# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-26-177434
**Filing Date:** 2026-4
**Character Count:** 1523178
**Document Hash:** d030b723900d7521c2dda55f376ada77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-177434.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-177434

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 104

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000914036

**ORGANIZATION NAME:**
- **EIN:** 521835648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08090
- **FILM NUMBER:** 26894847

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** 260-455-2000

**MAIL ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGGRESSIVE GROWTH FUND /
- **DATE OF NAME CHANGE:** 20031001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20030910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN NATIONAL AGGRESSIVE GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19931025
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000914036

**ORGANIZATION NAME:**
- **EIN:** 521835648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-70742
- **FILM NUMBER:** 26894846

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** 260-455-2000

**MAIL ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGGRESSIVE GROWTH FUND /
- **DATE OF NAME CHANGE:** 20031001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20030910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN NATIONAL AGGRESSIVE GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19931025

## Series and Classes Contracts Data

### LVIP ClearBridge Appreciation Fund (Series ID: S000101700)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000271946 | Service Class  |  |
| C000271947 | Standard Class |  |

### LVIP ClearBridge Dividend Strategy Fund (Series ID: S000101701)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000271948 | Standard Class |  |
| C000271949 | Service Class  |  |

### LVIP ClearBridge Large Cap Growth Fund (Series ID: S000101702)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000271950 | Service Class  |  |
| C000271951 | Standard Class |  |

### LVIP ClearBridge Large Cap Value Fund (Series ID: S000101703)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000271952 | Standard Class |  |
| C000271953 | Service Class  |  |

?xml version='1.0' encoding='ASCII'? Lincoln Variable Insurance Products Trust

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on April 24, 2026**

**1933 Act Registration No. 033-70742**

**1940 Act Registration No. 811-08090**

------

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**POST-EFFECTIVE AMENDMENT NO. 276**

**And**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

**AMENDMENT NO. 279**

**LINCOLN VARIABLE INSURANCE PRODUCTS TRUST**

(Exact Name of Registrant as Specified in Charter)

John Morriss, President

1301 South Harrison Street

Fort Wayne, Indiana 46802

(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code: (260) 455-2000

Paul T. Chryssikos, Esquire

Lincoln Financial

150 N. Radnor-Chester Road

Radnor, PA 19087

(Name and Address of Agent for Service)

Copies of all communications to:

Robert A. Robertson, Esquire

Dechert, LLP

US Bank Tower

633 West 5th Street, Suite 4900

Los Angeles, CA 90071-2013

**It is proposed that this filing will become effective:**

[] immediately upon filing pursuant to paragraph (b)

[X] on April 24, 2026, pursuant to paragraph (b)

[] 60 days after filing pursuant to paragraph (a)(1)

[] on __________________ pursuant to paragraph (a)(1)

[] 75 days after filing pursuant to paragraph (a)(2)

[] on __________ 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.

Title of Securities Being Registered: Shares of Beneficial Interest.

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

------

*Lincoln Variable Insurance Products Trust*

**LVIP ClearBridge Appreciation Fund**

**Standard and Service Class**

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** April 24, 2026

LVIP ClearBridge Appreciation Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

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

As with all mutual funds, the Securities and Exchange Commission ("SEC") 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.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
| Item | Page |
| **[Summary](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_1)** |  |
| [Investment Objective](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_1) | &nbsp;&nbsp; 1  |
| [Fees and Expenses](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_1) | &nbsp;&nbsp; 1  |
| [Annual Fund Operating Expenses](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_1) | &nbsp;&nbsp; 1  |
| [Example](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_1) | &nbsp;&nbsp; 1  |
| [Portfolio Turnover](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_1) | &nbsp;&nbsp; 1  |
| [Principal Investment Strategies](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_2) | &nbsp;&nbsp; 2  |
| [Principal Risks](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_2) | &nbsp;&nbsp; 2  |
| [Fund Performance](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_4) | &nbsp;&nbsp; 4  |
| [Investment Adviser and Sub-Adviser](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_5) | &nbsp;&nbsp; 5  |
| [Portfolio Managers](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_5) | &nbsp;&nbsp; 5  |
| [Purchase and Sale of Fund Shares](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_5) | &nbsp;&nbsp; 5  |
| [Tax Information](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_5) | &nbsp;&nbsp; 5  |
| [Payments to Broker-Dealers and other Financial Intermediaries](#xx_5c9aa6c0-eb68-47b8-bbd6-d6c7c467ac5d_6) | &nbsp;&nbsp; 6  |
| **[Additional Information about the Fund](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_1)** | &nbsp;&nbsp; 7  |
| [Investment Objective and Principal Investment Strategies](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_1) | &nbsp;&nbsp; 7  |
| [Principal Risks](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_3) | &nbsp;&nbsp; 9  |
| [Management and Organization](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_6) | &nbsp;&nbsp; 12  |
| [Pricing of Fund Shares](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_7) | &nbsp;&nbsp; 13  |
| [Purchase and Sale of Fund Shares](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_8) | &nbsp;&nbsp; 14  |
| [Market Timing](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_8) | &nbsp;&nbsp; 14  |
| [Portfolio Holdings Disclosure](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_9) | &nbsp;&nbsp; 15  |
| [Share Classes and Distribution Arrangements](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_9) | &nbsp;&nbsp; 15  |
| [Distribution Policy](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_9) | &nbsp;&nbsp; 15  |
| [Financial Highlights](#xx_80b3b169-d070-454d-bbd7-09f2a5ca3d07_10) | &nbsp;&nbsp; 16  |
| [General Information](#xx_7fdbf491-102c-4cc0-81e9-f6f6804bd22f_1) | &nbsp;&nbsp; 18  |

---

------

**LVIP ClearBridge Appreciation Fund**

(Standard and Service Class)

**Summary**

**Investment Objective**

The investment objective of the LVIP ClearBridge Appreciation Fund (the "Fund") is to seek long-term appreciation of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **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.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Standard**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.68% | 0.68% |
| Distribution and/or Service (12b-1) Fees  |  | 0.25% |
| Other Expenses<sup>1</sup> <br>| 0.07% | 0.07% |
| Total Annual Fund Operating Expenses | 0.75% | 1.00% |
| Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| (0.05)% | (0.05)% |
| Total Annual Fund Operating Expenses (After Fee Waiver/Expense Reimbursement) | 0.70% | 0.95% |

---

<sup>1</sup>

Other Expenses have been restated to reflect current fees.

<sup>2</sup>

Lincoln Financial Investments Corporation (the "LFI") has contractually agreed to waive fees and/or reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.70% of the Fund's average daily net assets for the Standard Class and 0.95% for the Service Class. Any reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue for a period of at least two years from the closing date of the reorganization of ClearBridge Variable Appreciation Portfolio (the "predecessor fund") into the Fund (i.e., through at least April 30, 2028) and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

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

---

| | | |
|:---|:---|:---|
|  | **1 year** | **3 years** |
| Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; $72 | &nbsp;&nbsp;&nbsp;&nbsp; $229 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp;&nbsp; $308 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

LVIP ClearBridge Appreciation Fund1

------

**Principal Investment Strategies**

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

The Fund invests primarily in equity securities of U.S. companies. Equity securities include exchange-traded and over-the-counter ("OTC") common and preferred stocks, warrants and rights, securities convertible into equity securities and securities of other investment companies and of real estate investment trusts ("REITs"). The Fund typically invests in medium and large capitalization companies, but may also invest in small capitalization companies. The Fund seeks long-term appreciation of capital, meaning increased value of shareholders' investments over an extended investment horizon, generally through investment in equity securities companies the Sub-Adviser believes have the potential for sustainable earnings growth, competitive advantages, and favorable long-term business prospects. There may be periods when the Fund does not emphasize long-term appreciation of capital due to market, valuation, or risk-management considerations.

The Fund may invest up to 20% of its net assets in equity securities of foreign issuers. The Fund may invest in securities of issuers in emerging markets as part of its allocation to foreign investments. "Emerging markets" are defined as countries or markets not classified as developed and considered to be in earlier stages of economic or capital market development, as determined at the time of investment by widely recognized authorities or index providers (such as MSCI, FTSE, or similar organizations).

The Fund is non-diversified for purposes of the Investment Company Act of 1940, and as a result may invest a greater percentage of assets in a particular issuer than a diversified fund.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

2LVIP ClearBridge Appreciation Fund

------

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small and mid-capitalization company risk**. The Fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the Sub-Adviser believes appropriate and may have greater potential for losses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Illiquidity risk**. Some assets held by the Fund may be or become impossible or difficult to sell, particularly during times of market turmoil. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all.

&nbsp;&nbsp;&nbsp;&nbsp;• **Industry or sector focus risk**. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund's investments more than the market as a whole, to the extent that the Fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies.

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

LVIP ClearBridge Appreciation Fund3

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Growth and value investing risk**. Growth or value securities as a group may be out of favor and underperform the overall equity market while the market favors other types of securities. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. A value stock may not increase in price as anticipated by the Sub-Adviser if other investors fail to recognize the company's value and bid up the price or the factors that the Sub-Adviser believes will increase the price of the security do not occur or do not have the anticipated effect.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation risk**. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund, the Adviser, and/or the Sub-Adviser. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

&nbsp;&nbsp;&nbsp;&nbsp;• **Non-diversification risk**. The Fund is classified as "non-diversified," which means that the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

**Fund Performance**

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The Fund has adopted the performance of ClearBridge Variable Appreciation Portfolio (the "predecessor fund") as the result of a reorganization of the Class I and Class II shares of the predecessor fund into the Standard Class and Service Class of the Fund, respectively, which took place on April 24, 2026 (the "Reorganization"). The information shows: (a) how the Fund's Standard Class and Service Class shares investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard Class and Service Class shares compare with those of a broad measure of market performance. Standard Class and Service Class shares returns of the Fund will be different from the returns of the predecessor fund as they have different expenses. The bar chart shows performance of the Fund's Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. Please note that the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

4LVIP ClearBridge Appreciation Fund

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**Annual Returns (%)**

![](g109417z_lnkj.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return  | June 30, 2020  | 17.40% |
| Lowest Quarterly Return  | March 31, 2020  | -19.67% |

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**Average Annual Total Returns for periods ended 12/31/25** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
| LVIP ClearBridge Appreciation Fund - Class I shares | &nbsp;&nbsp;&nbsp;&nbsp; 14.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.34<br> %<br>|
| LVIP ClearBridge Appreciation Fund - Class II shares | &nbsp;&nbsp;&nbsp;&nbsp; 14.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.05<br> %<br>|
| Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>|
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>|

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**Investment Adviser and Sub-Adviser**

Investment Adviser: Lincoln Financial Investments Corporation ("LFI")

Investment Sub-Adviser: ClearBridge Investments, LLC ("ClearBridge")

**Portfolio Managers**

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

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| | | |
|:---|:---|:---|
| **ClearBridge** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund\*** |
| Michael Kagan | Managing Director, Portfolio Manager | Since 2009 |
| Stephen Rigo, CFA | Managing Director, Portfolio Manager | Since 2022 |

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\*

Reflects Portfolio Manager's experience with the predecessor fund

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

**Tax Information**

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

LVIP ClearBridge Appreciation Fund5

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

Shares of the Fund are available only through the purchase of variable contracts issued by certain life insurance companies. Parties related to the Fund (such as the Fund's principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include the Fund as an investment option in its variable contracts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of variable contracts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend variable contracts that offer Fund shares. The prospectus or other disclosure documents for the variable contracts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary's website for more information.

6LVIP ClearBridge Appreciation Fund

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**Additional Information about the Fund**

**Investment Objective and Principal Investment Strategies**

The investment objective of the Fund is to seek long-term appreciation of capital. The Fund's investment objective is non-fundamental and may be changed without shareholder approval.

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

The Fund invests primarily in equity securities of U.S. companies. The Fund typically invests in medium and large capitalization companies, but may also invest in small capitalization companies. The Fund seeks long-term appreciation of capital, meaning increased value of shareholders' investments over an extended investment horizon, generally through investment in equity securities companies the Sub-Adviser believes have the potential for sustainable earnings growth, competitive advantages, and favorable long-term business prospects. There may be periods when the Fund does not emphasize long-term appreciation of capital due to market, valuation, or risk-management considerations.

While the Fund's investment objective is long-term appreciation of capital, there may be periods when the Fund does not emphasize capital appreciation as its primary focus due to market, valuation, or risk management considerations. These circumstances may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• Adverse or highly unstable market conditions, when the investment team determines that capital preservation or risk control is more appropriate than pursuing growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• Elevated equity valuations, when fewer investments meet the investment team's long-term return and risk criteria, which may result in a more defensive portfolio positioning;

&nbsp;&nbsp;&nbsp;&nbsp;• Heightened market volatility or systemic risks, such as geopolitical events, economic stress, or sudden market dislocations, during which the Fund may emphasize liquidity or reduce exposure to higher risk securities;

&nbsp;&nbsp;&nbsp;&nbsp;• Issuer specific or sector specific risks, where the investment team reduces or avoids exposure to certain securities or industries because long term appreciation potential is considered impaired.

The Fund may invest up to 20% of its net assets in equity securities of foreign issuers.

The Fund is non-diversified for purposes of the Investment Company Act of 1940, and as a result may invest a greater percentage of assets in a particular issuer than a diversified fund.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental.

**Equity investments** 

Equity securities include exchange-traded and OTC common and preferred stocks, warrants and rights, securities convertible into equity securities and securities of other investment companies and of REITs.

**Foreign investments** 

The Fund may invest up to 20% of its net assets (at the time of investment) in foreign equity securities. The Fund may invest directly in foreign issuers or invest in depositary receipts. The Fund may invest in securities of issuers in emerging markets as part of its allocation to foreign investments. "Emerging markets" are defined as countries or markets not classified as developed and considered to be in earlier stages of economic or capital market development, as determined at the time of investment by widely recognized authorities or index providers (such as MSCI, FTSE, or similar organizations).

**Securities of other investment companies** 

The Fund may invest up to 10% of its assets in securities of other investment companies, including shares in an investment company that seeks to track the performance of an underlying equity index or a portion of an equity index. If the Fund acquires shares of other investment companies, fund shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the other investment companies.

**Short sales** 

A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund may designate no more than 25% of its net assets (taken at the then current market value) as required collateral for such sales at any one time.

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**Cash management** 

The Fund may hold cash pending investment, may invest in money market instruments and may enter into repurchase agreements and reverse repurchase agreements (which have characteristics like borrowings) for cash management purposes. The Fund may invest in money market funds, which may or may not be affiliated with the Fund's Adviser or subadviser. The amount of assets the Fund may hold for cash management purposes will depend on market conditions and the need to meet expected redemption requests.

**Defensive investing** 

The Fund may depart from its principal investment strategies in response to adverse market, economic, political or other conditions by taking temporary defensive positions, including by investing in any type of money market instruments and short-term debt securities or holding cash without regard to any percentage limitations. If a significant amount of the Fund's assets is used for defensive investing purposes, the Fund will be less likely to achieve its investment objective. Although the Sub-Adviser has the ability to take defensive positions, it may choose not to do so for a variety of reasons, even during volatile market conditions.

**Other investments** 

The Fund may also use other strategies and invest in other investments that are described, along with their risks, in the SAI. However, the Fund might not use all of the strategies and techniques or invest in all of the types of investments described in this Prospectus or in the SAI.

**Percentage and other limitations** 

The Fund's compliance with its investment limitations and requirements described in this Prospectus is usually determined at the time of investment. If such a percentage limitation is complied with at the time of an investment, any subsequent change resulting from a change in asset values or characteristics will not constitute a violation of that limitation.

**Selection process** 

The Sub-Adviser's investment strategy consists of individual company selection and management of cash reserves. The Sub-Adviser looks for investments among a strong core of growth and value stocks, consisting primarily of blue chip companies dominant in their industries. The Fund may also invest in companies with prospects for sustained earnings growth and/or a cyclical earnings record.

In selecting individual companies for the Fund's portfolio, the Sub-Adviser looks for the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Strong or rapidly improving balance sheets

&nbsp;&nbsp;&nbsp;&nbsp;• Recognized industry leadership

&nbsp;&nbsp;&nbsp;&nbsp;• Effective management teams that exhibit a desire to earn consistent returns for shareholders

In addition, the Sub-Adviser considers the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;• Past growth records

&nbsp;&nbsp;&nbsp;&nbsp;• Future earnings prospects

&nbsp;&nbsp;&nbsp;&nbsp;• Technological innovation

&nbsp;&nbsp;&nbsp;&nbsp;• General market and economic factors

&nbsp;&nbsp;&nbsp;&nbsp;• Current yield or potential for dividend growth

Generally, companies in the Fund's portfolio fall into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;• Undervalued companies: Companies with assets or earning power that are either unrecognized or undervalued. The Sub-Adviser generally looks for a catalyst that will unlock these values. The Sub-Adviser also looks for companies that are expected to have unusual earnings growth or whose stocks appear likely to go up in value because of marked changes in the way they do business (for example, a corporate restructuring)

&nbsp;&nbsp;&nbsp;&nbsp;• Growth at a reasonable price: Companies with superior demonstrated and expected growth characteristics whose stocks are available at a reasonable price. Typically, there is strong recurring demand for these companies' products

The Sub-Adviser typically uses their industry expertise to determine the material environmental, social and governance ("ESG") factors facing both individual companies and industry sectors. The Sub-adviser may also engage with company management regarding the extent to which they promote best practices of such factors. ESG factors may include, but are not necessarily limited to, environmentally-friendly product initiatives, labor audits of overseas supply chains and strong corporate governance. The choice of ESG factors for any particular company generally reflects the specific industry. At times, the ESG analysis may be performed by the Sub-Adviser. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated.

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The Sub-Adviser typically uses an established proprietary research and engagement process to determine a company's profile on ESG issues. This includes generating an ESG rating, through its ESG ratings system, by assessing ESG factors, both quantitatively and qualitatively. This system has four rating levels: AAA, AA, A and B, assigned to companies based on performance on key ESG issues (such as health and safety, gender diversity, climate risk, corporate governance risk and data security), including performance relative to the companies' industry peer set. ESG is one of several factors considered and securities with a low ESG score may still be selected.

The Sub-Adviser adjusts the amount held in cash reserves depending on the Sub-Adviser's outlook for the stock market. The Sub-Adviser will increase the Fund's allocation to cash when, in the Sub-Adviser's opinion, market valuation levels become excessive. The Sub-Adviser may sometimes hold a significant portion of the Fund's assets in cash while waiting for buying opportunities or to provide a hedge against stock market declines. If the Fund holds a significant portion of its assets in cash during periods of stock market increases, that could prevent the Fund from achieving its investment objective.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

**Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

**Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers is not known. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known.

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers

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to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

**Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

**Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

**Small and mid-capitalization company risk**. The Fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the Sub-Adviser believes appropriate and may have greater potential for losses.

**Illiquidity risk**. Illiquidity risk exists when particular investments are impossible or difficult to sell. Although most of the Fund's investments must be liquid at the time of investment, investments may be or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. When the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. In addition, when there is illiquidity in the market for certain investments, the Fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector.

**Growth and value investing risk**. Growth or value securities as a group may be out of favor and underperform the overall equity market while the market favors other types of securities. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. A value stock may not increase in price as anticipated by the Sub-Adviser if other investors fail to recognize the company's value and bid up the price or the factors that the Sub-Adviser believes will increase the price of the security do not occur or do not have the anticipated effect.

**Industry or sector focus risk**. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund's investments more than the market as a whole, to the extent that the Fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector.

**Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less regulated, less transparent and more volatile markets. The markets for some foreign securities are relatively new, and the rules and policies relating to these markets are not fully developed and may change. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, tariffs and trade disputes, economic sanctions, reduction of government or central bank support, inadequate

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accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries.

The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign investments may also be adversely affected by U.S. government or international interventions, restrictions or economic sanctions, which could negatively affect the value of an investment or result in the Fund selling an investment at a disadvantageous time.

The value of the Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes.

It may be difficult for the Fund to pursue claims against a foreign issuer or other parties in the courts of a foreign country. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for the Fund to pursue its rights against the government. In the past, some non-U.S. governments have defaulted on principal and interest payments.

If the Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund's assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

In certain foreign markets, settlement and clearance of trades may experience delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Settlement of trades in these markets can take longer than in other markets and the Fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer) due to, among other factors, low trading volumes and volatile prices. The custody or holding of securities, cash and other assets by local banks, agents and depositories in securities markets outside the United States may entail additional risks. Governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets, and may be subject to limited or no government oversight. In extreme cases, the Fund's securities may be misappropriated or the Fund may be unable to sell its securities. In general, the less developed a country's securities market is, the greater the likelihood of custody problems.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

**Valuation risk**. Many factors may influence the price at which the Fund could sell any particular portfolio investment. The sales price may well differ — higher or lower — from the Fund's last valuation, and such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value methodologies. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The value of non-U.S. securities, certain fixed income securities and currencies, as applicable, may be materially affected by events after the close of the markets in which they are traded, but before the Fund determines its net asset value. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

**Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser 's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

**Short sales risk**. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, which may be substantial. A fund that engages in a short sale or short position may lose more money than the actual cost of the short sale or short position and its potential losses may be unlimited if the Fund does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position.

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**Cash management and defensive investing risk**. The value of the investments held by the Fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the Fund holds cash uninvested, the cash will be subject to the credit risk of the depository institution holding the cash and the Fund will not earn income on the cash. If a significant amount of the Fund's assets is used for cash management or defensive investing purposes, the Fund will be less likely to achieve its investment objective. Defensive investing may not work as intended and the value of an investment in the Fund may still decline.

**Risk of increase in expenses**. Your actual costs of investing in the Fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expenses may be higher if the Fund's average net assets decrease, as a result of redemptions or otherwise, or if a fee limitation is changed or terminated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Investment in other investment companies risk**. Investments in other investment companies are subject to market and portfolio selection risk, as well as portfolio management risk. If the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies.

**Environmental, social and governance (ESG) considerations risk**. ESG considerations are one of a number of factors that the Sub-Adviser examines when considering investments for the Fund's portfolio. In light of this, the issuers in which the Fund invests may not be considered ESG-focused issuers and may have lower or adverse ESG assessments. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. The Sub-Adviser's assessment of an issuer's ESG factors is subjective and may differ from that of investors, third-party service providers (e.g., ratings providers) and other funds. As a result, securities selected by the Sub-Adviser may not reflect the beliefs and values of any particular investor. The Sub-Adviser also may be dependent on the availability of timely, complete and accurate ESG data reported by issuers and/or third party research providers, the timeliness, completeness and accuracy of which is out of the Sub-Adviser's control. ESG factors are often not uniformly measured or defined, which could impact the Sub-Adviser's ability to assess an issuer. While the Sub-Adviser views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that such results will be achieved.

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

**Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund, the Adviser, and/or the Sub-Adviser. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**Non-diversification risk**. The Fund is classified as "non-diversified," which means that the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

**Management and Organization**

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund operates under a "manager-of-managers" structure. LFI (defined below as the Fund's investment adviser) has received an SEC exemptive order that permits it, subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's

------

assets among LFI and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LFI.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LFI has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Financial Investments Corporation ("LFI") is the Fund's investment adviser. LFI is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LFI's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LFI (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2025, LFI had more than $121.1 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LFI. LFI may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LFI from its management fee.

A description of LFI (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

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

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| | |
|:---|:---|
| **Adviser** | &nbsp;&nbsp; The aggregate advisory fee paid to the predecessor fund's investment manager for the fiscal year ended <br> December 31, 2025 was 0.68% of the predecessor fund's average daily net assets.<br>|
| **Sub-Adviser** | &nbsp;&nbsp; ClearBridge Investments, LLC ("ClearBridge"), is located at One Madison Avenue, New York, New York, <br> 10010. ClearBridge is a wholly owned subsidiary of Franklin Resources, Inc., a publicly traded company <br> listed on the New York Stock Exchange (NYSE:BEN). As of December 31, 2025, ClearBridge's total assets <br> under management were approximately $212 billion, including $45.2 billion for which ClearBridge <br> provides non-discretionary investment models to managed account sponsors.<br>|
| **ClearBridge** <br> **Portfolio Managers**<br>| Michael Kagan and Stephen Rigo are responsible for the day-to-day management of the Fund's assets.  |
|  | &nbsp;&nbsp; **Michael Kagan** is a Managing Director and Portfolio Manager at ClearBridge. Mr. Kagan co-manages the <br> Appreciation strategy. He joined ClearBridge in 1994 and has 41 years of investment industry experience. <br> Mr. Kagan is a member of the ClearBridge Proxy and Brokerage Committees. Mr. Kagan received a B.A. in <br> Economics from Harvard College and attended the Massachusetts Institute of Technology Sloan School of <br> Management.<br>|
|  | &nbsp;&nbsp; **Stephen Rigo, CFA,** is a Managing Director and Portfolio Manager at ClearBridge. Mr. Rigo co-manages <br> the Appreciation Strategy. He has 26 years of investment industry experience and joined ClearBridge in <br> 2016 as a Sector Analyst covering financials, and in 2019 was named a Senior Portfolio Analyst on the <br> Appreciation Strategy. Mr. Rigo holds a BS in Finance from Boston College and is a member of the CFA <br> Institute.<br>|

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts will be in the Fund's first Form N-CSR following the Fund's commencement of operations.

**Pricing of Fund Shares**

The Fund determines its net asset value per share ("NAV") as of close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time, each business day). The Fund's NAV is the value of a single Fund share. The Fund determines its NAV by adding the values of its portfolio securities and other assets, subtracting its liabilities, and dividing by the number of Fund shares outstanding.

An order for Fund shares received after the close of regular trading on the NYSE will be effected at the NAV determined on the next business day.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the security's last sale price on a national securities exchange or over-the-counter, and for debt securities is typically the mean between the bid and ask prices (or the price established by an independent pricing service). Certain short-term fixed income securities are valued based on "amortized cost."

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In certain circumstances, the Fund's adviser, LFI, may value Fund portfolio securities at "fair value" in accordance with applicable fair value procedures. The fair value of portfolio securities may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments, and a security's fair value price may be materially different than the value realized upon the sale of that security. LFI's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance.

The Fund anticipates using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances, such as the unexpected early closing of the exchange on which a security is traded or suspension of trading in the security. The Fund may use fair value pricing more frequently for securities primarily traded in non-U.S. markets, if applicable, because, among other things, most foreign markets close well before the Fund determines its NAV. The earlier close of these non-U.S. markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. If the Fund invests in foreign equity securities, it may frequently value many of those securities using fair value prices based on third-party vendor modeling tools to the extent available.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

The Fund sells and redeems its shares, without charge, at their NAV next determined after the Fund or its agent receives a purchase or redemption request. The value of Fund shares redeemed may be more or less than original cost.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the Fund may suspend redemptions or postpone payments for any period when (a) the NYSE closes for other than weekends and holidays; (b) the SEC restricts trading on the NYSE; (c) the SEC determines that an emergency exists, so that the Fund's disposal of investment securities, or determination of NAV is not reasonably practicable; or (d) the SEC permits, by order, for the protection of Fund shareholders.

The Fund typically expects to pay redemption proceeds using holdings of cash in the Fund's portfolio, or using the proceeds from sales of portfolio securities. To a lesser extent, the Fund also may use borrowing arrangements to meet redemption requests. Borrowing is typically expected to be used only during stressed or abnormal market conditions, when an increased portion of the Fund's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances.

**Market Timing**

Frequent, large, or short-term purchases, redemptions or transfers such as those associated with "market timing" transactions, may adversely affect the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its shareholders from potentially harmful trading activity, the Board has approved certain market timing policies and procedures (the "Market Timing Procedures"). The Board may revise the Market Timing Procedures at any time and without prior notice.

Investors may seek to exploit delays between a change in the value of a Fund's portfolio holdings, and the time when that change is reflected in the NAV of the Fund's shares by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. This risk is more pronounced for funds investing in overseas markets, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

The Fund seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. The Fund and LFI each reserve the right to reject, restrict, or refuse any purchase order (including exchanges) from any investor, if, in the judgment of the Fund or LFI, the transaction may adversely affect the Fund or its shareholders.

The Fund has entered into agreements with each insurance company that holds Fund shares to help detect and prevent market timing. Under the agreements, an insurance company may be required to (i) provide certain identifying and account information regarding contract owners who invest in Fund shares through the omnibus account; and (ii) restrict further purchases or exchanges of Fund shares by a contract owner whom the Fund has identified as a market timer.

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The Fund also may rely on frequent trading policies established by such insurance companies. If the Fund detects potential market timing, the Fund will contact the applicable insurance company and may ask the insurance company to take additional action, if appropriate, based on the particular circumstances.

Fund investors seeking to engage in market timing may deploy a variety of strategies to avoid detection. In addition, Fund shares may be held through omnibus accounts, which generally do not identify trading activity of Fund investors on an individual basis. As a result of these and other operational or technological limitations, there is no guarantee that the Fund will be able to identify or prevent market timing. Moreover, the identification of Fund investors determined to engage in transactions that may adversely affect the Fund or its investors involves judgments that are inherently subjective.

Insurance company sponsors of your contract may impose transfer limitations and other limitations designed to curtail market timing. Please refer to the prospectus and SAI for your variable annuity or variable life contract for details.

**Portfolio Holdings Disclosure**

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

**Share Classes and Distribution Arrangements**

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts offering Service Class shares. LFD pays third parties for these sales activities pursuant to written agreements with such parties. The 12b-1 fee may be increased by the Fund's Board up to the maximum allowed by the Plan, without shareholder approval, in accordance with the Plan's terms. These fees are paid out of the Service Class assets on an ongoing basis, and over time will increase the cost of your investment and may cost you more than other types of sales charges.

LFI and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, may pay additional compensation (at their own expense and not as a Fund expense) to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (collectively, "financial intermediaries") in connection with the sale or retention of Fund shares or insurance products that contain the Fund and/or shareholder servicing ("distribution assistance"). The level of payments made to a qualifying financial intermediary in any given year will vary. To the extent permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, LFD may pay or allow its affiliates to pay other promotional incentives or payments to financial intermediaries.

If a mutual fund sponsor, distributor or other party makes greater payments to your financial intermediary for distribution assistance than sponsors or distributors of other mutual funds make to your financial intermediary, your financial intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund complex making the higher payments over another mutual fund complex or over other investment options. You should consult with your financial intermediary and review carefully the disclosure relating to the compensation your financial intermediary receives in connection with the investment products your financial intermediary recommends or sells to you. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments to a financial intermediary will not change the Fund's NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The Fund intends to qualify as a regulated investment company under the Internal Revenue Code, which requires annual distributions of net investment income and net capital gains to shareholders – the insurance company variable accounts. The Fund may distribute net realized capital gains only once a year. Net investment income and capital gain distributions will be automatically reinvested in additional Fund shares of the same class at no charge, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

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**Financial Highlights**

The financial highlights tables are intended to help you understand the financial performance of the Fund's Class I and Class II shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single Fund share. Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects any waivers and reimbursement of expenses by the Adviser, as applicable. If this is the case, performance would have been lower had the expense limitation not been in effect. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher.

The information in the table for the Fund was derived from the predecessor fund's financial statements, which have been audited by PricewaterhouseCoopers LLP, the predecessor fund's independent registered public accounting firm, whose report, along with the predecessor fund's financial statements, is included in the predecessor fund's annual report dated December 31, 2025, which is available upon request.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Appreciation Portfolio Standard Class** | **ClearBridge Variable Appreciation Portfolio Standard Class** | **ClearBridge Variable Appreciation Portfolio Standard Class** | **ClearBridge Variable Appreciation Portfolio Standard Class** | **ClearBridge Variable Appreciation Portfolio Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Standard Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $63.91 | &nbsp;&nbsp;&nbsp; $58.03 | &nbsp;&nbsp;&nbsp; $50.29 | &nbsp;&nbsp;&nbsp; $61.10 | &nbsp;&nbsp;&nbsp; $51.55 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp; (8.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***9.27*** | &nbsp;&nbsp;&nbsp;&nbsp;***13.34*** | &nbsp;&nbsp;&nbsp;&nbsp;***9.84*** | &nbsp;&nbsp;&nbsp; ***(7.61***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***12.14*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp; (10.50)<br>| &nbsp;&nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(10.87***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(7.46***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.10***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(3.20***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.59***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $62.31 | &nbsp;&nbsp;&nbsp; $63.91 | &nbsp;&nbsp;&nbsp; $58.03 | &nbsp;&nbsp;&nbsp; $50.29 | &nbsp;&nbsp;&nbsp; $61.10 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***14.50%*** | &nbsp;&nbsp;&nbsp; ***22.65%*** | &nbsp;&nbsp;&nbsp; ***19.71%*** | &nbsp;&nbsp;&nbsp; ***(12.44***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***23.66%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $851 | &nbsp;&nbsp;&nbsp; $828 | &nbsp;&nbsp;&nbsp; $752 | &nbsp;&nbsp;&nbsp; $679 | &nbsp;&nbsp;&nbsp; $829 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.72% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **30%** | &nbsp;&nbsp;&nbsp; **17%** | &nbsp;&nbsp;&nbsp; **10%** | &nbsp;&nbsp;&nbsp; **9%** | &nbsp;&nbsp;&nbsp; **12%** |

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Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Appreciation Portfolio Service Class** | **ClearBridge Variable Appreciation Portfolio Service Class** | **ClearBridge Variable Appreciation Portfolio Service Class** | **ClearBridge Variable Appreciation Portfolio Service Class** | **ClearBridge Variable Appreciation Portfolio Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Service Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $63.41 | &nbsp;&nbsp;&nbsp; $57.63 | &nbsp;&nbsp;&nbsp; $49.97 | &nbsp;&nbsp;&nbsp; $60.72 | &nbsp;&nbsp;&nbsp; $51.26 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp; (8.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.64 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***9.01*** | &nbsp;&nbsp;&nbsp;&nbsp;***13.08*** | &nbsp;&nbsp;&nbsp;&nbsp;***9.62*** | &nbsp;&nbsp;&nbsp; ***(7.69***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***11.91*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp; (10.50)<br>| &nbsp;&nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(10.69***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(7.30***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(1.96***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(3.06***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.45***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $61.73 | &nbsp;&nbsp;&nbsp; $63.41 | &nbsp;&nbsp;&nbsp; $57.63 | &nbsp;&nbsp;&nbsp; $49.97 | &nbsp;&nbsp;&nbsp; $60.72 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***14.19%*** | &nbsp;&nbsp;&nbsp; ***22.37%*** | &nbsp;&nbsp;&nbsp; ***19.39%*** | &nbsp;&nbsp;&nbsp; ***(12.64***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***23.34%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $332 | &nbsp;&nbsp;&nbsp; $323 | &nbsp;&nbsp;&nbsp; $265 | &nbsp;&nbsp;&nbsp; $221 | &nbsp;&nbsp;&nbsp; $256 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **30%** | &nbsp;&nbsp;&nbsp; **17%** | &nbsp;&nbsp;&nbsp; **10%** | &nbsp;&nbsp;&nbsp; **9%** | &nbsp;&nbsp;&nbsp; **12%** |

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Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class II shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

------

**General Information**

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated April 24, 2026, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund will provide a free copy of its annual and semi-annual report upon request.

