excess of USD $100 (or the local currency equivalent).

■ You
may not give (or accept) gifts in the form of cash or cash equivalents.

■ Gifts
valued in excess of USD $100 must be reported to Compliance and returned unless an exception is granted by the Global CCO or Compliance
Designee.

■ No
exceptions will be granted for gifts subject to FINRA's USD $100 gift limit.

DIMENSIONAL FUND ADVISORS 19 <br>

If you are a member of the Fund Advisory Personnel, you must also comply with the following restrictions:

■ You
may not accept any gifts from Broker Donors except gifts of de minimis value, such as non-lavish, logoed items or gifts of less than
USD $25 in reasonably estimated value. If you have a long-standing personal relationship with a Broker Donor, you may attend a non-business,
social event hosted by the Broker Donor, or accept a non-de minimis gift or entertainment greater in value than USD $25 from the Broker
Donor if the event, gift, or entertainment is pre-approved first by your supervisor and then Compliance. You must report all gifts from
Broker Donors regardless of value.

**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 Dimensional. This also includes instances where a Dimensional employee is offering the event, meal, or activity on behalf of a current or prospective Dimensional client or vendor. If the person (or entity) paying for the entertainment does not have a representative in attendance, the event constitutes as a gift and is subject to the gift restrictions above.

**PROVIDING BUSINESS ENTERTAINMENT**

You may provide business entertainment as long as it is appropriate and reported in writing to your supervisor. Business entertainment provided to a current or a prospective client or vendor will be overseen by your supervisor through the Dimensional expense reporting and approval process. If the business entertainment exceeds USD $100 per person, you will need to provide to your supervisor a written explanation along with the name of the client, business vendor, or organization.

**RECEIVING BUSINESS ENTERTAINMENT**

You may receive business entertainment as long as it is appropriate and reported in writing to your supervisor. If the estimated value of the business entertainment you receive is expected to exceed USD $100 per person, you will need to report the event in writing to the head of your department. The following types of business entertainment require pre-approval by your department head:

■ Attending
business-related events with an expected value in excess of USD $100 per person (or the local equivalent);

■ Meals
or events in which family members or friends are present; and

DIMENSIONAL FUND ADVISORS 20 <br>

■ Attending
meals or events in which five (5) or more Dimensional employees are in attendance.

If you are a member of the Fund Advisory Personnel, you must also comply with the following restrictions:

■ You
may not accept entertainment (such as sporting events) from Broker Donors. You may accept business meals from Broker Donors of less than
USD $100 in anticipated value, and you must report those meals to your supervisor and Compliance. You may accept business meals from
Broker Donors of greater than USD $100 in anticipated value provided you first pre-clear the meal with your supervisor and Compliance.

**UNIONS AND UNION OFFICIALS**

Special reporting rules apply when Dimensional 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. Please report *all gifts or entertainment involving a union or union official* to either Legal or Compliance. If applicable, Legal will be responsible for filing the required LM-10 form with the Department of Labor.

**CHARITABLE CONTRIBUTIONS**

From time to time, Dimensional may choose to donate to charitable organizations that are clients or are supported by clients, prospects, or their employees. In general, we make those donations in response to requests from one of those parties. Dimensional takes into account the nature of the business relationship as one factor in determining whether to approve a charitable contribution.

**SUPPLEMENTAL POLICIES**

■ *<u>Japan Addendum to Gifts and Entertainment</u>* 

Political Contributions

The U.S. Securities and Exchange Commission's political contribution regulation and FINRA's Rule 2030, also known as "pay to play" rules<sup>3</sup> limit contributions<sup>4</sup> by investment advisers and certain of their employees to certain Covered Government Officials. In addition, Dimensional is subject to a variety of U.S. federal, state, and local restrictions regarding political contributions, as well as contractual restrictions between Dimensional and certain clients.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Political Contributions by Certain Investment Advisors*, Rule 206(4)-5; *Engaging in Distribution and Solicitation Activities with Government Entities*, FINRA Rule 2030.

&nbsp;&nbsp;&nbsp;&nbsp;4. Contributions
include, but are not limited to, monetary contributions, gifts, and loans (including in-kind contributions, such as donation of goods
or services).

DIMENSIONAL FUND ADVISORS 21 <br>

Although Dimensional encourages civic and community involvement by its directors, officers, and employees, Dimensional desires to avoid any situation that could curtail Dimensional's current business or business prospects, raise potential or actual conflicts of interest, or create an appearance of impropriety in the context of Dimensional's business relationships. Accordingly, all contributions by a director, officer, employee, registered representative or Immediate Family Member of a director, officer, or employee of the Dimensional Entities or Distributor (each a "Contributor") must be made on the Contributor's behalf, entirely voluntary, and should not be in an amount (determined by Contributor taking into account the Code) that is likely to influence a candidate's judgment regarding any continued or future business with Dimensional.

Specifically, this policy prohibits a Contributor from making political contributions when the solicitation or request for such contributions implies that continued or future business with Dimensional depends on making such contributions. Similarly, no contributions should be made that create the appearance that Dimensional stands to benefit in its business relations because of the Contributor's contribution. If a Contributor is unsure if a particular political contribution would be in compliance with this policy, they should consult Dimensional's U.S. Legal and/or Compliance Department.

More specifically, the following actions are prohibited:

■ Contributors
are prohibited from making political or charitable contributions for the purpose of obtaining or retaining potential or existing public
entity clients;

■ Contributors
are prohibited from making any contributions that create the appearance that Dimensional stands to benefit in its business relations
because of such contribution; and

■ Contributors
from Dimensional's non-U.S. based advisor affiliates are prohibited from making any political contributions to political action
committees (PACs) federal, state, or local candidates for elective office in the United States.

In order to prevent an inadvertent violation of the "pay to play" rules, Contributors are prohibited from making political contributions without prior approval from the Global CCO or Designated Officer to any of the following:

■ Covered
Government Officials

■ U.S.
Political action committees (PACs)

Requests for approval of political contributions must be submitted through the CRS and cannot exceed U.S. federal, state, or client limitations.

DIMENSIONAL FUND ADVISORS 22 <br>

Dimensional's Compliance Department will be responsible for maintaining the required books and records associated with employee political contributions. In addition, Dimensional's Global CCO or a Chief Executive Officer may grant exceptions to the contribution limitation on a case-by-case basis. Violations of this policy will not necessarily be deemed to be violations of the "pay to play" rules; all violations of this policy will be discussed by Dimensional's Global Legal and Compliance Officers in making that determination. If you have any questions about the policy, please contact the U.S. Legal and/or Compliance Department.

Other Policy Highlights

**Policy Against Bribery and Corruption**

Dimensional employees are prohibited from giving, offering, or promising anything of value to a foreign official *with the intent to improperly obtain or retain any business or any other advantage*.

For a full explanation of the policy, please refer to the *<u>Policy Against Bribery and Corruption including the U.K. Annex</u>*.

**Privacy Policies**

You should be aware of your local privacy policies, including the *<u>Dimensional Privacy Policy and Procedures</u>*, the *<u>Dimensional Fund Advisors Ltd. Privacy Policy and Notice, Employee and Contractor/Consultant Privacy Policy and Notise and Director Privacy Policy</u>*, the *<u>Australian Privacy Policy Statement</u>*, the *<u>Japan Personal Information Protection Policies</u>*, the *<u>Canada Privacy Policy</u>*<u>, the *Singapore Privacy Policy*</u>, the *<u>Dimensional Ireland Limited Privacy Policy and Notice</u>*<u>, *Employee and Contractor/Consultant Privacy Policy and Notice*</u>*,* and *<u>Director Privacy Policy</u>*, and the *<u>Hong Kong Privacy Policy</u>*. Information concerning Dimensional's clients that you acquire in connection with your employment at Dimensional is proprietary. As an employee, contractor, or consultant you have access to computers, systems, and corporate information in order to do your job. This access means that you have an obligation to use these systems responsibly and follow company policies to protect information and systems.

You are prohibited from sending or forwarding sensitive or confidential data to your personal email address.

If you have any general questions about the Standard of Conduct, please contact a member of your local Compliance Team.

---

| | |
|:---|:---|
| **Updated as of January 1, 2024** | **(US_22035.14)** |

---

Glossary of Terms <br>

The following definitions apply throughout both the Code and Standard of Conduct:

**1940 Act** means the Investment Company Act of 1940.

**529 Account(s)** (or 529 Plans) means accounts established in a college savings or other plan authorized under Section 529 of the Internal Revenue Code. A list of all 529 Plans that have the ability to hold Dimensional Managed Funds appears on Worday and is periodically updated by Compliance.

**Access Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ any
director/trustee or officer of the U.S. Registered Funds or Dimensional Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ any
officer 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ employees
of Dimensional who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase
or sale of covered securities, or other advisory clients for which the Advisors provide investment advice, or whose functions relate
to the making of any recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ any
natural persons in a control relationship with one or more of the U.S. Registered Funds or Advisors who obtain information concerning
recommendations made to such U.S. Registered 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 U.S. Registered
Funds or advisory clients regarding the purchase or sale of Covered Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ any
Supervised Person (which may include contractors or consultants) who has access to nonpublic information regarding client securities
transactions, research, or portfolio holdings of any Dimensional Managed Funds.

DIMENSIONAL FUND ADVISORS 24 <br>

**Advisers Act** means the Investment Advisers Act of 1940.

**Advisor** means Dimensional Fund Advisors LP, DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Ireland Limited.

**Authorized Brokerage Firms** for U.S. employees and other U.S. persons subject to the Code are listed on Appendix A.

**Beneficial Ownership** means the employee has or shares a direct or indirect pecuniary interest in the securities held in an account. As an employee, you have a pecuniary interest in securities if you have the ability to directly or indirectly profit from a securities 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 or domestic partner (*or an unrelated adult with whom you share 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).

**Broker Donors** means broker-dealers or similar financial intermediaries and their employees, officers, directors, and other representatives.

**Covered Account** includes any broker-dealer, investment adviser, bank, or other financial institutions in which an Access Person maintains an account in which any securities are held or the account has the ability to hold securities for the direct or indirect benefit of such Access Person.

**Covered Government Official** means any person who is, at the time of the contribution, an incumbent or a candidate for U.S. state or local government office (including any candidate for a federal office currently holding a state or local office).

**Designated Officer** means the Global Chief Compliance Officer or any employee from the **Dimensional Entities** designated by the Global CCO.

**Dimensional** means (i) DFA Investment Dimensions Group Inc., The DFA Investment Trust Company, Dimensional Emerging Markets Value Fund and Dimensional Investment Group Inc. (collectively, the "**U.S. Mutual Funds**"), (ii) Dimensional ETF Trust (collectively (i) and (ii) are the "**U.S. Registered Funds**"); (iii) Dimensional Fund Advisors LP, Dimensional Investment LLC, DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., Dimensional Hong Kong Limited, and Dimensional Ireland Limited (collectively, the "**Dimensional Entities**"); and (iv) DFA Securities LLC (the "**Distributor**").

DIMENSIONAL FUND ADVISORS 25 <br>

**Dimensional Managed Funds** means any series/portfolio of the U.S. Mutual Funds, ETFs, or any other fund globally that is advised by or sub-advised by any of the Advisors.

**Discretionary Account** means a personal account in which you have completely turned over decision-making authority to a professional money manager (who is not an Immediate Family Member or not otherwise covered by the Code) and you have no direct or indirect influence or control over the account. This includes accounts for which Dimensional is an investment advisor or a sub-advisor. Such accounts are often referred to as "professionally managed" or "managed accounts."

**Disinterested Trustee** means a director/trustee of the U.S. Registered Funds who is not considered to be an "interested person" of the U.S. Mutual Funds within the meaning of Section 2(a)(19)(A) of the 1940 Act.

**Ethics Committee** means the Ethics Committee appointed by the directors/ trustees of the Dimensional Entities and consists of the certain officers of Dimensional Fund Advisors LP, including the Co-Chief Executive Officers, General Counsel, Global Head of Portfolio Management, Global Head and Deputy of Human Resources, Chief Compliance Officer for the U.S. Registered Funds, Global Chief Compliance Officer, and subject to change from time to time.

**Fund Advisory Personnel** means those persons whose names appear on the effective list of Authorized Traders kept by Dimensional.

**Immediate Family Member** of an employee means any of the following:

■ Spouse,
civil union or domestic partner;

■ Any
person(s) sharing the same household with the employee, including child, stepchild, grandchild, parent, stepparent, grandparent, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, adoptive relationships, and legal guardianships;

■ someone
who holds account(s) in which the employee is a joint owner, has trading authority, or Beneficial Ownership; and/or

■ person(s)
sharing the same household with the employee for whom the employee contributes to the maintenance of the household and the financial
support of such person.

**Outside Director** means a director of any Advisor who is not considered to be an "interested person" of the Advisor within the meaning of Section 2(a)(19)(B) of the 1940 Act, provided that a director shall not be considered interested for purposes of the Code by virtue of being a director or

DIMENSIONAL FUND ADVISORS 26 <br>

knowingly having a direct or indirect beneficial interest in the securities of the Advisor if such ownership interest does not exceed five percent (5%) of the outstanding voting securities of such Advisor.

**SEC Rules** means rules of the U.S. Securities and Exchange Commission (the "**SEC**") including, but not limited to, Rule 206(4)-5 and Rule 204A-1 under the Advisers Act, and Rule 17j-1 under the 1940 Act.

**Supervised Person** means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Dimensional, or other person who provides (i) investment advice on behalf of an Advisor and (ii) is subject to the supervision and control of the Advisor with respect to activities that are subject to the Advisers Act or the 1940 Act.

Appendix A – List of <br> Authorized Brokerage Firms <br>

The following Authorized Brokerage Firms, which are subject to change from time to time, are approved for U.S. employees and U.S. persons subject to the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ameriprise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Betterment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Edward
Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Charles
Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ E\*Trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Fidelity
Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ LPL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Merrill
Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Morgan
Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Raymond
James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ USAA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Wells
Fargo

MKT-41027 12/23

## Ex-99.P

**Exhibit(p)(20)** 

Federated Hermes, Inc.

**Code of Ethics for<br> Access Persons**

***Effective 11/13/2024***

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **INTRODUCTION** | **INTRODUCTION** | **1** |
| **1** | **RESPONSIBILITIES** | **3** |
| 1.1 | General Principles | 4 |
| 1.2 | Compliance with this Code is a condition of employment | 4 |
| 1.3 | Personal Responsibility | 4 |
| 1.4 | Perceived ambiguity shall not excuse violations | 4 |
| 1.5 | Preclearance does not protect wrongdoing | 4 |
| **2** | **REPORTING REQUIREMENTS** | **4** |
| 2.1 | Initial Reporting Requirements | 5 |
| 2.2 | Quarterly Reporting Requirements | 5 |
| 2.3 | Annual Reporting Requirements | 7 |
| 2.4 | Independent Directors | 7 |
| 2.5 | Non-Federated Hermes Officers of Federated Hermes Funds or Proprietary Client Funds | 8 |
| 2.6 | Access Persons Acknowledgments of Receipt of Code of Ethics and Amendments | 9 |
| **3** | **PRECLEARANCE REQUIREMENTS** | **9** |
| 3.1 | Preclearance of Trades | 9 |
| 3.2 | Duration and Revocation | 10 |
| 3.3 | Preclearance Does Not Protect Wrongdoing | 10 |
| 3.4 | Exceptions | 10 |
| 3.5 | Exception for Employee Stock Options of a Previous Employer | 11 |
| 3.6 | Federated Hermes Stock and Options Trading | 12 |
| 3.7 | Special Rules for Equity Transactions Based on Market Capitalization | 12 |
| **4** | **EXEMPT TRANSACTIONS** | **13** |
| 4.1 | Exempt Securities | 13 |
| 4.2 | Discretionary Accounts | 13 |
| **5** | **PROHIBITIONS AND RESTRICTIONS** | **14** |
| 5.1 | General Prohibitions | 14 |
| 5.2 | Equity Initial Public Offerings (IPOs) are Prohibited | 15 |
| 5.3 | Private Placements Require Prior Compliance Approval | 16 |
| 5.4 | Prohibition of Short-Term Profits 60-Day Rule Individual Securities | 16 |
| 5.5 | Minimum Holding Period Designated Federated Hermes Funds | 17 |
| 5.6 | Prohibition on Insider Trading | 18 |
| 5.7 | Disclosure or Misuse of Fund Information | 18 |
| 5.8 | Blackout Periods - Fund Trades | 18 |
| 5.9 | Prior Knowledge | 19 |
| 5.10 | Serving as a Director or Officer of Outside Organizations | 19 |
| 5.11 | Excessive Trading and Market Timing | 21 |
| 5.12 | Independent Directors | 22 |
| 5.13 | Restrictions on Investment Clubs | 22 |
| 5.14 | Disclosure of Personal Interests | 22 |

---

---

| | | |
|:---|:---|:---|
| **6** | **PROHIBITIONS ON GIVING/RECEIVING GIFTS; POLITICAL AND CHARITABLE CONTRIBUTIONS** | **23** |
| **7** | **REVIEW, REPORTING, EDUCATION AND SANCTIONS** | **24** |
| 7.1 | Management Review of Investment Personnel's Trading Activity | 24 |
| 7.2 | Compliance Review of Reports and Trading Activity, and this Code of Ethics | 25 |
| 7.3 | Self-discovery and Reporting | 25 |
| 7.4 | Education | 26 |
| 7.5 | Sanctions | 26 |
| 7.6 | Factors For Consideration | 27 |
| 7.7 | Reporting of Violations | 27 |
| **8** | **DEFINITIONS** | **27** |
| 8.1 | 1933 Act | 27 |
| 8.2 | 1934 Act | 27 |
| 8.3 | 1940 Act | 27 |
| 8.4 | Access Person | 27 |
| 8.5 | Adviser | 28 |
| 8.6 | Advisers Act | 28 |
| 8.7 | Associated Procedures | 28 |
| 8.8 | Automatic Investment Plan | 28 |
| 8.9 | Beneficial Ownership | 28 |
| 8.10 | Board | 29 |
| 8.11 | Code | 29 |
| 8.12 | Compliance Committee | 29 |
| 8.13 | Compliance Department | 29 |
| 8.14 | Control | 29 |
| 8.15 | Covered Security | 29 |
| 8.16 | Federal Securities Laws | 29 |
| 8.17 | Federated Hermes | 30 |
| 8.18 | Fund | 30 |
| 8.19 | Independent Director | 30 |
| 8.20 | Influence | 30 |
| 8.21 | Initial Public Offering | 30 |
| 8.22 | Investment Person; Investment Personnel | 30 |
| 8.23 | Private Placement | 31 |
| 8.24 | Purchase or Sale | 31 |
| 8.25 | Reportable Fund | 31 |
| 8.26 | SEC | 31 |
| 8.27 | Security | 31 |
| 8.28 | Supervised Person | 31 |
| 8.29 | Underwriter | 32 |
| 8.30 | Vendor | 32 |
|  | **ADDENDUM** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Persons Procedures | A-1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance Department Procedures | B-1 |

---

CODE OF ETHICS FOR ACCESS PERSONS

**Introduction**

This Code sets forth standards of conduct and professionalism that apply to all Federated Hermes persons designated as Access Persons by the Compliance Department (including all Federated Hermes, Inc. (FHI) and Federated Hermes Limited (FHL) subsidiaries). This Code was designed and established, and will be maintained and enforced, to protect Federated Hermes' clients (or Funds) by deterring misconduct and to guard against violations of the U.S. Federal Securities Laws and

U.K. Financial Conduct Authority (FCA) regulations.<sup>1</sup> This Code reinforces the value that Federated Hermes places on ethical conduct. Each Access Person must comply with this Code and uphold Federated Hermes' ethical standards at all times. Each Access Person also is responsible for ensuring that spouses, children and others residing in the same household do not violate applicable provisions of this Code.

It is Federated Hermes' policy that business must be conducted in accordance with the highest fiduciary, legal and ethical standards. Federated Hermes' reputation for integrity is its most important asset and each Access Person must contribute to the care and preservation of that asset. This reputation for integrity is the cornerstone of the public's faith and trust in Federated Hermes; it is what provides Federated Hermes an opportunity to serve investors, shareholders and other stakeholders. A single Access Person's misconduct can damage Federated Hermes' hard-earned reputation.

This Code sets forth the fiduciary, legal and ethical requirements and certain "best practices" that must be satisfied to comply with this Code. This Code also establishes procedures that Access Persons must follow in order to comply with this Code. Unless stated otherwise, required communication and notifications to the Compliance Department outlined in the Code should be directed to Compliance personnel from their legacy entity (FHI Compliance for FHI Access Persons & FHL Compliance for FHL Access Persons).

Key terms are defined in Section 8 of this Code.

**Access Persons.** Access Persons are defined under Section 8.4 of this Code and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designated
employees of Federated Hermes, including those who work for any subsidiary that is an Adviser, an Underwriter for funds and employees
of certain other subsidiaries. All FHL employees and employees working in the Global

&nbsp;&nbsp;&nbsp;&nbsp;1. Companies
 within the FHL group are regulated by a number of different regulators around the world.
 Where Regulator rules diverge from the FCA, FHL applies the higher standard for those jurisdictions
 affected. Our Regulators include the Financial Services Agency in Japan, the Australian Securities
 & Investment Commission, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
 in Germany, Central Bank of Ireland, Comisión Nacional del Mercado de Valores (CNMV)
 in Spain, the Danish Financial Supervisory Authority, Commissione Nazionale per le Società
 e la Borsa (CONSOB) in Italy, the Monetary Authority of Singapore, the Securities Exchange
 Commission in the US, and the Swiss Financial Market Supervisory Authority FINMA.

