# EDGAR Filing Document

**Accession Number:** 0001096012
**File Stem:** 0001133228-25-009822
**Filing Date:** 2025-9
**Character Count:** 771736
**Document Hash:** 16941d24ff0303be74b53fccffa96480
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009822.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0001133228-25-009822

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001096012

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09603
- **FILM NUMBER:** 251324108

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE SELECT FUNDS
- **DATE OF NAME CHANGE:** 20011130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN SELECT FUNDS
- **DATE OF NAME CHANGE:** 19990929
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON SELECT FUNDS
- **CENTRAL INDEX KEY:** 0001096012

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-88343
- **FILM NUMBER:** 251324106

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE SELECT FUNDS
- **DATE OF NAME CHANGE:** 20011130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN SELECT FUNDS
- **DATE OF NAME CHANGE:** 19990929

As filed with the Securities and Exchange Commission on September 18, 2025

1933 Act File No. 333-88343

1940 Act File No. 811-09603

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A** 

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 58 | ☒ |
| (Check appropriate box or boxes.) |  |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. 58 | ☒ |
| (Check appropriate box or boxes.) |  |

---

**AMERICAN BEACON SELECT FUNDS** 

(Exact Name of Registrant as Specified in Charter)

220 East Las Colinas Boulevard, Suite 1200

Irving, Texas 75039

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (817) 391-6100

Gregory J. Stumm, President

220 East Las Colinas Boulevard

Suite 1200

Irving, Texas 75039

(Name and Address of Agent for Service)

With copies to:

Stacy L. Fuller, Esq

Kathy K. Ingber, Esq.

K&L Gates LLP

1601 K Street, NW

Washington, D.C. 20006-1600

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

☐ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) 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.

------

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

---

| |
|:---|
| ![](logo5.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Beacon |

---

**PROSPECTUS**

[XX XX, 2025]

American Beacon Ninety One International Franchise ETF XXXX

*This Prospectus contains important information you should know about investing, including information about risks. Please read it before you invest and keep it for future reference.*

Fund shares are not individually redeemable. Fund shares are listed on NYSE Arca, Inc. (the "Exchange").

As with all exchange-traded funds, the Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

------

**Table of Contents**

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| | |
|:---|:---|
| [Fund Summary](#chapter_2_2675) |  |
| &nbsp;&nbsp; [American Beacon Ninety One International Franchise ETF](#chapter_2-sect1_1_2675) | [1](#chapter_2-sect1_1_2675) |
| [Additional Information About the Fund](#chapter_3_2675) |  |
| &nbsp;&nbsp; [Additional Information About Investment Policies and Strategies](#chapter_3-sect1_1_2675) | [7](#chapter_3-sect1_1_2675) |
| &nbsp;&nbsp; [Additional Information About the Management of the Fund](#chapter_3-sect1_2_2675) | [8](#chapter_3-sect1_2_2675) |
| &nbsp;&nbsp; [Additional Information About Investments](#chapter_3-sect1_3_2675) | [8](#chapter_3-sect1_3_2675) |
| &nbsp;&nbsp; [Additional Information About Risks](#chapter_3-sect1_4_2675) | [9](#chapter_3-sect1_4_2675) |
| &nbsp;&nbsp; [Additional Information About Performance Index](#chapter_3-sect1_5_2675) | [16](#chapter_3-sect1_5_2675) |
| &nbsp;&nbsp; [Portfolio Holdings Information](#chapter_3-sect1_6_2675) | [16](#chapter_3-sect1_6_2675) |
| [Fund Management](#chapter_4_2675) |  |
| &nbsp;&nbsp; [The Manager](#chapter_4-sect1_1_2675) | [16](#chapter_4-sect1_1_2675) |
| &nbsp;&nbsp; [The Sub-Advisor](#chapter_4-sect1_2_2675) | [17](#chapter_4-sect1_2_2675) |
| &nbsp;&nbsp; [The Distributor](#chapter_4-sect1_3_2675) | [17](#chapter_4-sect1_3_2675) |
| &nbsp;&nbsp; [Valuation of Shares](#chapter_4-sect1_4_2675) | [17](#chapter_4-sect1_4_2675) |
| [About Your Investment](#chapter_5_2675) |  |
| &nbsp;&nbsp; [Purchase and Redemption of Shares](#chapter_5-sect1_1_2675) | [18](#chapter_5-sect1_1_2675) |
| &nbsp;&nbsp; [Frequent Trading and Market Timing](#chapter_5-sect1_2_2675) | [19](#chapter_5-sect1_2_2675) |
| &nbsp;&nbsp; [Distributions and Taxes](#chapter_5-sect1_3_2675) | [19](#chapter_5-sect1_3_2675) |
| [Additional Information](#chapter_6_2675) |  |
| &nbsp;&nbsp; [Distribution Plan](#chapter_6-sect1_1_2675) | [20](#chapter_6-sect1_1_2675) |
| &nbsp;&nbsp; [Portfolio Holdings](#chapter_6-sect1_2_2675) | [21](#chapter_6-sect1_2_2675) |
| &nbsp;&nbsp; [Delivery of Documents](#chapter_6-sect1_3_2675) | [21](#chapter_6-sect1_3_2675) |
| &nbsp;&nbsp; [Financial Highlights](#chapter_6-sect1_4_2675) | [21](#chapter_6-sect1_4_2675) |
| &nbsp;&nbsp; *Back Cover* |  |
| [Appendix](#chapter_8_2675) |  |
| &nbsp;&nbsp; [Appendix A: Glossary](#chapter_8-sect1_1_2675) | [A-1](#chapter_8-sect1_1_2675) |

---

------

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| | |
|:---|:---|
| American Beacon<br>Ninety One International Franchise ETF<sup>SM</sup> | ![](pr2675img001.jpg) |

---

Investment Objective

The Fund's investment objective is long-term capital growth.

Fees and Expenses of the Fund

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

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fees | 0.69% |
| Distribution and/or Service (12b-1) Fees<sup>1</sup> | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses<sup>3</sup>** | **0.69%** |

---

---

| | |
|:---|:---|
| 1 | Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund's average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. |

---

2 Other Expenses are based on estimated expenses for the current fiscal year.

---

| | |
|:---|:---|
| 3 | The Fund is the successor to the American Beacon Ninety One International Franchise Fund (the "Predecessor Fund"), pursuant to a reorganization that occurred on [January 9, 2026] ("Closing Date"), in which the shares of the Fund adopted the financial statements and performance history of the R5 Class shares of the Predecessor Fund. The Total Annual Fund Operating Expenses of the Fund's shares do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights for the R5 Class shares of the Predecessor Fund, but instead reflect the Fund's estimated expenses. |

---

**Example**

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $70 | $221 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or ''turns over'' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. The Fund's portfolio turnover rate for the fiscal year ended October 31, 2024 was 8% of the average value of the Fund's portfolio when the Fund operated as a mutual fund.

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies that the sub-advisor believes have recognized franchise or brand value. Companies with recognized franchise or brand value are those that the sub-advisor believes have: enduring competitive advantages, dominant market positions in stable growing industries, low sensitivity to the economic and market cycle, healthy balance sheets and low capital intensity, and sustainable cash generation and effective capital allocation.

Under normal circumstances, the Fund invests in at least three countries, and invests at least 40% of its total assets in securities of non-U.S. companies. If conditions are not favorable, the Fund will invest at least 30% of its total assets in securities of non-U.S. companies. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company's assets are located outside of the U.S.; (ii) at least 50% of the company's revenue is generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or (iv) the company's securities are traded principally outside of the U.S. The Fund may invest in companies located in both developed and emerging market countries.

The equity securities in which the Fund invests are primarily common stocks, but may also include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs" and, together with ADRs and EDRs, "Depositary Receipts"), and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. The Fund's investments in equity securities may be denominated in foreign currencies, and the Fund may invest directly in foreign currencies. Although the Fund may invest in securities of companies with any market capitalization, the Fund generally invests in medium and large capitalization companies. The securities of companies held by the Fund may exhibit characteristics of either value stocks or growth stocks during the time they are held by the Fund. The Fund typically invests in securities of approximately 25-40 companies.

In selecting investments for the Fund, the sub-advisor uses a fundamental research process to seek to identify companies that have key characteristics focusing on return on capital, growth, cash flow and valuation relative to other international stocks.

The sub-advisor will consider whether to sell an investment using the same fundamental research process it uses to identify potential purchases. The sub-advisor may sell a security for a variety of reasons such as because it becomes overvalued or shows deteriorating fundamentals, or to invest in a company believed by the sub-advisor to offer superior investment opportunities.

The sub-advisor's investment process incorporates environmental, social and/or governance ("ESG") analysis as a consideration in the assessment of potential portfolio investments. However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made. In addition, the sub-advisor does not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from the Fund's investment universe. The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG risks.

**Prospectus** – Fund Summary**1**

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[Back to **Table of Contents**](#TOC_2675)

Although the Fund seeks investments across a number of sectors, from time to time, the Fund may have significant positions in particular sectors, including the Information Technology sector. However, as the sector composition of the Fund's portfolio changes over time, the Fund's exposure to the Information Technology sector may be lower at a future date, and the Fund's exposure to other market sectors may be higher.

The Fund may have significant exposure to issuers located in, or with economic ties to, Europe and the Pacific Basin (which includes, among others, Japan, Australia, Taiwan and Hong Kong). However, as the geographic composition of the Fund's portfolio changes over time, the Fund's exposure to Europe and/or the Pacific Basin may decline, and the Fund's exposure to other geographic areas may increase.

The Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager receives a management fee.

Principal Risks

There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. **The Fund is not** **designed for investors who need an assured level of current income and is intended to be a long-term investment. The Fund is not a complete** **investment program and may not be appropriate for all investors. Investors should carefully consider their own investment goals and risk** **tolerance before investing in the Fund.** The principal risks of investing in the Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Currency Risk**<br>The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund's investments.

**Cybersecurity and Operational Risk**<br>Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund's shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

**Emerging Markets Risk**<br>When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.

**Environmental, Social, and/or Governance Investing Risk**<br>The use of environmental, social, and/or governance ("ESG") considerations by the sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG considerations. Although the sub-advisor has established its own process to oversee ESG integration in accordance with the Fund's strategies, successful integration of ESG factors will depend on the sub-advisor's skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG risks. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require the Fund to change its investment process with respect to the integration of ESG factors.

**Equity Investments Risk**<br>Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to the following additional risks:

■ Common
 Stock Risk. The value
 of a company's common stock may fall as a result of factors affecting the company, companies in the same industry or sector,
 or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company.

■ Depositary
 Receipts Risk. Depositary
 receipts are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited
 to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less
 liquidity, more volatility,
 less government regulation and supervision and delays in transaction settlement.

■ U.S.
 Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk. Foreign (non-U.S.) companies that list their stocks on U.S. exchanges may be exempt
 from certain accounting and corporate governance standards that apply to U.S. companies that list on the same exchange. Performance of
 these

**2** **Prospectus** – Fund Summary

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[Back to **Table of Contents**](#TOC_2675)

stocks can be impacted by political and financial instability in the home country of a particular foreign company, and delisting of these stocks could impact the Fund's ability to transact in such securities and could significantly impact their liquidity and market price.

**Exchange-Traded Funds ("ETFs") Risk** <br>As an ETF, the Fund is subject to the following risks:

■ Authorized
 Participants Concentration Risk. The Fund has a limited number of financial institutions that may act as authorized participants (i.e., large institutions
 that have entered into agreements with the distributor of the Fund's shares and are authorized to transact in Creation Units (described
 below) with the Fund)
 ("Authorized Participants"). Only an Authorized Participant may transact in Creation Units directly with the Fund, and none
 of those Authorized
 Participants is obligated to engage in creation and/or redemption transactions. To the extent they exit the business or are otherwise
 unable to proceed
 in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem
 shares, then shares
 of the Fund may be more likely to trade at a premium or discount to net asset value ("NAV") and possibly face trading halts
 or delisting. Authorized Participant
 concentration risk may be heightened for ETFs that invest in securities or instruments that have lower trading volumes.

■ Cash
 Transactions Risk. Like other ETFs, the Fund sells and redeems its shares primarily in large blocks called "Creation Units" and only to Authorized Participants. Unlike
 many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities.
 Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that
 it could have avoided
 by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption
 proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments
 to obtain the cash needed to distribute redemption proceeds at an inopportune time.

■ Premium/Discount
 Risk. There may be
 times when the market price of the Fund's shares is more than its NAV (at a premium) or less than its NAV (at a discount).
 As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares.
 This risk is heightened
 in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund
 shares may be executed
 at prices well below NAV.

■ Secondary
 Market Trading Risk. Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount
 and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, such investors
 may incur the cost
 of the "spread" also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund
 shares (the "bid" price)
 and the price at which they are willing to sell Fund shares (the "ask" price). The bid-ask spread varies over time based on,
 among other things, trading
 volume, market liquidity and market volatility. Trading in Fund shares may be halted by the Exchange (as defined below) because of market conditions or other
 reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. In addition, although the Fund's shares
 are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund's shares
 will continue to be listed.

**Foreign Investing Risk**<br>Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading in U.S. markets. The Fund's investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Franchise Investing Risk**<br>Franchise companies may be adversely affected by, among other factors, changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions both individually and across an industry. As a result of its investments in franchise companies, the Fund may be negatively impacted to a greater extent than if the Fund's assets were invested more broadly in a number of types of companies.

**Geographic Concentration Risk**<br>From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region, which could increase the risk that economic, market, political, business, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund's performance. Investing in such a manner could cause the Fund's performance to be more volatile than the performance of more geographically diverse funds. A decline in the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.

■ European
 Securities Risk. The
 Fund's performance may be affected by political, social and economic conditions in Europe, such as growth of economic output
 (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European
 economies, the success
 of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, the monetary exchange rates between European countries,
 and conflict between European countries. The European financial markets have experienced and may continue to experience volatility and
 adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt;
 national unemployment
 in several European countries; public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military
 conflict, such as
 the Russian invasion of Ukraine. A default or debt restructuring by any European country could adversely impact holders of that country's
 debt and sellers of
 credit default swaps linked to that country's creditworthiness, which may be located in other countries. Such a default or debt
 restructuring could affect
 exposures to European countries. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and
 financial markets have
 experienced extreme volatility and declines in asset values and liquidity. These events have affected the exchange rate of the Euro and
 may continue to significantly
 affect European countries. <br> Responses
 to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce
 the desired results,
 may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes investments
 in securities of issuers that are domiciled in member states of the European Union (the "EU"). The economies and markets of
 European countries
 are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. One or more countries
 may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, could
 be significant and far-reaching. The United Kingdom's withdrawal from the EU could be an indication that one or more other countries
 may withdraw from
 the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the
 Euro and may continue
 to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states. <br> The
 continuing effects on the economies of European countries of the Russia/Ukraine war and Russia's response to sanctions imposed by
 the  U.S., EU, UK

**Prospectus** – Fund Summary**3**

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[Back to **Table of Contents**](#TOC_2675)

and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe have increased significantly.

■ Pacific
 Basin Securities Risk. The Pacific Basin region includes countries in various stages of economic development. Many Pacific Basin countries are considered
 undeveloped or developing and may be subject to greater social, political and economic instability than is the case in the U.S. and Western European countries.
 In addition, the region has historically been prone to natural disasters, the occurrence of which could negatively impact the economy
 of any country in
 the region. The economies of most countries in this region are heavily dependent on international trade and are accordingly affected by protective trade barriers
 and the economic conditions of their trading partners. These economies may depend upon only a few industries and/or exports of primary
 commodities and, therefore, are vulnerable to changes in commodity prices. The securities markets in the Pacific Basin may be substantially
 smaller, less liquid
 and more volatile than the major securities markets in the U.S., which may affect the Fund's ability to acquire or dispose of securities
 at the price and time
 it wishes. Changes in the value of those countries' currencies against the U.S. dollar will result in corresponding changes in the
 U.S. dollar value of the
 Fund's assets denominated in those currencies.

**Growth Companies Risk**<br>Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may decline, sometimes sharply, even if earnings showed an absolute increase. The Fund's investments in growth companies may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the prospects for a company's growth is incorrect, then the price of the company's stock may fall or not approach the value placed on it. Growth company stocks may also lack the dividend yield that can cushion stock price declines in market downturns.

**Investment Risk**<br>An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer Risk**<br>The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**Large-Capitalization Companies Risk**<br>The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.

**Market Risk**<br>The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. Prices in many financial markets have increased significantly over the last 10-15 years, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and economic and political changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.

The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

■ Recent
 Market Events Risk. Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility,
 investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated
 with an investment
 in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the
 possibility that conditions
 in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies
 and/ or markets may
 be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.

Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that appears to be continuing globally. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In addition, these policies, including the impact on the U.S. dollar, may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries.

**4** **Prospectus** – Fund Summary

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Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve (the "Federal Reserve") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as Federal Reserve policy changes, could have an effect on this. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Federal Reserve or foreign central banks to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the U.S. Congress will act to raise the nation's debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Due to the scope of regulations being adopted, certain of these changes to regulations could limit the Fund's ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance. Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty regarding their impact to the Fund.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change in ways that cannot be foreseen, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

**Mid-Capitalization Companies Risk**<br>Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Non-Diversification Risk**<br>The Fund is non-diversified, which means it may focus its investments in the securities of a comparatively small number of issuers. Investments in securities of a limited number of issuers exposes the Fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of a greater number of issuers. Because the Fund may have a focused portfolio of fewer companies than other funds, including both diversified and non-diversified funds, the increase or decrease of the value of a single investment may have a greater impact on the Fund's net asset value ("NAV") and total return when compared to other funds.

**Other Investment Companies Risk**<br>To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those investment companies in addition to the Fund's direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with investments in those companies, including but not limited to the following:

■ Government
 Money Market Funds Risk. Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. Interest
 rate risk is the risk that rising interest rates could cause the value of such an investment to decline. Credit risk is the
 risk that the issuer, guarantor or
 insurer of an obligation, or the  counterparty to a transaction, may fail or become less able or unwilling, to make timely payment
 of interest or principal or
 otherwise honor its obligations, or that it may default completely.

**Sector Risk**<br>When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may perform differently, than the broader market. As the Fund's portfolio changes over time, the Fund's exposure to a particular sector may become higher or lower.

■ Information
 Technology Sector Risk. The Information Technology sector includes companies engaged in software and services, technology hardware and storage
 peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition,
 both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have
 limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to
 technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services
 of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance
 for their products
 could have a material adverse effect on a company's business. Companies in the Information Technology sector also may be subject
 to increased government
 scrutiny or adverse government or regulatory action. Additionally, companies in the Information Technology sector are heavily dependent
 on intellectual property and the loss of patent, copyright or trademark protections may adversely affect the profitability of these companies.
 The market prices
 of information technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types
 of securities. These
 securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.

**Prospectus** – Fund Summary**5**

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**Securities Selection Risk**<br>Securities selected for the Fund may not perform to expectations. This could result in the Fund's underperformance compared to its performance index(es), or other funds with similar investment objectives or strategies.

**Small Fund Risk**<br>Like other smaller funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. Investment positions may also have a disproportionate impact, negative or positive, on performance, and Fund performance may be more volatile than that of a larger fund. The Fund's shareholder fees and annual fund operating expenses also may be higher than those of a fund that has attracted sufficient assets to achieve investment and trading efficiencies. Shareholders of the Fund may incur higher expenses if the Fund fails to attract sufficient assets to realize economies of scale. Investors in the Fund also bear the risk that, without sufficient assets, the Fund may not be successful in implementing its investment strategy or may not employ a successful investment strategy.

**Valuation Risk**<br>Certain of the Fund's assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The valuation of the Fund's investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents.

**Value Stocks Risk**<br>Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be inexpensive for long periods of time. The Fund's investments in value stocks seek to limit potential downside price risk over time; however, value stock prices still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund's investment in value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.

Fund Performance

The bar chart and table below provide an indication of risk by showing changes in the Fund's performance over time. The bar chart shows how the Fund's performance has varied from year to year. The table shows how the Fund's average annual total returns compare to a broad-based securities market index, for the periods indicated. The Fund had not commenced operations prior to the date hereof. The Fund acquired the American Beacon Ninety One International Franchise Fund, a series of the American Beacon Funds ("Predecessor Fund"), in a reorganization that closed on January 9, 2026. The Predecessor Fund had acquired the Ninety One International Franchise Fund, a series of The Advisors' Inner Circle Fund III ("Prior Predecessor Fund", collectively, the "Predecessor Funds"), in a reorganization that closed on November 15, 2024. The bar chart and the table below show the performance of the Predecessor Fund's R5 Class shares from November 15, 2024 to January 9, 2026 and the performance of the I Shares of the Prior Predecessor Fund prior to November 15, 2024. The Predecessor Funds each had a higher management fee than the Fund. As a result, the performance of the Predecessor Funds may have been different if the Fund's management fee had been in effect. While the Fund would have substantially similar annual returns to the Predecessor Funds, its performance may differ from that shown because the Fund has lower expenses than the Predecessor Funds. Performance has not been adjusted to reflect the Fund's lower expenses which are lower than those of the Predecessor Funds. Returns of the Predecessor Funds would have been lower if there had not been reimbursement of certain expenses and/or a waiver of a portion of the fees during certain of the periods shown by the manager to the Predecessor Funds.

You may obtain updated performance information on the Fund's website at www.americanbeaconfunds.com. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

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| | |
|:---|:---|
| **Calendar year total returns.** Year Ended 12/31 | **Calendar year total returns.** Year Ended 12/31 |
| ![](pr2675img003.jpg)<br>| &nbsp;&nbsp;&nbsp; **Highest Quarterly Return:**<br>**13.12%** 4th Quarter 2022<br>01/01/2022 through 12/31/2024<br> **Lowest Quarterly Return:**<br>**-11.17%** 2nd Quarter 2022<br>01/01/2022 through 12/31/2024 |

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The calendar year-to-date total return as of June 30, 2025 was 14.52%

**Average annual total returns** for periods ended December 31, 2024

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| | | | |
|:---|:---|:---|:---|
| **American Beacon Ninety One International Franchise ETF** | **Inception Date** | **1 Year** | **Since** **Inception** |
|  | **8/31/2021** |  |  |
| Returns Before Taxes |  | 9.53% | 1.99% |
| Returns After Taxes on Distributions |  | 9.45% | 1.92% |
| Returns After Taxes on Distributions and Sales of Fund Shares |  | 5.84% | 1.59% |

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception** **(8/31/2021)** |
| **Index** (Reflects no deduction for fees, expenses or taxes, other than withholding taxes, as noted) |  |  |
| MSCI® ACWI ex-USA Index (USD)\* | 5.53% | 0.30% |

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\* Reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident individuals who do not benefit from double taxation treaties.

**6** **Prospectus** – Fund Summary

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account ("IRA") or a 401(k) plan, the after-tax returns do not apply to your situation.

Management

**The Manager**<br>The Fund has retained American Beacon Advisors, Inc. to serve as its Manager.

**Sub-Advisor**

The Fund's investment sub-advisor is Ninety One North America, Inc.

Portfolio Managers

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| | | |
|:---|:---|:---|
| **Ninety One North America, Inc.** | **Elias Erickson**<br>Portfolio Manager<br>Since Fund Inception (2021)<sup>1</sup><br> **Abrie Pretorius**<br>Portfolio Manager<br>Since 2024<sup>2</sup> | **Clyde Rossouw**<br>Portfolio Manager<sup>3</sup><br>Since 2024<sup>2</sup> |

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1 Prior Predecessor Fund inception date.

2 Includes Predecessor Fund and Prior Predecessor Fund.

3 The position shown for the indicated portfolio manager is held with Ninety One SA (Pty) Ltd., a participating affiliate of Ninety One North America, Inc.

Purchase and Sale of Fund Shares

The Fund is an exchange-traded fund. Individual Fund shares may only be purchased and sold on a national securities exchange through a broker-dealer and may not be purchased or redeemed directly with the Fund. Shares of the Fund are listed for trading on NYSE Arca, Inc. (the "Exchange"). Shares may be purchased and redeemed from the Fund only in Creation Units of 25,000 shares, or multiples thereof, at NAV. As a practical matter, only institutions and large investors, such as market makers or other large broker-dealers, purchase or redeem Creation Units. Most investors will buy and sell shares of the Fund on the Exchange. Individual shares can be bought and sold throughout the trading day like other publicly traded securities through a broker-dealer on the Exchange. These transactions do not involve the Fund. The price of an individual Fund share is based on market prices, which may be different from its NAV. As a result, the Fund's shares may trade at a price greater than the NAV (at a premium) or less than the NAV (at a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund ("bid") and the lowest price a seller is willing to accept for shares of the Fund ("ask") when buying or selling shares in the secondary market (the "bid-ask spread"). Most investors will incur customary brokerage commissions and charges when buying or selling shares of the Fund through a broker-dealer.

Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads, is available on the Fund's website at www.americanbeaconfunds.com/products/exchange-traded-funds/.

Tax Information

Dividends, capital gains distributions, and other distributions, if any, that you receive as a result of your investment in the Fund are subject to federal income tax and may also be subject to state and local income taxes, unless you are a tax-exempt entity or your account is tax-deferred, such as an individual retirement account ("IRA") or a 401(k) plan (in which case you may be taxed later, upon the withdrawal of your investment from such account or plan).

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund's distributor, Foreside Financial Services, LLC, or the Manager may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

Additional Information About the Fund

To help you better understand the Fund, this section provides a detailed discussion of the Fund's investment policies, its principal strategies, its principal risks, and performance index. However, this Prospectus does not describe all of the Fund's investment practices. **Capitalized terms that are not otherwise** **defined are defined in Appendix** **A**. For additional information, please see the Fund's SAI, which is available at www.americanbeaconfunds.com or by contacting us via telephone at 1-833-471-3562, by U.S. mail at the Fund's Distributor, Foreside Financial Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101, or by e-mail at americanbeaconfunds@ambeacon.com.

Additional Information About Investment Policies and Strategies

**Investment Objective**

The Fund's investment objective is long-term capital growth.

The Fund's investment objective is "non-fundamental," which means that it may be changed by the Fund's Board without the approval of Fund shareholders.

**80% Investment Policy**

The Fund has a non-fundamental policy to invest under normal circumstances at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies that the sub-advisor believes have recognized franchise or brand value.

**Temporary Defensive Policy**

The Fund may depart from its principal investment strategy by taking temporary defensive or interim positions in response to adverse market, economic, political, or other conditions. During these times, the Fund may not achieve its investment objective.

**Prospectus** – Additional Information About the Fund**7**

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Additional Information About the Management of the Fund

The Fund has retained American Beacon Advisors, Inc. to serve as its Manager. The Manager may allocate the assets of the Fund among different sub-advisors.The Manager provides or oversees the provision of all administrative, investment advisory and portfolio management services to the Fund. The Manager:

■ develops
 overall investment strategies for the Fund,

■ selects
 and changes sub-advisors,

■ allocates
 assets among sub-advisors,

■ monitors
 and evaluates the sub-advisor's investment performance,

■ monitors
 the sub-advisor's compliance with the Fund's investment
 objectives, policies and restrictions,

■ oversees the Fund's
 securities lending activities and actions taken by the securities lending agent to the extent applicable, and

■ directs
 the investment of the portion of Fund assets that the sub-advisor determines should be allocated to short-term investments.

The assets of the Fund are currently allocated by the Manager to one sub-advisor, Ninety One North America, Inc. ("Ninety One NA"). Ninety One NA has full discretion to purchase and sell securities for the Fund in accordance with the Fund's objectives, policies, restrictions and more specific strategies provided by the Manager. The Manager oversees the sub-advisor but does not reassess individual security selections made by the sub-advisor for the Fund.

In the future, the Manager may allocate the Fund's assets to a different sub-advisor, and/or to one or more additional sub-advisors. The Fund operates in a manager-of-managers structure. The Fund and the Manager have received an exemptive order from the SEC that permits the Fund, subject to certain conditions and approval by the Board, to hire and replace sub-advisors, and materially amend agreements with sub-advisors, that are unaffiliated with the Manager without approval of the shareholders. In the future, the Fund and the Manager may rely on an SEC staff no-action letter, dated July 9, 2019, that would permit the Fund to expand its exemptive relief to hire and replace sub-advisors that are affiliated and unaffiliated with the Manager without shareholder approval, subject to approval by the Board and other conditions. The Manager has ultimate responsibility, subject to oversight by the Board, to oversee sub-advisors and recommend their hiring, termination and replacement. The SEC order also exempts the Fund from disclosing the advisory fees paid by the Fund to individual sub-advisors in a multi-manager fund in various documents filed with the SEC and provided to shareholders. In the future, the Fund may rely on the SEC staff no-action letter to expand its exemptive relief to individual sub-advisors that are affiliated with the Manager. Under that no-action letter, the fees payable to sub-advisors unaffiliated with or partially-owned by the Manager or its parent company would be aggregated, and fees payable to sub-advisors that are wholly-owned by the Manager or its parent company, if any, would be aggregated with fees payable to the Manager. Whenever a sub-advisor change is proposed in reliance on the order, in order for the change to be implemented, the Board, including a majority of its "non-interested" trustees, must approve the change. In addition, the Fund is required to provide shareholders with certain information regarding any new sub-advisor within 90 days of the hiring of any new sub-advisor.

Additional Information About Investments

This section provides more detailed information regarding certain of the Fund's principal investment strategies as well as information regarding the Fund's strategy with respect to investment of cash balances.

**Cash Management**<br>To gain market exposure on cash balances held in anticipation of liquidity needs or to reduce market exposure in anticipation of liquidity needs, the Fund may utilize the following investments:

■ Government
 Money Market Funds. The
 Fund may invest cash balances in government money market funds that are registered as investment companies under
 the Investment Company Act, including a government money market fund advised by the Manager, with respect to which the Manager also receives a management fee.
 If the Fund invests
 in government money market funds, the Fund becomes a shareholder of that investment company. As a result, Fund shareholders
 will bear their proportionate share of the expenses, including, for example, advisory and administrative fees of the government money
 market funds in which the Fund invests,
 such as advisory fees charged by the Manager to any applicable government money market funds advised by the Manager, in
 addition to the fees and expenses Fund shareholders directly bear in connection with the
 Fund's own operations. Shareholders also would be exposed to the
 risks associated with government money market funds and the portfolio investments of such government money market funds, including the
 risk that a government
 money market fund's yield will be lower than the return that the
 Fund would have received from other investments that provide liquidity. Investments
 in government money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government
 agency.

**Currencies**<br>The Fund may have exposure to foreign currencies by using various instruments. The Fund may engage in these transactions in order to hedge or protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities, or to shift exposure to foreign currency fluctuations from one country to another. The instruments in which the Fund may invest that provide exposure to foreign currencies include the following:

■ Foreign
 Currencies

■ Foreign
 Currency-Denominated Securities

**Equity Investments**<br>The Fund's equity investments may include:

■ Common
 Stock. Common stock
 generally takes the form of shares in a corporation which represent an equity or ownership interest. Holders of common stock
 generally have voting rights in the issuer and are entitled to receive common stock dividends when, as and if declared by the company's
 board of directors.
 Returns on common stock investments consist of any dividends received plus the amount of appreciation or depreciation in the value of
 the stock. Common
 stock normally occupies the most subordinated position in an issuer's capital structure. It ranks below preferred stock and debt
 securities in claims for
 dividends and for assets of the company in a liquidation or bankruptcy. Common stock may be traded via an exchange or over-the-counter. Over-the-counter stock
 may be less liquid than exchange-traded stock.

■ Depositary
 Receipts. American Depositary Receipts ("ADRs") are U.S. dollar-denominated receipts representing interests in the securities of a
 foreign issuer. ADRs
 typically are issued by domestic banks and trust companies and represent the deposit with the bank of the securities of a foreign
 issuer. Depositary receipts
 may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts
 entails substantially
 the same risks as direct investment in foreign securities. In addition, the
 Fund may invest in unsponsored depositary receipts, which are implemented
 by a depositary bank with no direct involvement of the foreign issuers, and the issuers are not obligated to disclose material
 information about
 the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the
 Fund to the same benefits
 and rights as ownership of the underlying securities or of sponsored depositary receipts, which are implemented in collaboration
 with the foreign issuers. GDRs
 may be offered in one or more foreign countries and represent the deposit with a foreign bank of securities of a foreign issuer. EDRs, which are sometimes called Continental Depositary Receipts, are issued in Europe in bearer form and are traded in European securities
markets.

**8** **Prospectus** – Additional Information About the Fund

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■ U.S.
 Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges. Non-U.S.
 companies may list their common stock on U.S. exchanges subject to meeting the
 relevant exchange's listing requirements and U.S. regulatory requirements applicable to non-U.S. companies that list their shares
 in the U.S.

**Other Investment Companies**<br>The Fund, at times, may invest in shares of other investment companies. The Fund may invest in securities of an investment company advised by the Manager, with respect to which the Manager also receives a management fee. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the Fund's proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. These other fees and expenses, if applicable, are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in this Prospectus. Investment in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

■ Government
 Money Market Funds. The
 Fund can invest free cash balances in registered open-end investment companies regulated as government money market
 funds under the Investment Company Act to provide liquidity or for defensive purposes. The
 Fund could invest in government money market funds rather
 than purchasing individual short-term investments. If the
 Fund invests in government money market funds, shareholders will bear their proportionate share
 of the expenses, including for example, advisory and administrative fees, of the government money market funds in which the
 Fund invests, including advisory
 fees charged by the Manager to any applicable government money market funds advised by the Manager. Although a government money market fund is designed to
 be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a government money market fund's
 investments, increases in interest rates and deteriorations in the credit quality of the instruments the government money market fund
 has purchased may
 reduce the government money market fund's yield and can cause the price of a government money market security to decrease. In addition, a government money
 market fund is subject to the risk that the value of an investment may be eroded over time by inflation.

Additional Information About Risks

The greatest risk of investing in an ETF is that its returns will fluctuate and you could lose money. The following section provides additional information regarding the Fund's principal risk factors in light of its principal investment strategies. The principal risks of investing in the Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Currency Risk**<br>The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, and may be affected by the imposition of currency controls or political developments in the U.S. or abroad. As a result, the Fund's exposure to foreign currencies may reduce the returns of the Fund. Foreign currencies may decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund's investments. In addition, changes in currency exchange rates could adversely impact investment gains or add to investment losses.

**Cybersecurity and Operational Risk**<br>Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers, and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund's shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. A cybersecurity incident could, among other things, result in the loss or theft of shareholder data or funds, shareholders or service providers being unable to access electronic systems (also known as "denial of services"), loss or theft of proprietary information or financial data, the inability to process Fund transactions, interference with the Fund's ability to calculate its NAV, impediments to trading, physical damage to a computer or network system, or remediation costs associated with system repairs. The occurrence of any of these problems could result in a loss of information, violations of applicable privacy and other laws, regulatory scrutiny, penalties, fines, reputational damage, additional compliance requirements, and other consequences, any of which could have a material adverse effect on the Fund or its shareholders. Market events also may occur at a pace that overloads current information technology and communication systems and processes of the Fund, its service providers or other market participants, such as third-party distribution platforms, which could impact the ability of the Fund to conduct operations or of shareholders to transact the Fund's shares.

The Manager, through its monitoring and oversight of Fund service providers, endeavors to determine that service providers take appropriate precautions to avoid or mitigate risks that could lead to problems discussed above. While the Manager has established business continuity plans and risk management systems seeking to address these problems, there are inherent limitations in such plans and systems, and it is not possible for the Manager, other Fund service providers, or third-party fund distribution platforms to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Recent geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. The Fund cannot control the cybersecurity plans and systems of its service providers, its counterparties, third-party fund distribution platforms, or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

**Emerging Markets Risk**<br>When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets have unique risks that are greater than, or in addition to, the risks associated with investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political and economic uncertainties; an economy's dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities, resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on investor rights and recourse. The economies and political environments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and substantially greater risk to investors. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and less reliable clearance and settlement, registration, and custodial procedures. In addition, there may be less publicly available or less reliable information about issuers in emerging

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markets than would be available about issuers in more developed capital markets, which can impede the sub-advisor's ability to accurately evaluate foreign securities. Such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain emerging market countries, fraud and corruption may be more prevalent than in developed market countries, and investor protections may be more limited than those in other countries. It may be difficult to obtain or enforce legal judgments against non-U.S. companies and non-U.S. persons in foreign jurisdictions, either through the foreign judicial system or through a private arbitration process. These matters have the potential to impact the Fund's investment objective and performance.

**Environmental, Social, and/or Governance Investing Risk**<br>The use of environmental, social and/or governance ("ESG") considerations by the sub-advisor may cause the Fund to make different investments than funds that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other issuers or help reduce risk in the Fund. The use of ESG investment considerations may also affect the Fund's exposure to certain investments, sectors or industries, which may impact the Fund's relative investment performance depending on the performance of those issuers, sectors or industries. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG considerations. Although the sub-advisor has established its own ESG integration process in accordance with the Fund's investment strategies, successful integration of ESG factors will depend on the sub-advisor's skill in researching, identifying, and applying these factors, as well as on the availability of relevant data. The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing an ESG analysis and considering ESG risks. Because there are few generally accepted standards to use in such considerations, the information may not be readily available, complete or accurate, and may differ from the information and considerations used for other funds, which could negatively impact the Fund's performance or create additional risk in the portfolio. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require the Fund to change its investment process with respect to the integration of ESG factors.

**Equity Investments Risk**<br>Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. The Fund may invest in the following equity securities, which may expose the Fund to the following additional risks:

■ Common
 Stock Risk. The value
 of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management
 or decreased demand for the company's products or services. A stock's value may also decline because of factors affecting
 not just the company,
 but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets
 that are relatively
 unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally
 only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock.
 Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common
 stock generally is
 subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. In the event of an issuer's bankruptcy,
 there is substantial
 risk that there will be nothing left to pay common stockholders after payments, if any, to bondholders and preferred stockholders have
 been made.

■ Depositary
 Receipts Risk. The
 Fund may invest in securities issued by foreign companies through ADRs and
 GDRs . These securities
 are generally subject to many
 of the same risks of investing in the foreign securities that they evidence or into which they may be converted, including, but not limited
 to, currency exchange
 rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity, more volatility,
 less government regulation
 and supervision and delays in transaction settlement. There may be an imperfect correlation between the market value of depositary receipts
 and the underlying foreign securities. In addition, because the underlying securities of depositary receipts trade on foreign exchanges
 at times when the
 U.S. markets are not open for trading, the value of the securities underlying the depositary receipts may change materially at times when
 the U.S. markets are
 not open for trading, regardless of whether there is an active U.S. market for shares of the
 Fund. Depositary receipts may be sponsored or unsponsored.
 Unsponsored depositary receipts are organized independently, without the cooperation of the issuer of the underlying securities. As a
 result, there may
 be less information available about the underlying issuer than there is about an issuer of sponsored depositary receipts and the prices
 may be more volatile
 than if such instruments were sponsored by the issuer. Any distributions paid to the holders of depositary receipts are usually subject
 to a fee charged by
 the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of
 depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions
 may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

■ U.S.
 Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk. Foreign
 (non-U.S.) companies that list their stocks on U.S. exchanges may be exempt
 from certain accounting and corporate governance standards that apply to U.S. companies that list on the same exchange. Foreign stocks
 traded on U.S. exchanges
 transact and settle in U.S. dollars, but performance of these stocks can be impacted by political and financial instability in the home
 country of a particular
 foreign company. To the extent the
  Fund invests in  U.S. dollar-denominated foreign stocks traded on U.S. exchanges, delisting of these stocks
 could impact the  Fund's
 ability to transact in such securities and could significantly impact their liquidity and market price. In addition, the
  Fund would
 have to seek other markets in which to transact in such securities which would also increase the
 Fund's costs.

**Exchange-Traded Funds ("ETFs") Risk**<br>As an ETF, the Fund is subject to the following risks:

■ Authorized
 Participants Concentration Risk. The
 Fund has a limited number of financial institutions that may act as Authorized Participants. Only an Authorized
 Participant may transact in Creation Units directly with the
  Fund, and none of those Authorized Participants is obligated to engage in creation and/or
 redemption transactions. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions
 with the  Fund
 and no other Authorized Participant is able to step forward to create or redeem shares, then shares of the
  Fund may be more likely to trade at a premium
 or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs,
 such as the  Fund,
 that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

■ Cash
 Transactions Risk. Like other ETFs, the
  Fund sells and redeems its shares primarily in large blocks called Creation Units and only to Authorized Participants.
 Unlike many other ETFs, however, the
  Fund expects to effect its
 creations and redemptions at least partially  for cash, rather than in-kind securities.
 Other ETFs generally are able to make in-kind redemptions and avoid realizing gains in connection with redemption requests. Effecting redemptions for cash
 may cause the Fund
 to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Such dispositions may
 occur at an inopportune time, resulting in potential losses to the
 Fund or difficulties in meeting shareholder redemptions, and involve transaction costs. If the Fund recognizes
 gain on these sales, this generally will cause the
 Fund to recognize gain it might not otherwise have recognized if it were to distribute portfolio
 securities in-kind or to recognize such gain sooner than would otherwise have been required. The
  Fund generally intends to distribute these gains to
 shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This
 strategy may cause

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shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in another ETF. In addition, cash transactions may have to be carried out over several days if the securities market in which the Fund is trading is less liquid and may involve considerable transaction expenses and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. However, the Fund has capped the total fees that may be charged in connection with the redemption of Creation Units at 2% of the value of the Creation Units redeemed. To the extent transaction and other costs associated with a redemption exceed that cap, those transaction costs will be borne by the Fund's remaining shareholders. These factors may result in wider spreads between the bid and the offered prices of the Fund's shares than for other ETFs.

■ Premium/Discount
 Risk. The NAV of the
 Fund's shares will generally fluctuate with changes in the market value of the
 Fund's securities holdings. The market prices
 of Fund shares will generally fluctuate in accordance with changes in the
 Fund's NAV and supply and demand of shares on the secondary market. It cannot
 be predicted whether Fund shares will trade below their NAV (at a discount), at their NAV, or above their NAV (at a premium). As a result, shareholders of the
 Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times
 of market volatility or periods of steep market declines. In such market conditions, market or stop-loss orders to sell the Fund shares
 may be executed at
 market prices that are significantly below NAV. Price differences may be due, in part, to the fact that supply and demand forces at work
 in the secondary trading
 market for shares may be closely related to, but not identical to, the same forces influencing the prices of the
 Fund's holdings. The market prices of Fund
 shares may deviate significantly from the NAV of the shares during periods of market volatility or if the
 Fund's holdings are or become more illiquid. Disruptions
 to creations and redemptions may result in trading prices that differ significantly from the
 Fund's NAV. In addition, market prices of Fund shares may
 deviate significantly from the NAV if the number of Fund shares outstanding is smaller or if there is less active trading in Fund shares.
 Investors purchasing
 and selling Fund shares in the secondary market may not experience investment results consistent with those experienced by those creating
 and redeeming directly
 with the Fund.

■ Secondary
 Market Trading Risk. Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount
 and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, such investors
 may incur the cost
 of the "spread" also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund
 shares (the "bid" price)
 and the price at which they are willing to sell Fund shares (the "ask" price). The bid-ask spread varies over time based on,
 among other things, trading
 volume, market liquidity and market volatility, and is generally lower if the
 Fund's shares have more trading volume and market liquidity and higher if the Fund's shares
 have little trading volume and market liquidity. Increased market volatility may cause increased bid-ask spreads.  Shares of the
 Fund may trade in
 the secondary market at times when the
 Fund does not accept orders to purchase or redeem shares. At such times, shares may trade in the secondary
 market with more significant premiums or discounts than might be experienced at times when the
 Fund accepts purchase and redemption orders.
 Although Fund shares are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will
 develop or be maintained
 or that the Fund's
 shares will continue to be listed. If the
 Fund is delisted, any resulting liquidation of the
 Fund could create transaction costs for the Fund and adverse
 federal income tax consequences for investors. Trading in Fund shares may be halted due to market conditions or for reasons that, in
 the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary
 market volatility
 pursuant to Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to
 maintain the listing of the
 Fund will continue to be met or will remain unchanged or that the shares will trade with any volume, or at all. Shares of the
 Fund, similar to shares of other
 issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases
 associated with being
 sold short. In addition, trading activity in derivative products based on the
 Fund may lead to increased trading volume and volatility in the secondary market
 for the shares of the
 Fund.

**Foreign Investing Risk**<br>Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) greater volatility; (6) different government regulation and supervision of foreign banks, stock exchanges, brokers and listed companies, and (7) delays in transaction settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading in U.S. markets. There may be very limited oversight of certain foreign banks or securities depositories that hold foreign securities and currency, and the laws of certain countries may limit the ability to recover such assets if a foreign bank, depository, or their agents goes bankrupt. In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the U.S. and investors may encounter difficulties in enforcing contractual obligations. Additionally, in certain markets, the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. To the extent the Fund invests a significant portion of its assets in securities of a single country or region, it is more likely to be affected by events or conditions of that country or region. The Fund's investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes or the imposition of economic and other sanctions by the U.S. or another country against a particular country, as well as competition from subsidized foreign competitors with lower production costs.

There may be restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. In addition, the repatriation of investment income, capital or the proceeds of sales of securities from certain of the countries may require advance government notification or authority, and if a deterioration occurs in a country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. The Fund also could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation, as well as by the application to it of other restrictions on investment. Global economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, the Holding Foreign Companies Accountable Act (the "HFCAA") could cause securities of a foreign (non-U.S.) company, including ADRs, to be delisted from U.S. stock exchanges if the company does not allow the U.S. government to oversee the auditing of its financial information. Although the requirements of the HFCAA apply to securities of all foreign (non-U.S.) issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies.

Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that the Fund holds material positions in such suspended securities, the Fund's ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

**Franchise Investing Risk**<br>Franchise companies may be adversely affected by, among other factors, changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions both individually and across an industry. The Fund's investments in

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franchise companies also are subject to legal and reputational risks as well as the risks associated with being a market leader, which can be disrupted by innovation. As a result of its investments in franchise companies, the Fund may be negatively impacted to a greater extent than if the Fund's assets were invested more broadly in a number of types of companies.

**Geographic Concentration Risk**<br>From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region, which could increase the risk that economic, political, business, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund's performance. Investing in such a manner could cause the Fund's performance to be more volatile than the performance of more geographically diverse funds. The economies and financial markets of certain countries or regions can be highly interdependent. Therefore, a decline in the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.

■ European
 Securities Risk. The
 Fund's performance may be affected by political, social and economic conditions in Europe, such as growth of economic output
 (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European
 economies, the success
 of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, interest rates in European countries, monetary exchange
 rates between European countries, and conflict between European countries. Most developed countries in Western Europe are members
 of the European Union ("EU") and many are also members of the Economic and Monetary Union ("EMU" or "Eurozone").
 European countries can
 be significantly affected by the tight fiscal and monetary controls that the EMU imposes on its members and with which candidates for
 EMU membership are
 required to comply. <br> While
 certain EU countries continue to use their own currency, Eurozone countries use the Euro as their currency. Changes in imports or exports,
 changes in governmental
 or EU regulations on trade, changes in the exchange rate of the Euro and the currencies of other EU countries which are not in the Eurozone, the threat of default
 or actual default by one or more EU member states on its sovereign debt, and/or an economic recession in one or more EU member states
 may have a significant adverse effect on the economies of other EU member states and their trading partners, including non-EU European
 countries. A breakup
 of the Eurozone, particularly a disorderly breakup, would pose special challenges for the financial markets and could lead to exchange
 controls and/or market
 closures. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an
 adverse impact on other European countries. <br> The
 European financial markets have experienced and may continue to experience volatility and adverse trends due to concerns relating to economic downturns; rising
 government debt levels and the possible default on government debt; national unemployment in several European countries; public health
 crises; political unrest; economic sanctions; inflation; energy crises; the future of the Euro as a common currency; and war and military
 conflict, such as
 the Russian invasion of Ukraine. These events have affected the exchange rate of the Euro and may continue to significantly affect European
 countries. Responses
 to financial problems by European governments, central banks, and others, including austerity measures, interest rate rises and other
 reforms, may not produce
 the desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. Many European nations
 are susceptible to economic risks associated with high levels of debt. Non-governmental issuers, and even certain governments, have
 defaulted on, or been forced to restructure, their debts, and other issuers have faced difficulties obtaining credit or refinancing existing
 obligations. A default
 or debt restructuring by any European country could adversely impact holders of that country's debt and sellers of credit default
 swaps linked to that country's
  creditworthiness, which may be located in other countries. Such a default or debt restructuring could affect exposures to other
 European countries
 and their companies as well. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial
 markets have experienced
 extreme volatility and declines in asset values and liquidity. Furthermore, certain European countries have had to accept assistance from supranational agencies
 such as the International Monetary Fund, the European Stability Mechanism or others. There can be no assurance that any creditors or
 supranational agencies will continue to intervene or provide further assistance, and markets may react adversely to any expected reduction
 in the financial support
 provided by these creditors. <br> The
 United Kingdom has withdrawn from the  EU, and one or more other countries may withdraw from the EU and/or abandon the Euro. These
 events and actions
 have affected, and may in the future affect, the value and exchange rate of the Euro and may continue to significantly affect the economies
 of every country in
 Europe, including countries that do not use the Euro and non-EU member states. The impact of these actions, especially if they occur in
 a disorderly fashion,
 is not clear but could be significant and far reaching. <br> The
 national politics of European countries have been unpredictable and subject to influence by disruptive political groups and ideologies.
 European governments
 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. Russia's war with Ukraine has negatively impacted European economic activity.
 The effects on the
 economies of European countries of the Russia/Ukraine war and Russia's response to sanctions imposed by the  U.S., the EU,
 UK and others are
 impossible to predict but have been and could continue to be significant and have a severe adverse impact on the region, including significant
 impacts on the regional,
 European, and global economies and the markets for certain securities and commodities, such as oil and natural gas. For example, exports in Eastern Europe
 have been disrupted for certain key commodities, pushing certain commodity prices to record highs. Also, both wholesale energy prices and energy prices
 charged to consumers in Europe have increased significantly.

■ Pacific
 Basin Securities Risk. The Pacific Basin region includes countries in various stages of economic development. Many Pacific Basin countries are considered
 undeveloped or developing and may be subject to greater social, political and economic instability than is the case in the U.S. and Western European countries.
 This may include the influence of authoritarian governments and military involvement in decision-making, popular unrest, ethnic, religious
 and racial disaffection, and hostilities with neighboring countries. In addition, the region has historically been prone to natural disasters,
 the occurrence of
 which could negatively impact the economy of any country in the region. The economies of most countries in this region may be heavily dependent on international
 trade and may accordingly be affected by protective trade barriers and the economic conditions of their trading partners. These economies
 may depend to a significant degree upon only a few industries and/or exports of primary commodities and, therefore, be vulnerable to changes in commodity prices
 that, in turn, may be affected by a variety of factors. Furthermore, many of the Pacific Basin economies may be characterized by higher inflation than other
 economies, frequent currency fluctuations, devaluations, or restrictions, and less efficient markets. <br> The
 securities markets in the Pacific Basin may be substantially smaller, less liquid and more volatile than the major securities markets
 in the U.S., and many companies
 traded on stock exchanges in the region may be smaller and less seasoned than companies whose securities are traded on stock exchanges
 in the U.S. The limited
 liquidity of securities markets in the Pacific Basin may also affect the Fund's ability
 to acquire or dispose of securities at the price and time
 it wishes to do so. Changes in the value of those countries' currencies against the U.S. dollar will result in corresponding changes
 in the U.S. dollar value
 of the Fund's
 assets denominated in those currencies. Some countries prohibit or impose substantial restrictions on investments in their capital markets,
 particularly their equity markets, by foreign entities such as the
 Fund. There can be no assurance that the Fund will be able to obtain required governmental
 approvals in a timely manner. In addition, changes to restrictions on foreign ownership of securities subsequent to the Fund's purchase
 of such securities
 may have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in issuers or industries deemed important to
 national interests.

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**Growth Companies Risk**<br>Growth companies are those that are expected to have the potential for above-average or rapid growth. Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may decline, sometimes sharply, even if earnings showed an absolute increase. The Fund's investments in growth companies may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the prospects for a company's growth is incorrect, then the price of the company's stock may fall or not approach the value placed on it. Growth company stocks may lack the dividend yield that can cushion stock price declines in market downturns. Growth companies may have limited operating histories and greater business risks, and their potential for profitability may be dependent on regulatory approval of their products or regulatory developments affecting certain sectors, which could have an adverse impact upon growth companies' future growth and profitability. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's growth style could cause it to underperform funds that use a value or non-growth approach to investing or have a broader investment style.

**Investment Risk**<br>An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund should not be relied upon as a complete investment program. The share price of the Fund fluctuates, which means that when you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer** **Risk**<br>The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. When the issuer of a security implements strategic initiatives, including mergers, acquisitions and dispositions, there is the risk that the market response to such initiatives will cause the share price of the issuer's securities to fall. An individual security may be more volatile, and may perform differently, than the market as a whole.

**Large-Capitalization Companies Risk**<br>The securities of large market capitalization companies may underperform other segments of the market, in some cases for extended periods of time, because such companies may be less responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes, and, at times, such companies may be out of favor with investors. Large market capitalization companies generally are expected to be less volatile than companies with smaller market capitalizations. However, large market capitalization companies may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion, and may instead focus their competitive efforts on maintaining or expanding their market share.

**Market Risk**<br>The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last 10-15 years, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or geographic region, continue to recur. The value of a security may decline due to adverse issuer-specific conditions or general market conditions unrelated to a particular issuer, such as real or perceived adverse geopolitical, regulatory, market, economic or other developments that may cause broad changes in market value, changes in the general outlook for corporate earnings, changes in interest, currency or inflation rates, lack of liquidity in the markets, public perceptions concerning these developments or adverse market sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity, which may adversely affect the value of your investment. Such market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, a reduction in the willingness and ability of some lenders to extend credit, difficulties for some borrowers in obtaining financing on attractive terms, if at all, and adverse investor sentiment or publicity. Changes in value may be temporary or may last for extended periods. Adverse market events may also lead to increased shareholder redemptions, which could cause the Fund to sell investments at an inopportune time to meet redemption requests by shareholders and may increase the Fund's portfolio turnover, which could increase the costs that the Fund incurs and lower the Fund's performance. Even when securities markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market.

Policy changes by the U.S. government and/or Federal Reserve and economic and political changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government's debt limit, which could result in a default on the government's obligations, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. Global economies and financial markets are becoming increasingly interconnected, which increases the possibility of many markets being affected by events in a single country or events affecting a single or small number of issuers.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain

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securities or financial instruments or accurately price its investments. These fluctuations in securities prices could be a sustained trend or a drastic movement. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

■ Recent
 Market Events Risk. Both  U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility,
 investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated
 with an investment
 in the Fund
 may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility that conditions in
 one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/ or
 markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.

Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that appears to be continuing globally. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In addition, these policies, including the impact on the U.S. dollar, may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries. The U.S. has imposed or threatened to impose tariffs and other trade barriers on imports of certain categories of goods from Canada, Mexico, and European countries. The U.S. also has imposed or threatened to impose tariffs and other trade barriers on imports of certain categories of goods from China, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. These countries have imposed or threatened to impose retaliatory tariffs on U.S. goods. If relations between the U.S. and these and other foreign countries do not improve or continue to deteriorate, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's investments may go down.

Although interest rates were unusually low in the U.S. and abroad for a period of time, in 2022, the U.S. Federal Reserve (the "Federal Reserve") and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as Federal Reserve policy changes, could have an effect on this. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Federal Reserve or foreign central banks to change their approach in the future as such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. It is difficult to predict the impact on various markets of significant interest rate changes or other significant policy changes. Deteriorating economic fundamentals may increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, reduce bank balance sheets and cause unexpected changes in interest rates. Any of these could cause an increase in market volatility, reduce liquidity across various sectors or markets or decrease confidence in the markets. Also, regulators have expressed concern that changes in interest rates may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses.

Tensions, war or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected.

Regulators in the U.S. have adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly adopted regulations is not currently known. Due to the scope of regulations being adopted, certain of these changes could limit the Fund's ability to pursue its investment strategies or make certain investments, may make it more costly for the Fund to operate, or adversely impact performance. Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty regarding their impact to the Fund.