The SAI, annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, upon request. For an SAI, annual or semi-annual report or financial statements, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or by calling toll-free 866-436-8717. You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, at **https://www.lincolnfinancial.com/lvip**.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at **https://www.sec.gov**. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

------

*Lincoln Variable Insurance Products Trust*

**LVIP ClearBridge Dividend Strategy Fund**

**Standard and Service Class**

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** April 24, 2026

LVIP ClearBridge Dividend Strategy Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

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

As with all mutual funds, the Securities and Exchange Commission ("SEC") 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.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
| Item | Page |
| **[Summary](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_1)** |  |
| [Investment Objective](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_1) | &nbsp;&nbsp; 1  |
| [Fees and Expenses](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_1) | &nbsp;&nbsp; 1  |
| [Annual Fund Operating Expenses](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_1) | &nbsp;&nbsp; 1  |
| [Example](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_1) | &nbsp;&nbsp; 1  |
| [Portfolio Turnover](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_2) | &nbsp;&nbsp; 2  |
| [Principal Investment Strategies](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_2) | &nbsp;&nbsp; 2  |
| [Principal Risks](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_2) | &nbsp;&nbsp; 2  |
| [Fund Performance](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_4) | &nbsp;&nbsp; 4  |
| [Investment Adviser and Sub-Adviser](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_5) | &nbsp;&nbsp; 5  |
| [Portfolio Managers](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_5) | &nbsp;&nbsp; 5  |
| [Purchase and Sale of Fund Shares](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_5) | &nbsp;&nbsp; 5  |
| [Tax Information](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_5) | &nbsp;&nbsp; 5  |
| [Payments to Broker-Dealers and other Financial Intermediaries](#xx_d5d87134-f5ca-4368-8e6b-ba4fe59a829f_6) | &nbsp;&nbsp; 6  |
| **[Additional Information about the Fund](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_1)** | &nbsp;&nbsp; 7  |
| [Investment Objective and Principal Investment Strategies](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_1) | &nbsp;&nbsp; 7  |
| [Principal Risks](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_2) | &nbsp;&nbsp; 8  |
| [Management and Organization](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_7) | &nbsp;&nbsp; 13  |
| [Pricing of Fund Shares](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_7) | &nbsp;&nbsp; 13  |
| [Purchase and Sale of Fund Shares](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_8) | &nbsp;&nbsp; 14  |
| [Market Timing](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_8) | &nbsp;&nbsp; 14  |
| [Portfolio Holdings Disclosure](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_9) | &nbsp;&nbsp; 15  |
| [Share Classes and Distribution Arrangements](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_9) | &nbsp;&nbsp; 15  |
| [Distribution Policy](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_10) | &nbsp;&nbsp; 16  |
| [Financial Highlights](#xx_5a6b6060-024d-40c1-9d1d-bea8df13a07f_11) | &nbsp;&nbsp; 17  |
| [General Information](#xx_4f9b3289-e767-4048-baba-e1aa73552d81_1) | &nbsp;&nbsp; 19  |

---

------

**LVIP ClearBridge Dividend Strategy Fund**

(Standard and Service Class)

**Summary**

**Investment Objective**

The investment objective of the LVIP ClearBridge Dividend Strategy Fund (the "Fund") is to seek dividend income, growth of dividend income and long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **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.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Standard**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.70% | 0.70% |
| Distribution and/or Service (12b-1) Fees  |  | 0.25% |
| Other Expenses<sup>1</sup> <br>| 0.08% | 0.08% |
| Total Annual Fund Operating Expenses | 0.78% | 1.03% |
| Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| (0.03)% | (0.03)% |
| Total Annual Fund Operating Expenses (After Fee Waiver/Expense Reimbursement) | 0.75% | 1.00% |

---

<sup>1</sup>

Other Expenses have been restated to reflect current fees.

<sup>2</sup>

Lincoln Financial Investments Corporation (the "LFI") has contractually agreed to waive fees and/or reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.75% of the Fund's average daily net assets for the Standard Class and 1.00% for the Service Class. Any reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue for a period of at least two years from the closing date of the reorganization of ClearBridge Variable Dividend Strategy Portfolio (the "predecessor fund") into the Fund (i.e., through at least April 30, 2028) and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

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

---

| | | |
|:---|:---|:---|
|  | **1 year** | **3 years** |
| Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp;&nbsp; $343 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp;&nbsp; $322 |

---

LVIP ClearBridge Dividend Strategy Fund1

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

**Principal Investment Strategies**

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other investments with similar economic characteristics that pay dividends or are expected to initiate their dividends over time. Possible investments include preferred stock with fixed or floating dividend features and Real Estate Investment Trusts ("REITs"). To the extent the Fund invests in stocks before they initiate dividends, such stocks would not amount to more than 10% of the Fund's portfolio. This policy includes companies that the Sub-Adviser expects to initiate dividend payments within the next 12 to 24 months.

The Fund invests primarily in common stocks. Equity securities in which the Fund may invest also include preferred securities, convertible securities, securities of other investment companies and of REITs, warrants and rights. The Fund may invest up to 20% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts. The foreign issuers in which the Fund may invest include issuers that are organized outside the United States and conduct their operations in the United States and other countries (commonly known as "multi-national companies") and other foreign issuers with market capitalizations generally of at least $10 billion.

The Sub-Adviser believes that high quality companies with strong balance sheets coupled with strong dividend profiles are attractive candidates for long-term investment. The Sub-Adviser looks for companies that they believe have assets or earnings power that are either unrecognized or undervalued. The Sub-Adviser typically emphasize dividend-paying equity securities with a focus placed upon current dividend levels as well as dividend growth over time. The Sub-Adviser also looks for potential for capital appreciation, sound or improving balance sheets and effective management teams that exhibit a desire to earn consistent returns for shareholders. The Sub-Adviser may also consider the companies' past growth rates, future earnings prospects, technological innovation and recognized industry leadership, as well as general market and economic factors. The Fund may invest in issuers of any size. The Sub-Adviser will reassess any company held by the Fund that reduces or terminates its dividend payments to determine whether the Fund will continue to hold the security.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could

2LVIP ClearBridge Dividend Strategy Fund

------

continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

&nbsp;&nbsp;&nbsp;&nbsp;• **Dividend-paying stock risk**. There is no guarantee that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. The Fund's emphasis on dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks can fall out of favor with the market (such as in periods of rising interest rates, high inflation and/or strong economic growth) and may not participate in a broad market advance to the same degree as other stocks. A sharp rise in interest rates or economic downturn or other market or company-specific developments could cause a company to reduce or eliminate its dividend.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies.

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small and mid-capitalization company risk**. The Fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in

LVIP ClearBridge Dividend Strategy Fund3

------

earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the Sub-Adviser believes appropriate and may have greater potential for losses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Illiquidity risk**. Some assets held by the Fund may be or become impossible or difficult to sell, particularly during times of market turmoil. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation risk**. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund, the Adviser, and/or the Sub-Adviser. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**Fund Performance**

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The Fund has adopted the performance of ClearBridge Variable Dividend Strategy Portfolio (the "predecessor fund") as the result of a reorganization of the Class I and Class II shares of the predecessor fund into the Standard Class and Service Class of the Fund, respectively, which took place on April 24, 2026 (the "Reorganization"). The information shows: (a) how the Fund's Standard Class and Service Class shares investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard Class and Service Class shares compare with those of a broad measure of market performance. Standard Class and Service Class shares returns of the Fund will be different from the returns of the predecessor fund as they have different expenses. The bar chart shows performance of the Fund's Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. Please note that the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

4LVIP ClearBridge Dividend Strategy Fund

------

**Annual Returns (%)**

![](g109417z_lnkl.jpg)

---

| | | |
|:---|:---|:---|
| Highest Quarterly Return  | June 30, 2020  | 15.89% |
| Lowest Quarterly Return  | March 31, 2020  | -22.15% |

---

**Average Annual Total Returns for periods ended 12/31/25** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
| LVIP ClearBridge Dividend Strategy Fund - Class II shares | &nbsp;&nbsp;&nbsp;&nbsp; 12.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.29<br> %<br>|
| LVIP ClearBridge Dividend Strategy Fund - Class I shares | &nbsp;&nbsp;&nbsp;&nbsp; 12.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.46<br> %<br>|
| Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>|
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>|
| Russell 3000 Value Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 15.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.46<br> %<br>|

---

**Investment Adviser and Sub-Adviser**

Investment Adviser: Lincoln Financial Investments Corporation ("LFI")

Investment Sub-Adviser: ClearBridge Investments, LLC ("ClearBridge")

**Portfolio Managers**

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

---

| | | |
|:---|:---|:---|
| **ClearBridge Portfolio Managers** | **Company Title** | **Experience with Fund\*** |
| John Baldi | Managing Director and Portfolio Manager | Since 2019 |
| Michael Clarfeld, CFA | Managing Director and Portfolio Manager | Since 2009 |

---

\*

Reflects Portfolio Manager's experience with the predecessor fund

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

**Tax Information**

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

LVIP ClearBridge Dividend Strategy Fund5

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

Shares of the Fund are available only through the purchase of variable contracts issued by certain life insurance companies. Parties related to the Fund (such as the Fund's principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include the Fund as an investment option in its variable contracts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of variable contracts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend variable contracts that offer Fund shares. The prospectus or other disclosure documents for the variable contracts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary's website for more information.

6LVIP ClearBridge Dividend Strategy Fund

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**Additional Information about the Fund**

**Investment Objective and Principal Investment Strategies**

The investment objective of the Fund is to seek dividend income, growth of dividend income and long-term capital appreciation. The Fund's investment objective is non-fundamental and may be changed without shareholder approval.

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other investments with similar economic characteristics that pay dividends or are expected to initiate their dividends over time. Possible investments include preferred stock with fixed or floating dividend features and Real Estate Investment Trusts ("REITs"). To the extent the Fund invests in stocks before they initiate dividends, such stocks would not amount to more than 10% of the Fund's portfolio. This policy includes companies that the Sub-Adviser expects to initiate dividend payments within the next 12 to 24 months.

The Fund invests primarily in common stocks. Equity securities in which the Fund may invest also include preferred securities, convertible securities, securities of other investment companies and of REITs, warrants and rights. The Fund may invest up to 20% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts. The foreign issuers in which the Fund may invest include issuers that are organized outside the United States and conduct their operations in the United States and other countries (commonly known as "multi-national companies") and other foreign issuers with market capitalizations generally of at least $10 billion.

The Sub-Adviser believe that high quality companies with strong balance sheets coupled with strong dividend profiles are attractive candidates for long-term investment. The Sub-Adviser looks for companies that they believe have assets or earnings power that are either unrecognized or undervalued. The Sub-Adviser typically emphasize dividend-paying equity securities with a focus placed upon current dividend levels as well as dividend growth over time. For the avoidance of doubt, the Sub-adviser does not consider share buybacks to be dividends. The Sub-Adviser also looks for potential for capital appreciation, sound or improving balance sheets and effective management teams that exhibit a desire to earn consistent returns for shareholders. The Sub-Adviser may also consider the companies' past growth rates, future earnings prospects, technological innovation and recognized industry leadership, as well as general market and economic factors. The Fund may invest in issuers of any size. The Sub-Adviser will reassess any company held by the Fund that reduces or terminates its dividend payments to determine whether the Fund will continue to hold the security.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. The Fund may change its 80% policy of investing in equity securities or other investments with similar economic characteristics that pay dividends or are expected to initiate their dividends over time only upon 60 days' notice to shareholders.

**Equity investments**

Equity securities include exchange-traded and over-the-counter ("OTC") common and preferred stocks, warrants and rights, securities convertible into equity securities and securities of other investment companies and of REITs. Convertible securities may be purchased to gain additional exposure to the company or for their income or other features.

**Foreign investments**

The Fund may invest up to 50% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts. The issuers of foreign securities purchased by the Fund will be located in developed markets, and the Fund does not intend to invest in securities of issuers located in emerging markets. However, if a country in which an issuer whose securities have been purchased by the Fund is later classified as an emerging market, the Fund will not be required to sell the security.

**Short sales**

A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund may designate no more than 25% of its net assets (taken at the then current market value) as required collateral for such sales at any one time.

**Cash management**

The Fund may hold cash pending investment, may invest in money market instruments and may enter into repurchase agreements and reverse repurchase agreements (which have characteristics like borrowings) for cash management purposes. The Fund may invest in money market funds, which may or may not be affiliated with the Fund's Adviser or subadviser. The amount of assets the Fund may hold for cash management purposes will depend on market conditions and the need to meet expected redemption requests.

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**Defensive investing**

The Fund may depart from its principal investment strategies in response to adverse market, economic, political or other conditions by taking temporary defensive positions, including by investing in any type of money market instruments and short-term debt securities or holding cash without regard to any percentage limitations. If a significant amount of the Fund's assets is used for defensive investing purposes, the Fund will be less likely to achieve its investment objective. Although the Sub-Adviser has the ability to take defensive positions, it may choose not to do so for a variety of reasons, even during volatile market conditions.

**Other investments** 

The Fund may also use other strategies and invest in other investments that are described, along with their risks, in the Statement of Additional Information ("SAI"). However, the Fund might not use all of the strategies and techniques or invest in all of the types of investments described in this Prospectus or in the SAI.

**Percentage and other limitations** 

The Fund's compliance with its investment limitations and requirements described in this Prospectus is usually determined at the time of investment. If such a percentage limitation is complied with at the time of an investment, any subsequent change resulting from a change in asset values or characteristics will not constitute a violation of that limitation.

**Selection process** 

The Sub-Adviser emphasizes individual security selection. In selecting individual companies for investment the Sub-Adviser looks for the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Current yield

&nbsp;&nbsp;&nbsp;&nbsp;• Potential for dividend growth

&nbsp;&nbsp;&nbsp;&nbsp;• Potential for capital appreciation

&nbsp;&nbsp;&nbsp;&nbsp;• Sound or improving balance sheets

&nbsp;&nbsp;&nbsp;&nbsp;• Effective management teams that exhibit a desire to earn consistent returns for shareholders

The Sub-Adviser may also consider the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;• Past growth rates

&nbsp;&nbsp;&nbsp;&nbsp;• Future earnings prospects

&nbsp;&nbsp;&nbsp;&nbsp;• Technological innovation

&nbsp;&nbsp;&nbsp;&nbsp;• General market and economic factors

&nbsp;&nbsp;&nbsp;&nbsp;• Recognized industry leadership

Generally, companies held by the Fund are those that the Sub-Adviser believes have assets or earnings power that are either unrecognized or undervalued.

The Sub-Adviser typically uses their industry expertise to determine the material environmental, social and governance ("ESG") factors facing both individual companies and industry sectors. The Sub-Adviser may also engage with company management regarding the extent to which they promote best practices of such factors. ESG factors may include, but are not necessarily limited to, environmentally-friendly product initiatives, labor audits of overseas supply chains and strong corporate governance. The choice of ESG factors for any particular company generally reflects the specific industry. At times, the ESG analysis may be performed by the Sub-Adviser. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated.

The Sub-Adviser typically uses an established proprietary research and engagement process to determine a company's profile on ESG issues. This includes generating an ESG rating, through its ESG ratings system, by assessing ESG factors, both quantitatively and qualitatively. This system has four rating levels: AAA, AA, A and B, assigned to companies based on performance on key ESG issues (such as health and safety, gender diversity, climate risk, corporate governance risk and data security), including performance relative to the companies' industry peer set. ESG is one of several factors considered and securities with a low ESG score may still be selected.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

**Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment

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trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

**Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers is not known. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known.

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

**Dividend-paying stock risk**. There is no guarantee that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. The Fund's emphasis on dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks can fall out of favor with the market (such as in periods of rising interest rates, high inflation and/or strong economic growth) and may not participate in a broad market advance to the same degree as other stocks. A sharp rise in interest rates or economic downturn or other market or company-specific developments could cause a company to reduce or eliminate its dividend.

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**Warrants and rights risk**. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore, are highly volatile and speculative investments. They have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. If a warrant or right held by the Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant or right.

**Convertible securities risk**. Convertible securities are subject to stock market and other risks associated with equity securities, as well as the credit, interest rate and other risks associated with fixed income securities. Credit risk is the risk that the issuer or obligor will not make timely payments of principal or interest or that its credit may be downgraded or perceived to be less creditworthy. Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities. As the market price of the equity security underlying a convertible security falls, the convertible security tends to trade on the basis of its yield and other fixed income characteristics. As the market price of the equity security underlying a convertible security rises, the convertible security tends to trade on the basis of its equity conversion features.

**REITs risk**. Investments in REITs expose the Fund to risks similar to investing directly in real estate. The value of these underlying investments may be affected by changes in the value of the underlying real estate, the quality of the property management, the creditworthiness of the issuers of the investments, demand for rental properties, and changes in property taxes, interest rates and the real estate regulatory environment. Investments in REITs are also affected by general economic conditions. REITs are also subject to heavy cash flow dependency on the property interests they hold, defaults by borrowers, poor performance by the REIT's manager and self-liquidation. REITs usually charge management fees, which may result in layering the fees paid by the Fund. REITs may be leveraged, which increases risk. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less regulated, less transparent and more volatile markets. The markets for some foreign securities are relatively new, and the rules and policies relating to these markets are not fully developed and may change. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, tariffs and trade disputes, economic sanctions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries.

The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign investments may also be adversely affected by U.S. government or international interventions, restrictions or economic sanctions, which could negatively affect the value of an investment or result in the Fund selling an investment at a disadvantageous time.

The value of the Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes.

It may be difficult for the Fund to pursue claims against a foreign issuer or other parties in the courts of a foreign country. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for the Fund to pursue its rights against the government. In the past, some non-U.S. governments have defaulted on principal and interest payments.

If the Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund's assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

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In certain foreign markets, settlement and clearance of trades may experience delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Settlement of trades in these markets can take longer than in other markets and the Fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer) due to, among other factors, low trading volumes and volatile prices. The custody or holding of securities, cash and other assets by local banks, agents and depositories in securities markets outside the United States may entail additional risks. Governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets, and may be subject to limited or no government oversight. In extreme cases, the Fund's securities may be misappropriated or the Fund may be unable to sell its securities. In general, the less developed a country's securities market is, the greater the likelihood of custody problems.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

**Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

**Small and mid-capitalization company risk**. The Fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the Sub-Adviser believes to be appropriate and may have greater potential for losses.

**Illiquidity risk**. Illiquidity risk exists when particular investments are impossible or difficult to sell. Although most of the Fund's investments must be liquid at the time of investment, investments may be or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. When the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. In addition, when there is illiquidity in the market for certain investments, the Fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector.

**Valuation risk**. Many factors may influence the price at which the Fund could sell any particular portfolio investment. The sales price may well differ — higher or lower — from the Fund's last valuation, and such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value methodologies. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The value of non-U.S. securities, certain fixed income securities and currencies, as applicable, may be materially affected by events after the close of the markets in which they are traded, but before the Fund determines its net asset value. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

**Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

**Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

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**Growth and value investing risk**. Growth or value securities as a group may be out of favor and underperform the overall equity market while the market favors other types of securities. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. A value stock may not increase in price as anticipated by the Sub-Adviser if other investors fail to recognize the company's value and bid up the price or the factors that the Sub-Adviser believes will increase the price of the security do not occur or do not have the anticipated effect.

**Short sales risk**. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, which may be substantial. A fund that engages in a short sale or short position may lose more money than the actual cost of the short sale or short position and its potential losses may be unlimited if the Fund does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position.

**Cash management and defensive investing risk**. The value of the investments held by the Fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the Fund holds cash uninvested, the cash will be subject to the credit risk of the depository institution holding the cash and the Fund will not earn income on the cash. If a significant amount of the Fund's assets is used for cash management or defensive investing purposes, the Fund will be less likely to achieve its investment objective. Defensive investing may not work as intended and the value of an investment in the Fund may still decline.

**Risk of increase in expenses**. Your actual costs of investing in the Fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expenses may be higher if the Fund's average net assets decrease, as a result of redemptions or otherwise, or if a fee limitation is changed or terminated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Investment in other investment companies risk**. Investments in other investment companies are subject to market and portfolio selection risk, as well as portfolio management risk. If the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies.

**Environmental, social and governance (ESG) considerations risk**. ESG considerations are one of a number of factors that the Sub-Adviser examines when considering investments for the Fund's portfolio. In light of this, the issuers in which the Fund invests may not be considered ESG-focused issuers and may have lower or adverse ESG assessments. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. The Sub-Adviser's assessment of an issuer's ESG factors is subjective and may differ from that of investors, third-party service providers (e.g., ratings providers) and other funds. As a result, securities selected by the Sub-Adviser may not reflect the beliefs and values of any particular investor. The Sub-Adviser also may be dependent on the availability of timely, complete and accurate ESG data reported by issuers and/or third party research providers, the timeliness, completeness and accuracy of which is out of the Sub-Adviser's control. ESG factors are often not uniformly measured or defined, which could impact the Sub-Adviser's ability to assess an issuer. While the Sub-Adviser views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that such results will be achieved.

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

**Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund, the Adviser, and/or the Sub-Adviser. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

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New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**Management and Organization**

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund operates under a "manager-of-managers" structure. LFI (defined below as the Fund's investment adviser) has received an SEC exemptive order that permits it, subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LFI and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LFI.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LFI has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Financial Investments Corporation ("LFI") is the Fund's investment adviser. LFI is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LFI's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LFI (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2025, LFI had more than $121.1 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LFI. LFI may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LFI from its management fee.

A description of LFI (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

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| | |
|:---|:---|
| **Adviser** | &nbsp;&nbsp; The aggregate advisory fee paid to the predecessor fund's investment manager for the fiscal year ended <br> December 31, 2025 was 0.70% of the predecessor fund's average daily net assets.<br>|
| **Sub-Adviser** | &nbsp;&nbsp; ClearBridge Investments, LLC ("ClearBridge"), is located at One Madison Avenue, New York, New York, <br> 10010. ClearBridge is a wholly owned subsidiary of Franklin Resources, Inc., a publicly traded company <br> listed on the New York Stock Exchange (NYSE:BEN). As of December 31, 2025, ClearBridge's total assets <br> under management were approximately $212 billion, including $45.2 billion for which ClearBridge <br> provides non-discretionary investment models to managed account sponsors.<br>|
| **ClearBridge** <br> **Portfolio Managers**<br>| John Baldi and Michael Clarfeld are responsible for the day-to-day management of the Fund's assets. |
|  | &nbsp;&nbsp; **John Baldi,** is a Managing Director and Portfolio Manager of ClearBridge and has 27 years of industry <br> experience. He joined ClearBridge or its predecessor in 2004.<br>|
|  | &nbsp;&nbsp; **Michael Clarfeld, CFA,** is a Managing Director and Portfolio Manager of ClearBridge and has 25 years of <br> industry experience. He has been with ClearBridge since 2006. Prior to joining ClearBridge, Mr. Clarfeld <br> was an equity analyst with Hygrove Partners, LLC and a financial analyst with Goldman Sachs.<br>|

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts will be in the Fund's first Form N-CSR following the Fund's commencement of operations.

**Pricing of Fund Shares**

The Fund determines its net asset value per share ("NAV") as of close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time, each business day). The Fund's NAV is the value of a single Fund share. The Fund determines its NAV by adding the values of its portfolio securities and other assets, subtracting its liabilities, and dividing by the number of Fund shares outstanding.

An order for Fund shares received after the close of regular trading on the NYSE will be effected at the NAV determined on the next business day.

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The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the security's last sale price on a national securities exchange or over-the-counter, and for debt securities is typically the mean between the bid and ask prices (or the price established by an independent pricing service). Certain short-term fixed income securities are valued based on "amortized cost."

In certain circumstances, the Fund's adviser, LFI, may value Fund portfolio securities at "fair value" in accordance with applicable fair value procedures. The fair value of portfolio securities may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments, and a security's fair value price may be materially different than the value realized upon the sale of that security. LFI's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance.

The Fund anticipates using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances, such as the unexpected early closing of the exchange on which a security is traded or suspension of trading in the security. The Fund may use fair value pricing more frequently for securities primarily traded in non-U.S. markets, if applicable, because, among other things, most foreign markets close well before the Fund determines its NAV. The earlier close of these non-U.S. markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. If the Fund invests in foreign equity securities, it may frequently value many of those securities using fair value prices based on third-party vendor modeling tools to the extent available.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

The Fund sells and redeems its shares, without charge, at their NAV next determined after the Fund or its agent receives a purchase or redemption request. The value of Fund shares redeemed may be more or less than original cost.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the Fund may suspend redemptions or postpone payments for any period when (a) the NYSE closes for other than weekends and holidays; (b) the SEC restricts trading on the NYSE; (c) the SEC determines that an emergency exists, so that the Fund's disposal of investment securities, or determination of NAV is not reasonably practicable; or (d) the SEC permits, by order, for the protection of Fund shareholders.

The Fund typically expects to pay redemption proceeds using holdings of cash in the Fund's portfolio, or using the proceeds from sales of portfolio securities. To a lesser extent, the Fund also may use borrowing arrangements to meet redemption requests. Borrowing is typically expected to be used only during stressed or abnormal market conditions, when an increased portion of the Fund's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances.

**Market Timing**

Frequent, large, or short-term purchases, redemptions or transfers such as those associated with "market timing" transactions, may adversely affect the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its shareholders from potentially harmful trading activity, the Board has approved certain market timing policies and procedures (the "Market Timing Procedures"). The Board may revise the Market Timing Procedures at any time and without prior notice.

Investors may seek to exploit delays between a change in the value of a Fund's portfolio holdings, and the time when that change is reflected in the NAV of the Fund's shares by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. This risk is more pronounced for funds investing in overseas markets, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

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The Fund seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. The Fund and LFI each reserve the right to reject, restrict, or refuse any purchase order (including exchanges) from any investor, if, in the judgment of the Fund or LFI, the transaction may adversely affect the Fund or its shareholders.

The Fund has entered into agreements with each insurance company that holds Fund shares to help detect and prevent market timing. Under the agreements, an insurance company may be required to (i) provide certain identifying and account information regarding contract owners who invest in Fund shares through the omnibus account; and (ii) restrict further purchases or exchanges of Fund shares by a contract owner whom the Fund has identified as a market timer.

The Fund also may rely on frequent trading policies established by such insurance companies. If the Fund detects potential market timing, the Fund will contact the applicable insurance company and may ask the insurance company to take additional action, if appropriate, based on the particular circumstances.

Fund investors seeking to engage in market timing may deploy a variety of strategies to avoid detection. In addition, Fund shares may be held through omnibus accounts, which generally do not identify trading activity of Fund investors on an individual basis. As a result of these and other operational or technological limitations, there is no guarantee that the Fund will be able to identify or prevent market timing. Moreover, the identification of Fund investors determined to engage in transactions that may adversely affect the Fund or its investors involves judgments that are inherently subjective.

Insurance company sponsors of your contract may impose transfer limitations and other limitations designed to curtail market timing. Please refer to the prospectus and SAI for your variable annuity or variable life contract for details.

**Portfolio Holdings Disclosure**

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

**Share Classes and Distribution Arrangements**

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts offering Service Class shares. LFD pays third parties for these sales activities pursuant to written agreements with such parties. The 12b-1 fee may be increased by the Fund's Board up to the maximum allowed by the Plan, without shareholder approval, in accordance with the Plan's terms. These fees are paid out of the Service Class assets on an ongoing basis, and over time will increase the cost of your investment and may cost you more than other types of sales charges.

LFI and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, may pay additional compensation (at their own expense and not as a Fund expense) to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (collectively, "financial intermediaries") in connection with the sale or retention of Fund shares or insurance products that contain the Fund and/or shareholder servicing ("distribution assistance"). The level of payments made to a qualifying financial intermediary in any given year will vary. To the extent permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, LFD may pay or allow its affiliates to pay other promotional incentives or payments to financial intermediaries.

If a mutual fund sponsor, distributor or other party makes greater payments to your financial intermediary for distribution assistance than sponsors or distributors of other mutual funds make to your financial intermediary, your financial intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund complex making the higher payments over another mutual fund complex or over other investment options. You should consult with your financial intermediary and review carefully the disclosure relating to the compensation your financial intermediary receives in connection with the investment products your financial intermediary recommends or sells to you. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments to a financial intermediary will not change the Fund's NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

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**Distribution Policy** 

The Fund intends to qualify as a regulated investment company under the Internal Revenue Code, which requires annual distributions of net investment income and net capital gains to shareholders – the insurance company variable accounts. The Fund may distribute net realized capital gains only once a year. Net investment income and capital gain distributions will be automatically reinvested in additional Fund shares of the same class at no charge, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

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**Financial Highlights**

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard and Service Class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single Fund share. Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects any waivers and reimbursement of expenses by the Adviser, as applicable. If this is the case, performance would have been lower had the expense limitation not been in effect. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher.

The information in the table for the Fund was derived from the predecessor fund's financial statements, which have been audited by PricewaterhouseCoopers LLP, the predecessor fund's independent registered public accounting firm, whose report, along with the predecessor fund's financial statements, is included in the predecessor fund's annual report dated December 31, 2025, which is available upon request.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Dividend Strategy Portfolio Standard Class** | **ClearBridge Variable Dividend Strategy Portfolio Standard Class** | **ClearBridge Variable Dividend Strategy Portfolio Standard Class** | **ClearBridge Variable Dividend Strategy Portfolio Standard Class** | **ClearBridge Variable Dividend Strategy Portfolio Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Standard Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $21.20 | &nbsp;&nbsp;&nbsp; $20.44 | &nbsp;&nbsp;&nbsp; $21.18 | &nbsp;&nbsp;&nbsp; $25.62 | &nbsp;&nbsp;&nbsp; $22.10 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.57 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***2.60*** | &nbsp;&nbsp;&nbsp;&nbsp;***3.49*** | &nbsp;&nbsp;&nbsp;&nbsp;***2.82*** | &nbsp;&nbsp;&nbsp; ***(2.10***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***5.87*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (1.96)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(3.55***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.73***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(3.56***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.34***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.35***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $20.25 | &nbsp;&nbsp;&nbsp; $21.20 | &nbsp;&nbsp;&nbsp; $20.44 | &nbsp;&nbsp;&nbsp; $21.18 | &nbsp;&nbsp;&nbsp; $25.62 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***12.62%*** | &nbsp;&nbsp;&nbsp; ***16.85%*** | &nbsp;&nbsp;&nbsp; ***14.20%*** | &nbsp;&nbsp;&nbsp; ***(8.10***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***26.80%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp; $110 | &nbsp;&nbsp;&nbsp; $107 | &nbsp;&nbsp;&nbsp; $122 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.75% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **27%** | &nbsp;&nbsp;&nbsp; **20%** | &nbsp;&nbsp;&nbsp; **16%** | &nbsp;&nbsp;&nbsp; **15%** | &nbsp;&nbsp;&nbsp; **10%** |

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Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

------

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Dividend Strategy Portfolio Service Class** | **ClearBridge Variable Dividend Strategy Portfolio Service Class** | **ClearBridge Variable Dividend Strategy Portfolio Service Class** | **ClearBridge Variable Dividend Strategy Portfolio Service Class** | **ClearBridge Variable Dividend Strategy Portfolio Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Service Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $20.55 | &nbsp;&nbsp;&nbsp; $21.28 | &nbsp;&nbsp;&nbsp; $25.72 | &nbsp;&nbsp;&nbsp; $22.18 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.59 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***2.59*** | &nbsp;&nbsp;&nbsp;&nbsp;***3.48*** | &nbsp;&nbsp;&nbsp;&nbsp;***2.80*** | &nbsp;&nbsp;&nbsp; ***(2.14***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***5.85*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (1.96)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(3.50***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.70***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(3.53***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.30***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.31***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $20.42 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $20.55 | &nbsp;&nbsp;&nbsp; $21.18 | &nbsp;&nbsp;&nbsp; $25.72 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***12.46%*** | &nbsp;&nbsp;&nbsp; ***16.69%*** | &nbsp;&nbsp;&nbsp; ***14.01%*** | &nbsp;&nbsp;&nbsp; ***(8.23***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***26.61%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $340 | &nbsp;&nbsp;&nbsp; $332 | &nbsp;&nbsp;&nbsp; $320 | &nbsp;&nbsp;&nbsp; $306 | &nbsp;&nbsp;&nbsp; $437 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **27%** | &nbsp;&nbsp;&nbsp; **20%** | &nbsp;&nbsp;&nbsp; **16%** | &nbsp;&nbsp;&nbsp; **15%** | &nbsp;&nbsp;&nbsp; **10%** |

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Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class II shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

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**General Information**

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated April 24, 2026, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund will provide a free copy of its annual and semi-annual report upon request.

The SAI, annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, upon request. For an SAI, annual or semi-annual report or financial statements, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or by calling toll-free 866-436-8717. You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, at **https://www.lincolnfinancial.com/lvip**.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at **https://www.sec.gov**. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

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*Lincoln Variable Insurance Products Trust*

**LVIP ClearBridge Large Cap Growth Fund**

**Standard and Service Class**

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** April 24, 2026

LVIP ClearBridge Large Cap Growth Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

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

As with all mutual funds, the Securities and Exchange Commission ("SEC") 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.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

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| | |
|:---|:---|
| Item | Page |
| **[Summary](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_1)** |  |
| [Investment Objective](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_1) | &nbsp;&nbsp; 1  |
| [Fees and Expenses](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_1) | &nbsp;&nbsp; 1  |
| [Annual Fund Operating Expenses](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_1) | &nbsp;&nbsp; 1  |
| [Example](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_1) | &nbsp;&nbsp; 1  |
| [Portfolio Turnover](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_1) | &nbsp;&nbsp; 1  |
| [Principal Investment Strategies](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_2) | &nbsp;&nbsp; 2  |
| [Principal Risks](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_2) | &nbsp;&nbsp; 2  |
| [Fund Performance](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_4) | &nbsp;&nbsp; 4  |
| [Investment Adviser and Sub-Adviser](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_5) | &nbsp;&nbsp; 5  |
| [Portfolio Managers](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_5) | &nbsp;&nbsp; 5  |
| [Purchase and Sale of Fund Shares](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_5) | &nbsp;&nbsp; 5  |
| [Tax Information](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_5) | &nbsp;&nbsp; 5  |
| [Payments to Broker-Dealers and other Financial Intermediaries](#xx_09917d48-a850-4a46-9abe-cb86d0fad661_6) | &nbsp;&nbsp; 6  |
| **[Additional Information about the Fund](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_1)** | &nbsp;&nbsp; 7  |
| [Investment Objective and Principal Investment Strategies](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_1) | &nbsp;&nbsp; 7  |
| [Principal Risks](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_2) | &nbsp;&nbsp; 8  |
| [Management and Organization](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_6) | &nbsp;&nbsp; 12  |
| [Pricing of Fund Shares](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_7) | &nbsp;&nbsp; 13  |
| [Purchase and Sale of Fund Shares](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_8) | &nbsp;&nbsp; 14  |
| [Market Timing](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_8) | &nbsp;&nbsp; 14  |
| [Portfolio Holdings Disclosure](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_9) | &nbsp;&nbsp; 15  |
| [Share Classes and Distribution Arrangements](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_9) | &nbsp;&nbsp; 15  |
| [Distribution Policy](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_9) | &nbsp;&nbsp; 15  |
| [Financial Highlights](#xx_7a1f22f7-b166-4c77-a473-f3b758579efe_10) | &nbsp;&nbsp; 16  |
| [General Information](#xx_f53af4ab-113b-4778-a6bd-198d0f98076e_1) | &nbsp;&nbsp; 18  |

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**LVIP ClearBridge Large Cap Growth Fund**

(Standard and Service Class)

**Summary**

**Investment Objective**

The investment objective of the LVIP ClearBridge Large Cap Growth Fund (the "Fund") is to seek long-term growth of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **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.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses**

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

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Standard**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.70% | 0.70% |
| Distribution and/or Service (12b-1) Fees  |  | 0.25% |
| Other Expenses<sup>1</sup> <br>| 0.07% | 0.07% |
| Total Annual Fund Operating Expenses | 0.77% | 1.02% |
| Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| (0.03)% | (0.03)% |
| Total Annual Fund Operating Expenses (After Fee Waiver/Expense Reimbursement) | 0.74% | 0.99% |

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<sup>1</sup>

Other Expenses have been restated to reflect current fees.

<sup>2</sup>

Lincoln Financial Investments Corporation (the "LFI") has contractually agreed to waive fees and/or reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.74% of the Fund's average daily net assets for the Standard Class (and 0.99% for the Service Class). Any reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue for a period of at least two years from the closing date of the reorganization of ClearBridge Variable Large Cap Growth Portfolio (the "predecessor fund") into the Fund (i.e., through at least April 30, 2028) and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

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

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| | | |
|:---|:---|:---|
|  | **1 year** | **3 years** |
| Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; $240 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $101 | &nbsp;&nbsp;&nbsp;&nbsp; $319 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

LVIP ClearBridge Large Cap Growth Fund1

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**Principal Investment Strategies**

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other instruments with similar economic characteristics, of U.S. companies with large market capitalizations. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Index (the "Index"). As of March 31, 2026, the market capitalization of the largest company in the Index was approximately $4.2 trillion and the median market capitalization of a company in the Index was approximately $17 billion.