**1**

New York, MDT, and Cleveland offices are designated as Access Persons due to the seating proximity within the office locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Independent
 Directors of a fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Designated
 officers of Federated Hermes funds or proprietary funds who are not employed by Federated
 Hermes. (*e.g.*, designated outside counsel who serve as secretary to one or more funds);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All **Investment Personnel**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 other individual designated by the Compliance Department. This may include a Federated Hermes
 employee or a temporary hire, vendor, consultant, service provider or other third party employee.

**Application to Access Persons.** This Code applies only to those individuals specified above, designated as Access Persons under this Code. Please note that certain requirements of this Code apply to Access Persons, while others may only apply to Investment Persons.

**Application to Household Members (Connected Person).** As noted above, each Access Person also is responsible for assuring that spouses, children or any others residing in the same household do not violate the provisions of this Code that are applicable to the Access Person (even if certain provisions of this Code do not specifically reference household members/connected persons). See the definitions of "Access Person" and "Investment Personnel" in Section 8 of this Code for further information.

This Code also applies to accounts or holdings for persons outside the household, over which the Access Person or his/her household members/connected persons has investment discretion, influence or control.

**Questions.** All Access Persons are obligated to read the requirements of this Code carefully. If you have any questions regarding how this Code applies to any conduct or practice, please contact the Compliance personnel from the legacy Federated entity. When in doubt, an Access Person should ask before taking any action.

**Compliance with Other Requirements Still Required.** This Code supersedes prior versions of this Code. This Code does not supersede, or relieve an Access Person from complying with applicable laws or with other Federated Hermes standards and corporate and departmental policies or procedures which can be found on the FHI and FHL internal website. A violation of any of these policies or procedures by an Access Person may, depending upon the circumstances, also constitute a violation of this Code.

**Sanctions for Violations of this Code.** Federated Hermes intends to enforce the provisions of this Code vigorously. A violation of this Code may subject an Access Person to sanctions as set forth in Section 7 below, and possible civil and criminal liability.

**Adoption.** Pursuant to Rule 17j-1 under the 1940 Act, Rule 204A-1 under the Advisers Act (as applicable), FCA Principle 8 (Conflicts of Interest) and FCA Conduct

**2**

of Business Sourcebook (COBS 11.7) this Code has been adopted on behalf of each investment company that is served by the Board of Directors of Federated Hermes, Inc., the Federated Hermes' funds, Federated Hermes' Advisers and Federated Hermes' Underwriters.

1 Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;1.1 General
Principles

The following general principles govern all conduct of Access Persons, whether or not the conduct also is covered by more specific standards or procedures set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fiduciary
Principles

Each Access Person must:

● (i) place the Funds' interests ahead of his or her personal interests;

● (ii) disclose and, where possible, avoid conflicts of interest (actual or potential) and the appearance of any conflict with the Funds or any other party;

● (iii) conduct his or her personal transactions in a manner, which is consistent with this Code and which does not interfere with Fund portfolio transactions or otherwise take unfair or inappropriate advantage of his or her position or relationship to a Fund or any other party;

● (iv) not show inappropriate favoritism of one Fund over another Fund in a manner that would constitute a breach of fiduciary duty;

● (v) not accept or offer inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence decision-making by either Federated Hermes, an Adviser, a Fund or any other party;

● (vi) safeguard material nonpublic Fund information and control its dissemination in a manner consistent with Federated Hermes' policies and applicable legal requirements; and

● (vii) otherwise act in good faith, in an open, honest, non-misleading, professional and unbiased manner, with integrity, and in a manner that instills trust and confidence and promotes independence in the investment decision-making process, in each aspect of the Access Person's professional activities and business (including, without limitation, in all disclosures, advertisements and other communications, and dealings, with Funds, shareholders and accountholders).

For example, an Access Person's failure to recommend or purchase a Covered Security for the Fund in order to purchase the Covered Security for the Access Person's personal benefit may be considered a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Legal
 Principles

In addition to complying with the above fiduciary principles, each Access Person must comply with State, U.S. Federal, and U.K. FCA securities laws, rules and regulations. If you have questions concerning complying with applicable law, contact your legacy Compliance Department or Federated Hermes's Deputy General Counsel.

**3**

Notwithstanding any other provision of this Code, for the avoidance of doubt, nothing herein prevents reporting possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures, protected under the whistleblower provisions of federal law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Compliance
with this Code is a Condition of Employment

Every Access Person must adhere to the general principles set forth in Section 1.1 above, and comply with the specific provisions and Associated Procedures of this Code and the spirit of those provisions. Literal compliance with specific provisions will not be sufficient where the transactions undertaken by an Access Person show a pattern of abuse of the Access Person's fiduciary duty or of violation of applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Personal
Responsibility

It is the responsibility of each Access Person to take all steps necessary before executing a personal trade, or taking other action, to verify that the trade or other action is in compliance with the provisions and intent of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 Perceived
Ambiguity shall not Excuse Violations

Any Access Person who believes a particular provision of this Code is ambiguous is required to contact the Compliance Department for a determination prior to executing a transaction or taking other action subject to that provision.

&nbsp;&nbsp;&nbsp;&nbsp;1.5 Preclearance
does not Protect Wrongdoing

Receipt of express prior preclearance approval does not exempt you from the prohibitions outlined in this Code.

2 Reporting Requirements

The Reporting Requirements in Sections 2.1, 2.2, and 2.3 of this Code apply to Access Persons and their household members/connected persons (generally including members of the immediate family sharing the same household, *e.g.,* a spouse and unemancipated children) and certain partnerships, trusts, corporations or other similar arrangements. Access Persons should contact the Chief Compliance Officer for further clarification if they have questions regarding the application of this Code.

Every Access Person must report (1) all Covered Securities in which the Access Person or members of his or her household have direct or indirect investment discretion, influence or control (either for the benefit of the Access Person or for any other party), (2) all transactions in those Covered Securities, and (3) all accounts in which any Covered Securities are held. An Access Person is deemed to have influence or control over a discretionary account as described in Section 4.2.

<u>NOTE</u>: All information provided by the Access Person must be current as of a date no more than 45 days before the report is required to be submitted. Failure to provide that information within the time specified (if it is not being provided directly to Compliance by the financial institution or other party) shall be deemed a violation of the Code and SEC Rules.

**4**

Covered Securities transactions of Access Persons will be reviewed for compliance with the provisions of this Code. A violation may result from either a single transaction or multiple transactions if the Compliance Department determines that the transaction(s) did not comply with provisions of this Code.

Information relating to the holdings and personal trades of Access Persons will be shared with Senior Management of Federated Hermes from time to time for purposes of reviewing Access Person trading patterns and practices.

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Initial
Reporting Requirements

Within ten (10) calendar days of becoming an Access Person**,** the Access Person is required to submit to the Compliance Department, a holdings report including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
full security name and description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, number of shares and principal amount of each
Covered Security held in any form, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.) in any location,
in which the Access Person or household member/connected person had any direct or indirect investment discretion, influence or control,
including, without limitation, those shares of Federated Hermes funds included under this Code's definition of "Covered Security,"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
investment accounts with a financial institution or intermediary, including the name and address of any broker, dealer, bank or other
financial institution holding any Securities in which the Access Person or members of his or her household/connected person have any
direct or indirect investment discretion, influence or control, and the account numbers (this does not include accounts held directly
with Federated Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
date the Access Person submits the report.

The Compliance Department will direct the broker, dealer, bank or other financial institution maintaining each account to provide duplicate confirmations of all transactions and account statements directly to the attention of the Compliance Department, in a timely fashion. The Compliance Department also will obtain reports on accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator. For FHL Access Persons, if duplicate confirmations or statements cannot be obtained directly from the financial institution, the Access Person is responsible for providing the statement to the Comnpliance Department. Each Access Person must assure that such information is received.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Quarterly
Reporting Requirements

By the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after the end of the calendar quarter) every Access Person must review the information recorded by the Compliance Department relating to his or her personal accounts (discretionary and non-discretionary) and all transactions in any Covered Securities, regardless of the form in which such securities are held, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.), and each

**5**

Access Person must complete and submit to the Compliance Department a quarterly Securities transaction report, using Star Compliance where available, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify
and confirm that all Covered Security transactions during the previous calendar quarter in all accounts in which the Access Person or
household members/connected persons have a direct or indirect investment discretion, influence or control, have been reported, including,
without limitation, transactions in Federated Hermes funds included under this Code's definition of "Covered Security"
that are held in accounts with a financial institution or intermediary (this does not include accounts held directly with Federated Hermes'
Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Identify
and confirm that all investment account information has been reported, including any new investment account(s) established during the
quarter with broker-dealers, banks or other financial institutions holding any Securities in which the Access Person or members of his
or her household/connected persons have any direct or indirect investment discretion, influence or control, along with the name and address
of the intermediary, the date the account was established and account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolve
any discrepancies identified with the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Record
an electronic signature and date on Star Compliance or other process approved by the Compliance Department.

The information required in Section 2.2(a) above shall include at least the following information about each transaction involving a Covered Security in which the Access Person or household member/connected person had, or as a result of a transaction acquired, any direct or indirect investment discretion, influence or control: (1) the date of the transaction, (2) the full security name, description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, interest rate, maturity date, number of shares and principal amount of each Covered Security held, (3) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), (4) the price of the Security at which the transaction was effected, and (5) the name of the broker, dealer, bank or other financial institution with or through which the transaction was effected.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated Hermes so long as trade confirmations or account statements are received by the Compliance Department no later than 25 days after the end of the applicable calendar quarter.

Several advisers or brokers offer automated contribution programs where a pre-determined cash amount is invested at set time intervals into identified securities. The programs usually allow repeated investments at low cash amounts. Examples include Acorns, Betterment, and Robinhood. For participation in these programs, the Access Person preclears the initial investment into each security (if known) and communicates the predefined time interval and dollar amount to be invested in each subsequent automatic investment. Thereafter, quarterly transaction reporting/certification and preclearance need not be made for each subsequent automatic investment, however, quarterly adjusted positions in each Covered Security must reflect all investments made during each certification period since aggregate annual holdings certifications

**6**

for each Covered Security would still be required. Automated investments made through such a program will not trigger a minimum 60 calendar day holding period requirement (see Section 5.5) or be subject to the short-term profits prohibition (see Section 5.4). Further voluntary investments and/or liquidations that are not identified as part of the automated program made through the same broker or adviser would require preclearance, quarterly transaction reporting/certification and would be subject to the 60 calendar day holding period requirement and short term profits prohibitions. Stock issued by Federated Hermes Inc. may not be purchased through an automated contribution program other than the Federated Hermes Inc. employee stock purchase plan.

Compliance reserves the right to evaluate the dollar amount pledged to be invested in such programs, or the subsequent trading, and if it appears the amounts or trading should be treated as a normal brokerage account subject to all requirements of the Code, or as a discretionary account (outlined in Section 4.2), Compliance may require the Access Person to change the status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Annual
Reporting Requirements

On an annual basis and by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department, every Access Person is required to provide a written acknowledgment (1) that he or she is subject to, has received a copy of and read this Code, and (2) of his or her understanding of and compliance with this Code, its requirements and Associated Procedures. At the same time, the Access Person must review a current list of Covered Securities held in the Access Person's account(s), as recorded by the Compliance Department, for accuracy, and complete and submit to the Compliance Department an annual report using Star Compliance to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify
and confirm all Covered Securities held in any form (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.)
in any location, in which the Access Person or household member/connected person had any direct or indirect investment discretion, influence
or control, including the full security name and description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, number of shares and
principal amount of each Covered Security held, including, without limitation, those shares of Federated Hermes funds included under
this Code's definition of "Covered Security," that are held in accounts with a financial institution or intermediary
including all holdings in Covered Securities held through any automated contribution programs (this does not include accounts held directly
with Federated Hermes' Transfer Agent or 401k Plan Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Resolve
any discrepancies with the Compliance Department, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Record
an electronic signature and date on Star Compliance or other process approved by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 Independent
Directors

Independent Directors must report all holdings and transactions in shares of all Federated Hermes funds (including Federated Hermes ETFs) included under this Code's definition of "Covered Security" that are held in accounts with a broker-dealer,

**7**

bank or other financial institution or intermediary (this does not include accounts held directly with Federated Hermes' Transfer Agent or 401k Plan Administrator).

Except for holdings and transactions involving Federated Hermes funds (including Federated Hermes ETFs), an Independent Director (unless previously identified by the Compliance Department as being an Access Person who cannot take advantage of this Section) is exempt from all other reporting requirements so long as, at the time of a personal transaction in a Covered Security, such Independent Director neither knew nor, in the ordinary course of fulfilling his or her official duties as a fund director, should have known that during the 15-day period immediately before or after the director's transaction that the Covered Security was purchased or sold by the Fund, or considered for Purchase or Sale.

Any Independent Director who is identified by the Compliance Department as being an Access Person who cannot take advantage of this Section must comply with all reporting requirements applicable to Access Persons set forth in this Code or its Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;2.5 Non-Federated
Hermes Officers of Federated Hermes Funds or Proprietary Client Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-Federated
Hermes personnel serving as officers of a fund who are specifically designated as Access Persons subject to this provision shall be so
notified by the Compliance Department and shall be deemed to be Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such
specially designated Access Persons shall be subject to all provisions under this Code applicable to Access Persons (as applicable),
except that only the following provisions apply:

---

| | |
|:---|:---|
| Section 1 | Responsibilities |
| Section 2 | Reporting Requirements |
| Section 4.1 | Exempt Securities |
| Section 4.2 | Discretionary Accounts |
| Section 5.1 | General Prohibitions |
| Section 5.2 | Equity Initial Public Offerings (IPOs) are Prohibited |
| Section 5.3 | Private Placements Require Prior Compliance Approval |
| Section 5.5 | Minimum Holding Period – Designated Federated Hermes Funds |
| Section 5.6 | Prohibition on Insider Trading |
| Section 5.7 | Disclosure or Misuse of Fund Information |
| Section 5.9 | Prior Knowledge |

---

**8**

---

| | |
|:---|:---|
| Section 5.11 | Excessive Trading and Market Timing |
| Section 5.13 | Restrictions on Investment Clubs |
| Section 5.14 | Disclosure of Personal Interests |
| Section 6 | Prohibitions on Giving/Receiving Gifts; Political and Charitable Contributions |
| Section 7 | Review, Reporting, Education and Sanctions |
| Section 8 | Definitions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
specially designated Access Person must notify the Compliance Department of any positions held on the Board of Directors of any publicly
held company and any "for-profit" private company. In the event that the Access Person, thereafter, should be advised of
an issue relating to any such company, the Access Person must recuse himself or herself from any discussion or consideration of such
issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Violations
of this Code and/or suspicious trading activity shall be reported by the Compliance Department to the Senior Manager of such Access Person.
A report by the employer of the steps taken in response to the issues raised shall be requested by the Compliance Department and reported
to Federated Hermes management, and, in the case of a personal transaction that conflicts with a mutual fund transaction, the fund's
Audit Committee and, ultimately, the fund's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 Access
Persons Acknowledgments of Receipt of Code of Ethics and Amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Compliance Department shall provide each Access Person with a copy of this Code annually. The Compliance Department also shall provide
each Access Person with a copy of any amendment to this Code promptly after such amendments are adopted (and, to the extent possible,
prior to their effectiveness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After
receiving the copy of this Code or an amendment to this Code, each Access Person is required to provide the Compliance Department, within
the time period prescribed by the Compliance Department, a written or electronic acknowledgment (1) that he or she has received and read
this Code or such amendment, and (2) of his or her understanding of and compliance with this Code or such amendment, its requirements
and any Associated Procedures.

3 Preclearance Requirements

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Preclearance
of Trades

Unless subject to a preclearance exception, all Access Persons must preclear every Purchase or Sale of a Covered Security in which the Access Person or member of his or her household/connected person has any investment discretion, influence or control (including, without limitation, transactions in pension or profit-sharing plans, Equity

**9**

Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition), and Private Placements), in accordance with the Associated Procedures governing preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Private Placement securities must be precleared by contacting the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
other Covered Securities must be precleared using Star Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Access
Persons without access to Star Compliance must contact the Compliance Department for assistance in preclearing transactions on their
behalf.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Duration
and Revocation

Preclearance approval remains in effect until the end of the following business day in the local market. Preclearance approval may be revoked at any time upon notification of revocation being provided by the Compliance Department. Any revocation shall not affect any transaction made prior to such revocation notice being delivered during a time when the preclearance approval was effective.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 Preclearance
Does Not Protect Wrongdoing

Preclearance approval and the receipt of express prior preclearance approval does not exempt an Access Person from the prohibitions outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Exceptions

Preclearance requirements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
of any registered open end investment companies, including, without limitation, Federated Hermes open-ended funds included under this
Code's definition of "Covered Security" (**note that this exception does not apply to ETFs; all ETF transactions including those involving Federated Hermes ETFs must be precleared**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Involuntary
purchases or sales, including mandatory corporate actions (e.g. corporate mergers, exchanges);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Automatic
Investment Plans, including, without limitation, dividend reinvestment plans; automated contribution activity, or automatic payroll deduction
plan purchases that are either (a) made solely with the dividend proceeds, or (b) whereby an employee purchases Securities issued by
an employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exercise
of rights to purchase and any sales of such rights issued by an issuer pro rata to all holders of a class of its Covered Securities,
to the extent such rights were acquired from such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Exercise
of rights to tender Securities when an offer is made on a pro rata basis to all holders of a class of Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Gifts
or charitable donations of a Covered Security;

**10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Purchases
or sales in discretionary accounts (as outlined in Section 4.2) and/or purchases or sales in other accounts over which the Access Person
or household member/connected person had or has no investment discretion, influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Purchases
and sales of Covered Securities executed by an Independent Director.

<u>NOTE</u>: Notwithstanding anything in this Section to the contrary, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition) and Private Placements shall in no event be exempt from the preclearance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Exception
for Employee Stock Options of a Previous Employer

Subject to the conditions indicated, an Access Person or Investment Person may exercise employee stock options for Securities of a previous employer, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access
Persons and Investment Persons who are not also Portfolio Managers, Traders or Research Analysts may exercise employee stock options
for Securities of a previous employer for cash or in a cashless exercise and hold the stock thereafter without preclearance or restriction
that would otherwise be imposed by concurrent fund transactions, but must report the Securities when exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment
Persons who are Portfolio Managers, Traders or Research Analysts may exercise such an employee stock option for cash or in a cashless
exercise and hold the stock thereafter, without restriction that would otherwise be imposed by concurrent fund transactions after requesting
and receiving in writing a determination by the Compliance Department that no material conflict of interest exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
cashless exercise of employee stock options of a previous employer may occur without regard to the 60-day rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
such exception provisions for the exercise of employee stock options shall be conditioned on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access
Persons and Investment Personnel who <u>are not</u> Portfolio Managers, Traders or Research Analysts must notify the Compliance Department
of the exercise of any employee stock options within five business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Investment
Personnel who <u>are</u> Portfolio Managers, Traders or Research Analysts must request a determination in writing by the Compliance Department
that no apparent material conflict of interest exists prior to the exercise of any employee stock options and may not proceed with the
exercise until such determination is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Approval
of any such exercise shall be conditioned on full disclosure to the Compliance Department of all communications concerning that Security
within Federated Hermes by the Access Person or Investment

**11**

Person during the seven days prior to the exercise of an employee stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
apparent conflict of interest that is identified by the Compliance Department, before or after an exercise of employer stock options
shall be reported to the President of the Advisory Companies and the Chief Executive Officer of Federated Hermes, Inc., and investigated
further for determination as to whether a violation has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;3.6 Federated
Hermes Stock and Options Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
Federated Hermes employees are prohibited from trading Federated Hermes Inc. stock during announced blackout periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
Federated Hermes employees are prohibited from short selling Federated Hermes Inc. stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
Federated Hermes employees are further prohibited from options trading on Federated Hermes Inc. stock or purchasing Federated Hermes
Inc. stock on margin without FHI Compliance Committee approval.

<u>Note</u>: Employees should refer to the Federated Hermes Policy on Trading and Confidentiality for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Special
 Rules for Equity Transactions Based on Market Capitalization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
insure proper compliance with the Code and limit unintended preclearance mistakes, the Chief Compliance Officer, in conjunction with
the President of the Advisory Companies requires all Investment Personnel to preclear all trades in equity securities of issuers having
a market capitalization of less than $500 Million, which will be manually assessed by the Compliance Department and such requests will
be monitored and compared to Fund holdings for any appearance of conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment
Personnel with a proposed transaction in equity securities having a market capitalization of less than $500 Million will be subject to
a required manual assessment by the Compliance Department inclusive of the proposed transaction details along with confirmation that
the total requested transaction in the issuer will result in 5% or less of the Investment Person's total current reported brokerage
account exposure/ holdings. Compliance will review the submitted request to ensure that the proposed transaction will not result in the
requesting individual's aggregate ownership exceeding the lesser of ½ of 1% of the outstanding securities of the issuer
or $500,000. Additionally, the requested trade may not result in the Investment Management team, as defined in the Investment Management
Organizational Chart, owning 1% or more of the outstanding securities of the issuer. Should an issue arise, the Compliance Department
will review this information with the CIO - Global Equity (or Designee) to identify any holdings that might require additional special
preclearance requirements and may impose a blackout or holding period of up to 90 days from the date of the last Fund trade in such security.
These additional requirements will be communicated to and discussed with each affected Investment Person as they are identified.

**12**

4 Exempt Transactions

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Exempt
Securities

Unless otherwise specified within this Code, purchases or sales of the following Securities are not subject to the Preclearance (Section 3) or Prohibitions and Restrictions (Section 5) sections of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct
obligations of the Government of the United States and U. S. Government Agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers'
acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bank
certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commercial
paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) High
quality short-term debt instruments<sup>1</sup>, including, without limitation, repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares
of those registered open-end investment companies and units in a regulated collective investment scheme such as a Unit Trust that are
not included under this Code's definition of "Covered Security".