Further, advancements in technology may also adversely impact market movements and liquidity and may affect the overall performance of the Fund. For example, the advanced development and increased regulation of artificial intelligence may impact the economy and the performance of the Fund. As artificial intelligence is used more widely, the value of the Fund's holdings may be impacted, which could impact the overall performance of the Fund.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the U.S. Congress will act to raise the nation's debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. China's economy, which has been sustained through debt-financed spending on housing and infrastructure, appears to be experiencing a significant slowdown and growing at a lower rate than prior years. While the Chinese government appears to be taking measures to address these issues, due to the size of China's economy, the resolution of these issues could impact a number of other countries.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy. The impact of epidemics and/or pandemics that may arise in the future could negatively affect the economies of many nations, individual companies and the global securities and commodities markets, including their liquidity, in ways that cannot necessarily be foreseen at the present time and could last for an extended period of time.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Impacts from climate change may include significant risks to global financial assets and economic growth. A rise in sea levels, an increase in powerful storms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Certain issuers, industries and regions may be adversely affected by the impacts of climate change in ways that cannot be foreseen, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. Losses related to climate change could adversely affect, among others, corporate issuers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities.

**Mid-Capitalization Companies Risk**<br>Investments in mid-capitalization companies generally involve greater risks and the possibility of greater price volatility, which at times can be rapid and unpredictable, than investments in larger, more established companies. Mid-capitalization companies often have narrower commercial markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies. As a result, performance can be

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more volatile and they may face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company size, the greater these risks. Additionally, mid-capitalization companies may have less market liquidity than large-capitalization companies, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings.

**Non-Diversification Risk**<br>Since the Fund is non-diversified, it may invest a high percentage of its assets in a limited number of issuers. When the Fund invests in a relatively small number of issuers, it may be more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks. When the Fund is non-diversified, its NAV and total return may also fluctuate more or be subject to declines in weaker markets than a diversified mutual fund. Investments in securities of a limited number of issuers exposes the Fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of a greater number of issuers. Because the Fund may have a focused portfolio of fewer companies than other funds, including both diversified and non-diversified funds, the increase or decrease of the value of a single investment may have a greater impact on the Fund's NAV and total return when compared to other funds.

**Other Investment Companies Risk**<br>To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses, including, for example, advisory and administrative fees, charged by those investment companies in addition to the Fund's direct fees and expenses. If the Fund invests in other investment companies, the Fund may receive distributions of taxable gains from portfolio transactions by that investment company and may recognize taxable gains from transactions in shares of that investment company, which could be taxable to the Fund's shareholders when distributed to them. The Fund must rely on the investment company in which it invests to achieve its investment objective. If the investment company fails to achieve its investment objective, the value of the Fund's investment may decline, adversely affecting the Fund's performance. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with investments in those companies, including but not limited to the following:

■ Government
 Money Market Funds Risk. Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. Interest
 rate risk is the risk that rising interest rates could cause the Fund's investment to lose value. A decline in short-term interest
 rates or a low interest rate
 environment would lower a government money market fund's yield and the return on the Fund's investment. Credit risk is the
 risk that the issuer, guarantor
 or insurer of an obligation, or the  counterparty to a transaction, may fail or become less able or unwilling, to make timely payment
 of interest or principal
 or otherwise honor its obligations, or that it may default completely. There is the risk that the issuers or guarantors of securities
 owned by a government
 money market fund, including securities issued by U.S. Government agencies, which are not backed by the full faith and credit of the U.S. Government, will default
 on the payment of principal or interest or the obligation to repurchase securities from the government money market fund. This could
 cause the government money market fund's NAV to decline below $1.00 per share, which would cause the Fund's investment to
 lose value.

**Sector Risk**<br>Sector risk is the risk associated with the Fund holding a significant amount of investments in issuers conducting business in a related group of industries within the same economic sector, which may be similarly affected by particular economic or market events. To the extent the Fund has substantial holdings within a particular sector, the risks to the Fund associated with that sector increase and the Fund may perform poorly during a downturn in one or more of the industries within that sector. In addition, when the Fund focuses its investments in certain sectors of the economy, its performance may be driven largely by sector performance and could ﬂuctuate more widely than if the Fund were invested more evenly across sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react the same way to economic, political or regulatory events. The Fund's performance could also be adversely affected if the sectors do not perform as expected. The lack of exposure to one or more industries within a sector may adversely affect performance. As the Fund's portfolio changes over time, the Fund's exposure to a particular sector may become higher or lower.

■ Information
 Technology Sector Risk. The Information Technology sector includes companies engaged in internet software and services, technology hardware and
 storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment. Information Technology companies face intense
 competition, both domestically and internationally, which may have an adverse effect on profit margins. Information Technology companies
 may have limited product lines, markets, financial resources or personnel. The products of Information Technology companies may face rapid product obsolescence
 due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for
 the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general
 market acceptance for
 their products could have a material adverse effect on a company's business. Companies in the Information Technology sector may
 be subject to increased
 government scrutiny or adverse government or regulatory action. Additionally, companies in the Information Technology sector are heavily dependent on intellectual
 property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies. The
 market prices of Information Technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations
 than other types of
 securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower
 market prices.

**Securities Selection Risk**<br>Securities selected for the Fund may decline substantially in value or may not perform to expectations. Judgments about the attractiveness, value and anticipated price movements of a security or asset class may be incorrect, and there is no guarantee that securities will perform as anticipated. The value of a security can be more or less volatile than the market as a whole, and the Fund's strategy may fail to produce the intended results. This could result in the Fund's underperformance compared to other funds with similar investment objectives.

**Small Fund Risk**<br>Like other smaller funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the affected period. Investment positions may also have a disproportionate impact, negative or positive, on performance, and Fund performance may be more volatile than that of a larger fund. The Fund's shareholder fees and annual fund operating expenses also may be higher than those of a fund that has attracted sufficient assets to achieve investment and trading efficiencies. Shareholders of the Fund may incur higher expenses if the Fund fails to attract sufficient assets to realize economies of scale. Investors in the Fund bear the risk that, without sufficient assets, the Fund may not be successful in implementing its investment strategies or may not employ a successful investment strategies. If the Fund does not attract sufficient assets, the Fund may not be viable, and any resulting liquidation could create elevated and negative transaction costs for the Fund and adverse federal income tax consequences for investors, as well as causing shareholders to incur expenses of liquidation.

**Valuation Risk**<br>This is the risk that a security may be valued at a price different from the price at which it can be sold. This risk may be especially pronounced for investments that may be illiquid or may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility. The valuation of the Fund's investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents. If market conditions make it difficult to value certain investments, SEC rules and applicable accounting protocols

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may require the valuation of these investments using more subjective methods, such as fair-value methodologies. Using fair value methodologies to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by others for the same investment. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the securities had not been fair valued or a different valuation methodology had been used. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before the Fund determines its NAV.

**Value Stocks Risk**<br>Investments in value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be appropriately priced, or that their prices may decline. This may result in the value stocks' prices remaining undervalued for extended periods of time and they may not ever realize their intrinsic or full value. While the Fund's investments in value stocks seek to limit potential downside price risk over time, value stock prices still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's performance also may be affected adversely if value stocks become unpopular with, or lose favor among, investors. The Fund's value style could cause it to underperform funds that use a growth or non-value approach to investing or have a broader investment style.

Additional Information About Performance Index

The Fund's performance is compared to the MSCI® ACWI ex-USA Index (USD). Set forth below is additional information regarding the index to which the Fund's performance is compared.

■ The
 MSCI <sup>®</sup> ACWI ex-USA Index (USD) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US)
 and 24 Emerging Markets
 (EM) countries. With 2,058 constituents as of December 31, 2024, the index covers approximately 85% of the global equity opportunity
 set outside of the US.  The MSCI® ACWI ex-USA Index (USD) returns reflect invested dividends net of withholding taxes, but
 reflect no deduction
 for fees, expenses, or other taxes.

***<u>Notice Regarding Index Data</u>***

Certain information contained herein (the "Information") is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates ("MSCI"), or information providers (together the "MSCI Parties") and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund's assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided "as is" and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Portfolio Holdings Information

Each day the Fund is open for business, the Trust publicly disseminates the Fund's full portfolio holdings as of the close of the previous day through the website. A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI. The holdings of the Fund can be found on the Fund's website at www.americanbeaconfunds.com/products/exchange-traded-funds/.

Fund Management

The Manager

**AMERICAN BEACON ADVISORS, INC. (the "Manager")** serves as the Manager and administrator of the Fund. The Manager, located at 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039, is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

The Manager was organized in 1986 to provide investment management, advisory, and administrative services. The Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Manager, on behalf of the Fund, has filed a notice claiming the CFTC Regulation 4.5 exclusion from registration as a CPO under the Commodity Exchange Act, and the Manager is also exempt from registration as a commodity trading advisor under CFTC Regulation 4.14(a)(8) with respect to the Fund.

Under the Fund's management agreement with the Manager (the "Management Agreement"), the Manager has agreed to pay all expenses of the Fund, except for the management fee payments to the Manager under the Management Agreement (also known as a "unitary advisory fee"), acquired fund fees and expenses, brokerage commissions and issue and transfer taxes relating to the purchase and sale of portfolio holdings, securities lending fees, interest expense, expenses associated with securities sold short, costs, expenses or losses arising out of any liability or claim asserted against the Trust or Fund for violation of any law, distribution and service fees pursuant to a Rule 12b-1 plan (if any), all costs associated with proxies and shareholder meetings, except meetings related to changes to the Management Agreement, the election of any Board member who is an "interested person" of the Trust as defined in Section 2(a)(19) of the 1940 Act, and/or other matters that directly benefit the Manager, taxes and governmental fees, and extraordinary expenses (including fees and disbursements of counsel).

The Fund's Management Agreement with the Manager provides for the Fund to pay the Manager an annualized management fee equal to 0.69% of the Fund's average daily net assets that is calculated and accrued daily. As of the date of this Prospectus, the Fund had not commenced operations and has not paid management fees to the Manager.

As compensation for services provided by the Manager in connection with securities lending activities conducted by the Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. The SEC has granted exemptive relief that permits the Fund to invest cash collateral received from securities lending transactions in shares of one or more private or registered investment companies managed by the Manager.

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As of the date of this Prospectus, the Fund does not intend to engage in securities lending activities.

A discussion of the Board's consideration and approval of the Management Agreement between the Trust, on behalf of the Fund, and the Manager and the Investment Advisory Agreement between the Manager and the sub-advisor will be available in the Fund's Report as filed on Form N-CSRS with the SEC for the fiscal period ending February 28, 2026.

The Sub-Advisor

Set forth below is a brief description of the sub-advisor and the portfolio managers who have joint and primary responsibility for the day-to-day management of the Fund. The Fund's SAI provides additional information about the portfolio managers, including other accounts they manage, their ownership in the Fund and their compensation.

**Ninety One North America, Inc. ("** **Ninety One NA")** is located at 65 East 55th Street, 30th Floor, New York, NY 10022. Ninety One NA is registered with the SEC as an investment adviser under the Advisers Act. Ninety One NA is a wholly-owned subsidiary of Ninety One International Limited ("Ninety One International"), which is an indirect wholly-owned subsidiary of Ninety One Plc, a company listed on the London Stock Exchange, with a secondary listing on the Johannesburg Stock Exchange. Ninety One Plc is affiliated with Ninety One Limited ("Ninety One Ltd"), a company listed on the Johannesburg Stock Exchange. Ninety One Ltd is the majority owner of Ninety One Africa (Pty) Ltd, which is the parent of Ninety One SA (Pty) Ltd ("Ninety One Pty"). Ninety One UK Ltd. ("Ninety One UK") is also an indirect wholly-owned subsidiary of Ninety One Plc. The firm managed approximately $191.5 billion in assets as of June 30, 2025.

**Elias Erickson**, Portfolio Manager at Ninety One NA, serves as a portfolio manager of the American Beacon Ninety One International Franchise ETF. Mr. Erickson joined Ninety One NA in 2018. Previously, Mr. Erickson was a Managing Director at Thornburg Investment Management, where he served as an Associate Portfolio Manager for the Thornburg Global Opportunities Fund since 2015.

**Abrie Pretorius**, Portfolio Manager at Ninety One NA, serves as a portfolio manager of the American Beacon Ninety One International Franchise ETF. Mr. Pretorius joined Ninety One NA in 2007. He graduated cum laude from the University of the North West, Potchefstroom Campus, with a Master of Science degree in Quantitative Risk Management: Investment Management. Mr. Pretorius also holds the Investment Management Certificate and is a CFA charterholder.

**Clyde Rossouw**, Head of Quality at Ninety One Pty, serves as a portfolio manager of the American Beacon Ninety One International Franchise ETF. Mr. Rossouw joined Ninety One Pty in 1999. He completed his Bachelor of Science (Statistics and Actuarial Science) degree at the University of Cape Town in 1991. Mr. Rossouw was awarded the Certificates in Actuarial Techniques (1995), and Finance and Investments (1997) by the Institute of Actuaries in London, and gained his Chartered Financial Analyst qualification in 1999.

Ninety One Pty and Ninety One UK are considered participating affiliates of Ninety One NA pursuant to applicable regulatory guidance and the portfolio managers employed by those entities are considered to be "supervised persons" of Ninety One NA, as the term is defined in the Advisers Act.

The Distributor

Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("Distributor") serves as the Fund's distributor.

The Distributor distributes Creation Units for the Fund on a best efforts basis. Shares in less than Creation Units are not distributed by the Distributor, and the Distributor does not maintain a secondary market in the shares of the Fund. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, ME 04101.

Valuation of Shares

The Fund's NAV per share is computed by adding total assets, subtracting all of the Fund's liabilities, and dividing the result by the total number of shares outstanding, which may differ from the Fund's market price. Investors that purchase and sell the Fund in the secondary market will transact at market prices, which may be lower or higher than the NAV per share.

The NAV per share of the Fund's shares is determined based on a pro rata allocation of the Fund's investment income, expenses and total capital gains and losses. The Fund's NAV per share is determined each business day as of the regular close of trading on the NYSE, which is typically 4:00 p.m. Eastern Time. However, if trading on the NYSE closes at a time other than 4:00 p.m. Eastern Time, the Fund's NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund's portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities and certain derivative instruments that are traded on an exchange are valued based on market value. Certain derivative instruments (other than short-term securities) usually are valued on the basis of prices provided by a pricing service. The price of debt securities generally is determined using pricing services or quotes obtained from broker/dealers who may consider a number of inputs and factors, such as comparable characteristics, yield curve, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flow. Investments in mutual funds are valued at the closing NAV per share of the mutual funds on the day of valuation. Equity securities, including shares of closed-end funds and ETFs, are valued at the last sale price or official closing price.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade, unless a significant event has occurred. When the Fund holds securities or other assets that are denominated in a foreign currency, the exchange rates as of 4:00 p.m. Eastern Time will normally be used.

Rule 2a-5 under the Investment Company Act (the "Valuation Rule") establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the Investment Company Act, the threshold for determining whether the Fund must fair value a security.

The Valuation Rule permits the Fund's board to designate the Fund's primary investment adviser as "valuation designee" to perform the Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company's board receives the information it needs to oversee the investment adviser's fair value determinations. The Board has designated the Manager as valuation designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager's procedures. For example, fair value pricing will be used when market quotations are not readily available or reliable, as determined by the Manager, such as for fixed-income securities and when: (i) trading for a security is restricted or stopped; (ii) a security's trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national

**Prospectus** – Fund Management**17**

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exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security's true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by the Fund occurs after the close of a related exchange but before the determination of the Fund's NAV per share, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger capitalization companies. Securities may be fair valued as a result of significant events occurring after the close of the foreign markets in which the Fund invests. In addition, the Fund may invest in illiquid securities requiring these procedures.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of the Fund's fair valuation procedures. You may view the Fund's most recent NAV per share at www.americanbeaconfunds.com by clicking on ''Quick Links'' and then ''Daily NAVs.''

About Your Investment

Purchase and Redemption of Shares

Shares of the Fund may be purchased or redeemed directly from the Fund only in Creation Units or multiples thereof. Only a broker-dealer that enters into an Authorized Participant agreement with the Distributor (an "Authorized Participation Agreement") may engage in creation and redemption transactions directly with the Fund. Purchases and redemptions directly with the Fund must follow the Fund's procedures, and are subject to transaction fees, which are described in the SAI. Orders for such transactions may be rejected or delayed if they are not submitted in good order and subject to the other conditions set forth in this Prospectus and the SAI. Please see the SAI for more information about purchases and redemptions of Creation Units.

Once purchased (i.e., created) by an Authorized Participant, shares are listed on the Exchange and trade in the secondary market. When you buy or sell the Fund's shares in the secondary market, you will pay or receive the market price. The price at which you buy or sell shares (i.e., the market price) may be more or less than the NAV of the shares. Unless imposed by your broker, there is no minimum dollar amount you must invest in the Fund and no minimum number of Shares you must buy. Shares can be bought and sold throughout the trading day like other publicly traded securities. Most investors will buy and sell shares through a broker and, thus, will incur customary brokerage commissions and charges when buying or selling shares. Except when aggregated in Creation Units, shares are not redeemable by the Fund.

The secondary markets are closed on weekends and also are generally closed on the following holidays: New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day, but may be closed at other times. When a holiday observed by the Exchange falls on a Saturday, the Exchange will not be open for business on the preceding Friday unless unusual business conditions exist, such as the ending of a monthly or yearly accounting period.

For more information on how to buy and sell shares of the Fund, call 1-833-471-3562 or visit www.americanbeaconfunds.com.

*Premium/Discount Information*

Information showing the number of days the market price of the Fund's shares was greater than the Fund's NAV per share (i.e., at a premium) and the number of days it was less than the Fund's NAV per share (i.e., at a discount) for various time periods will be available by visiting the Fund's website at www.americanbeaconfunds.com/products/exchange-traded-funds/. The premium and discount information contained on the website will represent past performance and cannot be used to predict future results.

*Investments by Registered Investment Companies*

Section 12(d)(1) of the Investment Company Act restricts investments by investment companies in the securities of other investment companies, including shares of the Fund. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1) subject to compliance with Rule 12d1-4 under the Investment Company Act, including that such investment companies enter into an agreement with the Fund.

*Continuous Offering*

The method by which Creation Units of Fund shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933 (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Dealers effecting transactions in** **the Fund's shares, whether or not participating in this distribution, are generally required to deliver a** **prospectus. This is in addition to any obligation of dealers to deliver a prospectus when acting as underwriters.**

*Beneficial Ownership*

The Depository Trust Company ("DTC") serves as securities depository for the Fund's shares. DTC, or its nominee, is the owner of record for all outstanding shares. Beneficial owners of the Fund's shares are not entitled to have shares registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and are not considered the registered holder thereof. Accordingly, to exercise any rights of a holder of shares, each beneficial owner must rely on the procedures of: (i) DTC; (ii) the securities brokers and dealers, banks, trust companies, clearing corporations and certain other

**18** **Prospectus** – About Your Investment

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organizations, some of whom (and/or their representatives) own DTC ("DTC Participants"), and (iii) brokers, dealers, banks and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly, through which such beneficial owner holds its interests ("Indirect Participants"). The Trust understands that, under existing industry practice, in the event the Fund requests any action of holders of shares, or a beneficial owner desires to take any action that DTC, as the record owner of all outstanding shares, is entitled to take, DTC would authorize the DTC Participants to take such action and that the DTC Participants would authorize the Indirect Participants and beneficial owners acting through such DTC Participants to take such action and would otherwise act upon the instructions of beneficial owners owning through them. For more detailed information, see "Book Entry Only System" in the Fund's Statement of Additional Information.

*Payments to Financial Intermediaries*

The Manager and/or the Manager's affiliates (at their own expense) may pay compensation to financial intermediaries for shareholder-related services and, if applicable, distribution-related services, including administrative, sub-transfer agency type, recordkeeping and shareholder communication services. Such payments, which may be significant to the intermediary, are not made by the Fund. Rather, such payments are made by the Manager or its affiliates from their own resources, and constitute what it sometimes referred to as "revenue sharing."

The amount of compensation paid to different financial intermediaries may differ. The compensation paid to a financial intermediary may be based on a variety of factors, including average assets under management in accounts distributed and/or serviced by the financial intermediary, gross sales by the financial intermediary and/or the number of accounts serviced by the financial intermediary that invest in the Fund.

Compensation received by a financial intermediary from the Manager or an affiliate of the Manager may include payments for marketing and/or training expenses incurred by the financial intermediary, including expenses incurred by the financial intermediary in educating (itself and) its salespersons with respect to Fund shares. For example, such compensation may include reimbursements for expenses incurred in attending educational seminars regarding the Fund, including travel and lodging expenses. It may also cover the development of technology platforms and reporting systems, data provision services, financial intermediaries making shares of the Fund available to sales representatives and/or customers of a fund supermarket platform or similar program sponsor, services provided in connection with such fund supermarket platforms and programs, or costs incurred by financial intermediaries in connection with their efforts to sell Fund shares, including costs incurred compensating (registered) sales representatives and preparing, printing and distributing sales literature.

Any compensation received by a financial intermediary and the prospect of receiving it may create conflicts of interest between the intermediary and its customers and may provide the financial intermediary with an incentive to recommend the shares of the Fund or another fund in the American Beacon Funds Complex over other potential investments, and may cause it to make decisions about the level of services provided to its customers based on the payments or other financial incentives it is eligible to receive. Similarly, the compensation may cause financial intermediaries to elevate the prominence of the Fund within their organization by, for example, placing it on a list of preferred funds. You can contact your financial intermediary for details about any such payments it receives from the Manager or its affiliates, or any other fees, expenses, or commissions your financial intermediary may charge you in addition to those disclosed in this Prospectus.

Frequent Trading and Market Timing

The Trust's Board of Trustees has determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of the Fund's shares because the Fund sells and redeems its shares at NAV only in Creation Units pursuant to the terms of an Authorized Participant Agreement between the Authorized Participant and the Distributor, and such direct trading between the Fund and Authorized Participants is critical to ensuring that the Fund's shares trade at or close to NAV. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the Fund directly and therefore does not cause the Fund to experience many of the harmful effects of market timing, such as dilution and disruption of portfolio management. In addition, the Fund imposes a transaction fee on Creation Unit transactions, which is designed to offset transfer and other transaction costs incurred by the Fund in connection with the issuance and redemption of Creation Units and may employ fair valuation pricing to minimize potential dilution from market timing. The Fund reserves the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive, excessive, or short-term trading.

Distributions and Taxes

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income ("dividends") on an annual basis and distributions of realized net capital gains ("capital gains distributions") and net gains from foreign currency transactions (sometimes referred to below collectively as "other distributions") on an annual basis (and dividends, capital gains distributions, and other distributions are sometimes referred to below collectively as "distributions"). Different tax treatment applies to different types of distributions (as described in the table below).

The Fund does not have a fixed dividend rate and does not guarantee that it will pay any distributions in any particular period. Any dividends are paid annually, and capital gains distributions and other distributions are paid annually.

No dividend reinvestment service is provided by the Fund. Financial intermediaries may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of Fund shares for reinvestment of their dividend distributions. Beneficial owners should contact their financial intermediary to determine the availability and costs of the service and the details of participation therein. Financial intermediaries may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net capital gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.

Distributions of Fund income are generally taxable to you regardless of the manner in which they are received or reinvested.

*Taxes*

Fund distributions are taxable to shareholders other than tax-qualified retirement plans and accounts and other tax-exempt investors. However, the portion of the Fund's dividends derived from its investments in U.S. Government obligations, if any, is generally exempt from state and local income taxes. Fund dividends, except those that are "qualified dividend income" (as described below), are subject to federal income tax at the rates for ordinary income contained in the Internal Revenue Code. The following table outlines the typical status of transactions in taxable accounts:

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| **Type of Transaction** | **Federal Tax Status** |
| Dividends from net investment income\* | Ordinary income\*\* |
| Distributions of the excess of net short-term capital gain over net long-term capital loss\* | Ordinary income |
| Distributions of net gains from certain foreign currency transactions\* | Ordinary income |

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**Prospectus** – About Your Investment**19**

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|:---|:---|
| **Type of Transaction** | **Federal Tax Status** |
| Distributions of the excess of net long-term capital gain over net short-term capital loss ("net capital gain")\* | Long-term capital gains |
| Sales of shares owned for more than one year | Long-term capital gains or losses |
| Sales of shares owned for one year or less | Net gains are taxed at the same rate as ordinary income; net losses are subject to special rules |

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\* Whether reinvested or taken in cash.

\*\* Except for dividends that are attributable to ''qualified dividend income,'' if any.

To the extent distributions are attributable to net capital gain that the Fund recognizes they are subject to a 15% maximum federal income tax rate for individual and certain other non-corporate shareholders (each, an ''individual'') (20% for individuals with taxable income exceeding certain thresholds, which are indexed for inflation annually), regardless of how long the shareholder held his or her Fund shares. A portion of the dividends the Fund pays to individuals may be ''qualified dividend income'' (''QDI'') and thus eligible for the preferential rates, mentioned above, that apply to net capital gain. QDI is the aggregate of dividends the Fund receives on shares of most domestic corporations (excluding most distributions from REITs) and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions. To be eligible for those rates, a shareholder must meet similar restrictions with respect to his or her Fund shares.

A portion of the dividends the Fund pays may also be eligible for the dividends-received deduction allowed to corporations ("DRD"), subject to similar holding period and other restrictions, but the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations only.

A shareholder may realize a taxable gain or loss when selling shares. That gain or loss is treated as a short-term or long-term capital gain or loss, depending on how long the shares were held. Any capital gain an individual shareholder recognizes on a sale of Fund shares that have been held for more than one year will qualify for the 15% and 20% tax rates mentioned above.

An individual must pay a 3.8% tax on the lesser of (1) the individual's ''net investment income,'' which generally includes distributions the Fund pays and net gains realized on the sale or exchange of Fund shares, or (2) the excess of the individual's ''modified adjusted gross income'' over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers). This tax is in addition to any other taxes due on that income. A similar tax applies to estates and trusts. Shareholders should consult their own tax advisers regarding the effect, if any, this tax may have on their investment in Fund shares.

Each year, the Fund's shareholders will receive tax information regarding Fund distributions and dispositions of Fund shares to assist them in preparing their income tax returns.

The foregoing is only a summary of some of the important federal income tax considerations that may affect Fund shareholders, who should consult their tax advisers regarding specific questions as to the effect of federal, state and local income taxes on an investment in the Fund.

**Taxes on Creations and Redemptions of Creation Units**<br>A person who purchases a Creation Unit by exchanging securities in-kind generally will recognize a gain or loss equal to the difference between (i) the sum of the market value of the Creation Units at the time of the exchange and any net amount of cash received by the Authorized Participant in the exchange and (ii) the sum of the purchaser's aggregate basis in the securities surrendered and any net amount of cash paid for the Creation Units. A person who redeems Creation Units and receives securities in-kind from the Fund will generally recognize a gain or loss equal to the difference between the redeemer's basis in the Creation Units, and the aggregate market value of the securities received and any net cash received. The IRS, however, may assert that a loss realized upon an in-kind exchange of securities for Creation Units or an exchange of Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons effecting in-kind creations or redemptions should consult their own tax adviser with respect to these matters.

The Fund has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to section 351 of the Internal Revenue Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Fund also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determinations.

Additional Information

The Fund's Board oversees generally the operations of the Fund. The Trust enters into contractual arrangements with various parties, including among others, the Fund's manager, sub-advisor(s), custodian, transfer agent, and accountants, who provide services to the Fund. Shareholders are not parties to any such contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Fund that you should consider in determining whether to purchase Fund shares. Neither this Prospectus nor the SAI is intended, or should be read, to be or create an agreement or contract between the Trust or the Fund and any investor, or to create any rights in any shareholder or other person other than any rights under federal or state law that may not be waived. Nothing in this Prospectus, the SAI or the Fund's reports to shareholders is intended to provide investment advice and should not be construed as investment advice.

Distribution Plan

The Fund has adopted a Distribution Plan in accordance with Rule 12b-1 under the Investment Company Act, which allows the Fund to pay distribution and other fees for the sale of Fund shares and for other services provided to shareholders. The Plan also authorizes the use of any fees received by the Manager in accordance with the Management Agreement, and any fees received by the sub-advisor pursuant to its Investment Advisory Agreement, to be used for the sale and distribution of Fund shares. The Plan provides that the shares of the Fund may pay up to 0.25% per annum of the average daily net assets attributable to the shares, to the Manager (or another entity approved by the Board). Because these fees would be paid out of the Fund's assets on an ongoing basis, over time these fees would increase the cost of your investment and may cost you more than paying other types of sales charges. There is no present intention of Fund shares paying, accruing, or incurring any Rule 12b-1 fees and Fund shares will not pay, accrue or incur any Rule 12b-1 fees until such time as approved by the Fund's Board of Trustees.

**20** **Prospectus** – Additional Information

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Portfolio Holdings

Each day the Fund is open for business, the Trust publicly disseminates the Fund's full portfolio holdings as of the close of business on the previous day through the Fund's website at www.americanbeaconfunds.com. A description of the Fund's policies and procedures regarding the disclosure of portfolio holdings is available in the Fund's SAI, which you may also access on the Fund's website at www.americanbeaconfunds.com/reports or by calling 1-833-471-3562 to request a free copy.

Delivery of Documents

The summary prospectus is available, and the Annual Shareholder Reports and Semi-Annual Shareholder Reports ("Shareholder Reports") will be available, online at www.americanbeaconfunds.com/reports. If you are interested in electronic delivery of the Fund's summary prospectus, please go to www.americanbeaconfunds.com and click on ''Quick Links'' and then ''Register for E-Delivery.''

To reduce expenses, your financial institution may mail only one copy of the materials described above to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your financial institution. Delivery of individual copies will commence thirty days after receiving your request.

Financial Highlights

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share.

The total returns in the Fund's table represent the rate that an investor would have earned (or lost) on an investment in that Fund (assuming reinvestment of all dividends and other distributions).

The financial highlights shown below for the American Beacon Ninety One International Franchise ETF represent the financial history of the R5 Class of the Predecessor Fund, which was a separate series of the American Beacon Funds, and the Prior Predecessor Fund, that was a separate series of The Advisors' Inner Circle Fund III. The Predecessor Fund was acquired by the Fund in a reorganization on January 9, 2026. The information for the fiscal periods ended October 31, 2021, October 31, 2022, October 31, 2023, and October 31, 2024 was audited by the Prior Predecessor Fund's independent registered public accounting firm, [ ], whose report, along with further detail on the Prior Predecessor Fund's financial statements, are included in the Predecessor Fund's Annual Shareholder Report. The information for the fiscal period ended February 28, 2025, has not been audited. The Annual and Semi-Annual Shareholder Reports are available for download at www.americanbeaconfunds.com.

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|:---|:---|:---|:---|:---|:---|
| **American Beacon Ninety One International Franchise** **ETF<sup>SM</sup>** |  |  |  |  |  |
| **(For a share outstanding throughout the period)** | **November 1, 2024** **to February 28,** **2025<sup>(2)</sup>** **(unaudited)** | **Year Ended** **October 31, 2024** | **Year Ended** **October 31, 2023** | **Year Ended** **October 31, 2022** | **August 31, 2021 to** **October 31, 2021<sup>(1)</sup>** |
| **Net asset value, beginning of period** | $10.55 | $8.46 | $7.39 | $9.80 | $10.00 |
| **Net Investment Income (Loss)<sup>(3)</sup>** | **(0.02)<sup>(4)</sup>** | **0.06** | **0.05** | **0.04** | **(0.01)** |
| &nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.83 | 2.11 | 1.06 | (2.45) | (0.19) |
| Total income (loss) from investment operations | 0.81 | 2.17 | 1.11 | (2.41) | (0.20) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.08) | (0.04) |  |  |
| Distributions from net realized gains |  |  |  |  |  |
| Total distributions | (0.07) | (0.08) | (0.04) |  |  |
| Net asset value, end of period | $11.29 | $10.55 | $8.46 | $7.39 | $9.80 |
| Total return<sup>(5)</sup> | 7.70%<sup>(6)</sup> | 25.78%<sup>(8)</sup> | 15.02%<sup>(8)</sup> | (24.59)%<sup>(8)</sup> | (2.00)%<sup>(6)(8)</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period  | $4984028 | $4900535 | $1185782 | $1403421 | $1808807 |
| **Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 5.04%<sup>(7)</sup> | 5.94% | 12.98% | 11.88% | 37.19%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments  | 1.02%<sup>(7)(9)</sup> | 0.85% | 0.85% | 0.85% | 0.85%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), before expense reimbursements and/or recoupments | (4.53)%<sup>(4)(7)</sup> | (4.53)% | (11.55)% | (10.51)% | (36.88)%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), net of reimbursements and/or recoupments | (0.51)%<sup>(4)(7)</sup> | 0.56% | 0.58% | 0.52% | (0.54)%<sup>(7)</sup> |
| Portfolio turnover rate | 9%<sup>(6)</sup> | 8% | 8% | 18% | 0%<sup>(6)</sup> |

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1 Commenced operations on August 31, 2021.

2 Fiscal year end changed from October 31 to August 31

3 Per share data calculated using average shares method.

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|:---|:---|
| 4 | Net investment income included significant dividend payments from Kweichow Moutai Co. Ltd. Philip Morris International, Inc. and AG amounting to $0.0085. |

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|:---|:---|
| 5 | Based on net asset value, which does not reflect sales charge, redemption fee, or contingent deferred sale charge, if applicable. May include adjustment in accordance with U.S. GAAP and as such, the new asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions |

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6 Not annualized.

7 Annualized.

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| 8 | Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |

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|:---|:---|
| 9 | Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.85% for the period ended February 29, 2025. |

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**Prospectus** – Additional Information**21**

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Additional Information

Additional information about the Fund is found in the documents listed below. Request a free copy of these documents by calling 1-833-471-3562 or you may access them on the Fund's website at www.americanbeaconfunds.com.

**Annual Shareholder Report/Semi-Annual Shareholder Report and Form N-CSR**

The Fund's Annual and Semi-Annual Shareholder Reports and Form N-CSR will include additional information about the Fund's investments. The Fund's Annual Shareholder Report will also include a discussion by the Manager of market conditions and investment strategies that materially affected the Fund's performance during the reporting period. The Form N-CSR will include the Fund's annual and semi-annual financial statements, as well as the report of the Fund's independent registered public accounting firm in the annual financial statements. Reports will be available approximately 60 days after the Fund passes its first annual and semi-annual reporting periods.

**SAI**

The SAI contains more details about the Fund and its investment policies. The SAI is incorporated in this Prospectus by reference (it is legally part of this Prospectus). A current SAI is on file with the SEC.

To obtain more information about the Fund, such as the Fund's financial statements, or to request a copy of the documents listed above:

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|:---|:---|
| **By Telephone:** | Call<br>**1-833-471-3562** |
| **By Mail:** | American Beacon Select Funds<br>c/o Foreside Financial Services, LLC<br>190 Middle Street, Suite 301<br>Portland, Maine 04101 |
| **By E-mail:** | americanbeaconfunds@ambeacon.com |
| **On the Internet:** | Visit our website at www.americanbeaconfunds.com<br>Visit the SEC website at www.sec.gov |

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The SAI and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic mail to publicinfo@sec.gov, or by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. The SAI and other information about the Fund may also be reviewed and copied at the SEC's Public Reference Room. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC at (202) 551-8090.

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|:---|:---|
| American Beacon is a registered service mark of American Beacon Advisors, Inc. American Beacon Select Funds and American Beacon Ninety One International Franchise ETF are service marks of American Beacon Advisors, Inc. | ![](pr2675img001.jpg) |

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SEC File Number 811-09603

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**Appendix A**

**GLOSSARY**

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| | |
|:---|:---|
| **Advisers Act** | Investment Advisers Act of 1940, as amended |
| **American Beacon or Manager** | American Beacon Advisors, Inc. |
| **Board** | Board of Trustees |
| **Capital Gains Distributions** | Distributions of realized net capital gains |
| **CFTC** | Commodity Futures Trading Commission |
| **CPO** | Commodity Pool Operator |
| **Deflation** | The general decline in the price level of goods and services. |
| **Denial of Services** | A cybersecurity incident that results in shareholders or service providers being unable to access electronic systems |
| **Distributor** | Foreside Financial Services, LLC |
| **Dividends** | Distributions from the Fund's net investment income |
| **DRD** | Dividends-received deduction |
| **ETF** | Exchange-traded Fund |
| **EU** | European Union |
| **Exchange** | NYSE Arca, Inc., a national securities exchange on which shares of the Fund are listed |
| **Forwards** | Foreign Currency Forward Contracts |
| **Internal Revenue Code** | Internal Revenue Code of 1986, as amended |
| **Investment Company Act** | Investment Company Act of 1940, as amended |
| **IRA** | Individual Retirement Account |
| **IRS** | Internal Revenue Service |
| **Management Agreement** | The Fund's Management Agreement with the Manager |
| **NAV** | Fund's net asset value |
| **NDF** | Non-deliverable foreign currency forward contract |
| **NYSE** | New York Stock Exchange |
| **Other Distributions** | Distributions of net gains from foreign currency transactions |
| **OTC** | Over-the-Counter |
| **QDI** | Qualified Dividend Income |
| **REIT** | Real Estate Investment Trust |
| **RIC** | Regulated Investment Company |
| **SAI** | Statement of Additional Information |
| **SEC** | Securities and Exchange Commission |
| **Select Funds or Trust** | American Beacon Select Funds |
| **State Street** | State Street Bank and Trust Company |
| **Swaptions** | Options taken on Interest Rate Swaps |
| **TIPS** | Treasury Inflation-protected Securities |
| **UK** | United Kingdom |

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**Prospectus** – Appendix**A-1**

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**The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the** **registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an** **offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.** ![](sa2676img001.jpg)

**Statement of Additional Information**<br> [XX XX, 2025]

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| | |
|:---|:---|
|  | **Ticker** |
| American Beacon Ninety One International Franchise ETF | XXXX |

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Shares of American Beacon Ninety One International Franchise ETF are traded on the NYSE Arca, Inc.

This Statement of Additional Information ("Statement of Additional Information" or "SAI") should be read in conjunction with the prospectus dated [XX XX, 2025] (the "Prospectus") for the American Beacon Ninety One International Franchise ETF (the "Fund"), a separate series of American Beacon Select Funds, a Massachusetts business trust. Copies of the Prospectus may be obtained without charge by calling 1-833-471-3562. You also may obtain copies of the Prospectus without charge by visiting the Fund's website at www.americanbeaconfunds.com. This SAI is incorporated by reference into the Fund's Prospectus. In other words, it is legally a part of the Prospectus. This SAI is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the current Prospectus. Capitalized terms in this SAI have the same definition as in the Prospectus, unless otherwise defined. **Capitalized terms that are not otherwise defined in this SAI or the Prospectus are defined in Appendix** **D.**

The Fund had not commenced operations prior to the date hereof. Copies of the Fund's Annual and Semi-Annual Shareholder Reports, and financial statements and accompanying notes, may be obtained when available, without charge, upon request by calling 1-833-471-3562 or visiting www.americanbeaconfunds.com. In a reorganization that closed on November 15, 2024, the Predecessor Fund (as defined below) had adopted the financial statements of the Prior Predecessor Fund (as defined below). [The Prior Predecessor Fund's financial statements and accompanying notes appearing in Item 7 of the Prior Predecessor Fund's Form N-CSR for the fiscal year ended October 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1593547/000139834425000263/fp0091186-1_ncsrixbrl.htm), are incorporated by reference into this SAI. The Fund has adopted the financial statements of the Predecessor Fund. [The Predecessor Fund's unaudited financial statements and accompanying notes appearing in Item 7 of the Predecessor Fund's Form N-CSRS for the fiscal period ended February 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/809593/000119312525116042/d890035dncsrs.htm), are incorporated by reference into this SAI. The Predecessor Fund's or Prior Predecessor Fund's Annual and Semi-Annual Shareholder Reports, as applicable, and financial statements and accompanying notes, may be obtained, without charge, upon request, by calling 1-800-658-5811 or visiting www.americanbeaconfunds.com

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**Table of Contents**

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| | |
|:---|:---|
| [**Organization and History of the Fund**](#chapter_2-sect1_1_2676) | [1](#chapter_2-sect1_1_2676) |
| [**Non-Diversified Status**](#chapter_2-sect1_2_2676) | [1](#chapter_2-sect1_2_2676) |
| [**Additional Information About Investment Strategies and Risks**](#chapter_2-sect1_3_2676) | [1](#chapter_2-sect1_3_2676) |
| [**Investment Restrictions**](#chapter_2-sect1_4_2676) | [16](#chapter_2-sect1_4_2676) |
| [**Temporary or Defensive Investments**](#chapter_2-sect1_5_2676) | [17](#chapter_2-sect1_5_2676) |
| [**Portfolio Turnover**](#chapter_2-sect1_6_2676) | [18](#chapter_2-sect1_6_2676) |
| [**Disclosure of Portfolio Holdings**](#chapter_2-sect1_7_2676) | [18](#chapter_2-sect1_7_2676) |
| [**Lending of Portfolio Securities**](#chapter_2-sect1_8_2676) | [19](#chapter_2-sect1_8_2676) |
| [**Trustees and Officers of the Trust**](#chapter_2-sect1_9_2676) | [20](#chapter_2-sect1_9_2676) |
| [**Code of Ethics**](#chapter_2-sect1_10_2676) | [28](#chapter_2-sect1_10_2676) |
| [**Proxy Voting Policies**](#chapter_2-sect1_11_2676) | [28](#chapter_2-sect1_11_2676) |
| [**Control Persons and 5% Shareholders**](#chapter_2-sect1_12_2676) | [29](#chapter_2-sect1_12_2676) |
| [**Investment Advisory Agreement**](#chapter_2-sect1_13_2676) | [29](#chapter_2-sect1_13_2676) |
| [**Management, Administrative, Securities Lending, and Distribution Services**](#chapter_2-sect1_14_2676) | [29](#chapter_2-sect1_14_2676) |
| [**Other Service Providers**](#chapter_2-sect1_15_2676) | [32](#chapter_2-sect1_15_2676) |
| [**Creation and Redemption of Creation Units**](#chapter_2-sect1_16_2676) | [33](#chapter_2-sect1_16_2676) |
| [**Portfolio Managers**](#chapter_2-sect1_17_2676) | [37](#chapter_2-sect1_17_2676) |
| [**Portfolio Securities Transactions**](#chapter_2-sect1_18_2676) | [38](#chapter_2-sect1_18_2676) |
| [**Tax Information**](#chapter_2-sect1_19_2676) | [39](#chapter_2-sect1_19_2676) |
| [**Description of the Trust**](#chapter_2-sect1_20_2676) | [43](#chapter_2-sect1_20_2676) |
| [**Financial Statements**](#chapter_2-sect1_21_2676) | [43](#chapter_2-sect1_21_2676) |
| [**Appendix A: Proxy Voting Policy and Procedures for the Trust**](#chapter_2-sect1_22_2676) | [A-1](#chapter_2-sect1_22_2676) |
| [**Appendix B: Proxy Voting Policy for the Fund Sub-Advisor**](#chapter_2-sect1_23_2676) | [B-1](#chapter_2-sect1_23_2676) |
| [**Appendix C: Ratings Definitions**](#chapter_2-sect1_24_2676) | [C-1](#chapter_2-sect1_24_2676) |
| [**Appendix D: Glossary**](#chapter_2-sect1_25_2676) | [D-1](#chapter_2-sect1_25_2676) |

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**ORGANIZATION AND HISTORY OF THE FUND**

The Fund is a separate series of the American Beacon Select Funds (the "Trust"), an open-end management investment company organized as a Massachusetts business trust on August 18, 1999. The Fund constitutes a separate investment portfolio with a distinct investment objective and a distinct purpose and strategy. The Fund is "non-diversified" as that term is defined by the Investment Company Act.

The Fund issues and redeems shares at net asset value ("NAV") only in aggregations of a specified number of shares ("Creation Units") in exchange for a "Basket" of cash and/or securities. The Fund generally issues and redeems Creation Units in exchange for a designated Basket of securities plus an amount of cash that the Fund specifies but may also issue and redeem Creation Units in exchange for a Basket of cash. Unlike mutual funds, shares are not individually redeemable.

Certain employees of the Fund's sub-advisor, American Beacon Advisors, Inc. (the "Manager") or its affiliates are responsible for interacting with market participants that transact in Baskets for one or more Creation Units. As part of these discussions, these employees may discuss with a market participant the securities the Fund is willing to accept in connection with a purchase (also called a "creation") of shares, and securities that the Fund will provide on a redemption of shares. These employees may also discuss portfolio holdings-related information with broker-dealers in connection with settling the Fund's transactions, as may be necessary to conduct business in the ordinary course.

Shares of the Fund will be listed on NYSE Arca, Inc. (the "Exchange"), a national securities exchange and trade in the secondary market, where most investors will buy and sell them at market prices that change throughout the day. Such market prices may be lower, higher or equal to NAV. Accordingly, when transacting in the secondary market, investors may pay more than NAV when purchasing shares and receive less than NAV when selling shares. Investors may also pay brokerage commissions and similar charges when purchasing and selling shares.

On November 15, 2024, the American Beacon Ninety One International Franchise Fund (the "Predecessor Fund") acquired all the assets and assumed all the liabilities of the Ninety One International Franchise Fund, a series of The Advisors' Inner Circle Fund III (the "Prior Predecessor Fund"). Since the Prior Predecessor Fund's investment objective and policies were the same in all material respects as those of the Predecessor Fund, and since the Predecessor Fund engaged as sub-advisor Ninety One North America, Inc. ("Ninety One NA" or "sub-advisor"), the investment advisor that provided services to the Prior Predecessor Fund, the Predecessor Fund adopted the prior performance and financial history of the Prior Predecessor Fund.

On [January 9, 2026], the Fund acquired all the assets and assumed all the liabilities of the Predecessor Fund. Since the Fund's investment objective and policies are the same in all material respects as those of the Predecessor Fund, and since the Fund has engaged the Manager and Ninety One NA, which provided advisory and sub-advisory services, respectively to the Predecessor Fund, the Fund adopted the prior performance and financial history of the Predecessor Fund. The Fund had not commenced operations prior to the date of this SAI.

**NON-DIVERSIFIED STATUS**

As noted above, the American Beacon Ninety One International Franchise ETF is "non-diversified" under the Investment Company Act, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer, or the effects of a single economic, political or regulatory event, may cause greater fluctuations in the value of its shares. Although the Fund is non-diversified under the Investment Company Act, it is subject to the diversification rules of the Internal Revenue Code, that apply to all "regulated investment companies." These rules provide that, among the requirements to maintain the favorable tax treatment applicable to RICs, the Fund may not acquire a security if, as a result, with respect to 50% of the value of its total assets, more than 5% of that value would be invested in the securities of a single issuer or more than 10% of the outstanding voting securities of an issuer would be held by the Fund. With respect to the remaining 50% of its total asset value, the Fund is limited to holding no more than 25% of that value in the securities of any one issuer, the securities of any two or more issuers that the Fund controls (by owning 20% or more of their voting power) and that are determined to be engaged in the same, similar or related trades or businesses, or the securities of one or more "qualified publicly traded partnerships." These limits apply only as of the end of each quarter of the Fund's taxable (fiscal) year and do not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by other RICs.

**ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RISKS**

The Fund's investment objective, principal investment strategies and principal risks are described in the Prospectus. This section contains additional information about the Fund's investment policies and risks and types of investments the Fund may purchase. The composition of the Fund's portfolio and the strategies that the Fund may use in selecting investments may vary over time. The Fund is not required to use all of the investment strategies described below in pursuing its investment objective. It may use some of the investment strategies only at some times or it may not use them at all. Investors should carefully consider their own investment goals and risk tolerance before investing in the Fund.

**Borrowing Risk** — The Fund may borrow money in an amount up to one-third of its total assets (including the amount borrowed) from banks and other financial institutions. The Fund may borrow for temporary purposes. Borrowing may exaggerate changes in the Fund's NAV and in its total return. Interest expense and other fees associated with borrowing may impact the Fund's expenses and reduce its returns.

**Cash Equivalents and Other Short-Term Investments** — Cash equivalents and other short-term investments in which the Fund may invest include the investments set forth below.

■ **Government Money Market Funds.** The Fund may
 invest cash balances in money market funds that are registered as investment companies under
 the Investment Company Act, including money market funds that are advised by the Manager. Money market funds invest in highly-liquid, short-term instruments,
 which include cash and cash equivalents, and debt securities with high credit ratings and short-term maturities, such as U.S. Treasuries.
 A "government money market fund" is required to invest at least 99.5% of its total assets in cash, U.S. government securities,
 and/or repurchase
 agreements that are fully collateralized by government securities or cash. Government securities include any security issued or

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guaranteed as to principal or interest by the U.S. government and its agencies or instrumentalities. By investing in a money market fund, the Fund becomes a shareholder of that money market fund. As a result, Fund shareholders indirectly bear their proportionate share of the expenses of the money market funds in which the Fund invests in addition to any fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. These expenses may include, for example, advisory and administrative fees, including advisory fees charged by the Manager to any applicable money market funds advised by the Manager. These other fees and expenses are reflected in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Shareholders also would be exposed to the risks associated with money market funds and the portfolio investments of such money market funds, including that a money market fund's yield will be lower than the return that the Fund would have derived from other investments that would provide liquidity. Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the money market fund has purchased can cause the price of a money market security to decrease and may reduce the money market fund's yield. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation. Factors that could adversely affect the value of a money market fund's shares include, among other things, a sharp rise in interest rates, an illiquid market for the securities held by the money market fund, a high volume of redemption activity in a money market fund's shares, and a credit event or credit rating downgrade affecting one or more of the issuers of securities held by the money market fund. There can be no assurance that a money market fund will maintain a $1.00 per share net asset value ("NAV") at all times.

■ **Government Obligations.** Government
 obligations may include U.S. Treasury securities, Treasury inflation-protected securities, and other debt instruments
 backed by the full faith and credit of the United States, or debt obligations of U.S. Government-sponsored entities.

**Corporate Actions** — From time to time, the Fund may voluntarily participate in corporate actions (for example, acquisitions, mergers, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as the Fund, and the acquisition is determined to be beneficial to Fund shareholders ("Corporate Actions"). In connection with its holdings of foreign and emerging markets securities and depositary receipts, the Fund may not have the same rights afforded to stockholders of a typical domestic company in the event of a Corporate Action. Notwithstanding any percentage investment limitation listed under the "Investment Restrictions" section or any percentage investment limitation of the Investment Company Act or rules thereunder, if the Fund has the opportunity to acquire a permitted security or instrument through a Corporate Action, and by doing so, the Fund would exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, prior to the receipt of the securities or instruments and after announcement of the Corporate Action, the Fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

**Currencies Risk** — The Fund may have significant exposure to foreign currencies for investment or hedging purposes by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies (including emerging market currencies), or by purchasing or selling foreign currency forward contracts, non-U.S. currency futures contracts, options on non-U.S. currencies and non-U.S. currency futures and swaps for cross-currency investments. Foreign currencies will fluctuate, and may decline, in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies, securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. For example, if the U.S. dollar appreciates against foreign currencies, the value of Fund holdings generally would depreciate and vice versa.

**Cybersecurity and Operational Risk** — With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Fund, its service providers, third-party fund distribution platforms, and the issuers of the Fund's investments may be prone to operational and information security risks resulting from cybersecurity incidents, including cyber-attacks. In general, cybersecurity incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, stealing or corrupting data maintained online or digitally (e.g., through "hacking," computer viruses or other malicious software coding), the theft and holding for ransom of proprietary or confidential information or data (referred to as "ransomware" attacks), denial of service attacks on websites, "phishing" attempts and other social engineering techniques aimed at personnel or systems, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund, the Manager, the sub-advisor, the Custodian (as defined below), the transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, result in the loss or theft of shareholder data or funds, impact the Fund's ability to calculate NAV per share, cause the release of private shareholder information or confidential business information, result in violations of applicable privacy and other laws, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. A cyber-attack may also result in shareholders or service providers being unable to access electronic systems (also known as "denial of services"), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs. The Fund may also incur additional costs for cybersecurity risk management purposes or corrective measures, and such costs may be ongoing because threats of cyber-attacks are constantly evolving as cyber-attackers become more sophisticated and their techniques become more complex. Similar types of cybersecurity risks are also present for issuers of the Fund's investments, which could result in material adverse consequences for such issuers and may cause the Fund to lose value. Adverse consequences also could result from cybersecurity incidents affecting counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchanges and other financial market operators, banks, brokers, dealers, insurance companies, other financial institutions and other parties. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments. The Fund's service providers also may be negatively impacted due to operational risks arising from non-cybersecurity related factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology errors or malfunctions, changes in personnel, and errors caused by Fund service providers or counterparties. In addition, other events or circumstances — whether foreseeable, unforeseeable, or beyond the Fund's control, such as acts of war, other conflicts, terrorism, natural disaster, widespread disease, pandemic or other public health crises may result in, among other things, quarantines and travel restrictions, workforce displacement and loss or reduction in Personnel and other resources. In the above circumstances, the Fund and the Service Providers' operations may be significantly impacted, or even temporarily halted. The Fund's securities market counterparties or vendors may face the same or similar systems failure, cybersecurity breaches and other business disruptions risks. Any of these results could have a substantial adverse impact on the Fund and its shareholders. For example, if a cybersecurity incident results in a denial of service,

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Fund shareholders could lose access to their electronic accounts and be unable to buy or sell Fund shares for an unknown period of time, and service providers could be unable to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Fund share purchases and redemptions. There are inherent limitations in risk management systems that seek to reduce the risks associated with cybersecurity incidents, including the possibility that risks may not have been adequately identified or prepared for, or that different or unknown threats may emerge in the future. Furthermore, the Fund does not control the cybersecurity systems and plans of the issuers of the Fund's investments, third party service providers, trading counterparties or any other service providers whose operations may affect the Fund or its shareholders. The use of cloud-based service providers could heighten or change these risks. In addition, remote and hybrid work arrangements by the Fund, the Manager or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Fund, the Manager or their service providers susceptible to operational disruptions, any of which could adversely impact their operations.

**Derivatives** — Generally a derivative is a financial instrument the value of which is based on, or "derived" from, a traditional security, asset, currency, or market index (collectively referred to as "reference assets"). The Fund may use derivatives for hedging and efficient portfolio management purposes. Derivative instruments may allow for better management of exposure to certain asset classes, as well as more efficient access to asset classes. There are many different types of derivatives and many different ways to use them. Some forms of derivatives, such as exchange-traded futures, options on securities, commodities, or indices, and certain forward contracts are traded on regulated exchanges. These types of derivatives are standardized contracts that can easily be bought and sold, and whose market values are determined and published daily. Non-standardized derivatives, on the other hand, tend to be more specialized or complex, and may be harder to value. Certain derivative securities are described more accurately as index/structured securities. Index/structured securities are derivative securities whose value or performance is linked to other equity securities (such as depositary receipts), currencies, interest rates, indices or other financial indicators.

Derivatives may involve significant risk. Many derivative instruments often require little or no payment and therefore often create inherent economic leverage. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Derivatives may be illiquid and may be more volatile than other types of investments. The Fund may buy and sell derivatives that are neither centrally cleared nor traded on an exchange. Such derivatives may be subject to heightened counterparty, liquidity and valuation risks.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, Rule 18f-4 under the 1940 Act (the "Derivatives Rule") replaced the asset segregation regime of Investment Company Act Release No. 10666 ("Release 10666") with a new framework for the use of derivatives by registered funds. The SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing the Fund's use of derivatives and began requiring the Fund to satisfy the requirements of the Derivatives Rule. As a result, the Fund is no longer required to engage in "segregation" or "coverage" techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.

The Derivatives Rule mandates that the Fund adopt and/or implement: (i) value-at-risk limitations ("VaR"); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that the Fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case the Fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks. The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, the Fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. In addition, the Fund may invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that: (i) the Fund intends to physically settle the transaction; and (ii) the transaction will settle within 35 days of its trade date.

The enactment of the Dodd-Frank Act and similar global regulations resulted in historic and comprehensive reform relating to derivatives, including the manner in which they are entered into, reported, recorded, executed, and settled or cleared. Pursuant to these regulations, the SEC, CFTC and foreign regulators have promulgated a broad range of regulations and guidance on the use of derivatives, including use by registered investment companies. These include regulations with respect to security-based swaps (e.g., derivatives based on a single security or narrow-based securities index) that are regulated by the SEC in the U.S., and other swaps that are regulated by the CFTC and the markets in which these instruments trade. In addition, regulations adopted by the banking regulators require certain banks to include in a range of financial contracts, including many derivatives contracts, terms delaying or restricting default, termination and other rights in the event that the bank and/or its affiliates become subject to certain types of resolution or insolvency proceedings. The regulations could limit the Fund's ability to exercise a range of cross-default rights if its counterparty, or an affiliate of the counterparty, is subject to bankruptcy or similar proceeding. Such regulations could further negatively impact the Fund's use of derivatives. Under CFTC Regulation 4.5, the Fund is excluded from registration as a CPO if its investments in commodity interests (such as futures contracts, options on futures contracts, non-deliverable forwards and swaps), other than those used for bona fide hedging purposes (as defined by the CFTC), are limited, such that the aggregate initial margin and premiums required to establish the positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are "in-the-money" at the time of purchase) do not exceed 5% of the Fund's NAV. Alternatively, the aggregate net notional value of the positions, determined at the time the most recent position was established, may not exceed 100% of the Fund's NAV, after taking into account unrealized profits and unrealized losses on any such positions. Further, to qualify for the exclusion in Regulation 4.5, the Fund must satisfy a marketing test, which requires, among other things, that the Fund not hold itself out as a vehicle for trading commodity interests. The Fund's ability to use these instruments also may be limited by federal income tax considerations. See the section entitled "Tax Information."