The core holdings of the Fund are large capitalization companies that the Sub-Adviser believes to be dominant in their industries due to product, distribution or service strength. The Sub-Adviser emphasizes individual security selection while diversifying the Fund's investments across industries, which may help to reduce risk. The Sub-Adviser attempts to identify established large capitalization companies with the highest growth potential. The Sub-Adviser then analyzes each company in detail, ranking its management, strategy and competitive market position. Finally, the Sub-Adviser attempts to identify the best values available among the growth companies identified. The Sub-Adviser may sell a security if it no longer meets the Fund's investment criteria or for other reasons, including to meet redemptions or to redeploy assets to better investment opportunities.

The Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities. The Fund may invest in securities of issuers in emerging markets as part of its allocation to foreign investments. "Emerging markets" are defined as countries or markets not classified as developed and considered to be in earlier stages of economic or capital market development, as determined at the time of investment by widely recognized authorities or index providers (such as MSCI, FTSE, or similar organizations).

The Fund is non-diversified for purposes of the Investment Company Act of 1940, and as a result may invest a greater percentage of assets in a particular issuer than a diversified fund.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non- performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

2LVIP ClearBridge Large Cap Growth Fund

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Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Growth investing risk**. The Fund's growth-oriented investment style may increase the risks of investing in the Fund. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market while the market favors value stocks.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Industry or sector focus risk**. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund's investments more than the market as a whole, to the extent that the Fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;• **Information technology sector risk**. Companies in the rapidly changing field of information technology face special risks. Additionally, companies in this field are dependent upon consumer and business acceptance as new technologies evolve. Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of, or inability to enforce, those rights.

&nbsp;&nbsp;&nbsp;&nbsp;• **Illiquidity risk**. Some assets held by the Fund may be or become impossible or difficult to sell, particularly during times of market turmoil. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and

LVIP ClearBridge Large Cap Growth Fund3

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auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies.

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation risk**. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund the Adviser, and/or the Sub-Adviser.

Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

&nbsp;&nbsp;&nbsp;&nbsp;• **Non-diversification risk**. The Fund is classified as "non-diversified," which means that the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

**Fund Performance**

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The Fund has adopted the performance of ClearBridge Variable Large Cap Growth Portfolio (the "predecessor fund") as the result of a reorganization of the Class I and Class II shares of the predecessor fund into the Standard Class and Service Class of the Fund, respectively, which took place on April 24, 2026 (the "Reorganization"). The information shows: (a) how the Fund's Standard Class and Service Class shares investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard Class and Service Class shares compare with those of a broad measure of market performance. Standard Class and Service Class shares returns of the Fund will be different from the returns of the predecessor fund as they have different expenses. The bar chart shows performance of the Fund's Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. Please note that the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

4LVIP ClearBridge Large Cap Growth Fund

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**Annual Returns (%)**

![](g109417z_lnkm.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return  | June 30, 2020  | 25.94% |
| Lowest Quarterly Return  | June 30, 2022  | -22.48% |

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**Average Annual Total Returns for periods ended 12/31/25** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | **Since Inception**  | **Inception Date** |
| LVIP ClearBridge Large Cap Growth Fund - Class I <br> shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.46<br> %<br>|  |  |
| LVIP ClearBridge Large Cap Growth Fund - Class II <br> shares<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 15.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2016 |
| Russell 3000 Index (reflects no deduction for fees, <br> expenses or taxes) <sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>|  |  |
| Russell 1000 Growth Index (reflects no deduction for <br> fees, expenses or taxes) <sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.13<br> %<br>|  |  |

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For Class II shares, for the period from the class' inception date to December 31, 2025, the average annual total return of the Russell 3000 Index was 14.97%.

For Class II shares, for the period from the class' inception date to December 31, 2025, the average annual total return of the Russell 1000 Growth Index was 19.48%.

**Investment Adviser and Sub-Adviser**

Investment Adviser: Lincoln Financial Investments Corporation ("LFI")

Investment Sub-Adviser: ClearBridge Investments, LLC ("ClearBridge")

**Portfolio Managers**

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

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| | | |
|:---|:---|:---|
| **ClearBridge** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund\*** |
| Erica Furfaro | Director and Portfolio Manager | Since 2024 |
| Margaret Vitrano | Managing Director and Portfolio Manager | Since 2012 |

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\*

Reflects Portfolio Manager's experience with the predecessor fund

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

**Tax Information**

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

LVIP ClearBridge Large Cap Growth Fund5

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

Shares of the Fund are available only through the purchase of variable contracts issued by certain life insurance companies. Parties related to the Fund (such as the Fund's principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include the Fund as an investment option in its variable contracts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of variable contracts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend variable contracts that offer Fund shares. The prospectus or other disclosure documents for the variable contracts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary's website for more information.

6LVIP ClearBridge Large Cap Growth Fund

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**Additional Information about the Fund**

**Investment Objective and Principal Investment Strategies**

The investment objective of the Fund is to seek long-term growth of capital. The Fund's investment objective is non-fundamental and may be changed without shareholder approval.

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other instruments with similar economic characteristics, of U.S. companies with large market capitalizations. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Index (the "Index"). The size of the companies in the Index changes with market conditions and the composition of the Index. As of March 31, 2026, the market capitalization of the largest company in the Index was approximately $4.2 trillion and the median market capitalization of a company in the Index was approximately $17 billion. Securities of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of large capitalization companies for purposes of the Fund's 80% investment policy.

The core holdings of the Fund are large capitalization companies that the Sub-Adviser believes to be dominant in their industries due to product, distribution or service strength. The Fund's Sub-Adviser emphasizes individual security selection while diversifying the Fund's investments across industries, which may help to reduce risk. The Fund's Sub-Adviser attempts to identify established large capitalization companies with the highest growth potential. The Fund's Sub-Adviser then analyzes each company in detail, ranking its management, strategy and competitive market position. Finally, the Fund's Sub-Adviser attempts to identify the best values available among the growth companies identified. The Fund's Sub-Adviser may sell a security if it no longer meets the Fund's investment criteria or for other reasons, including to meet redemptions or to redeploy assets to better investment opportunities.

The Fund is non-diversified for purposes of the Investment Company Act of 1940, and as a result may invest a greater percentage of assets in a particular issuer than a diversified fund.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. The Fund may change its 80% policy of investing in the common stocks of U.S. companies with large market capitalizations only upon 60 days' notice to shareholders.

**Equity investments**

Equity securities include exchange-traded and over-the-counter ("OTC") common and preferred stocks, warrants and rights, securities convertible into equity securities and securities of other investment companies and of real estate investment trusts ("REITs").

**Foreign investments**

The Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities. The Fund may invest directly in foreign issuers or invest in depositary receipts. The Fund may invest in securities of issuers in emerging markets as part of its allocation to foreign investments. "Emerging markets" are defined as countries or markets not classified as developed and considered to be in earlier stages of economic or capital market development, as determined at the time of investment by widely recognized authorities or index providers (such as MSCI, FTSE, or similar organizations).

**Short sales**

A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund may designate no more than 25% of its net assets (taken at the then current market value) as required collateral for such sales at any one time.

**Small and medium capitalization companies**

As a non-principal investment strategy, the Fund may invest up to 20% of its assets in equity securities of companies other than those with market capitalizations similar to companies in the Index (i.e., medium or small capitalization companies).

**Cash management**

The Fund may hold cash pending investment, may invest in money market instruments and may enter into repurchase agreements and reverse repurchase agreements (which have characteristics like borrowings) for cash management purposes. The Fund may invest in money market funds, which may or may not be affiliated with the Fund's Adviser or subadviser. The amount of assets the Fund may hold for cash management purposes will depend on market conditions and the need to meet expected redemption requests.

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**Defensive investing**

The Fund may depart from its principal investment strategies in response to adverse market, economic, political or other conditions by taking temporary defensive positions, including by investing in any type of money market instruments and short-term debt securities or holding cash without regard to any percentage limitations. If a significant amount of the Fund's assets is used for defensive investing purposes, the Fund will be less likely to achieve its investment objective. Although the Sub-Adviser has the ability to take defensive positions, it may choose not to do so for a variety of reasons, even during volatile market conditions.

**Other investments**

The Fund may also use other strategies and invest in other investments that are described, along with their risks, in the Statement of Additional Information ("SAI"). However, the Fund might not use all of the strategies and techniques or invest in all of the types of investments described in this Prospectus or in the SAI.

**Percentage and other limitations** 

The Fund's compliance with its investment limitations and requirements described in this Prospectus is usually determined at the time of investment. If such a percentage limitation is complied with at the time of an investment, any subsequent change resulting from a change in asset values or characteristics will not constitute a violation of that limitation.

**Selection process** 

The Sub-Adviser emphasizes individual security selection while diversifying the Fund's investments across industries, which may help to reduce risk. The Sub-Adviser attempts to identify established large capitalization companies with the highest growth potential. The Sub-Adviser then analyzes each company in detail, ranking its management, strategy and competitive market position. Finally, the Sub-Adviser attempts to identify the best values available among the growth companies identified. The core holdings of the Fund will be large capitalization companies that the Sub-Adviser believes to be dominant in their industries, global in scope and with a long-term history of performance.

In selecting individual companies for investment, the Sub-Adviser considers:

&nbsp;&nbsp;&nbsp;&nbsp;• Favorable earnings prospects

&nbsp;&nbsp;&nbsp;&nbsp;• Technological innovation

&nbsp;&nbsp;&nbsp;&nbsp;• Industry dominance

&nbsp;&nbsp;&nbsp;&nbsp;• Competitive products and services

&nbsp;&nbsp;&nbsp;&nbsp;• Global scope

&nbsp;&nbsp;&nbsp;&nbsp;• Long-term operating history

&nbsp;&nbsp;&nbsp;&nbsp;• Consistent and sustainable long-term growth in dividends and earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;• Strong cash flow

&nbsp;&nbsp;&nbsp;&nbsp;• High return on equity

&nbsp;&nbsp;&nbsp;&nbsp;• Strong financial condition

&nbsp;&nbsp;&nbsp;&nbsp;• Experienced and effective management

The Sub-Adviser typically uses their industry expertise to determine the material environmental, social and governance ("ESG") factors facing both individual companies and industry sectors. The Sub-Adviser may also engage with company management regarding the extent to which they promote best practices of such factors. ESG factors may include, but are not necessarily limited to, environmentally-friendly product initiatives, labor audits of overseas supply chains and strong corporate governance. The choice of ESG factors for any particular company generally reflects the specific industry. At times, the ESG analysis may be performed by the Sub-Adviser. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated.

The Sub-Adviser typically uses an established proprietary research and engagement process to determine a company's profile on ESG issues. This includes generating an ESG rating, through its ESG ratings system, by assessing ESG factors, both quantitatively and qualitatively. This system has four rating levels: AAA, AA, A and B, assigned to companies based on performance on key ESG issues (such as health and safety, gender diversity, climate risk, corporate governance risk and data security), including performance relative to the companies' industry peer set. ESG is one of several factors considered and securities with a low ESG score may still be selected.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

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**Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

**Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non- performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers is not known. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known.

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

**Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

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**Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

**Industry or sector focus risk**. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund's investments more than the market as a whole, to the extent that the Fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector.

**Information technology sector risk**. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss, or impairment of, or inability to enforce, these rights may adversely affect the profitability of these companies.

**Growth investing risk**. The Fund's growth-oriented investment style may increase the risks of investing in the Fund. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market while the market favors value stocks.

**Illiquidity risk**. Illiquidity risk exists when particular investments are impossible or difficult to sell. Although most of the Fund's investments must be liquid at the time of investment, investments may be or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. When the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. In addition, when there is illiquidity in the market for certain investments, the Fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector.

**Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less regulated, less transparent and more volatile markets. The markets for some foreign securities are relatively new, and the rules and policies relating to these markets are not fully developed and may change. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, tariffs and trade disputes, economic sanctions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries.

The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign investments may also be adversely affected by U.S. government or international interventions, restrictions or economic sanctions, which could negatively affect the value of an investment or result in the Fund selling an investment at a disadvantageous time.

The value of the Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes.

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It may be difficult for the Fund to pursue claims against a foreign issuer or other parties in the courts of a foreign country. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for the Fund to pursue its rights against the government. In the past, some non-U.S. governments have defaulted on principal and interest payments.

If the Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund's assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

In certain foreign markets, settlement and clearance of trades may experience delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Settlement of trades in these markets can take longer than in other markets and the Fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer) due to, among other factors, low trading volumes and volatile prices. The custody or holding of securities, cash and other assets by local banks, agents and depositories in securities markets outside the United States may entail additional risks. Governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets, and may be subject to limited or no government oversight. In extreme cases, the Fund's securities may be misappropriated or the Fund may be unable to sell its securities. In general, the less developed a country's securities market is, the greater the likelihood of custody problems.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

**Small and mid-capitalization company risk**. The Fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the Sub-Adviser believes appropriate and may have greater potential for losses.

**Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

**Short sales risk**. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, which may be substantial. A fund that engages in a short sale or short position may lose more money than the actual cost of the short sale or short position and its potential losses may be unlimited if the Fund does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position.

**Valuation risk**. Many factors may influence the price at which the Fund could sell any particular portfolio investment. The sales price may well differ — higher or lower — from the Fund's last valuation, and such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value methodologies. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The value of non-U.S. securities, certain fixed income securities and currencies, as applicable, may be materially affected by events after the close of the markets in which they are traded, but before the Fund determines its net asset value. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

**Cash management and defensive investing risk**. The value of the investments held by the Fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the Fund holds cash uninvested, the cash will be subject to the credit risk of the depository institution holding the cash and the Fund will not earn income on the cash. If a significant amount of the Fund's assets is used for cash management or defensive investing purposes, the Fund will be less likely to achieve its investment objective. Defensive investing may not work as intended and the value of an investment in the Fund may still decline.

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**Risk of increase in expenses**. Your actual costs of investing in the Fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expenses may be higher if the Fund's average net assets decrease, as a result of redemptions or otherwise, or if a fee limitation is changed or terminated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Investment in other investment companies risk**. Investments in other investment companies are subject to market and portfolio selection risk, as well as portfolio management risk. If the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies.

**Environmental, social and governance (ESG) considerations risk**. ESG considerations are one of a number of factors that the Sub-Adviser examines when considering investments for the Fund's portfolio. In light of this, the issuers in which the Fund invests may not be considered ESG- focused issuers and may have lower or adverse ESG assessments. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. The Sub-Adviser's assessment of an issuer's ESG factors is subjective and may differ from that of investors, third-party service providers (e.g., ratings providers) and other funds. As a result, securities selected by the Sub-Adviser may not reflect the beliefs and values of any particular investor. The Sub-Adviser also may be dependent on the availability of timely, complete and accurate ESG data reported by issuers and/or third party research providers, the timeliness, completeness and accuracy of which is out of the Sub-Adviser's control. ESG factors are often not uniformly measured or defined, which could impact the Sub-Adviser's ability to assess an issuer. While the Sub-Adviser views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that such results will be achieved.

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

**Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund the Adviser, and/or the Sub-Adviser. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**Non-diversification risk**. The Fund is classified as "non-diversified," which means that the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

**Management and Organization**

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund operates under a "manager-of-managers" structure. LFI (defined below as the Fund's investment adviser) has received an SEC exemptive order that permits it, subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LFI and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LFI.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LFI has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

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**Investment Adviser and Sub-Adviser:** Lincoln Financial Investments Corporation ("LFI") is the Fund's investment adviser. LFI is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LFI's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LFI (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2025, LFI had more than $121.1 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LFI. LFI may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. The sub-advisers are paid by LFI from its management fee.

A description of LFI (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser and the portfolio manager are shown below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of Fund shares.

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

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| | |
|:---|:---|
| **Adviser** | &nbsp;&nbsp; The aggregate advisory fee paid to the predecessor fund's investment manager for the fiscal year ended <br> December 31, 2025 was 0.70% of the predecessor fund's average daily net assets.<br>|
| **Sub-Adviser** | &nbsp;&nbsp; ClearBridge Investments, LLC ("ClearBridge"), is located at One Madison Avenue, New York, New York, <br> 10010. ClearBridge is a wholly owned subsidiary of Franklin Resources, Inc., a publicly traded company <br> listed on the New York Stock Exchange (NYSE:BEN). As of December 31, 2025, ClearBridge's total assets <br> under management were approximately $212 billion, including $45.2 billion for which ClearBridge <br> provides non-discretionary investment models to managed account sponsors.<br>|
| **ClearBridge** <br> **Portfolio Managers**<br>| Erica Furfaro and Margaret Vitrano are responsible for the day-to-day management of the Fund's assets. |
|  | &nbsp;&nbsp; **Erica Furfaro,** is a Director and Portfolio Manager of ClearBridge. Ms. Furfaro joined ClearBridge in 2019. <br> Prior to joining ClearBridge, she worked as a Sector Head at Millennium Partners, an Analyst at York <br> Capital Management, an Analyst at the Carlyle Group, and an Investment Banking Analyst at Merrill Lynch <br> & Co. Ms. Furfaro has 20 years of investment industry experience.<br>|
|  | &nbsp;&nbsp; **Margaret Vitrano,** is a Managing Director and Portfolio Manager of ClearBridge. Previously, she was a <br> Senior Research Analyst for Information Technology and Communications of ClearBridge from 2007 to <br> 2012. Ms. Vitrano joined the subadviser or its predecessor in 2003. Prior to that, she was a Director of <br> CGMI and a research analyst at Citigroup. Ms. Vitrano has 29 years of investment industry experience.<br>|

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts will be in the Fund's first Form N-CSR following the Fund's commencement of operations.

**Pricing of Fund Shares**

The Fund determines its net asset value per share ("NAV") as of close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time, each business day). The Fund's NAV is the value of a single Fund share. The Fund determines its NAV by adding the values of its portfolio securities and other assets, subtracting its liabilities, and dividing by the number of Fund shares outstanding.

An order for Fund shares received after the close of regular trading on the NYSE will be effected at the NAV determined on the next business day.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the security's last sale price on a national securities exchange or over-the-counter, and for debt securities is typically the mean between the bid and ask prices (or the price established by an independent pricing service). Certain short-term fixed income securities are valued based on "amortized cost."

In certain circumstances, the Fund's adviser, LFI, may value Fund portfolio securities at "fair value" in accordance with applicable fair value procedures. The fair value of portfolio securities may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments, and a security's fair value price may be materially different than the value realized upon the sale of that security. LFI's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance.

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The Fund anticipates using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances, such as the unexpected early closing of the exchange on which a security is traded or suspension of trading in the security. The Fund may use fair value pricing more frequently for securities primarily traded in non-U.S. markets, if applicable, because, among other things, most foreign markets close well before the Fund determines its NAV. The earlier close of these non-U.S. markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. If the Fund invests in foreign equity securities, it may frequently value many of those securities using fair value prices based on third-party vendor modeling tools to the extent available.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

The Fund sells and redeems its shares, without charge, at their NAV next determined after the Fund or its agent receives a purchase or redemption request. The value of Fund shares redeemed may be more or less than original cost.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the Fund may suspend redemptions or postpone payments for any period when (a) the NYSE closes for other than weekends and holidays; (b) the SEC restricts trading on the NYSE; (c) the SEC determines that an emergency exists, so that the Fund's disposal of investment securities, or determination of NAV is not reasonably practicable; or (d) the SEC permits, by order, for the protection of Fund shareholders.

The Fund typically expects to pay redemption proceeds using holdings of cash in the Fund's portfolio, or using the proceeds from sales of portfolio securities. To a lesser extent, the Fund also may use borrowing arrangements to meet redemption requests. Borrowing is typically expected to be used only during stressed or abnormal market conditions, when an increased portion of the Fund's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances.

**Market Timing**

Frequent, large, or short-term purchases, redemptions or transfers such as those associated with "market timing" transactions, may adversely affect the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly discourages such trading activity. To protect the Fund and its shareholders from potentially harmful trading activity, the Board has approved certain market timing policies and procedures (the "Market Timing Procedures"). The Board may revise the Market Timing Procedures at any time and without prior notice.

Investors may seek to exploit delays between a change in the value of a Fund's portfolio holdings, and the time when that change is reflected in the NAV of the Fund's shares by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. This risk is more pronounced for funds investing in overseas markets, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

The Fund seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. The Fund and LFI each reserve the right to reject, restrict, or refuse any purchase order (including exchanges) from any investor, if, in the judgment of the Fund or LFI, the transaction may adversely affect the Fund or its shareholders.

The Fund has entered into agreements with each insurance company that holds Fund shares to help detect and prevent market timing. Under the agreements, an insurance company may be required to (i) provide certain identifying and account information regarding contract owners who invest in Fund shares through the omnibus account; and (ii) restrict further purchases or exchanges of Fund shares by a contract owner whom the Fund has identified as a market timer.

The Fund also may rely on frequent trading policies established by such insurance companies. If the Fund detects potential market timing, the Fund will contact the applicable insurance company and may ask the insurance company to take additional action, if appropriate, based on the particular circumstances.

------

Fund investors seeking to engage in market timing may deploy a variety of strategies to avoid detection. In addition, Fund shares may be held through omnibus accounts, which generally do not identify trading activity of Fund investors on an individual basis. As a result of these and other operational or technological limitations, there is no guarantee that the Fund will be able to identify or prevent market timing. Moreover, the identification of Fund investors determined to engage in transactions that may adversely affect the Fund or its investors involves judgments that are inherently subjective.

Insurance company sponsors of your contract may impose transfer limitations and other limitations designed to curtail market timing. Please refer to the prospectus and SAI for your variable annuity or variable life contract for details.

**Portfolio Holdings Disclosure**

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

**Share Classes and Distribution Arrangements**

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts offering Service Class shares. LFD pays third parties for these sales activities pursuant to written agreements with such parties. The 12b-1 fee may be increased by the Fund's Board up to the maximum allowed by the Plan, without shareholder approval, in accordance with the Plan's terms. These fees are paid out of the Service Class assets on an ongoing basis, and over time will increase the cost of your investment and may cost you more than other types of sales charges.

LFI and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, may pay additional compensation (at their own expense and not as a Fund expense) to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (collectively, "financial intermediaries") in connection with the sale or retention of Fund shares or insurance products that contain the Fund and/or shareholder servicing ("distribution assistance"). The level of payments made to a qualifying financial intermediary in any given year will vary. To the extent permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, LFD may pay or allow its affiliates to pay other promotional incentives or payments to financial intermediaries.

If a mutual fund sponsor, distributor or other party makes greater payments to your financial intermediary for distribution assistance than sponsors or distributors of other mutual funds make to your financial intermediary, your financial intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund complex making the higher payments over another mutual fund complex or over other investment options. You should consult with your financial intermediary and review carefully the disclosure relating to the compensation your financial intermediary receives in connection with the investment products your financial intermediary recommends or sells to you. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments to a financial intermediary will not change the Fund's NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The Fund intends to qualify as a regulated investment company under the Internal Revenue Code, which requires annual distributions of net investment income and net capital gains to shareholders – the insurance company variable accounts. The Fund may distribute net realized capital gains only once a year. Net investment income and capital gain distributions will be automatically reinvested in additional Fund shares of the same class at no charge, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

------

**Financial Highlights**

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard and Service Class shares for the past five years or since their inception (as applicable). Certain information reflects financial results for a single Fund share. Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects any waivers and reimbursement of expenses by the Adviser, as applicable. If this is the case, performance would have been lower had the expense limitation not been in effect. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher.

The information in the table for the Fund was derived from the predecessor fund's financial statements, which have been audited by PricewaterhouseCoopers LLP, the predecessor fund's independent registered public accounting firm, whose report, along with the predecessor fund's financial statements, is included in the predecessor fund's annual report dated December 31, 2025, which is available upon request.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Large Cap Growth Portfolio Standard Class** | **ClearBridge Variable Large Cap Growth Portfolio Standard Class** | **ClearBridge Variable Large Cap Growth Portfolio Standard Class** | **ClearBridge Variable Large Cap Growth Portfolio Standard Class** | **ClearBridge Variable Large Cap Growth Portfolio Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Standard Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $47.43 | &nbsp;&nbsp;&nbsp; $38.67 | &nbsp;&nbsp;&nbsp; $27.07 | &nbsp;&nbsp;&nbsp; $43.22 | &nbsp;&nbsp;&nbsp; $37.72 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp; (13.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.31 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***4.09*** | &nbsp;&nbsp;&nbsp;&nbsp;***10.87*** | &nbsp;&nbsp;&nbsp;&nbsp;***11.90*** | &nbsp;&nbsp;&nbsp; ***(13.94***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***8.24*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  |
| Net realized gain | &nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (2.74)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(3.42***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.11***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(0.30***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.21***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.74***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $48.10 | &nbsp;&nbsp;&nbsp; $47.43 | &nbsp;&nbsp;&nbsp; $38.67 | &nbsp;&nbsp;&nbsp; $27.07 | &nbsp;&nbsp;&nbsp; $43.22 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***8.62%*** | &nbsp;&nbsp;&nbsp; ***27.89%*** | &nbsp;&nbsp;&nbsp; ***44.02%*** | &nbsp;&nbsp;&nbsp; ***(32.24***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***21.94%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $168 | &nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp; $152 | &nbsp;&nbsp;&nbsp; $115 | &nbsp;&nbsp;&nbsp; $189 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **23%** | &nbsp;&nbsp;&nbsp; **14%** | &nbsp;&nbsp;&nbsp; **13%** | &nbsp;&nbsp;&nbsp; **21%** | &nbsp;&nbsp;&nbsp; **16%** |

---

Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Large Cap Growth Portfolio Service Class** | **ClearBridge Variable Large Cap Growth Portfolio Service Class** | **ClearBridge Variable Large Cap Growth Portfolio Service Class** | **ClearBridge Variable Large Cap Growth Portfolio Service Class** | **ClearBridge Variable Large Cap Growth Portfolio Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Service Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $46.54 | &nbsp;&nbsp;&nbsp; $38.07 | &nbsp;&nbsp;&nbsp; $26.72 | &nbsp;&nbsp;&nbsp; $42.81 | &nbsp;&nbsp;&nbsp; $37.48 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;10.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp; (13.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***3.89*** | &nbsp;&nbsp;&nbsp;&nbsp;***10.58*** | &nbsp;&nbsp;&nbsp;&nbsp;***11.65*** | &nbsp;&nbsp;&nbsp; ***(13.88***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***8.07*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  |
| Net realized gain | &nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (2.74)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(3.42***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.11***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(0.30***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.21***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.74***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $47.01 | &nbsp;&nbsp;&nbsp; $46.54 | &nbsp;&nbsp;&nbsp; $38.07 | &nbsp;&nbsp;&nbsp; $26.72 | &nbsp;&nbsp;&nbsp; $42.81 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***8.35%*** | &nbsp;&nbsp;&nbsp; ***27.56%*** | &nbsp;&nbsp;&nbsp; ***43.66%*** | &nbsp;&nbsp;&nbsp; ***(32.42***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***21.63%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $406 | &nbsp;&nbsp;&nbsp; $379 | &nbsp;&nbsp;&nbsp; $325 | &nbsp;&nbsp;&nbsp; $214 | &nbsp;&nbsp;&nbsp; $296 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.99% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **23%** | &nbsp;&nbsp;&nbsp; **14%** | &nbsp;&nbsp;&nbsp; **13%** | &nbsp;&nbsp;&nbsp; **21%** | &nbsp;&nbsp;&nbsp; **16%** |

---

Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class II shares did not exceed 1.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

------

**General Information**

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated April 24, 2026, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund will provide a free copy of its annual and semi-annual report upon request.

The SAI, annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, upon request. For an SAI, annual or semi-annual report or financial statements, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or by calling toll-free 866-436-8717. You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, at **https://www.lincolnfinancial.com/lvip**.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at **https://www.sec.gov**. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

------

*Lincoln Variable Insurance Products Trust*

**LVIP ClearBridge Large Cap Value Fund**

**Standard and Service Class**

1301 South Harrison Street

Fort Wayne, Indiana 46802

**Prospectus** April 24, 2026

LVIP ClearBridge Large Cap Value Fund (the "Fund") is a series of the Lincoln Variable Insurance Products Trust (the "Trust"). Shares of the Fund are currently offered only to separate accounts that fund variable annuity and variable life insurance contracts ("variable accounts") of The Lincoln National Life Insurance Company, its affiliates, and third-party insurance companies. You cannot purchase shares of the Fund directly. This prospectus discusses the information about the Fund that you should know before investing.

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

As with all mutual funds, the Securities and Exchange Commission ("SEC") 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.

We have not authorized any dealer, salesperson, or any other person to give any information, or to make any representation, other than what this prospectus states.

------

**Table of Contents** 

---

| | |
|:---|:---|
| Item | Page |
| **[Summary](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_1)** |  |
| [Investment Objective](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_1) | &nbsp;&nbsp; 1  |
| [Fees and Expenses](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_1) | &nbsp;&nbsp; 1  |
| [Annual Fund Operating Expenses](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_1) | &nbsp;&nbsp; 1  |
| [Example](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_1) | &nbsp;&nbsp; 1  |
| [Portfolio Turnover](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_2) | &nbsp;&nbsp; 2  |
| [Principal Investment Strategies](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_2) | &nbsp;&nbsp; 2  |
| [Principal Risks](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_2) | &nbsp;&nbsp; 2  |
| [Fund Performance](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_4) | &nbsp;&nbsp; 4  |
| [Investment Adviser and Sub-Adviser](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_5) | &nbsp;&nbsp; 5  |
| [Portfolio Managers](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_5) | &nbsp;&nbsp; 5  |
| [Purchase and Sale of Fund Shares](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_5) | &nbsp;&nbsp; 5  |
| [Tax Information](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_5) | &nbsp;&nbsp; 5  |
| [Payments to Broker-Dealers and other Financial Intermediaries](#xx_c08f9ba5-b456-47e2-a159-0037b223cb7b_6) | &nbsp;&nbsp; 6  |
| **[Additional Information about the Fund](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_1)** | &nbsp;&nbsp; 7  |
| [Investment Objective and Principal Investment Strategies](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_1) | &nbsp;&nbsp; 7  |
| [Principal Risks](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_2) | &nbsp;&nbsp; 8  |
| [Management and Organization](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_6) | &nbsp;&nbsp; 12  |
| [Pricing of Fund Shares](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_7) | &nbsp;&nbsp; 13  |
| [Purchase and Sale of Fund Shares](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_7) | &nbsp;&nbsp; 13  |
| [Market Timing](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_7) | &nbsp;&nbsp; 13  |
| [Portfolio Holdings Disclosure](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_8) | &nbsp;&nbsp; 14  |
| [Share Classes and Distribution Arrangements](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_8) | &nbsp;&nbsp; 14  |
| [Distribution Policy](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_9) | &nbsp;&nbsp; 15  |
| [Financial Highlights](#xx_5308b406-74a2-4d42-a7f1-a2d716863caa_10) | &nbsp;&nbsp; 16  |
| [General Information](#xx_f3808f05-f908-49cc-854e-0b4af3a9da18_1) | &nbsp;&nbsp; 17  |

---

------

**LVIP ClearBridge Large Cap Value Fund**

(Standard and Service Class)

**Summary**

**Investment Objective**

The investment objective of the LVIP ClearBridge Large Cap Value Fund (the "Fund") is to seek long-term growth of capital as its primary investment objective. Current income is a secondary objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **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.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Standard**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.65% | 0.65% |
| Distribution and/or Service (12b-1) Fees  |  | 0.25% |
| Other Expenses<sup>1</sup> <br>| 0.09% | 0.09% |
| Total Annual Fund Operating Expenses | 0.74% | 0.99% |
| Less Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| (0.02)% | (0.02)% |
| Total Annual Fund Operating Expenses (After Fee Waiver/Expense Reimbursement) | 0.72% | 0.97% |

---

<sup>1</sup>

Other Expenses have been restated to reflect current fees.

<sup>2</sup>

Lincoln Financial Investments Corporation (the "LFI") has contractually agreed to waive fees and/or reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.72% of the Fund's average daily net assets for the Standard Class (and 0.97% for the Service Class). Any reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue for a period of at least two years from the closing date of the reorganization of ClearBridge Variable Large Cap Value Portfolio Class I (the "predecessor fund") into the LVIP ClearBridge Large Cap Value Fund Standard Class (i.e., through at least April 30, 2028) and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

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

---

| | | |
|:---|:---|:---|
|  | **1 year** | **3 years** |
| Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; $74 | &nbsp;&nbsp;&nbsp;&nbsp; $232 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $311 |

---

LVIP ClearBridge Large Cap Value Fund1

------

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 19% of the average value of its portfolio.

**Principal Investment Strategies**

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other investments with similar economic characteristics, of companies with large market capitalizations. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Index (the "Index"). The size of the companies in the Index changes with market conditions and the composition of the Index of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of large capitalization companies for purposes of the Fund's 80% investment policy. As of March 31, 2026, the market capitalization of the largest company in the Index was approximately $4.2 trillion and the median market capitalization of a company in the Index was approximately $17 billion.

The Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities. The Fund may invest in securities of issuers in emerging markets as part of its allocation to foreign investments. "Emerging markets" are defined as countries or markets not classified as developed and considered to be in earlier stages of economic or capital market development, as determined at the time of investment by widely recognized authorities or index providers (such as MSCI, FTSE, or similar organizations).

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund 's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

2LVIP ClearBridge Large Cap Value Fund

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Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Industry or sector focus risk**. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund's investments more than the market as a whole, to the extent that the Fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Value investing risk**. The value approach to investing involves the risk that stocks may remain undervalued for long periods, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks may underperform the overall equity market for an extended period while the market favors growth stocks. A value stock may not increase in price as anticipated by the Sub-Adviser if other investors fail to recognize the company's value and bid up the price or the factors that the Sub-Adviser believes will increase the price of the security do not occur or do not have the anticipated effect. Value stocks may go in and out of favor over time and the Sub-Adviser may sell a security prior to the security realizing a gain in connection with changed market perception regarding the value of the security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies.

The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

LVIP ClearBridge Large Cap Value Fund3

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Illiquidity risk**. Some assets held by the Fund may be or become impossible or difficult to sell, particularly during times of market turmoil. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation risk**. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund, the Adviser, and/or the Sub-Adviser. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**Fund Performance**

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The Fund's Standard Class has adopted the performance of ClearBridge Variable Large Cap Value Portfolio Class I (the "predecessor fund") as the result of a reorganization of the predecessor fund into the Standard Class of the Fund which took place on April 24, 2026 (the "Reorganization"). The information shows: (a) how the Fund's Standard Class shares investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard Class shares compare with those of a broad measure of market performance. No information is presented for Service Class shares of the Fund because the Service Class Service Class shares are new and were not operational as of December 31, 2025. The bar chart shows performance of the Fund's Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. Please note that the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

4LVIP ClearBridge Large Cap Value Fund

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**Annual Returns (%)**

![](g109417z_lnkn.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return  | June 30, 2020  | 15.03% |
| Lowest Quarterly Return  | March 31, 2020  | -24.37% |

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**Average Annual Total Returns for periods ended 12/31/25** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
| LVIP ClearBridge Large Cap Value Fund - Class I shares | &nbsp;&nbsp;&nbsp;&nbsp; 10.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.01<br> %<br>|
| Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>|
| Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 15.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.53<br> %<br>|
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82<br> %<br>|

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**Investment Adviser and Sub-Adviser**

Investment Adviser: Lincoln Financial Investments Corporation ("LFI")

Investment Sub-Adviser: ClearBridge Investments, LLC ("ClearBridge")

**Portfolio Managers**

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

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| | | |
|:---|:---|:---|
| **ClearBridge** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund\*** |
| Dmitry Khaykin | Managing Director and Portfolio Manager | Since 2007 |
| Deepon Nag | Director and Portfolio Manager | Since 2023 |

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\*

Reflects Portfolio Manager's experience with the predecessor fund

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

**Tax Information**

In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. Contract owners should consult their contract Prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Fund. Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Fund, including application of state and local taxes.