<u>NOTE</u>: Specified provisions of this Code are applicable to investment in Federated Hermes funds included under this Code's definition of "Covered Security".

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Discretionary
Accounts

Discretionary accounts over which the Access Person (or household member/connected person) has no investment discretion, but over which the Access Person retains control to designate an investment manager, are not subject to preclearance requirements (Section 3), prohibition of short-term profits (Section 5.4) or blackout periods caused by fund transactions (Section 5.8), but retain the prohibition on trading Federated Hermes stock (Section 3.6), Equity Initial Public Offerings (IPOs) (Section 5.2), the limitations of Private Placements (Section 5.3), and the minimum holding period for designated Federated Hermes Funds (Section 5.5) specified in this Code and are subject to all reporting requirements (Section 2).

It is the Access Person's responsibility to notify his or her broker or manager of these restrictions and limitations.

<sup>1</sup> The SEC has interpreted "high quality short-term debt instruments" to mean any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. Personal Investment Activities of Investment Company Personnel and Codes of Ethics of Investment Companies and Their Investment Advisers and Principal Underwriters, Investment Company Act Release No. 21341 (Sept. 8, 1995) [60 FR 47844 (Sept. 14, 1995)] (proposing amendments to rule 17j-1) at note 66.This definition is repeated in the footnotes to the adopting and proposing releases for the Adviser's Code of Ethics requirement under Rule 204A-1.

**13**

Access Persons establishing discretionary accounts and the individuals accepting discretionary authority over such accounts are required to acknowledge, in writing, their understanding and acceptance of the restrictions applicable to such accounts. Access Persons must provide information relating to the investment objective and any restrictions placed on his or her (or household member's/connected person's) discretionary account(s) and any changes made to those objectives or restrictions to the Compliance Department.

5 Prohibitions and Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;5.1 General
Prohibitions

Every Access Person is prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employing
any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Making
any untrue statement of a material fact to the Fund or omitting to state a material fact necessary in order to make the statements made
to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Engaging
in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Engaging
in any manipulative practice with respect to the Fund.

<u>Examples</u>: Causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt to protect the value of the Access Person's investment, such as an outstanding option.

Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
Access Person is prohibited from usurping investment or other business opportunities of a Fund for personal benefit (or for the inappropriate
benefit of Federated Hermes). Each Access Person owes a duty to the Funds to advance the Funds' legitimate interests when the opportunity
to do so arises. This duty of loyalty is violated if an Access Person personally profits (or allows Federated Hermes to inappropriately
profit) from an investment or other business opportunity that rightfully belongs to a Fund. This problem could arise, for example, if
an Access Person becomes aware through the use of Federated Hermes or Fund property, information or relationships of an investment opportunity
(either a loan or equity transaction) in which the Fund is or may be interested, and then participates in the transaction personally
or informs others of the opportunity before offering it to the Fund. An Access Person is prohibited from using Federated Hermes or Fund
property, information or relationships for personal gain (or for the inappropriate gain of Federated Hermes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
Access Person is prohibited from taking inappropriate or unfair advantage of his or her relationship with a Fund or a Vendor. Under this

**14**

duty of fair dealing, no Access Person should take advantage of a Fund or a Vendor, or another person or entity, through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice. All business conducted on behalf of Federated Hermes is to be done with integrity and high fiduciary, legal and ethical business standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
Access Person is prohibited from misappropriating Federated Hermes or Fund assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
Access Person is prohibited from taking any action to fraudulently influence, control, coerce, manipulate or mislead any independent
accountants engaged in the performance of an audit of Federated Hermes' or a Fund's financial statements for the purpose of rendering
such financial statements materially misleading.

(Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Corporate Opportunities," "Fair Dealing," "Protection and Proper Use of Company Assets" and "Improper Influence on the Conduct of Audits" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning the duty of loyalty, the duty of fair dealing, use of assets or conduct of audits, contact the Compliance Department or Federated Hermes' Deputy General Counsel.)

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Equity
Initial Public Offerings (IPOs) are Prohibited

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any equity Security in an Initial Public Offering (IPO) without prior approval. Exceptions may be approved in the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial
Public Offerings (IPOs) relating to Securities of the employer of a spouse, when offered to all employees at the spouse's level,
or the demutualization of insurance companies, banks or savings and loans, if the Access Person owned a policy or held such a prior interest
or relationship in or with the issuer, are allowed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Initial
offering of diversified investment funds, including, without limitation, closed-end funds and unit investment trusts (or "UITs")
are allowed.

All such exceptions require reporting and preclearance approval in accordance with the provisions of Sections 2 and 3 above.

Initial public offerings in fixed income securities are permitted, however no Access Person will be allowed to invest in a fixed income Security during a blackout period caused by a Fund trade. Note that pre-clearance is required.

A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. The initial public offerings of SPACs have the same conflict of interest potential as normal equity IPOs (potential usurpation of client opportunity or being offered the opportunity to purchase in the IPO due to client

**15**

activity with the underwriting broker/dealer). Therefore, purchasing the IPO of SPAC issuances is prohibited as well. Secondary trading of SPAC shares is permitted in accordance with pre-clearance, short-swing profit, and other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Private
Placements Require Prior Compliance Approval

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any Private Placement Security without prior approval. Any such transaction requires reporting and preclearance approval directly from the Compliance Department. No Access Person will be allowed to invest in a Private Placement Security in which a Fund has an investment or contemplates participation.

If an Investment Person receives prior approval and acquires a Private Placement Security, the Investment Person must disclose this investment to the Chief Investment Officer (or the Chief Investment Officer's designee) before the Investment Person may participate in any subsequent consideration of any potential investment by a Fund in the issuer of that Security.

Following a purchase by an Investment Person in an approved personal transaction, any purchase by a Fund of Securities issued by the same company (other than secondary market purchases of publicly traded Securities) will be subject to an independent review by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 Prohibition
of Short-Term Profits – 60 Day Rule – Individual Securities

As a general rule, personal Securities transactions of Access Persons should be for long-term investment purposes and should not be initiated for short-term profits. Profits realized on the sale of an individual Security held less than 60 days must be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When
a new purchase results in multiple lots of a Security held in personal portfolios, no lot of the same Security may be sold within 60
days if sale of any lot of the Security would result in a gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Similarly,
no Security may be purchased within 60 days of the sale of the same Security, unless the Security is purchased at a price greater than
the price of any sale of the Security within the prior 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
prohibition applies to all transactions involving exchange traded funds (ETFS) except for any Federated Hermes exchange traded funds.
Federated Hermes exchange traded funds are subject to the holding period based on FIFO outlined in Section 5.5.Similarly, no Security
may be purchased within 60 days of the sale of the same Security, unless the Security is purchased at a price greater than the price
of any sale of the Security within the prior 60 days.

Note: The short-term profit prohibition also applies to derivative transactions in securities. Any transaction completed to liquidate a previously established derivative position in a security (either through purchasing or selling the underlying security, assigning a derivative contract, covering margin requirements, or taking an offsetting derivative position) within 60 calendar days of the original transaction date, that results

**16**

in a gain, would be a violation of the Code. Further, derivative transactions cannot have an expiration date of less than 60 calendar days at the point of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;5.5 Minimum
Holding Period – Designated Federated Hermes Funds

Any holding of a Federated Hermes' fund which, according to its prospectus has adopted Frequent Trading / Market Timing Policies and is subject to monitoring for Frequent Trading will be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
minimum required holding period for shares of Federated Hermes' funds subject to monitoring for Frequent Trading is 60 days, unless
the particular fund has a redemption fee provision lasting for a longer period, in which case the minimum holding period will be the
same as the redemption fee period. Holding periods will be measured for fund transactions for this condition on a "first in, first
out" (FIFO) accounting basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
addition to the holding period specified above, shares of Federated Hermes' funds that are subject to monitoring for Frequent Trading
are further subject to the limitations expressed within the prospectus regarding frequency of trading that may be deemed excessive or
disruptive, including but not limited to purchases and sales within 30 days or trading that is deemed disruptive over periods longer
than 30 days. Such frequent or disruptive trading may occur in the same account or more than one account; that is to say that a purchase
may be made in one account and a sale in another account and still be subject to these provisions. Access persons making asset allocation
adjustments (transfers between or re-balancing) to investments in Federated Hermes funds that are subject to monitoring for Frequent
Trading must observe these limitations and restrictions. A violation of the Frequent Trading Policies of any Federated Hermes Fund will
be treated as a violation of the Code and will be subject to sanctions imposed by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Systematic
purchases (periodic contributions or 401k deferrals) or systematic or periodic withdrawals, that are part of a regular pattern, as determined
by the Compliance Department, will generally not trigger a holding period violation. Similarly, required income distributions by a trust,
minimum required individual retirement account (IRA) distributions and 529 Plan distributions for education expenses will not generally
trigger a holding period violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
Compliance Department shall be authorized to grant further exception from the required holding period in cases of exceptional hardship
that could not be reasonably foreseen by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
minimum required holding period for shares of any Federated Hermes' exchange traded funds (ETFs) is 60 calendar days (based on
FIFO) and systematic purchases that are part of a regular pattern, as determined by the Compliance Department, will generally not trigger
a holding period violation. Activity involving Federated Hermes exchange traded funds also requires preclearance as outlined in Section
3.1. **17**

&nbsp;&nbsp;&nbsp;&nbsp;5.6 Prohibition
on Insider Trading

Use of material, non-public information about any issuer of Securities by an Access Person is prohibited, regardless of whether such Securities are held by or have been recommended for any Fund. "Material non-public information" relates not only to issuers, but also includes, without limitation, an Adviser's Securities recommendations and Fund Securities holdings and transactions. In limited instances, awareness of material, non-public information relating to a specific Federated Hermes Fund, could subject certain Access Persons, as identified by the Compliance Department, to a blackout period during which those specified Access Persons would be prohibited from buying or selling shares of the Fund.

(See the Federated Hermes "Policy on Trading and Confidentiality" for more information. Also, any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Insider Trading" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning insider trading issues, contact the Compliance Department or Federated Hermes' Deputy General Counsel.)

&nbsp;&nbsp;&nbsp;&nbsp;5.7 Disclosure
or Misuse of Fund Information

Selective disclosure to third parties or misuse of any material, nonpublic Fund-related information by an access person is prohibited. No portfolio holdings or any other material, nonpublic information regarding a Fund may be disclosed, unless the same data is posted on the public website for other investors or is otherwise publicly available on a simultaneous basis. "Material" information is defined as any Fund-related information that might be expected to impact an investor's decision to buy, sell or hold a Fund or Security, and may include, without limitation, holdings, trading strategies, pending transactions, performance or performance attribution, duration, yields or other key statistics. Requests for public disclosure of previously undisclosed FHI Fund information or to release information on a more frequent schedule must be approved by the President of the Advisory Companies and the Chief Compliance Officer.

The Purchase or Sale of Federated Hermes fund shares based on material, nonpublic information about the fund's portfolio is similarly prohibited.

(See the Federated Hermes "Fund Information Disclosure Policy" or "FHL Selective Fund Disclosure Procedure" for more information. Also, any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Confidentiality" requirements in Federated Hermes' Code of Business Conduct and Ethics. If you have questions concerning disclosure or misuse of Fund information, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;5.8 Blackout
Periods – Fund Trades

Portfolio Managers, Research Analysts and ETF Operations Personnel identified as serving a Fund or group of Fund(s) are prohibited from purchasing or selling any Covered Security for which there is an open "buy" or "sell" order or any Covered Security that has been purchased or sold by those Fund(s) within fifteen (15) calendar days before or after the Fund purchases or sells that Security. Personal transactions that occur before transactions in those Fund(s) will be prohibited if the aggregate

**18**

related open "buy" or "sell" orders and/or purchases or sells of that Covered Security by those Fund(s) are thereafter determined to have been of an amount sufficient to trigger a blackout period. Transactions of those Funds in any amount will cause personal transactions to be prohibited for fifteen days after the trades. This provision supersedes any prior preclearance.

Investment Personnel who are not among the Portfolio Managers, Research Analysts and ETF Operations Personnel identified as serving the Fund(s), as provided above, may not purchase or sell a Covered Security within seven (7) calendar days after one or more Funds have open "buy" or "sell" orders and/or purchases or sells in the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

All other Access Persons may not purchase or sell a Covered Security on any day during which one or more Funds have open "buy" or "sell" orders and/or purchases or sells the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

<u>NOTE</u>: For purposes of administering this Section, all MDT employees shall be considered Investment Personnel, but generally no MDT employees shall be considered portfolio managers, traders or research analysts.

The Compliance Department shall have discretion in determining the methodology by which blackout periods are calculated.

&nbsp;&nbsp;&nbsp;&nbsp;5.9 Prior
Knowledge

No Access Person may execute a personal transaction, directly or indirectly, in any Covered Security and no prior preclearance will apply, when he or she knows, or should have known, that the Covered Security is being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Considered
 for Purchase or Sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased
 or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;5.10 Serving
as a Director or Officer of Outside Organizations

This Section applies to Access Persons, but not any household members/connected persons of such Access Persons.

While serving the community is a worthy objective, a director or officer of any organization has access to sensitive information and charts the course of that entity. Federated Hermes must take safeguards to shield Federated Hermes and Access Persons (including, without limitation, Investment Personnel) from even the appearance of impropriety. To that end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
Access Persons are prohibited from serving as an officer or director of any other organization unless written approval is first granted
by the Compliance Committee. Prior written approval for FHL Access Persons must be granted by the Access Person's Line Manager
and FHL Compliance, which will be escalated to the Compliance Committee as necessary. Approval of the

**19**

Committee is not required in those situations where the organization is not-for-profit and does not issue securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
Access Persons must notify the Chief Compliance Officer or Head of Regulatory Compliance in writing (by completing the Non-Federated
Hermes Business or Board Activity request form) of any organization for which such Access Person serves in compliance with this Section:
(1) initially upon becoming an Access Person or, (2) before they accept and begin to serve as an officer or director, and/or (3) upon
resigning from any such position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
approval to serve as an officer or director of an organization is granted, an Access Person has an affirmative duty to (1) recuse himself
or herself from participating in any deliberations inside Federated Hermes regarding such organization, and (2) not share non-public
information of such organization with any Federated Hermes personnel (including, without limitation, any Investment Personnel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
President of the Advisory Companies and all Investment Personnel reporting directly or indirectly to him are further prohibited from
serving as an officer or director of any publicly issued or privately held issuer of a Security (whether "for profit," "not
for profit," "charitable" or otherwise) that is or may become an eligible investment for a Fund unless an exception
is granted by the Compliance Committee pursuant to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of charitable, eleemosynary, municipal or educational organizations only, if the organization has no securities outstanding
or if all Chief Investment Officers confirm in writing that the securities of the issuer either are not qualified for investment by the
funds or that adequate alternative investments are available, and the President of the Advisory Companies approves, then the Compliance
Committee may approve service as an officer or director by an Investment Person, subject to semi-annual confirmation by the Chief Investment
Officers and approval by the President of the Advisory Companies that these conditions have not changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
the instances specified in Paragraph d. (i) of this Section, above, the Compliance Department shall maintain the organization on the
Funds Restricted List. Inclusion on the Restricted List shall make any security of the issuer an ineligible investment for the funds.
The Compliance Department shall communicate the Restricted List to all Chief Investment Officers and the President of the Advisory Companies
quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
an Investment Person, at the time of adoption of this amended provision of the Code or, in the case of a new hire, at the time of his
or her employment, is serving as an officer or of a charitable or eleemosynary organization that has issued securities eligible for or
owned by the funds, then the Investment Person shall recuse himself or herself from all discussions concerning possible investment by
the funds in such security and may request that his or her current term in such role may be completed. The Compliance Committee may approve
completion of terms under such circumstances if it deems the remaining term reasonable. Approval to

**20**

continue a current term will not permit the Investment Person to begin another term on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
a Security issued by a charitable or eleemosynary organization becomes an eligible investment for a Fund while an Investment Person is
serving as an officer or director, the Investment Person shall be subject to the same terms as are provided in Paragraph (d)(iii) of
this Section, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If
a Security issued by any organization that is not a charitable or eleemosynary organization becomes an eligible investment for a Fund
after an Investment Person has begun serving as an officer or director, the Investment Person must immediately resign from such role
and recuse himself or herself from all matters relating to the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
an Access Person serves as an officer or director of a non-public organization, and the organization seeks to issue securities, such
Access Person must, promptly after the company's intention to issue securities becomes public, take steps to notify the Chief Compliance
Officer in writing. If an exception has not been reconfirmed under this Section or if continued service would be prohibited under this
Section, as of the time when the organization's securities are first offered to the public, then the Access Person must immediately
resign from such board and recuse himself or herself from all board matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing
in this Section limits or restricts service on the Board of Federated Hermes, its subsidiaries, Federated Hermes Funds, Proprietary Funds,
or other funds administered by subsidiaries of Federated Hermes.

NOTE: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Corporate Boards" requirements in Federated Hermes' Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;5.11 Excessive
Trading and Market Timing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access
Persons are strongly discouraged from trading excessively. This applies to both individual Securities and registered investment company
Securities included under this Code's definition of "Covered Security." The Chief Investment Officers, the President
of the Advisory Companies and the Head of Trading will review the transaction volume of Investment Personnel on a quarterly basis. The
transaction volume of other Access Persons will be monitored by Compliance and will be escalated to managers if it appears that transaction
volume is interfering with the Access Person's obligation to Federated Hermes and/or it's clients. If trading is deemed excessive,
sanctions may be imposed consistent with Section 7.5 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Access
Persons are prohibited from market timing. This includes, without limitation, entering into any agreement or arrangement to permit market
timing by any fund, shareholder or accountholder or in any fund, or by any broker, dealer, bank or other financial institution, person
or entity. Frequent or short-term trading into and out of funds can have adverse consequences for the funds, shareholders and accountholders
who use the funds as long-term investment vehicles. Such trading in significant amounts can disrupt the funds'

**21**

investment strategies (e.g., by requiring the funds to sell investments at inopportune times or maintain excessive short-term or cash positions to support redemptions or cash flow needs), increase brokerage and administrative costs and affect the timing and amount of taxable gains distributed by or in respect of the funds. Such trading may also seek to profit by estimating changes in a fund's net asset value in advance of the time as of which net asset value is calculated.

&nbsp;&nbsp;&nbsp;&nbsp;5.12 Independent
Directors

Notwithstanding the other restrictions or exemptions provided under this Code, Independent Directors, including FHL Independent Directors, (other than Independent Directors identified by the Compliance Department as being Access Persons subject to additional provisions of this Code) and their household members are subject only to the following Code restrictions:

---

| | |
|:---|:---|
| Section 5.1 | General Prohibitions |
| Section 5.5 | Minimum Holding Period – Designated Federated Hermes Funds |
| Section 5.6 | Prohibition on Insider Trading |
| Section 5.7 | Disclosure or Misuse of Fund Information |
| Section 5.9 | Prior Knowledge |
| Section 5.11 | Excessive Trading and Market Timing |

---

In order to monitor compliance with the above referenced Code provisions, Section 2.4 further requires Independent Directors to disclose holdings and transactions in certain Federated Hermes funds (including Federated Hermes ETFs) for themselves and their household members.

&nbsp;&nbsp;&nbsp;&nbsp;5.13 Restrictions
on Investment Clubs

Investment Personnel who wish to participate in an investment club must request Chief Investment Officer approval prior to joining in the club activity. Names of other club members must be disclosed. The Chief Investment Officer shall notify the Compliance Department when such approval is granted.

Access Persons will be deemed to have investment discretion, influence or control in any trade by the club. All investment club activity by any Access Person will require preclearance and must be reported by duplicate confirms and statements.

&nbsp;&nbsp;&nbsp;&nbsp;5.14 Disclosure
of Personal Interests

All Access Persons (including, without limitation, Investment Personnel) are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Recommending,
implementing or considering any Securities transaction for a Fund, or

**22**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Negotiating
any agreement or otherwise arranging for any relationship with any Vendor,

without having disclosed in writing to the Chief Investment Officer (in the case of Investment Personnel) (or another person designated by the Chief Investment Officer) (Chief Investment Officers shall disclose to the President of the Advisory Companies) or the Compliance Department (in the case of all other Access Persons):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
material Beneficial Ownership, business or personal relationship, or other material interest, that the Access Person has in an issuer
or its affiliates, or in a Vendor, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) other
material conflict of interest that the Access Person has with an issuer or its affiliates or with a Vendor.

If the Chief Investment Officer (or other designated person) or Compliance Department determines that the disclosed interest is a material conflict of interest, then the Access Person may not participate in (a) any decision-making process regarding the Securities of that issuer, or (b) any negotiations or discussions with any Vendor.

In addition to the specific requirements above, each Access Person has the responsibility to use his or her best judgment to assess objectively whether there might be even the appearance of a conflict of interest or acting for reasons of personal gain (or the inappropriate gain of Federated Hermes to the detriment of a Fund, an issuer or its affiliates or a Vendor). If you have questions regarding disclosure of personal interests and conflicts of interest, contact the Compliance Department or Federated Hermes' Deputy General Counsel).

<u>NOTE</u>: Refer also to the "Conflicts of Interest" and "Personal Financial Interests; Outside Business Interests" requirements in Federated Hermes' Code of Business Conduct and Ethics.

6 Prohibitions on Giving/Receiving Gifts; Political and Charitable Contributions

Access Persons are in a position of trust and must exercise great care to preserve their independence. As a general rule, no Access Person should ever receive, solicit, make or offer an inappropriate payment or anything of value in exchange for a decision involving Federated Hermes', a Fund's or a Vendor's business. Decisions must be made in an unbiased manner. Bribery, kickbacks and other improper payments have no place in Federated Hermes' business.