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The Manager, on behalf of the Fund, has filed a notice claiming the CFTC Regulation 4.5 exclusion from CPO registration with respect to the Fund. The Manager is also exempt from registration as a commodity trading advisor under CFTC Regulation 4.14(a)(8) with respect to the Fund.

Further information about the specific types of derivative instruments in which the Fund may invest, including the risks involved in their use, are contained under the description of each of these instruments in this SAI. The Fund may invest in various types of derivatives, including among others:

■ **Forward Foreign Currency Contracts.** The Fund may
 enter into forward foreign currency contracts ("forward currency contracts"), which are a type
 of derivative instrument, for a variety of reasons.   A forward currency contract involves an obligation to purchase or sell a specified
 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. Because
 these forward currency contracts normally are settled through an exchange of currencies, they are traded in the interbank market directly
 between currency traders (usually large commercial banks) and their customers.

Forward currency contracts may serve as long hedges. For example, the Fund may purchase a forward currency contract to lock in the U.S. dollar price of a security denominated in a foreign currency that it intends to acquire. Forward currency contract transactions also may serve as short hedges. For example, the Fund may sell a forward currency contract to lock in the U.S. dollar equivalent of the proceeds from the anticipated sale of a security or from a dividend or interest payment on a security denominated in a foreign currency.

The Fund may enter into forward currency contracts to sell a foreign currency for a fixed U.S. dollar amount approximating the value of some or all of its respective portfolio securities denominated in such foreign currency. In addition, the Fund may use forward currency contracts when the sub-advisor wishes to "lock in" the U.S. dollar price of a security when the Fund is purchasing or selling a security denominated in a foreign currency or anticipates receiving a dividend or interest payment denominated in a foreign currency.

The Fund may enter into forward currency contracts for the purchase or sale of a specified currency at a specified future date either with respect to specific transactions or with respect to portfolio positions in order to minimize the risk to the Fund from adverse changes in the relationship between the U.S. dollar and foreign currencies.

The Fund may use forward currency contracts to seek to hedge against, or profit from, changes in the value of a particular currency by using forward currency contracts on another foreign currency or a basket of currencies, the value of which the sub-advisor believes will have a positive correlation to the values of the currency being hedged. When hedging, use of a different foreign currency magnifies the risk that movements in the price of the forward contract will not correlate or will correlate unfavorably with the foreign currency being hedged.

In addition, the Fund may use forward currency contracts to shift exposure to foreign currency fluctuations from one country to another. For example, if the Fund owned securities denominated in a foreign currency that the sub-advisor believed would decline relative to another currency, it might enter into a forward currency contract to sell an appropriate amount of the first foreign currency, with payment to be made in the second currency. Transactions that involve two foreign currencies are sometimes referred to as "cross hedging." Use of a different foreign currency magnifies the Fund's exposure to foreign currency exchange rate fluctuations.

The Fund also may enter into forward currency contracts for non-hedging purposes if a foreign currency is anticipated to appreciate or depreciate in value, but securities denominated in that currency do not present attractive investment opportunities and are not held in the Fund's investment portfolio.

The cost to the Fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts usually are entered into on a principal basis, no fees or commissions are involved. When the Fund enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

Sellers or purchasers of forward currency contracts can enter into offsetting closing transactions, similar to closing transactions on futures, by purchasing or selling, respectively, an instrument identical to the instrument sold or bought, respectively. Secondary markets generally do not exist for forward currency contracts, however, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty. Thus, there can be no assurance that the Fund will in fact be able to close out a forward currency contract at a favorable price prior to maturity. In addition, in the event of insolvency of the counterparty, the Fund might be unable to close out a forward currency contract at any time prior to maturity. In either event, the Fund would continue to be subject to market risk with respect to the position, and would continue to be required to maintain a position in the securities or currencies that are the subject of the hedge or to maintain cash or securities.

The precise matching of forward currency contract amounts and the value of securities whose U.S. dollar value is being hedged by those contracts involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, the Fund might need to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward contracts. The projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

The Fund bears the risk of loss of the amount expected to be received under a forward currency contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Fund may have contractual remedies pursuant to the forward currency contract, but such remedies may be subject to bankruptcy and insolvency laws which could affect the Fund's rights as a creditor.

At the maturity of a forward contract, the Fund may sell the portfolio security and make delivery of the foreign currency, or it may retain the security and either extend the maturity of the forward contract (by "rolling" that contract forward) or may initiate a new forward contract. If the Fund retains the portfolio security and engages in an offsetting transaction, the Fund will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency.

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Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

Forward currency contracts in which the Fund may engage include foreign exchange forwards. The consummation of a foreign exchange forward requires the actual exchange of the principal amounts of the two currencies in the contract (i.e., settlement on a physical basis). Because foreign exchange forwards are physically settled through an exchange of currencies, they are traded in the interbank market directly between currency traders (usually large commercial banks) and their customers. A foreign exchange forward generally has no deposit requirement, and no commissions are charged at any stage for trades; foreign exchange dealers realize a profit based on the difference (the spread) between the prices at which they are buying and the prices at which they are selling various currencies. When the Fund enters into a foreign exchange forward, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

The Fund may be required to obtain the currency that it must deliver under the foreign exchange forward through the sale of portfolio securities denominated in such currency or through conversion of other assets of the Fund into such currency. When the Fund engages in foreign currency transactions for hedging purposes, it will not enter into foreign exchange forwards to sell currency or maintain a net exposure to such contracts if their consummation would obligate the Fund to deliver an amount of foreign currency materially in excess of the value of its portfolio securities or other assets denominated in that currency.

■ **Futures Contracts.** The
 Fund may enter into futures contracts. Futures contracts are a type of derivative instrument that obligate the purchaser to take
 delivery of, or cash settle a specific amount of, a commodity, security or other obligation underlying the contract at a specified time
 in the future for
 a specified price. Likewise, the seller incurs an obligation to deliver the specified amount of the underlying obligation against receipt
 of the specified price.
 Futures are traded on both U.S. and foreign commodities exchanges. The purchase of futures can serve as a long hedge, and the sale of
 futures can serve as a short hedge. <br> No
 price is paid upon entering into a futures contract. Instead, at the inception of a futures contract, the
 Fund is required to deposit "initial margin" consisting
 of cash, U.S. Government securities, suitable money market instruments, or liquid, high-grade debt securities in an amount set by the exchange on which
 the contract is traded and varying based on the volatility of the underlying asset. Margin must also be deposited when writing a call
 or put option on a futures contract, in accordance with applicable exchange rules. Unlike margin in securities transactions, initial margin
 on futures contracts
 does not represent a borrowing, but rather is in the nature of a performance bond or good-faith deposit that is returned to the Fund at the termination
 of the transaction if all contractual obligations have been satisfied. Under certain circumstances, such as periods of high volatility, the Fund may be required
 by a futures exchange to increase the level of its initial margin payment, and initial margin requirements might be
 increased generally in the future by regulatory action. Subsequent "variation margin" payments (sometimes referred to as "maintenance
 margin" payments)
 are made to and from the futures broker daily as the value of the futures position varies, a process known as "marking-to-market." Variation margin does
 not involve borrowing, but rather represents a daily settlement of the
 Fund's obligations to or from a futures broker. When the Fund purchases or
 sells a futures contract, it is subject to daily, or even intraday, variation margin calls that could be substantial in the event of adverse
 price movements. If the
 Fund has insufficient cash to meet daily or intraday variation margin requirements, it might need to sell securities at a
 time when such sales are disadvantageous. <br> Purchasers
 and sellers of futures contracts can enter into offsetting closing transactions, by selling or purchasing, respectively, an instrument
 identical to the instrument
 purchased or sold. Positions in futures contracts may be closed only on a futures exchange or board of trade that trades that contract. The Fund intends to
 enter into futures contracts only on exchanges or boards of trade where there appears to be a liquid secondary market.
 However, there can be no assurance that such a market will exist for a particular contract at a particular time. In such event, it may
 not be possible to
 close a futures contract. <br> Although
 many futures contracts by their terms call for the actual delivery or acquisition of the underlying asset, in most cases the contractual obligation is fulfilled
 before the date of the contract without having to make or take delivery of the securities or currency. The offsetting of a contractual
 obligation is accomplished by buying (or selling, as appropriate) on a commodities exchange an identical futures contract calling for delivery in the same
 month. Such a transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of
 the securities or currency. Since all transactions in the futures market are made, offset or fulfilled through a clearinghouse associated
 with the exchange
 on which the contracts are traded, the
 Fund will incur brokerage fees when it purchases or sells futures contracts. If an offsetting purchase price
 is less than the original sale price, the
 Fund realizes a capital gain, or if it is more, the
 Fund realizes a capital loss. Conversely, if an offsetting sell price
 is more than the original purchase price, the
 Fund realizes a capital gain, or if it is less, the
 Fund realizes a capital loss. The Fund has no current intent
 to accept physical delivery in connection with the settlement of futures contracts. <br> Under
 certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's
 settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because
 prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable
 positions. If the
 Fund were unable to liquidate a futures contract due to the absence of a liquid secondary market or the imposition of price
 limits, it could incur substantial losses. The
 Fund would continue to be subject to market risk with respect to the position. In addition, the
 Fund would continue
 to be required to make daily variation margin payments and might be required to maintain the position being hedged by the futures contract
 or option thereon or to maintain cash or securities in a segregated account. <br> The
 ordinary spreads between prices in the cash and futures markets, due to differences in the nature of those markets, are subject to distortions. The liquidity of the
 futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants
 decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortion. Third, from the point of view of speculators,
 the margin deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore,
 increased participation by speculators in the futures market may cause temporary price distortions. Due to the possibility of distortion,
 a correct forecast
 of securities price or currency exchange rate trends by the
 sub-advisor may still not result in a successful transaction.

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Futures contracts also entail other risks. Although the use of such contracts may benefit the Fund, if investment judgment about the general direction of, for example, an index is incorrect, the Fund's overall performance would be worse than if it had not entered into any such contract. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures, including technical influences in futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends.

■ **Options** — The Fund may
 invest in options contracts on foreign currencies. An option is a contract that gives the purchaser (holder) of the option, in return
 for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the underlying reference asset at a specified
 exercise price at
 any time during the term of the option (normally not exceeding nine months). The writer of a currency option has the obligation, upon exercise of the option,
 to deliver or pay the value of the underlying currency, upon payment of the exercise price, or to pay the exercise price upon delivery
 of the underlying currency. Transactions for exchange-traded options may be made only on a national securities exchange. It is impossible
 to predict the volume
 of trading that may exist in such options, and there can be no assurance that viable exchange markets will develop or continue. There
 is no assurance that a liquid secondary market will exist for a particular option, or at any particular time, and for some options, such
 as OTC options, no
 secondary market may exist. The hours of trading for options may not conform to the hours during which the underlying reference asset is traded. To the
 extent that the option markets close before the markets for the reference asset, significant price and rate movements can take place in
 the reference asset that cannot be reflected in the option markets. The
 Fund may use NDOs, which are foreign exchange products designed to assist
 in reducing foreign currency exchange risk, in situations where physical delivery of the underlying currency is not required or not possible. Options that trade
 OTC involve liquidity and credit risks that may not be present in exchange-traded options. The
 Fund may use options on foreign currencies
 to protect against decreases in the U.S. dollar value of securities held or increases in the U.S. dollar cost of securities to be acquired
 by the Fund
 or to protect the U.S. dollar equivalent of dividends, interest, or other payments on those securities.

■ **Rights** **.** Rights are options to purchase an issuer's securities at a stated price during a stated term, usually at a price below the initial
 offering price of the
 securities and before the securities are offered to the general public. Rights are similar to warrants but typically have a shorter duration.
 Rights are usually
 freely transferable, but may not be as liquid as exchange-traded options. In addition, the terms of a right may limit the
 Fund's ability to exercise
 the right at such time, or in such quantities, as the
 Fund would otherwise wish. Rights usually have no voting rights, pay no dividends and have
 no rights with respect to the assets of the corporation issuing them. A right ceases to have value if it is not exercised prior to its
 expiration date. As
 a result, rights may be considered more speculative than certain other types of investments.

■ **Swap Agreements.** A
 swap is a transaction in which the
 Fund and a counterparty agree to pay or receive payments at specified dates based upon or
 calculated by reference to changes in specified prices or rates (e.g., interest rates in the case of interest rate swaps) or the performance
 of specified securities
 or indices based on a specified amount (the "notional" amount). Nearly any type of derivative, including forward contracts,
 can be structured
 as a swap. See "Derivatives" for a further discussion of derivatives risks. Swap agreements can be structured to provide exposure
 to a variety of different
 types of investments or market factors. For example, in an interest rate swap, fixed-rate payments may be exchanged for floating rate
 payments; in a currency swap, U.S. dollar-denominated payments may be exchanged for payments denominated in a foreign currency; and in
 a total return swap,
 payments tied to the investment return on a particular asset, group of assets or index may be exchanged for payments that are effectively
 equivalent to interest payments or for payments tied to the return on another asset, group of assets, or index. Swaps may have a leverage component, and adverse
 changes in the value or level of the underlying asset, reference rate or index can result in gains or losses that are substantially
 greater than the amount invested in the swap itself. Some swaps currently are, and more in the future will be, centrally cleared. Swaps that are centrally-cleared
 are exposed to the creditworthiness of the clearing organizations (and, consequently, that of their members - generally, banks
 and broker-dealers) involved in the transaction. For example, an investor could lose margin payments it has deposited with the clearing organization as well
 as the net amount of gains not yet paid by the clearing organization if it breaches its agreement with the investor or becomes insolvent
 or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be able to recover only a portion of
 the net amount of
 gains on its transactions and of the margin owed to it, potentially resulting in losses to the investor. Swaps that are not centrally cleared involve the
 risk that a loss may be sustained as a result of the insolvency or bankruptcy of the counterparty or the failure of the counterparty to
 make required payments or otherwise comply with the terms of the agreement. If a counterparty's creditworthiness declines, the value
 of the swap might
 decline, potentially resulting in losses to the
 Fund. Changing conditions in a particular market area, whether or not directly related to the referenced
 assets that underlie the swap agreement, may have an adverse impact on the creditworthiness of a counterparty. To mitigate this risk, the Fund
 will only enter into swap agreements with counterparties considered by the
 sub-advisor to present minimum risk of default, and the
 Fund normally obtains
 collateral to secure its exposure. Swaps involve the risk that, if the swap declines in value, additional margin would be required to maintain the margin
 level. The seller may require the
 Fund to deposit additional sums to cover this, and this may be at short notice. If additional margin
 is not provided in time, the seller may liquidate the positions at a loss, which may cause the
 Fund to owe money to the seller. The centrally cleared
 and OTC swap agreements into which the
 Fund enters normally provide for the obligations of the
 Fund and its counterparty in the event of a default
 or other early termination to be determined on a net basis. Similarly, periodic payments on a swap transaction that are due by each party
 on the same day normally
 are netted. The use of swap agreements requires special skills, knowledge and investment techniques that differ from those required
 for normal portfolio management. Swaps may be considered illiquid investments, and the
 Fund may be unable to sell a swap agreement to a
 third party at a favorable price. The
 Fund may invest in the following types of swaps:

■  ***Currency Swaps.*** A currency
 swap involves the exchange of payments denominated in one currency for payments denominated in another. Payments
 are based on a notional principal amount, the value of which is fixed in exchange rate terms at the swap's inception. Currency swap agreements may be
 entered into on a net basis or may involve the delivery of the entire principal value of one designated currency in exchange for the
 entire principal value of another designated currency. In such cases, the entire principal value of a currency swap is subject to the
 risk that the counterparty
 will default on its contractual delivery obligations. Currency swaps are also subject to currency risk.

**Equity Investments —** The Fund may invest in the following equity securities:

■ **Common Stock.** Common
 stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred

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stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company's products or services. A stock's value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt, and preferred stock. Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or traded over-the-counter. OTC stock may be less liquid than exchange-traded stock.

■ **Depositary Receipts.** The
 Fund may invest in depositary receipts, which represent ownership interests in securities of foreign companies (an "underlying
 issuer") that have been deposited with a bank or trust and that trade on an exchange or OTC. Depositary receipts may not be denominated
 in the same currency as the securities into which they may be converted, and they are subject to the risk of fluctuation in the currency exchange rate. Investing
 in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly
 available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed
 companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable
 for transfer from a foreign currency), resulting in the
 Fund's possible inability to convert immediately into U.S. currency proceeds realized upon
 the sale of portfolio securities of the affected foreign companies. In addition, the issuers of unsponsored depositary receipts are not
 obligated to disclose
 material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the
 Fund to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security. Please see "Foreign Securities"
 below for a description of the risks associated with investments in foreign securities. The
 Fund may invest in the following type of depositary
 receipts:

■  ***ADRs.*** ADRs are depositary receipts for foreign issuers in registered form, typically issued by a U.S. financial institution, traded in U.S.
 securities markets.

■  ***EDRs.*** EDRs, which are sometimes called Continental Depositary Receipts, are issued in Europe in bearer form and are traded in European securities
 markets.

■  ***GDRs.*** GDRs are in bearer form and traded in both the U.S. and European securities markets.

■ **Initial Public Offerings.** The
 Fund can invest in IPOs. By definition, securities issued in IPOs have not traded publicly until the time of their offerings. Special
 risks associated with IPOs may include, among others, the fact that there may only be a limited number of shares available for trading.
 The market for those
 securities may be unseasoned. The issuer may have a limited operating history. These factors may contribute to price volatility. The limited
 number of shares available for trading in some IPOs may also make it more difficult for the
 Fund to buy or sell significant amounts of shares without
 an unfavorable impact on prevailing prices. In addition, some companies initially offering their shares publicly are involved in relatively
 new industries or
 lines of business, which may not be widely understood by investors. Some of the companies involved in new industries may be regarded as
 developmental state companies, without revenues or operating income, or the near-term prospects of them. Many IPOs are by small- or micro-cap companies that are
 undercapitalized. IPOs may adversely impact the
 Fund's performance. However, the impact of IPOs on the
 Fund's performance will
 likely decrease as the
 Fund's asset size increases.

**ESG Considerations** — Environmental, social, and/or governance ("ESG") considerations, either quantitative or qualitative, may be utilized as a component of the Fund's investment process to implement its investment strategies. Since ESG considerations are not the only component that may be evaluated by the sub-advisor, the issuers in which the Fund invests may not be considered ESG issuers or have good ESG ratings. To the extent that the Fund utilizes such considerations as a component of the Fund's investment process, the Fund's performance may be affected depending on whether such considerations are in or out of favor and relative to similar funds that do not include such considerations in the investment process. There is no guarantee that the utilization of ESG considerations will be additive to the Fund's performance. ESG considerations may vary across types of investments and issuers, and not every such consideration may be identified, evaluated, or evaluated in the same manner. ESG norms also differ by country and region, and an issuer's ESG practices or the sub-advisor's assessment process of such considerations may change over time. There are significant differences in interpretations of what it means for a company to have good ESG characteristics, and the Fund may underperform other funds that use different considerations and/or a different methodology in evaluating such considerations. Information used by the Fund to evaluate such considerations, including the use of third-party research, if any, may not be readily available, complete or accurate, and may vary across third-party research providers and issuers, which could negatively impact the Fund's ability to accurately assess an issuer. As investors can differ in their views regarding the meaning of ESG considerations, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The regulatory landscape with respect to ESG investing in the United States is still developing, and future rules and regulations may require the Fund to modify or alter its investment process with respect to the use of such considerations.

**Foreign Investing** — The Fund may invest in U.S. dollar-denominated and non-U.S. dollar-denominated equity, debt and derivative instruments of foreign issuers and foreign branches of U.S. banks. Foreign issuers are issuers organized and doing business principally outside the United States and include corporations, banks, non-U.S. governments, and quasi-governmental organizations. While investments in foreign investments are intended to reduce risk by providing further diversification, such investments involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks may include: the possibility of adverse political and economic developments (including political or social instability, nationalization, expropriation, or confiscatory taxation); the impact of economic, political, social, diplomatic or other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism, and disease/virus outbreaks and epidemics); the potentially adverse effects of unavailability of public information regarding issuers, less or less reliable information about the securities and business operations of foreign issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States; different laws and customs governing securities purchases, tracking and custody; the difficulty of predicting international trade patterns and the possibility of exchange controls or limitations on the removal of funds or assets; and possibly more limited legal remedies and access to the courts available to enforce the Fund's rights as an investor. The prices of such securities may be more volatile

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than those of domestic securities. Non-U.S. equity securities may trade at price/earnings multiples higher than comparable U.S. securities, and such levels may not be sustainable. The economies of many of the countries in which the Fund may invest are not as developed as the U.S. economy, and individual foreign economies can differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Individual foreign companies also may differ favorably or unfavorably from U.S. companies in the same industry.

Foreign stock markets are generally not as developed or efficient as, and may be more volatile than, those in the United States. While growing in volume, they usually have substantially less trading volume than U.S. markets. As a result, foreign securities may trade with less frequency and in less volume than domestic securities and therefore may exhibit greater or lower price volatility. The Fund may be exposed to risks in the process of clearing and settling trades and the holding of securities by foreign banks, agents and depositories. Governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. Additional costs associated with an investment in foreign securities may include higher custodial fees than apply to domestic custody arrangements and transaction costs of foreign currency conversions. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Foreign markets also have different clearance and settlement procedures. In certain markets, there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. Delays in settlement could result in temporary periods when a portion of the assets of the Fund is not invested and no return is earned thereon. The inability of the 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 in losses to the Fund due to subsequent declines in value of the securities or, if the Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser. In addition, certain foreign markets may institute share blocking, which is a practice under which an issuer's securities are blocked from trading at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders takes place. The blocking period can last up to several weeks. Share blocking may prevent the Fund from buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country. As a consequence of these restrictions, the sub-advisor, on behalf of the Fund, may elect not to vote proxies in markets that require share blocking. Interest rates prevailing in other countries may affect the prices of foreign securities and exchange rates for foreign currencies. Local factors, including the strength of the local economy, the demand for borrowing, the government's fiscal and monetary policies, and the international balance of payments, often affect interest rates in other countries.

Economic sanctions and other similar governmental actions could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell foreign securities, and thus may prevent the Fund from making investments or make the Fund's investments in such securities less liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the Fund. The risks posed by sanctions against a particular foreign country, its nationals or industries or businesses within the country may be heightened to the extent the Fund invests significantly in the affected country or region or in issuers from the affected country that depend on global markets.

Investing in foreign currency denominated investments involves not only the special risks associated with investing in non-U.S. issuers, as described above, but also the additional risks of adverse changes in foreign exchange rates and investment or exchange control regulations, which could prevent cash from being brought back to the United States. Additionally, dividends and interest payable on foreign securities (and gains realized on disposition thereof) may be subject to foreign taxes, including taxes withheld from those payments. Some governments may impose a tax on purchases by foreign investors of certain securities that trade in their country. Countries may amend or revise their existing tax laws, regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws, regulations or procedures of a country could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax liabilities for the Fund. Commissions on foreign securities exchanges are often at fixed rates and are generally higher than those negotiated commissions on U.S. exchanges, as are transaction costs, although the sub-advisor endeavors to achieve the most favorable net results on portfolio transactions.

The Fund may also invest in foreign "market access" investments, such as participatory notes, low-exercise price options or warrants, equity-linked notes, or equity swaps. These investments may provide economic exposure to an issuer without directly holding its securities. For example, market access investments may be used where regulatory or exchange restrictions make it difficult or undesirable for the Fund to invest directly in an issuer's common stock. Use of market access investments may involve risks associated with derivative investments, which are discussed in "Derivatives." Market access investments can be either exchange-traded or over-the-counter. Certain market access investments can be subject to the credit risk of both the underlying issuer and a counterparty. Holders of certain market access investments might not have voting, dividend, or other rights associated with shareholders of the referenced securities. Holders of market access investments might not have any right to make a claim against an issuer or counterparty in the event of their bankruptcy or other restructuring. It may be more difficult or time consuming to dispose of certain market access investments than the referenced security.

The Fund may be subject to the risk that its share price may be exposed to arbitrage attempts by investors seeking to capitalize on differences in the values of foreign securities trading on foreign exchanges that may close before the time the Fund's net asset value is determined. If such arbitrage attempts are successful, the Fund's net asset value might be diluted.

The use of fair value pricing in certain circumstances may help deter such arbitrage activities. The effect of such fair value pricing is that foreign securities may not be priced on the basis of quotations from the primary foreign securities market in which they are traded, but rather may be fair valued. As such, fair value pricing is based on subjective judgment, and it is possible that fair value may differ materially from the value realized on a

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sale of a foreign security. It is also possible that use of fair value pricing will limit an investment adviser's ability to implement the Fund's investment strategy (e.g., reducing the volatility of the Fund's share price) or achieve its investment objective. The Fund's market timing and frequent trading policies and procedures also are intended to help deter arbitrage activities.

■ **Chinese Company Securities**.
 Investing in China, Hong Kong and Taiwan involves a high degree of risk, and special considerations not typically associated
 with investing in other more established economies or securities markets. Such risks may include: (a) the risk of nationalization or expropriation
 of assets, or confiscatory taxation; (b) greater social, economic and political uncertainty (including the risk of war); (c) dependency
 on exports and the
 corresponding importance of international trade; (d) increasing competition from Asia's other low-cost emerging economies; (e) greater
 price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, particularly in
 China; (f) currency exchange
 rate fluctuations and the lack of available currency hedging instruments; (g) higher rates of inflation; (h) controls on foreign investment and limitations on
 repatriation of invested capital and on the
 Fund's ability to exchange local currencies for U.S. dollars; (i) greater governmental involvement
 in and control over the economy, and greater intervention in the Chinese financial markets, such as the imposition of trading restrictions;
 (j) the risk that the Chinese government may decide not to continue to support economic reform programs currently in place and could return
 to the completely centrally planned economy that was in place prior to 1978; (k) the fact that Chinese companies, particularly those located
 in China, may be smaller,
 less seasoned and newly-organized; (l) the difference in, or lack of, auditing and financial reporting standards that may result in
 unavailability of material information about issuers, particularly in China; (m) the fact that statistical information regarding the Chinese
 economy may be inaccurate
 or not comparable to statistical information regarding the U.S. or other economies; (n) the less extensive, and still developing, regulation
 of the securities markets, business entities and commercial transactions; (o) the fact that the settlement period of securities transactions
 in foreign markets
 may be longer; (p) uncertainty surrounding the willingness and ability of the Chinese government to support the Chinese and Hong Kong
 economies and markets; (q) the risk that it may be more difficult or impossible, to obtain and/or enforce a judgment than in other countries;
 (r) the rapidity and
 erratic nature of growth, particularly in China, resulting in inefficiencies and dislocations; (s) more frequent (and potentially widespread)
 trading suspensions and government interventions with respect to Chinese issuers; (t) limitations on the use of brokers (or action by
 the Chinese government
 that discourages brokers from serving international clients); and (u) the risk that, because of the degree of interconnectivity between
 the economies and financial markets of China, Hong Kong and Taiwan, any sizable reduction in the demand for goods from China, or an economic
 downturn in China could negatively affect the economies and financial markets of Hong Kong and Taiwan, as well. In addition, the China Securities Regulatory
 Commission recently met with local law firms and asked them to tone down negative descriptions of China's policies in prospectuses
 of companies going public outside the mainland in markets such as Hong Kong and the United States. Comments in IPO listing documents
 that misrepresent or disparage laws and policies, the business environment and judicial situation of China are now barred. Such new listing
 regime would inevitably deny approval for offshore listing applications and further dampen the stock market sentiment, which in turn negatively
 affects markets and the value of the
 Fund's investments. China's economy has transitioned from a rigidly central-planned state-run economy
 to one that has been only partially reformed by more market-oriented policies. Although the Chinese government has implemented economic
 reform measures, reduced state ownership of companies and established better corporate governance practices, a substantial portion of productive assets
 in China are still owned by the Chinese government. The government continues to exercise significant control in regulating industrial
 development and, ultimately, control over China's economic growth through the allocation of resources, controlling payment of foreign currency-denominated
 obligations, setting monetary policy and providing preferential treatment to particular industries or companies. The Chinese government
 has from time to time taken actions that influence the prices at which certain goods may be sold, encourage companies to invest or concentrate
 in particular industries, induce mergers between companies in certain industries and induce private companies to publicly offer their securities to increase
 or continue the rate of economic growth, control the rate of inflation or otherwise regulate economic expansion. Investments in
 China involve risk of a total loss due to government action or inaction. China continues to limit direct foreign investments generally
 in industries deemed
 important to national interests. Foreign investment in domestic securities are also subject to substantial restrictions. Some believe
 that China's
 currency is undervalued. Currency fluctuations could significantly affect China and its trading partners. China continues to exercise
 control over the value
 of its currency, rather than allowing the value of the currency to be determined by market forces. This type of currency regime may experience
 sudden and significant currency adjustments, which may adversely impact investment returns. <br> For
 decades, a state of hostility has existed between Taiwan and the People's Republic of China. Beijing has long deemed Taiwan a part
 of the "one China"
 and has made a nationalist cause of recovering it. This situation poses a threat to Taiwan's economy and could negatively affect
 its stock market.
 By treaty, China has committed to preserve Hong Kong's autonomy and its economic, political and social freedoms until 2047. However,
 if China would exert
 its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business
 confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance. In addition,
 the Hong Kong dollar trades within a fixed trading bond rate to (or is "pegged" to) the  U.S. dollar. This fixed exchange
 rate has contributed
 to the growth and stability of the Hong Kong economy. However, some market participants have questioned the continued viability of the
 currency peg. It is uncertain what affect any discontinuation of the currency peg, and the establishment of an alternative exchange rate
 system would have
 on capital markets generally and the Hong Kong economy. As demonstrated by protests in Hong Kong in 2019 and 2020 over political, economic,
 and legal freedoms, and the Chinese government's response to the protests, there continues to be a great deal of political unrest,
 which may result in
 economic disruption. China could be affected by military events on the Korean peninsula or internal instability within North Korea. North
 Korea and South Korea each have substantial military capabilities, and historical tensions between the two countries present the risk
 of war. Any outbreak
 of hostilities between the two countries could have a severe adverse effect on the South Korean economy and securities market. These situations
 may cause uncertainty in the Chinese market and may adversely affect performance of the Chinese economy. In addition, China has strained
 international relations with Japan, India, Russia and other neighbors due to territorial disputes, historical animosities and other defense concerns. China is
 also alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened
 responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks
 on the Chinese government
 or Chinese companies, may impact China's economy and Chinese issuers of securities in which the
 Fund invests. Investment in China,
 Hong Kong and Taiwan is subject to certain political risks. The current political climate has intensified concerns about trade tariffs
 and a potential trade
 war between China and the United States, despite the United States signing a partial trade agreement with China that reduced some U.S.
 tariffs on Chinese goods while boosting Chinese purchases of American goods. However, this agreement left in place a number of existing

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tariffs, and it is unclear whether further trade agreements may be reached in the future. The ability and willingness of China to comply with the trade deal may determine to some degree the extent to which its economy will be adversely affected, which cannot be predicted at the present time. Future tariffs imposed by China and the United States on the other country's products, or other escalating actions, may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry with a potentially negative impact to the Fund. On June 3, 2021, President Biden issued an executive order prohibiting U.S. persons from entering into transactions in publicly traded securities, as well as derivatives and securities designed to provide investment exposure to, any securities of any issuers designated "Chinese Military-Industrial Complex Companies," as designated by the Department of the Treasury's Office of Foreign Assets Control. This executive order superseded a prior similar order from then-President Trump. Continued ownership of such securities by U.S. persons is prohibited after June 3, 2022, following a one-year divestment period. A number of Chinese issuers have been designated under this program and more could be added. Certain implementation matters related to the scope of, and compliance with, the executive order have not yet been resolved, and the ultimate application and enforcement of the executive order may change. Under current guidance, U.S. investors may purchase interests in an investment fund that does not make any new purchases of designated securities and is "seeking to" divest its holdings of such securities during the divestment period. As a result, the executive order and related guidance may significantly reduce the liquidity of such securities, force the Fund to sell certain positions at inopportune times or for unfavorable prices, and restrict future investments by the Fund. U.S. investment advisers are permitted to advise non-U.S. funds and non-U.S. persons that purchase and sell such prohibited securities, provided this activity does not indirectly expose U.S. persons to such companies. The Holding Foreign Companies Accountable Act ("HFCAA"), requires the SEC to identify reporting public companies that use public accounting firms with a branch or office located in a foreign jurisdiction that the Public Company Accounting Oversight Board ("PCAOB") determines that it is unable to inspect or investigate completely because of a position taken by a governmental entity in that jurisdiction ("Commission-Identified Issuers"). If an issuer is identified as a Commission-Identified Issuer for three consecutive years, the issuer's shares will be prohibited in U.S. exchange and over-the-counter markets. On March 8, 2022, pursuant to the implementing regulations established by the SEC as required by the HFCAA, the SEC began to identify companies as provisional Commission-Identified Issuers. 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 ("PRC"), which marked the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits performed by PCAOB registered accounting firms in mainland China and Hong Kong may be less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the Fund invest may be less reliable or complete. Listing and other regulatory requirements applicable to foreign issuers, including Chinese issuers, is evolving and any future legislation, regulations or rules may require the Fund to change its investment process, which could result in substantial investment losses. China has often restricted U.S. regulators' access to information and limited regulators' ability to investigate or pursue remedies with respect to China-based issuers, generally citing to state secrecy and national security laws, blocking statutes, or other laws or regulations. In addition, according to Article 177 of the PRC Securities Law, which became effective in March 2020, no overseas securities regulator can directly conduct investigations or evidence collection activities within China and no entity or individual in China may provide documents and information relating to securities business activities to overseas regulators without Chinese government approval. The SEC, U.S. Department of Justice, and other U.S. authorities face substantial challenges in bringing and enforcing actions against China-based issuers and their officers and directors. As a result, the Fund may not benefit from a regulatory environment that fosters effective enforcement of U.S. federal securities laws. From time to time and in recent years, China has experienced outbreaks of infectious illnesses, and the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue, or the government response thereto, could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese or global economy, which in turn could adversely affect the Fund's investments.<br>For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities ("VIEs"). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements ("VIE Agreements") with the VIE. This structure allows Chinese companies, in particular those in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these VIE Agreements permit the offshore entity to consolidate the VIE's financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese-based operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these VIE Agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the Chinese-based operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE's contractual arrangements with the listed offshore entity by making them invalid. If these VIE Agreements were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the VIE Agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. Any change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China or in the U.S. could result in significant losses to the Fund. The listed offshore entity's control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the VIE Agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer's authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may affect the ability of the offshore entity to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund's investment in the listed offshore entity to suffer a significant loss. For

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example, in 2021, the Chinese government placed various restrictions on after-school tutoring companies. Such restrictions adversely affected the financial performance of those listed offshore entities associated with a Chinese-based operating company in the after-school tutoring industry. There is no guarantee that the Chinese government will not place similar restrictions on other industries and therefore jeopardize the financial performance of the corresponding listed offshore entities.

■ **Emerging Market Securities.** The
 Fund may invest in emerging market securities. The
 Fund may consider a country to be an emerging market country
 based on a number of factors including, but not limited to, if the country is classified as an emerging or developing economy by any supranational
 organization such as the World Bank, International Finance Corporation or the United Nations, or related entities, or if the country is considered an emerging
 market country for purposes of constructing emerging markets indices. Investments in emerging market country securities involve
 special risks. The economies, markets and political structures of a number of the emerging market countries in which the
 Fund can invest do not
 compare favorably with the United States and other mature economies in terms of wealth and stability. Therefore, investments in these
 countries may be riskier,
 and will be subject to erratic and abrupt price movements. These risks are discussed below. <br> *Economies:* The economies of emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross
 domestic product, rate of inflation, currency depreciation, reliable access to capital, capital reinvestment, resource self-sufficiency,
 balance of payments
 and trade difficulties. Some economies are less well developed and less diverse (for example, Latin America, Eastern Europe and certain Asian countries),
 and may be heavily dependent upon international trade, as well as the economic conditions in the countries with which they trade. Such
 economies accordingly have been, and may continue to be, adversely affected by trade barriers, exchange controls, managed adjustments
 in relative currency
 values and other protectionist or retaliatory measures imposed or negotiated by the countries with which they trade. Similarly, many of
 these countries have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange
 rate fluctuations,
 large amounts of national and external debt, severe recession, and extreme poverty and unemployment. The economies of emerging market
 countries may be based predominately on only a few industries or may be dependent on revenues from participating commodities or on international
 aid or developmental assistance. Emerging market economies may develop unevenly or may never fully develop. Investments in countries
 that have recently begun moving away from central planning and state-owned industries toward free markets, such as the Eastern European,
 Russian or Chinese economies, should be regarded as speculative. <br> *Governments:* Emerging markets may have uncertain national policies and social, political and economic instability. While government involvement in
 the private sector varies in degree among emerging market countries, such involvement may in some cases include government ownership of companies in certain
 sectors, wage and price controls or imposition of trade barriers and other protectionist measures. In the past, governments of such
 nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled.
 There is no assurance
 that such expropriations will not reoccur. In addition, there is no guarantee that some future economic or political crisis will not lead to price controls,
 forced mergers of companies, confiscatory taxation or creation of government monopolies to the possible detriment of the
 Fund's investments.
 In such event, it is possible that the
 Fund could lose the entire value of its investments in the affected markets. <br> Emerging
 market countries may have national policies that limit the
 Fund's investment opportunities such as restrictions on investment in issuers or industries
 deemed sensitive to national interests. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental
 registration and/or approval in some emerging market countries. In addition, if the
 Fund invests in a market where restrictions are
 considered acceptable, a country could impose new or additional repatriation restrictions after investment that are unacceptable. This
 might require, among
 other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed
 to offset the risks of decline in that country. Further, some attractive securities may not be available, or may require a premium for purchase, due to foreign
 shareholders already holding the maximum amount legally permissible. In addition to withholding taxes on investment income,
 some countries with emerging capital markets may impose differential capital gain taxes on foreign investors. <br> An
 issuer or governmental authority that controls the repayment of an emerging market country's debt may not be able or willing to
 repay the principal
 and/or interest when due in accordance with the terms of such debt. A debtor's willingness or ability to repay principal and interest
 due in a timely manner
 may be affected by, among other factors, its cash flow situation, and, in the case of a government debtor, the extent of its foreign reserves,
 the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy
 as a whole and the
 political constraints to which a government debtor may be subject. Government debtors may default on their debt and may also be dependent
 on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages
 on their debt. Holders of government debt may be requested to participate in the rescheduling of such debt and to extend further loans to government debtors.
 There may be limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts
 of the defaulting party itself, and the ability of the holder of foreign government fixed-income securities to obtain recourse may be
 subject to the political
 climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments
 to the holders of other foreign government debt obligations in the event of default under their commercial bank loan agreements. <br> *Capital Markets:* The capital
 markets in emerging market countries may be underdeveloped. They may have low or non-existent trading volume, resulting
 in a lack of liquidity and increased volatility in prices for such securities, as compared to securities from more developed capital markets. Emerging market securities
 may be substantially less liquid and more volatile than those of mature markets, and securities may be held by a limited number
 of investors. This may adversely affect the timing and pricing of the
 Fund's acquisition or disposal of securities. There may be less publicly available
 information about emerging markets than would be available in more developed capital markets, and such issuers may not be subject to accounting,
 auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries
 with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the U.S., may
 not be applicable.
 Investing in certain countries with emerging capital markets may entail purchasing securities issued by or on behalf of entities that
 are insolvent, bankrupt,
 in default or otherwise engaged in an attempt to reorganize or reschedule their obligations, and in entities that have little or no proven
 credit rating or credit history. In any such case, the issuer's poor or deteriorating financial condition may increase the likelihood
 that the investing
 Fund will experience losses or diminution in available gains due to bankruptcy, insolvency or fraud. There may also be custodial restrictions or other non-U.S.
 or U.S. governmental laws or restrictions applicable to investments in emerging market countries. <br> Practices
 in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the
 Fund may use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be

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unreliable. Supervisory authorities also may be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to the Fund may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through whom the transaction is effected might cause the Fund to suffer a loss. There can be no certainty that the Fund will be successful in eliminating counterparty risk, particularly as counterparties operating in emerging market countries frequently lack the substance or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise with respect to securities held by or to be transferred to the Fund.<br>Regulatory authorities in some emerging markets currently do not provide the Public Company Accounting Oversight Board with the ability to inspect public accounting firms as required by U.S. law, including sufficient access to inspect audit work papers and practices, or otherwise do not cooperate with U.S. regulators, which potentially could expose investors to significant risks.<br>*Legal Systems:* Investments in emerging market countries may be affected by the lack, or relatively early development, of legal structures governing private and foreign investments and private property. Such capital markets are emerging in a dynamic political and economic environment brought about by events over recent years that have reshaped political boundaries and traditional ideologies. Many emerging market countries have little experience with the corporate form of business organization and may not have well-developed corporation and business laws or concepts of fiduciary duty in the business context. The organizational structures of certain issuers in emerging markets may limit investor rights and recourse.<br>The Fund may encounter substantial difficulties in obtaining and enforcing judgments against individuals and companies located in certain emerging market countries, either individually or in combination with other shareholders. It may be difficult or impossible to obtain or enforce legislation or remedies against governments, their agencies and sponsored entities. Additionally, in certain emerging market countries, fraud, corruption and attempts at market manipulation may be more prevalent than in developed market countries. Shareholder claims that are common in the U.S. and are generally viewed as determining misconduct, including class action securities law and fraud claims, generally are difficult or impossible to pursue as a matter of law or practicality in many emerging markets.<br>The laws in certain countries with emerging capital markets may be based upon or be highly influenced by religious codes or rules. The interpretation of how these laws apply to certain investments may change over time, which could have a negative impact on those investments and the Fund.<br>Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian companies, may impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.<br>Governments in the United States and many other countries (collectively, the "Sanctioning Bodies") have imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of the Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

■ **European Securities**. The
 Fund's performance may be affected by political, social and economic conditions in Europe, such as the growth of the economic
 output (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into
 European economies,
 the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, interest rates in European countries,
 monetary exchange rates between European countries, and conflict between European countries. <br> The
 Economic and Monetary Union ("EMU") of the European Union ("EU") is comprised of EU members that have adopted
 the euro currency. By adopting
 the euro as its currency, a member state relinquishes control of its own monetary policies and is subject to fiscal and monetary controls. The EMU requires Eurozone
 countries to comply with restrictions on interest rates, deficits, debt levels, and inflation rates, fiscal and monetary controls,
 and other factors. Although the EMU has adopted a common currency and central bank, there is no fiscal union; therefore, money does not
 automatically flow from countries with surpluses to those with deficits. These restrictions and characteristics may limit the ability
 of EMU member countries
 to implement monetary policy to address regional economic conditions and significantly impact every European country and their economic
 partners, including those countries that are not members of the EMU. In addition, those EU member states that are not currently in the Eurozone (Bulgaria,
 the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden), excluding Denmark, are required to seek to comply with
 convergence criteria to permit entry to the Eurozone. The economies and markets of European countries are often closely connected and interdependent, and
 events in one country in Europe can have an adverse impact on other European countries. Decreasing imports or exports, changes
 in governmental or other regulations on trade, changes in the exchange rate of the euro or other European currency, the threat of default or actual default
 by one or more EU member countries, or other European countries, on its sovereign debt, and/or an economic recession in one or more
 European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe.

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The European financial markets have experienced and may continue to experience volatility and adverse trends due to concerns relating to economic downturns; rising government debt levels and national unemployment; the possible default of government debt in several European countries; public health crises; political unrest; economic sanctions; inflation; energy crises; the future of the euro as a common currency; and war and military conflict, such as the Russian invasion of Ukraine. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. In order to prevent further economic deterioration, certain countries, without prior warning, can institute "capital controls." Countries may use these controls to restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect the Fund's investments. In addition, one or more countries may abandon the euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, could be significant and far-reaching. Many European nations are susceptible to economic risks associated with high levels of debt. Non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts, and other issuers have faced difficulties obtaining credit or refinancing existing obligations. A default or debt restructuring by any European country could adversely impact holders of that country's debt and sellers of credit default swaps linked to that country's creditworthiness, which may be located in other countries. Such a default or debt restructuring could affect exposures to other European countries and their financial companies as well. Further defaults on, or restructurings of, the debt of governments or other entities could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, issuers may face difficulties obtaining credit or refinancing existing obligations; financial institutions may require government or central bank support, or need to raise capital, and/or be impaired in their ability to extend credit. Furthermore, certain European countries have had to accept assistance from supranational agencies such as the International Monetary Fund, the European Stability Mechanism or others. The European Central Bank has also intervened to purchase Eurozone debt in an attempt to stabilize markets and reduce borrowing costs. There can be no assurance that any creditors or supranational agencies will continue to intervene or provide further assistance, and markets may react adversely to any expected reduction in the financial support provided by these creditors. Certain European countries have also developed increasingly strained relationships with the U.S., and if these relationships were to worsen, they could adversely affect European issuers that rely on the U.S. for trade.<br>In addition, the national politics of European countries have been unpredictable and subject to influence by disruptive political groups, ideologies, and polarizing political events such as the conflict between Israel and Hamas. Secessionist movements, as well as government or other responses to such movements, may create instability and uncertainty in a country or region. European governments 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 and in the Middle East also could impact financial markets, as could military conflicts. For example, Houthi attacks on commercial shipping in the Red Sea and Gulf of Aden, and retaliatory action, may disrupt supply chains and cause difficulties for impacted businesses, including those that wish to ship goods through that route. The impact of these kinds of events could be significant and far-reaching and materially impact the value and liquidity of the Fund's investments. Russia's war with Ukraine has negatively impacted European economic activity. The Russia/Ukraine war and Russia's response to sanctions imposed by the U.S. and other countries are impossible to predict, but have severely impacted the performance of the economies of European and other countries, including through adverse effects to global financial and energy markets, global supply chains and global growth, and consequential inflation. Investments in companies with contractual relationships with Russian counterparties, or with significant operations and/or assets in Russia could be adversely impacted by the new legal, political, and regulatory environment, whether by increased costs or the termination of business plans or operations due to sanctions. Various companies operating in Russia, or with Russian counterparties, have faced difficulties enforcing Russian debts or contractual reliefs due to the Russian court's hostility towards European companies in response to sanctions.<br>Certain countries have applied to become new member countries of the EU, and these candidate countries' accessions may become more controversial to the existing EU members. Some member states may repudiate certain candidate countries joining the EU due to concerns about the possible economic, immigration and cultural implications. Certain other countries have applied to join or, in the case of Finland and Sweden, have recently joined, the North Atlantic Treaty Organization ("NATO"). Russia is understood to oppose certain expansions, or potential expansions, of NATO and the EU, and its reaction to such developments could negatively impact European economic activity. The United Kingdom withdrew from the European Union on January 31, 2020 and entered into a transition period, which ended on December 31, 2020. The longer-term economic, legal, and political framework between the United Kingdom and the EU is still developing and may lead to ongoing political and economic uncertainty in the United Kingdom, Europe, and the global market. Investments in companies with significant operations and/or assets in the United Kingdom could be adversely impacted by the new legal, political, and regulatory environment, whether by increased costs or impediments to the implementation of business plans. The uncertainty resulting from any further exits from the EU, or the possibility of such exits, would also be likely to cause market disruption in the EU and more broadly across the global economy, as well as introduce further legal, political, and regulatory uncertainty in Europe.

■  ***United Kingdom Securities.*** Exposure to issuers located in, or with economic ties to, the United Kingdom, could expose the
 Fund to risks associated
 with investments in the United Kingdom to a greater extent than more geographically diverse funds, including regulatory, political, currency,
 security, and economic risks specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United
 States and other European countries are substantial trading partners of the United Kingdom. As a result, the United Kingdom economy may
 be impacted by changes to the economic condition of the United States and other European countries. <br> On
 December 31, 2020, the United Kingdom left the European Union in an event commonly referred to as "Brexit." The United Kingdom
 and the European Union
 then reached a trade agreement that became effective on May 1, 2021, after being ratified by all applicable United Kingdom and European
 Union governmental bodies. Until the economic effects of Brexit become clearer, and while a period of political, regulatory and commercial
 uncertainty continues, there remains a risk that Brexit may have a negative impact on the United Kingdom, the broader global economy,
 or the value of the British pound sterling, any of which may impact the value of Fund investments. <br> The
 United Kingdom's economy relies heavily on the export of financial services to the United States and other European countries. At
 the end of March 2021,
 the UK and the European Union concluded technical discussions on the content of a Memorandum of Understanding on financial services,
 setting out how the UK and EU financial services regulators will co-operate and share information. The implementation of this legal

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framework and basis of co-operation remains to be seen, and so the period following the United Kingdom's withdrawal from the European Union is expected to be one of significant political and economic uncertainty, particularly until the United Kingdom government and EU member states agree and implement the terms of the United Kingdom's future relationship with the European Union.<br>Although the sub-advisor may hedge Fund currency exposures back to the U.S. dollar, a depreciation of the British pound sterling and/or the Euro in relation to the U.S. dollar as a result of Brexit could adversely affect Fund investments denominated in British pound sterling or Euros that are not fully hedged regardless of the performance of the underlying issuer.

■ **Pacific Basin Securities**.
 The Pacific Basin geographic region includes many Asian countries bordering the Pacific Rim as well as Australia and New Zealand.
 Many Asian countries may be subject to a greater degree of social, political and economic instability than is the case in the U.S. and Western European countries.
 Such instability may result from, among other things, (i) authoritarian governments or military involvement in political and
 economic decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with demands for improved political,
 economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious
 and racial disaffection. In addition, the Pacific Basin geographic region has historically been prone to natural disasters. The occurrence
 of a natural disaster
 in the region, including the subsequent recovery, could negatively impact the economy of any country in the region. The existence of overburdened
 infrastructure and obsolete financial systems also presents risks in certain Asian countries, as do environmental problems. <br>The
 economies of most Pacific Basin countries are heavily dependent on international trade and are accordingly affected by protective trade
 barriers and the economic
 conditions of their trading partners, principally, the  U.S., Japan, China and the EU. The enactment by the U.S. or other principal trading partners of
 protectionist trade legislation, reduction of foreign investment in the local economies and general declines in the international securities
 markets could have a significant adverse effect upon the securities markets of the Pacific Basin countries. The economies of certain Pacific Basin countries may
 depend to a significant degree upon only a few industries and/or exports of primary commodities and, therefore, are vulnerable to
 changes in commodity prices that, in turn, may be affected by a variety of factors. In addition, certain developing Asian countries, such
 as the Philippines
 and India, are especially large debtors to commercial banks and foreign governments. Many of the Pacific Basin economies may be intertwined,
 so an economic downturn in one country may result in, or be accompanied by, an economic downturn in other countries in the region. Furthermore,
 many of the Pacific Basin economies are characterized by high inflation, underdeveloped financial services sectors, heavy reliance on international trade,
 frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. <br>The
 securities markets in Pacific Basin countries are substantially smaller, less liquid and more volatile than the major securities markets
 in the U.S., and some
 of the stock exchanges in the region are in the early stages of their development, as compared to the stock exchanges in the U.S. Equity securities of many
 companies in the region may be less liquid and more volatile than equity securities of U.S. companies of comparable size. Additionally,
 many companies traded on stock exchanges in the region are smaller and less seasoned than companies whose securities are traded on stock
 exchanges in the U.S. A high proportion of the shares of many issuers may be held by a limited number of persons and financial institutions, which may limit the
 number of shares available for investment by the
 Fund. In some countries, there is no established secondary market for securities.
 Therefore, liquidity of securities may be generally low and transaction costs generally high. Similarly, volume and liquidity in the Pacific Basin bond markets
 are less than in the U.S. and, at times, price volatility can be greater than in the U.S. A limited number of issuers in Pacific Basin securities markets
 may represent a disproportionately large percentage of market capitalization and trading value. The limited liquidity of securities markets
 in the region may also affect the
 Fund's ability to acquire or dispose of securities at the price and time it wishes to do so. In addition, the region's
 securities markets are susceptible to being influenced by large investors trading significant blocks of securities. <br>The
 legal systems in certain developing market Pacific Basin countries also may have an adverse impact on the
 Fund. For example, while the potential liability
 of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion
 of limited liability is less clear in certain Pacific Basin countries. Similarly, the rights of investors in Pacific Basin companies may be more limited than
 those of shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment in a Pacific Basin
 country. <br>Many
 stock markets are undergoing a period of growth and change which may result in trading volatility and difficulties in the settlement and recording of transactions,
 and in interpreting and applying the relevant law and regulations. With respect to investments in the currencies of Pacific Basin
 countries, changes in the value of those currencies against the U.S. dollar will result in corresponding changes in the U.S. dollar value
 of the Fund's
 assets denominated in those currencies. Certain developing economies in the Pacific Basin region have experienced currency fluctuations,
 devaluations, and restrictions; unstable employment rates; rapid fluctuation in, among other things, inflation and reliance on exports; and less efficient
 markets. Currency fluctuations or devaluations in any one country can have a significant effect on the entire Pacific Basin region. Holding
 securities in currencies that are devalued (or in companies whose revenues are substantially in currencies that are devalued) will likely decrease the value
 of the Fund's
 investments. Some developing countries prohibit or impose substantial restrictions on investments in their capital markets,
 particularly their equity markets, by foreign entities such as the
 Fund. For example, certain countries may require governmental approval prior
 to investments by foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment
 by foreign persons
 to only a specific class of securities of a company which may have less advantageous terms (including price and shareholder rights) than
 securities of the company available for purchase by nationals of the relevant country. There can be no assurance that the
 Fund will be able to obtain
 required governmental approvals in a timely manner. In addition, changes to restrictions on foreign ownership of securities subsequent
 to the Fund's
 purchase of such securities may have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities
 in issuers or industries
 deemed important to national interests.

**Growth Companies** — Growth companies are those that are expected to have the potential for above-average or rapid growth. Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or earnings decrease, the prices of these securities may decline, sometimes sharply, even if earnings showed an absolute increase. The Fund's investments in growth companies may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an

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assessment of the prospects for a company's growth is incorrect, then the price of the company's stock may fall or not approach the value placed on it. Growth company securities may lack the dividend yield that can cushion prices in market downturns. Growth companies may have limited operating histories and greater business risks, and their potential for profitability may be dependent on regulatory approval of their products or regulatory developments affecting certain sectors, which could have an adverse impact upon growth companies' future growth and profitability. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's growth style could cause it to underperform funds that use a value or non-growth approach to investing or have a broader investment style.

**Issuer Risk** — The value of an investment may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

**Large-Capitalization Companies Risk** — The securities of large market capitalization companies may underperform other segments of the market, in some cases, for extended periods of time. Such companies may be less responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes, and, at times, such companies may be out of favor with investors. Large market capitalization companies generally are expected to be less volatile than companies with smaller market capitalizations. However, large market capitalization companies may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion, and may instead focus their competitive efforts on maintaining or expanding their market share.

**Mid-Capitalization Companies Risk** — Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility than investing in more established companies with larger capitalization. Since mid-capitalization companies may have limited operating history, product lines and financial resources, the securities of these companies may lack sufficient market liquidity and can be sensitive to expected changes in interest rates, borrowing costs and earnings.