LVIP ClearBridge Large Cap Value Fund5

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

Shares of the Fund are available only through the purchase of variable contracts issued by certain life insurance companies. Parties related to the Fund (such as the Fund's principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include the Fund as an investment option in its variable contracts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of variable contracts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend variable contracts that offer Fund shares. The prospectus or other disclosure documents for the variable contracts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary's website for more information.

6LVIP ClearBridge Large Cap Value Fund

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**Additional Information about the Fund**

**Investment Objective and Principal Investment Strategies**

The investment objective of the Fund is to seek long-term growth of capital as its primary investment objective. Current income is a secondary objective. The Fund's investment objective is non-fundamental and may be changed without shareholder approval.

Lincoln Financial Investments Corporation serves as the Fund's investment adviser. ClearBridge Investments, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other investments with similar economic characteristics, of companies with large market capitalizations. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Index (the "Index"). The size of the companies in the Index changes with market conditions and the composition of the Index. As of March 31, 2026, the market capitalization of the largest company in the Index was approximately $4.2 trillion and the median market capitalization of a company in the Index was approximately $17 billion. Securities of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of large capitalization companies for purposes of the Fund's 80% investment policy.

The Fund's Board of Trustees may change the Fund's investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. The Fund may change its policy of investing at least 80% of its net assets in stocks of companies with large market capitalizations only upon 60 days' notice to shareholders.

**Equity investments**

Equity securities include exchange-traded and over-the-counter ("OTC") common and preferred stocks, warrants and rights, securities convertible into equity securities and securities of other investment companies and of real estate investment trusts ("REITs").

**Foreign investments**

The Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities. The Fund may invest directly in foreign issuers or invest in depositary receipts. The Fund may invest in securities of issuers in emerging markets as part of its allocation to foreign investments. "Emerging markets" are defined as countries or markets not classified as developed and considered to be in earlier stages of economic or capital market development, as determined at the time of investment by widely recognized authorities or index providers (such as MSCI, FTSE, or similar organizations).

**Short sales**

A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. The Fund may designate no more than 25% of its net assets (taken at the then current market value) as required collateral for such sales at any one time.

**Cash management**

The Fund may hold cash pending investment, may invest in money market instruments and may enter into repurchase agreements and reverse repurchase agreements (which have characteristics like borrowings) for cash management purposes. The Fund may invest in money market funds, which may or may not be affiliated with the Fund's Adviser or subadviser. The amount of assets the Fund may hold for cash management purposes will depend on market conditions and the need to meet expected redemption requests.

**Defensive investing**

The Fund may depart from its principal investment strategies in response to adverse market, economic, political or other conditions by taking temporary defensive positions, including by investing in any type of money market instruments and short-term debt securities or holding cash without regard to any percentage limitations. If a significant amount of the Fund's assets is used for defensive investing purposes, the Fund will be less likely to achieve its investment objective. Although the Sub-Adviser has the ability to take defensive positions, it may choose not to do so for a variety of reasons, even during volatile market conditions.

**Other investments**

The Fund may also use other strategies and invest in other investments that are described, along with their risks, in the Statement of Additional Information ("SAI"). However, the Fund might not use all of the strategies and techniques or invest in all of the types of investments described in this Prospectus or in the SAI.

**Percentage and other limitations**

The Fund's compliance with its investment limitations and requirements described in this Prospectus is usually determined at the time of investment. If such a percentage limitation is complied with at the time of an investment, any subsequent change resulting from a change in asset values or characteristics will not constitute a violation of that limitation.

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**Selection process**

The Sub-Adviser emphasizes individual security selection while diversifying the Fund's investments across industries, which may help to reduce risk. The Sub-Adviser focuses on established large capitalization companies, seeking to identify those companies with favorable valuations and attractive growth potential. The Sub-Adviser employs fundamental analysis to analyze each company in detail, ranking its management, strategy and competitive market position.

&nbsp;&nbsp;&nbsp;&nbsp;• In selecting individual companies for investment, the Sub-Adviser looks for:

&nbsp;&nbsp;&nbsp;&nbsp;• Share prices that appear to be temporarily oversold or do not reflect positive company developments

&nbsp;&nbsp;&nbsp;&nbsp;• Share prices that appear to undervalue the company's assets, particularly on a sum-of-the-parts basis

&nbsp;&nbsp;&nbsp;&nbsp;• Special situations including corporate events, changes in management, regulatory changes or turnaround situations

&nbsp;&nbsp;&nbsp;&nbsp;• Company specific items such as competitive market position, competitive products and services, experienced management team and stable financial condition

The Sub-Adviser typically uses their industry expertise to determine the material environmental, social and governance ("ESG") factors facing both individual companies and industry sectors. The Sub-Adviser may also engage with company management regarding the extent to which they promote best practices of such factors. ESG factors may include, but are not necessarily limited to, environmentally-friendly product initiatives, labor audits of overseas supply chains and strong corporate governance. The choice of ESG factors for any particular company generally reflects the specific industry. At times, the ESG analysis may be performed by the Sub-Adviser. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated.

The Subadviser typically uses an established proprietary research and engagement process to determine a company's profile on ESG issues. This includes generating an ESG rating, through its ESG ratings system, by assessing ESG factors, both quantitatively and qualitatively. This system has four rating levels: AAA, AA, A and B, assigned to companies based on performance on key ESG issues (such as health and safety, gender diversity, climate risk, corporate governance risk and data security), including performance relative to the companies' industry peer set. ESG is one of several factors considered and securities with a low ESG score may still be selected.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

**Stock market and equity securities risk**. The stock markets are volatile and the market prices of equity securities held by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. If the Fund holds equity securities in a company that becomes insolvent, the Fund's interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the Fund may lose its entire investment.

**Large capitalization company risk**. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

**Value investing risk**. The value approach to investing involves the risk that stocks may remain undervalued for long periods, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks may underperform the overall equity market for an extended period while the market favors growth stocks. A value stock may not increase in price as anticipated by the Sub-Adviser if other investors fail to recognize the company's value and bid up the price or the factors that the Sub-Adviser believes will increase the price of the security do not occur or do not have the anticipated effect. Value stocks may go in and out of favor over time and the Sub-Adviser may sell a security prior to the security realizing a gain in connection with changed market perception regarding the value of the security.

**Small and mid-capitalization company risk**. The Fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group.

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The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may have greater potential for losses.

**Market events risk**. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, labor strikes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the Fund's investments may be negatively affected. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. Following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non- performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments.

The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers is not known. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known.

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. Recently, inflation and interest rates have been volatile and may increase in the future. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the Fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, the Chinese government is involved in a longstanding dispute with Taiwan that has included threats of invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

**Issuer risk**. The market price of a security held by the Fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security's issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The Fund may experience a substantial or complete loss on an individual security.

**Industry or sector focus risk**. The Fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the Fund's investments more than the market as a whole, to the extent that the Fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector.

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**Illiquidity risk**. Illiquidity risk exists when particular investments are impossible or difficult to sell. Although most of the Fund's investments must be liquid at the time of investment, investments may be or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. As a general matter, dealers have been less willing to make markets in recent years. When the Fund holds illiquid investments, the portfolio may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, or to try to limit losses, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. In addition, when there is illiquidity in the market for certain investments, the Fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector.

**Portfolio management risk**. The value of your investment may decrease if the Sub-Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the Sub-Adviser. In addition, the Fund's investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the Sub-Adviser and could have an adverse effect on the value or performance of the Fund.

**Foreign investments risk**. The Fund's investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less regulated, less transparent and more volatile markets. The markets for some foreign securities are relatively new, and the rules and policies relating to these markets are not fully developed and may change. The value of the Fund's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, tariffs and trade disputes, economic sanctions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries.

The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign investments may also be adversely affected by U.S. government or international interventions, restrictions or economic sanctions, which could negatively affect the value of an investment or result in the Fund selling an investment at a disadvantageous time.

The value of the Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes.

It may be difficult for the Fund to pursue claims against a foreign issuer or other parties in the courts of a foreign country. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for the Fund to pursue its rights against the government. In the past, some non-U.S. governments have defaulted on principal and interest payments.

If the Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund's assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The Fund may be unable or may choose not to hedge its foreign currency exposure.

In certain foreign markets, settlement and clearance of trades may experience delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Settlement of trades in these markets can take longer than in other markets and the Fund may not receive its proceeds from the sale of certain securities for an extended period (possibly several weeks or even longer) due to, among other factors, low trading volumes and volatile prices. The custody or holding of securities, cash and other assets by local banks, agents and depositories in securities markets outside the United States may entail additional risks. Governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets, and may be subject to limited or no government oversight. In extreme cases, the Fund's securities may be misappropriated or the Fund may be unable to sell its securities. In general, the less developed a country's securities market is, the greater the likelihood of custody problems.

The risks of foreign investments are heightened when investing in issuers in emerging market countries.

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**Short sales risk**. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, which may be substantial. A fund that engages in a short sale or short position may lose more money than the actual cost of the short sale or short position and its potential losses may be unlimited if the Fund does not own the security sold short or the reference instrument and it is unable to close out of the short sale or short position.

**Valuation risk**. Many factors may influence the price at which the Fund could sell any particular portfolio investment. The sales price may well differ — higher or lower — from the Fund's last valuation, and such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value methodologies. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. 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 Fund had not fair-valued securities or had used a different valuation methodology. The value of non-U.S. securities, certain fixed income securities and currencies, as applicable, may be materially affected by events after the close of the markets in which they are traded, but before the Fund determines its net asset value. the Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the Fund's investments involves subjective judgment, which may prove to be incorrect.

**Investment in other investment companies risk**. Investments in other investment companies are subject to market and portfolio selection risk, as well as portfolio management risk. If the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies.

**Cash management and defensive investing risk**. The value of the investments held by the Fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the Fund holds cash uninvested, the cash will be subject to the credit risk of the depository institution holding the cash and the Fund will not earn income on the cash. If a significant amount of the Fund's assets is used for cash management or defensive investing purposes, the Fund will be less likely to achieve its investment objective. Defensive investing may not work as intended and the value of an investment in the Fund may still decline.

**Risk of increase in expenses**. Your actual costs of investing in the Fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expenses may be higher if the Fund's average net assets decrease, as a result of redemptions or otherwise, or if a fee limitation is changed or terminated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Environmental, social and governance (ESG) considerations risk**. ESG considerations are one of a number of factors that the Sub-Adviser examines when considering investments for the Fund's portfolio. In light of this, the issuers in which the Fund invests may not be considered ESG-focused issuers and may have lower or adverse ESG assessments. The Sub-Adviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. The Sub-Adviser's assessment of an issuer's ESG factors is subjective and may differ from that of investors, third-party service providers (e.g., ratings providers) and other funds. As a result, securities selected by the Sub-Adviser may not reflect the beliefs and values of any particular investor. The Sub-Adviser also may be dependent on the availability of timely, complete and accurate ESG data reported by issuers and/or third party research providers, the timeliness, completeness and accuracy of which is out of the Sub-Adviser's control. ESG factors are often not uniformly measured or defined, which could impact the Sub-Adviser's ability to assess an issuer. While the Sub-Adviser views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that such results will be achieved.

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

**Cybersecurity risk**. Like other funds and business enterprises, the Fund, the Adviser, the Sub-Adviser and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the Fund, the Adviser, the Sub-Adviser and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. The Fund, the Adviser, and the Sub-Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund, the Adviser, and/or the Sub-Adviser.

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Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**Management and Organization**

The Board of Trustees (the "Board") of the Fund oversees the business and affairs of the Fund, and has the power to amend the Fund's bylaws, to declare and pay dividends, and to generally oversee the Fund's operations.

**Manager of Managers Structure:** The Fund operates under a "manager-of-managers" structure. LFI (defined below as the Fund's investment adviser) has received an SEC exemptive order that permits it, subject to approval of the Board – and without the approval of shareholders – to: (i) select a new sub-adviser or additional sub-advisers for the Fund; (ii) replace a sub-adviser; (iii) enter into new sub-advisory agreements and/or modify the terms of any existing sub-advisory agreement; and (iv) allocate and reallocate the Fund's assets among LFI and one or more sub-advisers. (The order does not apply to the hiring of a sub-adviser that is an affiliate of LFI.) If a new sub-adviser is hired for the Fund, the Fund will provide its shareholders with information about the new sub-adviser within 90 days of hiring. LFI has the ultimate responsibility (subject to Board oversight) to oversee, monitor and evaluate a sub-adviser's performance and to recommend the hiring, termination and replacement of a sub-adviser.

**Investment Adviser and Sub-Adviser:** Lincoln Financial Investments Corporation ("LFI") is the Fund's investment adviser. LFI is a registered investment adviser and wholly-owned subsidiary of Lincoln Life. LFI's address is 150 N. Radnor-Chester Road, Radnor, PA 19087. LFI (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. As of December 31, 2025, LFI had more than $121.1 billion in assets under management.

Lincoln Life is an insurance company organized under Indiana law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides nationwide insurance and financial services.

The Fund has entered into an Investment Management Agreement with LFI. LFI may hire one or more sub-advisers who are responsible for the Fund's day-to-day investment management. A sub-adviser is paid by LFI from its management fee.

A description of LFI (including the effective advisory fee rate for the most recently completed fiscal year), the Fund's sub-adviser, and the portfolio managers are included below. The Fund's statement of additional information ("SAI") provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.

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

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| | |
|:---|:---|
| **Adviser** | &nbsp;&nbsp; The aggregate advisory fee paid to the predecessor fund's investment manager for the fiscal year ended <br> December 31, 2025 was 0.65% of the predecessor fund's average daily net assets.<br>|
| **Sub-Adviser** | &nbsp;&nbsp; ClearBridge Investments, LLC ("ClearBridge"), is located at One Madison Avenue, New York, New York, <br> 10010. ClearBridge is a wholly owned subsidiary of Franklin Resources, Inc., a publicly traded company <br> listed on the New York Stock Exchange (NYSE:BEN). As of December 31, 2025, ClearBridge's total assets <br> under management were approximately $212 billion, including $45.2 billion for which ClearBridge <br> provides non-discretionary investment models to managed account sponsors.<br>|
| **ClearBridge** <br> **Portfolio Managers**<br>| Dmitry Khayki and Deepon Nag are responsible for the day-to-day management of the Fund's assets. |
|  | &nbsp;&nbsp; **Dmitry Khaykin,** is a Managing Director and Portfolio Manager of ClearBridge and has 29 years of <br> industry experience. Mr. Khaykin joined the subadviser or its predecessor in 2003 and was previously a <br> research analyst for the telecommunications sector at Gabelli & Company, Inc. and an associate in the risk <br> management division of Morgan Stanley & Co., Inc.<br>|
|  | &nbsp;&nbsp; **Deepon Nag,** is a Director and Portfolio Manager of ClearBridge with 16 years of industry experience. Mr. <br> Nag joined ClearBridge in 2016 as a Senior Sector Analyst. Prior to joining ClearBridge, he was a Senior <br> Research Analyst at Millennium Partners and a Lead Software Engineer in Design Automation at Intel <br> Corp.<br>|

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A discussion regarding the basis for the Board's approval of the Fund's investment advisory and sub-advisory contracts will be in the Fund's first Form N-CSR following the Fund's commencement of operations.

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**Pricing of Fund Shares**

The Fund determines its net asset value per share ("NAV") as of close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. New York time, each business day). The Fund's NAV is the value of a single Fund share. The Fund determines its NAV by adding the values of its portfolio securities and other assets, subtracting its liabilities, and dividing by the number of Fund shares outstanding.

An order for Fund shares received after the close of regular trading on the NYSE will be effected at the NAV determined on the next business day.

The Fund's portfolio securities may be traded in other markets on days when the NYSE is closed. Therefore, the Fund's NAV may fluctuate on days when you do not have access to the Fund to purchase or redeem shares.

The Fund typically values its assets based on "market price." Market price for equities is typically the security's last sale price on a national securities exchange or over-the-counter, and for debt securities is typically the mean between the bid and ask prices (or the price established by an independent pricing service). Certain short-term fixed income securities are valued based on "amortized cost."

In certain circumstances, the Fund's adviser, LFI, may value Fund portfolio securities at "fair value" in accordance with applicable fair value procedures. The fair value of portfolio securities may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments, and a security's fair value price may be materially different than the value realized upon the sale of that security. LFI's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance.

The Fund anticipates using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances, such as the unexpected early closing of the exchange on which a security is traded or suspension of trading in the security. The Fund may use fair value pricing more frequently for securities primarily traded in non-U.S. markets, if applicable, because, among other things, most foreign markets close well before the Fund determines its NAV. The earlier close of these non-U.S. markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. If the Fund invests in foreign equity securities, it may frequently value many of those securities using fair value prices based on third-party vendor modeling tools to the extent available.

To the extent the Fund invests in one or more mutual funds, the Fund values underlying mutual fund shares at their respective NAVs. For more information regarding the determination of a mutual fund's NAV, including when the mutual fund will fair value its portfolio securities and the effects of using fair value pricing, see the mutual fund's prospectus and SAI.

**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

The Fund sells and redeems its shares, without charge, at their NAV next determined after the Fund or its agent receives a purchase or redemption request. The value of Fund shares redeemed may be more or less than original cost.

The Fund normally pays for shares redeemed within seven days after the Fund receives the redemption request. However, the Fund may suspend redemptions or postpone payments for any period when (a) the NYSE closes for other than weekends and holidays; (b) the SEC restricts trading on the NYSE; (c) the SEC determines that an emergency exists, so that the Fund's disposal of investment securities, or determination of NAV is not reasonably practicable; or (d) the SEC permits, by order, for the protection of Fund shareholders.

The Fund typically expects to pay redemption proceeds using holdings of cash in the Fund's portfolio, or using the proceeds from sales of portfolio securities. To a lesser extent, the Fund also may use borrowing arrangements to meet redemption requests. Borrowing is typically expected to be used only during stressed or abnormal market conditions, when an increased portion of the Fund's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances.

**Market Timing**

Frequent, large, or short-term purchases, redemptions or transfers such as those associated with "market timing" transactions, may adversely affect the Fund and its investment returns. These transactions may dilute the value of Fund shares, interfere with the efficient management of the Fund's portfolio, and increase the Fund's brokerage and administrative costs. As a result, the Fund strongly

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discourages such trading activity. To protect the Fund and its shareholders from potentially harmful trading activity, the Board has approved certain market timing policies and procedures (the "Market Timing Procedures"). The Board may revise the Market Timing Procedures at any time and without prior notice.

Investors may seek to exploit delays between a change in the value of a Fund's portfolio holdings, and the time when that change is reflected in the NAV of the Fund's shares by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. This risk is more pronounced for funds investing in overseas markets, due to the time differential in pricing between U.S. and overseas markets, and thinly traded securities. The Fund seeks to deter and prevent this activity by the appropriate use of "fair value" pricing of the Fund's portfolio securities.

The Fund seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. The Fund and LFI each reserve the right to reject, restrict, or refuse any purchase order (including exchanges) from any investor, if, in the judgment of the Fund or LFI, the transaction may adversely affect the Fund or its shareholders.

The Fund has entered into agreements with each insurance company that holds Fund shares to help detect and prevent market timing. Under the agreements, an insurance company may be required to (i) provide certain identifying and account information regarding contract owners who invest in Fund shares through the omnibus account; and (ii) restrict further purchases or exchanges of Fund shares by a contract owner whom the Fund has identified as a market timer.

The Fund also may rely on frequent trading policies established by such insurance companies. If the Fund detects potential market timing, the Fund will contact the applicable insurance company and may ask the insurance company to take additional action, if appropriate, based on the particular circumstances.

Fund investors seeking to engage in market timing may deploy a variety of strategies to avoid detection. In addition, Fund shares may be held through omnibus accounts, which generally do not identify trading activity of Fund investors on an individual basis. As a result of these and other operational or technological limitations, there is no guarantee that the Fund will be able to identify or prevent market timing. Moreover, the identification of Fund investors determined to engage in transactions that may adversely affect the Fund or its investors involves judgments that are inherently subjective.

Insurance company sponsors of your contract may impose transfer limitations and other limitations designed to curtail market timing. Please refer to the prospectus and SAI for your variable annuity or variable life contract for details.

**Portfolio Holdings Disclosure**

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

**Share Classes and Distribution Arrangements**

The Fund offers two classes of shares: Standard Class and Service Class. The two classes are identical, except that Service Class shares are subject to a distribution (Rule 12b-1) fee which has been adopted pursuant to a distribution and service plan (the "Plan"). Under the Plan, Service Class shares pay annual amounts not exceeding 0.35% of the average daily net assets of the Service Class shares of the Fund. The Fund offers shares to insurance companies for allocation to certain of their variable contracts. The Fund pays its principal underwriter, Lincoln Financial Distributors, Inc. ("LFD"), out of the assets of the Service Class, for activities primarily intended to sell Service Class shares or variable contracts offering Service Class shares. LFD pays third parties for these sales activities pursuant to written agreements with such parties. The 12b-1 fee may be increased by the Fund's Board up to the maximum allowed by the Plan, without shareholder approval, in accordance with the Plan's terms. These fees are paid out of the Service Class assets on an ongoing basis, and over time will increase the cost of your investment and may cost you more than other types of sales charges.

LFI and its affiliates, including LFD, and/or the Fund's sub-advisers or underlying funds, if any, or their affiliates, may pay additional compensation (at their own expense and not as a Fund expense) to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (collectively, "financial intermediaries") in connection with the sale or retention of Fund shares or insurance products that contain the Fund and/or shareholder servicing ("distribution assistance"). The level of payments made to a qualifying financial intermediary in any given year will vary. To the extent permitted by SEC and Financial Industry Regulatory Authority rules and other applicable laws and regulations, LFD may pay or allow its affiliates to pay other promotional incentives or payments to financial intermediaries.

If a mutual fund sponsor, distributor or other party makes greater payments to your financial intermediary for distribution assistance than sponsors or distributors of other mutual funds make to your financial intermediary, your financial intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund complex making the higher payments over another mutual fund complex or over other investment options. You should consult with your financial intermediary and review carefully the disclosure relating to the compensation your financial intermediary receives in connection with the investment products your financial

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intermediary recommends or sells to you. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments to a financial intermediary will not change the Fund's NAV, or the price of its shares, as such payments are not made from Fund assets.

For more information, please see the SAI.

**Distribution Policy** 

The Fund intends to qualify as a regulated investment company under the Internal Revenue Code, which requires annual distributions of net investment income and net capital gains to shareholders – the insurance company variable accounts. The Fund may distribute net realized capital gains only once a year. Net investment income and capital gain distributions will be automatically reinvested in additional Fund shares of the same class at no charge, and are reflected in variable account values.

Contract owners ordinarily are not taxed on Fund distributions. In general, contract owners are taxed only on Fund amounts they withdraw from their variable accounts. See the "Tax Information" section.

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**Financial Highlights**

No information is presented for Service Class shares of the Fund because the Service Class shares are new and no shares of Fund's Service Class were outstanding as of December 31, 2025.

The financial highlights tables are intended to help you understand the financial performance of the Fund's Standard Class shares for the past five years or since its inception (as applicable). Certain information reflects financial results for a single Fund share. Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects any waivers and reimbursement of expenses by the Adviser, as applicable. If this is the case, performance would have been lower had the expense limitation not been in effect. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher.

The information in the table for the Fund was derived from the predecessor fund's financial statements, which have been audited by PricewaterhouseCoopers LLP, the predecessor fund's independent registered public accounting firm, whose report, along with the predecessor fund's financial statements, is included in the predecessor fund's annual report dated December 31, 2025, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ClearBridge Variable Large Cap Value Portfolio Standard Class** | **ClearBridge Variable Large Cap Value Portfolio Standard Class** | **ClearBridge Variable Large Cap Value Portfolio Standard Class** | **ClearBridge Variable Large Cap Value Portfolio Standard Class** | **ClearBridge Variable Large Cap Value Portfolio Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **Standard Class Shares**<sup>1</sup> <br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.50 | &nbsp;&nbsp;&nbsp; $21.21 | &nbsp;&nbsp;&nbsp; $20.15 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $19.84 |
| **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| Total income (loss) from operations | &nbsp;&nbsp;&nbsp;&nbsp;***1.91*** | &nbsp;&nbsp;&nbsp;&nbsp;***1.79*** | &nbsp;&nbsp;&nbsp;&nbsp;***2.95*** | &nbsp;&nbsp;&nbsp; ***(1.51***<br> ***)***<br>| &nbsp;&nbsp;&nbsp;&nbsp;***5.14*** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net realized gain | &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; ***(2.23***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(3.50***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(1.89***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(1.08***<br> ***)***<br>| &nbsp;&nbsp;&nbsp; ***(2.24***<br> ***)***<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $19.18 | &nbsp;&nbsp;&nbsp; $19.50 | &nbsp;&nbsp;&nbsp; $21.21 | &nbsp;&nbsp;&nbsp; $20.15 | &nbsp;&nbsp;&nbsp; $22.74 |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; ***10.20%*** | &nbsp;&nbsp;&nbsp; ***8.08%*** | &nbsp;&nbsp;&nbsp; ***15.09%*** | &nbsp;&nbsp;&nbsp; ***(6.43***<br> *)%***<br>| &nbsp;&nbsp;&nbsp; ***26.21%*** |
| Net assets, end of period (millions) | &nbsp;&nbsp;&nbsp; $271 | &nbsp;&nbsp;&nbsp; $271 | &nbsp;&nbsp;&nbsp; $285 | &nbsp;&nbsp;&nbsp; $277 | &nbsp;&nbsp;&nbsp; $323 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | &nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% |
| Net expenses<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; **19%** | &nbsp;&nbsp;&nbsp; **17%** | &nbsp;&nbsp;&nbsp; **23%** | &nbsp;&nbsp;&nbsp; **9%** | &nbsp;&nbsp;&nbsp; **16%** |

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Per share amounts have been calculated using the average shares method.

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Portfolio's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

Reflects fee waivers and/or expense reimbursements.

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**General Information**

The use of the Fund by both annuity and life insurance variable accounts is called mixed funding. Due to differences in redemption rates, tax treatment, or other considerations, the interests of contract owners under the variable life accounts may conflict with those of contract owners under the variable annuity accounts. Violation of the federal tax laws by one variable account investing in the Fund could cause the contracts funded through another variable account to lose their tax-deferred status, unless remedial action was taken. The Fund's Board will monitor for any material conflicts and determine what action, if any, the Fund or a variable account should take.

A conflict could arise that requires a variable account to redeem a substantial amount of assets from the Fund. The redemption could disrupt orderly portfolio management to the detriment of those contract owners still investing in the Fund. Also, the Fund could determine that it has become so large that its size materially impairs investment performance. The Fund would then examine its options, which could include imposition of redemption fees or temporarily closing the Fund to new investors.

You can find additional information in the Fund's SAI, which is on file with the SEC. The Fund incorporates its SAI, dated April 24, 2026, into its prospectus. The Fund will provide a free copy of its SAI upon request.

You can find detailed information about the Fund's investments in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. The annual report discusses the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund will provide a free copy of its annual and semi-annual report upon request.

The SAI, annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, upon request. For an SAI, annual or semi-annual report or financial statements, either write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or by calling toll-free 866-436-8717. You may also call this number to request other information about the Fund, or to make inquiries. The Fund's SAI and annual and semi-annual reports, and other information such as the Fund's financial statements are available, free of charge, at **https://www.lincolnfinancial.com/lvip**.

You can also get reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at **https://www.sec.gov**. You can get copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC File No: 811-08090

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*Lincoln Variable Insurance Products Trust* 

LVIP ClearBridge Appreciation Fund

LVIP ClearBridge Dividend Strategy Fund

LVIP ClearBridge Large Cap Growth Fund

LVIP ClearBridge Large Cap Value Fund

1301 South Harrison Street

Fort Wayne, Indiana 46802

### Statement of Additional Information April 24, 2026
This Statement of Additional Information (SAI), which is not a prospectus, provides more information about the series named in the caption — referred to as "Funds"—of Lincoln Variable Insurance Products Trust. Each Fund offers two classes of shares: Standard Class and Service Class.

In reorganization transactions that occurred on April 24, 2026 (each a "Reorganization" and, collectively, the "Reorganizations"), the LVIP ClearBridge Appreciation Fund LVIP ClearBridge Dividend Strategy Fund, LVIP ClearBridge Large Cap Growth Fund, and LVIP ClearBridge Large Cap Value Fund Standard Class (each a "Fund", together the "Funds") acquired and assumed the performance, financial and other historical information of the ClearBridge Variable Appreciation Portfolio, ClearBridge Variable Dividend Strategy Portfolio, ClearBridge Variable Large Cap Growth Portfolio, and ClearBridge Variable Large Cap Value Portfolio Class I, each formerly a series of the Legg Mason Partners Variable Equity Trust (each a "Predecessor Fund," together the "Predecessor Funds"). Accordingly, information provided in this SAI for the Funds that relates to periods prior to April 24, 2026, is that of the Predecessor Funds.

Since the Funds are new, the most recent Form N-CSR, which contains each Fund's audited financial statements, will not be available until December 31, 2026. Each Predecessor Fund's audited financial statements for the fiscal year ended, December 31, 2025, are available upon request. This SAI should be read in conjunction with each Fund's prospectus dated April 24, 2026, as may be amended or supplemented. You may obtain copies of the Funds' prospectus, annual and semi-annual reports, and other information such as the Funds' financial statements upon request and without charge. Please write The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801 or call 866-436-8717.

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### **Table of Contents**

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| | |
|:---|:---|
| Item | Page |
|  [Description of the Trust and the Funds](#sai109417_1) | 4 |
|  [Fundamental Investment Restrictions](#sai109417_2) | 4 |
|  [Manager of Managers](#sai109417_3) | 5 |
|  [Additional Investment Strategies and Risks](#sai109417_4) | 5 |
|  [Portfolio Transactions and Brokerage](#sai109417_5) | 50 |
|  [Portfolio Turnover](#sai109417_6) | 52 |
|  [Trustees and Officers](#sai109417_7) | 53 |
|  [Investment Adviser and Sub-Adviser](#sai109417_8) | 61 |
|  [Portfolio Managers](#sai109417_9) | 63 |
|  [Principal Underwriter](#sai109417_10) | 67 |
|  [Administration Agreement](#sai109417_11) | 67 |
|  [Securities Lending](#sai109417_12) | 67 |
|  [Accounting Agreement](#sai109417_13) | 67 |
|  [Code of Ethics](#sai109417_14) | 68 |
|  [Description of Shares](#sai109417_15) | 68 |
|  [Control Persons and Principal Holders of Securities](#sai109417_16) | 69 |
|  [Rule 12b-1 Plan](#sai109417_17) | 69 |
|  [Revenue Sharing](#sai109417_18) | 70 |
|  [Valuation of Portfolio Securities](#sai109417_19) | 70 |
|  [Portfolio Holdings Disclosure](#sai109417_20) | 71 |
|  [Purchase and Redemption Information](#sai109417_21) | 73 |
|  [Custodian and Transfer Agent](#sai109417_22) | 73 |
|  [Independent Registered Public Accounting Firm](#sai109417_23) | 73 |
|  [Financial Statements](#sai109417_24) | 73 |
|  [Taxes](#sai109417_25) | 73 |
|  [Appendix A — Long and Short-Term Credit Ratings](#sai109417_26) | 77 |
|  [Appendix B — Proxy Voting Policies and Procedures](#sai109417_27) | 79 |
|  [Appendix C — Compensation Structures and Methodologies of Portfolio Managers](#sai109417_28) | 83 |

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### Description of the Trust and the Funds
Lincoln Variable Insurance Products Trust (the "Trust"), a Delaware statutory trust formed on February 1, 2003, is an open-end management investment company.

Each of the Funds, except the LVIP ClearBridge Appreciation Fund and the LVIP ClearBridge Large Cap Growth Fund (the "Non-Diversified Funds"), is diversified within the meaning of the Investment Company Act of 1940 ("1940 Act"). A "non-diversified" fund can invest a greater percentage of its assets in a limited number of issuers or in any one issuer.

References to "Adviser" in this SAI include both Lincoln Financial Investments Corporation ("LFI") and the Funds' sub-adviser (if applicable) unless the context otherwise indicates.

### Fundamental Investment Restrictions
Each of the Funds has adopted certain fundamental policies and investment restrictions which may not be changed without a majority vote of a Fund's outstanding shares. Such majority is defined in the 1940 Act as the vote of the lesser of (1) 67% or more of the outstanding voting securities present at a meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (2) more than 50% of the outstanding voting securities. For purposes of the following restrictions: (a) all percentage limitations apply immediately after the making of an investment; and (b) any subsequent change in any applicable percentage resulting from market fluctuations does not require elimination of any security from the portfolio (except for fundamental investment restriction 2 regarding borrowing).

Each Fund may not:

1. Make investments that will result in the concentration — as that term may be defined in the 1940 Act, any rule or order thereunder, or official interpretation thereof — of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or in tax-exempt securities or certificates of deposit.

2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or official interpretation thereof, may permit.

3. Underwrite the securities of other issuers, except that the Funds may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933.

4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.

5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in securities that are secured by physical commodities or engaging in transactions involving financial commodities, such as financial options, financial futures contracts, options on financial futures contracts, and financial forward contracts.

6. Make loans of any security or make any other loan if, as a result, more than 33<sup>1</sup>⁄<sub>3</sub>% of its total assets would be lent to other parties, provided that this limitation does not apply to purchases of debt obligations, to repurchase agreements, and to investments in loans, including assignments and participation interests.

7. (Except for the Non-Diversified Funds) With respect to 75% of its total assets, invest in a security if, as a result of such investment: (a) more than 5% of its total assets would be invested in the securities of any one issuer or (b) the fund would hold more than 10% of the outstanding voting securities of any one issuer; except that

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these restrictions do not apply to (i) securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities or (ii) securities of other investment companies.

The Securities and Exchange Commission's ("SEC") staff has taken the position that, for purposes of the concentration disclosure requirement, a fund investing more than 25% of its assets in an industry may be concentrating in that industry. See *Registration Form Used by Open-End Management Investment Companies*, Investment Company Act Release No. 23064 (Mar. 13, 1998), at note 163. Notwithstanding fundamental investment restriction 1 above, a Fund may concentrate in a particular industry to the extent that such concentration results from the Funds' tracking or replication of an index.

The 1940 Act generally permits an open-end fund to borrow money in amounts of up to one-third of the Funds' total assets from banks, and to borrow up to 5% of the Funds' total assets from banks or other lenders for temporary purposes. To limit the risks attendant to borrowing, the 1940 Act generally requires an open-end fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage generally means the ratio that the value of a fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

"Senior securities" are generally fund obligations that have a priority over the Funds' shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act generally prohibits an open-end fund from issuing senior securities, except that a fund may borrow money in amounts of up to one-third of the Funds' total assets from banks. A fund also may borrow an amount equal to up to 5% of the Funds' total assets from banks or other lenders for temporary purposes, and these borrowings would not be considered senior securities.

### Manager of Managers
The Funds employ a "manager of managers" structure, which means that the Funds' investment adviser may delegate the management of some or all of the Funds' investment portfolio to one or more sub-advisers. To use this structure, the Trust has received an exemptive order from the SEC ("SEC Investment Company Act Rel. Nos. 29170 and 29197) to permit the Funds' investment adviser – with Board approval – to enter into and amend a sub-advisory agreement for a Fund without shareholder approval, subject to certain conditions. For example, within ninety days of the hiring of a new sub-adviser, a Fund is required to furnish shareholders with information that would be included in a proxy statement regarding the new sub-adviser. In addition, the Funds' Adviser is not permitted to hire affiliated sub-advisers without shareholder approval.

The Fund has also received an SEC exemptive order (SEC Investment Company Rel. Nos. 34727 and 34749) which permits the Funds' Board of Trustees to approve new sub-advisory agreements or material amendments to an existing sub-advisory agreement at a meeting that is not in person, provided that the conditions of the order are satisfied. These conditions include, among others, the requirements that: (i) the Trustees will be able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting; (ii) management will represent that the materials provided to the Board include the same information the Board would have received if approval were sought at an in-person meeting; (iii) the need for considering the proposal at a non-in-person meeting will be explained to the Board; and (iv) the Trustees will have the opportunity to object to considering the proposal at a non-in-person meeting (in which case, the Board will consider the proposal at an in-person meeting unless the objection is rescinded).