**23**

Without limiting the foregoing general principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every
Access Person is prohibited from giving, either individually or in the aggregate with all other Access Persons, or receiving any gift,
favor, preferential treatment, valuable consideration, or other thing of more than a de minimis value in any year to or from any Fund,
or other person or entity, from, to or through whom Fund purchases or sells Securities, or an issuer of Securities or its affiliates
or a Vendor. For purposes of this Code, "de minimis value" is equal to $100 in the aggregate in the US; £100 in the
aggregate in the UK; and, €100 in the aggregate in Germany or less. This prohibition does not apply to:

● (i) salaries, wages, fees or other compensation paid, or expenses paid or reimbursed, in the usual scope of an Access Person's employment responsibilities for the Access Person's employer;

● (ii) meals, refreshments or entertainment of reasonable value in the course of a meeting or other occasion, the purpose of which is to hold bona fide business discussions (as a guideline for FHL Access Persons, not in excess of £100 per person per day).

● (iii) advertising or promotional material of nominal value, such as pens, pencils, note pads, key chains, calendars and similar items;

● (iv) the acceptance of gifts, meals, refreshments, or entertainment of reasonable value that are related to commonly recognized events or occasions, such as a promotion, new job or recognized holiday; or

● (v) the acceptance of awards, from an employer to an employee, for recognition of service and accomplishment.

<u>Note</u>: Access Persons must be aware that in certain instances, gifts and/or various forms of entertainment may be subject to lower limitations or be prohibited entirely to certain individuals, including government officials, and it remains the obligation of the Access Person to verify actual limits or prohibitions with the Compliance Department, (which may further require discussion with the Legal Department) prior to making a gift or engaging in such other activities. Such activities may be limited or prohibited by federal, state, local or foreign laws.

Investment Personnel should also refer to the Investment Management Gift and Entertainment Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every
Access Person is prohibited from (i) making political or charitable contributions solely for the purpose of obtaining or retaining assets
from, or advisory contracts or other business relationships with, federal, state, local or foreign governments or governmental agencies,
or political subdivisions of any of them, or charitable organizations; and (ii) considering an Adviser's or Federated Hermes'
current or anticipated business relationships as a factor in soliciting political or charitable donations.

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Payments and Gifts" requirements in Federated Hermes' Code of Business Conduct and Ethics. Any Access Persons who are subject to the Broker-Dealer Written Supervisory Policies and Procedures also should consult those procedures for additional guidance on the receipt of gifts and gratuities. If you have questions regarding the receipt of gifts or political and charitable contributions, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

7 Review, Reporting, Education and Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Management
Review of Investment Personnel's Trading Activity

The President of the Advisory Companies, the Chief Investment Officers, the Head of Trading and such additional managers as the President of the Advisory Companies may designate will receive periodic reports of investment-related activity by Investment Personnel, such as preclearance requests, executed transactions and any other

**24**

activity. Personal investment data will be reviewed to determine whether the transactions conflict with any Fund activity and whether the transactions appear appropriate and consistent with the position and responsibility of the Investment Person.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Compliance
Review of Reports and Trading Activity, and this Code of Ethics

Federated Hermes' Compliance Department will review all initial holdings reports, confirmations, quarterly transaction reports, annual holdings reports and other reports and information required to be submitted under this Code to identify improper trading activity or patterns of trading, and to otherwise seek to verify compliance with this Code. Without limiting the foregoing, the Compliance Department will review personal trading activity and trading records to identify possible violations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delay
 in reporting individual investments or investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure
 to report individual investments or investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Filing
 false or incomplete reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure
 to preclear individual trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executing
 trades that violate provisions of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Failure
 to comply with the receipt of gifts provision.

In addition, the review may also include (as applicable, and in the Compliance Department's discretion): (i) a comparison of personal trading to applicable restricted lists; (ii) an assessment of whether an Access Person is trading for his or her own account in the same Securities he or she is trading for Funds (and, if so, whether the Funds are receiving terms as favorable as the Access Person takes for himself or herself); (iii) an assessment of Access Person trading patterns for indications of abuse (including, without limitation, "market timing"); (iv) an analysis of any substantial disparities between the quality of performance an Access Person receives for his or her own account and that he or she receives for Funds; and (iv) an analysis of any substantial disparities between the percentage of personal trades that are profitable and the percentage that are profitable when he or she places trades for Funds.

Federated Hermes' Compliance Department also will review this Code, and the implementation, effectiveness and enforcement of this Code, at least once annually or more frequently in response to material changes in legal requirements or business practices, as contemplated by Federated Hermes' written compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Self-discovery
and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
Access Person is required to report violations or suspected violations by any party of this Code promptly to the Compliance Department.
If the person within the Compliance Department that receives the report is not the Chief Compliance Officer, that person must report
all violations reported to the Chief Compliance Officer.

**25**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Immediate
disclosure by an Access Person to the Compliance Department of a self-discovered violation and correction of that violation (including,
without limitation, the immediate disgorging of any gain) will generally be treated as a violation to be recorded, but not as a material
violation, if the Access Person has not benefited by the transaction and the Compliance Department determines that the violation was
not intentional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is Federated Hermes' policy that retaliation against Access Persons who report actual or suspected violations of this Code is prohibited.
Any actual or attempted retaliation will be treated as a separate violation of this Code, which will be subject to sanction in accordance
with Section 7.5 below (including, without limitation, termination).

<u>NOTE</u>: Any Access Person who is a director, officer or employee of Federated Hermes should also refer to the "Reporting of any Illegal or Unethical Behavior" requirements in Federated Hermes's Code of Business Conduct and Ethics. If you have questions concerning reporting violations, contact the Compliance Department or Federated Hermes' Deputy General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;7.4 Education

From time to time the Compliance Department will schedule training sessions or may otherwise distribute educational materials regarding this Code. Access Persons are required to participate in all training sessions offered. Access Persons will be required to provide a written acknowledgment that the Access Person received, read and understood the Code and its administration.

&nbsp;&nbsp;&nbsp;&nbsp;7.5 Sanctions

Upon determining that a violation of this Code or its Associated Procedures has occurred, the Chief Compliance Officer may take such actions or impose such sanctions, if any, as may be deemed appropriate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issue
 a letter of censure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assess
 a fine, either nominal or substantial (not applicable to FHL employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Require
 the unwinding of trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Require
 the disgorging of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Disallow
 discretionary accounts or required preclearance of discretionary account trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prohibit
 or place further restrictions on personal trading or other activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Recommend
 suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Recommend
 a reassignment of duties or job functions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Recommend
 that the employment of the violator be terminated.

**26**

&nbsp;&nbsp;&nbsp;&nbsp;7.6 Factors
for Consideration

Sanctions listed above may be assessed individually or in combination. Prior violations of the Access Person and the degree of responsibility exercised by the Access Person will be taken into consideration in the assessment of sanctions.

In instances where a member of the Access Person's household commits the violation, any sanction will be imposed on the Access Person.

If extraordinary or unforeseen circumstances exist, an appeal may be directed to the Compliance Department. Appeals are solely within the discretion of the Chief Compliance Officer. The Chief Compliance Officer shall further have full discretion and authority to make special provision under and/or interpret or apply provisions of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;7.7 Reporting
of Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Violations
 of Investment Personnel and proposed sanctions will be reported to the responsible Chief
 Investment Officer and/or Manager. Violations of other Access Persons, and proposed sanctions,
 will be reported to the responsible Senior Manager. All violations and the proposed sanction
 will be reported to Senior Management and the Board of Directors of the Federated Hermes
 Funds quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 patterns or trends noted and any difficulties in administration of this Code shall be reported
 to Senior Management and to the Board of Directors of the Federated Hermes Funds, at least
 annually.

8 Definitions

&nbsp;&nbsp;&nbsp;&nbsp;8.1 1933
Act

The "1933 Act" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 1934
Act

The "1934 Act" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 1940
Act

The "1940 Act" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.4 Access
Person

"Access Person" means any person who participates in or who: (i) in connection with his or her duties, obtains or could obtain any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund or (ii) any person who has access to nonpublic information regarding any Fund's Purchase or Sale of Securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund.

"Access Person" includes, without limitation, a director, trustee, officer, managing general partner, general partner, or Investment Person of a Fund, of the Underwriter,

**27**

and of the Adviser and other persons designated by the Compliance Department, any trust over which an Access Person is a trustee with investment discretion, influence or control, (either for the benefit of the Access Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control. All FHL employees and employees working in the Global New York, MDT, and Cleveland offices are designated as Access Persons due to the seating proximity within the office locations.

Activity (including, without limitation, trading activity) by an Access Person's household members/connected persons will generally be attributed to the Access Person. (If emancipated adult children or other independent parties also reside in the household, the Access Person must either declare that the Access Person has no discretion, influence or control over the investment decisions of such other party or the Access Person must report the party as an Access Person.)

&nbsp;&nbsp;&nbsp;&nbsp;8.5 Adviser

"Adviser" means any subsidiary of Federated Hermes registered as an investment adviser with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;8.6 Advisers
Act

"Advisers Act" means the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;8.7 Associated
Procedures

"Associated Procedures" means those procedures and/or statements that have been adopted by the Underwriter, the Adviser, a Fund or the Compliance Department, and which are designed to supplement this Code and its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;8.8 Automatic
Investment Plan

"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, without limitation, a dividend reimbursement plan and automated contribution plan automatic activity.

&nbsp;&nbsp;&nbsp;&nbsp;8.9 Beneficial
Ownership

"Beneficial Ownership" will be attributed to an Access Person in all instances where the Access Person directly or indirectly (i) possesses the ability to purchase or sell the Covered Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including the power to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those of ownership. It is the intent of Federated Hermes that "Beneficial Ownership" be interpreted in the same manner as it would be under 17 C.F.R. § 240.16a-1(a)(2) in determining whether a person has Beneficial Ownership of a Security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

**28**

&nbsp;&nbsp;&nbsp;&nbsp;8.10 Board

The "Board" means, with respect to a fund, the board of directors or trustees or any other group serving a similar function that has adopted this Code on behalf of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;8.11 Code

"Code" means this Code of Ethics and any Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;8.12 Compliance
Committee

"Compliance Committee" means the committee referenced under the Federated Hermes Code of Business Conduct and Ethics, consisting of, among others, the Chief Compliance Officer, the Deputy General Counsel, the Chief Audit Executive and the Chief Risk Officer.

&nbsp;&nbsp;&nbsp;&nbsp;8.13 Compliance
Department

The "Compliance Department" means the Chief Compliance Officer of Federated Hermes and those other individuals designated by him or her as responsible for implementing this Code and the Associated Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;8.14 Control

"Control" has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8.15 Covered
Security

"Covered Security" means any Security, or interest in a Security held in any form, not expressly excluded by provisions of this Code, including, without limitation: equity and debt Securities; derivative Securities, including, without limitation, options on and warrants to purchase equity or debt Securities; shares of closed-end investment companies; all exchange traded funds; investments in unit investment trusts; and any related instruments and Securities. "Covered Security" also means shares of any Reportable Funds and any 529 Plan or annuity employing such funds, unless specifically excluded in the paragraph below. Also included are futures, swaps and other derivative contracts.

"Covered Security" does not include: (1) direct obligations of the Government of the United States or U. S. Government Agencies (regardless of their maturities); (2) bankers' acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments, including repurchase agreements; (3) shares of 1940 Act registered investment companies that are designated as money market funds; (4) shares issued by 1940 Act registered open-end investment companies (other than Reportable Funds) in a direct account with a mutual fund, or 529 Plan or annuity offeror when that account may only hold registered open-end investment company Securities; or (5) shares issued by unit investment trusts (or "UITs") that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;8.16 Federal
Securities Laws

"Federal Securities Laws" means (a) the 1933 Act, (b) the 1934 Act, (c) the Sarbanes-Oxley Act of 2002, (d) the 1940 Act, (e) the Advisers Act, (f) Title V of the Gramm-

**29**

Leach Bliley Act, (g) any rules of the SEC promulgated under any of the statutes identified in (a) through (f) above, (h) the Bank Secrecy Act as it applies to registered mutual funds and investment advisers, and (i) any rules adopted under the Bank Secrecy Act by the SEC or the Department of Treasury. U.K Financial Conduct Authority FCA Requlations

&nbsp;&nbsp;&nbsp;&nbsp;8.17 Federated
Hermes

"Federated Hermes" means Federated Hermes, Inc. and any of its subsidiaries including Federated Hermes Limited, as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;8.18 Fund

"Fund" means (i) each investment company registered under the 1940 Act (and any series or portfolios of such company) for which an Adviser serves as an investment adviser (as defined in § 2(a)(20) of the 1940 Act or an Underwriter serves as a principal underwriter (as defined in §§ 2(a)(29) and (40) of the 1940 Act) and (ii) FCA registered collective investment schemes (ii) any other investment account or portfolio over which an Adviser exercises investment discretion (whether pursuant to a direct advisory agreement, through a managed account or "wrap fee" program, or otherwise), and (iii) any investment adviser, broker, dealer, bank, or other financial institution to which Federated Hermes provides non-discretionary investment advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;8.19 Independent
Director

"Independent Director" means a member of the Federated Hermes Funds' Board who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8.20 Influence

Influence means taking an action that is reasonably expected to materially modify the independent investment decision-making of a person who controls or otherwise has investment discretion with respect to an account (whether by imposing a restraint on such decision-making ability or directing a decision).

&nbsp;&nbsp;&nbsp;&nbsp;8.21 Initial
Public Offering

"Initial Public Offering" means an offering of Securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8.22 Investment
Person; Investment Personnel

"Investment Person" or "Investment Personnel" means (a) Access Persons with direct responsibility and authority to make investment decisions affecting the Fund (such as portfolio managers and Chief Investment Officers) and individuals who provide information and advice to such portfolio managers (such as Securities analysts); and (b) those who assist in executing investment decisions for the Fund (such as traders) and their related staff members.

**30**

"Investment Person" or "Investment Personnel" further means any trust over which an Investment Person is a trustee with investment discretion, influence or control, (either for the benefit of the Investment Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) in which an Investment Person holds a Controlling interest and with respect to which he or she has investment influence or control, and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control. Investment Person is intended to include and includes persons deemed to be Supervised Persons pursuant to Rule 204A-1 under the Investments Advisers Act of 1940, as further defined hereunder.

Activity (including, without limitation, trading activity) by an Investment Person's household members will generally be attributed to the Investment Person. (If emancipated adult children or other independent parties also reside in the household, the Investment Person must either declare that the Investment Person has no discretion, influence or control over the investment decisions of such other party or the Investment Person must report the party as an Investment Person.)

&nbsp;&nbsp;&nbsp;&nbsp;8.23 Private
Placement

"Private Placement" (or "limited offering") means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) of the 1933 Act or pursuant to rule 504, rule 505 or rule 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8.24 Purchase
or Sale

"Purchase or Sale" of a Security or Covered Security includes, among other things, the writing of an option, future or other derivative contract to purchase or sell a Security or Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;8.25 Reportable
Fund

"Reportable Fund" means any 1940-Act registered open end investment company for which an Adviser serves as investment adviser as defined in Section 2(a)(2) of the 1940 Act, or any 1940-Act registered investment company whose investment adviser or principal underwriter Controls an Adviser, is Controlled by an Adviser or is under common Control with an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;8.26 SEC

The "SEC" means the Securities and Exchange Commission of the United States, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;8.27 Security

"Security" or "Securities" means any security as defined in Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;8.28 Supervised
Person

"Supervised Person" means directors, officers and partners of an Adviser (or other persons occupying a similar status or performing similar functions), employees of an

**31**

Adviser, and any other person who provides advice on behalf of an Adviser and is subject to the Adviser's supervision and control.

&nbsp;&nbsp;&nbsp;&nbsp;8.29 Underwriter

"Underwriter" means any subsidiary of Federated Hermes registered as a broker/dealer with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;8.30 Vendor

"Vendor" means any borrower, lender, tenant, landlord, supplier, service provider (including, without limitation, a service provider to a mutual fund) or other vendor of Federated Hermes (including, without limitation, any Adviser or any other affiliate), any managed account or "wrap fee" program sponsor or turnkey platform provider, or any other third party that has or is seeking a relationship with Federated Hermes (including, without limitation, any Adviser or other affiliate).

---

| | | |
|:---|:---|:---|
| **Approved by:** | **/s/ John B. Fisher** | **Date:** |
|  | **President of the Advisory Companies** |  |
| **Approved by:** | **/s/ Stephen Van Meter** | **Date:** |
|  | **Compliance** |  |

---

**32**

Addendum

**ACCESS PERSONS PROCEDURES**

1 Preclearance Approval Using Star Compliance

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
Access Persons who wish to effect a personal Securities transaction, whether a purchase, sale, or other disposition, must preclear the
Covered Security in Star Compliance prior to engaging in the transaction. Private Placement securities must be precleared directly through
the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;(b) When
trading options, the Access Person must preclear the option and the underlying Security before entering into the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Based
on established criteria, Star Compliance determines whether the contemplated transaction should be permitted. The primary criterion applied
is whether the Covered Security is on the Federated Hermes Equity Restricted List or Open Order lists, or whether the Covered Security
was traded by any of the Federated Hermes advised Funds (fund trade information is updated nightly in Star Compliance).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Approval
is either granted or denied immediately in Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;(e) If
approval is denied, the contemplated personal transaction in that Covered Security is prohibited until prior approval is subsequently
granted upon request in Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;(f) If
approval is granted, the Access Person is free to effect the personal transaction in that Covered Security until the end of the next
trading day only (subject to revocation as contemplated in Section 3.2 of this Code). In this regard, open orders extending beyond the
next trading day (good till cancel) must be resubmitted for approval in Star Compliance to comply with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;(g) All
trade requests and their dispositions are maintained in Star Compliance and reviewed by the Compliance Department in conjunction with
other information provided by Access Persons in accordance with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
Compliance Department reviews all potential violations identified by Star Compliance after Fund trades and personal trades have been
compared and determines the appropriate action to be taken to resolve each identified violation.

2 Federated Hermes Funds Compliance Review

Access Persons must provide all relevant information concerning investments in Federated Hermes funds held in accounts with financial institutions or intermediaries

**A-1**

(banks, broker-dealers, etc.) to the Compliance Department in the same manner and subject to the same timing requirements as individual Securities.

3 Non-U.S. Based Federated Hermes Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;(a) FHI
Access Persons who are not located in the U.S. must request preclearance approval from the Compliance Department via email. Access Persons
must provide specific trade details including the issuer name, anticipated date of transaction, full name of Security (i.e., title),
description (i.e., type), CUSIP or SEDOL number or exchange ticker symbol, number of shares and principal amount, interest rate and maturity
date (if applicable) and the type of transaction (purchase or sale). The Compliance Department requests preclearance for the transaction
through Star Compliance during normal business hours on the day the request is received. The Compliance Department notifies the Access
Person via email of the results of the preclearance request.

If the trade request is approved, the Access Person must execute the trade no later than the close of business on the business day following the date of the request (subject to revocation as contemplated in Section 3.2 of this Code).

4 Non-Federated Hermes Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;(a) Transaction
and holdings information of non-Federated Hermes officers of Federated Hermes and/or proprietary funds shall be reviewed on a quarterly
basis to determine whether any patterns of conflict are exhibited with any Funds for which Federated Hermes has access to Fund transaction
information, and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Data
relating to the trades of all personnel designated as Access Persons of a Fund for which Federated Hermes does not have access to Fund
transaction information will be submitted to Compliance Department or other appropriate personnel of the Fund's adviser for review
on a quarterly basis.

**A-2**

**COMPLIANCE DEPARTMENT PROCEDURES**

1 Preclearance

&nbsp;&nbsp;&nbsp;&nbsp;(a) Documentation
of valid preclearance approval, including a statement that the Access Person was not aware of any consideration of a Security by research
analysts or Fund portfolio managers for a recommendation, an actual Fund trade or an anticipated transaction, shall be conclusive for
purposes of reviewing a personal transaction, unless additional facts or a preponderance of circumstances suggest otherwise. This conclusive
presumption does not apply to research analysts covering or recommending a Covered Security involved in a Fund trade or portfolio managers
of a Fund making a trade in that Security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Before
approving a preclearance request for a Private Placement, submitted by an Access Person, the Compliance Department shall inquire of the
appropriate portfolio manager(s) and head trader(s) as to whether an order is pending or expected to be entered for the same Security.
In cases where an Investment Person has submitted the request for preclearance, the Compliance Department shall also notify the Chief
Investment Officer to whom the Investment Person reports. The Compliance Department will notify the Access Person as to whether or not
the investment has been precleared.

2 Initial Reporting Process

&nbsp;&nbsp;&nbsp;&nbsp;(a) A
member of the Compliance Department meets with each new Access Person and reviews this Code, the Insider Trading Policy and the procedures
for preclearing personal Securities transactions through Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Access Person is required to complete the "Certification and Acknowledgment Form" to acknowledge his/her understanding of
this Code and return it to the designated Compliance Assistant within ten (10) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
addition, the Access Person is required to complete the "Personal Security Portfolio Forms" which includes information detailed
in Section 2.1 of the Code, and:

<u>NOTE</u>: Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Separate
forms must be completed for the Access Person and all household members as defined in Section 8.4 of this Code. The signed form(s) must
be returned to the Compliance Department within ten (10) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;(e) A
member of the Compliance Department inputs current portfolio holdings information into Star Compliance as "initial" holdings.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
Compliance Department notifies each broker, dealer, bank or other financial institution that duplicate confirmations and statements for
the Access Person and household members, if applicable, must be sent to the Chief Compliance Officer, effective immediately. The Compliance
Department also will obtain reports on

**B-1**

accounts held directly with Federated Hermes' Transfer Agent and 401k Plan Administrator.