**Other Investment Company Securities and Exchange-Traded Products** — Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the Fund's proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. Any such fees and expenses are reflected in the Fees and Expenses Table for the Fund in its Prospectus. To the extent the Fund invests in investment company securities advised by the Manager, shareholders could pay fees charged by the Manager to such investment company. The Fund's investment in securities of other investment companies, except for money market funds, is generally limited to (i) 3% of the total voting stock of any one investment company, (ii) 5% of the Fund's total assets with respect to any one investment company and (iii) 10% of the Fund's total assets in all investment companies in the aggregate. In addition, the Fund is generally limited to selling 3% of its total voting stock to an investment company. However, the Fund may exceed these limits in reliance on a statutory exemption, the terms and conditions of an exemptive order from the SEC, or Rule 12d1-4 under the Investment Company Act. In each case, such investments are subject to various conditions, including limits on control and voting of acquired fund shares, required evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

The Fund at times may invest in shares of other investment companies and exchange-traded products, which, in addition to the general risks of investments in other investment companies described above, include the following risks:

■ **ETFs.** The Fund may
 purchase shares of ETFs. ETFs trade like a common stock and passive ETFs usually represent a fixed portfolio of securities designed
 to track the performance and dividend yield of a particular domestic or foreign market index. Typically, the
 Fund would purchase passive ETF
 shares to obtain exposure to all or a portion of the stock or bond market. As a shareholder of an ETF, the
 Fund would be subject to its ratable share
 of the ETF's expenses, including its advisory and administration expenses. An investment in an ETF generally presents the same primary
 risks as an investment
 in a conventional mutual fund (i.e., one that is not exchange traded) that has the same investment objective, strategies, and policies. The price of an ETF
 can fluctuate within a wide range, and the
 Fund could lose money investing in an ETF if the prices of the securities owned by the ETF
 decline in value. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (1) the market
 price of the ETF's
 shares may trade at a discount or premium to their NAV per share; (2) an active trading market for an ETF's shares may not develop
 or be maintained;
 or (3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares
 are de-listed from
 the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts
 stock trading generally.

■ **Money Market Funds.** The Fund can
 invest free cash balances in registered open-end investment companies regulated as money market funds under
 the Investment Company Act, to provide liquidity or for defensive purposes. The
  Fund would invest in money market funds rather than purchasing
 individual short-term investments. Although a money market fund is designed to be a relatively low risk investment, it is not free of
 risk. Despite the
 short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in
 the credit quality
 of the instruments the money market fund has purchased may reduce the money market fund's yield and can cause the price of a money market security to
 decrease. In addition, a money market fund is subject to the risk that the value of an investment may be eroded over time by inflation.
 If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions
 (i.e., impose a redemption
 gate) and thereby prevent the
 Fund from selling its investment in the money market fund, or impose a fee of up to 2% on amounts
 redeemed from the money market fund.

**Preferred Stock** — A preferred stock blends the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership but does not have the seniority of a bond, and its participation in the issuer's growth may be limited. Preferred stock generally has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Because preferred stock is subordinate to bonds in the issuer's capital structure, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Although the dividend is set at a fixed or variable rate, in some circumstances it can be changed or omitted by the issuer. Preferred stockholders may have certain rights if dividends are not paid

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but generally have no legal recourse against the issuer, and may suffer a loss of value as a result. Preferred stocks are subject to the risks associated with other types of equity securities, as well as additional risks, such as credit risk, interest rate risk, potentially greater volatility and risks related to the deferral of dividend payments, the non-cumulative payment of dividends (in which omitted or deferred dividends are not subsequently paid), subordination, liquidity, limited voting rights, and special redemption rights. The market prices of preferred stock are generally more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Real Estate Related Investments** — The Fund may gain exposure to the real estate sector by investing in real estate-linked derivatives, REITs, and securities of corporate issuers in real estate-related industries. Adverse economic, business or political developments affecting real estate could have an effect on the value of the Fund's investments. Investing in securities issued by real estate and real estate-related companies may subject the Fund to risks associated with the direct ownership of real estate, including the cyclical nature of real estate values, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, demographic trends and variations in rental income, changes in zoning laws, casualty or condemnation losses, environmental risks, regulatory limitations on rents, changes in neighborhood values, changes in the appeal of properties to tenants and extended vacancies of properties, increases in interest rates, the financial condition of tenants, buyers and sellers, the quality of maintenance, insurance, and management services, and other real estate capital market influences. Changes in interest rates, debt leverage ratios, debt maturity schedules, and the availability of credit to real estate companies may also affect the value of the Fund's investment in real estate securities. Real estate securities are dependent upon specialized management skills at the operating company level. Such securities also have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of properties. Real estate securities are subject to heavy cash flow dependency and defaults by borrowers. An economic downturn could have an adverse effect on the real estate markets and real estate companies. In addition, if a real estate company's properties do not generate sufficient income to meet operating expenses, including debt service, ground lease payments, tenant improvements, third party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of any interest and principal on its debt securities will be adversely affected. In addition, real property may be subject to the quality of credit extended and defaults by borrowers and tenants. The financial results of major local employers also may have an impact on the cash flow and value of certain properties. In addition, certain real estate investments are relatively illiquid and, therefore, the ability of real estate companies to vary their portfolios promptly in response to changes in economic or other conditions is limited. A real estate company may also have joint venture investments in certain of its properties and, consequently, its ability to control decisions relating to such properties may be limited.

**Redemption Risk** — The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times at a loss or depressed value. The risk of loss is greater if redemption requests are frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to sell are illiquid. The sale of assets to meet redemption requests may create capital gains, which the Fund would then be required to distribute to shareholders. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund, have short investment horizons, or have unpredictable cash flow needs. Additionally, during periods of heavy redemptions, the Fund may borrow funds from the interfund credit facility, or from a bank line of credit, which may increase costs. The ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities or otherwise to "make a market" in debt securities has also been reduced. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt the Fund's performance.

**Valuation Risk** — This is the risk that certain securities may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for investments, such as certain credit-linked notes and other derivatives, which may be illiquid or which may become illiquid, and for securities that trade in relatively thin markets and/or markets that experience extreme volatility. The valuation of the Fund's investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents. If market or other conditions make it difficult to value certain investments, SEC rules and applicable accounting protocols may require the valuation of these investments using more subjective methods, such as fair-value methodologies. Using fair value methodologies to price investments may result in a value that is different from an investment's most recent closing price and from the prices used by others for the same investment. No assurance can be given that such prices accurately reflect the price the Fund would receive upon sale of a security. An investment's valuation may differ depending on the method used for determining value. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the securities had not been fair valued or a different valuation methodology had been used. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before the Fund determines its NAV.

**Value Companies Risk** — Value companies are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be appropriately priced, or that their prices may go down. While the Fund's investments in value stocks may limit its downside risk over time, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. The Fund's investments in value stocks may underperform growth or non-value stocks that have a broader investment style.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Policies/Restrictions**. The following discusses the investment policies of the Fund.

The following restrictions have been adopted by the Fund (unless otherwise indicated) and may be changed with respect to the Fund only by the majority vote of the Fund's outstanding voting securities. "Majority of the outstanding voting securities" under the Investment Company Act and as used herein means, with respect to the Fund, the lesser of (a) 67% of the shares of the Fund present at the meeting if the holders of more than 50% of the outstanding shares of the Fund are present or represented at the shareholders' meeting, or (b) more than 50% of the shares of the Fund.

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| **1** | The Fund may not concentrate investments in a particular industry or group of industries, as concentration is defined under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations of state or municipal governments and their political subdivisions. |

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|:---|:---|
| **2** | The Fund may borrow money or issue senior securities (as defined under the Investment Company Act), except as prohibited under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. |

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| **3** | The Fund may make loans, except as prohibited under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. |

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| **4** | The Fund may purchase or sell commodities or real estate, except as prohibited under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. |

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| **5** | The Fund may underwrite securities issued by other persons, except as prohibited under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. |

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Under the Investment Company Act, the above limitations (except the limitation on borrowings) are based upon asset values at the time of the applicable transaction; accordingly, a subsequent change in asset values will not affect a transaction that was in compliance with the investment restrictions at the time such transaction was effected.

For purposes of the Fund's industry concentration policy set forth in (1) above, the Manager may analyze the characteristics of a particular issuer and instrument and may assign an industry classification consistent with those characteristics. The Manager may, but need not, consider industry classifications provided by third parties, and the classifications applied to Fund investments will be informed by applicable law. A large economic or market sector shall not be construed as a single industry or group of industries. The Manager currently considers securities issued by a foreign government (but not the U.S. Government or its agencies or instrumentalities) to be an "industry" subject to the 25% limitation. Thus, not more than 25% of the Fund's total assets will be invested in securities issued by any one foreign government or supranational organization. The Fund might invest in certain securities issued by companies in a particular industry whose obligations are guaranteed by a foreign government. The Manager could consider such a company to be within the particular industry and, therefore, the Fund will invest in the securities of such a company only if it can do so under its industry concentration policy.

For purposes of the Fund's policy relating to issuing senior securities set forth in (2) above, "senior securities" are defined as Fund obligations that have a priority over the Fund's shares with respect to the payment of dividends or the distribution of Fund assets. The Investment Company Act prohibits the Fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the Fund is permitted to borrow from a bank so long as, immediately after such borrowings, there is an asset coverage of at least 300% for all borrowings of the Fund (not including borrowings for temporary purposes in an amount not exceeding 5% of the value of the Fund's total assets). In the event that such asset coverage falls below this percentage, the Fund is required to reduce the amount of its borrowings within three days (not including Sundays and holidays) so that the asset coverage is restored to at least 300%. Consistent with guidance issued by the SEC and its staff, the requisite asset coverage may vary among different types of instruments. The policy in (2) above will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin.

For purposes of the Fund's policy relating to making loans set forth in (3) above, securities loans will not be made if, as a result, the aggregate amount of all outstanding securities loans by the Fund exceeds 33¹/<sub>3</sub>% of its total assets (including the market value of collateral received).

**Non-Fundamental Investment Policies/Restrictions**. The following non-fundamental investment policies and restrictions apply to the Fund (except where noted otherwise) and may be changed with respect to the Fund by a vote of a majority of the Board.

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| **1** | The Fund may not invest more than 15% of its net assets in illiquid securities, including time deposits and repurchase agreements that mature in more than seven days; or |

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| **2** | The Fund may not purchase securities on margin, except that (1) the Fund may obtain such short term credits as necessary for the clearance of transactions, and (2) the Fund may make margin payments in connection with foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars, securities purchased or sold on a forward-commitment or delayed-delivery basis or other financial instruments. |

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|:---|:---|
| **3** | The Fund may not invest in unmarketable interests in real estate limited partnerships or invest directly in real estate. For the avoidance of doubt, the foregoing policy does not prevent the Fund from, among other things, purchasing marketable securities of companies that deal in real estate or interests therein (including REITs). |

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| **4** | The Fund may purchase or sell financial and physical commodities, commodity contracts based on (or relating to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities. |

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All percentage limitations on investments will apply at the time of the making of an investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Except for the investment restrictions listed above as fundamental or to the extent designated as such in the Prospectus with respect to the Fund, the other investment policies described in this SAI are not fundamental and may be changed by approval of the Trustees.

**TEMPORARY OR DEFENSIVE INVESTMENTS**

In times of unstable or adverse market, economic, political or other conditions, where the Manager or the sub-advisor believes it is appropriate, and in the Fund's best interest, the Fund can invest up to 100% in cash and other types of securities for defensive or temporary purposes. It can also hold

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cash or purchase these types of securities for liquidity purposes to meet cash needs due to redemptions of Fund shares, or to hold while waiting to invest cash received from purchases of Fund shares or the sale of other portfolio securities.

These temporary investments can include: (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; (ii) commercial paper rated in the highest short-term category by a rating organization; (iii) domestic, Yankee and Eurodollar certificates of deposit or bankers' acceptances of banks rated in the highest short-term category by a rating organization; (iv) any of the foregoing securities that mature in one year or less (generally known as "cash equivalents"); (v) other short-term corporate debt obligations; (vi) repurchase agreements; (vii) futures; or (viii) shares of money market funds, including funds advised by the Manager or the sub-advisor.

**PORTFOLIO TURNOVER**

Portfolio turnover is a measure of trading activity in a portfolio of securities, usually calculated over a period of one year. The rate is calculated by dividing the lesser amount of purchases or sales of securities by the average amount of securities held over the period. A portfolio turnover rate of 100% would indicate that the Fund sold and replaced the entire value of its securities holdings during the period. High portfolio turnover can increase the Fund's transaction costs and generate additional capital gains or losses.

Portfolio turnover may vary significantly from year to year due to a variety of factors, including fluctuating volume of shareholder purchase and redemption orders, market conditions, investment strategy changes, and/or changes in the sub-advisor's investment outlook.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Fund publicly discloses portfolio holdings information as follows:

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|:---|:---|
| **1** | prior to the opening of regular trading on the Exchange, a complete list of holdings as of the close of the prior business day that will form the basis of the Fund's next net asset value calculation (available at www.americanbeaconfunds.com); |

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|:---|:---|
| **2** | through the facilities of the National Securities Clearing Corporation ("NSCC") prior to the opening of trading on each business day, a list of the Fund's holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e., Deposit Securities) (as defined below) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e., Fund Securities) (as defined below) (publicly available on financial data websites). |

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|:---|:---|
| **3** | a complete list of holdings for the Fund as of the end of each fiscal quarter in publicly available filings of Form N-PORT with the SEC within sixty days of the end of the fiscal quarter (available on the SEC's website at www.sec.gov); and |

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|:---|:---|
| **4** | a complete list of holdings for the Fund on an annual and semi-annual basis within seventy days of the end of each fiscal semi-annual period in publicly available filings of Form N-CSR with the SEC (available on the SEC's website at www.sec.gov and on the Fund's website at www.americanbeaconfunds.com). |

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**Disclosure of Nonpublic Holdings**<br>Occasionally, certain interested parties — including individual investors, institutional investors, market participants, third-party service providers, and others — may request portfolio holdings information that has not yet been publicly disclosed by the Fund. The Fund's policy is to control the disclosure of nonpublic portfolio holdings information in an attempt to prevent parties from utilizing such information to engage in trading activity harmful to Fund shareholders. To this end, the Board has adopted a Holdings Policy. The purpose of the Holdings Policy is to define those interested parties who are authorized to receive nonpublic portfolio holdings information on a selective basis and to set forth conditions upon which such information may be provided. In general, nonpublic portfolio holdings may be disclosed on a selective basis only when it is determined that: (i) there is a legitimate business purpose for the information; (ii) recipients are subject to a duty of confidentiality, including a duty not to trade on the nonpublic information; and (iii) disclosure is in the best interests of Fund shareholders. The Holdings Policy does not restrict the Fund from disclosing that a particular security is not a holding of the Fund. The Holdings Policy is summarized below.

A variety of third-party service providers require access to Fund holdings to provide services to the Fund or to assist the Manager and the sub-advisor in managing the Fund ("service providers"). The service providers have a duty to keep the Fund's nonpublic information confidential either through written contractual arrangements with the Fund (or another Fund service provider) or by the nature of their role with respect to the Fund (or the service provider). The Fund has determined that disclosure of nonpublic holdings information to service providers fulfills a legitimate business purpose and is in the best interest of shareholders. In addition, the Fund has determined that disclosure of nonpublic holdings information to members of the Board fulfills a legitimate business purpose, is in the best interest of Fund shareholders, and each Trustee is subject to a duty of confidentiality.

The Fund has ongoing arrangements to provide nonpublic holdings information to the following service providers whose affiliates may also have access to such information:

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|:---|:---|:---|
| **Service Provider** | **Service** | **Holdings Access** |
| Manager | Investment management and administrator | Complete list on intraday basis with no lag |
| Sub-Advisor | Investment management | Holdings under sub-advisor's management on intraday basis with no lag |
| Depository Trust Company ("DTC") | Securities depository | Complete list on daily basis with no lag |
| Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("Distributor") | Fund's principal underwriter | Complete list on daily basis with no lag |
| Kurtosys | Service Provider to the Manager | Partial list on a periodic basis with lag |

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| | | |
|:---|:---|:---|
| **Service Provider** | **Service** | **Holdings Access** |
| National Securities Clearing Corporation ("NSCC") | Clearing agency | Complete list on daily basis with no lag |
| State Street Bank and Trust Co. ("State Street") and its designated foreign sub-custodians | Securities lending agent for Funds that participate in securities lending, Fund's custodian and foreign custody manager; sub-administrator, fund administration service provider, and foreign sub-custodians; Fund's transfer agent | Complete list on intraday basis with no lag |

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Certain third parties are provided with nonpublic holdings information (either complete or partial lists) by the Manager or another service provider on an ad hoc basis in the ordinary course of business. These third parties include broker-dealers, the Exchange, Authorized Participants, market makers, legal counsel, and issuers (or their agents). Broker-dealers utilized by the Fund in the process of purchasing and selling portfolio securities or providing market quotations receive limited nonpublic holdings information on a current basis with no lag. The Exchange may receive current holdings information with no lag through discussions with the Manager regarding the Fund's compliance with the listing standards. Authorized Participants and market makers may receive current holdings information with no lag in connection with negotiations of Custom Baskets (as defined below). The Manager or sub-advisor may provide holdings information to legal counsel when seeking advice regarding those holdings. From time to time, an issuer (or its agent) may contact the Fund requesting confirmation of ownership of the issuer's securities. Such holdings information is provided to the issuer (or its agent) as of the date requested. The Fund does not have written contractual arrangements with these third parties regarding the confidentiality of the holdings information. However, the Fund would not continue to utilize a third party that the Manager determined to have misused nonpublic holdings information.

No compensation or other consideration may be paid to the Fund, the Fund's service providers, or any other party in connection with the disclosure of portfolio holdings information.

Under the Holdings Policy, disclosure of nonpublic portfolio holdings information to parties other than those discussed above must be approved by the Trust's Chief Compliance Officer ("CCO"), or in her absence, by a Vice President of the Trust.

In determining whether to approve a request for nonpublic portfolio holdings disclosure, the CCO shall consider the restrictions on selective disclosure imposed by applicable law, the type of requestor and its relationship to the Fund, the stated reason for the request, any historical pattern of requests from that same individual or entity, the style and strategy of the Fund for which holdings have been requested (e.g., passive versus active management), whether the Fund is managed by one or multiple investment managers, and any other factors she deems relevant. In her analysis, the CCO shall attempt to uncover any apparent conflict between the interests of the Fund on the one hand and those of the Manager or an affiliated person of the Fund on the other. Any potential conflicts of the Fund that arise as a result of a request for portfolio holdings information shall be decided by the CCO in the best interests of the Fund's shareholders.

On a quarterly basis, the Manager will prepare a report for the Board outlining any instances of disclosures of nonpublic holdings during the period that did not comply with the Holdings Policy.

The CCO generally determines whether a historical pattern of requests by the same individual or entity constitutes an "ongoing arrangement" and should be disclosed in the Fund's SAI.

The Manager and the sub-advisor to the Fund may manage substantially similar portfolios for clients other than the Fund. Those other clients may receive and publicly disclose their portfolio holdings information prior to public disclosure by the Fund. The Holdings Policy is not intended to limit the Manager or the sub-advisor from making such disclosures to their clients.

**LENDING OF PORTFOLIO SECURITIES**

The Fund may lend securities from its portfolio to brokers, dealers and other financial institutions needing to borrow securities to complete certain transactions. In connection with such loans, the Fund remains the beneficial owner of the loaned securities and continues to be entitled to payments in amounts approximately equal to the interest, dividends or other distributions payable on the loaned securities. The Fund also has the right to terminate a loan at any time. The Fund does not have the right to vote on securities while they are on loan. However, it is the Fund's policy to attempt to terminate loans in time to vote those proxies that the Fund determines are material to its interests. Loans of portfolio securities may not exceed 33¹/<sub>3</sub>% of the value of the Fund's total assets (including the value of all assets received as collateral for the loan). The Fund will receive collateral consisting of cash in the form of cash or cash equivalents, securities of the U.S. Government and its agencies and instrumentalities, approved bank letters of credit, or other forms of collateral that are permitted by the SEC for registered investment companies, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. If the collateral consists of cash, the Fund will reinvest the cash and may pay the borrower a pre-negotiated fee or "rebate" for the use of that cash collateral. Under the terms of the securities loan agreement between the Fund and State Street, its securities lending agent, State Street indemnifies the Fund for certain losses resulting from a borrower default. However, should the borrower of the securities fail financially, the Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. In a loan transaction, the Fund will also bear the risk of any decline in value of securities acquired with cash collateral. The Fund seeks to minimize this risk by normally limiting the investment of cash collateral to registered money market funds, including money market funds advised by the Manager that invest in U.S. Government and agency securities.

For all funds that engage in securities lending, the Manager receives compensation for administrative and oversight functions with respect to securities lending, including oversight of the securities lending agent. The amount of such compensation depends on the income generated by the loan of the securities.

As of the date of this SAI, the Fund does not intend to engage in securities lending activities.

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**TRUSTEES AND OFFICERS OF THE TRUST**

**The Board of Trustees**

The Trust is governed by its Board of Trustees. The Board is responsible for and oversees the overall management and operations of the Trust and the Fund, which includes the general oversight and review of the Fund's investment activities, in accordance with federal law and the law of the Commonwealth of Massachusetts as well as the stated policies of the Fund. The Board oversees the Trust's officers and service providers, including American Beacon, which is responsible for the management of the day-to-day operations of the Fund based on policies and agreements reviewed and approved by the Board. In carrying out these responsibilities, the Board regularly interacts with and receives reports from senior personnel of service providers, including American Beacon's investment personnel and the Trust's CCO. The Board also is assisted by the Trust's independent registered public accounting firm (which reports directly to the Trust's Audit and Compliance Committee), independent counsel and other experts as appropriate, all of whom are selected by the Board.

*Risk Oversight*

Consistent with its responsibility for oversight of the Trust and the Fund, the Board oversees the management of risks relating to the administration and operation of the Trust and the Fund. American Beacon, as part of its responsibilities for the day-to-day operations of the Fund, is responsible for day-to-day risk management for the Fund. The Board, in the exercise of its reasonable business judgment, also separately considers potential risks that may impact the Fund. The Board performs this risk management oversight directly and, as to certain matters, through its committees (described below) and through the Board members who are not "interested persons" of the Trust as defined in Section 2(a)(19) of the Investment Company Act ("Independent Trustees"). The following provides an overview of the principal, but not all, aspects of the Board's oversight of risk management for the Trust and the Fund.

In general, the Fund's risks include, among others, investment risk, credit risk, liquidity risk, securities selection risk and valuation risk. The Board has adopted, and periodically reviews, policies and procedures designed to address these and other risks to the Trust and the Fund. In addition, under the general oversight of the Board, American Beacon, the Fund's investment adviser, and other service providers to the Fund have themselves adopted a variety of policies, procedures and controls designed to address particular risks to the Fund. Different processes, procedures and controls are employed with respect to different types of risks. Further, American Beacon as manager of the Fund oversees and regularly monitors the investments, operations and compliance of the Fund's investment advisers.

The Board also oversees risk management for the Trust and the Fund through review of regular reports, presentations and other information from officers of the Trust and other persons. Senior officers of the Trust, senior officers of American Beacon, and the Fund's CCO regularly report to the Board on a range of matters, including those relating to risk management. The Board and the Investment Committee also regularly receive reports from American Beacon with respect to the investments, securities trading and securities lending activities of the Fund, as applicable. In addition to regular reports from American Beacon, the Board also receives reports regarding other service providers to the Trust, either directly or through American Beacon or the Fund's CCO, on a periodic or regular basis. At least annually, the Board receives a report from the Fund's CCO regarding the effectiveness of the Fund's compliance program. Also, typically on an annual basis, the Board receives reports, presentations and other information from American Beacon in connection with the Board's consideration of the renewal of each of the Trust's agreements with American Beacon and the Trust's distribution plan under Rule 12b-1 under the Investment Company Act.

Senior officers of the Trust and American Beacon also report regularly to the Audit and Compliance Committee on Fund valuation matters and on the Trust's internal controls and accounting and financial reporting policies and practices. In addition, the Audit and Compliance Committee receives regular reports from the Trust's independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the Audit and Compliance Committee meets with the Fund's CCO to discuss matters relating to the Fund's compliance program.

*Board Structure and Related Matters*

All but one member of the Board are Independent Trustees. Douglas A. Lindgren, an Independent Trustee, serves as Chair of the Board. The Chair's responsibilities include: setting an agenda for each meeting of the Board; presiding at all meetings of the Board and Independent Trustees; and serving as a liaison with other Trustees, the Trust's officers and other management personnel, and counsel to the Fund. The Chair shall perform such other duties as the Board may from time to time determine.

The Trustees discharge their responsibilities collectively as a Board, as well as through standing Board committees, each of which operates pursuant to a charter approved by the Board that delineates the responsibilities of that committee. The Board has established three standing committees: the Audit and Compliance Committee, the Investment Committee and the Nominating and Governance Committee. For example, the Investment Committee is responsible for oversight of the process, typically performed annually, by which the Board considers whether to approve the Fund's management agreement with the Manager and, as applicable, its investment advisory agreement(s) with its investment advisor(s), while specific matters related to oversight of the Fund's independent auditors have been delegated by the Board to its Audit and Compliance Committee. The members and responsibilities of each Board committee are summarized below.

The Board periodically evaluates its structure and composition as well as various aspects of its operations. The Board believes that its leadership structure, including its Chair position and its committees, is appropriate for the Trust in light of, among other factors, the asset size and nature of the funds in the Trust, the number of series of the American Beacon Funds Complex overseen by the Board, the arrangements for the conduct of the Fund's operations, the number of Trustees, and the Board's responsibilities. On an annual basis, the Board conducts a self-evaluation that considers, among other matters, whether the Board and its committees are functioning effectively and whether, given the size and composition of the Board and each of its committees, the Trustees are able to oversee effectively the number of Funds in the complex.

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The Trust is part of the American Beacon Funds Complex, which is comprised of 27 series within the American Beacon Funds, 1 series within the American Beacon Institutional Funds Trust, and 4 series within the American Beacon Select Funds. The same persons who constitute the Board of the Trust also constitute the Board of the American Beacon Institutional Funds Trust and the American Beacon Funds and each Trustee oversees the Trusts' combined 32 series.

The Board holds five (5) regularly scheduled meetings each year. The Board may hold special meetings, as needed, either in person or by videoconference or telephone, to address matters arising between regular meetings. The Independent Trustees also conduct executive sessions without the presence of management personnel, including at least quarterly in a session at which no Trustees who are interested persons or management are present and may hold special meetings, as needed, either in person or by videoconference or telephone.

The Trustees of the Trust are identified in the tables below, which provide information as to their principal business occupations and directorships held during the last five years and certain other information. Subject to the Trustee Retirement Plan described below, a Trustee serves until his or her successor is elected and qualified or until his or her earlier death, resignation or removal. The address of each Trustee listed below is 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039. Each Trustee serves for an indefinite term or until his or her removal, resignation, or retirement.\*

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| | | | |
|:---|:---|:---|:---|
| **Name and Year** **of Birth<sup>\*</sup>** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| **INTERESTED** **TRUSTEE** |  |  |  |
| Eugene J. Duffy<br>(1954)<sup>\*\*</sup> | Trustee since 2008 | Trustee since 2017 | **Capital Formation and Currency Solutions, Mesirow Financial Administrative** **Corporation:** Managing Director (2016-Present);<br> **American Beacon Sound Point Enhanced Income Fund:** Trustee (2018–2021);<br> **American Beacon Apollo Total Return Fund:** Trustee (2018–2021) |
| **NON-INTERESTED** **TRUSTEES** |  |  |  |
| Gilbert G. Alvarado<br>(1969) | Trustee since 2015 | Trustee since 2017 | **The Conrad Prebys Foundation:** Chief Financial Officer (2022-Present);<br> **Sierra Health Foundation** (health conversion private foundation): Executive Vice President & CCO (2022); Senior Vice President & CFO (2012-2022); CFO (2006-2011);<br> **Sierra Health Foundation - Center for Health Program Management** (California public benefit corporation): Senior Vice President & CFO (2012- 2022);<br> **SJVIIF, LLC (impact investment fund):** President (2018-2022);<br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021);<br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021). |
| Gerard J. Arpey<br>(1958) | Trustee since 2012 | Trustee since 2017 | **Emerald Creek Group** (private equity firm): Partner (2011-Present); S.C. Johnson & Son, Inc. (privately held company): Director (2008-present);<br> **The Home Depot, Inc.**: Director (2015-Present);<br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021);<br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021). |
| Claudia A. Holz<br>(1957) | Trustee since 2018 | Trustee since 2018 | **Blue Owl Capital, Inc.**: Independent Director (2021-Present);<br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021);<br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021) |
| Douglas A. Lindgren<br>(1961) | Chair since 2025<br>Trustee since 2018 | Chair since 2025<br>Trustee since 2018 | **JLL Income Property Trust**: Director (2022-Present);<br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021);<br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021). |
| Barbara J. McKenna<br>(1963) | Trustee since 2012 | Trustee since 2017 | **Longfellow Investment Management Company**: Managing Principal (2005-Present, President since 2009);<br> **External Diversity Council of the Federal Reserve Bank of Boston**: Member (2015-2023);<br> **United States Tennis Association**: Board Advisor (2021-Present);<br> **American Beacon Sound Point Enhanced Income Fund**: Trustee (2018–2021);<br> **American Beacon Apollo Total Return Fund**: Trustee (2018–2021). |
| Janet C. Smith<br>(1965) | Trustee since 2025 | Trustee since 2025 | **Putnam Investments, LLC and Putnam Management:** Head of Fund Administration Services (2011–2024);<br> **Putnam Funds Complex (Approximately 105 Funds):** Vice President, Principal Financial Officer (2016-2024), Principal Accounting Officer and Assistant Treasurer (2008-2024), Putnam Ombudsman (2016-2024). |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year** **of Birth** **<sup>\*</sup>** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| Paul Zemsky<br>(1962) | Trustee since 2025 | Trustee since 2025 | **Focus Consulting Group:** Consulting Partner: (2024-Present);<br> **ML Tech (Crypto Fund-of-Funds)**: Strategic Advisor: (2024-Present); <br> **Voya Investment Management:** Senior Managing Director, Chief Investment Officer, Multi-Asset Strategies and Solutions (2007–2023); Head of Derivative Strategy and Risk Management, General Account (2005-2006). |

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\* The Board has adopted a retirement policy that requires Trustees to retire no later than the last day of the calendar year in which they reach the age of 75.

\*\* Mr. Duffy is deemed to be an "interested person" of the Trust, as defined by the Investment Company Act of 1940, as amended, by virtue of his position with Mesirow Financial, Inc., a broker-dealer.

In addition to the information set forth in the table above and other relevant qualifications, experience, attributes or skills applicable to a particular Trustee, the following provides further information about the qualifications and experience of each Trustee.

Gilbert G. Alvarado: Mr. Alvarado has extensive organizational management and financial experience as executive vice president and chief financial officer in public charities and private foundations, service as director of private companies and non-profit organizations, service as president of nonprofit institutional investment fund, an adjunct professor for a non-profit school of management at University of San Francisco, and multiple years of service as a Trustee.

Gerard J. Arpey: Mr. Arpey has extensive organizational management, financial and international experience serving as chairman, chief executive officer, and chief financial officer of one of the largest global airlines, service as a director of public and private companies, service to several charitable organizations, and multiple years of service as a Trustee.

Eugene J. Duffy: Mr. Duffy has extensive experience in the investment management business and organizational management experience as a member of senior management, service as a director of a bank, service as a chairman of a charitable fund and as a trustee to an association, service on the board of a private university and non-profit organization, service as chair to a financial services industry association, and multiple years of service as a Trustee.

Claudia A. Holz: Ms. Holz has extensive financial audit and organizational management experience obtained as an audit partner with a major public accounting firm for over 27 years, where she led audits of large public investment company complexes and held several management roles in the firm's New York and national offices, and has since had multiple years of service as a Trustee.

Douglas A. Lindgren: Mr. Lindgren has extensive senior management experience in the asset management industry, having overseen several organizations and numerous fund structures, serving as an Adjunct Professor of Finance at Columbia Business School, and with multiple years of service as a Trustee.

Barbara J. McKenna: Ms. McKenna has extensive experience in the investment management industry, organizational management experience as a member of senior management, service as a director of an investment manager, member of numerous financial services industry associations, and multiple years of service as a Trustee.

Janet C. Smith: Ms. Smith has extensive experience in the investment management industry, organizational management experience as a member of senior management, service as a senior officer of an investment manager, and as an officer of registered investment companies.

Paul Zemsky: Mr. Zemsky has extensive experience in the investment management industry, organizational management experience as a member of senior management, service as a director and chief investment officer of an investment manager, and as a portfolio manager to registered investment companies.

*Committees of the Board*

The Trust has an Audit and Compliance Committee ("Audit Committee"). The Audit Committee consists of Mses. Holz (Chair) and Smith and Mr. Arpey, each of whom are Independent Trustees and independent under the applicable rule of the Exchange. Mr. Lindgren, as Chair of the Board, serves on the Audit Committee in an ex-officio non-voting capacity. As set forth in its charter, the primary purposes of the Trust's Audit Committee are: (a) to oversee the accounting and financial reporting processes of the Trust and the Fund and their internal controls and, as the Audit Committee deems appropriate, to inquire into the internal controls of certain third-party service providers; (b) to oversee the quality and integrity of the Trust's financial statements and the independent audit thereof; (c) to approve, prior to appointment, the engagement (and related fee arrangements) of the Trust's independent auditors to perform annual audit services for the Fund and certain non-audit services for the Fund or certain affiliated parties and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Trust's independent auditors; (d) to oversee the Trust's compliance with all regulatory obligations arising under applicable federal securities laws, rules and regulations and oversee management's implementation and enforcement of the Trust's compliance policies and procedures ("Compliance Program"); (e) to coordinate the Board's oversight of the Trust's CCO in connection with his or her implementation of the Trust's Compliance Program; and (f) to assist the Board with the aspects of risk oversight of the Trust that are relevant to the Audit Committee, including, but not limited to, valuation, operational, and compliance risks. The Audit Committee met four (4) times during the fiscal year ended August 31, 2025.

The Trust has a Nominating and Governance Committee ("Nominating Committee") that is comprised of Messrs. Arpey (Chair), and Lindgren, each of whom are Independent Trustees and independent under the applicable rule of the Exchange. As set forth in its charter, the Nominating Committee's

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primary purposes are: (a) to make recommendations regarding the nomination of Trustees to the Board; (b) to make recommendations regarding the appointment of an Independent Trustee as Chair of the Board; (c) to evaluate qualifications of potential "interested" members of the Board and Trust officers; (d) to review shareholder recommendations for nominations to fill vacancies on the Board; (e) to make recommendations to the Board for nomination for membership on all committees of the Board and of the chairs of such committees; (f) to consider and evaluate the structure, composition and operation of the Board; (g) to review shareholder recommendations for proposals to be submitted for consideration during a meeting of Fund shareholders; (h) to consider and make recommendations relating to the compensation of Independent Trustees; (i) to assist the Board with the aspects of risk oversight of the Trusts that are relevant to the Nominating Committee, including, but not limited to, the stewardship and overall reputation of the Trusts; (j) to coordinate and supervise an annual self-evaluation by the Board of the performance of the Board and its various committees; (k) to assist the Board in monitoring and, as it deems appropriate, implementing practices that are designed to promote diversity and inclusion within the Board's membership and within the workforces of the Trusts' primary service providers and vendors; and (l) to assist the Board in coordinating with legal counsel to the Trusts and their independent Board members with respect to staffing matters, including, when applicable, succession planning with respect to senior attorneys engaged in these representations. Shareholder recommendations for Trustee candidates may be mailed in writing, including a comprehensive resume and any supporting documentation, to the Nominating Committee in care of the Secretary of the Fund, and must otherwise comply with the Declaration of Trust and By-Laws of the Trust and any procedures set forth therein. The Nominating and Governance Committee met four (4) times during the fiscal year ended August 31, 2025.

The Trust has an Investment Committee that is comprised of Messrs. Alvarado (Chair), Duffy and Zemsky, and Ms. McKenna. Mr. Lindgren, as Chair of the Board, serves on the Investment Committee in an ex-officio non-voting capacity. As set forth in its charter, the Investment Committee's primary purposes are: (a) to review the short- and long-term investment performance of the Manager and each of the designated sub-advisors to the Fund; (b) to review recommendations by the Manager regarding the hiring or removal of designated sub-advisors to the Fund; (c) to review material changes recommended by the Manager to the allocation of Fund assets to a sub-advisor; (d) to review proposed changes recommended by the Manager to the investment objectives or principal investment strategies of the Fund; (e) to review proposed changes recommended by the Manager to the material provisions of the advisory agreement with a sub-advisor, including, but not limited to, changes to the provision regarding compensation; and (f) to assist the Board with the aspects of risk oversight of the Trust that are relevant to the Investment Committee, including, but not limited to counterparty, investment, liquidity and derivatives risks. The Investment Committee met four (4) times during the fiscal year ended August 31, 2025.

*Trustee Ownership in the Fund*

As of the calendar year ended December 31, 2024, none of the Trustees owned equity securities of the Fund. The following tables show the amount of equity securities owned in the American Beacon Funds Complex by the Trustees as of the calendar year ended December 31, 2024. Ms. Smith and Mr. Zemsky became Trustees on August 18, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
|  | **Duffy** |  |  |  |  |
| Aggregate Dollar Range of Equity Securities in all Trusts (30 Funds as of December 31, 2024) | Over $100,000 |  |  |  |  |
|  | **NON-INTERESTED TRUSTEES** | **NON-INTERESTED TRUSTEES** | **NON-INTERESTED TRUSTEES** | **NON-INTERESTED TRUSTEES** | **NON-INTERESTED TRUSTEES** |
|  | **Alvarado** | **Arpey** | **Holz** | **Lindgren** | **McKenna** |
| **Aggregate Dollar Range of Equity Securities in all** **Trusts (** **30 Funds as of** **December 31, 2024)** | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |

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*Trustee Compensation*

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in person or via electronic means) of (a) $12,000 for in-person attendance, or $5,000 for attendance by electronic means, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special Board meeting held by electronic means; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by videoconference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time.

For his service as Board Chair, Mr. Lindgren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit Committee and Investment Committee meetings. The chairpersons of the Audit Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

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|:---|:---|:---|
| The following table shows estimated compensation (excluding reimbursements) that will be paid by the Trusts to each Trustee for the period January 9, 2026 through August 31, 2026. | The following table shows estimated compensation (excluding reimbursements) that will be paid by the Trusts to each Trustee for the period January 9, 2026 through August 31, 2026. | The following table shows estimated compensation (excluding reimbursements) that will be paid by the Trusts to each Trustee for the period January 9, 2026 through August 31, 2026. |
| **Name of Trustee** | **Aggregate Compensation From the Trust** | **Total Compensation From the Trusts** |
| **INTERESTED TRUSTEE** |  |  |
| Eugene J. Duffy | $8071 | $168000 |

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| **NON-INTERESTED TRUSTEES** |  |  |
| Gilbert G. Alvarado | $8972 | $186750 |
| Gerard J. Arpey | $8575 | $178500 |
| Claudia A. Holz | $8972 | $186750 |
| Douglas A. Lindgren | $10016 | $208500 |
| Barbara J. McKenna | $8071 | $168000 |
| Janet C. Smith | $8071 | $168000 |
| Paul Zemsky | $8071 | $168000 |

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The Boards have adopted a Trustee Retirement Plan. The Trustee Retirement Plan provides that a Trustee who has served on the Boards prior to September 12, 2008, and who has reached a mandatory retirement age established by the Board (currently 75) is eligible to elect Trustee Emeritus status ("Eligible Trustees"). Eligible Trustees who have served on the Board of one or more Trusts for at least five years may elect to retire from the Board at an earlier age and immediately assume Trustee Emeritus status. The Board has determined that, other than the Trustee Retirement Plan established for Eligible Trustees, no other retirement benefits will accrue for current or future Trustees. None of the current Trustees are Eligible Trustees.

Each Eligible Trustee and his or her spouse (or designated companion) may receive annual flight benefits from the Trusts of up to $40,000 combined, on a tax-grossed up basis, on American Airlines (a subsidiary of the Manager's former parent company) for a maximum period of 10 years, depending upon length of service prior to September 12, 2008. Eligible Trustees may opt to receive instead an annual retainer of $20,000 from the Trusts in lieu of flight benefits. No retirement benefits are accrued for Board service after September 12, 2008.

A Trustee Emeritus must be reasonably available to provide advice, counseling and assistance to the Trustees and American Beacon as needed, as agreed to from time to time by the parties involved; however, a Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Fund. Currently, four individuals who retired from the Board and accrued retirement benefits for periods prior to September 12, 2008, have assumed Trustee Emeritus status. Three individuals and their spouses receive annual flight benefits of up to $40,000 combined, on a tax-grossed up basis, on American Airlines. One individual receives an annual retainer of $20,000 from the Trusts in lieu of flight benefits.

**Principal Officers of the Trust**

The Officers of the Trust conduct and supervise its daily business. As of the date of this SAI, the Officers of the Trust, their ages, their business address and their principal occupations and directorships during the past five years are as set forth below. The address of each Officer is 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039. Each Officer serves for a term of one year or until his or her resignation, retirement, or removal. Each Officer, except H Bradley Vogt, has and continues to hold the same position with the American Beacon Funds, the American Beacon Select Funds, and the American Beacon Institutional Funds Trust.

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of** **Birth** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| **OFFICERS** |  |  |  |
| Gregory Stumm<br>(1981) | President<br>since June 2024<br> Vice President<br>2022-2024 | President<br>since June 2024<br> Vice President<br>2022-2024 | **American Beacon Advisors, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024) <br> **National Investment Services of America, LLC:** Director (2024-Present) <br> **Resolute Acquisition, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024) <br> **Resolute Topco, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present) <br> **Resolute Investment Managers, Inc.:** Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024 - Present), Senior Vice President (2022-2024) <br> **Resolute Investment Services, Inc.:** Director (June 2024-2025), President (June 2024-2025), Chief Executive Officer (June 2024-2025), Senior Vice President, (2022-2024) <br> **Resolute Investment Distributors, Inc.:** President (2024-Present), Chief Executive Officer (2024-Present), Director (2022-Present), Senior Vice President (2022-2024) <br> **RSW Investments Holdings LLC:** Director (2024-Present) <br> **Shapiro Capital Management, LLC:** Director (2024-Present) <br> **SSI Investment Management, LLC:** Director (2024-Present) |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of** **Birth** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| Rosemary K. Behan<br>(1959) | Vice President, Secretary and Chief Legal Officer<br>since 2006 | Vice President, Secretary and Chief Legal Officer<br>since 2017 | **Alpha Quant Advisors, LLC:** Secretary and General Counsel (2016-2020)<br> **American Beacon Advisors, Inc.:** Senior Vice President (2021-Present), Vice President (2006-2021), Secretary and General Counsel (2006-Present)<br> **American Beacon Apollo Total Return Fund:** Vice President, Secretary, and Chief Legal Officer (2018-2021)<br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Secretary (2014-Present)<br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Secretary (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd:** Secretary (2018-Present)<br> **American Beacon Cayman Trend Company, Ltd.:** Secretary (2023-Present)<br> **American Beacon Sound Point Enhanced Income Fund:** Vice President, Secretary, and Chief Legal Officer (2018-2021)<br> **American Private Equity Management, LLC:** Secretary (2008-2024)<br> **Continuous Capital, LLC:** Vice President and Secretary (2018-2022)<br> **Green Harvest Asset Management, LLC:** Secretary (2019-2021)<br> **Resolute Acquisition, Inc.:** Secretary (2015-Present)<br> **Resolute Investment Distributors, Inc.:** Secretary (2017-Present) <br> **Resolute Investment Holdings, LLC:** Secretary (2015-2025)<br> **Resolute Investment Managers, Inc.:** Senior Vice President (2021-Present), Vice President (2015-2021), Secretary and General Counsel (2015-Present)<br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-2025), Vice President (2017-2025), Secretary and General Counsel (2017-2025)<br> **Resolute Topco, Inc.:** Secretary (2015-Present) |
| Rebecca L. Harris<br>(1966) | Vice President<br>2022-May 2024, June 2024-Present<br> President<br>May 2024-June 2024<br> Assistant Secretary<br>2010-2022 | Vice President<br>2022-2024, June 2024-Present<br> President<br>May 2024-June 2024<br> Assistant Secretary<br>2017-2022 | **Alpha Quant Advisors, LLC.:** Vice President (2016-2020)<br> **American Beacon Advisors, Inc.:** Chief Operating Officer (June 2024-Present), Senior Vice President (2021-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024), Vice President (2011-2021)<br> **American Beacon Apollo Total Return Fund:** Assistant Secretary (2018-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Secretary (2018-2021)<br> **Continuous Capital, LLC:** Vice President (2018-2022), Director (2022)<br> **National Investment Services of America, LLC:** Director (2022-Present)<br> **Resolute Acquisition, Inc.:** Senior Vice President (January 2024-May 2024, June 2024-Present), Director (May 2024-June 2024), President May 2024-June 2024), Chief Executive Officer (May 2024-June 2024)<br> **Resolute Investment Managers, Inc.:** Chief Operating Officer (June 2024-Present), Senior Vice President (2021-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024), Vice President (2017-2021)<br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-May 2024, June 2024-2025), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024), Vice President (2017-2021) <br> **Resolute Topco, Inc.:** Senior Vice President (January 2024-May 2024, June 2024-Present), Director (May 2024-June 2024), President (May 2024-June 2024), Chief Executive Officer (May 2024-June 2024)<br> **RSW Investments Holdings LLC:** Director (2022-Present)<br> **Shapiro Capital Management LLC:** Director (2022-Present)<br> **SSI Investment Management LLC:** Director (2022-Present) |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of** **Birth** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| Melinda G. Heika<br>(1961) | Vice President<br>since 2021 | Vice President<br>since 2021 | **Alpha Quant Advisors, LLC:** Treasurer and CFO (2016-2020)<br> **American Beacon Advisors, Inc.:** Senior Vice President (2021-Present), Treasurer and CFO (2010-Present)<br> **American Beacon Apollo Total Return Fund:** Principal Accounting Officer and Treasurer (2018-2021), Vice President (2021)<br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Director (2014-Present), Vice President (2022-Present) and Treasurer (2014-2022), <br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Director and Vice President (2023-Present)<br> **American Beacon Cayman TargetRisk Company, Ltd.:** Director and Vice President (2022-Present), and Treasurer (2018-2022)<br> **American Beacon Cayman Trend Company, Ltd.:** Director and Vice President (2023-Present)<br> **American Beacon Funds:** Principal Accounting Officer and Treasurer (2010-2021)<br> **American Beacon Institutional Funds Trust:** Principal Accounting Officer and Treasurer (2017-2021)<br> **American Beacon Select Funds:** Principal Accounting Officer and Treasurer (2010-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Principal Accounting Officer and Treasurer (2018-2021), Vice President (2021)<br> **American Private Equity Management, L.L.C.:** Treasurer (2012-2024)<br> **Continuous Capital, LLC:** Treasurer (2018-2022) <br> **Resolute Acquisition, Inc.:** Treasurer (2015-Present)<br> **Resolute Investment Holdings, LLC:** Treasurer (2015-2025)<br> **Resolute Investment Managers, Inc.:** Senior Vice President (2021-Present), Treasurer and CFO (2017-Present)<br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-2025), Treasurer and CFO (2017-2025)<br> **Resolute Topco, Inc.:** Treasurer (2015-Present) |
| Paul B. Cavazos<br>(1969) | Vice President<br>since 2016 | Vice President<br>since 2017 | **American Beacon Advisors, Inc.:** Chief Investment Officer and Senior Vice President (2016-Present)<br> **American Beacon Apollo Total Return Fund:** Vice President (2018-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Vice President (2018-2021)<br> **American Private Equity Management, L.L.C.:** Vice President (2017-2024) |
| Terri L. McKinney<br>(1963) | Vice President<br>since 2010 | Vice President<br>since 2017 | **Alpha Quant Advisors, LLC:** Vice President (2016-2020)<br> **American Beacon Advisors, Inc.:** Senior Vice President, (2021-Present) Vice President, (2009-2021)<br> **American Beacon Apollo Total Return Fund:** Vice President (2018-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Vice President (2018-2021)<br> **Continuous Capital, LLC**: Vice President (2018-2022)<br> **Resolute Investment Managers, Inc.:** Senior Vice President (2021-Present), Vice President (2017-2021) <br> **Resolute Investment Services, Inc.:** Senior Vice President (2021-2025), Vice President (2018-2025)<br> **Resolute Investment Distributors, Inc.:** Director (2024-Present), Vice President (2024-Present) |
| Samuel J. Silver<br>(1963) | Vice President<br>since 2011 | Vice President<br>since 2017 | **American Beacon Advisors, Inc.:** Vice President (2011-Present), Chief Fixed Income Officer (2016-Present)<br> **American Beacon Apollo Total Return Fund:** Vice President (2018-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Vice President (2018-2021)  |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of** **Birth** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| Sonia L. Bates<br>(1956) | Principal Accounting Officer and Treasurer<br>since 2021 | Principal Accounting Officer and Treasurer<br>since 2021 | **American Beacon Advisors, Inc.:** Assistant Treasurer (2023-Present)<br> **American Beacon Apollo Total Return Fund:** Assistant Treasurer (2019-2021), Principal Accounting Officer and Treasurer (2021)<br> **American Beacon Funds:** Assistant Treasurer (2011-2021)<br> **American Beacon Institutional Funds:** Trust Assistant Treasurer (2017-2021)<br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Treasurer (2022-Present)<br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Treasurer (2023-Present)<br> **American Beacon Cayman TargetRisk Company, Ltd.:** Treasurer (2022-Present) and Assistant Treasurer (2018-2022)<br> **American Beacon Cayman Trend Company, Ltd.:** Treasurer (2023-Present)<br> **American Beacon Select Funds**: Assistant Treasurer (2011-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Treasurer (2018-2021), Principal Accounting Officer and Treasurer (2021)<br> **American Private Equity Management, L.L.C.:** Assistant Treasurer (2012-2024)<br> **Resolute Investment Services, Inc:** Vice President, Fund and Tax Reporting (2023-2025), Director, Fund and Tax Reporting (2011-2023) |
| Christina E. Sears<br>(1971) | Chief Compliance Officer<br>since 2004<br>Assistant Secretary<br>since 1999 | Chief Compliance Officer and Assistant Secretary<br>since 2017 | **Alpha Quant Advisors, LLC:** Chief Compliance Officer (2016-2019), Vice President (2016-2020)<br> **American Beacon Advisors, Inc.:** Chief Compliance Officer (2004-Present), Vice President (2019-Present)<br> **American Beacon Apollo Total Return Fund:** Chief Compliance Officer and Assistant Secretary (2018-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Chief Compliance Officer and Assistant Secretary (2018-2021)<br> **American Private Equity Management, LLC:** Chief Compliance Officer (2012-2024)<br> **Continuous Capital, LLC.:** Chief Compliance Officer (2018-2019), Vice President (2018-2022)<br> **Green Harvest Asset Management, LLC:** Chief Compliance Officer (2019-2021)<br> **Resolute Investment Distributors, Inc.:** Vice President (2017-Present)<br> **Resolute Investment Managers, Inc.:** Vice President (2017-Present)<br> **Resolute Investment Services, Inc.:** Vice President (2019-2025)<br> **RSW Investments Holdings, LLC:** Chief Compliance Officer (2019-Present)<br> **Shapiro Capital Management LLC**: Chief Compliance Officer (2024-Present) |
| Shelley L. Dyson<br>(1969) | Assistant Treasurer<br>since 2021 | Assistant Treasurer<br>since 2021 | **American Beacon Apollo Total Return Fund:** Assistant Treasurer (2021)<br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Assistant Treasurer (2022-Present)<br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Assistant Treasurer (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd:** Assistant Treasurer (2022-Present) <br> **American Beacon Cayman Trend Company, Ltd.:** Assistant Treasurer (2023-Present)<br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Treasurer (2021)<br> **Resolute Investment Services, Inc.:** Fund Tax Director (2024-2025), Fund Tax Manager (2020-2024), Manager, Tax (2014-2020) |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of** **Birth** | **Position and** **Length of Time** **Served on the** **American Beacon** **Funds and** **American Beacon** **Select Funds** | **Position and** **Length of Time** **Served on the** **American Beacon** **Institutional** **Funds Trust** | **Principal Occupation(s) and Directorships During Past 5 Years** |
| Shelley D. Abrahams<br>(1974) | Assistant Secretary<br>since 2008 | Assistant Secretary<br>since 2017 | **American Beacon Advisors, Inc.:** Assistant Secretary (April 2024-Present)<br> **American Beacon Apollo Total Return Fund:** Assistant Secretary (2018-2021)<br> **American Beacon Cayman Managed Futures Strategy Fund, Ltd.:** Assistant Secretary (2022-Present)<br> **American Beacon Cayman Multi-Alternatives Company, Ltd.:** Assistant Secretary (2023-Present) <br> **American Beacon Cayman TargetRisk Company, Ltd:** Assistant Secretary (2022-Present)<br> **American Beacon Cayman Trend Company, Ltd.:** Assistant Secretary (2023-Present) <br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Secretary (2018-2021) <br> **Resolute Investment Managers, Inc.:** Assistant Secretary (April 2024-Present)<br> **Resolute Investment Services, Inc.:** Corporate Governance Manager (2023-2025), Assistant Secretary (2024-2025), Senior Corporate Governance & Regulatory Specialist (2020-2023), Corporate Governance & Regulatory Specialist (2017-2020) |
| Teresa A. Oxford<br>(1958) | Assistant Secretary<br>since 2015 | Assistant Secretary<br>since 2017 | **Alpha Quant Advisors, LLC:** Assistant Secretary (2016-2020)<br> **American Beacon Advisors, Inc.:** Deputy General Counsel (2024-Present), Assistant Secretary (2015-Present), Associate General Counsel (2015-2024)<br> **American Beacon Apollo Total Return Fund:** Assistant Secretary (2018-2021)<br> **American Beacon Sound Point Enhanced Income Fund:** Assistant Secretary (2018-2021)<br> **Continuous Capital, LLC.:** Assistant Secretary (2020-2022) <br> **Resolute Investment Distributors, Inc.:** Assistant Secretary (2018-2021), (2024-Present)<br> **Resolute Investment Managers, Inc.:** Deputy General Counsel (2024-Present), Assistant Secretary (2017-Present), Associate General Counsel (2017-2024)<br> **Resolute Investment Services, Inc:** Deputy General Counsel (2024-2025), Assistant Secretary (2018-2025), Associate General Counsel (2018-2024) |

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| | | | |
|:---|:---|:---|:---|
| H Bradley Vogt<br>(1966) | Assistant Secretary<br>Since 2023<sup>\*</sup> | N/A | **Resolute Investment Services,** **Inc.:** Director, ETF Capital Markets (2022-2025); <br> **USAA Life Insurance** **Company:** Life Actuarial Associate (2019-2022). |

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\* For the American Beacon Select Funds only.

**CODE OF ETHICS**

The Manager, the Trust, and the sub-advisor each have adopted a Code of Ethics under Rule 17j-1 of the Investment Company Act. Each Code of Ethics significantly restricts the personal trading of all employees with access to non-public portfolio information. For example, each Code of Ethics generally requires pre-clearance of all personal securities trades (with limited exceptions) and prohibits employees from purchasing or selling a security that is being purchased or sold or being considered for purchase (with limited exceptions) or sale by any Fund. In addition, the Manager's and the Trust's Code of Ethics requires employees to report trades in shares of the Trusts. Each Code of Ethics is on public file with, and may be obtained from, the SEC.

**PROXY VOTING POLICIES**

From time to time, the Fund may own a security whose issuer solicits a proxy vote on certain matters. The Board seeks to ensure that proxies are voted in the best interests of the Fund's shareholders and has delegated proxy voting authority to the Manager. The Manager in turn has delegated proxy voting authority to the sub-advisor with respect to the Fund's assets under the sub-advisor's management. The Trust has adopted a Proxy Policy that governs proxy voting by the Manager and sub-advisor, including procedures to address potential conflicts of interest between the Fund's shareholders and the Manager, the sub-advisor or their affiliates. The Board has approved the Manager's proxy voting policies and procedures with respect to Fund assets under the Manager's management. Please see **Appendix A** for a copy of the Proxy Policy. The sub-advisor's proxy voting policy and procedures are summarized (or included in their entirety) in **Appendix B**. The Fund's proxy voting record for the most recent year ended June 30 will be available as of August 31 of each year without charge on the Fund's website, on the SEC's website at http://www.sec.gov or upon request by calling 1-800-967-9009. The proxy voting record can be found in Form N-PX on the SEC's website .

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**CONTROL PERSONS AND 5% SHAREHOLDERS**

A principal shareholder is any person who owns of record or beneficially 5% or more of the Fund's outstanding shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund. The actions of an entity or person that controls the Fund could have an effect on other shareholders. For instance, a control person may have effective voting control over the Fund or large redemptions by a control person could cause the Fund's other shareholders to pay a higher pro rata portion of the Fund's expenses.