### Additional Investment Strategies and Risks
The principal investment strategies each Fund uses to pursue its investment objective and the risks of those strategies are discussed in the Funds' prospectus.

Unless otherwise stated in the prospectus, investment strategies and techniques are generally discretionary. This means a Fund's Adviser may elect to engage or not engage in various strategies and techniques in its sole discretion. Investors should not assume that any particular discretionary investment technique or strategy will always or ever be employed by the Adviser to the Funds or by other mutual funds in which a Fund invests.

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Below describes additional information concerning the investment strategies that the Funds may employ, either principal or discretionary, and the risks of those investment strategies.

#### The Funds' Investments
The following additional investment strategy and risk information relates to the Fund.

#### Bank Obligations
The Fund may invest in all types of bank obligations, including certificates of deposit ("CDs"), time deposits and bankers' acceptances. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers usually in connection with international transactions.

U.S. commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to be insured by the Federal Deposit Insurance Corporation (the "FDIC"). U.S. banks organized under state law are supervised and examined by state banking authorities, but are members of the Federal Reserve System only if they elect to join. Most state banks are insured by the FDIC (although such insurance may not be of material benefit to the Fund, depending upon the principal amount of CDs of each bank held by the Fund) and are subject to federal examination and to a substantial body of federal law and regulation. As a result of federal and state laws and regulations, U.S. branches of U.S. banks are, among other things, generally required to maintain specified levels of reserves, and are subject to other supervision and regulation designed to promote financial soundness. Banks may be particularly susceptible to certain economic factors, such as interest rate changes and adverse developments in the market for real estate. Fiscal and monetary policy and general economic cycles can affect the availability and cost of funds, loan demand and asset quality and thereby impact the earnings and financial conditions of banks.

Obligations of foreign branches of U.S. banks, such as CDs and time deposits, may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and governmental regulation. Such obligations are subject to different risks than are those of U.S. banks or U.S. branches of foreign banks. These risks relate to foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign exchange controls and foreign withholding and other taxes on interest income. Foreign branches of U.S. banks and foreign branches of foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to U.S. banks, such as mandatory reserve requirements, loan limitations and accounting, auditing and financial recordkeeping requirements. In addition, less information may be publicly available about a foreign branch of a U.S. bank or about a foreign bank than about a U.S. bank.

Obligations of U.S. branches of foreign banks may be general obligations of the parent bank, in addition to the issuing branch, or may be limited by the terms of a specific obligation and by federal and state regulation as well as governmental action in the country in which the foreign bank has its head office. A U.S. branch of a foreign bank with assets in excess of $1 billion may or may not be subject to reserve requirements imposed by the Federal Reserve System or by the state in which the branch is located if the branch is licensed in that state. In addition, branches licensed by the Comptroller of the Currency and branches licensed by certain states ("State Branches") may or may not be required to: (a) pledge to the regulator, by depositing assets with a designated bank within the state; and (b) maintain assets within the state in an amount equal to a specified percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies or branches within the state. The deposits of State Branches may not necessarily be insured by the FDIC. In addition, there may be less publicly available information about a U.S. branch of a foreign bank than about a U.S. bank.

Volatility in the banking system may impact the viability of banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund maintains its cash and cash equivalents, there can be no assurance that the Fund would be able to access uninsured funds in a timely manner or at all and the Fund may incur losses. Any such event could adversely affect the business, liquidity, financial position and performance of the Fund.

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#### Benchmark Reference Rates Risk
Many debt securities, derivatives, and other financial instruments utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate (each a "Reference Rate"). Instruments in which the Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. The Fund and issuers of instruments in which the Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for, or value of, any instruments or payments linked to those Reference Rates.

For example, some Reference Rates, as well as other types of rates and indices, are described as "benchmarks" and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

#### Commercial Paper
Commercial paper (including variable amount master demand notes and funding agreements) consists of short-term, unsecured promissory notes issued by corporations, partnerships, trusts and other entities to finance short-term credit needs.

#### Common Stock
Common stocks are shares of ownership in a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, if any, distributed as dividends to holders of common stock, without preference over any other shareholder or class of shareholders, including holders of the entity's preferred stock and other senior equity securities. Common stock usually carries with it the right to vote and frequently an exclusive right to do so.

#### Convertible Securities
Convertible securities are fixed income securities (usually debt or preferred stock) that may be converted or exchanged for a prescribed amount of common stock or other equity securities of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, convertible securities ordinarily provide a stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower than the yield of nonconvertible debt. However, there can be no assurance of current income because the issuers of the convertible securities may default on their obligations. Convertible securities are usually subordinated to comparable nonconvertible debt or preferred stock, but rank senior to common stock in a corporation's capital structure.

The value of a convertible security is generally related to (1) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and/or (2) its worth, at market value, if converted or exchanged into the underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument, which may be less than the ultimate conversion or exchange value.

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Convertible securities are subject to stock market and other risks associated with equity securities, as well as credit, interest rate and other risks associated with fixed income securities. As the market price of the equity security underlying a convertible security falls, the convertible security tends to trade on the basis of its yield and other fixed income characteristics. As the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features. Investments in convertible securities generally entail less risk than investments in common stock of the same issuer.

#### Synthetic Convertible Securities

#### Custodial Receipts
The Fund may acquire custodial receipts or certificates underwritten by securities dealers or banks that evidence ownership of future interest payments, principal payments or both on certain municipal obligations. The underwriter of these certificates or receipts typically purchases municipal obligations and deposits the obligations in an irrevocable trust or custodial account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the obligations. Although under the terms of a custodial receipt, the Fund would be typically authorized to assert its rights directly against the issuer of the underlying obligation, the Fund could be required to assert through the custodian bank those rights as may exist against the underlying issuer. Thus, in the event the underlying issuer fails to pay principal and/or interest when due, the Fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the Fund had purchased a direct obligation of the issuer. In addition, in the event that the trust or custodial account in which the underlying security has been deposited is determined to be an association taxable as a corporation for U.S. federal income tax purposes, the yield on the underlying security would be reduced by any entity-level corporate taxes paid by the issuer.

Custodial receipts may also evidence ownership of future interest payments, principal payments or both on certain U.S. government obligations. Such obligations are held in custody by a bank on behalf of the owners. Custodial receipts are generally not considered obligations of the U.S. government for purposes of securities laws.

#### Cybersecurity Risk
Like other funds and business enterprises, the Fund, the Adviser and the Subadviser and their service providers are subject to the risk of cyber incidents occurring from time to time. With the increased use of technologies such as mobile devices and Web-based or "cloud" applications, and the dependence on the Internet and computer systems to conduct business, the Fund, the Adviser, the Subadviser, and other service providers are susceptible to operational, information security and related risks. In general, cybersecurity incidents can result from deliberate attacks or unintentional events (arising from external or internal sources) that may cause the Fund, the Adviser and the Subadviser and/or their service providers to lose proprietary information, suffer data corruption, physical damage to a computer or network system or lose operational capacity. Cybersecurity attacks include, but are not limited to, infection by malicious software, such as malware or computer viruses or gaining unauthorized access to digital systems, networks or devices that are used to service the Fund's operations (e.g., through "hacking," "phishing" or malicious software coding) or other means for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cybersecurity attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's websites (i.e., efforts to make network services unavailable to intended users). Recently, geopolitical tensions may

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have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cybersecurity incidents affecting the Fund's Adviser, the Subadviser, and other service providers to the Fund or its shareholders (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses to both the Fund and its shareholders, interference with the Fund's ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to transact business and the Fund to process transactions (including fulfillment of Fund share purchases and redemptions), violations of applicable privacy and other laws (including the release of private shareholder information) and attendant breach notification and credit monitoring costs, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation costs, forensic investigation and remediation costs, and/or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and other service providers) and other parties. In addition, substantial costs may be incurred in order to safeguard against and reduce the risk of any cybersecurity incidents in the future. In addition to administrative, technological and procedural safeguards, the Fund's Adviser and the Subadviser have established business continuity plans in the event of, and risk management systems to prevent or reduce the impact of, such cybersecurity incidents. However, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, as well as the rapid development of new threats. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund and its shareholders. The Fund and its shareholders could be negatively impacted as a result.

New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's, the Adviser's and the Subadviser's and/or their service providers' ability to plan for or respond to a cyber attack.

#### Debt and Fixed Income Securities
The Fund may invest in a variety of debt and fixed income securities, which may be issued by governmental, corporate or other issuers. Debt securities may pay fixed, floating or variable rates of interest or interest at a rate contingent upon some other factor. Variable rate securities reset at specified intervals, while floating rate securities reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the effect of market interest rates on the value of the security. However, some securities do not track the underlying index directly, but reset based on formulas that can produce an effect similar to leveraging; others may provide for interest payments that vary inversely with market rates. The market prices of these securities may fluctuate significantly when interest rates change.

These securities share principal risks. For example, the level of interest income generated by the Fund's fixed income investments may decline due to a decrease in market interest rates. Thus, when fixed income securities mature or are sold, they may be replaced by lower-yielding investments. Also, their values fluctuate with changes in interest rates. A decrease in interest rates will generally result in an increase in the value of the Fund's fixed income investments. Conversely, during periods of rising interest rates, the value of the Fund's fixed income investments will generally decline. However, a change in interest rates will not have the same impact on all fixed rate securities. For example, the magnitude of these fluctuations will generally be greater when the Fund's duration or average maturity is longer. In addition, certain fixed income securities are subject to credit risk, which is the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is unable to pay. Recently, there have been inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk.

Changing Interest Rates. In a low or negative interest rate environment, debt securities may trade at, or be issued with, negative yields, which means the purchaser of the security may receive at maturity less than the total amount

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invested. To the extent the Fund holds a negatively-yielding debt security or has a bank deposit with a negative interest rate, the Fund would generate a negative return on that investment. Cash positions may also subject the Fund to increased counterparty risk to the Fund's bank. Debt market conditions are highly unpredictable and some parts of the market are subject to dislocations. In a low or negative interest rate environment, some investors may seek to reallocate assets to other income-producing assets. This may cause the price of such higher yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may limit the Fund's ability to locate fixed income instruments containing the desired risk/return profile. Changes in monetary or fiscal policy may exacerbate the risks associated with changing interest rates. In the past, the U.S. government and certain foreign central banks have taken steps to stabilize markets by, among other things, reducing interest rates. In recent years, the U.S. government implemented increases to the federal funds interest rate and there may be further rate increases or other actions which may increase market volatility to the extent inconsistent with general market expectations. As interest rates rise, there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, the Fund may be subject to significant losses. Changing interest rates could have unpredictable effects on the markets and may expose fixed income markets to heightened volatility, increased redemptions, and potential illiquidity.

*Fixed Income Securities Ratings*. Securities rated in the fourth highest ratings category by a NRSRO, such as those rated BBB by S&P, or Baa by Moody's, and unrated securities of comparable quality, are generally regarded as having adequate capacity to pay interest and repay principal but may have some speculative characteristics. Securities rated below the fourth highest ratings category by a NRSRO, including those rated below Baa by Moody's or BBB by S&P, and unrated securities of comparable quality, are generally considered below "investment grade," and may have speculative characteristics, including a greater possibility of default or bankruptcy of the issuers of such securities, market price volatility based upon interest rate sensitivity, questionable creditworthiness and relative liquidity of the secondary trading market. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for lower rated securities to make principal and interest payments, including a greater possibility of default or bankruptcy of the issuer, than is the case for high rated securities.

Appendix B to this SAI contains further information concerning the rating categories of NRSROs and their significance.

#### Derivatives — Generally
A derivative is a financial instrument that has a value based on, or derived from, the value of one or more underlying reference instruments or measures of value or interest rates ("underlying instruments"), such as a security, a commodity, a currency, an index, an interest rate or a currency exchange rate. A derivative can also have a value based on the likelihood that an event will or will not occur. Derivatives include futures contracts, forward contracts, options and swaps.

The Fund may use derivatives for any purpose, including but not limited to, to attempt to enhance income, yield or return, as a substitute for investing directly in a security or asset, or as a hedging technique in an attempt to manage risk in the Fund's portfolio. The Fund may choose not to make use of derivatives for a variety of reasons, and no assurance can be given that any derivatives strategy employed will be successful. The Fund's use of derivative instruments may be limited from time to time by applicable law, availability or by policies adopted by the Board, Adviser or Subadviser (as applicable).

The Fund may utilize multiple derivative instruments and combinations of derivative instruments to seek to adjust the risk and return characteristics of its overall position. Combined positions will typically contain elements of risk that are present in each of its component transactions. It is possible that the combined position will not achieve its intended goal and will instead increase losses or risk to the Fund. Because combined positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

The Fund may enter into derivatives with standardized terms that have no or few special or unusual components, which are generally traded on an exchange, as well as derivatives with more complex features, singly or in combination. Non- standardized derivatives are generally traded over the counter ("OTC"). OTC derivatives may be standardized or have customized features and may have limited or no liquidity. The Fund's derivatives contracts

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may be centrally cleared or settled bilaterally directly with a counterparty. The Fund's derivatives contracts may be cash settled or physically settled.

In addition to the instruments and strategies discussed in this section, additional opportunities in connection with derivatives and other similar or related techniques may become available to the Fund as a result of the development of new techniques, the development of new derivative instruments or a regulatory authority broadening the range of permitted transactions. The Fund may utilize these opportunities and techniques to the extent that they are consistent with the Fund's investment objectives and permitted by its investment limitations and applicable regulatory authorities. These opportunities and techniques may involve risks different from or in addition to those summarized herein.

• Risks of Derivatives Generally. The use of derivatives involves special considerations and risks, certain of which are summarized below, and may result in losses to the Fund. In general, derivatives may increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk or exposure assumed. Even a small investment in derivatives may magnify or otherwise increase investment losses to the Fund.

• Market risk. Derivatives can be complex, and their success depends in part upon the portfolio manager's ability to forecast correctly future market or other trends or occurrences or other financial or economic factors or the value of the underlying instrument. Even if the portfolio manager's forecasts are correct, other factors may cause distortions or dislocations in the markets that result in losses or otherwise unsuccessful transactions. Derivatives may behave in unexpected ways, especially in abnormal or volatile market conditions. The market value of the derivative itself or the market value of underlying instruments may change in a way that is adverse to the Fund's interest. There is no assurance that the use of derivatives will be advantageous to the Fund or that the portfolio manager will use derivatives to hedge at an appropriate time.

• Illiquidity risk. The Fund's ability to close out or unwind a derivative prior to expiration or maturity depends on the existence of a liquid market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the "counterparty") to enter into a transaction closing out the position. If there is no market or the Fund is not successful in its negotiations, the Fund may not be able to sell or unwind the derivative position at an advantageous or anticipated time or price. This may also be the case if the counterparty becomes insolvent. The Fund may be required to make delivery of portfolio securities or other underlying instruments in order to settle a position or to sell portfolio securities or assets at a disadvantageous time or price in order to obtain cash to settle the position. While a position remains open, the Fund continues to be subject to investment risk on a derivative. The Fund may or may not be able to take other actions or enter into other transactions, including hedging transactions, to limit or reduce its exposure to the derivative. Illiquidity risk may be enhanced if a derivative transaction is particularly large. Certain derivatives, including certain OTC options and swaps, may be considered illiquid and therefore subject to the Fund's limitation on illiquid investments.

• Leverage risk. Certain derivative transactions may have a leveraging effect on the Fund, meaning that the Fund can obtain significant investment exposure in return for meeting a relatively small margin or other investment requirement. An adverse change in the value of an underlying instrument can result in losses substantially greater than the amount invested in the derivative itself. When the Fund engages in transactions that have a leveraging effect, the value of the Fund is likely to be more volatile and certain other risks also are likely to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of an investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

• Margin risk. Certain derivatives require the Fund to make initial margin payments, a form of security deposit intended to protect against nonperformance of the derivative contract. The Fund may have to post additional margin (known as "variation margin") if the value of the derivative position changes in a manner adverse to the Fund. Derivatives may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient cash to meet additional margin requirements, it might need to sell securities at a disadvantageous time.

• Speculation risk. Derivatives used for non-hedging purposes may result in losses which are not offset by increases in the value of portfolio holdings or declines in the cost of securities or other assets to be acquired. In the event that the Fund uses a derivative as an alternative to purchasing or selling other investments or in

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order to obtain desired exposure to an index or market, the Fund will be exposed to the same risks as are incurred in purchasing or selling the other investments directly, as well as the risks of the derivative transaction itself, such as counterparty risk.

• Counterparty risk. Derivatives involve the risk of loss resulting from the actual or potential insolvency or bankruptcy of the counterparty or the failure by the counterparty to make required payments or otherwise comply with the terms of the contract. In the event of default by a counterparty (or its affiliates), the Fund may have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of the counterparty's (or its affiliates') bankruptcy. The Fund may not be able to recover amounts owed to it by an insolvent counterparty.

• Operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. The Fund may have only contractual remedies in the event of a counterparty default, and there may be delays, costs or disagreements as to the meaning of contractual terms and litigation in enforcing those remedies.

• OTC risk. Derivative transactions that are traded OTC, such as options, swaps, forward contracts, and options on foreign currencies, are entered into directly with counterparties or financial institutions acting as market makers, rather than being traded on exchanges or centrally cleared. Because OTC derivatives and other transactions are traded between counterparties based on contractual relationships, the Fund is subject to increased risk that its counterparty will not perform its obligations under the related contracts. Although the Fund intends to enter into transactions only with counterparties which the Fund believes to be creditworthy, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults. The Fund bears the risk of loss of the amount expected to be received under an OTC derivative in the event of the default or bankruptcy of the counterparty to the OTC derivative. When a counterparty's obligations are not fully secured by collateral, then the Fund is essentially an unsecured creditor of the counterparty. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that a counterparty will be able to meet its obligations pursuant to such contracts or that, in the event of default, the Fund will succeed in enforcing contractual remedies. Credit/counterparty risk still exists even if a counterparty's obligations are secured by collateral because the Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Credit/counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by the Fund (if any), the Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument.

• Non-U.S. derivatives risk. Derivative transactions may be conducted OTC outside of the United States or traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees and are subject to the risk of governmental actions affecting trading in, or the price of, foreign securities or currencies. The value of such positions also could be adversely affected by (1) other foreign political, legal and economic factors, (2) lesser availability than in the United States of data on which to make trading decisions, (3) delays in the Fund's ability to act upon economic events occurring in foreign markets during non- business hours in the United States, (4) the imposition of different exercise and settlement terms, procedures, margin requirements, fees, taxes or other charges than in the United States and (5) lesser trading volume. Counterparty risk and many of the risks of OTC derivatives transactions are also applicable to derivative transactions conducted outside the United States.

• Currency derivatives risk. Currency related transactions may be negatively affected by factors such as government exchange controls, blockages, and manipulations. Exchange rates may be influenced by factors extrinsic to a country's economy. Also, there is no systematic reporting of last sale information with respect to foreign currencies. As a result, the information on which trading in currency derivatives is based may not be as complete as, and may be delayed beyond, comparable data for other types of transactions.

• Turnover risk. Use of derivatives involves transaction costs, which may be significant. The Fund may be required to sell or purchase investments in connection with derivative transactions, potentially increasing the

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Fund's portfolio turnover rate and transaction costs. Use of derivatives also may increase the amount of taxable income to shareholders, if applicable. <br>

Risks Associated with Hedging with Derivatives. If the portfolio manager uses a hedging strategy at the wrong time or judges market conditions incorrectly, hedging strategies may reduce the Fund's return. Successful use of derivatives to hedge positions depends on the correlation between the price of the derivative and the price of the hedged asset.

The Fund may attempt to protect against declines in the value of the Fund's portfolio assets by entering into a variety of derivatives transactions, including selling futures contracts, entering into swaps or purchasing puts on indices or futures contracts (short hedging). Short hedging involves the risk that the prices of the futures contracts or the value of the swap or the applicable index will correlate imperfectly with price movements in the Fund's assets. If the value of the assets held in the Fund's portfolio declines while the Fund has used derivative instruments in a short hedge, and the prices referenced in the short hedge do not also decline, the value of the Fund's assets would decline, and the short hedge would not hedge or mitigate the loss in the value of the assets. With respect to a derivative transaction based on an index, the risk of imperfect correlation increases as the composition of the Fund's portfolio diverges from the assets included in the applicable index. To compensate for the imperfect correlation of movements in the price of the portfolio securities being hedged and movements in the price of the hedging instruments, the Fund may use derivative instruments in a greater dollar amount than the dollar amount of portfolio assets being hedged. It might do so if the historical volatility of the prices of the portfolio assets being hedged is more than the historical volatility of the applicable index.

If the Fund has used derivatives to hedge or otherwise reduce the Fund's risk exposure to a particular position and then disposes of that position at a time at which it cannot also settle, terminate or close out the corresponding hedge position, this may create short investment exposure. Certain "short" derivative positions involve investment leverage, and the amount of the Fund's potential loss is theoretically unlimited.

The Fund can use derivative instruments to establish a position in the market as a temporary substitute for the purchase of individual securities or other assets (long hedging) by buying futures contracts and/or calls on such futures contracts, indices or on securities or other assets, or entering into swaps. It is possible that when the Fund does so the market might decline. If the Fund then decides not to invest in the assets because of concerns that the market might decline further or for other reasons, the Fund will realize a loss on the hedge position that is not offset by a reduction in the price of the asset the Fund had intended to purchase.

Risk of Government Regulation of Derivatives. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government, self-regulatory organization and judicial action. Registered investment companies are subject to regulatory limitations on their use of derivative investments and certain financing transactions (e.g. reverse repurchase agreements). Among other things, a fund that invests in derivative instruments beyond a specified limited amount must apply a value-at-risk based limit to its use of certain derivative instruments and financing transactions and must adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount, as specified by applicable rules, is not subject to the same restrictions. Regulatory restrictions may restrict the Fund's ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") has caused broad changes to the OTC derivatives market and granted significant authority to the SEC and the CFTC to regulate OTC derivatives and market participants. Pursuant to such authority, rules have been enacted that currently require clearing of many OTC derivatives transactions and may require clearing of additional OTC derivatives transactions in the future and that impose minimum margin and capital requirements for uncleared OTC derivatives transactions. Similar regulations have been or are being adopted in other jurisdictions around the world. The implementation of the clearing requirement has increased the costs of derivatives transactions since investors have to pay fees to clearing members and are typically required to post more margin for cleared derivatives than had historically been the case. While the new rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer

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liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and mandatory clearing of derivatives may expose the Fund to new kinds of costs and risks.

Additionally, new regulations may result in increased uncertainty about credit/counterparty risk and may limit the flexibility of the Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under the rules of the applicable exchange or clearing corporation or under relatively new special resolution regimes adopted in the United States, the United Kingdom, the European Union and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the United Kingdom and the European Union, the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

#### Foreign Currency Instruments and Hedging Strategies
The Fund may use options and futures contracts on foreign currencies and forward currency contracts and currency swap agreements (collectively, "Currency Instruments"), deliverable and non-deliverable, to attempt to hedge against movements in the values of the foreign currencies in which the Fund's securities are denominated or to attempt to enhance the Fund's return or yield. The Fund may also use such investments to attempt to establish a short position or to gain exposure to a market that would be more costly or difficult to access with other types of investments, such as bonds or currency. The Fund may also engage in foreign currency transactions on a spot (cash) basis at the rate prevailing in the currency exchange market at the time of the transaction. The Fund may determine not to hedge, and the Fund may be completely unhedged at any point in time. In cases when a particular currency is difficult to hedge or difficult to hedge against the U.S. dollar, the Fund may seek to hedge against price movements in that currency by entering into transactions using Currency Instruments on another currency or a basket of currencies, the value of which the portfolio manager believes will have a high degree of positive correlation to the value of the currency being hedged. The risk that movements in the price of the Currency Instrument will not correlate perfectly with movements in the price of the currency subject to the hedging transaction is magnified when this strategy is used.

Currency Instruments Risks. In addition to the risks found under "Derivatives – Risks of Derivatives Generally," Currency Instruments are subject to the following risks:

The value of Currency Instruments depends on the value of the underlying foreign currency relative to the U.S. dollar. Because foreign currency transactions occurring in the interbank market might involve substantially larger amounts than those involved in the Fund's use of such Currency Instruments, the Fund could be disadvantaged by having to deal in the odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots. There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Quotation information generally is representative of very large transactions in the interbank market and thus might not reflect odd-lot transactions where rates might be less favorable. The interbank market in foreign currencies is a global, round-the-clock market. To the extent the U.S. options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the U.S. markets for the Currency Instruments until they reopen.

Settlement of hedging transactions involving foreign currencies might be required to take place within the country issuing the underlying currency. Thus, the Fund might be required to accept or make delivery of the underlying foreign currency in accordance with any U.S. or foreign regulations regarding the maintenance of foreign banking arrangements by U.S. residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

#### Forward Currency Contracts
The Fund may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another currency at a future date and at a price set by the parties to the forward currency contract.

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Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers (such as the Fund).

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 the Fund intends to acquire (a long hedge). 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, dividend or interest payment denominated in a foreign currency (a short hedge). A "position hedge" is when the Fund owns a security denominated in, for example, euros and to protect against a possible decline in the euro's value, the Fund enters into a forward currency contract to sell euros in return for U.S. dollars. A "position hedge" tends to offset both positive and negative currency fluctuations but would not offset changes in security values caused by other factors. A "proxy hedge" is when the Fund owns a security denominated in, for example, euros and to protect against a possible decline in the euro's value, the Fund enters into a forward currency contract to sell a currency expected to perform similarly to the euro in return for U.S. dollars. A "proxy hedge" could offer advantages in terms of cost, yield or efficiency, but generally would not hedge currency exposure as effectively as a position hedge to the extent the proxy currency does not perform similarly to the targeted currency. The Fund could, in fact, lose money on both legs of the hedge, i.e., between the euro and proxy currency, and between the proxy currency and the dollar. The Fund also may use forward currency contracts to attempt to enhance return or yield. The Fund could use forward currency contracts to increase its exposure to foreign currencies that the portfolio manager believes might rise in value relative to the U.S. dollar, or shift its exposure to foreign currency fluctuations from one currency to another. For example, if the Fund's portfolio manager believes that the U.S. dollar will increase in value relative to the euro, the Fund could write a forward contract to buy U.S. dollars in three months at the current price in order to sell those U.S. dollars for a profit if the U.S. dollar does in fact appreciate in value relative to the euro. 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 are usually 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 or to otherwise fulfill its obligations in connection with settlement. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

The precise matching of forward currency contract amounts, and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, the Fund may need to purchase or sell foreign currencies in the spot (i.e., cash) market to the extent such foreign currencies are not covered by forward currency 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.

Successful use of forward currency contracts depends on the portfolio manager's skill in analyzing and predicting currency values. Forward currency contracts may substantially change the Fund's exposure to changes in currency exchange rates and could result in losses to the Fund if currencies do not perform as the portfolio manager anticipates. There is no assurance that the portfolio manager's use of forward currency contracts will be advantageous to the Fund or that the portfolio manager will hedge at an appropriate time.

Non-deliverable Forwards. The consummation of a deliverable 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). Forward currency contracts in which the Fund may engage also include non-deliverable forwards ("NDFs"). NDFs are cash-settled, forward contracts on foreign currencies (each a "Reference Currency") that are non-convertible and that may be thinly traded or illiquid. NDFs involve an obligation to pay an amount equal to the difference between the prevailing market exchange rate for the Reference Currency and the agreed upon exchange rate, with respect to an agreed notional amount. NDFs are subject to many of the risks associated with derivatives in general and forward currency transactions, including risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations.

Under the Dodd-Frank Act, NDFs are classified as "swaps" and are therefore subject to the full panoply of CFTC swap regulations under the Dodd-Frank Act. Although NDFs have historically been traded OTC, in the future,

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pursuant to the Dodd- Frank Act, they may be subject to mandatory clearing. Non-centrally-cleared NDFs are subject to mandatory minimum margin requirements for uncleared swaps. Deliverable foreign exchange forwards that solely involve the exchange of two different currencies on a specific future date at a fixed rate agreed upon by the parties are not considered "swaps" and accordingly are not subject to many of the regulations that apply to NDFs. However, as mandated by the Dodd-Frank Act and set forth in CFTC regulations adopted thereunder, foreign exchange forwards must be reported to a swap data repository, and swap dealers and major swap participants who are party to such transactions remain subject to the business conduct standards pertaining to swaps in connection with such deliverable foreign exchange forwards.

#### Futures Contracts and Options on Futures Contracts
Generally, a futures contract is an exchange-traded, standardized agreement that obligates the seller of the contract to sell a specified quantity of an underlying instrument or asset, such as a security, currency or commodity, to the purchaser of the contract, who has the obligation to buy the underlying instrument or asset, at a specified price and date. In the case of futures on indices, the two parties agree to take or make delivery of an amount of cash equal to the difference between the level of the index calculated for purposes of settlement and the price at which the contract originally was written. Options on futures give the purchaser the right to assume a position in a futures contract at the specified exercise price at any time during the period of the option or at the expiration of the option, depending on the terms of the option.

Futures contracts, by their terms, have stated expirations and, at a specified point in time prior to expiration, trading in a futures contract for the current delivery month will cease. As a result, an investor wishing to maintain exposure to a futures contract with the nearest expiration must close out the position in the expiring contract and establish a new position in the contract for the next delivery month, a process referred to as "rolling." The process of rolling a futures contract can be profitable or unprofitable depending in large part on whether the futures price for the subsequent delivery month is less than or more than the price of the expiring contract.

Futures contracts and related options may be used for hedging and non-hedging purposes, such as to simulate full investment in the underlying instrument or asset while retaining a cash balance for portfolio management purposes, as a substitute for direct investment in the underlying instrument or asset, to facilitate trading, to reduce transaction costs, or to seek higher investment returns (e.g., when a futures contract or option is priced more attractively than the underlying instrument). In addition, futures strategies can be used to manage the average duration of the Fund's fixed income portfolio, if applicable. The Fund may sell a debt futures contract or a call option thereon or purchase a put option on that futures contract to attempt to shorten the portfolio's average duration. Alternatively, the Fund may buy a debt futures contract or a call option thereon or sell a put option thereon to attempt to lengthen the portfolio's average duration.

At the inception of a futures contract the Fund is required to deposit "initial margin" with a futures commission merchant ("FCM") in an amount at least equal to the amount designated by the futures exchange. 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 required to be 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 an exchange or by its FCM to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

In addition to initial margin payments, during the life of the transaction "variation margin" payments are made to and from the FCM as the value of the margin and the underlying derivative transaction varies, a process known as "marking-to- market." Variation margin is intended to represent a daily settlement of the Fund's obligations to or from an FCM. When the Fund purchases an option on a futures contract, the premium paid plus transaction costs is all that is at risk. However, there may be circumstances when the purchase of an option on a futures contract would result in a loss to the Fund when the use of a futures contract would not, such as when there is no movement in the value of the securities or currencies being hedged. In that case, the Fund would lose the premium it paid for the option plus transaction costs. In contrast, when the Fund purchases or sells a futures contract or writes a call or

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put option thereon, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.

Although some futures and options on futures call for making or taking delivery of the underlying instrument or asset, generally those contracts are closed out prior to delivery by offsetting purchases or sales of matching futures or options (involving the same instrument or asset and delivery month). If an offsetting purchase price is less than the original sale price, the Fund realizes a gain, or if it is more, the Fund realizes a loss. If an offsetting sale price is more than the original purchase price, the Fund realizes a gain, or if it is less, the Fund realizes a loss. The Fund will also bear transaction costs for each contract, which will be included in these calculations. Positions in futures and options on futures may be closed only on an exchange or board of trade that provides a secondary market. However, there can be no assurance that a liquid secondary market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions. If the Fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market, the imposition of price limits or otherwise, it could incur substantial losses. The Fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, the Fund would continue to be required to make daily variation margin payments.

Risks of Futures Contracts and Options Thereon. In addition to the risks found under "Derivatives – Risks of Derivatives Generally," futures contracts and options on futures contracts are subject to the following risks:

Successful use of futures contracts and related options depends upon the ability of the portfolio manager to assess movements in the direction of prices of securities, commodities, measures of value, or interest or exchange rates, which requires different skills and techniques than assessing the value of individual securities. Moreover, futures contracts relate not to the current price level of the underlying instrument or asset, but to the anticipated price level at some point in the future; accordingly trading of stock index futures may not reflect the trading of the securities that are used to formulate the index or even actual fluctuations in the index itself. There is, in addition, the risk that movements in the price of the futures contract will not correlate with the movements in the prices of the securities or other assets being hedged. Price distortions in the marketplace, resulting from increased participation by speculators in the futures market (among other things), may also impair the correlation between movements in the prices of futures contracts and movements in the prices of the hedged assets. If the price of the futures contract moves less than the price of assets that are the subject of the hedge, the hedge will not be fully effective; but if the price of the assets being hedged has moved in an unfavorable direction, the Fund would be in a better position than if it had not hedged at all. If the price of the assets being hedged has moved in a favorable direction, this advantage may be partially offset by losses on the futures position.

Positions in futures contracts and related options may be closed out only on an exchange or board of trade that provides a market for such contracts. Although the Fund intends to purchase and sell futures and related options only on exchanges or boards of trade where there appears to be a liquid market, there is no assurance that such a market will exist for any particular contract at any particular time. In such event, it may not be possible to close a futures position and, in the event of adverse price movements, the Fund would continue to be required to make variation margin payments, where applicable. Options have a limited life and thus can be disposed of only within a specific time period.

Purchasers of options on futures contracts pay a premium in cash at the time of purchase which, in the event of adverse price movements, could be lost. Sellers of options on futures contracts must post initial margin and are subject to additional margin calls that could be substantial in the event of adverse price movements. Because of the low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to the Fund. In addition, the

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Fund's activities in the futures markets may result in a higher portfolio turnover rate (see "Portfolio Transactions and Brokerage") and additional transaction costs in the form of added brokerage commissions.

As noted above, exchanges may impose limits on the amount by which the price of a futures contract or related option is permitted to change in a single day. If the price of a contract moves to the limit for several consecutive days, the Fund may be unable during that time to close its position in that contract and may have to continue making payments of variation margin. The CFTC and domestic exchanges have also established (and continue to evaluate and revise) speculative position limits on the maximum speculative position that any person, or group of persons acting in concert, may hold or control in particular contracts. Under current rules and regulations, other accounts managed by the Adviser or, if applicable, Subadviser are combined with the positions held by the Fund under the Adviser's or, if applicable, Subadviser's management for position limit purposes, unless an exemption applies. This aggregation could preclude additional trading by the Fund in such contracts and may require positions held by the Fund to be liquidated, which may adversely affect the performance of the Fund.

When the Fund engages in futures transactions, it will also be exposed to the credit risk of its FCM. If the Fund's FCM becomes bankrupt or insolvent, or otherwise defaults on its obligations to the Fund, the Fund may not receive all amounts owed to it in respect of its trading, even if the clearinghouse fully discharges all of its obligations. If an FCM were not to appropriately segregate client assets to the full extent required by the CEA, the Fund might not be fully protected in the event of the bankruptcy of an FCM. In the event of an FCM's bankruptcy, the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of an FCM's combined customer accounts for the relevant account class, even if certain property held by an FCM is specifically traceable to the Fund (for example, U.S. Treasury bills deposited by the Fund). Such situations could arise due to various factors, or a combination of factors, including inadequate FCM capitalization, inadequate controls on customer trading and inadequate customer capital. In addition, in the event of the bankruptcy or insolvency of a clearinghouse, the Fund might experience a loss of funds deposited through its FCM as margin with the clearinghouse, a loss of unrealized profits on its open positions and the loss of funds owed to it as realized profits on closed positions. Such a bankruptcy or insolvency might also cause a substantial delay before the Fund could obtain the return of funds owed to it by an FCM who is a member of such clearinghouse.