3 Quarterly Reporting Process

&nbsp;&nbsp;&nbsp;&nbsp;(a) On
the first business day after each calendar quarter end, the Compliance Assistant sends an e-mail to each Access Person giving step-by-step
instructions on how to complete the quarterly reporting requirements using Star Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;(b) By
the date specified by the Compliance Department (but no later than thirty (30) calendar days of the quarter end), the Access Person is
required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
for accuracy all Covered Security transactions recorded during the previous calendar quarter in all personal and household member accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review
all open account information, including names of broker-dealers, banks and other financial institutions, addresses and account numbers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notify
the Compliance Department of any new accounts established with broker-dealers, banks or other financial institutions during the quarter
and the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) resolve
any discrepancies with the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) record
an electronic signature and date on Star Compliance.

Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

The information required shall include the information detailed in Section 2.2 of the Code.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated Hermes so long as such trade confirmations or account statements are received by the Compliance Department by the date specified by the Compliance Department (but in no later than 25 days after the end of the applicable calendar quarter).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Chief
Compliance Officer Stephen Van Meter reviews potential violations of the Code by any Access Person periodically during the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
Compliance Department issues memos to each Access Person involved if any personal transactions executed during the quarter appear to
be violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Based
on the facts and the Access Person's response to the memo, the Chief Compliance Officer may impose or recommend any of the sanctions
identified in Section 7 of this Code.

**B-2**

4 Annual Reporting Process

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
least annually, the Compliance Department requires that each Access Person read this Code and certify and acknowledge his/her understanding
of this Code and its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
addition to the quarterly reporting requirements, on an annual basis, the Compliance Department requires each Access Person to confirm
and certify that the records of all Covered Securities holdings in Star Compliance are complete and accurate.

This re-certification is required to be completed by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department. The Compliance Department monitors compliance with this requirement through the electronic signatures on Star Compliance.

5 Reportable Funds Transactions

On a quarterly basis, the Compliance Department will request and review a report of Federated Hermes Fund Securities transactions by Access Persons and Investment Personnel from both the Federated Hermes Transfer Agent and the 401k Plan Administrator and from other accounts reported by Access Persons and Investment Personnel. After reviewing these transactions, the Compliance Department will discuss any issues identified with the Access Person and management and take appropriate action, as provided by the Code.

6 Blackout Periods – Fund Trades

A transaction in a Covered Security by a Fund shall trigger a blackout period as specified above for Access Persons and Investment Persons, (other than the Portfolio Managers, Traders and Research Analysts serving a Fund in which such purchase or sale occurs), only if the aggregate of open orders and executed purchases and sales in the security within the Federated Hermes complex is equal to or exceeds a specified threshold on each trading day. That threshold shall be defined by asset type, as follows:

---

| | |
|:---|:---|
| <u>Covered Security</u> | <u>Threshold equal to or greater than:</u> |
| Equity | 1% of the average daily volume |
|  | measured over the preceding 20 |
|  | trading days. |

---

---

| | |
|:---|:---|
| <u>Fixed Income</u> |  |
| &nbsp;&nbsp;&nbsp;<u>Investment Grade</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligation | $250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State or Foreign Obligation | $250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Obligation | $250000 |

---

**B-3**

---

| | |
|:---|:---|
| <u>High Yield</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligation | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State or Foreign Obligation | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Obligation | $100000 |

---

An open order or executed trade in any equity Covered Security for which the average daily trading volume over the preceeding 20 trading days is not available will be measured against the average daily trading volume over the preceeding 30 days, if available. An open order or executed trade in any equity Covered Security for which an average daily volume cannot be determined shall trigger a blackout period. Any trades in any fixed income Covered Security not specified above shall trigger a blackout period.

7 Reporting to the Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
quarter, the Compliance Department will provide reports of any violations of this Code to Senior Management and the Board of Directors
of the Federated Hermes Funds. Any patterns or trends noted and any difficulties in administration of this Code shall be reported to
Senior Management and, to the Board Directors of the Federated Hermes Funds, at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Compliance Department will also report any difficulties in administration of this Code and any trends or patterns of personal Securities
trading which are deemed by the Compliance Department to be violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Compliance Department provides the Board with the job title of the Access Person; the type of violation; the details of the transaction(s);
and the types of sanctions imposed, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
least annually, the Compliance Department shall certify that the Fund, investment adviser or principal underwriter, as applicable, has
adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

8 Record Keeping Requirements

The Compliance Department maintains the following books and records in Star Compliance for a period equal to (a) no less than six (6) calendar years or (b) any longer period that may be required under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
copy of this Code (current and for the past five years)

&nbsp;&nbsp;&nbsp;&nbsp;(b) a
record of any violation of this Code and any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;(c) a
record of all written acknowledgments of access persons (current and for the past five years).

&nbsp;&nbsp;&nbsp;&nbsp;(d) a
record of each report made by an Access Person, including initial, quarterly and annual reporting (and including any information on a
broker trade confirmation or account statement that was submitted in lieu of such reports);

&nbsp;&nbsp;&nbsp;&nbsp;(e) a
record of all Access Persons (current and for the past five years);

**B-4**

&nbsp;&nbsp;&nbsp;&nbsp;(f) a
record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities by Access Persons in an Initial
Public Offering (IPO) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition)
or Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;(g) a
record of persons responsible for reviewing reports; and

&nbsp;&nbsp;&nbsp;&nbsp;(h) a
copy of any supporting documentation used in making decisions regarding action taken by the Compliance Department with respect to personal
Securities trading.

Such records will be kept in such locations, and for such periods, as required under the Advisers Act and the 1940 Act.

**B-5**

## Ex-99.P

**Exhibit(p)(21)**

**FRONTIER CAPITAL MANAGEMENT COMPANY, LLC**

**CODE OF ETHICS**

This is the Code of Ethics (the "Code") of Frontier Capital Management Company, LLC (the "Firm" or "Frontier").

**<u>Things You Need to Know to Use This Code</u>**

1. Certain
terms have special meanings as used in this Code. To understand the Code, you need to read the definitions of these terms which are defined
at the end of the Code.

2. For
purposes of this Code, all employees are deemed to be Access Persons. The Firm, at the discretion of the Chief Compliance Officer ("CCO"),
may also subject certain individuals, including interns, co-ops, temporary employees, contract employees or independent contractors to
any part or all of the Firm's Code of Ethics and its requirements.

3. There
are a number of Reporting Forms that all personnel and Access Persons who are not personnel have to fill out under this Code. You can
get copies of the Reporting Forms from the CCO.

4. The
CCO has the authority to grant written waivers of the provisions of this Code in appropriate instances. However:

● The Firm expects that waivers will be granted only in rare instances (for example, in the case of a hardship, as described in Part II.C. of this Code), and

● Some provisions of the Code that are mandated by SEC rule cannot be waived. These provisions include, but are not limited to, the requirements that Access Persons periodically report holdings and securities transactions, and obtain pre-approval of investments in private placements.

**<u>PART I. FUNDAMENTAL REQUIREMENTS</u>**

**A.** **General Principles** 

The Firm expects all personnel to comply with the spirit of the Code, as well as the specific rules contained in the Code.

The Firm treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Firm may take disciplinary measures against you.

Improper trading activity can constitute a violation of this Code. You can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Your conduct can violate this Code even if no clients are harmed by your conduct.

If you have any doubt or uncertainty about what this Code requires or permits, you should ask the CCO. Please do <u>not</u> guess at the answer.

57 <br> December 2025

**B.** **Conflicts of Interest** 

As a fiduciary, Frontier has an affirmative duty of loyalty, honesty, and good faith to act in the best interests of our clients. A conflict of interest occurs when a business interest of Frontier or the personal interest of an employee interferes (or could potentially interfere) with Frontier's fiduciary obligations. Frontier strives to identify, avoid and mitigate conflicts of interest with clients and to fully disclose all material facts concerning any conflict that does arise with respect to any client. All employees should strive to recognize, avoid and report conflicts of interest and any situation that may have the appearance of a conflict or impropriety. Several types of conflicts of interest and how Frontier manages those conflicts are described below.

1. <u>Conflicts among Client Interests</u> 

Frontier recognizes that all of our clients are unique and that their investment needs may be different. While we strive to provide the same investment service to similar clients, we may modify our primary investment strategies and our brokerage practices to accommodate client requests regarding particular investment guidelines, how we pay for investment research, use of directed brokers, and whether we execute trades on their behalf. As a result, different clients are charged different fees and receive different outcomes with respect to investment performance and brokerage.

Frontier can accommodate such requests only to the extent that the accommodation is not reasonably expected to have a material negative impact on other clients. Accordingly, Frontier and its Access Persons are prohibited from inappropriate favoritism of one client over another client that would constitute a breach of fiduciary duty. Examples of potential and actual conflicts of interest that must be approved in advance by the CCO include (but are not limited to) the following:

● Providing a client preferential access to information or investment opportunities;

● Providing some clients better trade execution than other similarly situated clients;

● Waiving fees, expenses or notice requirements for some but not all similarly situated clients; and

● Engaging or employing a client, its affiliates, employees or their family members to provide services to Frontier.

2. <u>Competing with Clients</u> 

Clients have engaged Frontier to manage (or advise on) their investment portfolios, and in turn, Frontier has employed its staff to provide those investment services to clients. Accordingly, Frontier and its employees are obligated to offer appropriate investment opportunities to clients rather than keep those opportunities for themselves. Frontier and its Access Persons are prohibited from using knowledge about pending or currently considered securities transactions for clients to profit (directly or indirectly) as a result of such transactions, including by purchasing or selling such securities for proprietary or personal accounts. Conflicts raised by personal securities transactions are addressed more specifically in "Part II. Personal Trading" below.

58 <br> December 2025

Conflicts also arise when Frontier or its employees take actions that serve personal interests ahead of client interests. Nepotism, for example, is inconsistent with the Firm's policy of making employment and other business decisions based solely on the needs of Frontier and its clients. No Frontier employee may make, participate in, or attempt to influence employment or other business decisions involving a relative or pressure or cause others to do so. Furthermore, there can be no direct reporting or supervisory relationship between relatives, and all "employment decisions" must be made by others.

3. <u>Disclosure of Conflicts of Interest</u> 

*Frontier*. Under federal and state law, Frontier must not only seek to avoid conflicts of interest with our clients but also make full disclosure of material conflicts of interest to our clients. To satisfy these obligations, the CCO reviews at least annually the description of the Firm's business activities and the disclosure of its material conflicts of interests in Form ADV Part 2. The CCO updates the description and disclosures in Form ADV Part 2 if and when necessary.

*Access Persons*. Outside business activities, such as involvement in financial and securities-related activities other than Frontier, can create potential conflicts of interest for the individual and for the Firm, and therefore must be reported to and approved by the CCO. In addition, conflicts of interest may exist when an Access Person serves on the board or as an officer of another company (see Section C. below for additional details). Access Persons are prohibited from recommending, implementing or considering any securities transaction for a client without having disclosed any material beneficial ownership, business or personal relationship, or other material interest in the issuer or its affiliates, to the CCO. If the CCO deems the disclosed interest to present a material conflict, he will approve and sign off on any decision-making process regarding the securities of that issuer. This provision applies in addition to Frontier's quarterly and annual personal securities reporting requirements.

4. <u>Vendors and Suppliers</u> 

Frontier's selection and ongoing use of vendors and suppliers must be in the best interests of our clients. Access Persons must disclose to the CCO any personal investments or other interests in vendors or suppliers with respect to which that person negotiates or makes decisions on behalf of the Firm. The CCO in his sole discretion may prohibit an Access Person with such interest from negotiating or making decisions regarding Frontier's business with those companies.

5. <u>No Transactions with Clients</u> 

Frontier, with respect to its proprietary accounts, and its Access Persons, with respect to their personal accounts, are not permitted to knowingly sell to, or purchase from, a client any security or other property, except for securities issued by a publicly-traded client, subject to the personal trading procedures described below.

59 <br> December 2025

6. <u>Investment Consultant Relationships</u> 

Various institutional clients and prospects utilize investment consultants to advise them regarding the selection and oversight of investment advisers. Consultants may also provide various services or systems to investment advisers and may also sponsor events or conferences in which investment advisers are provided with an opportunity to participate. Payment for services provided by investment consultants, or the sponsoring of any event run by investment consultants, may result in the appearance of a conflict of interest. It is Frontier's policy that such payments should only be made to consultants where the services provided are necessary or appropriate for Frontier, or the sponsoring of the event is beneficial to Frontier and Frontier participates in such event. Such payments should not be made with the sole intention of influencing the consultant to recommend Frontier to its clients. Permission must be obtained from the CCO prior to Frontier paying for any services or system provided by investment consultants or sponsoring of an event run by investment consultants.

**C.** **Service on the Board or as an Officer of Another Company** 

To avoid conflicts of interest, inside information and other compliance and business issues, the Firm prohibits all its employees from serving as officers or members of the board of any other entity, except with the advance written approval of the Firm. Approval must be obtained through the CCO, and will ordinarily require consideration by senior management. The Firm can deny approval for any reason. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of the Firm or any not-for-profit, charitable foundation, educational institution or similar entity. In addition, employees must disclose promptly to Frontier's CCO in the event a member of the employee's Family/Household is employed in the securities industry (e.g., broker-dealers, investment advisers, investment companies, hedge funds, etc.), serves on the board of a public company or holds an executive level position at a public company (e.g., CEO, CFO, etc.).

**D.** **Compliance with Laws and Regulations** 

You must comply with all applicable federal securities laws. You are not permitted, in connection with the purchase or sale (directly or indirectly) of a security held or to be acquired by a Frontier client:

● To defraud the client in any manner;

● To mislead the client, including by making a statement that omits material facts;

● To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon the client;

● To engage in any manipulative practice with respect to the client; or

● To engage in any manipulative practice with respect to securities, including price manipulation.

60 <br> December 2025

**E.** **Insider Trading** 

Employees are prohibited from any trading, either personally or on behalf of others, while in possession of material, non-public information. Employees are prohibited from communicating material nonpublic information to others in violation of the law. All employees who come into contact with material nonpublic information must notify the CCO and are subject to Frontier's prohibitions on insider trading and any potential sanctions, as set forth in Frontier's Insider Trading and Material Non-Public Information policy. Additionally, each employee must comply with the Affiliated Managers Group, Inc. ("AMG") Insider Trading Policy. Collectively, this Code and Frontier's and AMG's insider trading policies comprise Frontier's policies and procedures with respect to insider trading and material, non-public information.

**F.** **Initial and Annual Certification** 

The Code of Ethics will be distributed initially upon employment and then annually to all employees for review and certification.

**<u>PART II. PERSONAL TRADING</u>**

NOTE: Certain subsections in this Part, as indicated, apply not only to all personnel, but also to members of your Family/Household.

**A.** **Reporting Requirements** (also applies to members of your Family/Household)

NOTE: One of the most complicated parts of complying with this Code is understanding what holdings, transactions and accounts you must report and what accounts are subject to trading restrictions. For example, accounts of certain members of your family and household are covered, as are certain categories of trust accounts, certain investment pools in which you might participate and certain accounts that others may be managing for you. To be sure you understand what holdings, transactions and accounts are covered, it is essential that you carefully review the definitions of Covered Security, Family/Household and Beneficial Ownership in the "Definitions" section at the end of this Code.

ALSO: You must file the reports described below, even if you have no holdings, transactions or accounts to list in the reports.

Copies of all reporting forms may be obtained from the CCO.

1. <u>Initial Holdings Reports</u> 

No later than 10 calendar days after you become an Access Person, you must file with the CCO an Initial Holdings Report. The information provided must be current as of a date no more than 45 days prior to the date you become an Access Person.

The Initial Holdings Report requires you to list all Covered Securities (including Affiliated Mutual Funds) in which you (or members of your Family/Household) have Beneficial Ownership. It also

61 <br> December 2025

requires you to list all brokers, dealers and banks where you maintained an account in which <u>any</u> securities (not just Covered Securities) were held for the direct or indirect benefit of you or a member of your Family/Household on the date you became an Access Person.

2. <u>Quarterly Transaction Reports</u> 

No later than 30 calendar days after the end of each quarter, you must file with the CCO a Quarterly Transaction Report.

The Quarterly Transaction Report requires you to list all transactions during the most recent calendar quarter in Covered Securities, including Affiliated Mutual Funds (other than transactions in Frontier's employee profit sharing plan) in which you (or a member of your Family/Household) had Beneficial Ownership. Information that must be included on the report includes the title and the amount of the security transacted, the date and nature of the transaction, the price at which the transaction was effected, and the name of the broker with whom the transaction was effected. It is permissible to include in such records a disclaimer where appropriate to the effect that the recording of a transaction pursuant to Rule 204-2 should not be construed as an admission that the Firm or the Access Person has any direct or indirect beneficial ownership in the securities concerned. The report also requires you to list all brokers, dealers and banks where you or a member of your Family/Household established an account in which <u>any</u> securities (not just Covered Securities) were held during the quarter for the direct or indirect benefit of you or a member of your Family/Household.

3. <u>Annual Holdings Reports</u> 

By January 30 of each year, you must file with the CCO an Annual Holdings Report. The information provided must be current as of a date no more than 45 days prior to the date the report is submitted.

The Annual Holdings Report requires you to list all Covered Securities (including Affiliated Mutual Funds outside of Frontier's employee profit sharing plan) in which you (or a member of your Family/Household) had Beneficial Ownership as of December 31 of the prior year. It also requires you to list all brokers, dealers and banks where you or a member of your Family/Household maintained an account in which <u>any</u> securities (not just Covered Securities) were held for the direct or indirect benefit of you or a member of your Family/Household on December 31 of the prior year.

4. <u>Exceptions from Reporting Requirements</u> 

You are not required to file any Reports for transactions effected pursuant to an automatic investment plan.

62 <br> December 2025

5. <u>Duplicate Confirmation Statements</u> 

If you or any member of your Family/Household has a securities account with any broker, dealer, or bank, you or your Family/Household member must direct that broker, dealer or bank to send, directly to the Firm's CCO, contemporaneous duplicate copies of all transaction confirmation statements relating to that account. Frontier has arrangements, through its automated personal trading vendor, pursuant to which the vendor may establish electronic connectivity to allow Frontier to receive and access your, or any member of your Family/Household's, confirmations and/or account statements.

6. <u>Disclosure Requirements for Discretionary Accounts</u> 

Access Persons may maintain Discretionary Accounts subject to the disclosure and reporting requirements described below. Provided they comply with all requirements of this Code, such accounts are exempt from the pre-clearance requirements outlined in this Code.

All Access Persons who maintain Discretionary Accounts must disclose such accounts to the Compliance Department. Such disclosure must include the following information:

● Account Owner Name;

● Account Number;

● Name and Contact Information of the trustee or discretionary third party manager;

● The trustee's or discretionary third party manager's firm; and

● Description of the Access Person's relationship to the trustee or discretionary third party Manager, if any, including any affiliation or family relationship that may exist between the Access Person and the person or firm managing the account.

Additionally, the Access Person must promptly notify the Compliance Department when there is a change in the third party managed account arrangements.

7. <u>Reporting Requirements for Discretionary Accounts</u> 

To the extent an Access Person has demonstrated to the satisfaction of the CCO that an account is a Discretionary Account, the CCO may, in his or her sole discretion, exempt such account from the pre-clearance and reporting requirements set forth herein. No Initial Holdings Report, Annual Holdings Report or Quarterly Transaction Report is required to be filed by an Access Person with respect to securities held in any Discretionary Accounts. Access Persons with Discretionary Accounts generally will be required to provide the CCO with:

● A notification within 10 days of opening a new Discretionary Account (**Exhibit A**);

● An initial attestation must completed by the broker for the Discretionary Account within 10 days of the date the account is opened (**Exhibit B**). In addition, Access Persons must obtain this attestation for all Discretionary Accounts in existence as of the date of this Manual; and

● An annual attestation to be completed by the Access Person confirming the status of any accounts that are being excluded on the basis that they are Discretionary Accounts.

63 <br> December 2025

Compliance may require the provision of account statements for all Discretionary Accounts periodically to facilitate Compliance's oversight and monitoring of such accounts. The Compliance Department may also require Access Persons to re-certify their arrangements with the trustees or third party managers of the discretionary accounts periodically.

**B.** **Transaction Restrictions** 

1. <u>Prohibition on Trading in Covered Securities that are Being Considered for Purchase or Sale for a Client</u> 

As a Firm policy, you are prohibited from trading in a Covered Security if you have actual knowledge that such security is being considered for purchase or sale on a client's behalf. This prohibition applies during the entire period that the Covered Security is being considered by the Firm for purchase or sale and regardless of whether the Covered Security is actually purchased or sold for the client. The following controls have been implemented to ensure compliance with this prohibition:

● All Access Persons must certify, prior to trading in a U.S. exchange traded equity security within the market capitalizations of the small cap and mid cap universes ("Client Eligible Securities"), that they have no knowledge of that security being considered for purchase or sale on a client's behalf; and

● In addition, any Access Person who is a Frontier Portfolio Manager or Research Analyst must establish to the CCO's satisfaction, prior to the purchase of a Client Eligible Security, that the security is unsuitable for clients at the time of purchase.

This prohibition does not apply to the following categories of transactions:

● Transactions in securities of limited partnerships for which the Firm serves as the investment advisor;

● Transactions in corporate bonds, municipal bonds or government bonds;

● Transactions in Digital Assets;

● Transactions that occur by operation of law or in a Discretionary Account or under any other circumstance in which neither you nor any member of your Family/Household exercises direct or indirect influence or control with respect to purchases or sales of securities or allocations of investments;

● Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan;

● Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by you (or Family/Household member) and received by you (or Family/Household member) from the issuer;

● Transactions in auction rate preferred shares of closed-end investment companies;

● Transactions in Exempt Exchange Traded Funds; and

● Transactions in options of any underlying security/asset listed immediately above.

NOTE: Because they are not included within the definition of Covered Security (as set forth in the Definitions Section), investments in direct obligations of the U.S. Government, bankers'

64 <br> December 2025

acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt obligations (including repurchase agreements), and shares of registered mutual funds are also not subject to this prohibition.