As of the date of this SAI, the Manager is the sole shareholder of the Fund.

**INVESTMENT ADVISORY AGREEMENT**

The Fund's sub-advisor is listed below with information regarding its controlling persons or entities. According to the Investment Company Act, a person or entity with control with respect to an investment advisor has "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." Persons and entities affiliated with the sub-advisor may be considered affiliates of the Fund.

Ninety One North America, Inc. ("Ninety One NA") is located at 65 East 55th Street, 30th Floor, New York, NY 10022. Ninety One NA is registered with the SEC as an investment adviser under the Advisers Act. Ninety One NA is a wholly-owned subsidiary of Ninety One International Limited ("Ninety One International"), which is an indirect wholly-owned subsidiary of Ninety One Plc, a company listed on the London Stock Exchange, with a secondary listing on the Johannesburg Stock Exchange. Ninety One Plc is affiliated with Ninety One Limited ("Ninety One Ltd"), a company listed on the Johannesburg Stock Exchange. Ninety One Ltd is the majority owner of Ninety One Africa (Pty) Ltd, which is the parent of Ninety One SA (Pty) Ltd ("Ninety One Pty"). Ninety One UK Ltd. ("Ninety One UK") is also an indirect wholly-owned subsidiary of Ninety One Plc. The firm managed approximately $191.5 billion in assets as of June 30, 2025.

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| | | |
|:---|:---|:---|
| **Ninety One North America, Inc. ("** **Ninety One NA")** | **Ninety One North America, Inc. ("** **Ninety One NA")** | **Ninety One North America, Inc. ("** **Ninety One NA")** |
| **Controlling Person/Entity** | **Basis of Control** | **Nature of Controlling Person/Entity's Business** |
| Ninety One International Ltd. | Parent Company | Holding Company |
| Ninety One Global Ltd. | Parent Company of Ninety One International Ltd. | Holding Company |
| Ninety One Plc | Ultimate Parent Company; Parent Company of Ninety One Global Ltd. | Financial Services |

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The Manager has entered into an Investment Advisory Agreement with the sub-advisor pursuant to which the Manager has agreed to pay the sub-advisor an annualized sub-advisory fee that is calculated and accrued daily. Pursuant to the Investment Advisory Agreement, the sub-advisor has agreed to reimburse the Manager for a portion of Fund expenses incurred by the Manager. The Investment Advisory Agreement will automatically terminate if assigned, and may be terminated without penalty at any time by the Manager, by a vote of a majority of the Trustees or by a vote of a majority of the outstanding voting securities of the Fund on no less than thirty (30) days' nor more than sixty (60) days' written notice to the sub-advisor, or by the sub-advisor upon sixty (60) days' written notice to the Trust. The Investment Advisory Agreement will continue in effect for an initial period of two years with respect to the Fund and thereafter from year to year provided that annually such continuance is specifically approved by a vote of the Trustees, including the affirmative votes of a majority of the Trustees who are not parties to the Agreement or "interested persons" (as defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose of considering such approval, or by the vote of shareholders. Because the Fund had not commenced operations prior to the date of this SAI, no subadvisory fees were paid to Ninety One NA during the prior fiscal year.

In rendering investment advisory services to the Fund, the sub-advisor may use the resources of one or more foreign (non-U.S.) affiliates that are not registered under the Investment Advisers Act of 1940, as amended (the "Investment Sub-Advisor's Foreign Affiliates"), to provide portfolio management, research and trading services to the Fund. Under a Participating Affiliate Agreement, each of the Investment Sub-Advisor's Foreign Affiliates are considered participating affiliates of the sub-advisor pursuant to applicable guidance from the staff of the SEC allowing U.S. registered advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered adviser. Each of the Investment Sub-Advisor's Foreign Affiliates and any of their respective employees who provide services to the Fund are considered under the Participating Affiliate Agreement to be "supervised persons" of the sub-advisor as that term is defined in the Investment Advisers Act of 1940, as amended.

**MANAGEMENT, ADMINISTRATIVE, SECURITIES LENDING, AND DISTRIBUTION SERVICES**

**The Manager**

The Manager, located at 220 East Las Colinas Boulevard, Suite 1200, Irving, Texas 75039, is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM"). RIM is, in turn, a wholly-owned subsidiary of Resolute Acquisition, Inc., a wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"). Topco is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco. The address of Topco is 220 East Las Colinas Boulevard, Suite 1200, Irving, TX 75039.

Listed below are individuals and entities that may be deemed control persons of the Manager.

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| | | |
|:---|:---|:---|
| **Controlling Person/Entity** | **Basis of Control** | **Nature of Controlling Person/Entity's Business** |
| Resolute Topco, Inc. | Ultimate Parent Company | Holding Company – Founded in 2015 |

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The Manager is paid a management fee as compensation for providing the Fund with management and administrative services. The Management Agreement provides for the Manager to receive an annualized management fee of 0.69% based on a percentage of the Fund's average daily net assets that is calculated and accrued daily.

Pursuant to the Management Agreement, the Manager provides the Trust with office space, office equipment and personnel necessary to manage and administer the Trust's operations. This includes:

■ complying
 with reporting requirements;

■ corresponding
 with shareholders;

■ maintaining
 internal bookkeeping, accounting and auditing services and records;

■ supervising
 the provision of services to the Trust by third parties; and

■ administering
 the interfund lending facility and lines of credit, if applicable.

In addition to its oversight of the sub-advisor, the Manager may invest the portion of the Fund's assets that the sub-advisor determines to be allocated to short-term investments. Under the Management Agreement, the Manager is responsible for substantially all expenses of the Fund, including the costs of: audits by independent auditors; transfer agency, Custodian, dividend disbursing agent and shareholder recordkeeping services; legal fees (other than fees associated with litigation); the preparation of the Fund's tax returns; preparing, printing and mailing prospectuses and reports to existing shareholders; fees for filing reports with regulatory bodies and the maintenance of the Fund's existence; fees to federal and state authorities for the registration of shares; insurance and fidelity bond premiums; and fees paid to service providers providing various reports. The Manager is not responsible for, and the Fund will bear: the management fee payments to the Manager under the Management Agreement (also known as a "unitary advisory fee"); acquired fund fees and expenses; brokerage commissions and issue and transfer taxes relating to the purchase and sale of portfolio holdings; securities lending fees; interest expense; expenses associated with securities sold short; costs, expenses or losses arising out of any liability or claim asserted against the Trust or Fund for any violation of law; distribution and service fees pursuant to a Rule 12b-1 plan (if any); costs of holding shareholder meetings, except meetings related to changes in the Management Agreement, the election of any Board member who is an "interested person" of the Trust as defined in Section 2(a)(19) of the 1940 Act, and/or other matters that directly benefit the Manager; taxes and governmental fees; and extraordinary expenses.

Because the Fund had not commenced operations prior to the date of this SAI, no fees have been paid to the Manager.

**Distribution Fees**<br>The Manager (or another entity approved by the Board) under a Distribution Plan adopted pursuant to Rule 12b-1 under the Investment Company Act, may receive up to 0.25% per annum of the average daily net assets of the Fund for distribution and shareholder servicing related services, including expenses relating to selling efforts of various broker-dealers, shareholder servicing fees and the preparation and distribution of Fund advertising material and sales literature. No distribution fees are currently charged to the Fund and there currently are no plans to impose those fees. The Distribution Plan was adopted in order to permit the imposition of fees in the future, in the event that Rule 12b-1 fees begin to be used by ETFs. If such fees are charged in the future, because the Fund pays these fees out of assets on an ongoing basis, over time these fees may cost you more than other types of sales charges and will increase the cost of your investment in the Fund. If fees were charged under the Distribution Plan, the Manager could be authorized to receive Rule 12b-1 fees from the Fund regardless of the amount of the Manager's actual expenses related to distribution and shareholder servicing efforts on behalf of the Fund. Thus, the Manager may realize a profit or a loss based upon its actual distribution and shareholder servicing related expenditures for the Fund. Certain sub-advisors for the ETFs in the American Beacon Funds Complex have entered into arrangements with the Manager to share a portion of the costs for distribution activities.

**Securities Lending Fees**<br>As compensation for services provided by the Manager in connection with securities lending activities conducted by the Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs.

The SEC has granted exemptive relief that permits the Fund to invest cash collateral received from securities lending transactions in shares of one or more private or registered investment companies managed by the Manager.

As of the date of this SAI, the Fund does not intend to engage in securities lending activities.

**The Distributor**<br>Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("Foreside" or "Distributor") is the Fund's distributor and principal underwriter of the Fund's shares.

Foreside's principal address is 190 Middle Street, Suite 301, Portland, ME 04101. Foreside is a registered broker-dealer and is a member of FINRA. The Distributor is not affiliated with the Manager, the sub-advisor or any national securities exchange. Under a Distribution Agreement with the Trust, the Distributor acts as the distributor and principal underwriter of the Trust in connection with the continuous offering of shares of the Fund. The Distributor continually distributes shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of the Fund's shares. Shares are continuously offered for sale by the Fund through the Distributor only in Creation Units, as described in the Prospectus and below in the "Creation and Redemption of Creation Units" section. Shares in less than Creation Units are not distributed by the Distributor.

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The Distributor also may enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of shares. Such Soliciting Dealers also may be Authorized Participants or DTC Participants (as defined below).

Since the Fund had not commenced operations prior to the date of this SAI, no underwriting discounts and commissions, compensation on redemptions and repurchases, brokerage commissions or other compensation have been paid to, or retained by, the Distributor.

**Continuous Offering**

The method by which Creation Units of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares, and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act.

**Exchange Listing and Trading**

A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, such sections of the Prospectus.

The shares of the Fund are listed and traded on the Exchange identified on the cover of this SAI at prices that may differ from the Fund's NAV. There can be no assurance that the Exchange requirements necessary to maintain the listing of the shares of the Fund will continue to be met. The Exchange may, but is not required to, remove the shares of the Fund from listing if, among other matters: (i) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the 1940 Act; (ii) if the Fund no longer complies with the requirements set forth by the Exchange; (iii) following the initial 12-month period after commencement of trading of the Fund, there are fewer than fifty (50) Beneficial Owners (as that term is defined below) of the shares of the Fund; or (iv) such other event shall occur or condition exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the shares of the Fund from listing and trading upon termination of the Fund. Trading prices of shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares.

As in the case of other stocks traded on the Exchange, broker commissions on purchases or sales of shares in market transactions will be based on investors' negotiated commission rates.

The Trust reserves the right to adjust the price levels of shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**Book Entry Only** **System**

The information below supplements and should be read in conjunction with the Prospectus, and is provided by the Depository Trust Company.

The Depository Trust Company ("DTC"), New York, NY, acts as securities depository for the Fund's shares (in this section, the "Securities"). The Securities are issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate is issued for the Securities, in the aggregate principal amount of such issue, and is deposited with DTC.

DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants" or "DTC Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, NSCC (as defined below) and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating AA+. The DTC Rules applicable to its Participants are on file with the SEC. More information about DTC can be found at www.dtcc.com.

Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect

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Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's Money Market Instrument Procedures. Under its usual procedures, DTC mails an omnibus proxy ("Omnibus Proxy") to the Trust as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Trust or its agent, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Trust's agent, or the Trust, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Trust or its agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to the Trust's agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to the Trust's agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Securities to the Trust's agent's DTC account.

DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Trust or its agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

The Trust may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the Trust believes to be reliable, but the Trust takes no responsibility for the accuracy thereof.

**OTHER SERVICE PROVIDERS**

State Street, located at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, serves as the transfer agent ("Transfer Agent"), custodian ("Custodian") and dividend disbursing agent for the Fund. State Street also serves as the Fund's Foreign Custody Manager pursuant to rules adopted under the Investment Company Act, whereby it selects and monitors eligible foreign sub-custodians. The Manager also has entered into a sub-administration agreement with State Street. Under the sub-administration agreement, State Street provides the Fund with certain financial reporting and tax services.

Pursuant to an administrative services agreement among the Manager, the Trust, American Beacon Institutional Funds Trust, and Parametric Portfolio Associates LLC ("Parametric"), located at 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, Parametric provides certain administrative services related to the equitization of cash balances for certain series of the American Beacon Funds Complex.

The Fund's independent registered public accounting firm is PricewaterhouseCoopers LLP, which is located at 101 Seaport Blvd., Suite 500, Boston, MA 02210.

K&L Gates LLP, 1601 K Street, NW, Washington, D.C. 20006, serves as legal counsel to the Fund.

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**CREATION AND REDEMPTION OF CREATION UNITS**

**General**<br>The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without a sales load but subject to the transaction fees described below, at the NAV next determined after receipt, on any Business Day (as defined below), of an order in proper form. A "Business Day", as used herein, is any day on which the New York Stock Exchange ("NYSE") is open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day, but may be closed at other times. When a holiday observed by the NYSE falls on a Saturday, the NYSE will not be open for business on the preceding Friday unless unusual business conditions exist, such as the ending of a monthly or yearly accounting period.

Currently, the number of shares that constitutes a Creation Unit is 25,000 shares. In its discretion, the Board or the Manager, as the Board's delegate, establishes the number of shares in a Creation Unit and reserves the right to increase or decrease the number of the Fund's shares that constitutes a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of the Fund, and to make changes in the number of shares constituting a Creation Unit, including in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

Creation Units may be purchased and redeemed only by or through (i) a "Participating Party," i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System ("CNS System") of the National Securities Clearing Corporation ("NSCC") (the "Clearing Process"), a clearing agency that is registered with the SEC, or (ii) a DTC Participant that has entered into an authorized participant agreement with the Distributor (an "Authorized Participant"). Such Authorized Participant will agree, pursuant to the terms of such authorized participant agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including those set forth below, the authorized participant agreement and any handbook governing the Authorized Participants (collectively, the "AP Agreement"). Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant to purchase or redeem Creation Units. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed an AP Agreement with the Distributor and that Creation Unit orders may have to be placed by the investor's broker through an Authorized Participant. As a result, orders placed through an Authorized Participant may result in additional charges to such investor. A list of current Authorized Participants may be obtained from the Distributor.

Investors who are not Authorized Participants may purchase and sell shares of the Fund through an Authorized Participant or on the secondary market.

Because the investments of the Fund may trade on days that the Exchange is closed or are otherwise not Business Days for the Fund, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

**Custom Baskets**<br>The Basket of securities comprising a Fund Deposit and a Fund Redemption (each, as defined below) may be representative of the Fund's portfolio holdings; or the Fund may utilize Custom Baskets provided that certain conditions are met. A "Custom Basket" is (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings, (ii) a representative Basket that is different from the initial Basket used in transactions on the same Business Day, or (iii) a Basket that contains bespoke cash and/or security substitutions, including for a single Authorized Participant. The Trust has adopted policies and procedures that govern the construction and acceptance of Baskets, including heightened requirements for Custom Baskets. Such policies and procedures provide detailed parameters for the construction and acceptance of Custom Baskets, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Manager or its affiliate, and/or sub-advisor who are required to review each Custom Basket for compliance with those parameters. In connection with the construction and acceptance of Custom Baskets, the Manager or sub-advisor (as applicable) may consider various factors, including, but not limited to: (1) whether the securities, assets and other positions comprising a Basket are consistent with the Fund's investment objective, policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the Fund and/or Authorized Participant(s), as applicable; (3) whether and to what extent to utilize cash in the Basket, either in lieu of securities or other instruments or as a cash balancing amount; (4) whether the Custom Basket increases the liquidity of the Fund's portfolio, noting that a Custom Basket may not be accepted which adversely affects the liquidity position of the Fund's portfolio when other Basket options exist; (5) whether the use of Custom Baskets may reduce costs, increase (tax) efficiency and improve trading in Fund shares; and (6) with respect to index-based strategies, whether the securities, assets and other positions aid the Fund to track its underlying index. The policies and procedures apply different criteria to different types of Custom Baskets in order to mitigate against potential overreaching by an Authorized Participant, although there is no guarantee that such policies and procedures will be effective.

**Purchases of Creation Units**<br>The consideration for the purchase of Creation Units of the Fund consists of an in-kind deposit of a designated portfolio of securities ("Deposit Securities") or cash for all or any portion of such securities ("Deposit Cash") (collectively, the "Deposit Basket") and the "Cash Component," which is an amount equal to the difference between the aggregate NAV of a Creation Unit and the Deposit Basket. Together, the Deposit Basket and the Cash Component constitute the "Fund Deposit."

The Custodian makes available through the NSCC on each Business Day, prior to the opening of regular trading on the Exchange, the list of names and the required number of shares of each Deposit Security and/or Deposit Cash, as applicable, in the Deposit Basket, and the estimated amount of the Cash Component to be included in the current Fund Deposit. Such Fund Deposit will normally be applicable, subject to any adjustments as described below, in order to effect purchases of Creation Units of the Fund until such time as the next-announced Fund Deposit is made available. The means by which the Deposit Basket and Cash Component are to be delivered by the Authorized Participant to the Fund are set forth in the AP Agreement, except to the extent the Distributor and the Authorized Participant otherwise agree. Fund shares will be settled through the DTC system.

The identity and number of shares of the Deposit Securities change pursuant to, among other matters, changes in the composition of the Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time. The composition of the Deposit Securities may also change in response to adjustments to the weighting or composition of the component securities constituting the Fund's Index, if any.

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Cash purchases of Creation Units will be effected in essentially the same manner as in-kind purchases. The Authorized Participant will pay the cash equivalent of the Deposit Securities as Deposit Cash plus or minus the same Cash Component.

The Manager or sub-advisor (as applicable), on behalf of the Fund, may convert subscriptions that are made in whole or in part in cash, including Deposit Cash, into the relevant foreign currency (as necessary) prior to investment at the applicable exchange rate and subject to the applicable spread. Those purchasing Creation Units of the Fund bear the risk associated with changes in the currency exchange rate between the time they place their order and the time that the Fund invests any cash received in foreign investments.

**Placement of Purchase Orders**<br>To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its agent an irrevocable order in proper form to purchase the Fund's shares (a "Purchase Order"). Such Purchase Order must be received by the Distributor or its agent no later than the cut-off time designated by the Fund (the "Cutoff Time") on any Business Day to receive the applicable day's NAV. Investors who are not Authorized Participants and seek to place a Purchase Order for a Creation Unit through an Authorized Participant should allow sufficient time to permit proper submission of the Purchase Order to the Distributor by the Cutoff Time on the applicable Business Day. Custom Purchase Orders, if accepted by the Fund, must normally be received in proper form and accepted by the Trust at least two hours prior to Cutoff Time.

The AP Agreement sets forth the different methods whereby Authorized Participants can submit Purchase Orders. A Purchase Order is considered to be in proper form if a request in a form satisfactory to the Fund is (1) received by the Distributor from an Authorized Participant on behalf of itself or another person within the time period set above, and (2) all the procedures and other requirements applicable to the method used by the Authorized Participant to submit the Purchase Order are properly followed.

Creation Unit Purchase Orders must be transmitted by an Authorized Participant by a method acceptable to the Distributor. Economic or market disruptions or changes, or telephone or other communication failure, may impede transmissions between the Distributor and an Authorized Participant. Purchase Orders to create shares of the Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a weekend) when a foreign market in which the Fund may invest are closed may not be accepted or may be charged the maximum transaction fee; and those purchasing Creation Units will bear the risk of changes in the value of the Fund's investments and the currency exchange rate between the time they place their order and the time that the Fund invests any cash received in such markets. The Distributor, in its discretion, may permit the submission of Purchase Orders and requests by or through an Authorized Participant via communication through the facilities of a proprietary website maintained for this purpose. A Purchase Order, if accepted by the Trust, will be processed based on the NAV as of the next Cutoff Time.

**Acceptance of Orders for, and Issuance of, Creation Units**<br>All questions as to whether a Purchase Order has been submitted in proper form and the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund and the Fund's determination shall be final and binding.

The Fund reserves the right to reject or revoke acceptance of a Purchase Order, for any reason, provided that such action is not in contravention of Rule 6c-11 and the SEC's positions thereunder. For example, the Fund may reject or revoke acceptance of a Purchase Order including, but not limited to, when (i) the Purchase Order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the Deposit Securities delivered do not conform to the identity and number of shares specified; (iv) acceptance of the Fund Deposit is not legally required or would, in the opinion of counsel, be unlawful; or (v) circumstances outside the control of the Fund, the Distributor, the sub-advisor and the Manager make it impracticable to process Purchase Orders. The Distributor shall notify a prospective purchaser of a Creation Unit and/or the Authorized Participant acting on behalf of such purchaser of the rejection or revocation of acceptance of such Purchase Orders. The Fund, the Custodian, the sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.

Except as provided in the following paragraph, a Creation Unit will not be issued until the transfer of good title to the Fund of the Deposit Securities and the payment of the Cash Component, Deposit Cash and creation transaction fees have been completed. In this regard, the Custodian will require, prior to the issuance of a Creation Unit, that the sub-custodian confirm to the Custodian that the Deposit Securities have been delivered to the account of the Fund at the sub-custodian(s). If the Fund does not receive the foregoing by the time specified herein the Creation Unit may not be delivered or the Purchase Order may be rejected.

The Fund may issue Creation Units to an Authorized Participant, notwithstanding the fact that all Deposit Securities have not been received, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value of up to 115% of the value of the missing Deposit Securities. The only collateral that is acceptable is cash in U.S. dollars. Such cash collateral must be delivered no later than 2:00 p.m., Eastern Time on the contractual settlement date of the Creation Unit(s). The Fund may buy the missing Deposit Securities at any time, and the Authorized Participant will be liable for any shortfall between the cost to the Fund of purchasing such securities and the cash collateral. In addition, the cash collateral may be invested at the risk of the Authorized Participant, and any income on invested cash collateral will be paid to that Authorized Participant. Information concerning the Fund's current procedures for collateralization of missing Deposit Securities is available from the Distributor.

In certain cases, an Authorized Participant may create and redeem Creation Units on the same trade date. In these instances, the Fund reserves the right to settle these transactions on a net basis or, in its sole discretion, to require a representation from the Authorized Participant that the creation and redemption transactions are for separate Beneficial Owners.

Once the Fund has accepted a Purchase Order, upon the next determination of the NAV of the shares, the Fund may confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. A confirmation of acceptance will then be transmitted to the Authorized Participant that placed the Purchase Order. Creation Units typically are settled within one business day, subject to certain exceptions. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than within one business day, including a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law. For example, the Fund reserves the right to settle Creation Unit transactions on a basis other than

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within one business day in order to, among other matters, accommodate non-U.S. market holiday schedules, closures and settlement cycles, to account for different treatment among non-U.S. and U.S. markets of dividend record dates and ex-dividend dates and in certain other circumstances.

**Creation Transaction** **Fees**<br>A standard creation transaction fee is imposed to offset transfer and other costs associated with the issuance of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day.

The Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown in the table below) to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses. Authorized Participants will also bear the costs of transferring the Deposit Securities, including any stamp duty or other similar fees and expenses.

The standard creation transaction fee and maximum variable transaction fee for a Creation Unit are set forth below:

---

| | | |
|:---|:---|:---|
| **Fund** | **STANDARD TRANSACTION FEE** | **MAXIMUM VARIABLE TRANSACTION FEE<sup>\*</sup>** |
| American Beacon Ninety One International Franchise ETF | $350 (In-kind basket; in-kind and cash basket)<br>$100 (All cash basket) | 2.00% |

---

\* As a percentage of the value of the Creation Unit(s) purchased.

The Manager may adjust the transaction fees from time to time based on actual experience.

**Redemptions of Creation Units**

The consideration paid by the Fund for the redemption of Creation Units consists of an in-kind basket of designated securities ("Redemption Securities") or cash for all or any portion of such securities ("Redemption Cash") (collectively, the "ETF Fund Securities" or "Fund Securities") and the Cash Component, which is an amount equal to the difference between the aggregate NAV of a Creation Unit and the Fund Securities. Together, the Fund Securities and the Cash Component constitute the "Fund Redemption."

The Custodian normally makes available through NSCC on each Business Day, prior to the opening of regular trading on the Exchange, a complete list of the Fund's portfolio holdings, and may also make available through NSCC the list of names and the number of shares of each Redemption Security and/or Redemption Cash, as applicable, and the estimated amount of the Cash Component to be included in the current Fund Redemption. Such Fund Redemption is applicable, subject to any adjustments as described below, for redemptions of Creation Units of the Fund until such time as the next-announced Fund Redemption is made available. The delivery of Fund shares will be settled through the DTC system. The means by which the Fund Securities and Cash Component are to be delivered to the Authorized Participant by the Fund are set forth in the AP Agreement, except to the extent the Distributor and the Authorized Participant otherwise agree. The identity and number of shares of the Redemption Securities change pursuant to, among other matters, changes in the composition of the Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time. The composition of the Redemption Securities may also change in response to adjustments to the weighting or composition of the component securities constituting the Fund's investments and may not be the same as the Deposit Securities.

Cash redemptions of Creation Units will be effected in essentially the same manner as in-kind redemptions. The Authorized Participant will receive the cash equivalent of the Fund Securities as Redemption Cash plus or minus the same Cash Component.

The Manager or the sub-advisor, as applicable, on behalf of the Fund, may sell investments denominated in foreign currencies and convert such proceeds into U.S. dollars at the applicable exchange rate and subject to the applicable spread for redemptions that are made in whole or in part for cash, including Redemption Cash. Those redeeming Creation Units of the Fund bear the risk associated with changes in the currency exchange rate between the time they place their Redemption Order and the time that the Fund converts any investments into U.S. dollars.

**Placement of Redemption Orders**

To initiate a redemption order for a Creation Unit, an Authorized Participant must submit to the Distributor or its agent an irrevocable order in proper form to redeem shares of the Fund (a "Redemption Order") for receipt by the Distributor or its agent no later than the redemption Cutoff Time designated by the Fund on any Business Day in order to receive the applicable day's NAV. Investors who are not Authorized Participants and seek to place a Redemption Order for a Creation Unit through an Authorized Participant should allow sufficient time to permit proper submission of the Redemption Order to the Distributor by the Cutoff Time on the applicable Business Day. Custom Redemption Orders, if accepted by the Fund, must normally be received in proper form and accepted by the Trust at least two hours prior to Cutoff Time.

The AP Agreement sets forth the different methods whereby Authorized Participants can submit redemption requests. A redemption request is considered to be in proper form if a request in a form satisfactory to the Fund is (1) received by the Distributor from an Authorized Participant on behalf of itself or another person within the time period set above, and (2) all the procedures and other requirements applicable to the method used by the Authorized Participant to submit the Redemption Order, such as, in the case of Redemption Orders submitted through the Transfer Agent's website, the completion of all required fields, and provided that instructions as set forth in the AP Agreement are properly followed.

Redemption Orders must be transmitted by an Authorized Participant by a method acceptable to the Distributor. Economic or market disruptions or changes, or telephone or other communication failure, may impede transmissions to an Authorized Participant. Redemption Orders to redeem shares of the Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a weekend) when the securities markets in a foreign market in which the Fund may invest are closed may be charged the maximum transaction fee; and those redeeming Creation Units will bear the risk of changes in the value of the Fund's investments and the currency exchange rate between the time they price their order and the time that the Fund is able to convert its investments to cash in such markets. The Distributor, in its discretion, may permit the submission of Redemption Orders by or through an Authorized Participant via communication through a proprietary website maintained for this purpose. A redemption request, if accepted by the Trust, will be processed based on the NAV as of the next Cutoff Time.

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**Acceptance of Orders for, and Redemption of, Creation Units**

All questions as to whether a Redemption Order has been submitted in proper form and the requisite number of Fund shares and transaction fees have been delivered shall be determined by the Fund and the Fund's determination shall be final and binding.

The Fund reserves the absolute right to reject a Redemption Order if the Redemption Order is not in proper form. In addition, the right of redemption may be suspended or the date of payment postponed with respect to the Fund (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which trading on the NYSE is suspended or restricted, (iii) for any period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC. The Fund or Distributor will notify the Authorized Participant of such rejection, but the Fund, Custodian, sub-custodian and Distributor shall not be liable for any failure to give such notification.

The payment by the Fund of the Fund Securities, including Redemption Securities and/or Redemption Cash, as applicable, and Cash Component will not be issued until the transfer of the Creation Unit(s) and the applicable redemption transaction fees has been completed. If the Transfer Agent does not receive the investor's shares through DTC's facilities and the applicable redemption transaction fees by the required time, the redemption request may be rejected.

To the extent contemplated by the AP Agreement, in the event the Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to the Fund's Transfer Agent, the Transfer Agent will nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking may be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash having a value (marked to market daily) of up to 115% of the value of the missing shares, which the Trust may change from time to time. The current procedures for collateralization of missing shares require, among other things, that any cash collateral shall be in the form of U.S. dollars in immediately available funds and shall be held by the Custodian and marked to market daily, and that the fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the cash collateral shall be payable by the Authorized Participant. The AP Agreement permits the Trust, on behalf of the Fund, to purchase the missing Fund shares at any time subjects the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such shares and the value of the collateral.

A redeeming Beneficial Owner or Authorized Participant acting on behalf of such Beneficial Owner must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction where Redemption Securities are customarily traded and will be delivered. If neither the redeeming Beneficial Owner nor the Authorized Participant acting on behalf of such redeeming Beneficial Owner has appropriate arrangements to take delivery of Redemption Securities in the applicable non-U.S. jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of Redemption Securities in such jurisdiction, the Trust may redeem shares in Redemption Cash, and the redeeming Beneficial Owner will be required to receive its redemption proceeds as Redemption Cash.

In addition, because redemptions of shares for Redemption Securities are subject to compliance with applicable U.S. federal and state securities laws, the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully deliver specific Redemption Securities or cannot do so without first registering the security under such laws.

Once the Fund has accepted a Redemption Order, upon the next determination of the NAV of the shares, the Fund may confirm the redemption of a Creation Unit, against receipt of payment, at such NAV. The Transfer Agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the Redemption Order. Deliveries of redemption proceeds by the Fund typically are settled within one business day (or a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law), but may be made up to seven days later, particularly in stressed market conditions. The Fund reserves the right to settle redemption transactions up to 15 days later to accommodate non-U.S. market holiday schedules (see "Postponement of Redemptions" below for further information), closures and settlement cycles, to account for different treatment among non-U.S. and U.S. markets of dividend record dates and dividend ex-dates (i.e., the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances.

In certain cases, an Authorized Participant may create and redeem Creation Units on the same trade date. In these instances, the Fund reserves the right to settle these transactions on a net basis or, in its sole discretion, to require a representation from the Authorized Participant that the creation and redemption transactions are for separate Beneficial Owners.

**Redemption Transaction Fees**

A standard redemption transaction fee is imposed to offset transfer and other costs associated with the redemption of Creation Units. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day.

The Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown in the table below) to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses. Authorized Participants will also bear the costs of transferring the Redemption Securities, including any stamp duty or other similar fees and expenses. Investors who use the services of a broker or other financial intermediary may be charged a fee for such services.

The standard redemption transaction fee and maximum variable transaction fee for a Creation Unit are set forth below:

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| | | |
|:---|:---|:---|
| **Fund** | **STANDARD TRANSACTION FEE** | **MAXIMUM VARIABLE TRANSACTION FEE<sup>1</sup>** |
| American Beacon Ninety One International Franchise ETF | $350 (In-kind basket; in-kind and cash basket)<br> $100 (All cash basket) | 2.00% |

---

---

| | |
|:---|:---|
| 1 | As a percentage of the value of the Creation Unit(s) redeemed. |

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The Manager may adjust the transaction fees from time to time based on actual experience.

**Taxation on Creation and Redemptions of Creation Units**

An Authorized Participant generally will recognize either gain or loss upon the exchange of Deposit Securities for Creation Units. This gain or loss will generally equal the difference between (i) the sum of the market value of the Creation Units at the time of the exchange and any net amount of cash received by the Authorized Participant in the exchange and (ii) the sum of the Authorized Participant's aggregate basis in the Deposit Securities exchanged therefor and any net amount of cash paid for the Creation Units. However, the U.S. Internal Revenue Service may apply the wash sales rules to determine that any loss realized upon the exchange of Deposit Securities for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisers.

Current U.S. federal tax laws dictate that capital gain or loss realized from the redemption of Creation Units will generally create long-term capital gain or loss if the Authorized Participant holds the Creation Units for more than one year, or short-term capital gain or loss if the Creation Units were held for one year or less, if the Creation Units are held as capital assets.

**Postponement of Redemptions**

For every occurrence of one or more intervening holidays in applicable non-U.S. markets, the redemption settlement cycle may be extended by the number of days of such intervening holidays. In addition to holidays, other unforeseeable closings in a non-U.S. market due to emergencies may also prevent the Trust from delivering securities within normal settlement cycle. In no event will the settlement cycle be longer than 15 calendar days.

The Fund reserves the right to suspend redemptions or postpone the date of payment for more than seven days (i) when the Exchange is closed (other than for customary weekend and holiday closings); (ii) when trading on the Exchange is restricted; (iii) when the SEC determines that an emergency exists so that disposal of the Fund's investments or determination of its NAV per share is not reasonably practicable; or (iv) by order of the SEC for protection of the Fund's shareholders.

**PORTFOLIO MANAGERS**

The portfolio managers to the Fund (the "Portfolio Managers") have responsibility for the day-to-day management of accounts other than the Fund. Information regarding these other accounts has been provided by the sub-advisor and is set forth below. The number of accounts and assets is shown as of August 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed** <br>**and Assets by Account Type** | **Number of Other Accounts Managed** <br>**and Assets by Account Type** | **Number of Other Accounts Managed** <br>**and Assets by Account Type** | **Number of Accounts and Assets for Which** <br>**Advisory Fee is Performance-Based** | **Number of Accounts and Assets for Which** <br>**Advisory Fee is Performance-Based** | **Number of Accounts and Assets for Which** <br>**Advisory Fee is Performance-Based** |
| <br>**Name of** **Investment Advisor** **and Portfolio Manager** | **Registered** **Investment** **Companies** | **Other Pooled** **Investment** **Vehicles** | **Other Accounts** | **Registered** **Investment** **Companies** | **Other Pooled** **Investment** **Vehicles** | **Other Accounts** |
| Ninety One North America, Inc. | Ninety One North America, Inc. | Ninety One North America, Inc. | Ninety One North America, Inc. | Ninety One North America, Inc. | Ninety One North America, Inc. | Ninety One North America, Inc. |
| Abrie Pretorius | 1 ($447 mil) | 8 ($14.0 bil) | 31 ($15.1 bil) |  |  |  |
| Clyde Rossouw | 1 ($447 mil) | 14 ($20.5 bil) | 56 ($16.4 bil) |  |  | 3 ($67 mil) |
| Elias Erickson | 1 ($447 mil) | 8 ($13.7 bil) | 30 ($13.6 bil) |  |  |  |

---

**Conflicts of Interest**

As noted in the table above, the Portfolio Managers manage accounts other than the Fund. This side-by-side management may present potential conflicts between a Portfolio Manager's management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other hand. Set forth below is a description by the sub-advisor of any foreseeable material conflicts of interest that may arise from the concurrent management of the Fund and other accounts. The information regarding potential conflicts of interest was provided by the sub-advisor as of August 31, 2025.

The sub-advisor performs investment management and investment advisory services for various clients, including the Fund, many of whom may have differing investment objectives, guidelines, and restrictions. As a result, the sub-advisor may give advice and take action in the performance of its duties for a particular client that may differ from the advice given, or the timing or nature of action taken, with respect to other clients.

It is also possible that in the course of the sub-advisor's business, investments for the sub-advisor's clients will overlap with investments for the clients of an affiliate of the sub-advisor and create a possible conflict of interest in connection with an investment opportunity that may be suitable for multiple accounts, but not available in sufficient quantities for all accounts to participate fully. Because the sub-advisor provides services to a number of different clients, potential conflicts of interest may also arise related to the amount of time an individual devotes to managing particular accounts. The sub-advisor may also have an incentive to favor accounts in the allocation of investment opportunities or otherwise treat preferentially those accounts that pay the sub-advisor a performance-related fee, or a higher fee level or greater fees overall.

To address such conflicts, the sub-advisor has established a variety of policies and procedures whose goals are to facilitate the fair allocation of investment opportunities. At all times, the sub-advisor seeks to treat all of its clients in a fair and equitable manner and will act in a manner that the sub-advisor believes to be in the best interests of clients. The sub-advisor seeks to ensure that potential or actual conflicts of interest are appropriately resolved, taking into consideration the overriding best interests of its clients. Messrs. Erickson, Pretorius and Rossouw manage multiple accounts for the sub-advisor, including a Fund. In addition, Messrs. Erickson, Pretorius and Rossouw each serve as portfolio manager of certain private investment funds and client accounts that are managed by affiliates of the sub-advisor. As such, each of Messrs. Erickson, Pretorius and Rossouw will not devote their full business time to a Fund, but will devote such time as they, in their sole discretion, deem necessary to carry out their role effectively.

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Each of Messrs. Erickson, Pretorius and Rossouw will make decisions for each account based on the investment objectives, policies, practices and other relevant investment considerations that they believe is applicable to such accounts. Each of Messrs. Erickson, Pretorius and Rossouw may on occasion give advice or take action with respect to certain accounts that differs from the advice given or action taken with respect to other accounts (especially where the investment policies differ). Thus, it is possible that the transactions and portfolio strategies Messrs. Erickson, Pretorius and Rossouw may use for various accounts may conflict and affect the prices and availability of the securities and other financial instruments in which certain other accounts invest. In circumstances where conflicts occur, the sub-advisor seeks to implement policies to minimize such conflicts and ensure that decisions are made that are fair and equitable to all the accounts involved, in light of the circumstances prevailing at the time and its applicable fiduciary duties.

Potential conflicts of interest may also arise in connection with the knowledge by an employee of either the sub-advisor and/or an affiliate of the sub-advisor about the timing of transactions, investment opportunities, broker selection, portfolio holdings and investments. Such employees who have access to the size and timing of transactions may have information concerning the market impact of transactions. Such employees may be in a position to use this information to their possible advantage or to the possible detriment of a client. The sub-advisor manages these potential conflicts involving employee personal trades by requiring that any personal trade be made in compliance with the sub-advisor's code of ethics.

**Compensation** 

The following is a description provided by the investment sub-advisor regarding the structure of and criteria for determining the compensation of each Portfolio Manager as of August 31, 2025.

The compensation for the portfolio managers includes fixed pay, pension contribution, employee benefits, and annual discretionary variable compensation which may comprise both cash and deferred elements. Fixed compensation including salaries are reviewed annually and designed to reflect the relative skills and experience of, and contribution made by, each employee. The following qualitative and quantitative factors are considered in determining annual discretionary variable compensation: the profit of the overall firm; multi-year investment and financial performance of specific business units; behavior consistent with the culture and values of the firm; scope of responsibility and individual contribution to the performance of the business; the attitude and behavior of employees towards risk consciousness, internal controls, risk management and regulatory compliance; specific input from risk and compliance functions regarding concerns about the behavior of individual employees; market sector norms and peer group comparisons; and the quality and level of leadership and collaboration, the ability to grow and develop business and client relationships, and the development of self and others.

**<u>Ownership of the</u>** **<u>Fund</u>**

The Portfolio Managers' beneficial ownership of the Fund is defined as the Portfolio Managers having the opportunity to share in any profit from transactions in the Fund, either directly or indirectly, as the result of any contract, understanding, arrangement, relationship or otherwise. Therefore, ownership of Fund shares by members of the Portfolio Managers' immediate family or by a trust of which the Portfolio Managers are a trustee could be considered ownership by the Portfolio Managers. The Fund has not commenced operations prior to the date of this SAI. Accordingly, the Portfolio Managers do not beneficially own any shares of the Fund as of the date of this SAI. The table below sets forth the Portfolio Managers' beneficial ownership of the Predecessor Fund as of August 31, 2025, as provided by the sub-advisor:

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| | |
|:---|:---|
| **Name of Investment Advisor and Portfolio Managers** | **American Beacon** **Ninety One** **International** **Franchise Fund** |
| **Ninety One North America, Inc.** | **Ninety One North America, Inc.** |
| Elias Erickson | $100001 - $500000 |
| Abrie Pretorius | $100001 - $500000 |
| Clyde Rossouw |  |

---

**PORTFOLIO SECURITIES TRANSACTIONS**

In selecting brokers or dealers to execute particular transactions, the Manager and the sub-advisor are authorized to consider "brokerage and research services" (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended), provision of statistical quotations (including the quotations necessary to determine the Fund's NAV), and other information provided to the Fund, to the Manager and/or to the sub-advisor (or their affiliates), provided, however, that the Manager or the sub-advisor must always seek best execution. Research and brokerage services may include information on portfolio companies, economic analyses, and other investment research services. The Trust does not allow the Manager or sub-advisor to enter arrangements to direct transactions to broker-dealers as compensation for the promotion or sale of Trust shares by those broker-dealers. The Manager and the sub-advisor are also authorized to cause the Fund to pay a commission (as defined in SEC interpretations) to a broker or dealer who provides such brokerage and research services for executing a portfolio transaction which is in excess of the amount of the commission another broker or dealer would have charged for effecting that transaction. The Manager or the sub-advisor, as appropriate, must determine in good faith, however, that such commission was reasonable in relation to the value of the brokerage and research services provided, viewed in terms of that particular transaction or in terms of all the accounts over which the Manager or the sub-advisor exercises investment discretion. The fees of the sub-advisor are not reduced by reason of receipt of such brokerage and research services. However, with disclosure to and pursuant to written guidelines approved by the Board, as applicable, the Manager, or the sub-advisor (or a broker-dealer affiliated with them) may execute portfolio transactions and receive usual and customary brokerage commissions (within the meaning of Rule 17e-1 under the Investment Company Act) for doing so. Brokerage and research services obtained with Fund commissions might be used by the Manager and/or the sub-advisor, as applicable, to benefit their other accounts under management.

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The Manager and the sub-advisor will place their own orders to execute securities transactions that are designed to implement the Fund's investment objective and policies. In placing such orders, the sub-advisor will seek best execution. The full range and quality of services offered by the executing broker or dealer will be considered when making these determinations. Pursuant to written guidelines approved by the Board, as appropriate, the sub-advisor of the Fund, or its affiliated broker-dealer, may execute portfolio transactions and receive usual and customary brokerage commissions (within the meaning of Rule 17e-1 of the Investment Company Act) for doing so. The Fund's turnover rate, or the frequency of portfolio transactions, will vary from year to year depending on market conditions and the Fund's cash flows. High portfolio turnover increases the Fund's transaction costs, including brokerage commissions, and may result in a greater amount of recognized capital gains.

The Investment Advisory Agreement provides, in substance, that in executing portfolio transactions and selecting brokers or dealers, the principal objective of the sub-advisor is to seek best execution. In assessing available execution venues, the sub-advisor shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the value of any eligible research, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. Transactions with respect to the securities of small and emerging growth companies in which the Fund may invest may involve specialized services on the part of the broker or dealer and thereby may entail higher commissions or spreads than would be the case with transactions involving more widely traded securities.

The Fund may establish brokerage commission recapture arrangements with certain brokers or dealers. If the sub-advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. Neither the Manager nor the sub-advisor receives any benefits from the commission recapture program. The sub-advisor's participation in the brokerage commission recapture program is optional. The sub-advisor retains full discretion in selecting brokerage firms for securities transactions and is instructed to use the commission recapture program for a transaction only if it is consistent with the sub-advisor's obligation to seek the best execution available.

The Fund had not commenced operations prior to the date of this SAI. Accordingly: no brokerage commissions were paid by the Fund during the previous three fiscal years; the Fund did not receive any compensation as a result of participation in the commission recapture program during the prior fiscal year; the Fund directed no transactions to brokers in part because of research services provided and paid no commissions on such transactions during the past fiscal year; and the Fund did not hold securities issued by a broker-dealer (or by its parent) that was one of the top ten brokers or dealers through which the Fund executed transactions or sold shares during the prior fiscal year.

**TAX INFORMATION**

The tax information in the Prospectus and in this section relates solely to the federal income tax law and assumes that the Fund will qualify each taxable year as a RIC under the Internal Revenue Code (as discussed below). The tax information in this section is only a summary of certain key federal tax considerations affecting the Fund and its shareholders and is in addition to the tax information provided in the Prospectus. No attempt has been made to present a complete explanation of the federal income tax treatment of the Fund or the tax implications to its shareholders. The discussions here and in the Prospectus are not intended as substitutes for careful tax planning. The tax information is based on the Internal Revenue Code and applicable regulations in effect, and administrative pronouncements and judicial decisions publicly available, on the date of this SAI. Future legislative, regulatory or administrative changes or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

**<u>Taxation of the</u>** **<u>Fund</u>**

The Fund intends to qualify each taxable year for treatment as a RIC under Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code. To so qualify, the Fund (which is treated as a separate corporation for these purposes) must, among other requirements:

■ Derive
 at least 90% of its gross income each taxable year from (1) dividends, interest, payments with respect to securities loans and gains from
 the sale or other
 disposition of securities or foreign currencies (together with Qualifying Other Income (as defined below), "Qualifying Income"),
 or other income, including
 gains from options, futures or forward contracts, derived with respect to its business of investing in securities or those currencies ("Qualifying
 Other Income") and (2) net income derived from an interest in a "qualified publicly traded partnership" ("QPTP")
 ("Gross Income Requirement").
 A QPTP is a "publicly traded partnership" (that is, a partnership the interests in which are "traded on an established
 securities market"
 or "readily tradable on a secondary market (or the substantial equivalent thereof)" (a "PTP")) that meets certain
 qualifying income requirements
 other than a partnership at least 90% of the gross income of which is Qualifying Income;

■ Diversify
 its investments so that, at the close of each quarter of its taxable year, (1) at least 50% of the value of its total assets is represented
 by cash and cash items,
 Government securities, securities of other RICs, and other securities, with those other securities limited, in respect of any one issuer, to an amount that
 does not exceed 5% of the value of the Fund's total assets and that does not represent more than 10% of the issuer's outstanding
 voting securities (equity securities of QPTPs being considered voting securities for these purposes), and (2) not more than 25% of the value of its total
 assets is invested in (a) the securities (other than Government securities or securities of other RICs) of any one issuer, (b) the securities
 (other than securities of other RICs) of two or more issuers the Fund
 controls (by owning 20% or more of their voting power) that are determined
 to be engaged in the same, similar or related trades or businesses, or (c) the securities of one or more QPTPs ("Diversification Requirements");
 and

■ Distribute
 annually to its shareholders at least the sum of 90% of its investment company taxable income (generally, net investment income, the excess
 (if any) of net short-term capital gain over net long-term capital loss, and net gains and losses (if any) from certain foreign currency transactions, all
 determined without regard to any deduction for dividends paid)  and 90% of its net exempt interest income ("Distribution Requirement").

By qualifying for treatment as a RIC, the Fund (but not its shareholders) will be relieved of federal income tax on the part of its investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) that it distributes to its shareholders. If for any taxable year the Fund does not qualify for that treatment — either (1) by failing to satisfy the Distribution Requirement, even if it satisfies the

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Gross Income and Diversification Requirements ("Other Requirements"), or (2) by failing to satisfy any of the Other Requirements and is unable to, or determines not to, avail itself of Internal Revenue Code provisions that enable a RIC to cure a failure to satisfy any of the Other Requirements as long as the failure "is due to reasonable cause and not due to willful neglect" and the RIC pays a deductible tax calculated in accordance with those provisions and meets certain other requirements - then for federal tax purposes, all of its taxable income (including its net capital gain) would be subject to tax at the regular corporate rate without any deduction for dividends paid to its shareholders; and the dividends it pays would be taxable to its shareholders as ordinary income (or possibly, (a) for individual and certain other non-corporate shareholders (each, an "individual"), as "qualified dividend income" (as described in the Prospectus) ("QDI"), and/or (b) in the case of corporate shareholders that meet certain holding period and other requirements regarding their Fund shares, as eligible for the dividends-received deduction ("DRD") to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify for RIC treatment would therefore have a negative impact on the Fund's income and performance. Furthermore, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for RIC treatment. It is possible that the Fund will not qualify as a RIC in any given taxable year.

The Fund will be subject to a nondeductible 4% federal excise tax ("Excise Tax") to the extent it fails to distribute by the end of any calendar year substantially all of its ordinary income for that year and substantially all of its "capital gain net income" for the one-year period ending on October 31 of that year, plus certain other amounts. The Fund intends to make sufficient distributions by the end of each calendar year to avoid liability for the Excise Tax.

**<u>Taxation of Certain Investments and Strategies</u>**

Hedging strategies, such as entering into forward contracts and selling (writing) and purchasing options and futures contracts, involve complex rules that will determine for federal income tax purposes the amount, character and timing of recognition of gains and losses the Fund may realize in connection therewith. In general, the Fund's (1) gains from the disposition of foreign currencies and (2) gains from such contracts will be treated as Qualifying Income under the Gross Income Requirement.

Dividends and interest the Fund receives, and gains it realizes, on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions (collectively, "foreign taxes") that would reduce the yield and/or total return on its securities. Tax treaties between certain countries and the United States may reduce or eliminate foreign taxes, however, and many foreign countries do not impose taxes on capital gains realized on investments by foreign investors. It is impossible to determine the effective rate of the Fund's foreign tax in advance, since the amount of its assets to be invested in various countries is not known.

Some futures contracts, foreign currency contracts, and "non-equity" options (i.e., certain listed options, such as those on a "broad-based" securities index) - except any "securities futures contract" that is not a "dealer securities futures contract" (both as defined in the Internal Revenue Code) and any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement - in which the Fund invests may be subject to Internal Revenue Code section 1256 (collectively, "Section 1256 contracts"). Any Section 1256 contract the Fund holds at the end of its taxable year must be "marked-to-market" (that is, treated as having been sold at that time for its fair market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they were realized. Sixty percent of any net gain or loss realized on these deemed sales, and 60% of any net realized gain or loss from any actual sales of Section 1256 contracts, will be treated as long-term capital gain or loss, and the balance will be treated as short-term capital gain or loss. Section 1256 contracts also may be marked-to-market for purposes of the Excise Tax. These rules may operate to increase the amount that the Fund must distribute to satisfy the Distribution Requirement (i.e., with respect to the portion treated as short-term capital gain), which will be taxable to its shareholders as ordinary income when distributed to them, and to increase the net capital gain the Fund recognizes, without in either case increasing the cash available to it.

Under Internal Revenue Code section 988, a gain or loss (1) from the disposition of foreign currencies, (2) except in certain circumstances, from options, futures, and forward contracts on foreign currencies (and on financial instruments involving foreign currencies) and from notional principal contracts (e.g., swaps, caps, floors, and collars) involving payments denominated in foreign currencies, (3) on the disposition of each foreign-currency-denominated debt security that is attributable to fluctuations in the value of the foreign currency between the dates of acquisition and disposition of the security, and (4) that is attributable to exchange rate fluctuations between the time the Fund accrues interest, dividends, or other receivables or expenses or other liabilities denominated in a foreign currency and the time it actually collects the receivables or pays the liabilities generally will be treated as ordinary income or loss. These gains or losses will increase or decrease the amount of the Fund's investment company taxable income to be distributed to its shareholders as ordinary income, rather than affecting the amount of its net capital gain. If the Fund's section 988 losses exceed its other investment company taxable income for a taxable year, the Fund would not be able to distribute any dividends, and any distributions made during that year (including those made before the losses were realized) would be characterized as a non-taxable "return of capital" to shareholders, rather than as a dividend, thereby reducing each shareholder's basis in his or her Fund shares and treating any part of such distribution exceeding that basis as gain from the disposition of those shares.

If the Fund has an "appreciated financial position" - generally, any position (including an interest through an option, futures or forward contract or short sale) with respect to any stock, debt instrument (other than "straight debt") or partnership interest the fair market value of which exceeds its adjusted basis - and enters into a "constructive sale" of the position, the Fund will be treated as having made an actual sale thereof, with the result that it will recognize gain at that time. A constructive sale generally consists of a short sale, an offsetting notional principal contract or a futures or forward contract the Fund or a related person enters into with respect to the same or substantially identical property. In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property will be deemed a constructive sale. The foregoing will not apply, however, to any transaction of the Fund during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the Fund holds the appreciated financial position unhedged for 60 days after that closing (i.e., at no time during that 60-day period is the Fund's risk of loss regarding that position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale or granting an option to buy substantially identical stock or securities).

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Certain aspects of the tax treatment of derivative instruments are currently unclear and may be affected by changes in legislation, regulations, administrative rules, and/or other legally binding authority that could affect the treatment of income from those instruments and the character, timing of recognition and amount of the Fund's taxable income or net realized gains and distributions. If the IRS were to assert successfully that income the Fund derives from those investments does not constitute Qualifying Income, the Fund might cease to qualify as a RIC (with the consequences described above under "Taxation of the Fund") or might be required to reduce its exposure to such investments.

**<u>Taxation of the</u>** **<u>Fund's Shareholders</u>**

**General** **-** For United States federal income tax purposes, distributions paid out of the Fund's current or accumulated earnings and profits will, except in the case of distributions of qualified dividend income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by the Fund (whether paid in cash or reinvested in additional Fund shares) to individual taxpayers are taxed at rates applicable to net long-term capital gains (currently 20%, 15% or 0%, depending on an individual's tax bracket). This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the Fund itself. There can be no assurance as to what portion of the Fund's dividend distributions will qualify as qualified dividend income.

Distributions of net capital gain, if any, reported as capital gains dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund shares. (Net capital gain is the excess (if any) of net long-term capital gain over net short-term capital loss.) The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will: (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain; (ii) receive a refundable tax credit for his pro rata share of tax paid by the Fund on the gain; and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

Dividends and other distributions by the Fund are generally treated under the Internal Revenue Code as received by the shareholders at the time the dividend or distribution is made. Dividends and other distributions the Fund declares in the last quarter of any calendar year that are payable to shareholders of record on a date in that quarter will be deemed to have been paid by the Fund and received by those shareholders on or before December 31 of that year even if the Fund pays the distributions during the following January. Accordingly, those distributions will be reportable by, and taxed to, those shareholders for the taxable year in which that December 31 falls.

If the Fund makes a "return of capital" distribution to its shareholders – i.e., a distribution in excess of its current and accumulated earnings and profits – the excess will (a) reduce each shareholder's tax basis in its shares (thus reducing any loss or increasing any gain on a shareholder's subsequent taxable disposition of the shares) and (b) if for any shareholder the excess is greater than that basis, be treated as realized capital gain.

Selling shareholders will generally recognize gain or loss in an amount equal to the difference between the shareholder's adjusted tax basis in the shares sold and the sale proceeds. If the shares are held as a capital asset, the gain or loss will be a capital gain or loss. The maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is: (i) the same as the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less; or (ii) 20% for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain distributions) (15% or 0% for individuals in certain tax brackets).

If Fund shares are sold at a loss after being held for six months or less, the loss will be treated as long-term, instead of short-term, capital loss to the extent of any capital gain distributions received on those shares. In addition, any loss a shareholder realizes on a sale of Fund shares will be disallowed to the extent the shares are replaced within a 61-day period beginning 30 days before and ending 30 days after the sale; in that case, the basis in the acquired shares will be adjusted to reflect the disallowed loss. Investors also should be aware that the NAV of Fund shares at any time may reflect the amount of a forthcoming dividend or other distribution, so if they purchase Fund shares shortly before the record date for a distribution, they will pay full price for the shares and receive some part of the price back as a taxable distribution, even though it represents a partial return of invested capital.

For U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly), a 3.8% Medicare contribution tax will apply on all or a portion of their "net investment income," including interest, dividends, and capital gains, which generally includes taxable distributions received from the Fund and taxable gains on the disposition of shares of the Fund. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

An investor also should be aware that the benefits of the reduced tax rate applicable to long-term capital gains may be impacted by the application of the alternative minimum tax to individual shareholders.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisor to determine the suitability of shares of the Fund as an investment through such plans.

If more than 50% of the value of the Fund's total assets at the close of any taxable year consists of securities of foreign corporations, it will be eligible to file an election for that year with the IRS that would enable its shareholders to benefit from any foreign tax credit or deduction available with respect to any foreign taxes it pays. Pursuant to the election, the Fund would treat those taxes as dividends paid to its shareholders and each shareholder (1) would be required to include in gross income, and treat as paid by the shareholder, the shareholder's proportionate share of those taxes, (2) would be required to treat that share of those taxes and of any dividend the Fund paid that represents income from foreign or U.S. possessions sources ("foreign-source income") as the shareholder's own income from those sources, and (3) could either use the foregoing information in calculating the foreign tax credit against the shareholder's federal income tax or, alternatively, deduct the foreign taxes deemed paid by the shareholder in computing taxable income. If the Fund makes this election for a taxable year, it will report to its shareholders shortly after that year their respective shares of the foreign taxes it paid and its foreign-source income for that year.