#### Options
A call option gives the purchaser the right to buy, and obligates the writer to sell, an underlying investment (such as a specified security, commodity, currency, interest rate, currency exchange rate or index) at an agreed-upon price ("strike price"). A put option gives the purchaser the right to sell, and obligates the writer to buy, an underlying investment at an agreed-upon price. An American-style option may be exercised at any time during the term of the option, while a European-style option may be exercised only at the expiration of the option. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right granted under the option contract.

The value of an option position will reflect, among other things, the current market value of the underlying instrument, the time remaining until expiration, the relationship of the strike price to the market price of the underlying instrument, the historical price volatility of the underlying instrument and general market conditions. If the purchaser does not exercise the option, it will expire and the purchaser will have only lost the premium paid. If a secondary market exists, a purchaser or the writer may terminate a put option position prior to its exercise by selling it in the secondary market at its current price. The Fund will pay a brokerage commission each time it buys or sells an option. Such commissions may be higher than those that would apply to direct purchases or sales of the underlying instrument.

Exchange-traded options in the United States are issued by a clearing organization affiliated with the exchange on which the option is listed and are standardized with respect to the underlying instrument, expiration date, contract size and strike price. In contrast, OTC options (options not traded on exchanges) are contracts between the Fund and a counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. The terms of OTC options generally are established through negotiation with the other party to the option contract (the counterparty). For a discussion on options on futures see "Futures Contracts and Options on Futures Contracts".

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Put Options. In return for receipt of the premium, the writer of a put option assumes the obligation to pay the strike price for the option's underlying instrument if the buyer exercises the option. A put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received, if the underlying instrument's price remains greater than or equal to the strike price. If the underlying instrument's price falls below the strike price, the put writer would expect to suffer a loss. The buyer of a put option can expect to realize a gain if the underlying instrument's price falls enough to offset the cost of purchasing the option. Any losses suffered by the buyer would be limited to the amount of the premium plus related transaction costs.

Optional delivery standby commitments are a type of put that gives the buyer of an underlying instrument the right to sell the underlying instrument back to the seller on specified terms to induce a purchase of the underlying instrument.

Call Options. In return for the receipt of the premium, the writer of a call option assumes the obligation to sell the underlying instrument at the strike price to the buyer upon exercise of the option. A call writer would generally expect to profit, although its gain would be limited to the amount of the premium it received, if the option goes unexercised, which typically occurs when the underlying instrument's price remains less than or equal to the strike price. If the underlying instrument's price were to rise above the strike price, the writer of the call option would generally expect to suffer a loss, which is theoretically unlimited. A call buyer's maximum loss is the premium paid for the call option, whereas the buyer's maximum profit is theoretically unlimited.

Straddles. A long straddle is the purchase of a call and a put option with the same expiration date and relating to the same underlying instrument where the strike price of the put is less than or equal to the strike price of the call. The Fund may enter into a long straddle when its portfolio manager believes that the underlying instrument's price will move significantly during the term of the options. A short straddle is a combination of a call and a put written on the same underlying instrument with the same expiration date where the strike price of the put is less than or equal to the strike price of the call. In a covered short straddle, the underlying instrument is considered cover for both the put and the call that the Fund has written. The Fund may enter into a short straddle when the portfolio manager believes that it is unlikely that the underlying instrument's prices will experience volatility during the term of the options.

Options on Indices. Puts and calls on indices are similar to puts and calls on other underlying instruments except that all settlements are in cash and gains or losses depend on changes in the level of the index rather than on price movements of individual underlying instruments. The writer of a call on an index receives a premium and the obligation to pay the purchaser an amount of cash equal to the difference between the closing level of the index and the strike price times a specified multiple ("multiplier"), if the closing level of the index is greater than the strike price of the call. The writer of a put on an index receives a premium and the obligation to deliver to the buyer an amount of cash equal to the difference between the closing level of the index and strike price times the multiplier if the closing level is less than the strike price.

Risks of Options – In addition to the risks described under "Derivatives – Risks of Derivatives Generally," options are also subject to the following risks:

Options on Indices Risk. The risks of investment in options on indices may be greater than options on securities and other instruments. Because index options are settled in cash, when the Fund writes a call on an index it generally cannot provide in advance for other underlying instruments because it may not be practical for the call writer to hedge its potential settlement obligations by acquiring and holding the underlying securities. The Fund can offset some of the risk of writing a call index option by holding a diversified portfolio of securities similar to those on which the underlying index is based. However, the Fund cannot, as a practical matter, acquire and hold a portfolio containing exactly the same securities as underlie the index and, as a result, bears a risk that the value of the securities held will vary from the value of the index.

If the Fund exercises an index option before the closing index value for that day is available, there is the risk that the level of the underlying index may subsequently change. If such a change causes the exercised option to fall out-of-the-money, the Fund will be required to pay the difference between the closing index value and the strike price of the option (times the applicable multiplier) to the assigned writer.

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Timing Risk. The hours of trading for options may not conform to the hours during which the underlying instrument are traded. To the extent that the options markets close before the markets for the underlying instrument, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. Options are marked to market daily and their value will be affected by changes in the value of the underlying instrument, changes in the dividend rates of the underlying securities, an increase in interest rates, changes in the actual or perceived volatility of the stock market and the underlying instrument and the remaining time to the options' expiration. Additionally, the exercise price of an option may be adjusted downward before the option's expiration as a result of the occurrence of certain corporate or other events affecting the underlying instrument, such as extraordinary dividends, stock splits, merger or other extraordinary distributions or events. A reduction in the exercise price of an option would reduce the Fund's capital appreciation potential on an underlying instrument.

Yield Curve Options. The Fund may enter into options on the "spread," or yield differential, between two fixed income securities, in transactions referred to as "yield curve" options. In contrast to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the yields of the underlying securities increase or decrease.

Yield curve options may be used for the same purposes as other options on securities. Specifically, the Fund may purchase or write such options for hedging purposes. For example, the Fund may purchase a call option on the yield spread between two securities, if it owns one of the securities, anticipates purchasing the other security and wants to hedge against an adverse change in the yield spread between the two securities. The Fund may also purchase or write yield curve options for other than hedging purposes (e.g., in an effort to increase its current income) if, in the judgment of the portfolio manager the Fund may profit from movements in the spread between the yields of the underlying securities. The trading of yield curve options is subject to all of the risks associated with the trading of other types of options. In addition, however, such options present risk of loss even if the yield of one of the underlying securities remains constant, if the spread moves in a direction or to an extent that was not anticipated.

#### Swaps
Generally, a swap agreement involves the exchange between two parties of their respective commitments to pay or receive cash flows, e.g., an exchange of floating rate payments for fixed-rate payments. Swaps may be negotiated bilaterally and traded OTC (OTC swaps) or, for certain types of swaps, must be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse (cleared swaps). Swaps include but are not limited to, interest rate swaps, total return swaps, index swaps, inflation indexed swaps, currency swaps, credit default swaps and options on swaps or "swaptions".

OTC swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments (such as individual securities, baskets of securities and securities indices) or market factors. The swapped returns are generally calculated with respect to a notional amount, that is, the nominal or face amount used to calculate the payments to be made between the parties to the OTC swap.

The Fund may enter into a swap agreement for hedging or non-hedging purposes, including but not limited to, to enhance returns, increase liquidity, protect against currency and security price fluctuations, manage duration and gain exposure to certain markets or securities in a more cost-efficient manner.

Risks of Swaps Generally. In addition to the risks found under "Derivatives – Risks of Derivatives Generally," swaps are subject to the following risks:

Depending on their structure, swap agreements may increase or decrease the overall volatility of the Fund's investments and its share price and yield and may affect the Fund's exposure to long- or short-term interest rates (in the United States or abroad), foreign currency values, mortgage-backed security values, corporate borrowing rates or other market factors such as security prices or inflation rates.

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Swap agreements will tend to shift the Fund's investment exposure from one type of investment to another. For example, if the Fund agrees to exchange payments in U.S. dollars for payments in foreign currency, the swap agreement would tend to decrease the Fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates.

The absence of a central exchange or market for OTC swap transactions may lead, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions.

Cleared Swaps. Relatively recent legislation and implementing regulation require certain swaps to be cleared through a regulated clearinghouse. Although this clearing mechanism is generally intended to reduce counterparty credit risk, it may disrupt or limit the swap market and may result in swaps being more difficult to trade or value. As swaps become more standardized, the Fund may not be able to enter into swaps that meet its investment needs. The Fund also may not be able to find a clearing member and clearinghouse willing to accept a swap for clearing. In a cleared swap, a central clearing organization will be the counterparty to the transaction. The Fund will assume the risk that the clearinghouse and the clearing member through which the Fund holds its position may be unable to or may otherwise fail to perform their obligations.

When the Fund enters into a cleared swap transaction, the Fund is subject to the credit and counterparty risk of the clearinghouse and the clearing member through which it holds its cleared position. Credit/counterparty risk of market participants with respect to centrally cleared swaps is concentrated in a few clearinghouses, and it is not clear how an insolvency proceeding of a clearinghouse would be conducted and what impact an insolvency of a clearinghouse would have on the financial system. A clearing member is obligated by contract and by applicable regulation to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers generally are held by the clearing broker on a commingled basis in an omnibus account by account class, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. The assets of the Fund might not be fully protected in the event of the bankruptcy of the Fund's clearing member, because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker's customers for a relevant account class. Also, the clearing member is required to transfer to the clearing organization the amount of margin required by the clearing organization for cleared derivatives, which amounts generally are held in an omnibus account at the clearing organization for all customers of the clearing member. Regulations promulgated by the CFTC require that the clearing member notify the clearinghouse of the amount of initial margin provided by the clearing member to the clearing organization that is attributable to each cleared swaps customer. However, if the clearing member does not provide accurate reporting, the Fund is subject to the risk that a clearing organization will use the Fund's assets held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing organization. In addition, clearing members generally provide to the clearing organization the net amount of variation margin required for cleared swaps for all of its customers in the aggregate, rather than the gross amount of each customer. The Fund is therefore subject to the risk that a clearing organization will not make variation margin payments owed to the Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that the Fund will be required to provide additional variation margin to the clearinghouse before the clearinghouse will move the Fund's cleared derivatives transactions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

In some ways, centrally cleared swaps arrangements are less favorable to the Fund than OTC swaps arrangements. For example, the Fund may be required to provide greater amounts of margin for cleared swaps than for OTC swaps. Also, in contrast to OTC swaps, following a period of notice to the Fund, a clearing member generally can require termination of existing cleared swaps at any time or increases in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearinghouses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse could interfere with the ability of

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the Fund to pursue its investment strategy. Further, any increase in margin requirements by a clearing member could also expose the Fund to greater credit risk of its clearing member, because margin for cleared swaps in excess of clearinghouse margin requirements typically is held by the clearing member. While the documentation in place between the Fund and its clearing members generally provides that the clearing members will accept for clearing all transactions submitted for clearing that are within credit limits (specified in advance) for the Fund, the Fund is still subject to the risk that no clearing member will be willing or able to clear a transaction. In those cases, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and/or loss of hedging protection offered by the transaction. In addition, the documentation governing the relationship between the Fund and its clearing members is developed by the clearing members and generally is less favorable to the Fund than typical OTC swap documentation. For example, this documentation generally includes a one-way indemnity by the Fund in favor of the clearing member, indemnifying the clearing member against losses it incurs in connection with acting as the Fund's clearing member, and the documentation typically does not give the Fund any rights to exercise remedies if the clearing member defaults or becomes insolvent.

Some types of cleared swaps are required to be executed on an exchange or on a swap execution facility ("SEF"). A SEF is a trading platform where multiple market participants can execute swaps by accepting bids and offers made by multiple other participants in the platform. While this execution requirement is designed to increase transparency and liquidity in the cleared swap market, trading on a SEF can create additional costs and risks for the Fund. For example, SEFs typically charge fees, and if the Fund executes swaps on a SEF through a broker intermediary, the intermediary may impose fees as well. Also, the Fund may indemnify a SEF, or a broker intermediary who executes cleared swaps on a SEF on the Fund's behalf, against any losses or costs that may be incurred as a result of the Fund's transactions on the SEF.

The Fund may enter into swap transactions with certain counterparties pursuant to master netting agreements. A master netting agreement provides that all swaps entered into between the Fund and that counterparty shall be regarded as parts of an integral agreement. If amounts are payable on a particular date in the same currency in respect of more than one swap transaction, the amount payable shall be the net amount. In addition, the master netting agreement may provide that if one party (or its affiliates) defaults generally or on any swap, the counterparty can terminate all outstanding swaps with that party. As a result, to the extent the Fund enters into master netting agreements with a counterparty, the Fund may be required to terminate a greater number of swap agreements than if it had not entered into such an agreement, which may result in losses to the Fund.

Interest Rate Swaps, Caps and Floors. Interest rate swaps are agreements between two parties to exchange interest rate payment obligations. Typically, one party's obligation is based on a fixed interest rate while the other party's obligation is based on an interest rate that fluctuates with changes in a designated benchmark. An interest rate cap transaction entitles the purchaser, to the extent that a specified index exceeds a predetermined value, to receive payments on a notional principal amount from the party selling the cap. An interest rate floor transaction entitles the purchaser, to the extent that a specified index falls below a predetermined value, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of buying a cap and a floor. Caps and floors have an effect similar to buying or writing options. Caps and floors typically have lower liquidity than swaps.

Options on Swaps ("Swaptions"). A swaption is a contract that gives the counterparty the right, but not the obligation to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Swaptions are generally subject to the same risks involved in the use of options and swaps. Depending on the terms of the option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, only the amount of premium the Fund paid is at risk should the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement, which may result in losses to the Fund in excess of the premium it received.

Credit Default Swaps and Related Investments. The Fund may enter into credit default swap contracts for investment purposes and to add leverage to its investment portfolio. As the seller in a credit default swap contract,

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the Fund would be required to pay the par (or other agreed-upon) value of a debt-reference obligation to the counterparty in the event of a default by a third party on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its net assets, the Fund would be subject to investment exposure on the swap. Credit default swap contracts involve special risks and may result in losses to the Fund. Credit default swaps may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. As there is no central exchange or market for certain credit default swap transactions, they may be difficult to trade or value, especially in the event of market disruptions. It is possible that developments in the swap market, including new or modified government regulation, could adversely affect the Fund's ability to terminate existing credit default swap agreements or to realize amounts to be received under such agreements.

The Fund may also purchase credit default swap contracts to attempt to hedge against the risk of default of debt securities held in its portfolio, in which case the Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer of the underlying obligation (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve credit risk—that the seller may fail to satisfy its payment obligations to the Fund in the event of a default.

The Fund may invest in credit default swap index products that provide exposure to obligations of multiple issuers. The Fund can either buy the index (take on credit exposure) or sell the index (pass credit exposure to a counterparty). Such investments are subject to the associated risks with investments in credit default swaps discussed above.

#### Distressed Debt Securities
Distressed debt securities are debt securities that are purchased in the secondary market and are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or are rated in the lower rating categories (Ca or lower by Moody's and CC or lower by S&P) or, if unrated, are in the judgment of the portfolio manager of equivalent quality. Investment in distressed debt securities is speculative and involves significant risk. The risks associated with high yield securities are heightened when investing in distressed debt securities.

The Fund may make such investments when the portfolio manager believes it is reasonably likely that the issuer of the distressed debt securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the Fund will receive new securities (e.g., equity securities) and/or other assets. However, there can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in distressed debt securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is unlikely that the Fund will receive any interest payments on the distressed debt securities, the Fund will be subject to significant uncertainty as to whether the exchange offer or plan will be completed and the Fund may be required to bear extraordinary expenses to protect or recover its investment. Even if an exchange offer is made or a plan of reorganization is adopted with respect to the distressed debt securities held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of the Fund's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt securities, the Fund may be restricted from disposing of such securities.

#### Equity Securities
Equity securities include exchange-traded and over-the-counter common and preferred stocks, warrants and rights, and securities convertible into common stocks. Equity securities fluctuate in price based on changes in a

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company's financial condition and overall market and economic conditions. The value of a particular security may decline due to factors that affect a particular industry or industries, such as an increase in production costs, competitive conditions or labor shortages; or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment. The value of an equity security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of a company's equity securities may deteriorate because of a variety of factors, including disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer or changes in government regulations affecting the issuer or the competitive environment.

#### Exchange Traded Funds ("ETFs")
ETFs are ownership interests in investment companies, unit investment trusts, depositary receipts and other pooled investment vehicles that are traded on an exchange and that hold a portfolio of securities or other financial instruments (the "Underlying Assets"). The Underlying Assets are typically selected to correspond to the securities that comprise a particular broad based sector or international index, or to provide exposure to a particular industry sector or asset class, including precious metals or other commodities. "Short ETFs" seek a return similar to the inverse, or a multiple of the inverse, of a reference index. Short ETFs carry additional risks because their Underlying Assets may include a variety of financial instruments, including futures and options on futures, options on securities and securities indexes, swap agreements and forward contracts, and a short ETF may engage in short sales. An ETF's losses on short sales are potentially unlimited; however, the Fund's risk would be limited to the amount it invested in the ETF. Certain ETFs are actively managed by a portfolio manager or management team that makes investment decisions on Underlying Assets without seeking to replicate the performance of a reference index or industry sector or asset class.

Unlike shares of typical open-end management investment companies or unit investment trusts, shares of ETFs are designed to be traded throughout the trading day and bought and sold based on market price rather than net asset value. Shares can trade at either a premium or discount to net asset value. The portfolios held by ETFs are typically publicly disclosed on each trading day and an approximation of actual net asset value is disseminated throughout the trading day. An ETF will generally gain or lose value depending on the performance of the Underlying Assets. In the future, as new products become available, the Fund may invest in ETFs that do not have this same level of transparency and, therefore, may be more likely to trade at a larger discount or premium to actual net asset values.

Gains or losses on the Fund's investment in ETFs will ultimately depend on the purchase and sale price of the ETF. An active trading market for an ETF's shares may not develop or be maintained and trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange or the activation of market- wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. The performance of an ETF will be reduced by transaction and other expenses, including fees paid by the ETF to service providers. Investors in ETFs are eligible to receive their portion of income, if any, accumulated on the securities held in the portfolio, less fees and expenses of the ETF.

An investment in an ETF involves risks similar to investing directly in the Underlying Assets, including the risk that the value of the Underlying Assets may fluctuate in accordance with changes in the financial condition of their issuers, the value of securities and other financial instruments generally, and other market factors.

If an ETF is a registered investment company (as defined in the 1940 Act), the limitations applicable to the Fund's ability to purchase securities issued by other investment companies apply absent certain exemptive rules or other available exemptive relief. However, under Rule 12d1-4, the Fund may invest in other investment companies, including ETFs, in excess of these limits, subject to certain conditions. These restrictions may limit the Fund's ability to invest in ETFs to the extent desired. Some ETFs are not structured as investment companies and thus are not regulated under the 1940 Act.

#### Foreign Securities
The risks of investing in securities of non-U.S. issuers or issuers with significant exposure to non-U.S. markets may be related, among other things, to (i) differences in size, liquidity and volatility of, and the degree and manner

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of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the U.S.; (ii) economic, political and social factors; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which the Fund's portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. The political and economic structures in certain foreign countries, particularly emerging markets, are expected to undergo significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries.

Unanticipated political or social developments may affect the values of the Fund's investments in such countries. The economies and securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurances that these economic and market disruptions will not continue.

Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the U.S. or other foreign countries. Accounting standards in other countries are also not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for the portfolio manager to completely and accurately determine a company's financial condition. In addition, the U.S. Government has from time to time in the past imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. Also, brokerage commissions and other costs of buying or selling securities often are higher in foreign countries than they are in the U.S. This reduces the amount the Fund can earn on its investments.

The Fund generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the U.S. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United States.

Securities of some foreign companies have lower liquidity, and their prices are more volatile, than securities of comparable domestic companies. Certain foreign countries are known to experience long delays between the trade and settlement dates of securities purchased or sold resulting in increased exposure of the Fund to market and foreign exchange fluctuations brought about by such delays, and to the corresponding negative impact on Fund liquidity.

#### Foreign Currency Risks
The U.S. dollar value of securities denominated in a foreign currency will vary with changes in currency exchange rates, which can be volatile. Accordingly, changes in the value of the currency in which the Fund's investments are denominated relative to the U.S. dollar will affect the Fund's net asset value. Exchange rates are generally affected by the forces of supply and demand in the international currency markets, the relative merits of investing in different countries and the intervention or failure to intervene of U.S. or foreign governments and central banks. However, currency exchange rates may fluctuate based on factors intrinsic to a country's economy. Some emerging market countries also may have managed currencies, which are not free floating against the U.S. dollar. In addition, emerging markets are subject to the risk of restrictions upon the free conversion of their currencies into other currencies. Any devaluations relative to the U.S. dollar in the currencies in which the Fund's securities are quoted would reduce the Fund's net asset value per share.

#### Investment in Emerging Markets
Investors are strongly advised to consider carefully the special risks involved in emerging markets, which are in addition to the usual risks of investing in developed foreign markets around the world.

The risks of investing in securities in emerging countries include: (i) less social, political and economic stability; (ii) the smaller size of the markets for such securities and lower volume of trading, which result in a lack of liquidity

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and in greater price volatility; (iii) certain national policies that may restrict the Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (iv) foreign taxation; (v) the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; and (vi) military unrest, war and terrorism.

Investors should note that upon the accession to power of authoritarian regimes, the governments of a number of emerging market countries previously expropriated large quantities of real and personal property similar to the property which may be represented by the securities purchased by the Fund. The claims of property owners against those governments were never finally settled. There can be no assurance that any property represented by securities purchased by the Fund will not also be expropriated, nationalized, or otherwise confiscated at some time in the future. If such confiscation were to occur, the Fund could lose a substantial portion or all of its investments in such countries. The Fund's investments would similarly be adversely affected by exchange control regulation in any of those countries.

Certain countries in which the Fund may invest may have vocal groups that advocate radical religious or revolutionary philosophies or support ethnic independence. Any disturbance on the part of such individuals could carry the potential for widespread destruction or confiscation of property owned by individuals and entities foreign to such country and could cause the loss of the Fund's investment in those countries.

Settlement mechanisms in emerging market securities may be less efficient and reliable than in more developed markets. In such emerging securities markets there may be delays and failures in share registration and delivery. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of the Fund to make intended securities purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to the Fund due to subsequent declines in the value of the portfolio security or, if the Fund has entered into a contract to sell the security, in possible liability to the purchaser. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise in respect of securities held by or to be transferred to the Fund. Furthermore, compensation schemes may be non-existent, limited or inadequate to meet the Fund's claims in any of these events.

Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging markets. While some emerging market countries have sought to develop a number of corrective mechanisms to reduce inflation or mitigate its effects, inflation may continue to have significant effects both on emerging market economies and their securities markets. In addition, many of the currencies of emerging market countries have experienced steady devaluations relative to the U.S. dollar and major devaluations have occurred in certain countries. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by economic conditions, trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Because of the high levels of foreign-denominated debt owed by many emerging market countries, fluctuating exchange rates can significantly affect the debt service obligations of those countries. This could, in turn, affect local interest rates, profit margins and exports, which are a major source of foreign exchange earnings.

To the extent an emerging market country faces a liquidity crisis with respect to its foreign exchange reserves, it may increase restrictions on the outflow of any foreign exchange. Repatriation is ultimately dependent on the ability of the Fund to liquidate its investments and convert the local currency proceeds obtained from such liquidation into U.S. dollars. Where this conversion must be done through official channels (usually the central bank or certain authorized commercial banks), the ability to obtain U.S. dollars is dependent on the availability of such U.S. dollars through those channels and, if available, upon the willingness of those channels to allocate those U.S. dollars to the Fund. The Fund's ability to obtain U.S. dollars may be adversely affected by any increased restrictions imposed on the outflow of foreign exchange. If the Fund is unable to repatriate any amounts due to exchange controls, it may be required to accept an obligation payable at some future date by the central bank or other governmental entity of the jurisdiction involved. If such conversion can legally be done outside official channels, either directly or indirectly,

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the Fund's ability to obtain U.S. dollars may not be affected as much by any increased restrictions except to the extent of the price which may be required to be paid in U.S. dollars. Furthermore, repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some countries.

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 Fund may encounter substantial difficulties in obtaining and enforcing judgments against individuals and companies located in certain emerging market countries. It may be difficult or impossible to obtain or enforce legislation or remedies against governments, their agencies and sponsored entities.

Disclosure and regulatory standards in emerging markets in many respects are less stringent than in the United States and other major markets. There also may be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets; enforcement of existing regulations has been extremely limited. Additionally, accounting, auditing and financial reporting and recordkeeping standards in emerging markets may not provide the same degree of investor protection or information to investors as would generally apply in more developed markets. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may, from time to time, be unable to inspect audit work papers in certain foreign or emerging market countries.

Trading in the securities of emerging markets presents additional credit and financial risks. The Fund may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of emerging market issuers. Governmental regulations may restrict potential counterparties to certain financial institutions located or operating in the particular emerging market. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards or legal and contractual protections similar to those in developed markets. Currency hedging techniques may not be available or may be limited. The Fund may not be able to reduce or mitigate risks related to trading with emerging market counterparties.

The risk also exists that an emergency situation may arise in one or more emerging markets as a result of which trading of securities may cease or may be substantially curtailed and prices for the Fund's portfolio securities in such markets may not be readily available. Section 22(e) of the 1940 Act permits a registered investment company to suspend redemption of its shares for any period during which an emergency exists, as determined by the SEC. Accordingly, if the Fund believes that appropriate circumstances warrant, it may apply to the SEC for a determination that an emergency exists within the meaning of Section 22(e) of the 1940 Act. During the period commencing from the Fund's identification of such conditions until the date of SEC action, the portfolio securities in the affected markets will be valued at fair value as determined by the Adviser in accordance with the Fund's valuation policy.

Although it might be theoretically possible to hedge for anticipated income and gains, the ongoing and indeterminate nature of the risks associated with emerging market investing (and the costs associated with hedging transactions) makes it very difficult to hedge effectively against such risks.

#### Europe — Recent Events
A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and outside of Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

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In addition, the United Kingdom left the European Union on January 31, 2020, commonly referred to as "Brexit." Following a transition period, the United Kingdom's post-Brexit trade agreement with the European Union passed into law in December 2020, was provisionally applied effective January 1, 2021, and formally entered into force on May 1, 2021. There is significant market uncertainty regarding Brexit's ramifications. The range and potential implications of possible political, regulatory, economic, and market outcomes cannot be fully known but could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. The United Kingdom has one of the largest economies in Europe and is a major trading partner with the European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, as well as a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and other European economies but also the broader global economy could be significant. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the European Union. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East and Africa.

The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

#### Risks Related to Russia's Invasion of Ukraine
Russia's military invasion of Ukraine in February 2022 resulted in the United States, other countries and certain international organizations levying broad economic sanctions against Russia. These sanctions froze certain Russian assets and prohibited, among other things, trading in certain Russian securities and doing business with specific Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions also included the removal of some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia or other countries that support Russia's military invasion in the future may result in the devaluation of Russian or other affected currencies, a downgrade in the sanctioned country's credit rating, and a decline in the value and liquidity of Russian securities and securities of issuers in other countries that support the invasion. The potential for wider conflict may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries affected by the invasion. In addition, the ability to price, buy, sell, receive, or deliver such securities is also affected due to these measures. For example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in companies operating in or having dealings with Russia or other sanctioned countries, which would prevent the Fund from selling these investments. Any exposure that the Fund may have to Russian counterparties or counterparties in other sanctioned countries also could negatively impact the Fund's portfolio.

Additionally, Russia has taken retaliatory actions, including preventing repatriation of capital by U.S. and other investors. The ongoing conflict has resulted in significant market disruptions, including in certain markets, industries and sectors, such as the oil and natural gas markets, and has negatively affected global supply chains, food supplies, inflation and global growth. The extent and duration of Russia's military actions and the repercussions of such actions (including any sanctions, retaliatory actions and countermeasures, including cyber attacks) are impossible to predict. 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.

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#### Eurodollar or Yankee Obligations
Eurodollar bank obligations are U.S. dollar denominated debt obligations issued outside the U.S. capital markets by non-U.S. branches of U.S. banks and by non-U.S. banks. Yankee obligations are U.S. dollar denominated obligations issued in the U.S. capital markets by non-U.S. issuers. Eurodollar (and to a limited extent, Yankee) obligations are subject to certain sovereign risks. One such risk is the possibility that a non-U.S. government might prevent U.S. dollar denominated funds from flowing across its borders. Other risks include: adverse political and economic developments in a non-U.S. country; the extent and quality of government regulation of financial markets and institutions; the imposition of non-U.S. withholding taxes; and expropriation or nationalization of non-U.S. issuers.

#### Sovereign Government and Supranational Debt Obligations
The Fund may invest in all types of debt securities of governmental issuers in all countries, including emerging markets.

These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging market countries; debt securities issued by government owned, controlled or sponsored entities located in emerging market countries; interests issued for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development. Included among these entities are the Asian Development Bank, the European Union, the European Investment Bank, the Inter-American Development Bank, the International Monetary Fund, the United Nations, the World Bank and the European Bank for Reconstruction and Development. Supranational organizations have no taxing authority and are dependent on their members for payments of interest and principal. There is no guarantee that one or more members of a supranational organization will continue to make capital contributions. If such contributions are not made, the organization may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments. Further, the lending activities of such entities are limited to a percentage of their total capital, reserves and net income.

Sovereign debt is subject to risks in addition to those relating to non-U.S. investments generally. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-U.S. currency reserves, the availability of sufficient foreign currency exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which the sovereign debtor may be subject. Sovereign debtors may also be dependent on disbursements or assistance from non-U.S. governments or multinational agencies, the country's access to trade and other international credits, and the country's balance of trade. Assistance may be dependent on a country's implementation of austerity measures and reforms, economic performance and/or the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability or willingness to service its debts in a timely manner. Some sovereign debtors have rescheduled their debt payments, declared moratoria on payments or restructured their debt to effectively eliminate portions of it, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part.

#### Depositary Receipts
Depositary receipts demonstrate ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign security. Depositary receipts may be sponsored or unsponsored and include American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs") and

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non-voting depositary receipts ("NVDRs"). ADRs in registered form are typically issued by a U.S. bank or trust company, traded in U.S. dollars, and are designed for use in the domestic market. GDRs, EDRs, NVDRs and other similar instruments may be issued by a U.S. or non-U.S. entity and may be traded in other currencies. GDRs are tradable both in the United States and Europe and are designed for use throughout the world. EDRs are issued in bearer form and are designed for use in European securities markets.

Depositary receipts in general are subject to many of the risks associated with foreign investing (e.g., increased market, illiquidity, currency, political, information and other risks), and even where traded in U.S. dollars are subject to currency risk if the underlying security is traded in a foreign currency. Unsponsored depositary receipts are issued without the participation of the issuer of the underlying foreign security and there may be less information available about such issuers than there is with respect to domestic companies and issuers of securities underlying sponsored depositary receipts. Even if there is information available, there may not be a correlation between such information and the market value of the depositary receipts.

#### High Yield ("Junk") Bonds
High yield securities are medium or lower rated securities and unrated securities of comparable quality, sometimes referred to as "high yield" or "junk" bonds. Generally, such securities offer a higher current yield than is offered by higher rated securities, but also are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the securities. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality bonds. In addition, medium and lower rated securities and comparable unrated securities generally present a higher degree of credit risk. The risk of loss because of default by issuers of these securities is significantly greater because medium and lower rated securities generally are unsecured and frequently subordinated to senior indebtedness. In addition, the market value of securities in lower rated categories is generally more volatile than that of higher quality securities, and the markets in which medium and lower rated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its securities and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict the availability of securities for the Fund to purchase and may also limit the ability of the Fund to sell securities at their fair value either to meet redemption requests or to respond to changes in the economy or the financial markets.

Lower rated debt obligations often have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If an issuer exercises that right, the Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the Fund experiences unexpected net redemptions, it may be forced to sell its higher rated bonds, resulting in a decline in the overall credit quality of the securities held by the Fund and increasing the exposure of the Fund to the risks of lower rated securities. Investments in lower rated zero coupon bonds may be more speculative and subject to greater fluctuations in value because of changes in interest rates than lower rated bonds that pay interest currently.

Subsequent to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by the Fund (if applicable). Neither event will require sale of these securities by the Fund, but the portfolio manager will consider the event in determining whether the Fund should continue to hold the security.

#### Illiquid Investments and Restricted Securities
The Fund may invest up to 15% of its net assets in illiquid investments. An illiquid security is any security which the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. To the extent required by applicable law and SEC guidance, the Fund will not acquire an illiquid security if such acquisition would cause the aggregate value of illiquid securities to exceed 15% of the Fund's net assets. If at any time the portfolio manager determines that the value of illiquid securities held by the Fund exceeds 15% of the Fund's net assets, the portfolio manager will take such steps as it considers appropriate to reduce the percentage within a reasonable period of

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time consistent with applicable regulatory requirements. Because illiquid investments may not be readily marketable, the Fund may not be able to dispose of them in a timely manner. As a result, the Fund may be forced to hold illiquid investments while their price depreciates. Depreciation in the price of illiquid investments may cause the net asset value of the Fund to decline.

Restricted securities are securities subject to legal or contractual restrictions on their resale, such as private placements. Such restrictions might prevent the sale of restricted securities at a time when the sale would otherwise be desirable. Under SEC regulations, certain restricted securities acquired through private placements can be traded freely among qualified purchasers. While restricted securities are generally presumed to be illiquid, it may be determined that a particular restricted security is liquid. Investing in these restricted securities could have the effect of increasing the Fund's illiquidity if qualified purchasers become, for a time, uninterested in buying these securities.

Restricted securities may be sold only (1) pursuant to SEC Rule 144A or another exemption, (2) in privately negotiated transactions or (3) in public offerings with respect to which a registration statement is in effect under the 1933 Act. Rule 144A securities, although not registered in the U.S., may be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act. As noted above, the Fund may determine that some Rule 144A securities are liquid. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a restricted security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell.

Illiquid securities may be difficult to value, and the Fund may have difficulty disposing of such securities promptly. The Fund does not consider non-U.S. securities to be restricted if they can be freely sold in the principal markets in which they are traded, even if they are not registered for sale in the U.S.

*Liquidity Risk Management.* Rule 22e-4 under the 1940 Act requires, among other things, that the Fund and other Franklin Templeton ETFs and open-end funds establish a liquidity risk management program ("LRMP") that is reasonably designed to assess and manage liquidity risk. Rule 22e-4 defines "liquidity risk" as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors' interests in the fund. The Fund has implemented a LRMP designed to meet the relevant requirements. Additionally, the Board, including a majority of the Independent Trustees, approved the designation of the Fund's LRMP administrator to administer such program and review no less frequently than annually a written report prepared by the LRMP administrator that addresses the operation of the LRMP and assesses its adequacy and effectiveness of implementation. There is no guarantee the LRMP will be effective in its operations, and complying with Rule 22e-4 or any amendment thereto, including bearing related costs, could impact the Fund's performance and its ability to achieve its investment objective.

#### Investments in Other Investment Companies
Subject to applicable statutory and regulatory limitations described below, the Fund may invest in shares of other investment companies, including shares of open-end and closed-end investment companies affiliated or unaffiliated with the Fund, business development companies, exchange-traded funds and unregistered investment companies.

An investment in an investment company is subject to the risks associated with that investment company's portfolio securities. Investments in closed-end funds may entail the additional risk that the market value of such investments may be substantially less than their net asset value. To the extent the Fund invests in shares of another investment company, the Fund will indirectly bear a proportionate share of that investment company's advisory fees and other operating expenses. These fees are in addition to the advisory fees and other operational expenses incurred directly by the Fund. In addition, the Fund could incur a sales charge in connection with purchasing an investment company security or a redemption fee upon the redemption of such security.

Section 12(d)(1)(A) of the 1940 Act provides that a fund may not purchase or otherwise acquire the securities of other investment companies if, as a result of such purchase or acquisition, it would own: (i) more than 3% of the total outstanding voting stock of the acquired investment company; (ii) securities issued by any one investment

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company having a value in excess of 5% of the fund's total assets; or (iii) securities issued by all investment companies having an aggregate value in excess of 10% of the fund's total assets. These limitations are subject to certain statutory and regulatory exemptions including Rule 12d1- 4, which permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions.