2. <u>Prohibition on Trading in Securities on Frontier's Restricted List</u> 

In order to avoid any actual or apparent conflict of interest with the Firm's trading on behalf of its clients, Frontier does not permit any purchases of securities that are currently on the Frontier Restricted List (except for those securities with a market cap greater than $60 billion), except in the limited case of a Hardship Exemption (as described in Part II.C of the Code) or in the case of the exceptions identified in Part II.B.1. of the Code above. Sales of securities on the Restricted List are subject to the pre-clearance obligations and other restrictions set forth in the Code. In addition, all sales of securities on the Restricted List must be approved in writing by the CCO after the CCO or his designee has confirmed with all relevant Frontier Portfolio Managers that they do not have any intention to transact in the security during the black-out period.

For purposes of this Code, securities with a market cap greater than $60 billion are excluded from the Restricted List, but still must be pre-cleared and reported.

3. <u>Pre-clearance</u> 

You and members of your Family/Household are prohibited from engaging in any transaction in a Covered Security for any account in which you or a member of your Family/Household has any Beneficial Ownership, unless you obtain, in advance of the transaction, pre-clearance for that transaction. Pre-clearance is obtained through the Charles Schwab Compliance Technologies personal trading system.

If pre-clearance is obtained, the approval is valid for the day on which it is granted and the following business day. The CCO may revoke a pre-clearance any time after it is granted and before you execute the transaction. The CCO may deny or revoke pre-clearance for any reason. In no event will pre-clearance be granted for any Covered Security if the Firm has a buy or sell order pending for that same security or a closely related security (such as an option relating to that security, or a related convertible or exchangeable security).

Certain categories of transactions are exempt from the pre-clearance requirements. These exempt transactions are listed below:

● Transactions in securities of limited partnerships for which the Firm serves as the investment advisor;

● Transactions in corporate bonds, municipal bonds or government bonds;

● Transactions in Digital Assets;

● Transactions that occur by operation of law or in a Discretionary Account or under any other circumstance in which neither you nor any member of your Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion;

● Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan;

65 <br> December 2025

● Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by you (or Family/Household member) and received by you (or Family/Household member) from the issuer;

● Transactions in auction rate preferred shares of closed-end investment companies;

● Transactions in Exempt Exchange Traded Funds; and

● Transactions in options of any underlying security/asset listed immediately above.

NOTE: Because they are not included within the definition of Covered Security (as set forth in the Definitions Section), investments in direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt obligations (including repurchase agreements) and shares of registered mutual funds are also not subject to the pre-clearance requirements.

4. <u>Private Placements</u> 

Neither you nor any member of your Family/Household may acquire any Beneficial Ownership in any security (not just Covered Securities) in a private placement, except with the specific, advance written approval of the CCO, which the CCO may deny for any reason. Private Placements include, but are not limited to, hedge funds, securities purchased under rules 144A, Regulation S, Regulation D, and PIPEs.

5. <u>Initial Public Offerings</u> 

Neither you nor any member of your Family/Household may acquire any Beneficial Ownership in any security (not just Covered Securities) in an initial public offering.

6. <u>Digital Assets</u> 

Any Access Person who wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"), should consult with the CCO as to whether such Digital Asset would be considered a Security, and specifically a "Digital Security", for purposes of this policy. A Digital Asset is likely to be considered a Digital Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets.<sup>6</sup> The CCO may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security for the purposes of this policy. If the CCO determines that such Digital Asset should be considered a Digital Security, the Digital Asset will be considered a Reportable Security for purposes of this policy.

7. <u>Prohibition on Short-Term Trading</u> 

<sup>6</sup> <u>https://www.sec.gov/files/dlt-framework.pdf</u>

66 <br> December 2025

Neither you nor any member of your Family/Household may purchase and sell at a profit, or sell and purchase, a Covered Security, including any Affiliated Mutual Funds (or any closely related security, such as an option or a related convertible or exchangeable security), within any period of 30 calendar days.

This prohibition does not apply to the following categories of transactions:

● Transactions in securities of limited partnerships for which the Firm serves as the investment advisor;

● Transactions in corporate bonds, municipal bonds or government bonds;

● Transactions in Digital Assets;

● Transactions that occur by operation of law or in a Discretionary Account or under any other circumstance in which neither you nor any member of your Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion;

● Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan;

● Transactions in Frontier's employee profit sharing plan;

● Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by you (or Family/Household member) and received by you (or Family/Household member) from the issuer;

● Transactions in auction rate preferred shares of closed-end investment companies;

● Transactions in Exempt Exchange Traded Funds; and

● Transactions in options of any underlying security/asset listed immediately above.

NOTE: Because they are not included within the definition of Covered Security (as set forth in the Definitions Section), investments in direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt obligations (including repurchase agreements), and shares of unaffiliated mutual funds are also not subject to this prohibition.

8. <u>Prohibition on Excessive Trading</u> 

Neither you nor any member of your Family/Household may engage in more than 25 transactions in Covered Securities during a single calendar quarter. For purposes of this prohibition, contemporaneous purchases or sales of the same security on behalf of different accounts for which you or your Family/Household maintain beneficial interest are considered to be a single transaction.

This prohibition does not apply to the following categories of transactions:

● Transactions in securities of limited partnerships for which the Firm serves as the investment advisor;

● Transactions in corporate bonds, municipal bonds or government bonds;

● Transactions in Digital Assets;

67 <br> December 2025

● Transactions that occur by operation of law or in a Discretionary Account or under any other circumstance in which neither you nor any member of your Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion;

● Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan;

● Transactions in Frontier's employee profit sharing plan;

● Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by you (or Family/Household member) and received by you (or Family/Household member) from the issuer;

● Transactions in auction rate preferred shares of closed-end investment companies;

● Transactions in Exempt Exchange Traded Funds; and

● Transactions in options of any underlying security/asset listed immediately above.

NOTE: Because they are not included within the definition of Covered Security (as set forth in the Definitions Section), investments in direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt obligations (including repurchase agreements), and shares of unaffiliated mutual funds are also not subject to this prohibition.

9. <u>Options</u> 

Transactions in options must comply with all Code requirements that pertain to the underlying security of the option transaction. For example, you cannot purchase or sell an option on any security that the Code would not permit you to buy or sell directly. If you seek to trade an option on an equity security that you would otherwise be allowed to trade directly, you must pre-clear the option trade as if you were pre-clearing a direct trade in that equity security, and your option trading on that equity security will be subject to restrictions on short term trading, excessive trading and other requirements described in this Code as if you were trading directly in the underlying equity security. Similarly, if you seek to trade an option on an underlying security that is not subject to pre-clearance, short-term or excessive trading requirements, such as a fixed income security or an Exempt Exchange Traded Fund, then your option trades are not subject to those requirements.

10. <u>Affiliated Mutual Funds</u> 

As mentioned above, neither you nor any member of your **Family/Household** may purchase and sell at a profit or sell and purchase within any 30 calendar day period, shares in any Affiliated Mutual Fund (other than transactions in Frontier's employee profit sharing plan) (as defined, any mutual fund advised or sub-advised by Frontier or its affiliates). A current list of Affiliated Mutual Funds is provided to employees.

11. <u>Black-Out Period</u> 

The 7-day blackout period described below applies to all Access Persons. It is designed to prevent front-running and various other activities that create conflicts with the interests of clients.

68 <br> December 2025

No Access Person (including any member of the Family/Household of such Access Person) may purchase or sell any Covered Security within the three trading days immediately before or after a trading day on which any client account managed by the Firm purchases or sells that Covered Security (or any closely related security, such as an option or a related convertible or exchangeable security). Note that the total blackout period is 7 days (the day of the client trade, plus three trading days before and three days after).

NOTE: Portfolio Managers: It sometimes happens that an Access Person who is responsible for making final investment decisions for client accounts (i.e., a Portfolio Manager) determines, within the three trading days after the day he or she (or a member of his or her Family/Household) has purchased or sold for his or her own account a Covered Security that was not, to the Access Person's knowledge, then under consideration for purchase or sale by any client account, that it would be desirable for client accounts as to which the Access Person is responsible for making investment decisions to purchase or sell the same Covered Security (or a closely related security). In this situation, the Access Person MUST put the clients' interests first and promptly make the investment decision in the clients' interest, rather than delaying the decision for clients to avoid conflict with the blackout provisions of this Code.

NOTE: Research Analysts: It sometimes happens that an Access Person who is responsible for making investment recommendations for client accounts (i.e., a research analyst) determines, within the three trading days after the day he or she (or a member of his or her Family/Household) has purchased or sold for his or her own account a Covered Security that was not, to the Access Person's knowledge, then under consideration for purchase or sale by any client account, that it would be desirable for client accounts as to which the Access Person is responsible for making investment recommendations to recommend the purchase or sale of the same Covered Security (or a closely related security). In this situation, the Access Person MUST put the clients' interests first and promptly make the investment recommendation in the clients' interest, rather than delaying the recommendation for clients to avoid conflict with the blackout provisions of this Code.

The Firm recognizes that certain situations may occur entirely in good faith and will not take disciplinary measures in such instances if it appears that the Access Person acted in good faith and in the best interests of the Firm's clients. The above notes are merely examples and thus are not exhaustive, nor are they intended to specify instances of compliance and non-compliance with the 7-day Blackout Period restrictions, but rather are provided for clarification purposes to help ensure that any apparent or real conflicts that may arise between compliance with the Blackout Period and the pursuit of clients' interests are always resolved in favor of the clients' interests.

The blackout requirements do not apply to the exempt categories of transactions listed in Part II.B.1 of the Code.

**C.** **Hardship Exemption** 

An employee may submit to the CCO a request for an exemption from a particular provision of the Code for a hardship situation (e.g., unforeseen medical or other significant expenses or the purchase of a home). All requests must be in writing and state the reasons for the hardship. Any such request will require the approval of the CCO. Any such waiver request may be denied at the

69 <br> December 2025

**<u>PART III. RECORDKEEPING</u>**

Frontier maintains the following records related to the Code in a readily accessible place:

● A copy of each Code that has been in effect at any time during the past five years;

● A record of any violation of the Code and any action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;

● A record of written acknowledgements for each person who is currently, or within the past five years was, an Access Person;

● Holdings and transactions reports made pursuant to the Code, including any brokerage confirmation and account statements made in lieu of these reports;

● A list of the names of persons who are currently, or within the past five years were, Access Persons;

● A list of persons who are currently, or within the past five years were, Investment Persons;

● A record of any decision and supporting reasons for approving the acquisition of securities by Access Persons in limited offerings; and

● A record of any decision and supporting reasons for granting any employee a waiver to or from or exception to the Code.

**<u>PART IV. FORM ADV DISCLOSURE</u>**

The CCO shall be responsible for providing an updated copy of Frontier's Code to any client or prospective client upon request. The CCO shall also ensure that Frontier's Form ADV includes an updated description of the Code.

**<u>PART V. ADMINISTRATION AND ENFORCEMENT OF THE CODE</u>**

1. <u>Monitoring of Personal Securities Transactions</u> 

The CCO is responsible for periodically reviewing the personal securities transactions and holdings reports of Access Persons. The CCO is responsible for reviewing and monitoring the personal securities transactions of the CCO and for taking on the responsibilities of the CCO in the CCO's absence.

2. <u>Training and Education</u> 

The CCO shall be responsible for training and educating employees regarding the Code. Such training shall be mandatory for all employees and shall occur as determined necessary by the CCO and at least annually.

70 <br> December 2025

3. <u>Annual Review</u> 

The CCO shall review the adequacy of the Code and the effectiveness of its implementation as the CCO deems appropriate and at least annually.

4. <u>Report to Senior Management</u> 

The CCO shall provide a quarterly report to Frontier's Senior Management showing the review of all employee personal trading activity. Such report shall include a full discussion of any material violations of the Code.

5. <u>Reporting Potential Violations/Wrongdoing</u> 

All Access Persons are required to act honestly and ethically in support of the culture of integrity that we have all fostered within Frontier. Since every Access Person is a valued member of the team which makes up Frontier, this broad requirement includes acting in what each individual believes to be Frontier's best interest, which includes reporting any concerns regarding any potential violations of any applicable law, rule or policy, or any other potential wrongdoing, by Frontier, any of our employees or any of our service providers. If Frontier's management is unaware of such activities, these potential violations may ultimately have an adverse effect on all of us as members of Frontier.

Accordingly, every employee of Frontier is required to report any potential violations of any applicable law, rule or policy, or other potential wrongdoing, including "apparent" or "suspected" violations, promptly to the CCO. In addition, any supervisor or member of management who received a report of a potential violation or wrongdoing must immediately inform the CCO. If the CCO is involved in the potential violation or wrongdoing, the employee may report the matter to a member of the Management Committee.

"Violations" should be interpreted broadly, and may include, but are not limited to, such items as:

● Noncompliance with laws, rules and regulations applicable to the business of Frontier;

● fraud or illegal acts involving any aspect of Frontier's business;

● material misstatement in regulatory filings, internal books and records, client records or reports;

● activity that is harmful to clients, including any fund shareholders; and

● deviations from required internal controls, policies and procedures that safeguard clients and Frontier.

All such reports will be taken seriously, investigated promptly and appropriately, and treated confidentially to the extent permitted by law.

**Investigation.** Potential violations shall be promptly investigated by the CCO and/or a member of the Management Committee. During the course of the investigation, the CCO or Management Committee member will be in contact with the reporting Access Person to inform the Access

71 <br> December 2025

Person of the status of the investigation. In addition, the reporting Access Person may check with the investigator on the status at any time. Following Frontier's investigation, Access Persons who are deemed to have committed any violations or other wrongdoing may be subject to disciplinary action as described in Part VI of the Code below.

**Retaliation*.*** Retaliation of any type against an Access Person who reports a suspected violation or assists in the investigation of such conduct (even if the conduct is not found to be a violation) is strictly prohibited and constitutes a further violation of the Code and these procedures.

**Guidance.** All Access Persons are encouraged (and have the responsibility) to ask questions and seek guidance from the CCO or a member of the Management Committee with respect to any action or transaction that may constitute a violation and to refrain from any action or transaction which might lead to the appearance of a violation. The CCO will also provide periodic training to Frontier's Access Persons regarding the requirements of these policies and procedures.

Nothing in this Code or in any other agreements you may have with Frontier is intended to or shall preclude or impede you from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the Securities Exchange Commission (Security Exchange Act Rules 21F-1, et seq.).

F. <u>Further Information Regarding the Code</u>.

You should contact the CCO to obtain any additional information about compliance and ethical issues.

**<u>PART VI. CODE OF ETHICS SANCTION GUIDELINES</u>**

Violations of the Code of Ethics will be addressed by Frontier's CCO and his/her designee, and/or by the Management Committee. Violations may result in disciplinary sanctions, including but not limited to oral or written reprimands, disgorgement of profits, suspension of personal trading privileges, fines, reassignment or demotion of employment responsibilities, termination of employment, and notification of appropriate governmental or regulatory authorities. Violation of the Code may also result in criminal prosecution or civil action.

The CCO will have discretion to determine the sanctions to be applied in response to violations of the Code, but will obtain the prior approval of the Management Committee for any recommended sanctions other than reprimands or disgorgement of profits. The severity of sanctions will reflect the materiality of the violation and may increase with repeat violations of the Code.

NOTE: Sanctions will be applied whether the violation was committed by the employee or any Family/Household member of the employee, as Family/Household member is defined within the Code.

72 <br> December 2025

**<u>PART VII. DEFINITIONS</u>**

These terms have special meanings in this Code of Ethics:

● **Access Person** 

● **Affiliated Mutual Funds** 

● **Beneficial Ownership** 

● **Chief Compliance Officer** 

● **Covered Security** 

● **Discretionary Account** 

● **Exempt Exchange Traded Funds** 

● **Family/Household** 

● **Reporting Forms** 

● **Restricted List** 

The special meanings of these terms as used in this Code of Ethics are explained below. Some of these terms (such as "beneficial ownership") are sometimes used in other contexts, not related to Codes of Ethics, where they have different meanings. For example, "beneficial ownership" has a different meaning in this Code of Ethics than it does in the SEC's rules for proxy statement disclosure of corporate directors' and officers' stockholdings, or in determining whether an investor has to file 13D or 13G reports with the SEC.

**IMPORTANT: If you have any doubt or question about whether an investment, account or person is covered by any of these definitions, ask the CCO. Please do <u>not</u> guess at the answer.**

**<u>Access Person</u>** includes all employees of the Firm unless determined otherwise by the CCO. The Firm, at the CCO's discretion, may also subject certain individuals, including interns, co-ops, temporary employees, contract employees or independent contractors to any part or all of the Firm's Code of Ethics and its requirements.

**<u>Affiliated Mutual Funds</u>** means any mutual fund to which Frontier or an AMG affiliate acts as investment adviser or sub-adviser. The CCO will, from time to time, provide a current list of Affiliated Mutual Funds.

**<u>Beneficial Ownership</u>** means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities. It also includes transactions over which you exercise investment discretion (other than for a client of the Firm), even if you don't share in the profits.

Beneficial Ownership is a very broad concept. Some examples of forms of Beneficial Ownership include:

● Securities held in a person's own name, or that are held for the person's benefit in nominee, custodial or "street name" accounts;

● Securities owned by or for a partnership in which the person is a general partner (whether the ownership is under the name of that partner, another partner or the partnership or through a nominee, custodial or "street name" account);

73 <br> December 2025

● Securities that are being managed for a person's benefit on a discretionary basis by an investment adviser, broker, bank, trust company or other manager, <u>unless</u> the securities are held in a "blind trust" or Discretionary Account;

● Securities in a person's individual retirement account;

● Securities in a person's account in a 401(k) or similar retirement plan, even if the person has chosen to give someone else investment discretion over the account;

● Securities owned by a trust of which the person is either a <u>trustee</u> or a <u>beneficiary</u>;

● Securities owned by a corporation, partnership or other entity that the person controls (whether the ownership is under the name of that person, under the name of the entity or through a nominee, custodial or "street name" account); and

● Securities owned by an investment club in which the person participates.

This is not a complete list of the forms of ownership that could constitute Beneficial Ownership for purposes of this Code. You should ask the CCO if you have any questions or doubts at all about whether you or a member of your Family/Household would be considered to have Beneficial Ownership in any particular situation.

**<u>Chief Compliance Officer</u>** (or CCO) means the person listed on the Advisor's current Form ADV filed with the Securities and Exchange Commission as the CCO. The CCO may designate another person to perform the functions of CCO when he is not available.

**<u>Covered Security</u>** means anything that is considered a "security" under the Investment Company Act of 1940, <u>except</u>:

● Direct obligations of the U.S. Government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt obligations, including repurchase agreements;

● Shares of <u>open-end</u> investment companies that are registered under the Investment Company Act (except Affiliated Mutual Funds); and

● Shares of money market funds.

This is a very broad definition of security. It includes most kinds of investment instruments, including things that you might not ordinarily think of as "securities," such as:

● options on securities, on indexes and on currencies;

● investments in all kinds of limited partnerships;

● investments in foreign unit trusts and foreign mutual funds; and

● investments in private investment funds and limited partnerships (note that investments in private investment funds and limited partnerships advised by the Firm are <u>not</u> subject to the transaction prohibitions, pre-clearance requirements or blackout provisions set forth in Part II.B. of this Code).

● Certain virtual currencies, cryptocurrencies, digital "coins" or "tokens" as described above.

For the purposes of this Code of Ethics, exchange traded funds are considered Covered Securities and must be reported.

74 <br> December 2025

If you have any question or doubt about whether an investment is considered a security or a Covered Security under this Code, ask the CCO.

**<u>Discretionary Account</u>** is an account: (a) for which an Access Person has granted a trustee or a discretionary third party manager investment authority over the account; and (b) over which the Access Person has no direct or indirect influence or control with respect to purchases or sales of securities or allocations of investments (e.g. the holder does not make security recommendations to the third party).

**<u>Exempt Exchange Traded Funds</u>** means either (1) an exchange traded fund with ten or more component exchange traded equity securities and in which no component security is greater than 25% of the total assets of the fund or (2) an exchange traded fund that has primary exposure to assets that are not exchange traded equity securities (e.g., fixed income, government securities, commodities, digital assets).

**<u>Family/Household</u>** means the following members:

● Your spouse or domestic partner (unless they do not live in the same household as you and you do not contribute in any way to their support);

● Your children under the age of 18;

● Your children who are 18 or older (unless they do not live in the same household as you and you do not contribute in any way to their support); and

● Any of these people who live in your household: your stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships.

NOTE: There are a number of reasons why this Code covers transactions in which members of your Family/Household have Beneficial Ownership. First, the SEC regards any benefit to a person that you help support financially as indirectly benefiting you, because it could reduce the amount that you might otherwise contribute to that person's support. Second, members of your household could, in some circumstances, learn of information regarding the Firm's trading or recommendations for client accounts, and must not be allowed to benefit from that information.

**<u>Reporting Forms</u>** means the various documents that Access Persons may be required to complete upon being subject to the Code, including a listing of securities holdings and brokerage accounts and a disciplinary questionnaire.

**<u>Restricted List</u>** means the list of securities, both equities and fixed income, for all of Frontier's investment strategies that are held in Frontier's client accounts; however, securities with a market cap greater than $60 billion are excluded from the Restricted List.

75 <br> December 2025

If you have any question or doubt about whether an investment is considered a security or a Covered Security under this Code, ask the CCO.

**<u>Discretionary Account</u>** is an account: (a) for which an Access Person has granted a trustee or a discretionary third party manager investment authority over the account; and (b) over which the Access Person has no direct or indirect influence or control with respect to purchases or sales of securities or allocations of investments (e.g. the holder does not make security recommendations to the third party).