An individual shareholder of the Fund who, for a taxable year, has no more than $300 ($600 for married persons filing jointly) of creditable foreign taxes included on IRS Forms 1099 and all of whose foreign-source income is "qualified passive income" may elect for that year to be exempt from the extremely complicated foreign tax credit limitation for federal income tax purposes (about which shareholders may wish to consult their tax advisers), in

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which event the shareholder would be able to claim a foreign tax credit without having to file the detailed Form 1116 that otherwise is required. A shareholder will not be entitled to credit or deduct its portion of foreign taxes the Fund paid that is allocable to Fund shares the shareholder has not held for at least 16 days during the 31-day period beginning 15 days before the ex-distribution date for those shares. The minimum holding period will be extended if the shareholder's risk of loss with respect to those shares is reduced by reason of holding an offsetting position. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. A foreign shareholder may not deduct or claim a credit for foreign taxes in determining its federal income tax liability unless the Fund dividends paid to it are effectively connected with the shareholder's conduct of a U.S. trade or business.

**Basis Election and Reporting** - A Fund shareholder who wants to use an acceptable method for basis determination with respect to Fund shares other than the average basis method (the Fund's default method) must elect to do so in writing, which may be electronic. The basis determination method a Fund shareholder elects may not be changed with respect to a redemption (including a redemption that is part of an exchange) of Fund shares after the settlement date of the redemption.

In addition to the requirement to report the gross proceeds from redemptions of Fund shares, the Fund (or its administrative agent) must report to the IRS and furnish to its shareholders the basis information for Fund shares that are redeemed or exchanged and indicate whether they had a short-term (one year or less) or long-term (more than one year) holding period. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted basis determination method for their tax situation and to obtain more information about how the basis reporting law applies to them. Fund shareholders who acquire and hold Fund shares through a financial intermediary should contact their financial intermediary for information related to the basis election and reporting.

**Backup Withholding** - The Fund is required to withhold and remit to the U.S. Treasury 24% of dividends, capital gain distributions, and redemption proceeds (regardless of the extent to which gain or loss may be realized) otherwise payable to any individual who fails to certify that the taxpayer identification number furnished to the Fund is correct or who furnishes an incorrect number (together with the withholding described in the next sentence, "backup withholding"). Withholding at that rate also is required from the Fund's dividends and capital gain distributions otherwise payable to such a shareholder who (1) is subject to backup withholding for failure to report the receipt of interest or dividend income properly or (2) fails to certify to the Fund that he or she is not subject to backup withholding or that it is a corporation or other "exempt recipient". Backup withholding is not an additional tax; rather, any amounts so withheld may be credited against the shareholder's federal income tax liability or refunded if proper documentation is submitted to the IRS.

**Non-U.S. Shareholders -** Dividends the Fund pays to a shareholder who is a non-resident alien individual or foreign entity (each a "non-U.S. shareholder") — other than (1) dividends paid to a non-U.S. shareholder whose ownership of the Fund's shares is "effectively-connected" with a trade or business within the United States the shareholder conducts and (2) capital gain distributions paid to a non-resident alien individual who is physically present in the United States for no more than 182 days during the taxable year -- generally are subject to 30% federal withholding tax (unless a reduced rate of withholding or a withholding exemption is provided under an applicable treaty). However, two categories of dividends the Fund might pay, "short-term capital gain dividends" and "interest-related dividends," to non-U.S. shareholders (with certain exceptions) and reported by it in writing to its shareholders are exempt from that tax. "Short-term capital gain dividends" are dividends that are attributable to net short-term gain, computed with certain adjustments. "Interest-related dividends" are dividends that are attributable to "qualified net interest income" (i.e., "qualified interest income," which generally consists of certain OID, interest on obligations "in registered form," and interest on deposits, less allocable deductions) from sources within the United States. Non-U.S. shareholders are urged to consult their own tax advisers concerning the applicability of that withholding tax.

**Foreign Account Tax Compliance Act ("FATCA")** - Under FATCA, "foreign financial institutions" ("FFIs") and "non-financial foreign entities" ("NFFEs") that are Fund shareholders may be subject to a generally nonrefundable 30% withholding tax on income dividends the Fund pays. As discussed more fully below, the FATCA withholding tax generally can be avoided (a) by an FFI, if it reports certain information regarding direct and indirect ownership of financial accounts U.S. persons hold with the FFI, and (b) by an NFFE that certifies its status as such and, in certain circumstances, information regarding substantial U.S. owners. Proposed regulations (having current effect) have been issued to eliminate certain FATCA withholding taxes, including the withholding tax on investment sale proceeds that was scheduled to begin in 2019, and to defer the effective date of other taxes.

The U.S. Treasury has negotiated intergovernmental agreements ("IGAs") with certain countries and is in various stages of negotiations with other foreign countries with respect to alternative approaches to implement FATCA. An entity in one of those countries may be required to comply with the terms of the IGA instead of U.S. Treasury regulations. An FFI resident in a country that has entered into a Model I IGA with the United States must report to that country's government (pursuant to the terms of the applicable IGA and applicable law), which will, in turn, report to the IRS. An FFI resident in a Model II IGA country generally must comply with U.S. regulatory requirements, with certain exceptions, including the treatment of recalcitrant accountholders. An FFI resident in one of those countries that complies with whichever of the foregoing applies will be exempt from FATCA withholding.

An FFI can avoid FATCA withholding by becoming a "participating FFI," which requires the FFI to enter into a tax compliance agreement with the IRS under the Internal Revenue Code. Under such an agreement, a participating FFI agrees to (1) verify and document whether it has U.S. accountholders, (2) report certain information regarding their accounts to the IRS, and (3) meet certain other specified requirements.

An NFFE that is the beneficial owner of a payment from the Fund can avoid FATCA withholding generally by certifying its status as such and, in certain circumstances, either that (1) it does not have any substantial U.S. owners or (2) it does have one or more such owners and reports the name, address, and taxpayer identification number of each such owner. The NFFE will report to the Fund or other applicable withholding agent, which may, in turn, report information to the IRS.

Those foreign shareholders also may fall into certain exempt, excepted, or deemed compliant categories established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the financial intermediary through which it holds Fund shares with documentation properly certifying the entity's status under FATCA to avoid FATCA withholding. The requirements imposed by FATCA

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are different from, and in addition to, the tax certification rules to avoid backup withholding described above. Foreign investors are urged to consult their tax advisers regarding the application of these requirements to their own situation and the impact thereof on their investment in the Fund.

**Creation and Redemption of Creation Units** - An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year.

Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will be treated as short-term capital gains or losses.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction.

The Fund has the right to reject an order for Creation Units if the purchaser (or group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Section 351 of the Internal Revenue Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Fund also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.

**Tax Shelter Reporting Regulations -** Under U.S. Treasury regulations, if an individual shareholder recognizes a loss of $2 million or more in any single tax year or, for a corporate shareholder, $10 million or more in any single tax year, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulation in light of their individual circumstances.

**Other Taxes** - Statutory rules and regulations regarding state and local taxation of ordinary income dividends, QDI dividends and net capital and foreign currency gain distributions may differ from the federal income taxation rules described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's situation.

Investors should consult their own tax advisors with respect to the tax consequences to them of an investment in the Fund based on their particular circumstances. The Fund does not expect to receive a ruling from any tax authority or an opinion of tax counsel with respect to its treatment of any tax positions. Tax consequences of transactions are not the primary consideration of the Fund in implementing its investment strategy.

**DESCRIPTION OF THE TRUST**

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for its obligations. However, the Trust's Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides for indemnification and reimbursement of expenses out of Trust property for any shareholder held personally liable for the obligations of the Trust. The Declaration of Trust also provides that the Trust may maintain appropriate insurance (e.g., fidelity bonding) for the protection of the Trust, its shareholders, Trustees, officers, employees and agents to cover possible tort and other liabilities. Thus, the risk of a shareholder incurring financial loss due to shareholder liability is limited to circumstances in which both inadequate insurance existed and the Trust itself was unable to meet its obligations. The Trust has not engaged in any other business.

**FINANCIAL STATEMENTS**

In a reorganization that closed on November 15, 2024, the Predecessor Fund had adopted the financial statements of the Prior Predecessor Fund. The audited financial statements of the Prior Predecessor Fund are incorporated by reference to Item 7 of [the Prior Predecessor Fund's Form N-CSR for the fiscal year ended October 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1593547/000139834425000263/fp0091186-1_ncsrixbrl.htm). Certain information in those financial statements was audited by the independent registered public accounting firm of the Prior Predecessor Fund. The audited financial statements include the schedule of investments, statement of assets and liabilities, statement of operations, statements of changes in net assets, financial highlights, notes and report of independent registered public accounting firm The unaudited financial statements of the Predecessor Fund are incorporated by reference to Item 7 of the [Predecessor Fund's Form N-CSR for the fiscal period ended February 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/809593/000119312525116042/d890035dncsrs.htm). The unaudited financial statements include the schedule of investments, statement of assets and liabilities, statement of operations, statements of changes in net assets, financial highlights, and notes. [XX], an independent registered public accounting firm, has been appointed to serve as the independent registered public accounting firm for the Fund to audit and report on the Fund's annual financial statements.

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**APPENDIX A**

**AMERICAN BEACON ADVISORS, INC.**<br>**SUMMARY OF PROXY VOTING POLICY AND PROCEDURES**

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to secure the best long-term interests of the advisory clients of American Beacon Advisors, Inc. ("AmBeacon"). AmBeacon's proxy voting policies and procedures are designed to implement AmBeacon's duty to vote proxies in clients' best interests. Given that AmBeacon manages portfolios that invest solely in fixed-income securities, the only securities for which we expect to receive proxies are money market mutual funds. As such, the proxy voting policies and procedures set forth voting guidelines for the proxy issues and proposals common to money market funds.

For routine proposals that will not change the structure, bylaws or operations of the money market fund, AmBeacon's policy is to support management; however, each proposal will be considered individually focusing on the financial interests of the client portfolio. Non-routine proposals, such as board elections, advisory contract and distribution plan approvals, investment objective changes, and mergers, will generally be reviewed on a case-by-case basis with AmBeacon first and foremost considering the effect of the proposal on the portfolio.

Items to be evaluated on a case-by-case basis and proposals not contemplated in the policies set forth above will be assessed by AmBeacon. In these situations, AmBeacon will use its judgment to vote in the best interest of the client portfolio. For all proposals, especially controversial or case-by-case evaluations, AmBeacon will be responsible for individually identifying significant issues that could impact the investment performance of the portfolio.

AmBeacon manages portfolios for the American Beacon Funds, the American Beacon Select Funds, and the American Beacon Institutional Funds Trust (collectively, the "Funds"). AmBeacon may invest a Fund in shares of the American Beacon U.S. Government Money Market Select Fund. If the American Beacon U.S. Government Money Market Select Fund solicits a proxy for which another Fund is entitled to vote, AmBeacon's interests as manager of the American Beacon U.S. Government Money Market Select Fund might appear to conflict with the interests of the shareholders of the other Fund. In these cases, AmBeacon will vote the Fund's shares in accordance with the Select Funds' Board of Trustees' recommendations in the proxy statement.

**AMERICAN BEACON FUNDS**<br>**AMERICAN BEACON SELECT FUNDS**<br>**AMERICAN BEACON INSTITUTIONAL FUNDS TRUST**

<u>**<u>PROXY VOTING POLICY AND PROCEDURES</u>**</u><br>**Last Amended August 28, 2023** 

**<u>Preface</u>**

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion to secure the best long-term interests of shareholders of the American Beacon Funds, the American Beacon Select Funds ("Select Funds"), and the American Beacon Institutional Funds Trust (collectively, the "Funds"). Therefore, this Proxy Voting Policy and Procedures (the "Policy") have been adopted by the Funds.

The Funds are managed by American Beacon Advisors, Inc. (the "Manager"). The Manager may allocate discrete portions of the Funds among sub-advisors, and the Manager may directly manage all or a portion of the assets of certain Funds. The Funds' respective Boards of Trustees have delegated proxy voting authority to the Manager. The Manager has in turn delegated proxy voting authority to each sub-advisor with respect to the sub-advisor's respective portion of the Fund(s) under management, but the Manager has retained the authority to override a proposed proxy voting decision by a sub-advisor. For the securities held in their respective portion of each Fund, the Manager and the sub-advisors make voting decisions pursuant to their own proxy voting policies and procedures.

**<u>Conflicts of Interest</u>**

The Board of Trustees seeks to ensure that proxies are voted in the best interests of Fund shareholders. For certain proxy proposals, the interests of the Manager, the sub-advisors and/or their affiliates may differ from Fund shareholders' interests. To avoid the appearance of impropriety and to fulfill their fiduciary responsibility to shareholders in these circumstances, the Manager and the sub-advisors are required to establish procedures that are reasonably designed to address material conflicts between their interests and those of the Funds.

When a sub-advisor deems that it is conflicted with respect to a voting matter, its policy may call for it to seek voting instructions from the client. The Manager is authorized by the Boards of Trustees to consider any such matters and provide voting instructions to the sub-advisor, unless the Manager has determined that its interests are conflicted with Fund shareholders with respect to the voting matter. In those instances, the Manager will instruct the sub-advisor to vote in accordance with the recommendation of a third-party proxy voting advisory service.

Each Fund can invest in the shares of the American Beacon U.S. Government Money Market Select Fund. If the American Beacon U.S. Government Money Market Select Fund issues a proxy for which another Fund is entitled to vote, the Manager's interests regarding the American Beacon U.S. Government Money Market Select Fund might appear to conflict with the interests of the shareholders of the other Fund. In these cases, the Manager will vote in accordance with the Select Funds' Board of Trustees' recommendations in the proxy statement.

If the methods for addressing conflicts of interest, as described above, are deemed by the Manager to be unreasonable due to cost, timing or other factors, then the Manager may decline to vote in those instances.

**<u>Securities on Loan</u>**

With respect to the Funds that engage in securities lending, the Manager shall engage a proxy voting service to notify the Manager before the record date about the occurrence of future shareholder meetings, as feasible. The Manager will determine whether or not to recall shares of the applicable security that are on loan with the intent of the Manager or the sub-advisor, as applicable, voting such shares. The Manager's determination shall be

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based on factors which may include the nature of the meeting (i.e., annual or special), the percentage of the proxy issuer's outstanding securities on loan, any other information regarding the proxy proposals of which the Manager may be aware, and the loss of securities lending income to a Fund as a result of recalling the shares on loan.

**<u>Recordkeeping</u>**

The Manager and the sub-advisors shall maintain records of all votes cast on behalf of the Funds. Such documentation will include the firm's proxy voting policies and procedures, company reports provided by proxy voting advisory services, additional information gathered by the Manager or sub-advisor that was material to reaching a voting decision, and communications to the Manager regarding any identified conflicts. The Manager and the sub-advisors shall maintain voting records in a manner to facilitate the Funds' production of the Form N-PX filing on an annual basis.

**<u>Disclosure</u>**

The Manager will coordinate the compilation of the Funds' proxy voting record for each year ended June 30 and file the required information with the SEC via Form N-PX by August 31. The Manager will include a summary of the Policy and the proxy voting policies and procedures of the Manager and the sub-advisors, as applicable, in each Fund's Statement of Additional Information ("SAI"). In each Fund's annual and semi-annual reports to shareholders, the Manager will disclose that a description of the Policy and the proxy voting policies and procedures of the Manager and the sub-advisors, as applicable, is a) available upon request, without charge, by toll-free telephone request, b) on the Funds' website (if applicable), and c) on the SEC's website in the SAI. The SAI and shareholder reports will also disclose that the Funds' proxy voting record is available by toll-free telephone request (or on the Funds' website) and on the SEC's website by way of the Form N-PX. Within three business days of receiving a request, the Manager will send a copy of the policy description or voting record by first-class mail.

**<u>Manager Oversight</u>**

The Manager shall review a sub-advisor's proxy voting policies and procedures for compliance with this Policy and applicable laws and regulations prior to initial delegation of proxy voting authority and on at least an annual basis thereafter.

**<u>Board Reporting</u>**

On at least an annual basis, the Manager will present a summary of the voting records of the Funds to the Boards of Trustees for their review. The Manager will notify the Boards of Trustees of any material changes to its proxy voting policies and procedures.

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**APPENDIX B**

**PROXY VOTING POLICY FOR THE SUB-ADVISOR**

**NINETY ONE NORTH AMERICA, INC.**

**Proxy voting guidelines**

Ninety One has organised its assessment of corporate governance-related matters under five broad areas which guide its voting decisions:

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|:---|:---|
| **1** | Leadership and strategic control |

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|:---|:---|
| **2** | Alignment with the long term |

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|:---|:---|
| **3** | Climate change |

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|:---|:---|
| **4** | Protecting client capital |

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|:---|:---|
| **5** | Audit and disclosure |

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**Leadership and strategic control** 

**The board and its directors** 

The board determines the strategic direction of the company, taking into account the interests of the company and all its stakeholders. The board bears ultimate responsibility for the long-term sustainable success of the company.

Although board structures vary across countries, Ninety One expects boards to:

■ Be
 sufficiently independent, so as to protect all shareholders' interests.

■ Have
 adequate executive representation, so as to provide significant operational insight.

■ Provide
 strong and diverse oversight, underpinned by a variety of skills and experiences that replicate the business's key features and
 geographies.

■ Maintain
 an optimal board size, with appropriate board refreshment, succession plans and correct attendance to find the right balance between fresh
 perspectives and company history.

Ninety One believes directors should stand for re-election regularly, and that there should be clear and detailed disclosures of a director's background. These should be made available to shareholders to facilitate the assessment of their suitability.

Ninety One expects a board to include a sufficient number of independent directors. Some common obstacles to independence include:

■ Founder
 status

■ Family
 relations with senior executives or founders

■ Excessive
 tenure

■ Having
 served as an executive in the previous five years

■ Having
 business relationships with the company or its executives

■ A
  shareholding in the company of over 10% of the issued share capital

**Interlocking directorships** 

The chair leads the board and is responsible for its overall effectiveness in directing the company. Should the company be large and complex in nature, or the chairperson not be independent, Ninety One would require a suitably experienced and senior board member to be appointed as the Lead/Senior Independent Director (LID/SID). The LID should be able to engage independently with owners on governance-related issues.

The LID should also assume key governance responsibilities, including the supervision of the annual evaluation of the chairperson. The LID should also handle specific issues relating to conflicts of interest of board members, should the chairperson not be independent. Ninety One considers a combined chairperson and CEO role to be a governance risk.

The voting guidelines arising from the above are as follows:

■ Unless
 there is a particular context and explanation, Ninety One may not support the (re)election of the chairperson where:

■ They
 are considered to be not independent.

■ They
 are the former CEO.

■ There
 has been a clear failure to conduct periodic reviews of the performance of the board.

■ They
 have repeatedly refused to adhere to reasonable disclosure requests.

■ There
 has been a disregard for the interests of stakeholders, including in relation to the environmental and social risks and impacts of the company.

■ There
 is a lack of succession planning and there is no engagement on the topic.

■ Shareholder
 rights and the ability to communicate with the board have been impaired.

■ There
 are persistent and  unaddressed governance failures that pose a material risk, unless the board has provided a strong rationale.

■ Ninety
 One may vote against a combined chair and CEO board structure, although it will consider all circumstances, including duration of the appointment, the potential
 concentration of power and explicit disclosures on how conflicts of interest have been managed.

■ Ninety
 One may not support non-independent directors where the overall board balance is not majority independent or does not at least meet the local market requirements.

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■ Ninety
 One generally accepts proportional representation of  shareholdings on the board, so long as minority shareholders' interests
 are respected.

■ Ninety
 One will, in the first instance, focus on non-independent non-executive directors who also serve as key committee members when the overall board is not majority
 independent.

■ Where
 executive directors sit as committee members, Ninety One may vote against the executive directors.

■ Ninety
 One may vote against directors, including the chairperson, if, from a sustainability point of view, there are unmitigated risks, poor
 disclosure, incidents
 and failure to appropriately manage and anticipate environmental and social risks which have resulted, or may result, in the destruction
 of shareholder value.

■ Ninety
 One may vote against the re-election of any director who has not attended 75% of the total number of board and relevant committee meetings
 in the period since they were last elected to the board, unless an appropriate explanation has been provided.

■ Ninety
 One may vote against directors who, due to having accumulated multiple board roles at other publicly listed companies or large unlisted companies, run the
 risk of not being able to properly discharge their fiduciary duties. Ninety One will look at the number of external roles, the roles themselves,
 and the market  capitalisation of the companies concerned.

■ Ninety
 One prefers boards that are adequately sized and may vote against certain directors if it considers the board to be too large and unwieldy.

■ Ninety
 One expects timely disclosure of names and biographical details of all nominees, and may vote against candidates where such information
 is not disclosed.

■ As
 a general principle, Ninety One does not support bundled directors' elections, although it will be guided by regional best practice.

■ Ninety
 One does not support proposals that remove directors from being re-elected by either a clean slate (100% of the board) or by rotation (usually 33% per year).

■ Ninety
 One does not generally support the election of alternate directors.

**Board committees** 

Ninety One expects the audit, remuneration and nomination committees to comprise non-executive directors only and be chaired by an independent non-executive director. Ninety One may vote against non-independent directors when the structures below are not in place, or when the discharge of duties by each of the committees does not meet the principles it expects companies to uphold.

**Audit committee**<br>The audit committee has a crucial role in safeguarding investors' interests, as it is responsible for the integrity of the financial statements, risk management and auditor appointment. Given this key role, Ninety One expects audit committees to comprise independent non-executive directors only. They should comprise a minimum of three members with at least one with recent and relevant financial expertise.

**Remuneration committee**<br>The remuneration committee is responsible for designing and implementing the remuneration scheme for the company's executive directors and senior management, including consideration of remuneration related to the management of the environment and social risks and impacts. In this capacity, it should have knowledge of pay structures across the organisation, including that of the CEO, as well as being aware of the gender-pay-gap ratio and other relevant diversity factors. Ninety One expects remuneration committees to be fully independent where called for by market practice, and prefers at least some remuneration committee members to be, or have been, remuneration committee members at other publicly listed companies or to have had similar experience.

**Nomination committee**<br>The nomination committee is responsible for ensuring that the board comprises directors with a good range of relevant skills and knowledge and that they collectively represent diversity. It is tasked with designing and implementing robust board-evaluation and succession-planning policies. Ninety One expects nomination committees to be majority independent.

■ Ninety
 One may vote against the chair of the nomination committee if, after engagement, there is a failure to ensure appropriate diversity on the board, including
 ethnicity and gender for example.

■ Ninety
 One may vote against the nomination committee chairperson or the board chairperson in cases where it believes that the necessary skills/ diversity are lacking
 on the board, including in relation to climate change and transition.

■ Ninety
 One may vote against the nomination committee chairperson or board chairperson in cases where there is no indication that proper and ongoing
 board assessments and succession planning are taking place.

**Alignment with the long term: remuneration and sustainability**

Ninety One recognises the importance of long-term alignment and looks at it from two main perspectives: (i) alignment of remuneration with the creation of long- term sustainable value; and (ii) the governance system's ability to understand, monitor and mitigate any social, ethical and environmental risks, including managing stakeholder relations.

Ninety One believes that long-term environmental and societal sustainability considerations should be part of a board's long-term oversight and should be reported to stakeholders in an annual report using leading global reporting standards as defined in regulation or by voluntary initiatives such as CDP, SASB (Sustainability Accounting Standards Board) or the GRI (Global Reporting Initiative). The direct implications of a business's operations on the supply chain and the impact of its products and services on both society and the environment should be carefully considered. In Ninety One's engagement with boards and in its governance assessments, it may assess the board's performance in this respect and vote against directors when it believes long-term sustainability considerations are not being adequately addressed.

Where appropriate, Ninety One will also work with policymakers and advocacy groups on these matters.

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Ninety One expects remuneration schemes to be aligned with shareholders' interests, and promote the long-term success of the company. It also expects the remuneration committee to be able to justify pay structures and levels in relation to three main criteria: market practice, sector practice and the company's performance.

The hard-governance remuneration principle that Ninety One considers across all geographies is the existence of a strong and identifiable link between pay and performance. It therefore expects executive directors' actual pay-outs to mirror shareholders' experience, and the company's disclosure to be substantial and substantive enough for such an assessment to take place.

The voting guidelines arising from the above include the following:

■ Ninety
 One may vote against remuneration resolutions where there is insufficient disclosure to assess the schemes, and/or where existing disclosure does not follow the
 regulatory guidelines of the relevant jurisdiction.

■ Ninety
 One places special emphasis on clear and meaningful performance metrics and targets, which should be linked to the company's strategy
 and include stretching
 vesting levels. The lowering of targets may only be accepted in exceptional circumstances.

■ Ninety
 One prefers schemes with several performance metrics that should be relative and under the effective control of the executive directors.

■ Ninety
 One requires a minimum performance period of three years and  favours schemes with a subsequent vesting period.

■ Ninety
 One require  malus and clawback provisions to be in place.

■ Ninety
 One may vote against remuneration resolutions if the remuneration approach fails to ensure appropriate remuneration related to the management
 of environmental and social risks and impacts.

■ Ninety
 One may vote against remuneration resolutions if it is concerned about pay outcomes and not all the members of the remuneration committee
 are independent.

■ Ninety
 One may vote against remuneration resolutions where there is not a healthy balance between fixed and variable pay and, within the latter,
 a relevant split between
 short- and long-term compensation.

■ Ninety
 One will consider not only maximum pay-outs allowed under the policy, but also year-on-year granted amounts, and will consider this in
 the context of the
 company's size, sector, maturity and previous payment history. Remuneration committees should have the ability to exercise discretion within the boundaries
 of applicable employment laws and regulations. However, discretion should be exercised with caution and its use publicly justified.

■ Ninety
 One may vote against untoward salary increases without appropriate justification and excessive pension arrangements. Ninety One will vote against proposals
 that include variable pay within pension entitlement or where pension arrangements are not aligned with the broader workforce, and
 may vote against increases that are triggered entirely by benchmarking exercises.

■ Ninety
 One will vote against plans that can be materially amended without shareholder approval.

■ Ninety
 One does not support retrospective/inflight amendments to incentive schemes, nor the repricing of options, except in exceptional circumstances
 when not doing so may result in the interests of management and shareholders not being aligned.

■ Ninety
 One does not typically support transaction bonuses.

■ Ninety
 One expects dilution levels to be kept to a minimum.

■ On
 recruitment, Ninety One expects companies to pay no more than is strictly necessary. If buy-out awards are agreed, it expects like-for-like structures together
 with an explanation of the link between pay and performance in the old and new schemes. Ninety One may vote against such schemes
 if these conditions are not met.

■ Ninety
 One may vote against severance payments that are not aligned with the company's remuneration policy and those exceeding contractual requirements. Severance
 payments should be subject to the same performance tests and pro- rated for time served. Ninety One will vote against accelerated
 vesting provisions and severance payments lacking disclosure of their terms.

■ Ninety
 One may vote against any option schemes where there is automatic vesting on a change in control of the company.

**Climate change** 

Ninety One expects boards to be able to demonstrate 'climate competency' in their communications with investors and therefore supports the recommendations of the Taskforce on Climate-Related Financial Disclosures (TCFD). Where climate change is identified as a material issue for the business, companies are expected to have sufficient expertise and experience on the board to ensure effective strategic and operational oversight. Ninety One may vote against the report and accounts of companies faced with material climate risk where little or no progress has been made in terms of providing the market with investment-relevant climate disclosures. Furthermore, where Ninety One deems insufficient action is being taken on the issue of climate change, it might cast a vote against the chair of the board and/or other key directors.

Ninety One typically supports shareholder proposals seeking to improve disclosures and transparency by companies facing material carbon risks. In line with its approach to any shareholder resolution, it will consider any climate-related resolution in the context of the individual business and the existing activities to climate risk. When reviewing a resolution, Ninety One also considers the progress made to date and commitments already disclosed by the company. It seeks to support resolutions which are appropriate, relevant and practical for the company in question and its regional context.

**Protecting client capital – capital management and shareholder rights**

A board's authority to raise capital through the issuing of shares, and its ability to decide on how it allocates the income attributable to shareholders (dividend payments or share repurchases), represent an important vote on a set of different resolutions. In many cases, these resolutions are presented as renewable authorities.

While providing the board with flexibility, general authorities can result in a significant erosion of shareholder value. Therefore, Ninety One will apply constraining votes on general authorities, preferring that specific and well-motivated authorities are sought from time to time as needs arise. This is

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core to Ninety One's duty to protect its clients' capital. If there is any indication that these authorities have been used in a reckless and irresponsible manner, this will be reflected in the voting decisions relating to the leadership of the company.

Corporate actions arise from time to time which require shareholder approval. Ninety One will consider such situations on a case-by-case basis, through carefully assessing how the interests of its clients can be best served. Ninety One will actively oppose efforts on the part of management or significant shareholders to reduce the broader shareholder rights (anti- takeover measures, 'poison pills' and alterations to company constitutions). The presentation of such resolutions to shareholders is often an indication of a governance deficiency and should be accompanied by votes relating to the leadership of the company.

On authority to issue shares, Ninety One may:

■ Vote
 against the general authority to issue shares with an attached right of pre-emption of more than 33% of the issued share capital of the company.

■ Vote
 against the general authority to issue shares without attached right of  pre-emption of more than 10% of the issued share capital
 of the company. In
 the UK, Ninety One accepts a 20% issuance authority if it follows the Pre-Emption Rights Group principles.

■ Vote
 against any general authority to issue shares for cash above 5%.

■ Vote
 against any issue of shares for cash where the discount limit is more than 5%.

■ Vote
 against all general authorities where management has a record of destroying company value as assessed by Ninety One's own investment process.

■ Vote
 against the issue of shares to option schemes that it has actively opposed, or where it has opposed the adoption of the remuneration report.

In a case where the company has been irresponsible with respect to the issuing of shares, Ninety One may not support the re-election of the chairperson and any incumbent directors and will not support any resolutions to issue shares.

Ninety One will not support any general authorities to issue shares where the share price is substantially below its intrinsic value. Ninety One will not support any general or specific authorities to issue shares if they are deemed to have the intention of intervening in the market for corporate control or establishing a control group in the company.

Ninety One will actively oppose any issue of shares where the underwriter is a holding company which could be perceived to be increasing its holding in the company through taking up unsubscribed shares.

On the repurchase of shares, Ninety One will consider supporting the request when:

■ There
 is sufficient liquidity in the market.

■ The
 company has substantial cash resources and the repurchase scheme is a viable and tax-efficient method of returning cash to shareholders.

■ The
 company has a track record of  cancelling treasury shares rather than re-issuing them to share option schemes (unless this intention
 has been declared
 in advance).

■ There
 is no conflict of interest with the company's management incentive policy.

■ The
 share price at the time of the general authority is substantially below its intrinsic value as assessed by Ninety One's own investment
 process.

■ There
 is a robust argument as to how the share repurchase scheme will add more value to shareholders than a cash dividend, repaying debt or making appropriate
 investments to enhance efficiency or expand operations.

■ The
 company has sufficient balance-sheet strength and cash resources not to place it under any form of financial strain.

If Ninety One has either supported or rejected a share repurchase scheme and the resolution has been carried, but management has used this authority in an improper manner, Ninety One may vote against the re-election of the chairperson of the company and incumbent directors. On dividends and capital distributions, Ninety One will vote against the payment of a dividend if it will clearly place the company under financial stress. If Ninety One determines that the company is withholding income from shareholders and not using surplus reserves to any productive pursuit, such as reducing debt, it will consider:

■ Making
 a symbolic vote against the adoption of the financial statements.

■ Voting
 against the re-election of incumbent directors.

Where a capital distribution is clearly being used to obfuscate another proposal by the company that diminishes shareholder rights, establishes an anti-takeover mechanism or results in any form of reduction in management accountability, Ninety One will vote against the linked resolution. On changes in shareholder rights via amendments to company constitutions, Ninety One will oppose any:

■ 'Poison
 pill' proposals in any form.

■ Any
 resolutions that propose new share classes that have proportionately higher voting rights than existing share classes.

■ Any
 resolutions that absolve directors from either their fiduciary responsibilities to owners or their re-election through an ordinary resolution.

**Audit and disclosure**

Audits are among the most important protections for shareholders' capital as well as for the company. Consequently, Ninety One attaches much importance to both the quality and the independence of the audit process. The financial statements audit offers credibility and comfort to all stakeholders. The board is responsible for presenting a fair, balanced and understandable view of the financial position of the company. Therefore, it relies on both a robust internal and external audit process as well as employing an appropriate level of oversight.

When voting on resolutions relating to the appointment of auditors, Ninety One considers the suitability of the auditor on a case-by-case basis, considering the context of the business, the market and its respective laws. Ninety One recognises the importance of a healthy, competitive audit

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market, but does not expressly take a view on whether companies should use small or large audit firms. Ninety One will also consider the total fee for the audit, which should also not make up a significant portion of the audit firm's total turnover.

Non-audit work is sometimes necessary but should be kept to a minimum and require prior audit committee approval. The detail around the fees related to both audit and non-audit work should be disclosed to shareholders.

Ninety One may vote against the re-election of the auditor if:

■ There
 are repeated and material misstatements in the annual financial statements.

■ A
 disproportionate (+40%) amount of the auditor's total fee over the previous three years is derived from non-audit services. In markets
 where it is not required
 or best practice to disclose non-audit fees, Ninety One aims to engage with companies to encourage such disclosure.

■ The
 auditor is engaged with conducting the internal audit.

■ The
 auditor has been in place for more than 10 years and there has not been a recent tender process and there are no plans to put the audit
 out to tender. This
 may also result in the withdrawal of support for the audit committee chairperson.

Accurate, timely and full disclosure is essential to Ninety One's investment and capital-allocation process. Appropriate disclosures allow us to evaluate continuously a company's position, engage with management and better understand it. In alignment with international standards, disclosure should be honest, unbiased, balanced, material, clear, complete, relevant, inclusive, consistent, comparable and timely.

Ninety One may vote against the approval of the financial statements resolution when:

■ There
 is a clear deficiency in information.

■ There
 has been an attempt to hide or obfuscate materials.

■ There
 are serious omissions, or there has been an audit qualification.

Ninety One may vote against specific transactions where there appears to be a material deficiency with respect to the information provided to shareholders.

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**APPENDIX C**

**Ratings Definitions**

Below are summaries of the ratings definitions used by some of the rating organizations. Those ratings represent the opinion of the rating organizations as to the credit quality of the issues that they rate. The summaries are based upon publicly available information provided by the rating organizations.

<u>Ratings of Long-Term Obligations and Preferred Stocks</u> — The Fund utilizes ratings provided by rating organizations in order to determine eligibility of long-term obligations. The ratings described in this section may also be used for evaluating the credit quality for preferred stocks.

Credit ratings typically evaluate the safety of principal and interest payments, not the market value risk of bonds. The rating organizations may fail to update a credit rating on a timely basis to reflect changes in economic or financial conditions that may affect the market value of the security. For these reasons, credit ratings may not be an accurate indicator of the market value of a bond.

The four highest Moody's ratings for long-term obligations (or issuers thereof) are Aaa, Aa, A and Baa. Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and, as such, may possess certain speculative characteristics.

Moody's ratings of Ba, B, Caa, Ca and C are considered below investment grade. Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. Obligations rated B are considered speculative and are subject to high credit risk. Obligations rated Caa are judged to be speculative, of poor standing and subject to very high credit risk. Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

The four highest S&P Global ratings for long-term obligations are AAA, AA, A and BBB. An obligation rated AAA has the highest rating assigned by S&P Global and indicates that the obligor's capacity to meet its financial commitments on the obligation is extremely strong. An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong. An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong. An obligation rated BBB exhibits adequate protection parameters; however, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

S&P Global ratings of BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation. An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation. An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not yet occurred but S&P Global expects default to be a virtual certainty, regardless of the anticipated time to default. An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring. An SD (selective default) rating is assigned when S&P Global believes that the obligor has selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

The four highest ratings for long-term obligations by Fitch Ratings are AAA, AA, A and BBB. Obligations rated AAA are deemed to be of the highest credit quality. AAA ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. Obligations rated AA are deemed to be of very high credit quality. AA ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. Obligations rated A are deemed to be of high credit quality. An A rating denotes expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. Obligations rated BBB are deemed to be of good credit

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quality. BBB ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. This is the lowest investment grade category.

Fitch's ratings of BB, B, CCC, CC, C, RD and D are considered below investment grade or speculative grade. Obligations rated BB are deemed to be speculative. BB ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met. Obligations rated B are deemed to be highly speculative. B ratings indicate that material credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, the capacity for continued payment is vulnerable to deterioration in the business and economic environment. CCC ratings indicate that substantial credit risk is present. CC ratings indicate very high levels of credit risk. C indicates exceptionally high levels of credit risk Obligations rated C indicate a default or default-like process had begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Ratings in the categories of 'CCC', 'CC', and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only. Conditions that are indicative of a C category rating for an issuer include: (a) the issuer has entered into a grace or cure period following non-payment of a material financial obligation; (b) the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; (c) the formal announcement by the issuer or their agent of a distressed debt exchange; or (d) a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent. Obligations rated RD indicate an issuer that, in Fitch Ratings' opinion, has experienced an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating. This would include: (a) the selective payment default on a specific class or currency of debt; (b) the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; (c) the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or (d) ordinary execution of a distressed debt exchange on one or more material financial obligations. Obligations rated D indicate an issuer that, in Fitch Ratings' opinion, has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business. Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange. In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA obligation rating category, or to corporate finance obligation ratings in the categories below CCC.

<u>Ratings of Municipal Obligations</u> — Moody's ratings for short-term investment-grade municipal obligations are designated Municipal Investment Grade (MIG or VMIG in the case of variable rate demand obligations) and are divided into three levels — MIG/VMIG 1, MIG/VMIG 2, and MIG/VMIG 3. The MIG/VMIG 1 designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. The MIG/VMIG 2 designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. The MIG/VMIG 3 designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. An SG designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

S&P Global uses SP-1, SP-2, SP-3, and D to rate short-term municipal obligations. A rating of SP-1 denotes a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. A rating of SP-2 denotes a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. A rating of SP-3 denotes a speculative capacity to pay principal and interest. A rating of D is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

<u>Ratings of Short-Term Obligations</u> — Moody's short-term ratings, designated as P-1, P-2, P-3, or NP, are opinions of the ability of issuers to honor short-term financial obligations that generally have an original maturity not exceeding thirteen months. The rating P-1 (Prime-1) is the highest short-term rating assigned by Moody's and it denotes an issuer (or supporting institution) that has a superior ability to repay short-term debt obligations. The rating P-2 (Prime-2) denotes an issuer (or supporting institution) that has a strong ability to repay short-term debt obligations. The rating P-3 (Prime-3) denotes an issuer (or supporting institution) that has an acceptable ability to repay short-term obligations. The rating NP (Not Prime) denotes an issuer (or supporting institution) that does not fall within any of the Prime rating categories.

S&P Global short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that typically means obligations with an original maturity of no more than 365 days. A short-term obligation rated A-1 is rated in the highest category by S&P Global and indicates that the obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong. A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory. A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation. A short-term obligation rated B is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments. A short-term obligation rated C is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. A short-term obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global believes that such

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payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to D if it is subject to a distressed debt restructuring. An SD rating is assigned when S&P Global believes that the obligor has selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.

Fitch Rating's Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. A rating of F1 denotes an obligation of the highest short-term credit quality. It indicates the strongest intrinsic capacity for timely payment of financial commitments and may have an added "+" to denote any exceptionally strong credit feature. A rating of F2 denotes good short-term credit quality. It indicates a good intrinsic capacity for timely payment of financial commitments. A rating of F3 denotes fair short-term credit quality. It indicates that the intrinsic capacity for timely payment of financial commitments is adequate. A rating of B denotes an obligation that is of speculative short-term credit quality, indicating minimal capacity for timely payment of financial commitments as well as heightened vulnerability to near term adverse changes in financial and economic conditions. A rating of C denotes a high short-term default risk, and indicates that default is a real possibility. A rating of RD indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. RD is typically applicable to entity ratings only. A rating of D indicates a broad-based default event for an entity, or the default of a short-term obligation.

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**APPENDIX D**

**GLOSSARY**

---

| | |
|:---|:---|
| **American Beacon or the Manager** | American Beacon Advisors, Inc. |
| **Authorized Participant** | A DTC Participant that has entered into an Authorized Participant Agreement with the Distributor to purchase and redeem Creation Units of the Fund |
| **Basket** | A basket of securities which, together with a specified cash payment, or, in certain circumstances, for an all cash payment, the Fund exchanges for Creation Units |
| **Beneficial Owners** | Owners of beneficial interests in shares of the Fund |
| **Board** | Board of Trustees |
| **Brexit** | The United Kingdom's departure from the European Union |
| **Business Day** | Any day on which the NYSE Arca is open for business |
| **CCO** | Chief Compliance Officer |
| **CFTC** | Commodity Futures Trading Commission |
| **CPO** | Commodity Pool Operator |
| **Creation Unit** | Aggregations of a specified number of shares of the Fund |
| **Denial of Services** | A cybersecurity incident that results in customers or employees being unable to access electronic systems |
| **Distribution Plan** | The Trust's distribution plan under Rule 12b-1 under the Investment Company Act |
| **Distributor** | Foreside Financial Services, LLC, the principal underwriter of the Fund's shares |
| **Dividends** | Distributions from the Fund's net investment income |
| **Dodd-Frank Act** | Dodd-Frank Wall Street Reform and Consumer Protection Act |
| **DRD** | Dividends-received deduction. |
| **DTC** | The Depository Trust Company |
| **DTC Participants** | Participants of DTC, which include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC |
| **ETF** | Exchange-Traded Fund |
| **EU** | European Union |
| **Exchange** | NYSE Arca Inc., a national securities exchange on which shares of the Fund are listed |
| **FINRA** | Financial Industry Regulatory Authority, Inc. |
| **Forwards** | Foreign Currency Forward Contracts |
| **Holdings Policy** | Policies and Procedures for Disclosure of Portfolio Holdings |
| **Indirect Participants** | Organizations such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly |
| **Internal Revenue Code** | Internal Revenue Code of 1986, as amended |
| **Investment Company Act** | Investment Company Act of 1940, as amended |
| **IRS** | Internal Revenue Service |
| **Management Agreement** | The Fund's Management Agreement with the Manager |
| **Manager** | American Beacon Advisors, Inc. |
| **Moody's** | Moody's Investors Service, Inc. |
| **NAV** | Net asset value |
| **NSCC** | National Securities Clearing Corporation |
| **NYSE** | New York Stock Exchange |

---

**D-1** 

------

[Back to **Table of Contents**](#TOC_2676)

---

| | |
|:---|:---|
| **OTC** | Over-the-Counter |
| **Proxy Policy** | Proxy Voting Policy and Procedures |
| **QDI** | Qualified Dividend Income |
| **RIC** | Regulated Investment Company |
| **RIH** | Resolute Investment Holdings, LLC |
| **S&P Global** | S&P Global Ratings |
| **SAI** | Statement of Additional Information |
| **SEC** | Securities and Exchange Commission |
| **Securities Act** | Securities Act of 1933, as amended |
| **State Street** | State Street Bank and Trust Co. |
| **Trust** | American Beacon Select Funds |
| **Trustee Retirement Plan** | Trustee Retirement and Trustee Emeritus and Retirement Plan |
| **UK** | United Kingdom |

---

**D-2**

------

**PART C**<br>OTHER INFORMATION

Item 28. Exhibits

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
| (a) | (1) | [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99a1.htm), dated August 27, 2024, is incorporated by reference to Post-Effective Amendment No. 50, filed November 25, 2024 ("PEA No. 50") |
|  | (2) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99a2.htm) for American Beacon AHL Liquid Trend ETF, is incorporated by reference to Post-Effective Amendment No. 43, filed August 25, 2023 ("PEA No. 43") |
|  | (3) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99a3.htm) for American Beacon AHL Trend ETF, is incorporated by reference to PEA No. 43 |
|  | (4) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99a4.htm) for American Beacon GLG Natural Resources ETF, is incorporated by reference to Post-Effective Amendment No. 47, filed January 30, 2024 ("PEA No. 47") |
|  | (5) | [Certificate of Designation](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99a5.htm) for American Beacon Ionic Inflation Protection ETF, is incorporated by reference to PEA No. 50 |
|  | (6) | [Certificate of Designation](abnoife-efp17767_ex99a6.htm) for American Beacon Ninety One International Franchise ETF - (filed herewith) |
| (b) |  | [Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99b.htm), effective as of August 27, 2024, is incorporated by reference to PEA No. 50 |
| (c) |  | Rights of holders of the securities being registered are contained in Articles III, VIII, X, XI and XII of the Registrant's [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99a1.htm) and Articles II, III, VI, VII and VIII of the Registrant's [Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99b.htm) |
| (d) | (1)(A)(i) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d1a.htm) by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 47 |
|  | (1)(A)(ii) | [First Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99d1aii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated January 9, 2024, is incorporated by reference to Post-Effective Amendment No. 49, filed May 24, 2024 ("PEA No. 49") |
|  | (1)(A)(iii) | [Second Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99d1aiii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated January 26, 2024, is incorporated by reference to PEA No. 49 |
|  | (1)(A)(iv) | [Third Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99d1aiv.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated February 27, 2024, is incorporated by reference to PEA No. 49 |
|  | (1)(A)(v) | [Fourth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99d1av.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated March 14, 2024, is incorporated by reference to PEA No. 49 |
|  | (1)(A)(vi) | [Fifth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99d1avi.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated April 15, 2024, is incorporated by reference to PEA No. 49 |
|  | (1)(A)(vii) | [Sixth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99d1avii.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated October 21, 2024, is incorporated by reference to PEA No. 50 |
|  | (1)(A)(viii) | [Seventh Amendment](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99d1aviii.htm) to Management Agreement Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated February 24, 2025, is incorporated by reference to Post-Effective Amendment No. 54, filed April 10, 2025 ("PEA No. 54")  |
|  | (1)(A)(ix) | [Eighth Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322825008925/absf-efp17324_ex99d1aix.htm) Schedule B by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., dated June 20, 2025, is incorporated by reference to Post-Effective Amendment No. 57, filed August 26, 2025 ("PEA No. 57") |
|  | (1)(B)(i) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d1bi.htm) by and between American Beacon Select Funds and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 47 |
|  | (1)(B)(ii) | [First Amendment to Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d1bii.htm) by and between American Beacon Select Funds and American Beacon Advisors, Inc., dated February 1, 2024, is incorporated by reference to PEA No. 47 |
|  | (1)(B)(iii) | [Second Amendment](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99d1biii.htm) to Management Agreement by and between American Beacon Select Funds and American Beacon Advisors, Inc. dated March 18, 2025, is incorporated by reference to PEA No. 54 |
|  | (1)(C) | [Management Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d1c.htm) between American Beacon Cayman Trend Company, Ltd. and American Beacon Advisors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 47 |
|  | (2)(A) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d2a.htm) by and between American Beacon Advisors, Inc. and AHL Partners LLP, dated December 29, 2023, is incorporated by reference to PEA No. 47 |
|  | (2)(B) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d2b.htm) by and between American Beacon Advisors, Inc. and AHL Partners LLP with respect to American Beacon Cayman Trend Company, Ltd., dated December 29, 2023, is incorporated by reference to PEA No. 47 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
|  | (2)(C) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99d2c.htm) by and between American Beacon Advisors, Inc. and GLG LLC, dated January 23, 2024, is incorporated by reference to PEA No. 47 |
|  | (2)(D) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99d2d.htm) by and between American Beacon Advisors, Inc. and Ionic Capital Management LLC, dated March 19, 2025, is incorporated by reference to PEA No. 54 |
|  | (2)(E) | [Form of Investment Advisory Agreement](abnoife-efp17767_ex99d2e.htm) by and between American Beacon Advisors, Inc. and Ninety One North America, Inc. - (filed herewith) |
| (e) | (1)(A) | [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99e1.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., dated December 29, 2023, is incorporated by reference to PEA No. 47 |
|  | (1)(B) | [First Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99e1b.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., dated May 1, 2024, is incorporated by reference to PEA No. 49 |
|  | (1)(C) | [Second Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99e1c.htm) between American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., effective October 21, 2024, is incorporated by reference to PEA No. 50 |
|  | (1)(D) | [Third Amendment](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99e1aiv.htm) to Distribution Agreement among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., effective February 18, 2025, is incorporated by reference to PEA No. 54 |
|  | (1)(E) | [Fourth Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322825008925/absf-efp17324_ex99e1e.htm) among American Beacon Funds, American Beacon Select Funds and Resolute Investment Distributors, Inc., dated June 20, 2025, is incorporated by reference to PEA No. 57 |
|  | (2)(A) | [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005809/amsf-html6889_ex99e2.htm) between American Beacon Select Funds and Foreside Financial Services, LLC, effective August 3, 2023, is incorporated by reference to Post-Effective Amendment No. 44, filed October 24, 2023 ("PEA No. 44") |
|  | (2)(B) | [First Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99e2aii.htm) between American Beacon Select Funds and Foreside Financial Services, LLC, effective February 1, 2024, is incorporated by reference to PEA No. 47 |
|  | (2)(C) | [Second Amendment](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99e2aiii.htm) to Distribution Agreement between American Beacon Select Funds and Foreside Financial Services, LLC, effective April 14, 2025, is incorporated by reference to PEA No. 54 |
| (f) |  | Bonus, profit sharing or pension plans – (none) |
| (g) | (1) | [Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322818002426/h10052831_99g1.htm) between Registrant and State Street Bank and Trust Company, dated December 31, 1999, is incorporated by reference to Post-Effective Amendment No. 30, filed April 25, 2018 |
|  | (2) | [Form of Amendment to the Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000095013401509148/d90649bex99-gii.txt) regarding name change, dated November 30, 2001, is incorporated by reference to Post-Effective Amendment No. 3, filed November 30, 2001 |
|  | (3) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000095013404002733/d12975exv99wxgyxiiy.txt) to reflect amendments to Rule 17f-5 and addition of Rule 17f-7 of the 1940 Act, dated June 1, 2001, is incorporated by reference to Post-Effective Amendment No. 6, filed March 1, 2004 |
|  | (4) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99g4.htm), dated August 23, 2023, is incorporated by reference to PEA No. 43 |
|  | (5) | [Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99g5.htm), dated January 18, 2024, is incorporated by reference to PEA No. 47 |
|  | (6) | [Amendment](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99g6.htm) to Custodian Agreement, dated March 3, 2025, is incorporated by reference to PEA No. 54 |
| (h) | (1) | [Transfer Agency Services Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823003099/absf-html6250_ex99h1.htm) between SS&C GIDS, Inc. and American Beacon Select Funds, effective February 1, 2023, is incorporated by reference to Post-Effective Amendment No. 38, filed April 27, 2023 ("PEA No. 38") |
|  | (2)(A) | [Transfer Agency and Service Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99h2.htm) by and between State Street Bank and Trust Company and American Beacon Select Funds, dated August 23, 2023, is incorporated by reference to PEA No. 43 |
|  | (2)(B) | [First Amendment to Transfer Agency and Service Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99h2b.htm) by and between State Street Bank and Trust Company and American Beacon Select Funds, dated January 18, 2024, is incorporated by reference to PEA No. 47 |
|  | (2)(C) | [Second Amendment](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99h2c.htm) to Transfer Agency and Service Agreement by and between State Street Bank and Trust Company and American Beacon Select Funds, dated March 3, 2025, is incorporated by reference to PEA No. 54 |
|  | (3)(A) | [Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99h3a.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund, and American Beacon Advisors, Inc., dated April 30, 2017, is incorporated by reference to PEA No. 43 |
|  | (3)(B) | [First Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2b.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund, and American Beacon Advisors, Inc., dated May 8, 2018, is incorporated by reference to Post-Effective Amendment No. 36, filed April 29, 2021 ("PEA No. 36") |
|  | (3)(C) | [Second Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2c.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund, and American Beacon Advisors, Inc., dated August 26, 2018, is incorporated by reference to PEA No. 36 |

---

**3** 

------

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
|  | (3)(D) | [Third Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2d.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., dated March 26, 2019, is incorporated by reference to PEA No. 36 |
|  | (3)(E) | [Fourth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2e.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., dated October 15, 2019, is incorporated by reference to PEA No. 36 |
|  | (3)(F) | [Fifth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2f.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., dated January 13, 2020, is incorporated by reference to PEA No. 36 |
|  | (3)(G) | [Sixth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2g.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective April 30, 2020, is incorporated by reference to PEA No. 36 |
|  | (3)(H) | [Seventh Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2h.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective July 31, 2020, is incorporated by reference to PEA No. 36 |
|  | (3)(I) | [Eighth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2i.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective September 10, 2020, is incorporated by reference to PEA No. 36 |
|  | (3)(J) | [Ninth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2j.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective September 30, 2020, is incorporated by reference to PEA No. 36 |
|  | (3)(K) | [Tenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322821002533/abusnnsf-html3582_ex99h2k.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective November 2, 2020, is incorporated by reference to PEA No. 36 |
|  | (3)(L) | [Eleventh Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322822002968/absf-html4810_ex99h2l.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, American Beacon Sound Point Enhanced Income Fund, American Beacon Apollo Total Return Fund and American Beacon Advisors, Inc., effective August 2, 2021, is incorporated by reference to Post-Effective Amendment No. 37, filed August 2, 2021 |
|  | (3)(M) | [Twelfth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823003099/absf-html6250_ex99h2m.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective May 23, 2022, is incorporated by reference to PEA No. 38 |
|  | (3)(N) | [Thirteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823003099/absf-html6250_ex99h2n.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective January 31, 2023, is incorporated by reference to PEA No. 38 |
|  | (3)(O) | [Fourteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/0001133228-23-005148-index.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of August 15, 2023, is incorporated by reference to PEA No. 43 |
|  | (3)(P) | [Fifteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99h3p.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., dated January 19, 2024, is incorporated by reference to PEA No. 47 |
|  | (3)(Q) | [Sixteenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99h3q.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of May 1, 2024, is incorporated by reference to PEA No. 49 |
|  | (3)(R) | [Seventeenth Amendment to the Sub-Administrative Services Fee Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99h3r.htm) between American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust and American Beacon Advisors, Inc., effective as of October 21, 2024, is incorporated by reference to PEA No. 50 |
|  | (4) | [Form of Authorized Participant Agreement](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99h4.htm), is incorporated by reference to PEA No. 43 |
| (i) |  | Opinion and Consent of Counsel – (to be filed by amendment) |
| (j) |  | Consent of Independent Registered Public Accounting Firm – (to be filed by amendment) |
| (k) |  | Financial statements omitted from prospectus – (none) |
| (l) |  | [Letter of Investment Intent](https://www.sec.gov/Archives/edgar/data/1096012/000089843299000968/0000898432-99-000968.txt) is incorporated by reference to the Registrant's initial Registration Statement filed with the SEC on October 1, 1999 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Number** | **Number** | **Exhibit Description** |
| (m) | (1) | [Distribution Plan](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005809/amsf-html6889_ex99m.htm) pursuant to Rule 12b-1, dated August 7, 2023, is incorporated by reference to PEA No. 44 |
|  | (2) | [Amended and Restated Schedule A to the Distribution Plan](https://www.sec.gov/Archives/edgar/data/1096012/000113322824000622/abgnretf-html7145_ex99m2.htm) pursuant to Rule 12b-1, effective January 17, 2024, is incorporated by reference to PEA No. 47 |
|  | (3) | [Amended and Restated Schedule A](https://www.sec.gov/Archives/edgar/data/1096012/000113322825003645/abiipe-efp15164_ex99m3.htm) to the Distribution Plan pursuant to Rule 12b-1, effective March 18, 2025, is incorporated by reference to PEA No. 54 |
| (n) |  | Plan Pursuant to Rule 18f-3 – (none) |
| (p) | (1) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1096012/000113322823005148/abahlte-html6697_ex99p1.htm) of American Beacon Advisors, Inc., American Beacon Funds, American Beacon Select Funds, American Beacon Institutional Funds Trust, and Resolute Investment Distributors, Inc., dated August 11, 2023, is incorporated by reference to PEA No. 43 |
|  | (2) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99p2.htm) for AHL Partners LLP, amended October 2023, is incorporated by reference to PEA No. 49 |
|  | (3) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1096012/000113322824005653/absf-html7946_ex99p3.htm) for GLG LLC, amended October 2023, is incorporated by reference to PEA No. 49 |
|  | (4) | [Code of Ethics](https://www.sec.gov/Archives/edgar/data/1096012/000113322824010519/absf-efp11849_ex99p4.htm) for Ionic Capital Management LLC, is incorporated by reference to PEA No. 50 |
|  | (5) | [Code of Ethics](abnoife-efp17767_ex99p5.htm) for Ninety One North America, Inc., effective November 1, 2023 - (filed herewith) |
| Other Exhibits | Other Exhibits | Other Exhibits |
|  |  | [Powers of Attorney for Trustees](https://www.sec.gov/Archives/edgar/data/1096012/000113322825008925/absf-efp17324_ex99other.htm) of American Beacon Funds, American Beacon Select Funds and American Beacon Institutional Funds Trust, effective as of January 31, 2025 and August 25, 2025, is incorporated by reference to PEA No. 57 |

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**Item 29. Persons Controlled by or under Common Control with Registrant**

The Trust through the American Beacon AHL Trend ETF, a separate series of the Trust, wholly owns and controls the American Beacon Cayman Trend Company, Ltd. ("Trend Subsidiary"), a company organized under the laws of the Cayman Islands. The Trend Subsidiary's financial statements will be included, on a consolidated basis, in the American Beacon AHL Trend ETF's annual and semi-annual reports to shareholders.