Among other conditions, the Rule prohibits a fund from acquiring control of another investment company (other than an investment company in the same group of investment companies), including by acquiring more than 25% of its voting securities. In addition, the Rule imposes certain voting requirements when a fund's ownership of another investment company exceeds particular thresholds. If shares of a fund are acquired by another investment company, the "acquired" fund may not purchase or otherwise acquire the securities of an investment company or private fund if immediately after such purchase or acquisition, the securities of investment companies and private funds owned by that acquired fund have an aggregate value in excess of 10% of the value of the total assets of the acquired fund, subject to certain exceptions. These restrictions may limit the Fund's ability to invest in other investment companies to the extent desired. In addition, other unaffiliated investment companies may impose other investment limitations or redemption restrictions which may also limit the Fund's flexibility with respect to making investments in those unaffiliated investment companies.

#### Investment in Money Market Funds
The Fund may invest in money market instruments, including money market funds managed by the Adviser or its affiliates and money market funds managed by unaffiliated advisers. Money market funds invest in high-quality, U.S. dollar- denominated short-term debt securities and must follow strict rules as to the credit quality, liquidity, diversification and maturity of their investments. The Fund may lose money on its investment in money market funds. If the Fund invests in money market funds it will indirectly bear its proportionate share of the management fees and other expenses that are charged by the money market fund in addition to the management fees and other expenses paid by the Fund. If the Fund invests in money market funds that are managed by the Adviser or its affiliates, it is possible that a conflict of interest among the Fund and the affiliated funds could affect how the Fund's Adviser and its affiliates fulfill their fiduciary duty to the Fund and the affiliated funds.

#### Letters of Credit
The Fund may engage in trades of commercial paper and other short-term obligations that are backed by irrevocable letters of credit issued by banks which assume the obligation for payment of principal and interest in the event of default by an issuer. Only banks the securities of which, in the opinion of the Subadviser, are of investment quality comparable to other permitted investments of the Fund may be used for letters of credit-backed investments.

#### Leverage
The Fund may employ "leverage" by borrowing money and using it to purchase additional securities. Leverage increases both investment opportunity and investment risk. If the investment gains on the securities purchased with borrowed money exceed the interest and other costs of borrowing, the net asset value of the Fund's shares will rise faster than would otherwise be the case. On the other hand, if the investment gains fail to cover the cost of borrowings, or if there are losses, the net asset value of the Fund's shares will decrease faster than would otherwise be the case. To reduce its borrowing, the Fund might be required to sell securities at a disadvantageous time. The Fund will incur interest expense on any money borrowed, and the Fund may therefore have little or no investment income during periods of substantial borrowings. The Fund may leverage its assets when, in the portfolio manager's judgment, the potential benefits of the borrowing outweigh the risk and expense of the borrowing.

#### Loans
Loans are negotiated and underwritten by a bank or syndicate of banks and other institutional investors. The Fund may acquire an interest in loans through the primary market by acting as one of a group of lenders of a loan. The primary risk in an investment in loans is that the borrower may be unable to meet its interest and/or principal payment obligations. The occurrence of such a default with regard to a loan in which the Fund had invested would

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have an adverse effect on the Fund's net asset value. In addition, a sudden and significant increase in market interest rates may cause a decline in the value of these investments and in the Fund's net asset value. Other factors, such as rating downgrades, credit deterioration, or large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity could reduce the value of loans, impairing the Fund's net asset value. Loans may not be considered "securities" for certain purposes and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

Loans in which the Fund may invest may be collateralized or uncollateralized and senior or subordinate. Investments in uncollateralized and/or subordinate loans entail a greater risk of nonpayment than do investments in loans which hold a more senior position in the borrower's capital structure or that are secured with collateral. In the case of collateralized senior loans, however, there is no assurance that sale of the collateral would raise enough cash to satisfy the borrower's payment obligation or that the collateral can or will be liquidated. As a result, the Fund might not receive payments to which it is entitled and thereby may experience a decline in the value of its investment and its net asset value. In the event of bankruptcy, liquidation may not occur and the court may not give lenders the full benefit of their senior positions. If the terms of a senior loan do not require the borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the senior loans. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of bankruptcy of the borrower.

The Fund may also acquire an interest in loans by purchasing participations ("Participations") in and/or assignments ("Assignments") of portions of loans from third parties. By purchasing a Participation, the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a borrower. Participations typically will result in the Fund's having a contractual relationship only with the lender and not the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the Participation.

When the Fund purchases Assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. However, since Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by the Fund as the purchaser of an Assignment may differ from, and be more limited than, those held by the lender from which the Fund is purchasing the Assignments. Certain of the Participations or Assignments acquired by the Fund may involve unfunded commitments of the lenders or revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the Fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan documentation.

The Fund may acquire loans of borrowers that are experiencing, or are more likely to experience, financial difficulty, including loans of borrowers that have filed for bankruptcy protection. Although loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan.

In addition, the Fund may have difficulty disposing of its investments in loans. The liquidity of such securities is limited and the Fund anticipates that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market could have an adverse impact on the value of such securities and on the Fund's ability to dispose of particular loans or Assignments or Participations when necessary to meet the Fund's liquidity needs or in response to a specific economic event, such as a deterioration in the creditworthiness

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of the borrower. The lack of a liquid secondary market for loans may also make it more difficult for the Fund to assign a value to those securities for purposes of valuing the Fund's investments and calculating its net asset value.

The issuer of a loan may offer to provide material, non-public information about the issuer to investors, such as the Fund. The Fund's portfolio manager may avoid receiving this type of information about the issuer of a loan either held by or considered for investment by the Fund, because of prohibitions on trading in securities of issuers while in possession of such information. The decision not to receive material, non-public information may place the Fund at a disadvantage, relative to other loan investors, in assessing a loan or the loan's issuer.

#### Master Limited Partnerships ("MLPs")
MLPs are limited partnerships or limited liability companies usually taxable as partnerships. MLPs may derive income and gains from, among other things, the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), storage, or the marketing of, or the provision of infrastructure related services relating to, minerals or other natural resources. The value of an investment in some MLPs may be directly affected by the prices of natural resources. The volatility and interrelationships of commodity prices can also indirectly affect certain MLPs due to the potential impact on the volume of commodities transported, processed, stored or distributed. The Fund's investment in such an MLP may be adversely affected by market perceptions that the performance and distributions or dividends of MLPs are directly tied to commodity prices. In addition, MLPs are generally considered interest-rate sensitive investments, and during periods of interest rate volatility, may not provide attractive returns.

MLPs generally have two classes of owners, the general partner and limited partners. The general partner is typically owned by a major company (often an energy company), an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of up to 2% in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results increase costs to the limited partners.

MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

General partner interests of MLPs are typically retained by the original sponsors of an MLP, such as its founders, corporate partners and entities that sell assets to the MLP. The holder of the general partner interest can be liable in certain circumstances for amounts greater than the amount of the holder's investment in the general partner.

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General partner interests often confer direct board participation rights in, and in many cases control over the operations of, the MLP. General partner interests can be privately held or owned by publicly traded entities.

#### Market Sector Risk
To the extent the Fund may be significantly overweight or underweight in certain companies, industries or market sectors, the Fund's performance may be more sensitive to developments affecting those companies, industries or sectors.

#### Money Market Instruments Generally
Money market instruments are short-term IOUs issued by banks or other non-governmental issuers, the U.S. or non-U.S. governments, or state or local governments. Money market instruments generally have maturity dates of 13 months or less, and may pay interest at fixed, floating or adjustable rates, or may be issued at a discount. Money market instruments may include certificates of deposit, bankers' acceptances, variable rate demand securities (where the interest rate is reset periodically and the holder may demand payment from the issuer or another obligor at any time), preferred shares, fixed-term obligations, commercial paper (short-term unsecured debt), asset-backed commercial paper, other mortgage-backed and asset- backed securities and repurchase agreements. Asset-backed commercial paper refers to a debt security with an original term to maturity of up to 270 days that may be backed by residential and commercial mortgage loans or mortgage-backed securities or other types of receivables. Payments due on asset-backed commercial paper are supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both.

#### Mortgage-Backed and Other Asset-Backed Securities – Generally
An asset-backed security is a fixed income security that derives its value primarily from cash flows relating to a pool of assets. There are a number of different types of asset-backed and related securities, including mortgage-backed securities, securities backed by other pools of collateral (such as automobile loans, student loans, sub-prime mortgages, and credit card receivables), collateralized mortgage obligations, and collateralized debt obligations.

Asset-backed and mortgage-backed securities differ from conventional bonds in that principal is paid over the life of the securities rather than at maturity. As a result, payments of principal of and interest on mortgage-backed securities and asset- backed securities are made more frequently than are payments on conventional debt securities. The average life of asset-backed and mortgage-backed securities is likely to be substantially less than the original maturity of the underlying asset pools as a result of prepayments or foreclosures of mortgages, as applicable. In addition, holders of mortgage-backed securities and of certain asset-backed securities (such as asset-backed securities backed by home equity loans) may receive unscheduled payments of principal at any time representing prepayments on the underlying mortgage loans or financial assets. When the holder of the security attempts to reinvest prepayments or even the scheduled payments of principal and interest, it may receive a rate of interest that is higher or lower than the rate on the mortgage-backed security or asset-backed security originally held. To the extent that mortgage-backed securities or asset-backed securities are purchased by the Fund at a premium, mortgage foreclosures and principal prepayments may result in a loss to the extent of the premium paid. To the extent the loans underlying a security representing an interest in a pool of mortgages or other assets are prepaid, the Fund may experience a loss (if the price at which the respective security was acquired by the Fund was at a premium over par, which represents the price at which the security will be redeemed upon prepayment) or a gain (if the price at which the respective security was acquired by the Fund was at a discount from par). In addition, prepayments of such securities held by the Fund will reduce the share price of the Fund to the extent the market value of the securities at the time of prepayment exceeds their par value, and will increase the share price of the Fund to the extent the par value of the securities exceeds their market value at the time of prepayment. Prepayments may occur with greater frequency in periods of declining interest rates because, among other reasons, it may be possible for borrowers to refinance their outstanding obligation at lower interest rates. When market interest rates increase, the market values of asset-backed and mortgage-backed securities decline. At the same time, however, refinancing slows, which lengthens the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of asset- backed and mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities.

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Changes in the market's perception of the mortgages or assets backing the security, the creditworthiness of the servicing agent for the loan pool, the originator of the loans, or the financial institution providing any credit enhancement, will all affect the value of an asset-backed or mortgage-backed security, as will the exhaustion of any credit enhancement.

The risks of investing in asset-backed and mortgage-backed securities ultimately depend upon the payment of the underlying loans by the individual borrowers. In its capacity as purchaser of an asset-backed security or mortgage-backed security, the Fund would generally have no recourse to the entity that originated the loans in the event of default by the borrower. The risk of non-payment is greater for asset-backed and mortgage-backed securities that are backed by pools that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting loan repayments may include a general economic turndown and high unemployment. Mortgage-backed securities may be adversely affected by a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages. Developments following the onset of COVID-19 have adversely impacted the commercial real estate markets, causing the deferral of mortgage payments, renegotiated commercial mortgage loans, commercial real estate vacancies or outright mortgage defaults, and potential acceleration of macro trends such as work from home and online shopping which may negatively impact certain industries, such as brick-and-mortar retail.

Additional information regarding different types of asset-backed and mortgage-backed securities is provided below.

Governmental, government-related or private entities may create pools of loan assets offering pass-through investments in addition to those described below. As new types of asset-backed or mortgage-backed securities are developed and offered to investors, the portfolio manager may, consistent with the Fund's investment objective and policies, consider making investments in such new types of securities.

*Mortgage-backed securities.* Mortgage-backed securities ("MBS") represent interests in pools of mortgage loans made by lenders such as savings and loan institutions, mortgage bankers, commercial banks and others, to finance purchases of homes, commercial buildings or other real estate. The individual mortgage loans are assembled for sale to investors (such as the Fund) by various governmental or government-related agencies and private organizations, such as dealers.

*Government-sponsored MBS.* Some government sponsored mortgage-related securities are backed by the full faith and credit of the United States. The Government National Mortgage Association ("Ginnie Mae"), the principal guarantor of such securities, is a wholly-owned United States government corporation within the Department of Housing and Urban Development. Other government-sponsored mortgage-related securities are not backed by the full faith and credit of the United States government. Issuers of such securities include Fannie Mae (formally known as the Federal National Mortgage Association) and Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation). Fannie Mae is a government-sponsored corporation which is subject to general regulation by the Secretary of Housing and Urban Development. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae. Freddie Mac is a stockholder-owned corporation chartered by Congress and subject to general regulation by the Department of Housing and Urban Development. Participation certificates representing interests in mortgages from Freddie Mac's national portfolio are guaranteed as to the timely payment of interest and ultimate collection of principal by Freddie Mac. The U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, but there can be no assurances that it will support these or other government-sponsored entities in the future.

*Privately issued MBS.* Unlike MBS issued or guaranteed by the U.S. government or certain government-sponsored entities, MBS issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancement provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself.

In addition, MBS that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private MBS may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored MBS and

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have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements.

Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in the Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

*Adjustable rate mortgage-backed securities.* Adjustable rate mortgage-backed securities ("ARMBS") are pass-through securities collateralized by mortgages with adjustable rather than fixed rates. Adjustable rate mortgages eligible for inclusion in a mortgage pool generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments.

After that schedule of payments has been completed, the interest rates of the adjustable rate mortgages are subject to periodic adjustment based on changes to a designated benchmark index.

Mortgages underlying most ARMBS may contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the mortgage. In addition, certain adjustable rate mortgages provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise more rapidly to levels above that of the maximum rate for the adjustable rate mortgages underlying an ARMBS, the ARMBS' coupon may represent a below market rate of interest. In these circumstances, the market value of the ARMBS will likely have fallen. During periods of declining interest rates, income to the Fund derived from adjustable rate mortgages that remain in the mortgage pool underlying the ARMBS may decrease in contrast to the income on fixed rate mortgages, which will remain constant. Adjustable rate mortgages also have less potential for appreciation in value as interest rates decline than do fixed rate investments. In addition, the current yields on ARMBS may be different than market yields during interim periods between coupon reset dates.

*Stripped mortgage-backed securities.* Stripped mortgage-backed securities ("SMBS") are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have at least one class receiving only a small portion of the principal. In the most extreme case, one class will receive all of the interest ("IO" or interest-only class), while the other class will receive all of the principal ("PO" or principal-only class). The yield to maturity on IOs, POs and other mortgage-backed securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities' yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by a NRSRO.

SMBS have greater volatility than other types of securities. Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, the market for such securities has not yet been fully developed. Accordingly, the secondary market for SMBS may be more volatile and have lower liquidity than that for other MBS, potentially limiting the Fund's ability to buy or sell SMBS at any particular time.

*Collateralized mortgage obligations*. Another type of security representing an interest in a pool of mortgage loans is known as a collateralized mortgage obligation ("CMO"). CMOs represent interests in a short-term, intermediate-term or long- term portion of a mortgage pool. Each portion of the pool receives monthly interest payments, but the principal repayments pass through to the short-term CMO first and to the long-term CMO last. A CMO permits an investor to more accurately predict the rate of principal repayments. CMOs are issued by private issuers, such as

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broker-dealers, and by government agencies, such as Fannie Mae and Freddie Mac. Investments in CMOs are subject to the same risks as direct investments in the underlying mortgage-backed securities. In addition, in the event of a bankruptcy or other default of a broker that issued the CMO held by the Fund, the Fund could experience delays in liquidating both its position and losses. The Fund may invest in CMOs in any rating category of the recognized rating services and may invest in unrated CMOs. The Fund may also invest in "stripped" CMOs, which represent only the income portion or the principal portion of the CMO. The values of stripped CMOs are very sensitive to interest rate changes; accordingly, these instruments present a greater risk of loss than conventional mortgage-backed securities.

*Tiered index bonds.* Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined "strike" rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate rises above the "strike" rate, the interest rate of the tiered index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that the price of the tiered index bond would decline and may be considerably more volatile than that of a fixed-rate bond.

Other Asset-Backed Securities – Additional Information

Similar to mortgage-backed securities, other types of asset-backed securities may be issued by agencies or instrumentalities of the U.S. government (including those whose securities are neither guaranteed nor insured by the U.S. government), foreign governments (or their agencies or instrumentalities), or non-governmental issuers. These securities include securities backed by pools of automobile loans, educational loans, home equity loans, and credit card receivables. The underlying pools of assets are securitized through the use of trusts and special purpose entities. These securities may be subject to the risks described above under "Mortgage-Backed and Other Asset-Backed Securities — Generally," including risks associated with changes in interest rates and prepayment of underlying obligations.

Certain types of asset-backed securities present additional risks that are not presented by mortgage-backed securities.

In particular, certain types of asset-backed securities may not have the benefit of a security interest in the related assets. For example, many securities backed by credit card receivables are unsecured. Even when security interests are present, the ability of an issuer of certain types of asset-backed securities to enforce those interests may be more limited than that of an issuer of mortgage-backed securities. For instance, automobile receivables generally are secured by automobiles rather than by real property. Most issuers of automobile receivables permit loan servicers to retain possession of the underlying assets. In addition, because of the large number of underlying vehicles involved in a typical issue of asset-backed securities and technical requirements under state law, the trustee for the holders of the automobile receivables may not have a proper security interest in all of the automobiles. Therefore, recoveries on repossessed automobiles may not be available to support payments on these securities.

In addition, certain types of asset-backed securities may experience losses on the underlying assets as a result of certain rights provided to consumer debtors under federal and state law. In the case of certain consumer debt, such as credit card debt, debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on their credit cards (or other debt), thereby reducing their balances due. For instance, a debtor may be able to offset certain damages for which a court has determined that the creditor is liable to the debtor against amounts owed to the creditor by the debtor on his or her credit card.

Additionally, an asset-backed security is subject to risks associated with the servicing agent's or originator's performance. For example, a servicing agent or originator's mishandling of documentation related to the underlying collateral (e.g., failure to properly document a security interest in the underlying collateral) may affect the rights of the security holders in and to the underlying collateral.

*Asset-backed commercial paper.* The Fund may purchase commercial paper, including asset-backed commercial paper ("ABCP") that is issued by structured investment vehicles or other conduits. These conduits may be

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sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP typically refers to a debt security with an original term to maturity of up to 270 days, the payment of which is supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing ABCP, which may be included in revolving pools of assets with large numbers of obligors, include credit card, car loan and other consumer receivables and home or commercial mortgages, including subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the conduit's underlying asset portfolio and the conduit's ability to issue new ABCP. Therefore, there could be losses to the Fund investing in ABCP in the event of credit or market value deterioration in the conduit's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the conduit's inability to issue new ABCP. To protect investors from these risks, ABCP programs may be structured with various protections, such as credit enhancement, liquidity support, and commercial paper stop-issuance and wind-down triggers. However there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP.

Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral and the Fund may incur a loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default. A fund purchasing these subordinated notes will therefore have a higher likelihood of loss than investors in the senior notes.

*Collateralized debt obligations.* The Fund may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CDOs are types of asset-backed securities. A CBO is a trust or other special purpose entity ("SPE") which is typically backed by a diversified pool of fixed income securities (which may include high risk, below investment grade securities). A CLO is a trust or other SPE that is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Although certain CDOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDOs may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly, which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and administrative expenses, which are in addition to those of the Fund.

For both CBOs and CLOs, the cashflows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities. However, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Prospectus (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to:

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(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the collateral may decline in value or default or its credit rating may be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the CDO's manager may perform poorly.

Forward Roll Transactions

In a forward roll transaction, also known as a mortgage dollar roll, the Fund sells MBS for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) MBS on a specified future date. The Fund may enter into a forward roll transaction commitment with the intention of entering into an offsetting transaction whereby, rather than accepting delivery of the security on the specified future date, the Fund sells the security and then agrees to repurchase a similar security at a later time. In this case, the Fund forgoes interest on the security during the roll period and is compensated by the interest earned on the cash proceeds of the initial sale of the security and by the difference between the sale price and the lower repurchase price at the future date.

Forward roll transactions involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a forward roll transaction files for bankruptcy or becomes insolvent, the Fund's use of proceeds of the forward roll transaction may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

Forward roll transactions may have a leveraging effect on the Fund, making the value of an investment in the Fund more volatile and increasing the Fund's overall investment exposure. Successful use of forward roll transactions may depend on the portfolio manager's ability to correctly predict interest rates and prepayments. There is no assurance that forward roll transactions can be successfully employed.

#### Preferred Securities
There are two basic types of preferred securities: traditional and hybrid-preferred securities. Traditional preferred securities consist of preferred stock issued by an entity taxable as a corporation. Preferred stocks, which may offer fixed or floating rate dividends, are perpetual instruments and considered equity securities. Preferred stocks are subordinated to debt instruments in a company's capital structure, in terms of priority to corporate income and claim to corporate assets, and therefore will be subject to greater credit risk than debt instruments. Alternatively, hybrid-preferred securities may be issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or by an affiliated trust or partnership of the corporation, generally in the form of preferred interests in subordinated debentures or similarly structured securities. The hybrid-preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.

*Traditional Preferred Securities.* Traditional preferred securities pay fixed or floating dividends to investors and have "preference" over common stock in the payment of dividends and the liquidation of a company's assets. This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities must be declared by the issuer's board of directors. Income payments on preferred securities may be cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made payable. In such a case, all accumulated dividends must be paid before any dividend on the common stock can be paid. However, many traditional preferred stocks are non-cumulative, in which case dividends do not accumulate and need not ever be paid. There is no assurance that dividends or distributions on the traditional preferred securities in which the Fund invests will be declared or otherwise made payable. Preferred securities may also contain provisions under which payments must be stopped (i.e., stoppage is compulsory, not discretionary). The conditions under which this occurs may relate to, for instance, capitalization levels. Hence, if a company incurs significant losses that deplete retained earnings automatic payment stoppage could occur. In some cases the terms of the preferred securities provide that the

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issuer would be obligated to attempt to issue common shares to raise funds for the purpose of making the preferred payments. However, there is no guarantee that the issuer would be successful in placing common shares.

Preferred stockholders usually have no right to vote for corporate directors or on other matters. Shares of traditional preferred securities have a liquidation preference that generally equals the original purchase price at the date of issuance. The market value of preferred securities may be affected by, among other factors, favorable and unfavorable changes impacting the issuer or industries in which they operate, movements in interest rates and inflation, and the broader economic and credit environments, and by actual and anticipated changes in tax laws, such as changes in corporate and individual income tax rates. Because the claim on an issuer's earnings represented by traditional preferred securities may become onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund's holdings of higher rate-paying fixed rate preferred securities may be reduced, and the Fund may be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds.

*Hybrid-Preferred Securities*. Hybrid-preferred securities are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, hybrid- preferred securities typically permit an issuer to defer the payment of income for eighteen months or more without triggering an event of default. Generally, the maximum deferral period is five years. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the hybrid preferred securities have not been made), these hybrid-preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors. Hybrid-preferred securities have many of the key characteristics of equity due to their subordinated position in an issuer's capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.

Hybrid-preferred securities include, but are not limited to, trust preferred securities (TRUPS<sup>®</sup>); enhanced trust preferred securities (Enhanced TRUPS<sup>®</sup>); trust-originated preferred securities (TOPrS<sup>®</sup>); monthly-income preferred securities (MIPS<sup>®</sup>); quarterly- income bond securities (QUIBS<sup>®</sup>); quarterly-income debt securities (QUIDS<sup>®</sup>); quarterly-income preferred securities (QUIPS<sup>SM</sup>); corporate trust securities (CorTS<sup>®</sup>); public income notes (PINES<sup>®</sup>); and other hybrid-preferred securities. Hybrid-preferred securities are typically issued with a final maturity date. In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at the issuer's option for a specified time without default. No redemption can typically take place unless all cumulative payment obligations have been met, although issuers may be able to engage in open-market repurchases without regard to whether all payments have been paid.

Many hybrid-preferred securities are issued by trusts or other special purpose entities established by operating companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to those of the trust or special purpose entity securities), and the operating company deducts for tax purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company. Accordingly, payments on the hybrid-preferred securities are generally treated as interest rather than dividends for U.S. federal income tax purposes and, as such, are not eligible for the dividends-received deduction for corporate taxpayers or the reduced rates of tax that apply to qualified dividend income for non-corporate taxpayers. The trust or special purpose entity in turn is a holder of the operating company's debt and has priority with respect to the operating company's earnings and profits over the operating company's common stockholders, but is typically subordinated to other classes of the operating company's debt. Typically a preferred security has a credit rating that is lower than that of its corresponding operating company's senior debt securities.

Within the category of hybrid-preferred securities are senior debt instruments that trade in the broader preferred securities market. These debt instruments, which are sources of long-term capital for the issuers, have structural

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features similar to other preferred securities such as maturities ranging from 30 years to perpetuity, call features, quarterly payments, exchange listings and the inclusion of accrued interest in the trading price. Preferred securities may be subject to changes in regulations and there can be no assurance that the current regulatory treatment of preferred securities will continue.

#### Real Estate Investment Trusts ("REITs")
REITs are pooled investment vehicles which invest primarily in income producing real estate or real estate-related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Code. Debt securities issued by REITs, for the most part, are general and unsecured obligations and are subject to risks associated with REITs. Like mutual funds, REITs have expenses, including advisory and administration fees paid by certain REITs and, as a result, the Fund is indirectly subject to those fees if the Fund invests in REITs.

Investing in REITs, or in real estate linked derivative instruments linked to the value of REITs, involves certain risks, including declines in the value of the underlying real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values and in the appeal of properties to tenants. Equity REITs may also be subject to property and casualty risks as their insurance policies may not completely recover repair or replacement of assets damaged by fires, floods, earthquakes or other natural disasters. In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels or an increase in flooding could cause certain properties to lose value or become unmarketable altogether. Losses related to climate change could adversely affect the value of REITs. REITs whose underlying assets are concentrated in properties used by a particular industry, such as healthcare, are also subject to industry-related risks. Certain "special purpose" REITs may invest their assets in specific real estate sectors, such as hotels, nursing homes or warehouses, and are therefore subject to the risks associated with adverse developments in any such sectors.

REITs (especially mortgage REITs) are subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed income obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed-rate obligations can be expected to decline. If the REIT invests in adjustable rate debt instruments the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations. However, REIT shares can be more volatile than, and perform differently from, larger company securities since REITs tend to be small- to medium-sized companies in relation to the equity markets as a whole. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

REITs are dependent upon the skills of their managers and are generally not diversified. REITs may be highly leveraged, and financial covenants may affect the ability of REITs to operate effectively. REITs are generally dependent upon maintaining cash flows to repay borrowings, to cover operating costs, and to make distributions to shareholders and are subject to the risk of default by lessees and borrowers. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. If REITs are net sellers of assets or do not reinvest principal, they are also subject to self-liquidation. In addition, REITs could possibly fail to qualify for favorable tax treatment of net income and gains under the Code or to maintain their exemptions from registration as an investment company under the 1940 Act. In the event of any such failure to qualify as a REIT under the Code, the

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company would be subject to corporate level taxation, significantly reducing the return to the Fund on its investment in such company.

#### Redemption Risk
The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could hurt performance and/or cause the remaining shareholders in the Fund to lose money. The Fund's redemption risk is increased if one decision maker has control of fund shares owned by separate fund shareholders, including clients or affiliates of the Fund's Adviser. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of your investment could decline.

#### Repurchase Agreements
Under the terms of a typical repurchase agreement, the Fund would acquire one or more underlying debt securities from a counterparty (typically a bank or a broker-dealer), subject to the counterparty's obligation to repurchase, and the Fund to resell, the securities at an agreed-upon time and price. The Fund may enter into repurchase agreements where the underlying collateral consists entirely of cash items and/or securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises. The Fund may also enter into repurchase agreements where the underlying collateral consists of other types of securities, including securities the Fund could not purchase directly. For such repurchase agreements, the underlying securities which serve as collateral may include, but are not limited to, U.S. government securities, municipal securities, corporate debt obligations, asset-backed securities (including collateralized mortgage obligations ("CMOs")), convertible securities and common and preferred stock and may be of below investment grade quality. The repurchase price is typically greater than the purchase price paid by the Fund, thereby determining the Fund's yield. A repurchase agreement is similar to, and may be treated as, a secured loan, where the Fund loans cash to the counterparty and the loan is secured by the underlying securities as collateral. All repurchase agreements entered into by the Fund are required to be collateralized so that at all times during the term of a repurchase agreement, the value of the underlying securities is at least equal to the amount of the repurchase price. Also, the Fund or its custodian is required to have control of the collateral, which the portfolio manager believes will give the Fund a valid, perfected security interest in the collateral.

Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its right to them, the risk that there may be a limited market or no market for disposition of such underlying securities, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the agreement. The Fund will seek to mitigate these risks but there is no guarantee that such efforts will be successful. If the Fund enters into a repurchase agreement involving securities the Fund could not purchase directly, and the counterparty defaults, the Fund may become the holder of such securities. Repurchase agreements collateralized by securities other than U.S. government securities may be subject to greater risks and are more likely to have a term to maturity of longer than seven days. Repurchase agreements with a maturity of more than seven days are considered to be illiquid.

Repurchase agreements may be entered into or novated with a financial clearinghouse, which would become the Fund's counterparty. The Fund would then become subject to the rules of the clearinghouse, which may limit the Fund's rights and remedies (including recourse to collateral) or delay or restrict the rights and remedies, and expose the Fund to the risks of the clearinghouses' insolvency.

Pursuant to an exemptive order issued by the SEC, the Fund, along with other affiliated entities managed by the Adviser, may transfer uninvested cash balances into one or more joint accounts for the purpose of entering into repurchase agreements secured by cash and U.S. government securities, subject to certain conditions.

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#### Reverse Repurchase Agreements
The Fund may enter into reverse repurchase agreements. A reverse repurchase agreement has the characteristics of a secured borrowing by the Fund and creates leverage in the Fund's portfolio. In a reverse repurchase transaction, the Fund sells a portfolio instrument to another person, such as a financial institution or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed-upon time and at a price that is greater than the amount of cash that the Fund received when it sold the instrument, representing the equivalent of an interest payment by the Fund for the use of the cash. During the term of the transaction, the Fund will continue to receive any principal and interest payments (or the equivalent thereof) on the underlying instruments.

The Fund may engage in reverse repurchase agreements as a means of raising cash to satisfy redemption requests or for other temporary or emergency purposes. Unless otherwise limited in the Fund's Prospectus or this SAI, the Fund may also engage in reverse repurchase agreements to the extent permitted by its fundamental investment policies in order to raise additional cash to be invested by the Fund's portfolio manager in other securities or instruments in an effort to increase the Fund's investment returns.

During the term of the transaction, the Fund will remain at risk for any fluctuations in the market value of the instruments subject to the reverse repurchase agreement as if it had not entered into the transaction. When the Fund reinvests the proceeds of a reverse repurchase agreement in other securities, the Fund will also be at risk for any fluctuations in the market value of the securities in which the proceeds are invested. Like other forms of leverage, this makes the value of an investment in the Fund more volatile and increases the Fund's overall investment exposure. In addition, if the Fund's return on its investment of the proceeds of the reverse repurchase agreement does not equal or exceed the implied interest that it is obligated to pay under the reverse repurchase agreement, engaging in the transaction will lower the Fund's return.

When the Fund enters into a reverse repurchase agreement, it is subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent or otherwise default on its obligations to the Fund. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in the Fund's exercising its rights under the agreement, or those rights may be limited by other contractual agreements or obligations or by applicable law.

In addition, the Fund may be unable to sell the instruments subject to the reverse repurchase agreement at a time when it would be advantageous to do so, or may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its obligations under a reverse repurchase agreement. This could adversely affect the Fund's strategy and result in lower fund returns.

The Fund will treat reverse repurchase agreements and similar financing transactions either (i) consistently with Section 18 of the 1940 Act by maintaining asset coverage of at least 300% of the value of such transactions or (ii) as derivatives transactions for purposes of Rule 18f-4, including, as applicable, the value-at-risk based limit on leverage risk.

#### Securities Lending
The Fund may lend its portfolio securities, provided that cash or equivalent collateral, equal to at least 100% of the market value of such securities, is continuously maintained by the other party with the Fund. During the pendency of the transaction, the other party will pay the Fund an amount equivalent to any dividends or interest paid on such securities, and the Fund may invest the cash collateral and earn additional income, or it may receive an agreed upon amount of interest income from the other party who has delivered equivalent collateral. These transactions are subject to termination at the option of the Fund or the other party. The Fund may pay administrative and custodial fees in connection with these transactions and may pay a negotiated portion of the interest earned on the cash or equivalent collateral to the other party or placing agent or broker.

Although voting rights or rights to consent with respect to the relevant securities generally pass to the other party, the Fund will make arrangements to vote or consent with respect to a material event affecting such securities. The risks in lending portfolio securities include possible delays in recovering or the failure to recover the securities and

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possible loss of rights in the collateral should the borrower fail financially. The Fund runs the risk that the counterparty to a loan transaction will default on its obligation and that the value of the collateral received may decline before the Fund can dispose of it. If the Fund receives cash as collateral and invests that cash, the Fund is subject to the risk that the collateral will decline in value before the Fund must return it to the counterparty. Subject to the foregoing, loans of fund securities are effectively borrowings by the Fund and have economic characteristics similar to reverse repurchase agreements. The Fund does not currently intend to engage in securities lending, although it may engage in transactions (such as reverse repurchase agreements) which have similar characteristics.

#### Short Sales
Short sales are transactions in which the Fund sells a security it does not own in anticipation of a decline in the market value of the security, also known as "naked" short sales. To make delivery to the buyer, the Fund must borrow the security. The Fund is then obligated to replace the borrowed security by purchasing the same security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. The lender of the security is entitled to retain the proceeds from the short sale and/or other collateral until the Fund replaces the borrowed security. Until the security is replaced, the Fund is required to pay to the lender the amount of any dividends or interest paid on shares sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

The Fund will realize a gain if the price of a security declines between the date of the short sale and the date on which the Fund purchases a security to replace the borrowed security. On the other hand, the Fund will incur a loss if the price of the security increases between those dates. The amount of any gain will be decreased and the amount of any loss increased by any premium or interest that the Fund may be required to pay the lender. There is also a risk that a borrowed security will need to be returned to the lender on short notice. If the request for the return of a security occurs at a time when other short sellers of the security are receiving similar requests, a "short squeeze" can occur, meaning that the Fund might be compelled, at the most disadvantageous time, to replace the borrowed security with a security purchased on the open market, possibly at prices significantly in excess of the proceeds received earlier.

Short selling is a technique that may be considered speculative and involves risks beyond the initial capital necessary to secure each transaction. It should be noted that possible losses from short sales differ from those losses that could arise from a cash investment in a security because losses from a short sale may be limitless, while the losses from a cash investment in a security cannot exceed the total amount of the investment in the security.

*Short Sales Against the Box.* The Fund may also make short sales "against the box," meaning that at all times when a short position is open, the Fund owns an equal amount of such securities or owns securities convertible into or exchangeable, without payment of further consideration, for securities of the same issues as, and in an amount equal to, the securities sold short. Short sales "against the box" result in a "constructive sale" and may require the Fund to recognize any gain unless an exception to the constructive sale rule applies.

#### Small and Mid Cap Companies
Investments in securities of companies with small and medium market capitalizations may offer greater opportunity for appreciation than larger companies, but involve special risks. The securities of those companies may be subject to more abrupt fluctuations in market price and may be more sensitive to economic conditions than larger, more established companies. Small and mid cap company stock prices may, to a degree, fluctuate independently of larger company stock prices, i.e., small and mid cap company stocks may decline in price as the prices of large company stocks rise or vice versa.