**<u>Exempt Exchange Traded Funds</u>** means either (1) an exchange traded fund with ten or more component exchange traded equity securities and in which no component security is greater than 25% of the total assets of the fund or (2) an exchange traded fund that has primary exposure to assets that are not exchange traded equity securities (e.g., fixed income, government securities, commodities, digital assets).

**<u>Family/Household</u>** means the following members:

● Your spouse or domestic partner (unless they do not live in the same household as you and you do not contribute in any way to their support);

● Your children under the age of 18;

● Your children who are 18 or older (unless they do not live in the same household as you and you do not contribute in any way to their support); and

● Any of these people who live in your household: your stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships.

NOTE: There are a number of reasons why this Code covers transactions in which members of your Family/Household have Beneficial Ownership. First, the SEC regards any benefit to a person that you help support financially as indirectly benefiting you, because it could reduce the amount that you might otherwise contribute to that person's support. Second, members of your household could, in some circumstances, learn of information regarding the Firm's trading or recommendations for client accounts, and must not be allowed to benefit from that information.

**<u>Reporting Forms</u>** means the various documents that Access Persons may be required to complete upon being subject to the Code, including a listing of securities holdings and brokerage accounts and a disciplinary questionnaire.

**<u>Restricted List</u>** means the list of securities, both equities and fixed income, for all of Frontier's investment strategies that are held in Frontier's client accounts; however, securities with a market cap greater than $60 billion are excluded from the Restricted List.

76 <br> December 2025

**Exhibit B – Broker Attestation**

[BROKER LETTERHEAD]

[DATE]

Frontier Capital Management Co., LLC

Attn: Chief Compliance Officer

99 Summer Street

Boston, MA 02110

***Re: [Insert Broker Name & Account #'s <u>__________</u>] (the Account(s)")***

 ****

To Whom It May Concern:

For purposes of Frontier's Code of Ethics and its policies regarding personal trading by Access Persons, please accept this letter as confirmation that [NAME OF ACCESS PERSON] (the "Access Person") has "no direct or indirect influence or control" with respect to the purchases and sales of financial instruments in the Account(s).

"No direct or indirect influence or control" means that the Access Person does NOT:

● suggest to anyone that a particular purchase or sale of securities be made for the Account(s);

● direct anyone to make any particular purchases or sales of securities for the Account(s); or

● consult with anyone as to the particular allocation of investments to be made in the Account(s).

We will contact you immediately in the event of any changes to the above confirmation.

Regards,

SIGNATURE:  

NAME:

TITLE/CAPACITY:  

DATE:

77 <br> December 2025

**Exhibit A - Discretionary Accounts Initial Notification Form**

I have retained a trustee or third party manager (the "Manager") to manage the following accounts over which I have no direct or indirect influence or control (the "Accounts"):

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or<br> Bank** | **Account Number** | **Relationship to Manager** <br> (independent professional, friend, <br> relative, etc.) |

---

☐ I acknowledge and certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 will have no direct or indirect influence or control<sup>7</sup> over the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If
 my control over the Accounts should change in any way, I will immediately notify the Chief
 Compliance Officer in writing of such change and will provide any required information regarding
 holdings and transactions in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 agree to provide reports of holdings and/or transactions (including, but not limited to,
 duplicate account statements and trade confirmations) made in the Accounts at the request
 of the Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I
 will not suggest that the Manager make any particular purchases or sales of securities for
 the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I
 will not direct the Manager to make any particular purchases or sales of securities for the
 Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I
 will not consult with the Manager as to the particular allocation of investments to be made
 in the Accounts.

**I certify and acknowledge that the information in this form is true and correct to the best of my knowledge and agree to immediately notify the firm if such information becomes inaccurate in any way.**

SIGNATURE:

NAME:

DATE:

<sup>7</sup> No direct or indirect influence or control means that you do not suggest that the Manager make any particular purchases or sales of securities for the Account (s), direct the Manager to make any particular purchases or sales of securities for the Account, or consult with the Manager as to the particular allocation of investments to be made in the Account.

78 <br> December 2025

**Exhibit B – Broker Attestation**

[BROKER LETTERHEAD]

[DATE]

Frontier Capital Management Co., LLC

Attn: Chief Compliance Officer

99 Summer Street

Boston, MA 02110

***Re: [Insert Broker Name & Account #'s<u> </u>__________] (the Account(s)")***

 ****

To Whom It May Concern:

For purposes of Frontier's Code of Ethics and its policies regarding personal trading by Access Persons, please accept this letter as confirmation that [NAME OF ACCESS PERSON] (the "Access Person") has "no direct or indirect influence or control" with respect to the purchases and sales of financial instruments in the Account(s).

"No direct or indirect influence or control" means that the Access Person does NOT:

● suggest to anyone that a particular purchase or sale of securities be made for the Account(s);

● direct anyone to make any particular purchases or sales of securities for the Account(s); or

● consult with anyone as to the particular allocation of investments to be made in the Account(s).

We will contact you immediately in the event of any changes to the above confirmation.

Regards,

SIGNATURE:  

NAME:

TITLE/CAPACITY:  

DATE:

79 <br> December 2025

## Ex-99.P

**Exhibit(p)(22)**

![(BRANDYWINE GLOBAL LOGO)](nl001_v2.jpg)

**Brandywine Global Investment Management, LLC**

**CODE OF ETHICS**

**February 2023**

**TABLE OF CONTENTS**

**I.** **Introduction** 1

A. Individuals
 Covered by the Code 1

B. Other
 Codes of Ethics 1

C. Standards
 of Business Conduct 1

**II.** **Effecting Personal Securities Transactions** 2

A. Prohibited
 Securities Transactions 2

B. Holdings
 Periods 3

C. Pre-Clearance
 Requirements 3

D. Exceptions
 to Pre-Clearance Requirements 4

E. Special
 Rules Governing Transaction in Reportable Funds 6

**III.** **Acknowledgement, Disclosure of Accounts and Reporting of Holdings and Transactions** 6

A. Acknowledgment
 of Receipt and Certification 6

B. Disclosure
 of Accounts 7

C. New
 Disclosable Accounts 7

D. Holdings
 and Transaction Reports 7

E. Exceptions
 to the Reporting Requirements 8

**IV.** **Code Administration and Enforcement** 8

A. Duty
 to Report Code Violations 8

B. Exceptions
 to the Code 8

C. Sanctions 9

D. Availability
 of Reports 9

**V.** **Definitions** 9

**APPENDICIES**

---

| | | |
|:---|:---|:---|
| Appendix A | &nbsp;&nbsp;Personal Securities Transaction Request Form | A-1 |
| Appendix B | &nbsp;&nbsp;IPO Pre-Approval Form | B-1 |
| Appendix C | &nbsp;&nbsp;Private Placement Pre-Approval Form | C-1 |
| Appendix D | &nbsp;&nbsp;BGIM Private Fund Pre-Approval Form | D-1 |
| Appendix E | &nbsp;&nbsp;Acknowledgement of Receipt of Code of Ethics and Certification | E-1 |
| Appendix F | &nbsp;&nbsp;Account Change Form | F-1 |
| Appendix G | &nbsp;&nbsp;Managed Account Certification | G-1 |

---

I. <u>Introduction</u> 

A. <u>Individuals Covered by the Code</u>. This Code of Ethics (" <u>Code</u> ")<sup>1</sup> applies to all Brandywine Global Investment Management,
LLC (" <u>BGIM</u> ") employees, officers and directors; the employees, officers and directors of BGIM's foreign companies;
as well as anyone else specifically designated and notified by the BGIM Chief Compliance Officer (" <u>CCO</u> "). All persons
covered by the Code are referred to herein as " <u>Access Persons</u> ". Temporary staff, consultants, and interns will be
reviewed on a case-by-case basis by the CCO or designee to determine whether or not they will be deemed Access Persons.

B. <u>Other Codes of Ethics</u>. Members of the BGIM board of managers or other individuals who are Access Persons under the Code, but are employed
principally by a Franklin Resources, Inc. ("FRI") affiliated entity are subject to, and monitored through the processes of,
the code of ethics applicable to employees of that entity.

C. <u>Standards of Business Conduct</u>. This Code is based on the principle that BGIM owes a fiduciary duty to its clients, and that all Access Persons
must therefore avoid activities, interests and relationships that may (i) present a conflict of interest, or the appearance of a conflict
of interest, with BGIM's clients, or (ii) otherwise interfere with BGIM's ability to make decisions in the best interests
of any of its clients. In particular, Access Persons must at all times comply with the following standards of business conduct:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Compliance with Applicable Law*. Access Persons must understand and comply with their obligations under " <u>Federal Securities Laws</u> ".
Each Access Person is responsible to know, understand and follow the laws and regulations that apply to his or her responsibilities on
behalf of BGIM.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Clients Come First*. Access Persons must scrupulously avoid serving their personal interests ahead of the interests of clients. For example,
an Access Person may not induce or cause a client to take action, or not take action, for the Access Person's personal benefit
at the expense of a client's best interest.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Avoiding Taking Advantage*. Access Persons may not use their knowledge of BGIM's investment activities or client portfolio holdings to
profit from the market effect of such activities or to engage in short-term or other abusive trading in a " <u>Reportable Fund</u> ".
(The list of Reportable Funds is available on the Compliance & Legal intranet site).

&nbsp;&nbsp;&nbsp;&nbsp;4. *Avoid Other Inappropriate Relationships or Activities*. Access Persons should avoid relationships or activities that could call into question
the Access Person's ability to exercise independent judgment in the best interests of BGIM's clients.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Investment Opportunities.* Access Persons must offer any appropriate investment opportunities to the Firm's clients before they may take
personal advantage of such opportunities.

1 Unless defined when used, all capitalized terms used in this Code of Ethics are defined in Section V below.

&nbsp;&nbsp;&nbsp;&nbsp;6. *Avoid Undue Influence.* Access Persons should not cause or attempt to cause client accounts to purchase, sell, or hold an investment in
a manner calculated to create personal benefit to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Observe the Spirit of the Code*. Doubtful situations should be resolved in favor of BGIM's clients. Technical compliance with the Code
will not automatically insulate from scrutiny any personal securities transaction or other course of conduct that might indicate an abuse
of these governing principles.

II. <u>Effecting Personal Securities Transactions</u> 

A. <u>Prohibited Securities Transactions</u>. Access Persons are subject to the following restrictions on their personal trading activity.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Inside Information*. Access Persons are prohibited from engaging in any transaction in a " <u>Security</u> " (or an " <u>Equivalent Security</u> ") at a time when the Access Person is in possession of material non-public information (also referred to as "Inside
Information") regarding the Security or the issuer of the Security. (A copy of the "Inside Information" policy addressing
the procedures to follow when a BGIM employee may be in possession of such information can be found in the BGIM Compliance Policies and
Procedures Manual (the "Manual") available on the Compliance intranet site).

&nbsp;&nbsp;&nbsp;&nbsp;2. *Knowledge.* Access Persons are prohibited from engaging in any transaction in a Security (or an Equivalent Security) requiring pre-clearance at a
time when the Access Person has knowledge that BGIM has a pending order for, or is considering the purchase or sale of, the Security.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Pre-Clearance Required.* Access Persons are prohibited from engaging in any " <u>Securities Transaction</u> " without obtaining the appropriate
pre-clearance as set forth in this Code (unless the transaction is subject to an exemption from pre-clearance as set forth in this Code).

&nbsp;&nbsp;&nbsp;&nbsp;4. *Seven-Day Blackout.* Access Persons are prohibited from engaging in any transaction in a Security (or an Equivalent Security) that requires
pre-clearance within the seven calendar days prior to or following a purchase or sale of the same Security (or an Equivalent Security)
in a client account.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Use of Preferred Brokers.* Any new account in which a Securities Transaction can be effectuated must be opened at a " <u>Preferred Broker</u> ". Any Access Person who maintains an account at a financial institution other than one of BGIM's Preferred Brokers
is prohibited from engaging in more than 12 Securities Transactions per quarter. (A list of BGIM's Preferred Brokers is available
on the Compliance intranet site).

&nbsp;&nbsp;&nbsp;&nbsp;6. *Commodities and Futures Transactions.* Access Persons effectuating commodities and futures transactions must do so through Interactive Brokers
as this Preferred Broker

has the ability to provide an automated feed for commodities and futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Franklin Resources, Inc. Stock*. Access Persons are prohibited from engaging in short sale transactions in Franklin Resources, Inc. (NYSE:
BEN) securities and securities issued by any closed-end fund sponsored or advised by FRI subsidiaries. Equivalent Securities transactions,
whether in the form of call or put options, swap transactions or other derivative transactions, that would result in an Access Person
having a net short exposure to BEN securities (or any closed-end fund sponsored or advised by FRI subsidiaries) are also prohibited.

B. <u>Holdings Periods</u>. Access Persons are subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;1. Any
Reportable Fund sub-advised by Brandywine Global, including open-end and closed-end funds or ETFs, must be held for at least 60 calendar
days.

&nbsp;&nbsp;&nbsp;&nbsp;2. There
is no holdings period for transactions in any ETF, option on an ETF, ETN, option on an ETN, money market fund, or transactions involving
futures on (i) commodities, (ii) indices, (iii) currencies, (iv) bonds, and (iv) interest rates described in Section II.D.3.

&nbsp;&nbsp;&nbsp;&nbsp;3. Any
Security not specifically referenced above must be held for at least 30 calendar days unless selling at a loss.

C. <u>Pre-Clearance Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. *Protegent PTA Pre-Clearance.* All Access Persons must submit Securities Transaction pre-clearance requests through " <u>Protegent PTA</u> ".
In the event that an Access Person is unable to access Protegent PTA, or Protegent PTA is otherwise unable to accommodate the pre-clearance
request, requests for such pre-clearance shall be submitted to the CCO or designee on the "Personal Securities Transaction Request
Form" (See **Appendix A**).

&nbsp;&nbsp;&nbsp;&nbsp;2. *Transactions Requiring Special Pre-Clearance.* Access Persons are prohibited from engaging in the following types of transactions without prior
written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Initial Public Offering ("IPO")</u>. Access Persons are prohibited from acquiring a " <u>Beneficial Interest</u> " in a
Security through an IPO without the prior written approval of the Investment Committee and the Compliance and Risk Committee. Requests
for such approval shall be submitted to the CCO on the "IPO Pre-Approval Form" (See **Appendix B**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Private Placement</u>. Access Persons are prohibited from acquiring a Beneficial Interest in a Security through a " <u>Private Placement</u> "
without the prior written approval of the Investment Committee and the Compliance and Risk Committee. Requests for such approval shall
be submitted to the CCO on the "Private Placement Pre-Approval Form" (See **Appendix C**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>BGIM Commingled Vehicles and Hedge Funds</u>. Access Persons are prohibited from acquiring a Beneficial Interest in a commingled vehicle,
hedge fund or other privately offered fund managed by BGIM without the prior written approval of the Compliance Department. Requests
for such approval shall be submitted to the CCO on the "BGIM Private Fund Pre-Approval Form" (See **Appendix D**).

&nbsp;&nbsp;&nbsp;&nbsp;3. *Length of Pre-Clearance Approval*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorization
for a Securities Transaction is effective until the earliest of: (i) its revocation by the CCO or designee, (ii) the moment the Access
Person learns that the information provided pursuant to the pre-clearance request is not accurate, or (iii) the end of the day on which
the authorization is granted (for example, if authorization is provided on a Monday, it is effective until midnight on that same Monday).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If
the order for a Securities Transaction is not placed within that period, a new pre-clearance request must be approved before the Securities
Transaction can be placed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If
the Securities Transaction is placed but has not been executed before the authorization expires (as, for example, in the case of a limit
order or "good 'til cancelled" order), it is the responsibility of the Access Person to obtain a new pre-clearance
approval.

&nbsp;&nbsp;&nbsp;&nbsp;4. *De Minimis Transactions*. Pre-clearance will generally be granted for a Securities Transaction (or series of Securities Transactions)
that involves 1,000 shares or less of an equity security executed over a 30-day period if the issuer of the Security has a market capitalization
of $5 billion or more. Under <u>no circumstances</u> may an Access Person enter into a Securities Transaction, even if *de minimis* as defined herein, if: (i) the Access Person is in possession of material non-public information regarding the Security or the issuer
of the Security; (ii) the Access Person knows that BGIM is or may be considering a purchase or sale of such Security (or an Equivalent
Security) on behalf of a client; (iii) the Access Person knows that BGIM is in the process of acquiring or selling that Security (or
an Equivalent Security) on behalf of a client; or (iv) the transaction would violate the prohibition on short-term trading set forth
above in Section II.B.

&nbsp;&nbsp;&nbsp;&nbsp;5. *No Explanation Required for Refusals*. An Access Person is not required to receive an explanation for a refusal to authorize any Securities
Transaction.

D. <u>Exceptions to Pre-Clearance Requirements</u>. Notwithstanding the foregoing, the following types of Securities Transactions are exempt from pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Open-End Mutual Funds, ETFs and ETNs*. Any purchase or sale of a Security issued by any registered open-end investment company (including a
college savings plan established under Section 529(a) of the Internal Revenue Code known as a " <u>Section 529 Plan</u> "),
shares issued by unit investment trusts that are invested exclusively in one or more

unaffiliated U.S. open-end funds, any exchange-traded fund that invests in a broad-based index or sector, or any exchange-traded note linked to a market index or other benchmark. (While exempt from pre-clearance, however, transactions in Reportable Funds are subject to trading restrictions and must be reported, as set forth below).

&nbsp;&nbsp;&nbsp;&nbsp;2. *Closed-End Mutual Funds*. Any Securities Transaction involving closed end mutual funds  **<u>unless</u>** it is advised or sub-advised by BGIM.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Certain Commodities and Futures Transactions:* Any Securities Transaction involving futures on (i) commodities, (ii) indices; (iii) the following
currencies: Australian dollar, British pound sterling, Canadian dollar, Danish krone, Euro, Japanese yen, New Zealand dollar, Norwegian
krone, Swedish krona, Swiss franc, United States dollar; or (iv) interest rates and bonds issued by the following countries: Belgium,
Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United Kingdom and the United States. Any Securities Transaction
that results from a futures position being automatically "rolled" is also exempt from pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;4. "*<u>Managed Account</u> " Transactions*. Securities Transactions in which the Access Person has no direct or indirect influence or control
over the account(s); no ability to exercise any investment discretion over the account(s); no ability to direct or suggest purchases
or sales of investments in the account(s); no knowledge of, and is neither consulted nor advised of, purchases or sales of investments
in the account(s) prior to execution; and has no right to intervene in the trustee or asset manager's decisions.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Certain Corporate Actions*. Securities Transactions pursuant to the following types of corporate actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any
acquisition of a Security through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations,
spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
acquisition of a Security through the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to
the extent the rights were acquired in the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any
disposition of a Security through a tender offer, mandatory call or other corporate action equally available to all holders of such Security
(or class of Security).

&nbsp;&nbsp;&nbsp;&nbsp;6. *Automatic Investment Plans*. Any Securities Transaction pursuant to an " <u>Automatic Investment Plan</u> ", except where such Plan
has been overridden. For example, automatic purchases in an employee stock purchase plan do not require pre-clearance; however, sales
of shares from an employee stock purchase plan do require pre-clearance as the instruction is an override of the plan by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Involuntary Options-Related Activity*. Any acquisition or disposition of an underlying Security in connection with an option-related transaction
that has previously received pre-clearance. For example, if an Access Person receives approval to write a covered

call, and the call is later exercised, the pre-clearance requirements and trading restrictions of this Code are not applicable to the sale of the underlying Security.

&nbsp;&nbsp;&nbsp;&nbsp;*8.* *Options on Broad-Based Indices, ETFs or ETNs*. Any Securities Transaction involving options on broad-based indices, ETFs, or ETNs.

&nbsp;&nbsp;&nbsp;&nbsp;9. *Other Exempt Transactions*. Any Securities Transaction involving direct obligations of the U.S. Government, bankers' acceptances,
bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements.

E. <u>Special Rules Governing Transactions in Reportable Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. *Market Timing in Reportable Funds*. Access Persons are prohibited from using knowledge of the portfolio holdings of a Reportable Fund to
engage in any short-term or other abusive trading strategy involving such Reportable Fund that may conflict with the best interests of
the fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Exemptions.* The following Securities Transactions involving Reportable Funds are exempt from the sixty-day holding period as set forth in Section
II.B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Money Market Funds</u>. Securities Transactions in any Reportable Funds that are money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Managed Account Transactions.</u> Securities Transactions in which the Access Person has no direct or indirect influence or control over the
account(s); no ability to exercise any investment discretion over the account(s); no ability to direct or suggest purchases or sales
of investments in the account(s); no knowledge of, and is neither consulted nor advised of, purchases or sales of investments in the
account(s) prior to execution; and has no right to intervene in the trustee or asset manager's decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Automatic Investment Plans</u>. Securities Transactions in Reportable Funds pursuant to an Automatic Investment Plan, except where such Plan has
been overridden.

III. <u>Acknowledgement, Disclosure of Accounts and Reporting of Holdings and Transactions</u> 

A. <u>Acknowledgment of Receipt and Certification</u>. Within 10 calendar days of becoming an Access Person under this Code, each Access Person shall acknowledge
that he or she has received and reviewed a copy of the Code. In addition, each Access Person shall acknowledge on such certification
that he or she has received a copy and will abide by the terms of the current Manual. Such acknowledgment, certification and other reportable
information, shall initially be provided on the "Acknowledgment of Receipt of Code of Ethics and Certification" (See **Appendix E**). Thereafter, no less frequently than annually, each Access Person shall give the same acknowledgement and certify that he or she
has complied with all applicable provisions of the Code and will abide by the terms of the Manual. Such acknowledgement, certification
and other reportable information shall be

submitted through Protegent PTA.