**Item 30. Indemnification**

*Article XI of the Amended and Restated Declaration of Trust of the Trust provides that:*

<u><u>Limitation of Liability</u></u>

<u><u>Section 1.</u></u> Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest of the Trust, the Trustees and officers of the Trust shall not be responsible for or liable in any event for neglect or wrongdoing of them or any officer, agent, employee or investment advisor of the Trust, and shall not be liable for errors of judgment or mistakes of fact or law, but nothing contained herein shall protect any Trustee or officer against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

<u><u>Indemnification</u></u>

<u><u>Section 2.</u></u>

(a) Subject to the exceptions and limitations contained in paragraph (b) below:

(i) every person who is, or has been, a Trustee or officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has an interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each Series to the fullest extent permitted by law, including the 1940 Act and the rules and regulations thereunder as amended from time to time and interpretations thereunder, against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof;

(ii) subject to the provisions of this Section 2, each Covered Person shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the records, books and accounts of the Trust or, as applicable, any Series, upon an opinion or other advice of legal counsel, or upon reports made or advice given to the Trust or, as applicable, any Series, by any Trustee or any of its officers, employees, or a service provider selected with reasonable care by the Trustees or officers of the Trust, regardless of whether the person rendering such report or advice may also be a Trustee, officer or employee of the Trust or, as applicable, any Series.

(iii) as used herein, the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever.

(b) To the extent required under the 1940 Act and the rules and regulations thereunder as amended from time to time and interpretations thereunder, but only to such extent, no indemnification shall be provided hereunder to a Covered Person:

(i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or

(ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the

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settlement; (B) by at least a majority of those Trustees who are neither interested persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such Covered Person and shall inure to the benefit of the heirs, executors and administrators of such Covered Person. Nothing contained herein shall affect any rights to indemnification to which any Covered Person or other person may be entitled by contract or otherwise under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other Person.

(d) To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

(e) To the maximum extent permitted by applicable law, including Section 17(h) of the 1940 Act and the rules and regulations thereunder as amended from time to time and interpretations thereunder, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 2 shall be paid by the Trust or the applicable Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or a Series, as applicable, if it is ultimately determined that he or she is not entitled to indemnification under this Section 2; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission.

The advancement of any expenses pursuant to this Section 2(e) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.

(f) Any repeal or modification of this Article XI or adoption or modification of any other provision of this Declaration of Trust inconsistent with this Article XI shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption.

(g) Notwithstanding any other provision in this Declaration of Trust to the contrary, any liability and/or expense against which any Covered Person is indemnified under this Section 2 and any advancement of expenses that any Covered Person is entitled to be paid under Section 2(e) shall be deemed to be joint and several obligations of the Trust and each Series, and the assets of the Trust and each Series shall be subject to the claims of any Covered Person therefor under this Article XI; provided that (a) any such liability, expense or obligation may be allocated and charged by the Trustees between or among the Trust and/or any one or more Series (and Classes) in such manner as the Trustees in their sole discretion deem fair and equitable; and (b) the Trustees may determine that any such liability, expense or obligation should not be allocated to one or more Series (and Classes), and such Series or Classes shall not be liable therefor as provided under Article III, Section 4.

(h) Without limiting the foregoing, the Trust may, in connection with any transaction permitted by this Declaration of Trust, including the acquisition of assets subject to liabilities or a merger or consolidation pursuant to Article XII, Section 2, assume the obligation to indemnify any person including a Covered Person or otherwise contract to provide such indemnification, and such indemnification shall not be subject to the terms of this Article XI, Section 2 unless otherwise required under applicable law.

According to Article XII, Section 1 of the Amended and Restated Declaration of Trust, nothing in the Amended and Restated Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association. Trustees are not liable personally to any person extending credit to, contracting with or having any claim against the Trust, a particular Portfolio or the Trustees. A Trustee, however, is not protected from liability due to willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Article V, Section 5 provides that, subject to the provisions of Article XI, the Trustees shall not be liable for any act or omission in accordance with certain advice of counsel or other experts or for failing to follow such advice. Article XI, Section 1 provides that the Trustees are not liable for errors of judgment or mistakes of fact or law, but a Trustee is not protected from liability due to willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, for any act or omission in accordance with advice of counsel or other experts or for failing to follow such advice.

*Numbered Paragraph 10 of the Management Agreement by and among American Beacon Funds, American Beacon Select Funds and American Beacon Advisors, Inc., provides that:*

<u><u>10. Limitation of Liability of the Manager.</u></u> The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by a Trust or any Fund in connection with the matters to which this Agreement relate except a loss resulting from the willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Any person, even though also an officer, partner, employee, or agent of the Manager, who may be or become an officer, Board member, employee or agent of a Trust shall be deemed, when rendering services to a Trust or acting in any business of a Trust, to be rendering such services to or acting solely for a Trust and not as an officer, partner, employee, or agent or one under the control or direction of the Manager even though paid by it. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and, therefore, nothing in this Agreement is intended to limit the obligations of the Manager under such laws. This Paragraph 10 does not in any manner preempt any separate written indemnification commitments made by the Manager with respect to any matters encompassed by this Agreement.

*Numbered Paragraph 10 of the Management Agreement by and between American Beacon Select Funds and American Beacon Advisors, Inc., provides that:*

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

<u><u>10. Limitation of Liability of the Manager.</u></u> The Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust or any Fund, and its or their shareholders, in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Any person, even though also an officer, director, partner, employee, or agent of the Manager, who may be or become an officer, Board member, employee or agent of the Trust shall be deemed, when rendering services to the Trust or any Fund or acting in any business of the Trust or such Fund, to be rendering such services to or acting solely for the Trust or such Fund and not as an officer, director, partner, employee, or agent or one under the control or direction of the Manager even though paid by it. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and, therefore, nothing in this Agreement is intended to limit the obligations of the Manager under such laws. This Paragraph 10 does not in any manner preempt any separate written indemnification commitments made by the Manager with respect to any matters encompassed by this Agreement, which shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with AHL Partners LLP provides that:*

9. Liability. The Adviser, its affiliates or their respective officers, directors, employees and agents (collectively, the "Covered Persons") shall have no liability to the Trust, its shareholders, the Manager or any third party arising out of or related to this Agreement, provided however, the Covered Persons agree to, and shall indemnify and hold harmless the Trust and its shareholders, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of or in connection with the performance of any Covered Person's responsibilities to the Trust and the Manager which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, any Covered Person's obligations and/or duties under this Agreement. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and therefore, nothing in this Agreement is intended to limit the obligations of any Covered Persons under such laws.

Neither the Manager nor the Trust shall have any liability to any Covered Person or any third party arising out of or related to this Agreement, provided however, the Manager agrees to indemnify and hold harmless, all Covered Persons against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which a Covered Person may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of the Manager's responsibilities to any Covered Person which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Manager's obligations and/or duties under this Agreement by the Manager or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of it.

The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with GLG LLC, provides that:*

9. Liability. The Adviser, its affiliates or their respective officers, directors, employees and agents (collectively, the "Covered Persons") shall have no liability to the Trust, its shareholders, the Manager or any third party arising out of or related to this Agreement, provided however, the Covered Persons agree to, and shall indemnify and hold harmless the Trust and its shareholders, the Manager, any affiliated person within the meaning of Section 2(a)(3) of the Investment Company Act, and each person, if any, who, within the meaning of Section 15 of the Securities Act, controls the Manager, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of or in connection with the performance of any Covered Person's responsibilities to the Trust and the Manager which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, any Covered Person's obligations and/or duties under this Agreement. The U.S. federal and state securities laws impose liabilities on persons who act in good faith, and therefore, nothing in this Agreement is intended to limit the obligations of any Covered Persons under such laws.<br>Neither the Manager nor the Trust shall have any liability to any Covered Person or any third party arising out of or related to this Agreement, provided however, the Manager agrees to indemnify and hold harmless, all Covered Persons against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which a Covered Person may become subject under the securities or commodities laws, any other federal or state law, at common law or otherwise, arising out of the Manager's responsibilities to any Covered Person which may be based upon any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Manager's obligations and/or duties under this Agreement by the Manager or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of it.<br>The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Ionic Capital Management LLC, provides that:*

<u><u>9. Liability of Adviser; Indemnification.</u></u> The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to

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be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Numbered Paragraph 9 of the Investment Advisory Agreement with Ninety One North America, Inc. provides that:*

<u><u>9. Liability of Adviser; Indemnification.</u></u> The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

*Section 4.2 of the Distribution Agreement with Resolute Investment Distributors, Inc., provides that:*

(a) Notwithstanding anything in this Agreement to the contrary, Resolute shall not be responsible for, and the Client shall on behalf of each applicable Fund or Class thereof, indemnify and hold harmless Resolute, its employees, directors, officers and managers and any person who controls Resolute within the meaning of section 15 of the Securities Act or section 20 of the Securities Exchange Act of 1934, as amended, (for purposes of this Section 4.2(a), "Resolute Indemnitees") from and against, any and all losses, damages, costs, charges, reasonable counsel fees, payments, liabilities and other expenses of every nature and character (including, but not limited to, direct and indirect reasonable reprocessing costs) arising out of or attributable to all and any of the following (for purposes of this Section 4.2(a), a "Resolute Claim")

(i) any material action (or omission to act) of Resolute or its agents taken in connection with this Agreement; provided, that such action (or omission to act) is taken in good faith and without willful misfeasance, negligence or reckless disregard by Resolute, or its affiliates, of its duties and obligations under this Agreement;

(ii) any untrue statement of a material fact contained in the Registration Statement or arising out of or based upon any alleged omission to state 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, and in conformity with, information furnished to the Client in connection with the preparation of the Registration Statement or exhibits to the Registration Statement by or on behalf of Resolute;

(iii) any material breach of the Clients' agreements, representations, warranties, and covenants in Sections 2.9 and 5.2 of this Agreement; or

(iv) the reliance on or use by Resolute or its agents or subcontractors of information, records, documents or services which have been prepared, maintained or performed by the Client or any agent of the Client, including but not limited to any Predecessor Records provided pursuant to Section 2.9(b).

(b) Resolute will indemnify, defend and hold the Client and their several officers and members of their Governing Bodies and any person who controls the Client within the meaning of section 15 of the Securities Act or section 20 of the Securities Exchange Act of 1934, as amended, (collectively, the "Client Indemnitees" and, with the Resolute Indemnitees, an "Indemnitee"), free and harmless from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every nature and character (including the cost of investigating or defending such claims, demands, actions, suits or liabilities and any reasonable counsel fees incurred in connection therewith), but only to the extent that such claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses result from, arise out of or are based upon all and any of the following (for purposes of this Section 4.2(c), a "Client Claim" and, with a Resolute Claim, a "Claim"):

(i) any material action (or omission to act) of Resolute or its agents taken in connection with this Agreement, provided that such action (or omission to act) is taken in good faith and without willful misfeasance, negligence or reckless disregard by Resolute, or its affiliates, of its duties and obligations under this Agreement.

(ii) any untrue statement of a material fact contained in the Registration Statement or any alleged omission of a material fact required to be stated or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon, and in conformity with, information furnished to the Client in writing in connection with the preparation of the Registration Statement by or on behalf of Resolute; or

(iii) any material breach of Resolute's agreements, representations, warranties and covenants set forth in Section 2.4 and 5.1 hereof.

(c) The Client or Resolute (for purpose of this Section 4.2(d), an "Indemnifying Party") may assume the defense of any suit brought to enforce any Resolute Claim or Client Claim, respectively, and may retain counsel chosen by the Indemnifying Party and approved by the other Party, which approval shall not be unreasonably withheld or delayed. The Indemnifying Party shall advise the other Party that it will assume the defense of the suit and retain counsel within ten (10) days of receipt of the notice of the claim. If the Indemnifying Party assumes the defense of any such suit and retains counsel, the other Party shall bear the fees and expenses of any additional counsel that they retain. If the Indemnifying Party does not assume the defense of any such suit, or if other Party does not approve of counsel chosen by the Indemnifying Party, or if the other Party has been advised that it may have available defenses or claims that are not available to or conflict with those available to the Indemnifying Party, the Indemnifying Party will reimburse

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any Indemnitee named as defendant in such suit for the reasonable fees and expenses of any counsel that the Indemnitee retains. An Indemnitee shall not settle or confess any claim without the prior written consent of the applicable Client, which consent shall not be unreasonably withheld or delayed.

(d) An Indemnifying Party's obligation to provide indemnification under this section is conditioned upon the Indemnifying Party receiving notice of any action brought against an Indemnitee within twenty (20) days after the summons or other first legal process is served. Such notice shall refer to the Person or Persons against whom the action is brought. The failure to provide such notice shall not relieve the Indemnifying Party of any liability that it may have to any Indemnitee except to the extent that the ability of the party entitled to such notice to defend such action has been materially adversely affected by the failure to provide notice.

(e) The provisions of this section and the parties' 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 any Indemnitee and shall survive the sale and redemption of any Shares made pursuant to subscriptions obtained by Resolute. The indemnification provisions of this section will inure exclusively to the benefit of each person that may be an Indemnitee at any time and their respective successors and assigns (it being intended that such persons be deemed to be third party beneficiaries under this Agreement).

*Section 4.3 of the Distribution Agreement with Resolute Investment Distributors, Inc., provides that:*

Notwithstanding anything in this Agreement to the contrary, except as specifically set forth below:

(a) Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, acts of God; action or inaction of civil or military authority; public enemy; war; terrorism; riot; fire; flood; sabotage; epidemics; labor disputes; civil commotion; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; insurrection; or elements of nature;

(b) Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party;

(c) No affiliate, director, officer, employee, manager, shareholder, partner, agent, counsel or consultant of either Party shall be liable at law or in equity for the obligations of such Party under this Agreement or for any damages suffered by the other Party related to this Agreement;

(d) There are no third party beneficiaries of this Agreement;

(e) Each Party shall have a duty to mitigate damages for which the other Party may become responsible;

(f) The assets and liabilities of each Fund are separate and distinct from the assets and liabilities of each other Fund, and no Fund shall be liable or shall be charged for any debt, obligation or liability of any other Fund, whether arising under this Agreement or otherwise; and in asserting any rights or claims under this Agreement, Resolute shall look only to the assets and property of the Fund to which Resolute's rights or claims relate in settlement of such rights or claims; and

(g) Each Party agrees promptly to notify the other party of the commencement of any litigation or proceeding of which it becomes aware arising out of or in any way connected with the issuance or sale of Shares.

*Section 3.4 of the Distribution Agreement with Foreside Financial Services, LLC, provides that:* 

The Distributor shall not be liable to the Adviser for any action taken or omitted by it in the absence of bad faith, willful misfeasance, gross negligence or reckless disregard by it (or its agents or employees) of its obligations and duties under this Agreement.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing 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 Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, 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.

*Supplemental Limited Indemnification from the Manager*

ABA shall indemnify and hold harmless Indemnitee, in his or her individual capacity, from and against any cost, asserted claim, liability or expense, including reasonable legal fees (collectively, "Liability") based upon or arising out of (i) any duty of ABA under the Management Agreement (including ABA's failure or omission to perform such duty), and (ii) any liability or claim against Indemnitee arising pursuant to Section 11 of the Securities Act of 1933, as amended, Rule 10b-5 under the Securities Exchange Act of 1934, as amended, and any similar or related federal, state or common law statutes, rules or interpretations. ABA's indemnification obligations under this Letter Agreement shall be limited to civil and administrative claims or proceedings.

**Item 31.**<br> **I. Business and Other Connections of Investment Manager**

**American Beacon Advisors, Inc. (the "Manager")** offers investment management and administrative services to the Registrant. It acts in the same capacity to other investment companies, including those listed below.

Set forth below is information as to any other business, profession, vocation or employment of a substantial nature in which each officer and director of American Beacon Advisors, Inc. is, or at any time during the past two fiscal years has been, engaged for his/her own account or in the capacity of director, officer, employee, partner or trustee.

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| | |
|:---|:---|
| **Name; Current Position with American Beacon Advisors, Inc.** | **Other Substantial Business and Connections** |
| Patrick J. Bartels; Director | Redan Advisors LLC: Managing Member |
| Sonia L. Bates; Assistant Treasurer, Vice President, Tax and Fund Reporting | Resolute Investment Services, Inc.: Vice President, Fund and Tax Reporting (2023-2025)<br>American Private Equity Management, LLC: Assistant Treasurer (2012-2024)<br>American Beacon Cayman Managed Futures Strategy Fund, Ltd.: Treasurer (2022-Present)<br>American Beacon Cayman TargetRisk Company, Ltd.: Treasurer (2022-Present)<br>American Beacon Cayman Trend Company, Ltd.: Treasurer (2023-Present)<br>American Beacon Funds Complex: Principal Accounting Officer and Treasurer (2021-Present) |
| Rosemary K. Behan; Senior Vice President, Secretary and General Counsel | Resolute Investment Holdings, LLC: Secretary (2015-2025)<br>Resolute Topco, Inc.: Secretary (2015-Present)<br>Resolute Acquisition, Inc.: Secretary (2015-Present)<br>Resolute Investment Managers, Inc.: Senior Vice President (2021-Present)<br>Resolute Investment Distributors, Inc.: Secretary (2017-Present)<br>Resolute Investment Services, Inc.: Senior Vice President (2021-2025), Secretary and General Counsel (2015-2025) <br>American Private Equity Management, LLC: Secretary (2008-2024) <br>American Beacon Cayman Managed Futures Strategy Fund, Ltd.: Secretary (2014-Present)<br>American Beacon Cayman Multi-Alternatives Company, Ltd.: Secretary (2023-Present)<br>American Beacon Cayman TargetRisk Company, Ltd.: Secretary (2018-Present)<br>American Beacon Cayman Trend Company, Ltd.: Secretary (2023-Present)<br>American Beacon Funds Complex: Vice President, Secretary, and Chief Legal Officer (2006-Present) |
| Paul B. Cavazos; Senior Vice President and Chief Investment Officer | American Beacon Funds Complex: Vice President (2016-Present)<br>American Private Equity Management, L.L.C.: Vice President (2017-2024) |
| Jame Donath; Director | Greenscape Financial Group: Chairman <br>Orange Grove Bio: Senior Advisor <br>114 Tenants Corp: President of the Board <br>Norwood UK Restructuring Dinner: Co-Founder  |
| Richard M. Goldman; Director | Becket Capital: Founder and Managing Partner <br>AlphaTrai Asset Management: Director <br>Marblegate Acquisition Corporation: Independent Corporate Director  |
| Rebecca L. Harris; Chief Operating Officer and Senior Vice President | Resolute Investment Managers, Inc.: Chief Operating Officer (June 2024-Present) Senior Vice President (2021-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024) <br>Resolute Investment Services: Senior Vice President (2021-May 2024, June 2024-2025), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024)<br>Resolute Acquisition, Inc.: Senior Vice President (January-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024)<br>Resolute Topco, Inc.: Senior Vice President (January-May 2024, June 2024-Present), Director (May-June 2024), President (May-June 2024) Chief Executive Officer (May-June 2024)<br>National Investment Services of America, LLC: Director (2022-Present)<br>RSW Investments Holdings LLC: Director (2022-Present)<br>Shapiro Capital Management LLC: Director (2022-Present)<br>SSI Investment Management LLC: Director (2022-Present)<br>American Beacon Advisors, Inc.: Chief Operating Officer (June 2024-Present), Senior Vice President (2021-May 2024), Director (May-June 2024), President (May-June 2024), Chief Executive Officer (May-June 2024)<br>American Beacon Funds Complex: President (May 2024-June 2024), Vice President (2022-May 2024, June 2024-Present)  |

---

**10**

------

---

| | |
|:---|:---|
| **Name; Current Position with American Beacon Advisors, Inc.** | **Other Substantial Business and Connections** |
| Melinda G. Heika; Senior Vice President, Treasurer and Chief Financial Officer | Resolute Topco, Inc.: Treasurer (2015-Present)<br>Resolute Investment Holdings, LLC: Treasurer (2015-2024)<br>Resolute Acquisition, Inc.: Treasurer (2015-Present)<br>Resolute Investment Managers, Inc.: Senior Vice President (2021-Present), Treasurer and CFO (2017-Present)<br>Resolute Investment Services, Inc.: Senior Vice President (2021-2025), Treasurer and CFO (2017-2025)<br>American Private Equity Management, L.L.C.: Treasurer (2012-2024)<br>American Beacon Cayman Managed Futures Strategy Fund, Ltd.: Director (2014-Present, Vice President (2022-Present), Treasurer (2014-2022)<br>American Beacon Cayman TargetRisk Company, Ltd.: Director and Vice President (2022-Present), Treasurer (2018-2022)<br>American Beacon Cayman Multi-Alternatives Company, Ltd.: Director and Vice President (2023-Present)<br>American Beacon Cayman Trend Company, Ltd.: Director and Vice President (2023-Present)<br>American Beacon Funds Complex: Vice President (2021-Present) |
| Kirstin Hill; Director | Social Finance: President & COO |
| Terri L. McKinney; Senior Vice President, Enterprise Services | Resolute Investment Managers, Inc.: Senior Vice President, Enterprise Services (2021-Present)<br>Resolute Investment Services, Inc.: Senior Vice President, Enterprise Services (2021-2025)<br>Resolute Investment Distributors, Inc.: Director and Vice President (2024-Present) <br>American Beacon Funds Complex: Vice President (2010-Present) |
| Teresa A. Oxford; Assistant Secretary and Deputy General Counsel | Resolute Investment Managers, Inc.: Deputy General Counsel (2024-Present), Assistant Secretary (2017-Present), Associate General Counsel (2018-2024)<br>Resolute Investment Services, Inc: Deputy General Counsel (2024-2025), Assistant Secretary (2018-2025), Associate General Counsel (2018-2024)<br>Resolute Investment Distributors, Inc.: Assistant Secretary (2024-Present)<br>American Beacon Funds Complex: Assistant Secretary (2015-Present) |
| Bo Ragsdale; Vice President, Information Technology | Resolute Investment Managers, Inc.: Vice President, Information Technology (2021-Present)<br>Resolute Investment Services, Inc.: Vice President, Information Technology (2021-2025) |
| Christina E. Sears; Vice President and Chief Compliance Officer | Resolute Investment Managers, Inc.: Vice President (2017-Present)<br>Resolute Investment Services, Inc.: Vice President (2019-2025)<br>Resolute Investment Distributors, Inc.: Vice President (2017-Present)<br>American Private Equity Management, LLC: Chief Compliance Officer (2012-2024)<br>RSW Investments Holdings, LLC: Chief Compliance Officer (2019-Present)<br>Shapiro Capital Management LLC: Chief Compliance Officer (2024-Present)<br>American Beacon Funds Complex: Chief Compliance Officer (2004-Present), Assistant Secretary (1999-Present) |
| Samuel J. Silver; Vice President and Chief Fixed Income Officer | American Beacon Funds Complex: Vice President (2011-Present) |
| Claire L. Stervinou; Assistant Treasurer and Corporate Tax Manager | Resolute Investment Managers, Inc.: Assistant Treasurer (2021-Present)<br>Resolute Investment Services, Inc.: Assistant Treasurer (2021-2025) |

---

**11** 

------

---

| | |
|:---|:---|
| **Name; Current Position with American Beacon Advisors, Inc.** | **Other Substantial Business and Connections** |
| Gregory J. Stumm; Director, President and Chief Executive Officer | Resolute Acquisition, Inc.: Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024)<br>Resolute Topco, Inc.: Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present)<br>Resolute Investment Services, Inc.: Director (June 2024-2025), President (June 2024-2025), Chief Executive Officer (June 2024-2025), Senior Vice President (2022-2024)<br>Resolute Investment Managers, Inc.: Director (June 2024-Present), President (June 2024-Present), Chief Executive Officer (June 2024-Present), Senior Vice President (2022-2024)<br>Resolute Investment Distributors, Inc.: President (2024-Present), Chief Executive Officer (2024-Present), Director (2022-Present), Senior Vice President (2022-2024)<br>National Investment Services of America, LLC: Director (June 2024-Present)<br>RSW Investments Holdings LLC: Director (June 2024-Present)<br>Shapiro Capital Management, LLC: Director (June 2024-Present)<br>SSI Investment Management, LLC: Director (June 2024-Present)<br>American Beacon Advisors, Inc.: Senior Vice President (2022-2024)<br>American Beacon Funds Complex: President (June 2024-Present), Vice President (2022-June 2024) |

---

The principal address of each of the entities referenced above, other than RSW Investment Holdings LLC, Shapiro Capital Management LLC, SSI Investment Management LLC, and National Investment Services of America, LLC is 220 East Las Colinas Blvd., Suite 1200, Irving, Texas 75039. The principal address of RSW Investment Holdings LLC is 47 Maple Street, Suite 304, Summit, New Jersey 07901. The principal address of Shapiro Capital Management LLC is 3060 Peachtree Road NW #1555, Atlanta, Georgia 30305. The principal address of SSI Investment Management LLC is 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067. The principal address of National Investment Services of America, LLC is 777 E. Wisconsin Avenue, Suite 2350, Milwaukee, Wisconsin 53202.

**II. Business and Other Connections of Investment Advisers**

The investment advisers listed below provide investment advisory services to the Trust.

**American Beacon Advisors, Inc.**, 220 East Las Colinas Blvd., Suite 1200, Irving, Texas 75039.

**AHL Partners LLP ("AHL")** is a registered investment adviser and is an investment sub-advisor for the American Beacon AHL Trend ETF. The principal address of AHL is 2 Swan Lane, London, UK EC4R 3AD. Information as to the officers and directors of AHL is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 167882), and is incorporated herein by reference.

**GLG LLC ("Man GLG")** is a registered investment adviser and is the investment sub-advisor for the American Beacon GLG Natural Resources ETF. The principal address of Man GLG is 1345 Avenue of the Americas, 21st Floor, New York, NY. Man GLG is an investment advisory firm formed in April 2002. Man GLG is a limited liability company that is directly owned by Man Investments Holdings, Inc. Man Investments Holdings, Inc. is an indirect subsidiary of Man Group plc, the ultimate parent company of Man GLG. Information as to the officers and directors of Man GLG is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 138802), and is incorporated herein by reference.

**Ionic Capital Management LLC** **("Ionic")** is a registered investment adviser and is the investment sub-advisor for the American Beacon Ionic Inflation Protection ETF. The principal address of Ionic is 475 5th Ave., 9th Floor, New York, NY 10017. Information as to the officers and directors of Ionic is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 156400), and is incorporated herein by reference.

**Ninety One North America, Inc ("Ninety One")** is a registered investment adviser and is an investment sub-advisor for the American Beacon Ninety One International Franchise ETF. The principal address of Ninety One is 65 East 55th Street, 30th Floor, New York, NY 10022. Information as to the officers and directors of Ninety One is included in its Form ADV, as filed with the Securities and Exchange Commission (CRD number 167922), and is incorporated herein by reference.

**Item 32. Principal Underwriter**

(a)(1) Resolute Investment Distributors, Inc. ("RID") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1 American Beacon Funds

2 American Beacon Select Funds - American Beacon U.S. Government Money Market Select Fund

(a)(2) Foreside Financial Services, LLC ("Foreside") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. 13D Activist Fund, Series of Northern Lights Fund Trust<br>2. 2nd Vote Funds<br>3. AAMA Equity Fund, Series of Asset Management Fund<br>4. AAMA Income Fund, Series of Asset Management Fund<br>5. Advisers Investment Trust<br>6. AG Twin Brook Capital Income Fund

**12**

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

7. AltShares Trust<br>8. American Beacon AHL Trend ETF, Series of American Beacon Select Funds<br>9. American Beacon GLG Natural Resources ETF, American Beacon Select Funds<br>10. American Beacon Ionic Inflation Protection ETF, American Beacon Select Funds<br>11. Aristotle Funds Series Trust<br>12. Boston Trust Walden Funds (f/k/a The Boston Trust & Walden Funds)<br>13. Bow River Capital Evergreen Fund<br>14. Connetic Venture Capital Access Fund<br>15. Constitution Capital Access Fund, LLC<br>16. Datum One Series Trust<br>17. Diamond Hill Funds<br>18. Diamond Hill Securitized Credit Fund<br>19. Driehaus Mutual Funds<br>20. EntrepreneurShares Series Trust<br>21. FMI Funds, Inc.<br>22. Impax Funds Series Trust I (f/k/a Pax World Funds Series Trust I)<br>23. Impax Funds Series Trust III (f/k/a Pax World Funds Series Trust III)<br>24. Inspire 100 ETF, Series of Northern Lights Fund Trust IV<br>25. Inspire 500 ETF, Series of Northern Lights Fund Trust IV<br>26. Inspire Corporate Bond ETF, Series of Northern Lights Fund Trust IV<br>27. Inspire Fidelis Multi Factor ETF, Series of Northern Lights Fund Trust IV<br>28. Inspire Global Hope ETF, Series of Northern Lights Fund Trust IV<br>29. Inspire International ETF, Series of Northern Lights Fund Trust IV<br>30. Inspire Momentum ETF, Series of Northern Lights Fund Trust IV<br>31. Inspire Small/Mid Cap ETF, Series of Northern Lights Fund Trust IV<br>32. Inspire Tactical Balanced ETF, Series of the Northern Lights Fund Trust IV<br>33. LifeX 2035 Term Income ETF, Series of Stone Ridge Trust<br>34. LifeX 2040 Term Income ETF, Series of Stone Ridge Trust<br>35. LifeX 2045 Term Income ETF, Series of Stone Ridge Trust<br>36. LifeX 2048 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>37. LifeX 2048 Longevity Income ETF, Series of Stone Ridge Trust<br>38. LifeX 2049 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>39. LifeX 2049 Longevity Income ETF, Series of Stone Ridge Trust<br>40. LifeX 2050 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>41. LifeX 2050 Longevity Income ETF, Series of Stone Ridge Trust<br>42. LifeX 2051 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>43. LifeX 2051 Longevity Income ETF, Series of Stone Ridge Trust<br>44. LifeX 2052 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>45. LifeX 2052 Longevity Income ETF, Series of Stone Ridge Trust<br>46. LifeX 2053 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>47. LifeX 2053 Longevity Income ETF, Series of Stone Ridge Trust<br>48. LifeX 2054 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>49. LifeX 2054 Longevity Income ETF, Series of Stone Ridge Trust<br>50. LifeX 2055 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>51. LifeX 2055 Longevity Income ETF, Series of Stone Ridge Trust<br>52. LifeX 2056 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>53. LifeX 2056 Longevity Income ETF, Series of Stone Ridge Trust<br>54. LifeX 2057 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>55. LifeX 2057 Longevity Income ETF, Series of Stone Ridge Trust<br>56. LifeX 2058 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>57. LifeX 2058 Longevity Income ETF, Series of Stone Ridge Trust<br>58. LifeX 2059 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>59. LifeX 2059 Longevity Income ETF, Series of Stone Ridge Trust<br>60. LifeX 2060 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>61. LifeX 2060 Longevity Income ETF, Series of Stone Ridge Trust<br>62. LifeX 2061 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>63. LifeX 2061 Longevity Income ETF, Series of Stone Ridge Trust<br>64. LifeX 2062 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>65. LifeX 2062 Longevity Income ETF, Series of Stone Ridge Trust<br>66. LifeX 2063 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>67. LifeX 2063 Longevity Income ETF, Series of Stone Ridge Trust<br>68. LifeX 2064 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>69. LifeX 2064 Longevity Income ETF, Series of Stone Ridge Trust

**13** 

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

70. LifeX 2065 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>71. LifeX 2065 Longevity Income ETF, Series of Stone Ridge Trust<br>72. LifeX Durable Income ETF, Series of Stone Ridge Trust<br>73. Macquarie Energy Transition ETF, Series of Macquarie ETF Trust<br>74. Macquarie Focused Emerging Markets Equity ETF, Series of Macquarie ETF Trust<br>75. Macquarie Focused Large Growth ETF, Series of Macquarie ETF Trust<br>76. Macquarie Global Listed Infrastructure ETF, Series of Macquarie ETF Trust<br>77. Macquarie National High-Yield Municipal Bond ETF, Series of Macquarie ETF Trust<br>78. Macquarie Tax-Free USA Short Term ETF, Series of Macquarie ETF Trust<br>79. Meketa Infrastructure Fund<br>80. Nomura Alternative Income Fund<br>81. Praxis Mutual Funds<br>82. Primark Meketa Private Equity Investments Fund<br>83. SA Funds – Investment Trust<br>84. Sequoia Fund, Inc.<br>85. Simplify Exchange Traded Funds<br>86. Siren ETF Trust<br>87. Stone Ridge Alternative Lending Risk Premium Fund, Series of Stone Ridge Trust V<br>88. Stone Ridge Art Risk Premium Fund, Series of Stone Ridge Trust VIII<br>89. Stone Ridge Post-Event Reinsurance Fund, Series of Stone Ridge Trust IV<br>90. Stone Ridge Reinsurance Risk Premium Interval Fund, Series of Stone Ridge Trust II<br>91. Tactical Dividend and Momentum Fund, Series of Two Roads Shared Trust<br>92. TCW ETF Trust<br>93. Zacks Trust

(b)(1) The following are the Officers and Managers of RID. RID's main business address is 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant**  |
| Gregory J. Stumm | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Director, Chief Executive Officer and President | President |
| Rosemary K. Behan | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Secretary | Vice President, Chief Legal Officer and Secretary |
| Christina E. Sears | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Vice President | Chief Compliance Officer and Assistant Secretary |
| Teresa A. Oxford | 220 E. Las Colinas Blvd, STE 1200, Irving, TX 75039 | Assistant Secretary | Assistant Secretary |

---

(b)(2) The following are the Officers and Managers of Foreside. Foreside's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301<br>Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301<br>Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301<br>Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301<br>Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301<br>Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301<br>Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301<br>Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

**Item 33. Location of Accounts and Records**

The books and other documents required by Section 31(a) under the Investment Company Act of 1940 are maintained in the physical possession of 1) the Trust's custodian and fund accounting agent at State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts

**14**

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02114-2016; 2) the Manager at American Beacon Advisors, Inc., 220 East Las Colinas Blvd., Suite 1200, Irving, Texas 75039; 3) the Trust's transfer agent, SS&C GIDS, Inc., 330 West 9th St., Kansas City, Missouri 64105; 4) Mastercraft, 3021 Wichita Court, Fort Worth, Texas 76140; or 5) the Trust's investment advisers at the addresses listed in Item 31 above.

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**15** 

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 58 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Irving and the State of Texas, on September 18, 2025.

---

| | |
|:---|:---|
| AMERICAN BEACON SELECT FUNDS | AMERICAN BEACON SELECT FUNDS |
| By: | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment No. 58 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| /s/ Gregory J. Stumm | President (Principal Executive Officer) | September 18, 2025 |
| Gregory J. Stumm |  |  |
| /s/ Sonia L. Bates | Treasurer (Principal Financial Officer | September 18, 2025 |
| Sonia L. Bates | and Principal Accounting Officer) |  |
| Gilbert G. Alvarado<sup>\*</sup> | Trustee | September 18, 2025 |
| Gilbert G. Alvarado |  |  |
| Gerard J. Arpey<sup>\*</sup> | Trustee | September 18, 2025 |
| Gerard J. Arpey |  |  |
| Eugene J. Duffy<sup>\*</sup> | Trustee | September 18, 2025 |
| Eugene J. Duffy |  |  |
| Claudia A. Holz<sup>\*</sup> | Trustee | September 18, 2025 |
| Claudia A. Holz |  |  |
| Douglas A. Lindgren<sup>\*</sup> | Chair and Trustee | September 18, 2025 |
| Douglas A. Lindgren |  |  |
| Barbara J. McKenna<sup>\*</sup> | Trustee | September 18, 2025 |
| Barbara J. McKenna |  |  |
| Janet C. Smith <sup>\*</sup> | Trustee | September 18, 2025 |
| Janet C. Smith |  |  |
| Paul Zemsky<sup>\*</sup> | Trustee | September 18, 2025 |
| Paul Zemsky |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Rosemary K. Behan |
|  | Rosemary K. Behan |
|  | Attorney-In-Fact |

---

**16**

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**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Type** | **Description** |
| 99.(a)(6) | [Certificate of Designation for American Beacon Ninety One International Franchise ETF](abnoife-efp17767_ex99a6.htm) |
| 99.(d)(2)(E) | [Form of Investment Advisory Agreement by and between American Beacon Advisors, Inc. and Ninety One North America, Inc.](abnoife-efp17767_ex99d2e.htm) |
| 99.(p)(5) | [Code of Ethics for Ninety One North America, Inc., effective November 1, 2023](abnoife-efp17767_ex99p5.htm) |

---

**17**

## Ex-99.(A)(6)

**Exhibit 99.(a)(6)**

**Creation and Designation of** 

**Additional Series of Shares of Beneficial Interest of**

**American Beacon Select Funds**

Pursuant to Article III, Section 1 of the Amended and Restated Declaration of Trust of the American Beacon Select Funds (the "Trust") dated August 27, 2024 ("Trust Instrument"), the American Beacon Ninety One International Franchise ETF (the "Fund"), was created as a new ETF series of the Trust by resolution of the Trust's Board of Trustees ("Board") on August 25, 2025.

All rights, obligations, and preferences of the Fund and its shares of beneficial interest ("Shares") are as set forth in the Trust Instrument, the Fund's registration statement on Form N-1A ("Registration Statement"), the Amended and Restated Bylaws of the Trust dated August 27, 2024, or by resolution adopted by the Board. The Fund's Shares shall be offered for sale and redeemed on the terms set forth in the Trust's Registration Statement.

**IN WITNESS WHEREOF**, the undersigned have executed this instrument the 8th day of September 2025.

---

| |
|:---|
| /s/ Gilbert G. Alvarado |
| Gilbert G. Alvarado |
| /s/ Gerard J. Arpey |
| Gerard J. Arpey |
| /s/ Eugene J. Duffy |
| Eugene J. Duffy |
| /s/ Claudia A. Holz |
| Claudia A. Holz |
| /s/ Douglas A. Lindgren |
| Douglas A. Lindgren |
| /s/ Barbara J. McKenna |
| Barbara J. McKenna |
| /s/ Janet C. Smith |
| Janet C. Smith |
| /s/ Paul Zemsky |
| Paul Zemsky |

---

## Ex-99.(D)(2)(E)

**Exhibit 99.(d)(2)(E)**

**AMERICAN BEACON SELECT FUNDS**

**INVESTMENT ADVISORY AGREEMENT**

AGREEMENT made this<u> </u> day of <u>______________</u>, 2025, by and among American Beacon Advisors, Inc., a Delaware Corporation (the "Manager"), and Ninety One North America, Inc., a Delaware corporation (the "Adviser");

WHEREAS, the American Beacon Select Funds, a Massachusetts Business Trust ("Trust") is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended ("Investment Company Act"), consisting of several series funds of shares, each having its own assets and investment objective(s), policies, and restrictions; and

WHEREAS, the Trust has retained the Manager to provide the Trust with business and asset management services, subject to the control of the Board of Trustees (the "Board"); and

WHEREAS, the Trust's agreement with the Manager permits the Manager to delegate to other parties certain of its asset management responsibilities; and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act");

WHEREAS, the Manager, with the approval of the Trust's Board of Trustees ("Trustees"), including a majority of the Trustees who are not "interested persons" as defined in the Investment Company Act, desires to retain the Adviser to render investment management services to the Trust with respect to certain of its funds and such other funds as the Trust and the Adviser may agree upon and so specify in the Schedule(s) attached hereto (collectively, the "Funds") and as described in the Trust's registration statement on Form N-1A as amended from time to time, and the Adviser is willing to render such services;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) <u>Duties of the Adviser</u>. The Manager appoints the Adviser to manage the investment and reinvestment of such portion, if any, of the Funds' assets as is designated by the Manager from time to time, and, with respect to such assets, to continuously review, and administer the investment program of the Funds, to determine in the Adviser's discretion the securities to be acquired purchased or disposed of for a Fund portfolio and to coordinate with other Fund service providers as necessary to effectuate acquisitions and dispositions of such investments, to provide the Manager and the Trust with records concerning the Adviser's activities which the Trust is required to maintain, and to render regular reports to the Manager and to the Trust's officers and Trustees concerning the Adviser's discharge of the foregoing responsibilities. The Adviser shall discharge the foregoing responsibilities (1) in conformity with all applicable securities and related laws, including but not limited to the Investment Company Act, the Advisers Act, the Commodity Exchange Act, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), and the rules thereunder, and Subchapter M and other applicable provisions of

the Internal Revenue Code of 1986, as amended (2) subject to the Manager's oversight and the control of the officers and the Trustees of the Trust and in compliance with such policies as the Board may from time to time establish, (3) in compliance with the objectives, policies, and limitations for each such Fund set forth in the Trust's current registration statement as amended from time to time, applicable laws and regulations, and the terms and conditions of any regulatory relief upon which the Trust may rely from time to time with respect to a Fund, (4) in compliance with such other investment guidelines or restrictions established from time to time by the Manager or the Trust which shall be communicated in writing by the Manager to Adviser in advance, and (5) in accordance with the terms and conditions of this Agreement. The Adviser accepts such appointment and agrees to render the services for the compensation specified herein and to provide at its own expense the office space, furnishings and equipment and the personnel required by it to perform the services on the terms and for the compensation provided herein.

The Adviser may from time to time seek assistance from and rely upon investment advisory resources available to it through its affiliated companies, provided the Manager has provided prior written consent and the arrangement is subject to a written agreement, but in no case shall such reliance relieve the Adviser of any of its obligations hereunder, nor shall the Manager or the Funds be responsible for any additional fees or expenses hereunder as a result. Notwithstanding the foregoing, the Manager agrees that Adviser shall be permitted to utilize its affiliated companies for ancillary services other than investment management services. In all cases, the Adviser shall remain liable as if such services were provided directly. The Adviser shall not pay a fee based on the assets of the Funds to any person providing research, and/or any investment adviser to the Adviser, without the written consent of the Manager. (With respect to any of the Fund assets allocated for management by the Adviser, the Manager will make the investment decisions with respect to that portion of assets which the Adviser deems should be invested in short-term money market instruments. The Manager agrees to provide this service.)

The Manager will instruct the Trust's custodian(s) to hold and/or transfer the Funds' assets in accordance with Proper Instructions received from the Adviser. (For this purpose, the term "Proper Instructions" shall have the meaning(s) specified in the applicable agreement(s) between the Trust and its custodian(s), but generally refers to a writing by the representatives of the Adviser who have been authorized by the Trust's Board from time to time to provide instructions to the Trust's custodian. For the purpose of clarification, "Proper Instructions" can be instructions in any format, including without limitation, electronic instructions that are agreed upon by the Adviser and the Trust's custodian.)

The Adviser is authorized on behalf of the Funds, and consistent with the investment discretion delegated to the Adviser herein, to: (i) enter into agreements and execute any documents including without limitation, futures and options transactions, brokerage agreements, clearing agreements, account documentation, futures and option agreements, ISDA agreements, swap agreements, and other investment related agreements required to meet the obligations of the Trust with respect to any investments made for the Funds. Such documentation includes, but is not limited to, any market and/or industry standard documentation and the standard representations contained therein. Adviser is authorized on behalf of Manager to make all elections required in such agreements, instruments, and documentation, including corporate actions, and to receive all related notices from brokers or other counterparties. Manager also authorizes Adviser as agent

and attorney-in-fact to make transactions in futures contracts and options on futures contracts on margin for the Funds and authorizes each broker with whom Adviser makes such transactions to follow its instructions with respect to such transactions. Manager understands and agrees that Adviser will determine that such transactions are permitted before instructing a broker to enter into such transactions and that any broker receiving an order for any such transaction will have no independent obligation to ensure that the transactions are consistent with the Trust's registration statement or the Funds' investment guidelines; and (ii) acknowledge the receipt of brokers' risk disclosure statements, electronic trading disclosure statements and similar disclosures, provided, however, that (a) the Adviser shall be responsible for ensuring that any such representations are consistent with the relevant Fund's investment policies and other governing documents; (b) the Adviser shall be responsible for providing all notifications and delivering all documents required to be provided or delivered by a Fund under such documentation; and (c) the Adviser shall immediately notify the Manager of any event of default, potential event of default or termination event affecting a Fund under such documentation. The Adviser further shall have the authority to instruct the custodian to: (i) pay cash for securities and other property delivered for the Fund, (ii) deliver or accept delivery of, upon receipt of payment or payment upon receipt of, securities, commodities or other property underlying any futures or options contracts, and other property purchased or sold for the Fund; and (iii) deposit margin or collateral, which shall include the transfer of money, securities or other property to the extent necessary to meet the obligations of the Funds with respect to any investments made pursuant to the Trust's registration statement, provided, however, that unless otherwise approved by the Manager, any such deposit of margin or collateral shall be effected by transfer or segregation within an account maintained for the Funds by its custodian subject to a control agreement, acceptable in form and substance to the Manager, pursuant to which such custodian agrees and accepts entitlement, orders or instructions from the secured party with respect to such margin or collateral. The Adviser shall not have the authority to cause the Manager or the Trust to deliver securities or other property, or pay cash to the Adviser other than payment of the advisory fee provided for in this Agreement. The Adviser will not be responsible for the cost of securities or brokerage commissions or any other Trust expenses except as specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Valuation</u>. In accordance with procedures and methods established by the Manager, which may be amended from time to time, the Adviser will provide assistance to the Manager in determining the value of all securities and other investments owned by the Funds, and use reasonable efforts to arrange for the provision of fair valuation information or prices from parties independent of the Adviser with respect to the securities or other investments owned by the Funds for which market prices are not readily available. The Adviser will monitor the securities and other investments owned by the Funds for potential significant events that could affect their values and notify the Manager when, in its opinion, a significant event has occurred that may not be reflected in the market values of such securities. The Adviser will maintain adequate records with respect to securities valuation information provided hereunder, and shall provide such information to Manager upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Compliance and Other Matters</u>. The Adviser, at its expense, shall provide the Manager with such compliance reports and certifications relating to its duties under this Agreement and the federal securities laws as may be agreed upon by such parties from time to time. The Adviser also shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) continue
 to be a duly formed legal entity, validly existing under the laws of its jurisdiction of
 formation, fully authorized to enter into this Agreement and carry out its duties and obligations
 hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be
 registered as an investment adviser with the U.S. Securities and Exchange Commission (the
 "SEC") under the Advisers Act, and be registered or licensed as an investment
 adviser under the laws of all jurisdictions in which its activities require it to be so registered
 or licensed, except where the failure to be so licensed would not have an adverse effect
 on the Adviser, Manager, Fund or Trust. The Adviser shall maintain such registration or license
 in effect and in good standing at all times during the term of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain
 any necessary registrations, licenses, or exemptions, to the extent required, with the U.S.
 Commodity Futures Trading Commission ("CFTC") and/or National Futures Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at
 all times provide its best judgment, effort, advice and recommendations to the Manager and
 the Trust in carrying out its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use
 at least the same care and skill in providing such services as it uses in providing services
 to other accounts for which it has investment management responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) (a)
 cooperate with and provide reasonable assistance to the Manager, the Trust's administrator,
 custodian, transfer agent and pricing agents and all other agents and representatives of
 the Funds, the Trust and the Manager; (b) keep all such persons fully informed as to such
 matters as they may reasonably deem necessary to the performance of their obligations to
 the Funds, the Trust and the Manager; (c) provide prompt responses to reasonable requests
 made by such persons; and (d) maintain any appropriate interfaces with each so as to promote
 the efficient exchange of information. Without limitation of the foregoing, the Adviser shall
 comply with all statutory and regulatory, exchange, and execution facility requirements relating
 to derivatives transactions entered into by the Adviser for or on behalf of the Trust or
 any of its Funds, including without limitation, compliance with all recordkeeping and reporting
 requirements pursuant to Parts 43, 45 and 46 of the regulations of the CFTC and comparable
 rules of the SEC (collectively, the "Derivatives Recordkeeping and Reporting Rules");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) maintain
 a written Code of Ethics complying with the requirements of Rule 17j-1 under the Investment
 Company Act and provide the Manager with a current copy of the Code of Ethics. The Adviser
 shall periodically certify to the Manager that the Adviser has complied with the requirements
 of Rule 17j-1 and that there have been no violations of the Code of Ethics or, if a violation
 has occurred, that appropriate action has been taken in response to such violation. Upon
 written request of the Manager, the Adviser shall permit representatives of the Manager to
 examine the reports (or summaries of the reports) required to be made under the Code of Ethics
 and other records evidencing enforcement of the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) assist
 the Trust and the Trust's Chief Compliance Officer ("CCO") in complying
 with Rule 38a-1 under the Investment Company Act. Specifically, the Adviser represents that
 it shall maintain a compliance program in accordance with the requirements of Rule 206(4)-7
 under the Advisers Act, as amended, and shall provide the CCO with reasonable access to information
 regarding the Adviser's compliance program, including any material changes thereto,
 which access shall include on-site visits with

the Adviser as may be reasonably requested from time to time and a copy of the Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Adviser's annual compliance program, as required by Rule 206(4)-7 under the Advisers Act. The Adviser will promptly report any material violations of its compliance program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the Investment Company Act) that have occurred with respect to the Adviser's compliance program. In connection with the periodic review and annual report required to be prepared by the CCO pursuant to Rule 38a-1, the Adviser agrees to provide certifications as may be reasonably requested by the CCO related to the design and implementation of the Adviser's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) comply
 with the Trusts' policy on selective disclosure of portfolio holdings of the Funds
 as described in the Trusts' current registration statement, and upon request from the
 Manager, provide a certification to the Manager with respect to compliance with the Funds'
 selective disclosure policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) treat
 confidentially and as proprietary all non-public records and other information relating to
 the Funds, and not use such records and information for any purpose other than performance
 of its responsibilities and duties hereunder, except after prior notification to and approval
 in writing by the Manager, when so requested by the Manager, or required by law or regulation.
 If the Adviser becomes legally compelled to disclose any such records or information, other
 than regulatory examinations, to the extent permissible, the Adviser agrees to provide the
 Manager with prompt notice of that request so that the Manager may seek an appropriate protective
 order or other appropriate remedy to protect the confidentiality of such information, if
 the Manager deems such action to be necessary or appropriate. The Adviser shall take reasonable
 measures against unauthorized access to, or use of, non-public Fund and shareholder information
 that could result in substantial harm or inconvenience to any Fund or shareholder. The Adviser
 agrees to promptly notify the Manager after becoming aware of any information security breach
 or acquisition of non-public Fund or shareholder information by an unauthorized person, and
 agrees to comply with all applicable data breach notice requirements applicable to customer
 nonpublic personal information in accordance with its information security program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) maintain
 comprehensive disaster recovery, business continuity and cybersecurity programs that are
 in accordance with applicable law and within industry standards in the Adviser's discretion,
 and provide a summary of its disaster recovery, business continuity and cybersecurity programs
 upon reasonable request by the Manager. The Adviser shall conduct testing on its disaster
 recovery, business continuity and cybersecurity programs not less frequently than in accordance
 with its policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) notify
 the Manager a reasonable time, to the extent permitted by applicable law, prior to any impending
 change of a portfolio manager, portfolio management strategy or any other material matter
 that may require disclosure to the Board and/or shareholders of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) promptly
 notify the Manager of any financial condition that is reasonably and foreseeably likely to
 impair the Adviser's ability to fulfill its commitments under this Agreement, or of
 the occurrence of any event that would substantially impair the Adviser's ability to
 fulfill its commitment under this Agreement or disqualify the

Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the Investment Company Act. The Adviser will also promptly notify the Trust and the Manager if it, a member of its executive management, or portfolio manager for a Fund is served or otherwise receives notice of: a criminal action; and any other action, suit, proceeding or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of a Fund or relating to the investment advisory services of the Adviser (other than any routine regulatory examinations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) notify
 the Manager a reasonable time prior to the occurrence of any "assignment" (as
 defined in the Investment Company Act) of this Agreement by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) provide
 the Manager with a current and complete copy of the Adviser's Form ADV, and any supplements
 or amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) provide
 the Manager with a current list of persons the Adviser wishes to have authorized to give
 instructions to the Trust's custodian regarding assets of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) be
 responsible for the filing of Schedule 13D/13G and Form 13F, and any non-U.S. securities
 filing equivalents of these filings, on behalf of the Trust reflecting holdings over which
 the Adviser and its affiliates have investment and/or voting discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) provide
 reasonable assistance to the Manager, the Trust or its agent in processing class action paperwork,
 for any security held within the Funds managed by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) regularly
 report to the Manager on the investment program for the Funds and the issuers and securities
 represented in the Funds, and furnish the Manager, with respect to the Funds, such periodic
 and special reports as the Manager may reasonably request, including, but not limited to,
 reports concerning transactions and performance of each Fund (which shall include any and
 all reasonable material composite performance information about other accounts managed by
 the Adviser that have similar investment objectives and strategies as a Fund), reports regarding
 compliance with the Trust's procedures pursuant to Rules 17e-1, 17a-7, 10f-3 and 12d3-1
 under the Investment Company Act, reliance on Section 28(e) of the Exchange Act, compliance
 with investment guidelines and restrictions, trade errors, liquidity determinations, and
 compliance with the Adviser's Code of Ethics, and such other procedures or requirements
 that the Manager may reasonably request from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) promptly
 review the Trust's prospectus and statement of additional information applicable to
 the Funds, and any amendments or supplements thereto, which relate to the Adviser or the
 Funds and confirm that, with respect to the disclosure respecting or relating to the Adviser,
 including any performance information the Adviser provides that is included in or serves
 as the basis for information included in the prospectus or statement of additional information,
 such prospectus or statement of additional information contains no untrue statement of any
 material fact and does not omit any statement of material fact which was required to be stated
 therein or necessary to make the statements contained therein not misleading. The Adviser
 further agrees to notify the Manager immediately of any material fact known to the Adviser
 respecting or relating to the Adviser that is not contained in the prospectus or statement
 of additional information for the Trust, or any amendment or supplement thereto, or of any
 statement respecting or relating to the Adviser contained therein that becomes untrue in
 any material respect. With respect to the disclosure respecting each Fund, the Adviser represents
 and agrees that the description in the Trust's prospectus and statement of

additional information regarding investment objectives and strategies is consistent with the manner in which the Adviser intends to manage the Funds, and the description of risks is consistent with risks known to the Adviser that arise in connection with the manner in which the Adviser intends to manage the Funds. The Adviser further agrees to notify the Manager immediately in the event that the Adviser becomes aware that the prospectus or statement of additional information for a Fund is inconsistent in any material respect with the manner in which the Adviser is managing the Fund, and in the event that the principal risks description is inconsistent in any material respect with the risks known to the Adviser that arise in connection with the manner in which the Adviser is managing the Fund. In addition, the Adviser agrees to comply with the Manager's reasonable request for information regarding the personnel of the Adviser who are responsible for the day-to-day management of the Trust's assets, including as may be required to be disclosed in the prospectus or statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Upon
 request, provide certifications to the principal executive and financial officers of the
 Trust (the "certifying officers") that support the certifications required to
 be made by the certifying officers in connection with the preparation and/or filing of the
 Trust's Form N-CSRs, , shareholder reports, financial statements, and other disclosure
 documents or regulatory filings, or any replacement or successor filings thereto, in such
 form and content as the Trust shall reasonably request or in accordance with procedures adopted
 by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) provide
 the Manager with such other information, compliance reports and certifications relating to
 its duties under this Agreement and the federal securities laws as may be reasonably necessary;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) maintain
 an appropriate level of errors and omissions or professional liability insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Portfolio Transactions</u>. The Adviser is authorized to select the counterparties, brokers or dealers (including, to the extent permitted by law and applicable Trust guidelines, the Adviser or any of its affiliates) that will execute the purchases and sales of portfolio securities for the Funds and is directed to use its best efforts to obtain best execution as described in the Trust's current registration statement as amended from time to time and to maintain records adequate to demonstrate compliance with this requirement. On occasions when the Adviser deems the purchase or sale of a security to be in the best interest of a Fund as well as other of its clients, the Adviser, to the extent permitted by applicable law, may aggregate the securities with other Adviser client accounts to be so sold or purchased in order to obtain the best execution of the order or lower brokerage commissions, if any. The Adviser may also, on occasions when the Adviser deems it to be in the best interest of a Fund as well as other of its clients, purchase or sell a particular security for one or more clients in different amounts. On either occasion, and to the extent permitted by applicable law and regulations, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, shall be made by the Adviser in the manner it considers to be equitable and consistent with its fiduciary obligations to the Trust and the Funds and to such other customers and any policies and procedures it has adopted. In selecting brokers or dealers, the Adviser may give consideration to factors other than price, including, but not limited to, research services and market information, to the extent permitted by applicable law. Any such services or information which the Adviser receives in connection with activities for the Trust may also be used for the benefit of other clients and customers of the Adviser or any of its affiliates. The

Adviser will promptly communicate to the Manager and to the officers and the Board such information relating to portfolio transactions as they may reasonably request. The Adviser shall not, without the prior approval of the Manager, effect any transactions which would cause the portion of the Fund's assets designated to the Adviser to be out of compliance with any restrictions or policies of the Fund established by the Manager or set forth in the Fund's registration statement. The Adviser shall not consult with any other investment sub-adviser of the Fund, of any other series of the Trust or of any other investment company under common control with the Trust, concerning transactions for the Fund in securities or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exercise of Rights</u>. The Adviser, unless and until otherwise directed by the Manager, will exercise all rights of security holders with respect to securities held by each Fund, including, but not limited to: voting proxies, converting, tendering, and exchanging or redeeming securities.