B. <u>Disclosure of Accounts</u>. Within 10 calendar days of becoming an Access Person under this Code, each Access Person must disclose the existence
of each account in which Securities Transactions can be effectuated and in which the Access Person has a Beneficial Interest (each a
" <u>Disclosable Account</u> "). By way of example, Disclosable Accounts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;1. brokerage
accounts held at a Preferred Broker;

&nbsp;&nbsp;&nbsp;&nbsp;2. brokerage
accounts held at a non-Preferred Broker;

&nbsp;&nbsp;&nbsp;&nbsp;3. employee
stock purchase plan accounts for the purchase of FRI (or other) securities (*e.g.*, former employers or spouse's employer);

&nbsp;&nbsp;&nbsp;&nbsp;4. individual
retirement accounts (" <u>IRA</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;5. 401(k)
or 403(b) accounts (*e.g.*, current 401(k), former employer 401(k), spouse's 401(k));

&nbsp;&nbsp;&nbsp;&nbsp;6. Automatic
Investment Plan accounts;

&nbsp;&nbsp;&nbsp;&nbsp;7. Section
529 Plan accounts;

&nbsp;&nbsp;&nbsp;&nbsp;8. Managed
Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;9. accounts
that hold only non-Reportable Funds and in which no other type of Security may be held (" <u>Mutual Fund-Only Account</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;10. accounts
for the exercise of FRI (or other) stock options;

&nbsp;&nbsp;&nbsp;&nbsp;11. any
of the foregoing accounts held by an " <u>Immediate Family</u> " member living in the same household as the Access Person.

C. <u>New Disclosable Accounts</u>. An Access Person wishing to open a new Disclosable Account must provide to the Compliance Department the information
requested on the "Account Change Form" (See **Appendix F**).

D. <u>Holdings and Transaction Reports</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. *Initial and Annual Holdings Reports*. Within 10 calendar days of becoming an Access Person, and annually thereafter, each Access Person must
supply the Compliance Department with a list of all " <u>Reportable Securities</u> " in which the Access Person has a Beneficial
Interest. ("Holdings Report"). The information in the Holdings Report must be current as of a date not more than 45 days
prior to the individual's becoming an Access Person or, for annual reports, not more than 45 days prior to the date the annual Holdings
Report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Quarterly Transaction Reports*. Access Persons must report all Securities Transactions to the Compliance Department on a quarterly basis. In
order to satisfy this obligation, an Access Person may either: (i) maintain his or her accounts at a Preferred Broker; (ii) arrange for
the delivery of duplicate copies of confirmations or periodic account statements directly to the Compliance Department; or (iii) for
Securities Transactions that do not otherwise appear on an account statement, report the Securities Transaction to the Compliance Department
within 30 days after the end of the calendar quarter in which the transaction took place.

E. <u>Exceptions to the Reporting Requirements</u>. Notwithstanding the obligation to report <u>all</u> Securities Transactions to the Compliance Department
on a quarterly basis, Access Persons are <u>not</u> required to provide duplicate copies of confirmations or periodic account statements,
and need not report individual Securities Transactions, for the following types of accounts. However, the existence of such accounts
must be disclosed in accordance with Section III.A., above, and copies of statements must be made available for review at the specific
request of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;1. accounts
held at a Preferred Broker;

&nbsp;&nbsp;&nbsp;&nbsp;2. FRI
employee stock purchase plan accounts;-

&nbsp;&nbsp;&nbsp;&nbsp;3. FRI
stock option accounts;

&nbsp;&nbsp;&nbsp;&nbsp;4. FRI
401(k) accounts;

&nbsp;&nbsp;&nbsp;&nbsp;5. other
401(k), 403(b) and Section 529 accounts <u>if</u> these accounts can <u>only</u> hold Mutual Funds that are <u>not</u> Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;6. Automatic
Investment Plan accounts;

&nbsp;&nbsp;&nbsp;&nbsp;7. Managed
Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;8. Mutual
Fund-Only Accounts.

IV. <u>Code Administration and Enforcement</u> 

A. <u>Duty to Report Code Violations</u>. It is the responsibility of all Access Persons to report promptly any suspected or actual violation of
this Code to the CCO, the Compliance and Risk Committee or any member of the Compliance and Risk Committee or Compliance Department.
Such reports may be oral or in writing, need not be signed and may be anonymous. BGIM will not retaliate or allow its Access Persons
to retaliate against any Access Person who, in good faith, reports a suspected violation of the Code.

B. <u>Exceptions to the Code</u>. Unless otherwise noted herein, exceptions to the limitations set forth in this Code may only be granted by the CCO (or
designee) in such circumstances as the CCO (or designee) concludes are appropriate and pursuant to such conditions as the CCO (or designee)
determines are necessary. Such exceptions will only be granted if the CCO (or designee) concludes that the contemplated action does not
pose a material conflict of interest of

the nature sought to be mitigated or eliminated by this Code. Without limiting the generality of the foregoing, the CCO (or designee) will review each trade restricted by the seven-day blackout period set forth in Section II.A.4 above and make a determination as to whether to grant a waiver from the seven-day restriction for such trade based on the standards set forth in this Section IV.B.

C. <u>Sanctions</u>.
The Compliance and Risk Committee may impose sanctions or take other action against an Access Person who violates this Code. Possible
sanctions or actions may include, but are not limited to, written warning, letter of reprimand, suspension of personal trading privileges,
reversal of or forfeiture of profits from an improper Securities Transaction, fine, suspension of employment (with or without pay), civil
referral to the Securities and Exchange Commission, criminal referral or termination of employment. In the event that the Compliance
and Risk Committee requires forfeiture of profits from an improper Securities Transaction, the Compliance and Risk Committee shall compute
the amount of any profit to be forfeited and may require donation of the forfeited amount to a charitable organization of the Compliance
and Risk Committee's choosing. Such donations shall not result in any net tax benefit to the Access Person.

D. <u>Availability of Reports</u>. All information supplied pursuant to this Code may be made available for inspection to: (a) the Compliance Department,
(b) the Compliance and Risk Committee, (c) the Access Person's department manager, (d) the BGIM Board of Managers, (e) parent company
employees, examiners, or auditors, (f) the chief compliance officer or board of directors of any Reportable Fund, (g) any attorney or
agent of the foregoing or of a Reportable Fund, (h) any party to which any investigation is referred by any of the foregoing, (i) the
Securities and Exchange Commission, (j) any self-regulatory organization governing the activity involved, (k) any state regulatory authority,
or (l) any federal or state criminal authority.

V. <u>Definitions</u> 

When used in the Code, the following terms have the meanings set forth below:

**"<u>Automatic Investment Plan</u>"** means a program in which regular periodic purchases (or withdrawals) are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"<u>Beneficial Interest</u>"** means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Security.

An Access Person is <u>deemed</u> to have a Beneficial Interest in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any
Security owned individually by the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any
Security owned jointly by the Access Person with others (for example, joint accounts, spousal accounts, partnerships, trusts and controlling
interests in corporations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any
Security in which a member of the Access Person's Immediate Family has a Beneficial Interest if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
Security is held in an account over which the Access Person has decision making authority or otherwise influences and controls (for example,
the Access Person acts as trustee, executor, or guardian); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
Security is held in an account for which the Access Person acts as a broker or investment adviser representative.

An Access Person is <u>presumed</u> to have a Beneficial Interest in any Security in which a member of the Access Person's Immediate Family has a Beneficial Interest if the Immediate Family member resides in the same household as the Access Person.

**"<u>Equivalent Security</u>"** means any Security issued by the same entity as the issuer of a subject Security, including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, bonds, and other obligations of that company or Security otherwise convertible into that Security. Options on Securities are included even if, technically, they are issued by the Options Clearing Corporation or a similar entity.

**"<u>Federal Securities Laws"</u>** means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Advisers Act of 1940, title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to BGIM and any Reportable Funds, and any rule adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury.

**"<u>Immediate Family</u>"** of an Access Person means any of the following persons:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;child | &nbsp;&nbsp;grandparent | &nbsp;&nbsp;son-in-law |
| &nbsp;&nbsp;stepchild | &nbsp;&nbsp;spouse | &nbsp;&nbsp;daughter-in-law |
| &nbsp;&nbsp;grandchild | &nbsp;&nbsp;sibling | &nbsp;&nbsp;brother-in-law |
| &nbsp;&nbsp;parent | &nbsp;&nbsp;mother-in-law | &nbsp;&nbsp;sister-in-law |
| &nbsp;&nbsp;stepparent | &nbsp;&nbsp;father-in-law |  |

---

Immediate Family includes other relationships (whether or not recognized by law) that the BGIM Compliance Department determines could lead to the potential conflicts of interest, diversions of corporate opportunity or appearances of impropriety, which this Code is intended to prevent.

"**<u>Initial Public Offering</u>"** means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**"<u>Managed Account</u>"** means an account where an Access Person has no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
or indirect influence or control over the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ability
to exercise any investment discretion over the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ability
to direct purchases or sales of investments in the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Ability
to suggest purchases or sales of investments in the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Knowledge
of, and is neither consulted nor advised of, purchases or sales of investments in the account(s) prior to execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Right
to intervene in the trustee or asset manager's decisions.

**"<u>Preferred Broker</u>"** means a broker/dealer that provides an automated, electronic feed of Access Person Securities Transaction information directly into Protegent PTA.

**"<u>Private Placement</u>"** means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) of the Securities Act of 1933, as amended, or pursuant to Rules 504, 505 or 506 of Regulation D thereunder. For the avoidance of doubt, the term "Private Placement" includes investment in any hedge fund, private equity fund, venture capital fund, limited partnership, limited liability company or other privately offered investment vehicle.

**"<u>Protegent PTA</u>"** means the Protegent Personal Trading Assistant, a web browser-based automated personal trading compliance platform used by the Compliance Department to administer this Code.

**"<u>Reportable Fund</u>"** means any fund registered under the Investment Company Act that (a) is advised or sub-advised by BGIM, or (b) is advised, sub-advised, or principally underwritten by FRI or any entity controlled or under common control with FRI.

**"<u>Reportable Security</u>"** means any Security (as defined herein) other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Direct
obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers'
acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;3. Shares
issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
issued by open-end funds other than Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Shares
issued by unit investment trusts that are invested exclusively in unaffiliated open-end funds.

**"<u>Securities Transaction</u>"** means the purchase, sale, redemption or other transaction in a Security in which an Access Person has or acquires a Beneficial Interest.

**"<u>Security</u>"** means any security as defined by the Investment Advisers Act of 1940,

Investment Company Act of 1940 or any other financial or investment instrument, including stocks, treasury stock, notes, bonds, debentures, closed-end funds, open-end funds, offshore funds, exchange traded funds, hedge funds, limited partnership interests, unit investment trust shares, options (including any put, call or straddle), futures, swaps, warrants, investments in commodities or commodities-related instruments, or any derivative instruments.

February 2023 A-1

February 2023 B-1

February 2023 B-2

February 2023 C-1

February 2023 C-2

February 2023 C-3

February 2023 D-1

February 2023 D-2

**Appendix E**

---

| | | |
|:---|:---|:---|
| **Last Name** | **First Name** | **Middle Initial** |

---

**Acknowledgement of Receipt of Code of Ethics and Certification**

**1.** **Acknowledgement** 

I acknowledge that I have received a copy of the most recent BGIM Code of Ethics (the "Code") and I represent that:

&nbsp;&nbsp;&nbsp;&nbsp;a. I
have read the Code and I understand that it applies to me and to all Securities Transactions **<sup>1</sup>** in which I have or acquire
any Beneficial Interest. I have read the definition of "Beneficial Interest" and I understand that I may be deemed to have
a Beneficial Interest in Securities owned by members of my Immediate Family and that Securities Transactions effected by members of my
Immediate Family may therefore be subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;b. I
agree that in case of a violation, I may be subject to various possible sanctions (pursuant to section VII.C of the Code) as determined
by the Compliance and Risk Committee. Possible sanctions or actions may include, but are not limited to, written warning, letter of reprimand,
suspension of personal trading privileges, reversal of or forfeiture of profits from an improper Securities Transaction, fine, suspension
of employment (with or without pay), civil referral to the Securities and Exchange Commission, criminal referral or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;c. I
will comply with the Code.

I also acknowledge that I have received a copy and will abide by the terms of the current BGIM Compliance Policies and Procedures Manual and Franklin Resources, Inc. Code of Ethics and Business Conduct (Note: copies of these documents are always available on the Compliance & Legal Intranet site).

<sup>1</sup> All capitalized terms have the same definition as set forth in the Code of Ethics. <br>

February 2023 E-1

**Appendix E**

**2.** **Disclosable Accounts and Securities Holdings** 

**Table 1 — Preferred Broker Accounts**

Instructions:

● A Preferred Broker account is an account held at a broker/dealer that provides an automated, electronic feed of Access Person Securities Transaction information directly into Protegent PTA.  **<u>(A list of the BGIM Preferred Brokers is available on the Compliance & Legal intranet site).</u>** 

● Provide the information requested below for each account held at a Preferred Broker in which you have Beneficial Interest.

● **You <u>must</u> attach a copy of the most recent account statement(s).** 

● Do not leave blank. **Indicate "N/A" or "None" if appropriate.** 

● Attach a separate sheet if necessary.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF BROKER<br> DEALER, BANK, OR OTHER<br> FINANCIAL<br> INTERMEDIARY** | &nbsp;&nbsp;**ACCOUNT TITLE<br> acct holder's name<br> and (acct type)** | &nbsp;&nbsp;**RELATIONSHIP<br> if acct holder is not <br> the Access Person** | &nbsp;&nbsp;**ACCOUNT <br> NUMBER** |
| &nbsp;&nbsp;Ex: Smith Barney | &nbsp;&nbsp;Jane Smith (IRA) | &nbsp;&nbsp;Spouse | &nbsp;&nbsp;xxx-xxxxx |

---

February 2023 E-2

**Appendix E**

**Table 2 — Non-Preferred Broker Accounts**

Instructions:

● A non-Preferred Broker account is an account held at a broker/dealer that does <u>not</u> provide an automated, electronic feed of Access Person Securities Transaction information directly into Protegent PTA.

● Provide the information requested below for each account held at a non-Preferred Broker in which you have Beneficial Interest.

● **You <u>must</u> attach a copy of the most recent account statement(s).** 

● Do not leave blank. **Indicate "N/A" or "None" if appropriate.** 

● Attach a separate sheet if necessary.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF BROKER<br> DEALER, BANK, OR OTHER <br> FINANCIAL <br> INTERMEDIARY** | &nbsp;&nbsp;**ACCOUNT TITLE<br> acct holder's name <br> and (acct type)** | &nbsp;&nbsp;**RELATIONSHIP<br> if acct holder is not <br> the Access Person** | &nbsp;&nbsp;**ACCOUNT <br> NUMBER** |
| &nbsp;&nbsp;Ex: Goldman Sachs | &nbsp;&nbsp;Jane Smith (IRA) | &nbsp;&nbsp;Spouse | &nbsp;&nbsp;xxx-xxxxx |

---

February 2023 E-3

**Appendix E**

**Table 3 — Mutual Fund-Only Accounts**

Instructions:

● A Mutual Fund-Only account is an account that holds only non-Reportable Funds, <u>and in which no other type of Security</u> may be held. (A list of Reportable Funds is available on the Compliance & Legal intranet site).

● Provide the information requested below for each Mutual Fund-Only account in which you have a Beneficial Interest.

● **You <u>must</u> attach a copy of the most recent account statement(s).** 

● Do not leave blank. **Indicate "N/A" or "None" if appropriate.** 

● Attach a separate sheet if necessary.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF BROKER <br> DEALER, BANK, OR OTHER <br> FINANCIAL <br> INTERMEDIARY** | &nbsp;&nbsp;**ACCOUNT TITLE<br> acct holder's name <br> and (acct type)** | &nbsp;&nbsp;**RELATIONSHIP<br> if acct holder is not <br> the Access Person** | &nbsp;&nbsp;**ACCOUNT <br> NUMBER** |
| &nbsp;&nbsp;Ex: Vanguard | &nbsp;&nbsp;Jane Smith (IRA) | &nbsp;&nbsp;Spouse | &nbsp;&nbsp;xxx-xxxxx |

---

February 2023 E-4

**Appendix E**

**Table 4 — Managed Accounts**

Instructions:

● Provide the information requested below for each Managed Account in which you have a Beneficial Interest.

● A Managed Account is an account where you have no direct or indirect influence or control over the account(s); no ability to exercise any investment discretion over the account(s); no ability to direct or suggest purchases or sales of investments in the account(s); no knowledge of, and are neither consulted nor advised of, purchases or sales of investments in the account(s) prior to execution; and have no right to intervene in the trustee or asset manager's decisions.

● **You <u>must</u> attach a copy of the most recent account statement(s).** 

● Do not leave blank. **Indicate "N/A" or "None" if appropriate.** 

● Attach a separate sheet if necessary.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF INVESTMENT <br> MANAGER** | &nbsp;&nbsp;**ACCOUNT TITLE<br> acct holder's name <br> and (acct type)** | &nbsp;&nbsp;**RELATIONSHIP<br> if acct holder is not <br> the Access Person** | &nbsp;&nbsp;**ACCOUNT <br> NUMBER** |
| &nbsp;&nbsp;Ex: ABC Investment Management | &nbsp;&nbsp;Jane Smith | &nbsp;&nbsp;Spouse | &nbsp;&nbsp;xxx-xxxxx |

---

February 2023 E-5

**Appendix E**

**Table 5 — Other Disclosable Accounts**

Instructions:

● Other Disclosable Accounts include any accounts, not previously disclosed in Tables 1 through 4, in which you have a Beneficial Interest and where Securities Transactions can be effectuated.

● Other Disclosable Accounts include (but are not limited to) a FRI employee stock purchase plan account, a spouse's employee stock purchase plan account, the FRI 401(k), a spouse's 401(k) or 403(b) that can  **<u>only</u>** hold mutual funds, a Section 529 account for your child, a direct investment program ("DRIP") account, an employee stock option account, or any of these accounts if owned by an Immediate Family member who resides in your household.

● As detailed in Section III.E. of the Code, **you do <u>not</u> need to attach a duplicate statement <u>if</u> the account is:** (i) a FRI employee stock purchase plan account; (ii) a FRI stock option account held at Merrill Lynch; (iii) a FRI 401(k) account; (iv) a 401(k), 403(b) or Section 529 account that can <u>not</u> hold Reportable Funds; or (v) an Automatic Investment Account. However, at any time upon specific request of the CCO, copies of statements must be made available for review.

● **You <u>must</u> attach a copy of the most recent account statement(s) for any other Disclosable Account.** 

● Do not leave blank. **Indicate "N/A" or "None" if appropriate.** 

● Attach a separate sheet if necessary.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF BROKER <br> DEALER, BANK, <br> EMPLOYER, ETC.** | &nbsp;&nbsp;**ACCOUNT TITLE<br> acct holder's name <br> and (acct type)** | &nbsp;&nbsp;**RELATIONSHIP<br> if acct holder is not <br> the Access Person** | &nbsp;&nbsp;**ACCOUNT <br> NUMBER/ <br> PLAN <br> NUMBER** |
| &nbsp;&nbsp;Ex: Acme Widget Company | &nbsp;&nbsp;Jane Smith (employee stock purchase plan account) | &nbsp;&nbsp;Spouse | &nbsp;&nbsp;xxx-xxxxx |

---

February 2023 E-6

**Appendix E**

**Table 6 — Other Securities/Holdings**

Instructions:

● Provide the information requested for <u>any other Security</u> in which you have a Beneficial Interest that is <u>not</u> held in an account listed in Tables 1 through 5. Examples may be investments in Private Placements (*e.g.*, hedge funds, private equity funds, venture capital funds, limited partnerships, limited liability companies) or paper stock certificates.

● Do not leave blank. **Indicate "N/A" or "None" if appropriate.** 

● Attach a separate sheet if necessary.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF <br> SECURITY <br> OWNER** | &nbsp;&nbsp;**RELATIONSHIP<br> if security owner is <br> not the Access<br> Person** | &nbsp;&nbsp;**NAME/TITLE <br> OF SECURITY** | &nbsp;&nbsp;**TYPE OF <br> SECURITY** | &nbsp;&nbsp;**TICKER <br> OR <br> CUSIP** | &nbsp;&nbsp;**NUMBER OF <br> SHARES / <br> PRINCIPAL <br> AMOUNT** |

---

**3.** **Outside Business Activities** 

Instructions:

● Provide a list of all Outside Business Activities that that you are currently engaged in.

● Do not leave blank. **Indicate "N/A" or "None" if appropriate**.

---

| | |
|:---|:---|
| **NAME OF ORGANIZATION** | **DESCRIPTION OF DUTIES** |

---

February 2023 E-7

February 2023 E-8

February 2023 E-9

February 2023 E-10

February 2023 E-11

February 2023 F-1

**Appendix G**

**Managed Account Certification**

**Instructions:** Please complete the certification regarding the following investment account(s) that are maintained and managed on a discretionary basis by a third-party manager or trustee, and in which you have a beneficial interest:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Account Name** | &nbsp;&nbsp;**Investment Manager** |

---

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;1. I
do not have any direct or indirect influence or control over the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;2. I
do not exercise any investment discretion over the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;3. I
do not direct purchases or sales of investments in the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;4. I
do not suggest purchases or sales of investments in the account(s);

&nbsp;&nbsp;&nbsp;&nbsp;5. I
have no knowledge of, and am neither consulted nor advised of, purchases or sales of investments in the account(s) prior to execution;
and

&nbsp;&nbsp;&nbsp;&nbsp;6. I
have no right to intervene in the trustee or asset manager's decisions.

---

| |
|:---|
| **Access Person's Signature** |
| **Print Name** |
| **Date** |

---

Note: You will be asked to make this certification periodically going forward.

February 2023 G-1