The Adviser shall receive and exercise the rights of security holders in the best interest of Fund shareholders and in accordance with the Adviser's then current policies and procedures, including proxy voting policy and procedures, a copy of which shall have been provided to the Manager.

The Adviser shall report to the Manager in a timely manner a record of all proxies voted, in such form and format that complies with acceptable federal statutes and regulations (e.g., requirements of Form N-PX or any successor filing thereto), including a record of all proxies not voted and/or voted inconsistently with Adviser's proxy voting guidelines. The Adviser shall certify at least annually, or more often as may reasonably be requested by the Manager, as to the compliance of its proxy voting policies and procedures with applicable federal statutes and regulations.

The Manager reserves the right to exercise voting rights on any assets held in the Funds on an individual security or ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation of the Adviser</u>. For the services to be rendered by the Adviser as provided in Sections 1, 2, and 3 of this Agreement, the Manager shall pay to the Adviser compensation at the rate specified in the Schedule(s) attached hereto and made a part of this Agreement. Such compensation shall be accrued daily and paid to the Adviser monthly in arrears, and the Manager shall calculate the fee by applying the annual percentage rate(s) as specified in the attached Schedule(s) to the average daily net assets of the specified Funds during the relevant month. Solely for the purpose of calculating the applicable annual percentage rates specified in the attached Schedule(s), there shall be included such other assets as are specified in said Schedule(s). Except as may otherwise be prohibited by applicable law or regulation (including any then current SEC staff interpretations), the Adviser may, in its sole discretion and from time to time, waive a portion of its compensation. The Manager is solely responsible for the payment of fees to the Adviser.

The Adviser agrees that the blended fee rate in basis points contracted hereunder with respect to the Funds listed on Schedule A attached hereto will not exceed the blended fee rate in basis points contracted with a new account for an advisory or sub-advisory relationship with a trust that is an open-end management investment company registered under the Investment Company Act (each, a " '40 Act Fund Account") that the Adviser manages according to substantially similar investment

objectives, with substantially similar servicing requirements and of the same or smaller size (the "MFN"). Notwithstanding the foregoing, the MFN shall not apply to (i) any '40 Act Fund Account offered by an entity that the Adviser is currently in negotiations with to provide investment management services substantially similar to a Fund through a multi-manager US mutual fund (a "Multi-Manager Fund"), a list of which is provided on Schedule B; or (ii) any future '40 Act Fund Account that will be a sleeve of a Multi-Manager Fund (each, a "Sleeve") with a new or existing client of the Adviser to whom the Adviser will provide investment management services substantially similar to a Fund; *provided* that the assets in such Sleeve are greater than the assets of the Fund with the substantially similar strategy; *provided*, *further*, that the Adviser may aggregate assets in an investment strategy across various funds subject to a letter agreement with such client. In the event that the fee charged hereunder exceeds the fee charged to an account described above, the Adviser shall promptly notify the Manager and the fee charged hereunder shall automatically be reduced to match the fee charged to such other account from the time such fee is charged to such other account.

The Adviser shall bear all expenses incurred by it and its staff with respect to all activities in connection with the performance of the Adviser's services under this Agreement, including but not limited to salaries, benefits, overhead, travel, and preparation of reports. Upon request by the Manager, the Adviser agrees to reimburse the Manager for costs associated with certain supplements to the Fund's disclosure documents ("Supplements") generated as a result of changes by the Adviser requiring prompt disclosure in the Trust's prospectus or statement of additional information, and/or the filing of an information statement and for which, at the time of notification by Adviser to Manager of such changes, the Trust is not already generating a supplement or information statement for other purposes or for which the Manager may not be able to reasonably add such changes to a pending supplement or information statement. Such changes by Adviser include, but are not limited to, changes to its structure, to key investment personnel, to investment style or management, or a change in "control" (as defined in the Investment Company Act) of the Adviser. The Adviser shall reimburse the Manager or the Trust, as applicable, for all of the costs associated with generating such Supplements, and/or any required Board and/or proxy expenses related to approving a change in control of the Adviser. Reimbursable costs may include, but are not limited to, costs of preparation, filing, printing, postage, and/or distribution of such Supplements to all existing Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Services</u>. At the request of the Trust or the Manager, upon reasonable notice and for reasonable use, the Adviser in its discretion may make available office facilities, equipment, personnel, and other services. Such office facilities, equipment, personnel and services shall be provided for or rendered by the Adviser and billed to the Trust or the Manager at a price to be agreed upon by the Adviser and the Trust or the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Reports</u>. The Manager (on behalf of the Trust) and the Adviser agree to furnish to each other, if applicable, current prospectuses, statements of additional information, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Status of Adviser</u>. The services of the Adviser to the Trust are not to be deemed exclusive, and the Adviser and its directors, officers, employees and affiliates shall be free to

render similar services to others so long as its services to the Trust are not impaired thereby. The Adviser shall be deemed to be an independent contractor and shall, except as expressly authorized in this Agreement or unless otherwise expressly provided or authorized, have no authority to act for or represent the Manager or the Trust in any way or otherwise be deemed an agent to the Manager or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Books and Records</u>. The Adviser will maintain all accounts, books and records with respect to a Fund that are required of an investment adviser of a registered investment company pursuant to the Investment Company Act and Advisers Act and the rules thereunder Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the Investment Company Act or the Derivatives Recordkeeping and Reporting Rules that are prepared or maintained by the Adviser on behalf of the Manager or the Trust are the property of the Manager or the Trust and will be surrendered promptly to the Manager or Trust on request, provided that the Adviser shall be entitled to retain a copy of such records if it is legally required to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Liability of Adviser; Indemnification</u>. The Adviser shall have no liability to the Trust, its shareholders or any third party arising out of or related to this Agreement, provided however, the Adviser shall not be protected against any liability to, and shall indemnify and hold harmless, the Trust and its shareholders, the Manager, any affiliated person thereof within the meaning of Section 2(a)(3) of the Investment Company Act, and any controlling person thereof as described in Section 15 of the Securities Act, against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Trust and its shareholders, the Manager or such affiliated person or controlling person may become subject under the securities laws, any other federal or state law, at common law or otherwise, however arising out of or in connection with the performance of the Adviser's responsibilities to the Trust which may be based upon: (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of, the Adviser's obligations and/or duties under this Agreement by the Adviser or by any of its directors, officers, employees, agents, or any affiliate acting on behalf of the Adviser; or (ii) any untrue statement of a material fact contained in the Trust's prospectus and statement of additional information applicable to a Fund, or any other Trust filings, proxy materials, reports, advertisements, sales literature or other materials pertaining to a Fund, the Trust or the Manager, or the omission to state therein a material fact known to the Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Manager or the Trust by the Adviser for use therein. The indemnification in this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Permissible Interests</u>. To the extent permitted by law, Trustees, agents, and shareholders of the Trust are or may be interested in the Adviser (or any successor thereof) as directors, partners, officers, or shareholders, or otherwise; directors, partners, officers, agents, and shareholders of the Adviser are or may be interested in the Trust as Trustees, shareholders or otherwise; and the Adviser (or any successor thereof) is or may be interested in the Trust as a shareholder or otherwise; provided that all such interests shall be fully disclosed between the parties on an ongoing basis and in the Trust's registration statement as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>. This Agreement, unless sooner terminated as provided herein, shall continue for two years after its execution as to each Fund, and thereafter for periods of one year for so long as such continuance thereafter is specifically approved at least annually in conformity with the requirements of the Investment Company Act (and any related rules, regulations, orders, exemptions and interpretations thereunder). This Agreement may be terminated as to any Fund at any time, without the payment of any penalty, by: the Manager upon not less than (30) thirty days nor more than (60) sixty days prior notice to the Adviser; by vote of a majority of the Board of the Trust or by vote of a majority of the outstanding voting securities of the Fund on not less than (30) thirty days nor more than (60) sixty days written notice to the Adviser; by the Adviser at any time without the payment of any penalty, on sixty (60) days written notice to the Trust; upon written notice by a party to another party that the other party is in material breach of this Agreement, unless the party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party or parties alleging the breach within thirty (30) days after written notice; or by the Manager immediately upon written notice to the Adviser if the Adviser gives notice of any financial condition that is reasonably and foreseeably likely to impair the Adviser's ability to fulfill its commitments under this Agreement or otherwise becomes unable to discharge its duties and obligations under this Agreement. Upon receipt of a notice of termination from the Manager, the Adviser shall, at the reasonable request of the Manager, continue to perform the services under this Agreement, and shall cooperate with the transfer of data, records and other resources, including shareholder information and any confidential information, as instructed by the Manager. Any notice of termination served on the Adviser by the Manager shall be without prejudice to the obligation of the Adviser to complete transactions already initiated or acted upon with respect to a Fund. This Agreement will automatically and immediately terminate in the event of its assignment.

A notice period provided in this Section may be waived by the party required to be notified, in its absolute discretion.

As used in this Section 11, the terms "assignment" and a "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the Investment Company Act (and any related rules, regulations, orders and interpretations thereunder), subject to such exemptions as may be granted by the SEC under said Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid or unenforceable by a court of competent jurisdiction, statute, rule or otherwise, such provision will be modified, rewritten or interpreted to include as much of its nature and scope as will render it enforceable. If it cannot be so modified, rewritten or interpreted to be valid and enforceable in any respect, it will not be given effect, and the remainder of the Agreement will be enforced as if such provision had never been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendments</u>. This Agreement may be amended by mutual written consent, subject to approval by the Board and the Fund's shareholders to the extent required by the Investment Company Act, subject to such exemptions as may be granted by the SEC under said Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law and Venue</u>. This Agreement shall be governed by the laws of Texas without giving effect to any conflict of laws provisions thereof; provided, however, that nothing herein shall be construed as being inconsistent with the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretation</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 Investment Company Act will be resolved by reference to such term or provision of the Investment Company Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations, orders or interpretations of the SEC validly issued pursuant to the Investment Company Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "assignment" and "affiliated persons," as used herein, will have the meanings assigned to them by Section 2(a) of the Investment Company Act. In addition, where the effect of a requirement of the Investment Company Act reflected in any provision of this Agreement is relaxed by a rule, regulation, order, exemption or interpretation of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation, order, exemption or interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Use of Name.</u> Adviser authorizes Manager's use of the Adviser's service marks and/or trademarks in connection with the marketing of the Fund(s), including but not limited to, in the Fund(s)' registration statements and fact sheets. In addition, the Manager acknowledges and agrees that it has no rights in or to the Adviser's name beyond the limited use rights granted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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 shall together constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Implied Waiver</u>. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Either party's failure to insist in any one or more instances upon strict performance by the other party of the terms of this Agreement shall not be construed as a waiver of any continuing or subsequent failure to perform or delay in performance of any term hereof. To the maximum extent permitted by applicable law, rule or regulation, (i) no provision of this Agreement and no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the provision, claim or right unless in a writing signed by the other parties, (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given, and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Shareholder Rights</u>. For the avoidance of doubt, ownership of shares in a Fund shall not entitle shareholders to any rights, privileges, claims or remedies under this Agreement including, without limitation, any third party beneficiary rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Entire Agreement</u>. This Agreement constitutes the entire understanding between the parties and supersedes any and all prior or contemporaneous understandings and agreements, whether oral or written, between the parties, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Headings</u>. Headings used in this Agreement are provided for convenience only and shall not be used to construe meaning or intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Applicability to Multiple Funds</u>. In the event the terms of this Agreement are applicable to more than one Fund of the Trust as specified in Schedule(s) __ attached hereto, the Manager and the Trust are entering into this Agreement with the Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained herein shall be understood as applying separately with respect to each Fund as if contained in separate agreements among the Manager, the Trust and the Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first written above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for the purposes of <u>Section 11</u> of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Notices</u>. Any notices required to be given hereunder may be delivered by hand, facsimile, deposited with a nationally recognized overnight carrier, or mailed by certified mail, or electronic mail, return receipt requested, postage prepaid, in each case, to the address of the other party listed below (or such other address as may be furnished by a party in accordance with this paragraph). All such notices or communications shall be deemed to have been given and received (a) in the case of personal delivery or facsimile, on the date of such delivery, (b) in the case of delivery by a nationally recognized overnight carrier, the earlier of (i) the date of receipt or (ii) the third business day following dispatch and (c) in the case of mailing, on the seventh business day following such mailing. All such notices shall be delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If
 to the Manager:

American Beacon Advisors, Inc.

220 East Las Colinas Blvd.

Suite 1200

Irving, TX 75039

Attention: Chief Investment Officer

with a copy to General Counsel at the same address.

Facsimile: 817-391-6131

Email: paul.cavazos@ambeacon.com and legal@ambeacon.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If
 to the Adviser:

Ninety One North America, Inc.

65 East 55<sup>th</sup> Street, 30<sup>th</sup> floor

New York, NY 10022

Attention: [XXXX]

with a copy to Head of Legal at the same address.

Facsimile: 917-206-5155

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Trust and Shareholder Liability</u>. The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Amended and Restated Declaration of Trust of the Trust and agrees that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more Fund, the obligations hereunder shall be limited to the respective assets of that Fund. The Adviser further agrees that it shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Fund, nor from the Board or any individual Trustee of the Trust.

A copy of the Amended and Restated Declaration of Trust of the Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is not binding upon any of the Trustees, officers, or shareholders of the Trust individually.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first written above.

---

| | | |
|:---|:---|:---|
| Ninety One North America, Inc. | American Beacon Advisors, Inc. | American Beacon Advisors, Inc. |
| By: | By: |  |
| Name: |  | Rebecca L. Harris |
| Title: |  | Sr. Vice President & Chief Operating Officer |

---

Schedule A

To the

Investment Advisory Agreement

Between

American Beacon Advisors, Inc.

and

Ninety One North America, Inc.

American Beacon Advisors, Inc. ("Manager"), shall pay Ninety One North America, Inc. ("Adviser") pursuant to Section 4 of the Investment Advisory Agreement between American Beacon Advisors, Inc. and the Adviser for rendering investment management services with respect to the American Beacon Ninety One International Franchise ETF ("the Fund") the following fee for all Fund assets under Adviser's management.

[Insert Fee Schedule]

If the management of the accounts commences or terminates at any time other than the beginning or end of a calendar month, the fee shall be prorated based on the portion of such calendar month during which the Agreement was in force.

Dated: as of ___________ ____, 2025

---

| | | |
|:---|:---|:---|
| Ninety One North America, Inc. | American Beacon Advisors, Inc. | American Beacon Advisors, Inc. |
| By: | By: |  |
| Name: |  | Rebecca L. Harris |
| Title: |  | Sr. Vice President & Chief Operating Officer |

---

## Ex-99.(P)(5)

**Exhibit 99.(p)(5)**

U.S. Compliance \| Business Confidential \| For internal use only

**Ninety One North America, Inc.**

U.S. Code of Ethics

Effective November 1, 2023

![](img003.jpg)

i

Ninety One North America, Inc. - U.S. Code of Ethics

---

| | | |
|:---|:---|:---|
|  | **CONTENTS** |  |
| 1. | INTRODUCTION | 1 |
| 2. | SCOPE AND APPLICATION OF THIS CODE OF ETHICS | 1 |
| 3. | WHAT TO DO WHEN IN DOUBT? | 3 |
| 4. | FIDUCIARY PRINCIPLES | 3 |
| 5. | BUSINESS CONDUCT STANDARDS | 4 |
| 6. | ANTIFRAUD PROVISIONS - GENERAL | 5 |
| 7. | CONFIDENTIAL INFORMATION | 6 |
| 8. | PROTECTION OF MATERIAL NONPUBLIC INFORMATION | 9 |
| 9. | REGULATION S-P/PRIVACY NOTICE | 13 |
| 10. | CONFLICTS OF INTERESTS | 14 |
| 11. | DISCLOSURE OF MATERIAL OUTSIDE BUSINESS ACTIVITIES | 15 |
| 12. | GIFTS AND ENTERTAINMENT | 15 |
| 13. | PERSONAL ACCOUNT DEALING | 16 |
| 14. | ACKNOWLEDGMENT OF THE CODE OF ETHICS | 19 |
| 15. | INTERPRETATIONS AND EXCEPTIONS | 19 |

---

ii

Ninety One North America, Inc. - U.S. Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;1. INTRODUCTION

This U.S. Code of Ethics (the "Code of Ethics") for Ninety One North America, Inc. ("Ninety One NA") sets forth the standards for business conduct and guidelines required by Rule 204A-1 for investment advisers registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Code of Ethics is also intended to comply with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act," and together with the Advisers Act, the "Rules") which applies to Ninety One NA because we serve as an investment adviser to registered investment companies (each, a "Registered Fund"). Rule 17j-1 specifically requires us to adopt a Code of Ethics that contains provisions reasonably necessary to prevent an Access Person (as defined herein) from engaging in fraudulent conduct and any unlawful actions, including insider trading. This Code of Ethics applies in addition to the Ninety One NA's Compliance Manual (the "Compliance Manual"), as well as global policies and Do the Right Thing document. Together, these underscore Ninety One NA's commitment that in all our dealings, we will act with fairness, decency and integrity, and adhere to the highest standards of ethics. The success of this commitment depends on the conduct of each Ninety One NA employee.

All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Glossary. Ninety One NA has adopted this Code of Ethics which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aims
 to place the interest of Ninety One NA's clients over the interests of any Supervised
 Person (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Imposes
 standards of business conduct for all Supervised Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires
 Supervised Persons to comply with the Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulates
 an Access Person's personal securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mandates
 periodic reporting and review of personal Securities transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires
 Supervised Persons to report violations of the Code of Ethics and determines consequences
 for the failure to comply.

&nbsp;&nbsp;&nbsp;&nbsp;2. SCOPE
 AND APPLICATION OF THIS CODE OF ETHICS

Ninety One NA must comply with the requirements set forth under the Advisers Act, the rules thereunder, and relevant provisions of other U.S. laws, if applicable, such as regulations pursuant to Employee Retirement Income Security Act of 1974 ("ERISA"), the 1940 Act, Commodity Futures Trading Commission ("CFTC") and the Financial Industry Regulatory Authority, Inc. ("FINRA") and, if relied upon, Securities Exchange Commission ("SEC") guidance, including exemptive, no-action and

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

interpretive positions, such as SEC Risk Alerts. All of Ninety One NA's officers, directors, partners and employees (or other persons occupying a similar status or performing a similar function) (each, a "Supervised Person") are expected to read, understand and comply fully with all requirements herein. The personal account reporting or pre-clearance mandates apply to Access Persons. On an annual basis, Supervised Persons are required to acknowledge receipt of the Code of Ethics and represent in writing that they have read and understood it. Ninety One NA also considers consultants, temporary employees, interns and individuals who occupy similar roles as Supervised Persons who are subject to this Code of Ethics.

In particular, Ninety One NA expects all Supervised Persons to conduct themselves in a manner consistent with the principles, requirements and procedures set forth in this Code of Ethics and to act with fairness, integrity and adhere to the highest standards of ethics, avoiding any activity, interest, or external association that could impair or give the appearance of impairing the Supervised Persons ability to perform their work objectively. Ninety One NA expects all Supervised Persons to exercise sound judgment in the performance of their duties and must never improperly use their position with Ninety One NA for personal or private gain to themselves, their family or any other person.

Ninety One NA's reputation for integrity is its most important asset. Ninety One NA, therefore, must enforce the standards outlined in the Code of Ethics vigorously. Every Supervised Person has a responsibility for knowing and following the Code of Ethics . Each Supervised Person in a supervisory role (each, a "Supervisor") is also responsible for those individuals under his/her supervision. Supervisors are responsible for instituting reasonable measures to ensure that employees understand them, are kept up-to-date of any changes, and comply with them. The Chief Compliance Officer ("CCO") has the responsibility for creating and disseminating Ninety One NA's compliance policies and procedures to the various business units and teams, as well as ensuring efficiency and enforcement of these policies and procedures through adequate monitoring and testing.

Please note that this Code of Ethics does not address Ninety One UK's compliance with any Financial Conduct Authority ("FCA") rules, regulations or policies as a separate manual exists for such purposes. In addition, there are a number of global policies that are applicable to Ninety One NA and its Supervised Persons, who are expected to read and comply with such policies. In case of discrepancies between local and global laws, generally, the more restrictive law should get precedence. Supervised Persons should bring any possible regulatory conflict promptly to the CCO's attention.

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;3. WHAT
 TO DO WHEN IN DOUBT?

When in doubt, ask before you act. The Code of Ethics cannot cover every possible situation that may arise in the course of conducting business in the United States or managing the assets of clients. You may be unsure about application of the policies and procedures in a particular situation. Do <u>not</u> try to resolve difficult questions yourself. Instead, please contact the CCO or the CCO's designee. In addition, all Supervised Person are told to contact the CCO if there is any reason to believe that a violation of the requirements set forth in the Code of Ethics has occurred or is about to occur. Our integrity is of the utmost importance and critical to our long-term success.

Technical compliance with the requirements set forth in the Code of Ethics will not insulate anyone from scrutiny for any actions that create the appearance of a violation. Supervised Persons are expected to also abide by the spirit of the requirements set forth in the Code of Ethics. Ninety One NA may impose penalties for breaches of the Code of Ethics. Depending on the nature of the breach, penalties may include a breach memo to the Supervised Person's file, a formal letter of censure, disgorgement of profits, civil or criminal fines and penalties, referrals to regulatory or self-regulatory bodies, including and up to termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;4. FIDUCIARY
 PRINCIPLES

The Advisers Act requires the registration of certain investment advisers and imposes detailed requirements on the activities of registered investment advisers.

<u>Fiduciary Duty</u>

Under the laws and regulations governing advisers, the SEC has consistently taken the view that an adviser owes a "fiduciary duty'' to its clients. It is the policy of Ninety One NA to act in a manner consistent with this position. Consistent with this obligation to act in the best interest of its clients, the interests of Ninety One NA clients take priority over the investment or business interests of Ninety One NA, its affiliates and its personnel. An investment fiduciary duty encompasses both the duty of care and the duty of loyalty as described below.

*Duty of Care.* This duty includes, without limitation, at least three duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *A duty to provide advice that is in the best interest of the client*. An adviser must have
 a reasonable understanding of its client's investment profile or investment mandate
 and have a reasonable belief that advice is in the best interest of the client. A critical
 component of this duty means an adviser must have a reasonable understanding of the client's
 objectives after reasonably inquiring into such objectives. An adviser's advice needs
 to be suitable for the client.

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *A duty to seek best execution*. An adviser must seek to obtain the execution of transactions
 for each of its clients such that the total cost of proceeds in each transaction are most
 favorable under the circumstances. The goal must be to maximize value for the client under
 the circumstances occurring at the time of transaction. Price is often a determinate factor,
 but an adviser also needs to consider whether the transaction represents the best qualitative
 execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *A duty to provide advice and monitoring over the course of the relationship*. An adviser
 must provide advice and monitoring at a frequency that is in the best interest of the client,
 taking into account the scope of the agreed relationship.

*Duty of loyalty*: An adviser must not place its own interests ahead of its client's interests. To meet its duty of loyalty, an adviser must either eliminate or provide full and fair disclosure of all conflicts of interest which might incline an investment adviser—consciously or unconsciously—to render advice which is not disinterested. Such that a client can provide informed consent to the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;5. BUSINESS
 CONDUCT STANDARDS

Supervised Persons are required to satisfy the fiduciary duty placed on advisers including, but not limited to, the following standards of contact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Place the Interest of Client Accounts First*: Ninety One NA has the fiduciary duty to act at
 all times in the interests of its clients first. As fiduciaries, Supervised Persons must
 rigorously avoid servicing their own personal interests ahead of the interests of its clients.
 Supervised Persons may not cause a client to take action, or not to take action, for their
 personal benefit rather than for the client's benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Do Not Engage in Fraudulent Activity*: Information obtained in course of business activities
 for Ninety One NA, which is not otherwise generally available to the public, is proprietary
 and strictly confidential. In particular, no Supervised Person shall (i) misuse material
 non-public information whether obtained in the course of business activities for Ninety One
 NA or otherwise; (ii) employ any device, scheme or artifice to defraud Ninety One NA's
 clients; (iii) make any untrue statement of a material fact to Ninety One NA's existing
 and potential clients; (iv) engage in any act, practice or
course of business which operates to defraud or deceive clients or potential clients of Ninety One NA; (v) engage in any manipulative
practice with respect to Ninety One NA's existing and potential clients or (vi) misappropriate any assets or investment opportunities
of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Behavior.* Supervised Persons should conduct all business done on behalf of Ninety One NA

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

in a professional, fair and legal manner and obey all applicable anti-bribery laws and adhere to all anti-bribery compliance policies. Supervised Persons must only use Ninety One NA's approved systems and facilities for business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Communication.* Communicate on behalf of Ninety One NA in a professional manner and ensure such communications
 are clear, fair, balanced and accurate to the best of your knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Training.* Attend all applicable training and education programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Confidentiality and Inside Information.* Maintain the confidentiality of all information about Ninety
 One NA, its affiliates, its clients and other companies that you create, control or have
 access to. Do not trade or recommend securities (or encourage others to do so) on the basis
 of "Inside information."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reporting.* Report promptly any suspected violation of Ninety One NA policies or illegal conduct.
 For the avoidance of doubt, you may report such violation or conduct through the Whistleblowing
 hotline or to any state or federal regulator.

&nbsp;&nbsp;&nbsp;&nbsp;6. ANTIFRAUD
 PROVISIONS -GENERAL

Ninety One NA is also subject to antifraud provisions. The Rules prohibits misstatements or misleading omissions of material facts and other fraudulent acts and practices in connection with the conduct of an investment advisory business.

Section 206 of the Advisers Act makes it unlawful for advisers to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ
 any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage
 in any transaction, practice, or course of business that operates as a fraud or deceit upon
 any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act
 as a principal for its own account, knowingly to sell any security to or purchase any security
 from a client, or acting as broker for a person other than such client, knowingly to effect
 any sale or purchase of any security for the account of any such client, without disclosing
 to such client in writing before the completion of such transaction the capacity in which
 he is acting and obtaining consent of the client to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage
 in any act, practice or course of business that is fraudulent, deceptive or manipulative.

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

Below are some activities that have been found to violate Section 206 of the Advisers Act, although this is not an exhaustive list:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing
 to make full and fair disclosures, in particular with respect to conflicts of interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Front-running"
 (i.e., purchasing or selling a security for an account for the adviser or an affiliate or
 Supervised Person of an adviser prior to its purchase for a client account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Trading
 with" clients – misusing confidential client information for an access person's
 own gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misrepresenting
 pricing methodology and/or deliberately mispricing client holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favoring
 certain clients or favoring accounts in which the adviser has a proprietary interest when
 allocating initial public offerings or other limited investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing
 to disclose the financial interest of the adviser or its affiliates in issuers whose securities
 are recommended to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misappropriating
 funds under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to disclose "double fees'' received from clients' assets invested
 in a fund also advised by the adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Miscalculating
 fees or "massaging" valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making
 any materially misleading statement or omission in Form ADV or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 having a compliance risk inventory and a policy on conflicts of interest and the means to
 address them, and not following these.

Supervised Persons are reminded that Federal Securities Laws have antifraud provisions, most notably, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. As a general matter, it is a violation of Federal Securities Laws and the policies of Ninety One NA for any of its Supervised Persons to engage in any act, practice or course of business that violates any of the Federal Securities Laws designated to prevent fraudulent, deceptive, or manipulative acts.

&nbsp;&nbsp;&nbsp;&nbsp;7. CONFIDENTIAL
 INFORMATION

Supervised Persons must maintain the confidentiality of sensitive information ("Confidential Information") entrusted to them by Ninety One NA or its affiliates or their respective clients and must not disclose such information to any persons except when disclosure is authorized by Ninety One NA or mandated by law other than to (1) other of Ninety One NA's or its affiliates' Supervised Persons who have an "need to know" in connection with their duties, or (2) persons outside Ninety One NA (such

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as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from Ninety One NA or its affiliates or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements. Confidential Information includes all non-public information that is not known to the general public. It also includes our intellectual property (such as confidential product information, trade secrets, patents, trademarks and copyrights), business, marketing and service plans and processes, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to Ninety One NA.

The obligation to preserve Confidential Information continues even after a Supervised Person's employment with Ninety One NA ends.

<u>Types of Confidential Information</u>

"*Proprietary Information*" is information that is internal to Ninety One NA about its internal workings, its asset management operations, its internal operations and its financial information. This includes information not known to the public that may have intrinsic value or that may provide Ninety One NA with a competitive advantage. Proprietary Information includes information that is obtained, developed or utilized during the ordinary course of employment, whether by the Supervised Person or someone else, such as professional service providers (e.g., lawyers, accountants, consultants or auditors).

Examples of Proprietary Information include intellectual property and proprietary processes, materials supplied to vendors or third-party suppliers that are not available to the public, minutes of meetings and conference calls. It also includes all non-public information that might be of use to competitors, or harmful to Ninety One NA or its affiliates or their respective customers, if disclosed. It also includes Ninety One NA's intellectual property (such as confidential product information, trade secrets, patents, trademarks and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us Proprietary Information may be present in various media and forms, including written documents, computer files, diskettes, videotapes, audiotapes and oral communications.

"*Confidential Client Information*" includes the names of clients, contract details, client positions, orders being worked for client and advice or recommendations prepared for used for clients. This also includes non-public information regarding potential clients.

"*Other Confidential Information*" is any other information not known to the public that is not classified as client or proprietary information.

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<u>Handling Confidential Information</u>

Supervised Persons must maintain the confidentiality of sensitive non-public and other confidential information entrusted in them by Ninety One NA or its affiliates or their respective clients and must not disclose such information to any persons except when disclosure is authorized by Ninety One NA or mandated by law other than to (1) those Supervised Persons who have an "need to know" in connection with their duties, or (2) persons outside Ninety One NA (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from Ninety One NA or its affiliates or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements.

Special precautions must be taken when handling Confidential Information*.* Supervised Persons should adhere to the following guidelines in situations involving Confidential Information (other than Inside information for which there are special rules more fully described below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Usage*.
 Confidential Information is available or used, if at all, on a need-to-know basis. No one
 may provide Confidential Information to any person without observing the provisions of this
 Policy and an exception may require prior written approval from Legal or Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Public Spaces*. Confidential Information should not be discussed in public spaces where Confidential
 Information could be observed or overheard or in the office (such as elevators or hallways)
 in the presence of unauthorized individuals. To the extent practical, access to office areas
 should be limited. Avoid use of speaker phones when unauthorized persons may overhear conversations.
 Care should be taken when using portable computers and similar devices in public places.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Documents*.
 If word-processed documents, faxes, electronic mail, spreadsheets or other such materials
 containing Confidential Information are printed or transmitted, the hard copy should be immediately
 retrieved from the printer or fax machine. *Papers related to non-public matters should be appropriately safeguarded.* Exercise care when sending or discussing Confidential Information
 on voicemail, electronic mail, cell or cordless phones, fax machines or message services.
 Make sure to use correct electronic mail addresses or telephone extension numbers and, when
 applicable, use project and code names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Controls and Storage*. Appropriate controls for the reception and oversight of visitors to sensitive
 areas should be implemented and maintained. Documents containing Confidential Information
 that are computer-generated and/or computer-stored must be protected against hacking, deletion,
 alteration and corruption. E-mail messages and attachments containing material non-public
 information should be treated with similar discretion and awareness of the recipients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Workspace*.
 Exercise care to avoid placing documents containing Confidential Information in areas where
 they may be read by unauthorized persons and any such documents should be stored in secure
 locations when they are not in use. Secure copies of Confidential Information in accordance
 with our record retention requirements when no longer needed for a project. Ensure that all
 Confidential Information, in any format, is properly secured and stored at your work station
 before leaving for the day. Compliance will periodically review workspaces to ensure Confidential
 Information and MNPI is not in plain sight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *NDAs.* Special confidentiality arrangements may be required for certain parties, including prospective
 or existing clients, prospective or existing service providers governmental agencies and
 trade associations, that are seeking access to material non-public information.

<u>Post-Employment Use of Confidential Information</u>

Supervised Persons must not misuse, disclose, provide or take Confidential Information when seeking employment or after termination. Ninety One NA reserves the right to review all materials that an Supervised Person plans to take with him or her when leaving and to impose conditions as are proper and reasonable to protect such information. Ninety One NA will seek appropriate injunctive or legal relief if warranted.

The CCO or Human Capital may impose disciplinary measures for serious breaches and possible impose disciplinary measures for any breach at the discretion of Ninety One NA.

Please note that this section is supplemented by Ninety One's *Market Conduct Policy* and *Secure and Acceptable Usage Policy*.

&nbsp;&nbsp;&nbsp;&nbsp;8. PROTECTION
 OF MATERIAL NONPUBLIC INFORMATION

From time to time, Supervised Persons may become recipients of material, nonpublic information ("MNPI"). Ninety One NA is required to establish, maintain and enforce policies and procedures to prevent the misuse of MNPI. Ninety One NA and its affiliates have established policies and procedures reasonably designed to prevent the misuse of MNPI.

<u>Definition and Application of Inside Information and Tipping</u>

MNPI and the terms "insider trading" and "tipping" are not defined in the Federal Securities Laws but were developed through case law under the Exchange Act and Rule 10b-5 thereunder. Other provisions of the Exchange Act and the Advisers Act and the rules thereunder also address the misuse of MNPI; in particular, Section 204A and Rule 204A-1 of the Advisers Act.

The law concerning MNPI, insider trading and tipping is dynamic, and the SEC enforces cases on a regular basis. U.S. authorities do not hesitate to sue persons outside the United States and are often able to detect and take action within hours.

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Broadly, the law prohibits any misuse of MNPI, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
 or tipping by an insider while in possession of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
 or tipping by a non-insider, while in possession of MNPI, where the information was either
 disclosed to the non-insider in breach of an insider's duty to keep it confidential
 or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating
 MNPI to others.

Concerns about the misuse of Inside Information may arise primarily in two ways. First, a Supervised Person may come into possession of MNPI about another company, such as an issuer in which he or she (or his or her personnel) will invest either for clients or his or her own account. If a Supervised Person has or believes to have such MNPI, he or she must notify the CCO immediately and must not act on that that information.

Secondly, Ninety One NA might acquire or have MNPI in relation to its own business activities. In this context, the SEC has stated that the term MNPI may include information about an adviser's recommendations and client securities holding and transactions, which is Confidential Client Information. It is our policy that all such Confidential Client Information is to be kept in strict confidence by those who receive it and may be divulged only within Ninety One NA on a need to know basis in connection with the performance of services to Ninety One NA's clients.

<u>Who is an Insider?</u>

The concept of "insider" is broad. It includes officers, directors and employees of a company. Ninety One NA may be deemed an insider when it comes into possession of Inside Information through its various business activities or through a Supervised Person who has been tipped off outside Ninety One NA's activities. Ninety One NA will remain an insider as long as it has Inside Information. A person can be a "temporary insider" if he or she enters into a confidential relationship in the conduct of Ninety One NA's affairs and, as a result, is given access to information solely for Ninety One NA's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, a person who advises or otherwise performs services for a company may become a temporary insider of that company. An employee, for example, could become a temporary insider to a company because of such employee's relationship to the company (e.g., by having contact with company executives while researching the company). Such company must expect Ninety One NA as the adviser to keep the disclosed MNPI confidential, and the relationship must at least imply such a duty before Ninety One NA will be considered an insider or temporary insider.

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It may also be the case that a connected person of an access person may have MNPI and be deemed to be an insider. Supervised Persons are cautioned in such situations in order to avoid liability for tipping or misappropriating MNPI and must notify the CCO immediately if they believe to have been tipped off with MNPI.

<u>What is "Material" Information?</u>

"Material" information is generally defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a security. The information is deemed to "alter the total mix of information available." Such information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend
 changes, profit forecasts, earnings, estimates, changes in previously released earnings and
 estimates, significant merger or acquisition proposals or agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major
 litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidation
 problems and knowledge of an impending default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowledge
 of an impending change in a rating by a rating agency and/or extraordinary management developments.

Material information does not have to relate to company's business. For example, certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security has been considered material by U.S. courts. More specifically, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the WSJ and whether those reports would be favorable or not.

<u>What is "Non-Public" Information?</u>

Information is "non-public" until it has been effectively communicated to the marketplace. One must be able to point to a fact to show that the information is generally public and not "just released within a few moments." For example, information in a report filed with the SEC, disclosed in an earnings call with stockholders or analysts or appearing in *Dow Jones, Reuters, The Wall Street Journal* or other publications of general circulation would be considered public.

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<u>What is Tipping?</u>

"Tipping" is giving or making available MNPI to anyone who might be expected to trade while in

possession of that MNPI. A Supervised Person may become a "tippee" by acquiring MNPI from a tipper, which would then require such Supervised Person to follow the procedures below for reporting and limiting use of the MNPI.

<u>Penalties and Consequences of Misusing MNPI</u>

The improper use or unauthorized disclosure of MNPI by any employee, including trading while in possession of the MNPI, can inflict great damage on Ninety One NA, its clients, affiliates and employees. At a minimum, the misuse of MNPI can create a negative impression in the eyes of clients, regulators, the public and the business community. Penalties for trading on or communicating MNPI are severe. For both individuals involved in such unlawful conduct *and* their employers the penalties may include fines or damages up to three times the amount of any profit gained or loss avoided. A person may be subject to some or all of the applicable penalties even if he or she does not personally benefit from the violation. Penalties include civil injunctions, treble damages, disgorgements of profits, jail sentences or fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited. Fines for the employer and other controlling persons can total up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided. Any violation of this policy can be expected to result on serious sanctions by Ninety One NA, including dismissal of the person(s) involved.

It is the duty of every Supervised Person to remain constantly alert to possible violations of this policy regarding the use of dissemination of Inside Information. All employees who suspect such improper use by any other person must immediately communicate the relevant facts to the General Counsel, the CCO or any of their designees.

<u>Guidelines on the Treatment of MNPI</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Learning of MNPI*: It is not illegal to learn MNPI. It is, however, illegal to trade on such MNPI
 or to pass it on to others who have no legitimate business reason for receiving such MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Steps to Follow When You Think You Have MNPI*: If, after consideration of the above, a Supervised
 Person believes that they have learned MNPI, or if a Supervised Person has questions as to
 whether the information is MNPI, you should contact only Compliance immediately. Supervised
 Persons are prohibited from trading on or disclosing the potential MNPI the Supervised Person
 has learned without consulting Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investigation of Trading Activities*: From time to time, various stock exchanges, FINRA and the SEC
 may request information from Ninety One NA concerning trading in the specific securities
 that may coincide with market news. Requests from a stock exchange or regulator for this
 type of information should be referred directly to the CCO.

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<u>Procedures to Detect and Prevent Insider Trading</u>

The role of Compliance is critical to the implementation and maintenance of Ninety One NA's procedures against insider trading. To prevent insider trading, Ninety One NA, either directly or through its affiliates, utilizes a number of procedures, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing
 annual compliance training to familiarize Access Persons with Ninety One NA's insider
 trading procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Answering
 questions regarding Ninety One NA's insider trading procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resolving
 whether information received by a Supervised Person is material and non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing
 and updating Ninety One NA's insider trading procedures.

---

| | |
|:---|:---|
| • | When it has been determined that a Supervised Person has material, non-public information: |
|  | (i) implementing measures to prevent dissemination of such MNPI; (ii) if necessary, restricting employees from trading the securities and (iii) maintaining Restricted Lists. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requiring
 prior written approval before a Supervised Person may serve on board of directors or other
 governing board of a publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining
 a log in a manner consistent with Ninety One's policies and procedures, of all incidents
 brought to Compliance's attention when potential MNPI was received by an employee.
 Such a log shall remain confidential.

To detect insider trading, Compliance will (i) periodically review the personal trading activity of Access Persons and (ii) review trading activity of Ninety One NA's accounts.

<u>The Use of Expert Networks</u>

The use of Expert Networks may result in an employee obtaining MNPI. Ninety One NA has instituted Expert Network procedures to prevent the actual or hypothetical misuse of MNPI. These procedures apply to all employees who utilize Expert Networks. The Expert Network procedures include conducting due diligence on the proposed Expert Network, calendaring of Expert Network calls and requiring employees to attend Expert Network training.

Please note that this section is supplemented by Ninety One's *Market Conduct Policy.*

&nbsp;&nbsp;&nbsp;&nbsp;9. REGULATION
 S-P/PRIVACY NOTICE

The Gramm-Leach-Bliley Act ("GLBA") requires all financial institutions, defined to include advisers, investment companies and broker-dealers, to establish procedures and systems to ensure privacy of

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client and financial information. The privacy requirements set forth herein apply only to individual, non-entity clients, including U.S. individuals who invest in the Funds.

Further, outside business providers, including Ninety One NA's attorney's, auditors and administrators, may be given access to Nonpublic Personal Information ("NPPI") concerning U.S. individual investors necessary to effect, administer, or enforce a transaction authorized by clients or in connection with the provision of services to Ninety One NA and the Funds. It is Ninety One NA's reasonable belief that such service providers are capable of maintaining and have in place appropriate safeguards to protect client information.

Please note that this section is supplemented by Ninety One's *Secure and Acceptable Usage Policy*.

&nbsp;&nbsp;&nbsp;&nbsp;10. CONFLICTS
 OF INTERESTS

Conflicts of interest may exist between Ninety One NA or Supervised Persons, on the one hand, and its clients, on the other. Conflicts of interests may also exist between clients. An adviser must identify its material conflicts, the effect(s) that they have on the adviser, Supervised Persons and its clients and the means to mitigate or resolve them.

Examples of conflicts of interest and means to address them include the following (although we note that this is not an exhaustive list of conflicts of interest, in general, or the conflicts facing Ninety One NA or Supervised Persons, more specifically):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 an adviser receives compensation, directly or indirectly, from a source other than the client
 for recommending a security, the adviser must disclose the nature and extent of the compensation
 in Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 an adviser or an affiliate of the adviser has an interest (e.g., selling commissions) in
 an investment being recommended, the extent of the adviser's interest must be disclosed
 in Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 an adviser recommends that clients effect transactions through the Adviser's broker-dealer
 affiliate, the extent of all adverse interests, including the amount of any compensation
 the adviser or affiliated broker dealer will receive in connection with the transactions,
 should be disclosed in Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 an adviser or an affiliate will be buying or selling the same securities as a client, the
 client should be informed of this fact and also whether the adviser (or the affiliate) is
 or may be taking a position inconsistent with the client's position; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An
 adviser or related party compensates a third party for referring a client, the material terms
 of the arrangement must be disclosed to, and acknowledged by, the client.

Supervised Persons are responsible for and have a duty to identify and escalate to line management and Compliance any potential or actual conflicts of interest of which they become aware.

Please note that this section is supplemented by Ninety One's *Conflicts of Interest Policy.*

&nbsp;&nbsp;&nbsp;&nbsp;11. DISCLOSURE
 OF MATERIAL OUTSIDE BUSINESS ACTIVITIES

A Supervised Person may not maintain an outside business activity that is deemed material (a "Material Outside Business Activity") without the prior written approval of such Supervised Person's Supervisor and Compliance. Each Supervised Person must also submit an annual declaration of his or her Material Outside Business Interests.

Please note that this section is supplemented by Ninety One's *Outside Business Activity Policy.*

&nbsp;&nbsp;&nbsp;&nbsp;12. GIFTS
 AND ENTERTAINMENT

Supervised Persons should not accept gifts, favors, entertainment, special accommodations, loans of money or property or other things of value that could or could appear to influence the Supervised Person's decision-making or make or appear to make the Supervised Person feel beholden to a person or firm.

Similarly, Supervised Persons should not offer gifts, favors, entertainment, special accommodations, loans of money or property or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Ninety One NA or its Supervised Persons. These general principles apply in addition to the more specific guidelines included in the US Compliance Manual.

In general, Supervised Persons should consider that even the appearance of impropriety or a conflict of interest may rise to the level of illegality. In addition, certain violations may occur even without any intent to influence and cannot be cured by disclosure. Therefore, Supervised Persons are encouraged to seek guidance from Compliance with respects to gifts and entertainment when in doubt.

Please note that this section is supplemented by Ninety One's *Third Party Benefits Policy* and Ninety One NA's *Compliance Manual.*

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&nbsp;&nbsp;&nbsp;&nbsp;13. PERSONAL
 ACCOUNT DEALING

Supervised Persons' personal securities transactions must be conducted in such a manner to avoid any actual, potential or perceived conflicts of interest or any abuse of an individual's position of trust and responsibility. All employees are deemed Access Person and are subject to both the Code of Ethics and Ninety One's Personal Account Dealing policy (the "PAD Policy").

As a general matter, it is a violation of Federal Securities Laws and the policies of Ninety One NA for any of its Supervised Persons to engage in any fraudulent, deceptive, or manipulative act, practice or course of business in connection with the purchase and sale of any Securities for a Supervised Person Account. Two common examples of such prohibited activities are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Front-Running*:
 This is the practice of trading on the basis of the anticipated market effect of trades for
 Client Accounts and examples include (i) having knowledge of a prospective purchase of security
 for a Client Account and acquiring direct or indirect ownership of such security prior to
 the Client and (ii) having knowledge of a prospective sale of a security for a Client Account
 and selling (either short or long) the security in advance of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Client Accounts to Benefit Access Persons*: The practice of trading a Client Account for
 the purpose of benefiting an Access Person's Account is prohibited by the Federal Securities
 Laws.

<u>Reporting</u>

Access Person are required to report all "Reportable Securities" and "Reportable Funds". Access Person are under a duty to provide initial, quarterly and annual reports as described below unless specifically exempted by the CCO. Reportable Securities include all securities, except (i) holdings in direct obligations of the Government of the United States, (ii) money market instruments or shares of money market funds and (iii) holdings in US mutual funds, other than shares of Reportable Funds.

<u>Reportable Funds</u>

Ninety One NA serves as investment adviser to the following mutual funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety
 One Global Franchise Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety
 One Emerging Markets Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety
 One Global Environment Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety
 One International Franchise Fund

Transactions in these funds must be reported in the quarterly transaction reports, however pre-clearance is not required. Holdings in these funds must be reported in the annual certification.

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Access Persons that join Ninety One NA after November 1, 2023 must utilize only those broker accounts that are supported by a StarCompliance broker feed. A list of brokers supported by StarCompliance may be found in the PAD Policy. Exceptions may be provided in certain circumstances, subject to the approval of the CCO.

An Access Person is required to submit holdings in which the Access Person has any direct or indirect Beneficial Ownership Interest (i) within 10 days of becoming Access Person (an "Initial Holdings Report"), (ii) within 30 days of the end of each quarter, a report of all Reportable Securities transactions (a "Quarterly Transaction Report") and (iii) annually during the annual declaration period (an "Annual Holdings Report") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are required to promptly disclose new holdings in Reportable Securities if acquired
 prior to submitting the Annual Holdings Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings
 reports must be current as of a date no more than 45 days prior to the date that person became
 an Access Person (for Initial Holdings Report) or 45 days prior to the date the holdings
 report is submitted (for Annual Holdings Report).

Initial Holdings Reports and Annual Holdings Reports must contain, at a minimum, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 title and type of Covered Security, and as applicable the exchange ticker symbol or CUSIP
 number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number
 of shares, and principal amount of each Covered Security in which the Access Person has any
 direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of any broker, dealer or bank with which the Access Person maintains an account in which
 any Securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 date the Access Person submits the report.

Quarterly Transaction Reports must contain, at the minimum, the following information (if applicable) regarding each transaction in a Reportable Security in which the Access Person has a Beneficial Ownership Interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 title, and as applicable, the exchange ticker symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest
 rate and maturity rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number
 of shares, and principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of the broker, dealer or bank with or through which the transaction was effected; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 date the Access Person submits the report.

An Access Person is <u>not</u> required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 transaction or holding report with respect to securities held in accounts over which the
 Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 transaction report with respect to transactions effects pursuant to an Automatic Investment
 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 transactions in mutual funds (unless included in the Reportable Fund list below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 accounts which only have the ability to invest in mutual funds (unless the account invests
 in a Reportable Fund).

<u>Pre-Clearance</u>

Access Persons must pre-clear all trades in their Access Person Accounts including, without limitation, transactions in Initial Public Offerings and private placements in the manner described in the PAD Policy. These pre-clearance requirements do not apply (i) to the receipts of gifts and bequests of securities (i.e., those which are not entirely controlled by the owner of the Access Person Account) or (ii) to Non-reportable Securities.

A blackout period applies to Access Persons' Accounts related to certain trades (the "15-Day Restrictive Rule"), in which Supervised Persons are restricted from trading a security within 15 days, on either side, of a client trade involving the same security. In addition to the 15-Day Restrictive Rule, several other restrictions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety
 One plc and Ninety One Ltd – Full and Staff Restricted Lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninety
 One plc and Ninety One Ltd – "Closed Period" Restriction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider
 Information.

Access Person Accounts are not allowed to profit from the purchase and sale of the same security or to have a "round trip" purchase and sale of the same security within six months (each, a "Short Term Trade") without the prior consent of one of the co-Chief Investment Officers. Any profits realized on Short Term Trades may be required to be disgorged. Note that the six-month holding period starts with the most recent purchase of the same security, (e.g., if you purchase 100 shares of Stock A on March 1, then purchase additional 100 shares of Stock A on August 1, you must now hold all 200 shares of Stock A for six months from August 1).

Ninety One NA reserves the right to require an Access Person to liquidate or otherwise close-out a position in an Access Person Account at the Access Person's expense if it is determined that any of his or her investments violate the provisions of the Code of Ethics. Even though a particular

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transaction may not be explicitly prohibited by the Code of Ethics, Ninety One NA reserves the right to restrict trading in any financial instrument and/or require an Access Person to liquidate any position held in any Access Person Account (whether at a profit or loss) and disgorge any profit earned.

<u>Escalation & Breaches</u>

Account statements, confirmations, pre-clearance requests and reports required to be submitted pursuant to the Code of Ethics are monitored and reviewed for compliance. Any breaches are escalated to the CCO.

Ninety One NA is required by law to keep a record of all violations of this Code of Ethics, including the failure by an Access Person to submit a transaction or holding report required by this of Ethics in a timely fashion. If you become aware of any violations or potential violations of any of the provision of the Code of Ethics you must report such violations or potential violations promptly to the CCO. Failure to report any violations of the Code of Ethics that you are aware of in a prompt manner will be considered itself a violation of the Code of Ethics and subject to remedial action at the discretion of Board. If in doubt about the legality or ethics of any conduct, please contact the CCO to request guidance. If you have witnessed the violation of Federal Securities Laws, you may be eligible to participate in the SEC's whistleblowing program as outlined in the Compliance Manual.

Please note that this section is supplemented by Ninety One's *Personal Account Dealing (PAD) Policy*.

&nbsp;&nbsp;&nbsp;&nbsp;14. ACKNOWLEDGMENT
 OF THE CODE OF ETHICS

Annually, Supervised Persons will be required to acknowledge receipt of the Code of Ethics and represent in writing that they have read and understood it and will adhere to it. Understanding and complying with the Code of Ethics and truthfully completing the written acknowledgment are the obligation of all Ninety One NA Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;15. INTERPRETATIONS
 AND EXCEPTIONS

The CCO (or his or her designee) shall have the right to make final and binding interpretations of this Code of Ethics and may grant an exception to certain of the above restrictions, as long as no abuse or potential abuse is involved. Each Supervised Person must obtain written approval from Compliance before taking action regarding such exception.

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

If you have any questions about this Code of Ethics or any matter discussed herein, please contact Compliance as follows:

● Dana Troetel: dana.troetel@ninetyone.com

● Alex Meigh: alex.meigh@ninetyone.com

Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

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| | |
|:---|:---|
| GLOSSARY | GLOSSARY |
| TERM | Definition |
| ACCESS PERSON | Any Supervised Person of an adviser who:<br> (i) has access to nonpublic information regarding any advisory clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of a reportable fund or<br> (ii) is involved in making securities recommendations to advisory clients, or who has access to such recommendations that are nonpublic. |
| ACCESS PERSON ACCOUNT | Any account in which an Access Person has a direct or indirect Beneficial Ownership Interest in the Securities held in the account unless such an account is specifically excluded from this Code of Ethics' requirements by the CCO. An Access Person Account does not include any account over which the Access Person has no direct or indirect influence or control or in which transactions are effected without the Access Person's prior notifications. Generally, it includes but is not limited to:<br> 1) each Access Person's personal account; and<br> 2) any account of any immediate family member sharing a household with the Access Person; or<br> 3) any other account including a trust or partnership, over which the Access Person or her or his family member exercises investment discretion. |
| AUTOMATIC INVESTMENT PLAN | Program in which regular periodic purchases (or withdrawals) are made automatically to (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| BENEFICIAL OWNERSHIP INTEREST | Any interest in securities where a person directly or indirectly, though any contract, arrangement, understanding, relationship or otherwise have or share a direct or indirect "pecuniary interest' in such securities. While the definition of "Pecuniary Interest" is complex, a Supervised Person generally has a pecuniary interest in securities if such Supervised Person has the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities. |
| CLIENT ACCOUNT | A Managed Account, LLC or other commingled fund or mutual fund managed by Ninety One NA in its capacity as an adviser or as a sub-advisor. |
| FEDERAL SECURITIES LAWS | The Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the GLBA (as defined below), any rules adopted by the SEC under these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury |

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Effective November 1, 2023

Ninety One North America, Inc. - U.S. Code of Ethics

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| | |
|:---|:---|
| INITIAL PUBLIC OFFERING | An offering of Securities registered under the Securities Act, the issuer of which immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act. |
| MATERIAL OUTSIDE BUSINESS ACTIVITY | Are outside business activities that:<br> • That might lead to a potential or actual conflict between the interests of a staff member and/or those of Ninety One and/or those of a client of Ninety One;<br> • The existence of which could detrimentally affect the reputation or standing of Ninety One;<br> • Which may interfere with or hinder the proper performance of a staff member's work obligations; or<br> • That results in a staff member being remunerated or compensated for their time spent or services offered/rendered, regardless of the nature of the OBA. |
| RESTRICTED LIST | A list of issuers and/or Securities about which Ninety One NA may have received material non-public information. The Restricted List is maintained and monitored to ensure that no Access Person is trading or transacting in Restricted Securities and to ensure that issuers and/or Securities are added and removed in a systematic manner. Once an issuer is on the Restricted List, no trading in client or personal accounts may take place until the company has been removed from the list. |
| RESTRICTED SECURITIES | Those Securities that are restricted from being purchased or sold by Access Persons for a particular period of time. |
| SECURITY | Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or an any group or index of Securities (including any interest therein or based on the value thereof), or any put, call, straddle, option or privilege entered into on a national securities exchange related to foreign currency or, in general, any interest or instrument commonly known as "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, of warrant or right to subscribe to or purchase, any security of the foregoing. |
| SUPERVISED<br> PERSON | All of Ninety One NA's officers, directors, partners and employees (or other persons occupying a similar status or performing a similar function). |

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Effective November 1, 2023