Small and mid cap companies may have newer or limited product lines, limited markets or financial resources, or they may be dependent upon a limited or inexperienced management group. In addition, securities of these companies are subject to the risk that, during certain periods, the liquidity of particular issuers or industries will shrink or disappear with little forewarning as a result of adverse economic or market conditions, or adverse investor perceptions, whether or not accurate. Securities of small and mid cap companies may not be widely traded and it may be difficult for the Fund to dispose of such securities, or receive an advantageous price.

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Small and mid cap companies may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about small cap companies.

Some small and mid cap companies also may be relatively new issuers, which carries risks in addition to the risks of other small and mid cap companies. New issuers may be more speculative because such companies are relatively unseasoned. These companies will often be involved in the development or marketing of a new product with no established market, which could lead to significant losses.

#### Structured Notes and Related Instruments
"Structured" notes and other related instruments, including indexed securities, are derivative debt instruments, the interest rate or principal of which is determined by an unrelated underlying instrument (for example, a currency, security, commodity or index thereof). Structured instruments are generally privately negotiated debt obligations issued by corporations, including banks, as well as by governmental agencies and frequently are assembled in the form of medium-term notes, but a variety of forms are available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the underlying instrument while the instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the underlying instrument or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. Investment in indexed securities and structured notes involves certain risks, including the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Further, in the case of certain indexed securities or structured notes, a decline in the underlying instrument may cause the interest rate to be reduced to zero, and any further declines in the underlying instrument may then reduce the principal amount payable on maturity. Finally, these securities may have lower liquidity than other types of securities and may be more volatile than their underlying instruments. Subordinated "structured" notes, which are subordinated to the right of payment of another class of the structured note, typically have higher yields and present greater risks than unsubordinated "structured" notes.

#### Subordinated Securities
Subordinated securities include securities which are subordinated or "junior" to more senior securities of the issuer, or which represent interests in pools of such subordinated or junior securities. Such securities may include so-called "high yield" or "junk" bonds (i.e., bonds that are rated below investment grade by a rating agency or that are determined by the Fund's portfolio manager to be of equivalent quality) and preferred stock. Under the terms of subordinated securities, payments that would otherwise be made to their holders may be required to be made to the holders of more senior securities, and/or the subordinated or junior securities may have junior liens, if they have any rights at all, in any collateral (meaning proceeds of the collateral are required to be paid first to the holders of more senior securities). As a result, subordinated or junior securities will be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer.

#### Temporary Defensive Investing
The Fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions, including by investing in any type of investment grade, government, corporate and money market instruments and short-term debt securities or holding cash without regard to any percentage limitations. If a significant amount of the Fund's assets is used for defensive investing purposes, the Fund will be less likely to achieve its investment objective. Although the portfolio manager has the ability to take defensive positions, they may choose not to do so for a variety of reasons, even during volatile market conditions.

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#### Trade Policy
The U.S. government has indicated its intent to alter its approach to international trade policy and, in some cases, to renegotiate or potentially terminate certain existing bilateral or multilateral trade agreements and treaties with foreign countries and has made proposals and taken actions related thereto. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Other countries, including Mexico, have threatened retaliatory tariffs on certain U.S. products.

Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which the Fund invests and other adverse impacts on the Fund's overall performance.

#### U.S. Government Securities
U.S. Government securities include (1) U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years) and U.S. Treasury bonds (maturities generally greater than ten years); (2) obligations issued or guaranteed by U.S. Government agencies or instrumentalities which are supported by any of the following: (a) the full faith and credit of the U.S. Government (such as certificates issued by the Government National Mortgage Association ("Ginnie Mae")); (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Government (such as obligations of the Federal Home Loan Banks); (c) the discretionary authority of the U.S. Government to purchase certain obligations of agencies or instrumentalities (such as securities issued by the Federal National Mortgage Association); or (d) only the credit of the agency or instrumentality (such as securities issued by the Federal Home Loan Mortgage Corporation); and (3) obligations issued by non-governmental entities (like financial institutions) that carry direct guarantees from U.S. government agencies as part of government initiatives in response to a market crisis or otherwise. Agencies and instrumentalities of the U.S. Government include but are not limited to: Farmers Home Administration, Export-Import Bank of the United States, Federal Housing Administration, Federal Land Banks, Federal Financing Bank, Central Bank for Cooperatives, Federal Intermediate Credit Banks, Farm Credit Bank System, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, General Services Administration, Government National Mortgage Association, Student Loan Marketing Association, United States Postal Service, Maritime Administration, Small Business Administration, Tennessee Valley Authority, Washington D.C. Armory Board and any other instrumentality established or sponsored by the U.S. Government.

In the case of obligations not backed by the full faith and credit of the United States, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitments. Neither the U.S. Government nor any of its agencies or instrumentalities guarantees the market value of the securities they issue. Therefore, the market value of such securities will fluctuate in response to changes in interest rates and other factors. In addition, any downgrade of the credit rating of the securities issued by the U.S. Government may result in a downgrade of securities issued by its agencies or instrumentalities, including government-sponsored entities. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities, cause the credit rating of the U.S. government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action (or lack thereof), is unable to meet its obligations, or its creditworthiness declines, the performance of a fund that holds securities of the entity will be adversely impacted.

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#### U.S. Treasury Obligations
U.S. Treasury obligations are direct debt obligations issued by the U.S. government. Treasury bills, with maturities normally from 4 weeks to 52 weeks, are typically issued at a discount as they pay interest only upon maturity. Treasury bills are non-callable. Treasury notes have a maturity between two and ten years and typically pay interest semi-annually, while Treasury bonds have a maturity of over ten years and pay interest semi- annually. U.S. Treasury obligations also include STRIPS, TIPS, and FRNs. STRIPS are Treasury obligations with separately traded principal and interest component parts of such obligations that are transferable through the federal book-entry system. The principal and interest components of U.S. Treasury bonds with remaining maturities of longer than ten years are eligible to be traded independently under the STRIPS program. Under the STRIPS program, the principal and interest components are separately issued through depository financial institutions, which then trade the component parts separately. Each interest payment and the principal payment becomes a separate zero-coupon security. STRIPS pay interest only at maturity. The interest component of STRIPS may be more volatile than that of U.S. Treasury bills with comparable maturities. TIPS are Treasury Inflation-Protected Securities, the principal of which increases with inflation and decreases with deflation. The inflation adjustment is based on a three month-lagged value of the non-seasonally adjusted Consumer Price Index for Urban Consumers (CPI-U). TIPS entitle the holder, upon maturity, to the adjusted principal or original principal, whichever is greater, thus providing a deflation floor. TIPS pay interest twice a year, at a fixed rate. The rate is applied to the adjusted principal; so, like the principal, interest payments rise with inflation and fall with deflation. However, because the interest rate is fixed, TIPS may lose value when market interest rates increase, particularly during periods of low inflation. FRNs are floating rate notes, the interest on which is indexed to the most recent 13-week Treasury bill auction High Rate, which is the highest accepted discount rate in a Treasury bill auction.

#### Variable and Floating Rate Securities
Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate.

The Fund may invest in floating rate debt instruments ("floaters") and engage in credit spread trades. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a corporate bond index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate reset feature, floaters may provide the Fund with a certain degree of protection against rising interest rates, the Fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two bonds or other securities or currencies, where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

The Fund may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

A floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher degree of leverage inherent in some floaters is associated with greater volatility in their market values.

The Fund may also invest in variable amount master demand notes, which permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. The absence of an active secondary market with respect to particular variable and floating rate instruments could make it difficult for the Fund to dispose of a variable or floating rate note if the issuer were to default on its payment obligation or during periods that the Fund is not entitled to exercise its demand rights, and the Fund could, for these or other reasons, suffer a loss with respect to such instruments. In determining average-weighted portfolio maturity, an instrument will be deemed to have a maturity equal to either the period remaining until the next interest rate adjustment or the time

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the Fund can recover payment of principal as specified in the instrument, depending on the type of instrument involved.

#### Warrants and Rights
Warrants are instruments that give the holder the right to purchase equity securities at a specific price valid for a specified time period. Warrants are typically issued with preferred stock or bonds but can often be traded separately from the securities with which they were initially sold. Warrants may be purchased with values that vary depending on the change in value of one or more specified indexes ("index warrants"). Index warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index. Rights are similar to warrants but typically have a shorter duration than warrants and are issued directly by an issuer to existing stockholders and provide those holders the right to purchase additional shares of stock at a later date.

Warrants and rights may be considered speculative in that they have no voting rights, pay no dividends, and have no rights with respect to the assets of the issuer. The prices of warrants and rights do not necessarily move with the prices of the underlying securities. If the market price of the underlying security does not exceed the exercise price of the warrant or right plus the cost thereof before the expiration date, the Fund could sustain losses despite advantageous changes in the market price of the underlying security. Warrants and rights not exercised before their expiration date cease to have value.

*Low Exercise Price Call Warrants*. Low exercise price call warrants, sometimes also referred to as equity-linked participation certificates, are used to gain exposure to stocks in difficult to access local markets. These warrants typically have a strike price set where the value of the warrants will be identical to the price of the underlying stock. The value of these warrants fluctuates in line with the value of the underlying stock price and therefore, the risk and return profile of the warrants is very similar to owning the underlying securities, but the Fund may also be exposed to the risk of the counterparty that issued the warrant. These warrants have no voting rights. Dividends issued to the warrant issuer by the underlying issuer will be distributed to the warrant holders, net of any taxes or commissions imposed by the local jurisdiction in respect of the receipt of such amount. In addition, these warrants are not exchangeable into the ordinary shares of the underlying stock. These warrants are typically sold in private placement transactions and may be classified as derivative instruments.

#### When-Issued Securities and Forward Commitments
Securities may be purchased on a "when-issued" or "to be announced" or "forward delivery" basis. The payment obligation and the interest rate that will be received on the "when-issued" securities are fixed at the time the buyer enters into the commitment although settlement, i.e., delivery of and payment for the securities, takes place at a later date. In a "to be announced" transaction, the Fund commits to purchase securities for which all specific information is not known at the time of the trade.

Securities purchased on a "when-issued" or "forward delivery" basis are subject to changes in value based upon the market's perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. The value of these securities experiences appreciation when interest rates decline and depreciation when interest rates rise. Purchasing securities on a "when-issued" or "forward delivery" basis can involve a risk that the yields available in the market on the settlement date may actually be higher or lower than those obtained in the transaction itself.

An increase in the percentage of the Fund's assets committed to the purchase of securities on a "when-issued" basis may increase the volatility of its net asset value.

#### Zero Coupon, Pay-In-Kind and Deferred Interest Securities

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separately sells the rights to receive principal and interest. The prices of zero coupon bonds tend to fluctuate more in response to changes in market interest rates than do the prices of interest-paying debt securities with similar maturities. Zero coupon bonds with a fixed maturity date of more than one year from the date of issuance will be treated as debt obligations that are issued originally at a discount for U.S. federal income tax purposes. Generally, the original issue discount ("OID") is treated as interest income and is included in the Fund's income and required to be distributed by the Fund over the term of the bond, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the bond. The Fund may thus be required to pay out as an income distribution each year an amount which is greater than the total amount of cash the Fund actually received, and may have to dispose of other securities, including at times when it may be disadvantageous to do so, to generate the cash necessary for the distribution of income attributable to its zero coupon bonds.

*Pay-In-Kind Securities.* Pay-in-kind securities are bonds which pay interest through the issuance of additional debt or equity securities. Pay-in-kind securities have characteristics similar to those of zero coupon securities, but interest on such securities may be paid in the form of obligations of the same type rather than cash. Similar to zero coupon obligations, pay-in- kind bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities which pay interest in cash. Similar to zero coupon bonds, current U.S. federal income tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S. federal income and excise taxes, the Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

*Deferred Interest Bonds.* Deferred interest bonds are debt obligations that generally provide for a period of delay before the regular payment of interest begins and that are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. Although this period of delay is different for each deferred interest bond, a typical period is approximately one-third of the bond's term to maturity. Such investments benefit the issuer by mitigating its initial need for cash to meet debt service, but some also provide a higher rate of return to attract investors who are willing to defer receipt of such cash.

Zero-coupon, pay-in-kind and deferred interest securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods.

#### SEC Names Rule Requirement
**LVIP ClearBridge Large Cap Growth Fund.** The Fund's policy of normally investing at least 80% of its assets in equity securities, or other instruments with similar economic characteristics, of U.S. companies with large market capitalizations.

**LVIP ClearBridge Large Cap Value Fund.** The Fund's policy of normally investing at least 80% of its assets in in equity securities, or other investments with similar economic characteristics, of companies with large market capitalizations.

### Portfolio Transactions and Brokerage
The Funds' Adviser or sub-adviser (as applicable) (collectively referred to as the Adviser) are responsible for decisions to buy and sell securities and other investments for each Fund, and for the selection of brokers and dealers to effect the transactions and the negotiation of brokerage commissions, if any. Purchases and sales of securities on an exchange are effected through brokers who charge a commission for their services. A particular broker may charge different commissions according to such factors as the difficulty and size of the transaction.

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Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the United States. There is generally no stated commission in the case of securities traded in the over-the-counter markets, but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up. In the U.S. Government securities market, securities are generally traded on a net basis with dealers acting as principal for their own accounts without a stated commission, although the price of the securities usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price which includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. On occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts are paid.

The Adviser currently provides investment advice to a number of other clients. The Adviser will allocate purchase and sale transactions among each of the Funds and other clients whose assets are managed in such manner as is deemed equitable. In making such allocations, among the major factors the Adviser considers are the investment objectives of the relevant Fund, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment, the size of investment commitments generally held, and the opinions of the persons responsible for managing the Funds and other client accounts. Securities of the same issuer may be purchased, held, or sold at the same time by a Fund or other accounts or companies for which the Adviser provides investment advice (including affiliates of the Adviser, as the case may be).

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 its other clients, the Adviser, to the extent permitted by applicable laws and regulations, may aggregate such securities to be sold or purchased for a Fund with those to be sold or purchased for its other clients in order to obtain best execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in a manner it considers to be equitable and consistent with its fiduciary obligations to all such clients, including a Fund. In some instances, the procedures may impact the price and size of the position obtainable for a Fund.

In connection with effecting portfolio transactions, consideration will be given to securing the most favorable price and efficient execution. Within the framework of this policy, the reasonableness of commission or other transaction costs is a major factor in the selection of brokers and is considered together with other relevant factors, including financial responsibility, confidentiality (including trade anonymity), research and investment information and other services provided by such brokers. It is expected that, as a result of such factors, transaction costs charged by some brokers may be greater than the amounts other brokers might charge. The Adviser may determine in good faith that the amount of such higher transaction costs is reasonable in relation to the value of the brokerage and research services provided.

The Board of Trustees will review the commissions and other transaction costs incurred from time to time and will receive reports regarding brokerage practices. The nature of the research services provided to the Adviser by brokerage firms varies from time to time but generally includes current and historical financial data concerning particular companies and their securities; information and analysis concerning securities markets and economic and industry matters; and technical and statistical studies and data dealing with various investment opportunities; and risks and trends, all of which the Adviser regards as a useful supplement of its own internal research capabilities.

The Adviser may, from time-to-time, direct trades to brokers which have provided specific brokerage or research services for the benefit of the clients of the Adviser; in addition, the Adviser may allocate trades among brokers that generally provide such services. Research services furnished by brokers are for the benefit of all the clients of the Adviser and not solely or necessarily for the benefit of the Funds. The Adviser believes that the value of research services received is not determinable and does not significantly reduce its expenses. The Fund does not reduce its fee to the Adviser by any amount that might be attributable to the value of such services.

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During the last three fiscal years ended December 31, 2025, 2024 and 2023, the Funds did not incur brokerage commissions as they had not commenced operations. During the fiscal years ended December 31, 2025, 2024 and 2024, the Predecessor Funds incurred aggregate brokerage commissions as follows:

#### Brokerage and Research Services

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| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  ClearBridge Variable Appreciation Portfolio | $54454 | $68503 | $65825 |
|  ClearBridge Variable Dividend Strategy Portfolio | $97990 | $95837 | $78457 |
|  ClearBridge Variable Large Cap Growth Portfolio | $36413 | $34644 | $20717 |
|  ClearBridge Variable Large Cap Value Portfolio | $30399 | $21183 | $39733 |

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The table below shows, for the Predecessor Funds, the amount of transactions for the fiscal year ended December 31, 2025, that were directed to firms that provided research services and the commissions paid on such transactions.

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| | | |
|:---|:---|:---|
|  | Total Amount of Brokerage Transactions<br>Related to Research Services | Total Commissions Paid on<br>Transactions Related to<br>Research Services |
|  ClearBridge Variable Appreciation Portfolio | $316631316 | $28139 |
|  ClearBridge Variable Dividend Strategy Portfolio | $236263019 | $60539 |
|  ClearBridge Variable Large Cap Growth Fund | $177980374 | $19301 |
|  ClearBridge Variable Large Cap Value Portfolio | $95393650 | $20938 |

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#### Purchases of Securities of "Regular" Brokers or Dealers
As of the fiscal year ended December 31, 2025, the Funds held no securities of regular broker-dealers, since the Funds had not commenced operations. As of the fiscal year ended December 31, 2025, each Predecessor Fund held investments in securities of its regular broker dealers as follows:

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| | | |
|:---|:---|:---|
| **Fund Name** | Name of Broker/Dealer | Value of Securities<br>Owned (000's) |
|  ClearBridge Variable Appreciation Portfolio | JP Morgan Securities LLC | $42431 |
|  ClearBridge Variable Dividend Strategy Portfolio | JP Morgan Securities LLC | $12570 |
|  ClearBridge Variable Large Cap Growth Fund | JP Morgan Securities LLC | $5532 |
|  ClearBridge Variable Large Cap Value Fund | JP Morgan Securities LLC | $15413 |
|  | BOFA Securities Inc. | $7208 |

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#### No Commissions to Finance Distribution
The 1940 Act permits a Fund to use its selling brokers to execute transactions in portfolio securities only if the Fund or its adviser has implemented policies and procedures designed to ensure that the selection of brokers for portfolio securities transactions is not influenced by considerations relating to the sale of Fund shares. Accordingly, the Funds maintain, among other policies, a policy that prohibits them from directing to a broker-dealer in consideration for the promotion or sale of Fund shares: (a) Fund portfolio securities transactions; or (b) any commission or other remuneration received or to be received from the Funds' portfolio transactions effected through any other broker-dealer. The Funds have also established other policies and procedures designed to ensure that a Fund's brokerage commissions are not used to finance the distribution of Fund shares.

#### Commission Recapture Program
The Funds do not participate in commission recapture programs.

### Portfolio Turnover
A portfolio turnover rate is the percentage computed by dividing the lesser of a Fund's purchases or sales of securities (excluding short-term securities) by the average market value of the Funds' portfolio securities. The Adviser intends to manage each Fund's assets by buying and selling securities to help attain its investment

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objective. This may result in increases or decreases in a Fund's current income available for distribution to its shareholders. While the Funds are not managed with the intent of generating short-term capital gains, each Fund may dispose of investments (including money market instruments) regardless of the holding period if, in the opinion of the Adviser, an issuer's creditworthiness or perceived changes in a company's growth prospects or asset value make selling them advisable. Such an investment decision may result in a high portfolio turnover rate during a given period, resulting in increased transaction costs, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and reinvestment in other securities. These effects of higher than normal portfolio turnover may adversely affect a Fund's performance.

Portfolio turnover rates are not available for the Funds because the Funds had not yet commenced operations as of December 31, 2025. The table below sets forth each Predecessor Fund's turnover rate (excluding short sales) for the two most recently completed fiscal years:

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| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  ClearBridge Variable Appreciation Portfolio | 30% | 17% |
|  ClearBridge Variable Dividend Strategy Portfolio | 27% | 20% |
|  ClearBridge Variable Large Cap Growth Fund | 23% | 14% |
|  ClearBridge Variable Large Cap Value Fund | 19% | 17% |

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### Trustees and Officers
The Board of Trustees ("Board of Trustees" or the "Board") oversees the management of the Funds and elects the Trust's officers. The Trustees of the Trust ("Trustees") have the power to amend the Trust's bylaws, to declare and pay dividends, and to exercise all the powers of the Trust except those granted to the shareholders. The Trustees hold their position until their resignation, retirement, or their successors are elected and qualified. The Trust has a mandatory retirement policy for its Board of Trustees. Such policy requires that a Trustee retire from the Board no later than the end of the calendar year (December 31) that occurs after the earliest of (1) the Independent Trustee's 75th birthday or (2) the 20th anniversary of the Trustee becoming a Board member.

The Trust's officers are responsible for the Funds' day-to-day operations. Information pertaining to the Trustees and Executive Officers of the Trust is set forth below. The Trustee that is deemed an "interested person," as defined in the 1940 Act, is included in the table titled, "Interested Trustee." Trustees who are not interested persons are referred to as Independent Trustees.

The term Fund Complex includes the 113 series of the Trust.

#### Interested Trustee

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address and <br>Year of Birth | Position(s) Held With the Funds | Term of Office<br>and Length of Time Served | Principal <br>Occupation(s) <br>during Past <br>Five Years | Number of<br>Funds in <br>Fund <br>Complex <br>Overseen by<br>Trustee | Other Board <br>Memberships <br>Held by Trustee <br>during Past Five Years |
| **John Morriss\*** 150 N. Radnor-Chester Road<br>Radnor, PA 19087 <br>YOB: 1967 | Chairman and Trustee | Since October 2025 | Executive Vice President and Chief Investment Officer for Lincoln Financial since October 2025. Formerly: Senior Vice President, Head of Public and Private Fixed Income at Fortitude Re. | 114 | Lincoln Bain Capital Total Credit Fund since 2025 (1 portfolio); Lincoln Partners Group Royalty Fund since 2025 (1 portfolio); Lincoln Variable Insurance Products Trust since 2025 (114 portfolios) |

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\* Mr. Morriss is an interested person of the Trust because he is a Director and an Officer of Lincoln Financial Investments Corporation, the investment adviser to the Trust, and an officer of The Lincoln National Life Insurance Company, the parent company of the Trust's investment adviser. 

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#### Independent Trustees

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address and <br>Year of Birth | Position(s)<br>Held With <br>the Funds | Term of Office<br>and Length of<br>Time Served | Principal <br>Occupation(s) <br>during Past <br>Five Years | Number of<br>Funds in <br>Fund <br>Complex <br>Overseen by<br>Trustee | Other Board <br>Memberships <br>Held by Trustee <br>during Past Five Years |
| **Steve A. Cobb** 1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1971 | Trustee | Since January 2013 | Managing Director, CID Capital (private equity firm) | 114 |  |
| **Peter F. Finnerty** <br>66 Mason Terrace,<br> Brookline, MA 02446 <br>YOB: 1963 | Trustee | Since July 2024 | Retired; Formerly: US Mutual Fund Leader, Global Asset, Wealth Management Leader, and Partner of (accounting firm) | 114 | Board of Directors of CBRE Global Real Estate Income Fund |
| **Ken C. Joseph** <br>1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1962 | Trustee | Since January 2022 | Chief Compliance Officer, Braidwell L.P; Formerly: Managing Director & Head of Financial Services Compliance and Regulatory Consulting in the Americas, Kroll LLC | 114 | Board of Directors of<br> University Settlement<br> (Executive Committee); Board of Directors of<br> Harvard Kennedy School NY/NJ/CT Alumni Network (former President); Board of Directors of the University of North Carolina, School of Law Alumni Association |
| **Barbara L. Lamb** <br>1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1954 | Trustee | Since February 2019 | Retired; Formerly: Managing Director for Finance and Administration, WH Trading, LLC (derivatives trading firm) (2016-2022) | 114 | South Suburban Humane Society |
| **Pamela L. Salaway** <br>1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1957 | Trustee | Since December 2013 | Retired | 114 |  |
| **Manisha A. Thakor** <br>1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1970 | Trustee | Since January 2022 | Independent Consultant of MoneyZen LLC; Formerly: Vice President, Brighton Jones | 114 | Board Member at The<br> National Endowment for Financial Education since 2017 |
| **Brian W. Wixted** <br>1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1959 | Trustee | Since February 2019 | Managing Member, Brian Wixted, LLC; Formerly: Senior Consultant, CKC Consulting and an Advisory Partner, AI Capital; Formerly: Senior Vice President, Finance, and Fund Treasurer, Oppenheimer Funds, Inc. (mutual fund complex) | 114 | Thornburg Income Builder Opportunities Trust since 2020 (1 portfolio) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address and <br>Year of Birth | Position(s)<br>Held With <br>the Funds | Term of Office<br>and Length of<br>Time Served | Principal <br>Occupation(s) <br>during Past <br>Five Years | Number of<br>Funds in <br>Fund <br>Complex <br>Overseen by<br>Trustee | Other Board <br>Memberships <br>Held by Trustee <br>during Past Five Years |
| **Nancy B. Wolcott** <br>1301 S. Harrison Street, <br>Fort Wayne, IN 46802 <br>YOB: 1954 | Trustee | Since October 2017 | Retired | 114 | FundVantage Trust since 2011 (32 portfolios); Third Avenue Trust since 2019 (4 portfolios); Third Avenue Variable Series Trust since 2019 (1 portfolio); Polen Credit Opportunities Fund since 2023 (1 portfolio) |

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#### Officers of the Trust

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** |
| **Matthew L. Arnold** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1967 | Vice President | Since December 2023 | Vice President, Lincoln National Corporation |
| **Matthew T. Berger** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1982 | Vice President | Since June 2022; Formerly: Assistant Vice President since June 2019 | Vice President, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, The Lincoln National Life Insurance Company. |
| **Paul T. Chryssikos** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1973 | Senior Vice President, Chief Legal Officer and Assistant Secretary | Since October 2025 | Senior Vice President, Chief Legal Officer, Assistant Secretary, Chief Counsel, Investment Management, Distribution and Risk, Lincoln Financial Investments Corporation. |
| **Samuel K. Goldstein** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1976 | Vice President and Assistant Secretary | Since June 2019; Formerly: Assistant Vice President and Assistant Secretary since December 2013 | Vice President and Assistant Secretary, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company; Vice President, Lincoln Life & Annuity Company of New York; Vice President, Lincoln National Corporation. |
| **Gordon Huellmantel** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1976 | Senior Vice President | Since October 2025 | Director, Senior Vice President, Head of Funds Management for Lincoln Financial and Chief Operating Officer, Lincoln Financial Investments Corporation; Formerly: Senior Vice President, General Account Investment Management Tea. |
| **James J. Hoffmayer** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1973 | Vice President, Treasurer, and Chief Accounting Officer | Since February 2024; Formerly: Assistant Vice President since November 2021 | Vice President and Treasurer, Lincoln Financial Investments; Vice President and Director of Separate Account Operations and Mutual Fund Administration, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, Lincoln Financial Investments; Managing Director, SEI; Treasurer and Chief Financial Officer, SEI Family of Mutual Funds. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)**<br> **Held With**<br> **the Funds** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **during Past**<br> **Five Years** |
| **Michael C. Hoppe** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1988 | Vice President | Since June 2022; Formerly: Assistant Vice President since August 2018 | Vice President, Lincoln Financial<br> Investments Corporation; Formerly:<br> Assistant Vice President, Lincoln Financial Investments Corporation. |
| **Yun (Maria) Ma** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1978 | Vice President | Since June 2022; Formerly: Assistant Vice President since August 2015 | Vice President, Lincoln Financial<br> Investments Corporation; Formerly:<br> Assistant Vice President, Lincoln Financial Investments Corporation. |
| **Jennifer M. Matthews** <br>1301 S. Harrison Street <br>Fort Wayne, IN 46802 <br>YOB: 1976 | Vice President | Since April 2018 | Vice President, Lincoln Financial<br> Investments Corporation; Vice President, The Lincoln National Life Insurance Company. |
| **John Morriss** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1973 | President | Since October 2025 | Executive Vice President and Chief Investment Officer for Lincoln Financial. Formerly: Senior Vice President, Head of Public and Private Fixed Income at Fortitude Re. |
| **Colleen E. O' Leary** <br>1301 S. Harrison Street <br>Fort Wayne, IN 46802 <br>YOB: 1984 | Vice President | Since June 2022; Formerly: Assistant Vice President since June 2018 | Vice President, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, The Lincoln National Life Insurance Company. |
| **Jay T. Shearon** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1972 | Vice President | Since March 2024; Formerly: Assistant Vice President since December 2015 | Assistant Vice President, Lincoln Financial Investments Corporation, Lincoln Life & Annuity Company of New York, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, Lincoln Variable Insurance Products Trust. |
| **John (Jack) A. Weston** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1959 | Vice President and Chief<br> Compliance Officer | Since May 2007 | Vice President and Chief Compliance Officer, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company. |
| **Amber Williams** <br>150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>YOB: 1979 | Senior Vice President | Since March 2022; Formerly, Vice President since May 2019 | Senior Vice President and Head of Client Investment Strategies, Lincoln Financial Investments Corporation; Senior Vice President, Lincoln Life & Annuity Company of New York; Senior Vice President, Lincoln National Corporation; Senior Vice President, The Lincoln National Life Insurance<br> Company; Formerly, Head of Product Management, Nationwide Investment Management Group. |
| **Yajun (Alex) Zeng**<br> 150 N. Radnor-Chester Road<br>Radnor, PA 19087<br>YOB: 1982 | Vice President | Since April 2018 | Vice President and Managing Director, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company. |

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#### Trustee Qualifications
The following is a brief description of the experience and attributes of each Trustee that led the Board to conclude that each Trustee is qualified to serve on the Trust's Board of Trustees. References to the experience and attributes of Trustees are pursuant to requirements of the Securities and Exchange Commission (SEC), and are not holding out the Board of Trustees or any Trustee as having any special expertise and shall not impose any greater responsibility or liability on any Trustee or on the Board of Trustees.

**Steve A. Cobb**. Mr. Cobb has served as a Trustee of Lincoln Variable Insurance Products Trust since 2013. He is currently a Managing Partner of CID Capital (CID), a private equity firm he joined in 2001. Mr. Cobb often serves as a director of portfolio companies in which CID invests. He has previously served as a director of multiple other companies. Mr. Cobb is a founder and past Director of the Indiana Chapter of the Association for Corporate Growth. He is a past director of several community non-profit organizations. Prior to joining CID, Mr. Cobb was a finance manager with Procter & Gamble where he held a variety of operational and financial roles, including financial analysis, accounting, and internal controls. Through his experience, Mr. Cobb provides the Board with over twenty years of financial, accounting and business management insight.

**Peter F. Finnerty**. Mr. Finnerty has served as a Trustee of Lincoln Variable Insurance Products Trust since 2024. Prior to July 2024, he was a partner of where he served as US Mutual Fund Leader and Global Asset & Wealth Management Leader. Mr. Finnerty joined ("PwC") in 1985 and served as a partner since 1996 to the firm's domestic and international investment management clients. Mr. Finnerty holds a Certified Public Accountant designation and is a member of the American Institute of Certified Public Accountants. Through his experience, Mr. Finnerty provides the Board with accounting, auditing and financial services industry experience.

**Ken C. Joseph**. Mr. Joseph has served as a Trustee of Lincoln Variable Insurance Products Trust since 2022. He is currently the Chief Compliance Officer of Braidwell LP. Mr. Joseph was previously a Managing Director & Head of Financial Services Compliance and Regulatory Consulting in the Americas for Kroll LLC (formerly Duff & Phelps, LLC). Mr. Joseph served for over 20 years at the U.S. Securities & Exchange Commission, including as Associate Director/Senior Officer in the Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations), and as an Assistant Director in the Division of Enforcement. He also served as an Associate Dean of St. John's University, NY. Currently, he serves on the Board of Directors of the Harvard Kennedy School NY/NJ/CT Alumni Network (former President), University Settlement (Executive Committee), and the University of North Carolina, School of Law Alumni Association. Mr. Joseph provides the board with compliance, securities law and business experience.

**Barbara L. Lamb**. Ms. Lamb has served as a Trustee of Lincoln Variable Insurance Products Trust since 2019. She retired from WH Trading LLC in 2022. Ms. Lamb served as a Managing Director of Finance and Administration for WH Trading LLC from 2015-2022. She previously served as a Managing Director of Cheiron Trading LLC from 2012-2015 and a Financial Officer for Valorem Law Group, LLC from 2008-2009. Previously, she served as Chief Development Officer for Market Liquidity, LLC from 1999-2001. Ms. Lamb served as Chief Credit Officer, Senior Vice President, and Director for The Chicago Corporation from 1986-1998 and in several finance and development positions from 1980-1986. Ms. Lamb holds the Chartered Financial Analyst Designation and is a member of the CFA Institute of Chicago. Through her experience, Ms. Lamb provides the board with risk management and investing insight.

**John Morriss**. Mr. Morriss has served as the Chairman and as a Trustee of Lincoln Variable Insurance Products Trust since October 2025. Mr. Morriss is the Executive Vice President and Chief Investment Officer for Lincoln Financial. In this role, Morriss provides executive leadership, strategic direction, and oversight of the company's general account, funds management and private markets investment strategies, with more than $300 billion in assets under management. He leads a team of investment professionals focused on portfolio construction, asset allocation, sub-advisor due diligence, and the development of equity, fixed income, and alternative investment strategies. He reports to Ellen Cooper, Chairman, President and CEO, and is a member of the company's Senior Management Committee.

Morriss has more than 30 years of investment experience. Prior to his current role at Lincoln, he served as Head of Public and Private Fixed Income at Fortitude Re, overseeing the organization's insurance-focused investment

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portfolios. Prior to joining Fortitude Re in 2020, he held the role of Senior Vice President of Fixed Income Investments at Lincoln for four years. Earlier he spent 18 years at TIAA, where he held leadership roles spanning structured finance research, international and high-yield credit, portfolio management, and fixed income research. He began his career as a currency trader at Chase Manhattan Bank.

Morriss holds a Bachelor of Arts in History from the College of the Holy Cross and an MBA in Finance from New York University's Stern School of Business.

**Pamela L. Salaway**. Ms. Salaway has served as a Trustee of Lincoln Variable Insurance Products Trust since 2013. Ms. Salaway retired from the Bank of Montreal/Harris Financial Corp in 2010 where she most recently had served as Chief Risk Officer of BMO's U.S. operations from 2007 to 2009 and as the Harris Financial Corp Personal & Commercial Line of Business Chief Credit Officer/Chief Risk Officer from 2007 to 2010. From 2000 to 2006, she served in a variety of Executive Management positions within the Risk Management Group of BMO Harris Bank. During this time, she participated in audit committee meetings of the board and coordinated risk oversight committee meetings of the board. Through her experience, Ms. Salaway provides the Board with risk management and business experience.

**Manisha A. Thakor**. Ms. Thakor has served as a Trustee of Lincoln Variable Insurance Products Trust since 2022. Ms. Thakor currently serves at MoneyZen LLC, which she founded in 2009. From 2018-2020, Ms. Thakor served as Vice President at Brighton Jones. From 2015-2017, Ms. Thakor served as Director of Wealth Strategies for Women at Buckingham Financial. She is a Board member of The National Endowment for Financial Education. Ms. Thakor is also a Chartered Financial Analyst (CFA) charterholder and Certified Financial Planner (CFP<sup>®</sup>). Ms. Thakor provides the Board with investment management experience and financial services industry insight.

**Brian W. Wixted**. Mr. Wixted has served as a Trustee of Lincoln Variable Insurance Products Trust since 2019. Mr. Wixted formerly served as a consultant for CKC Consulting and since 2019, as an Advisory Partner with AI Capital. Mr. Wixted served as the Senior Vice President of Finance and Fund Treasurer of the Oppenheimer Funds from 1999-2016. He served as the Principal and Chief Operating Officer of Bankers Trust Company's Mutual Funds Group from 1995-1999 and the Vice President and Chief Financial Officer for CS First Boston Investment Management Corp from 1991-1995. Mr. Wixted served as Vice President and Accounting Manager with Merrill Lynch Asset Management from 1987-1991. From 1981-1987, he held several accounting positions with brokerage and accounting firms. Mr. Wixted holds a Certified Public Accountant designation and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Through his experience, Mr. Wixted provides mutual fund, investment management and financial services industry insight.

**Nancy B. Wolcott**. Ms. Wolcott has served as a Trustee of Lincoln Variable Insurance Products Trust since 2017. She was Executive Vice President and Head of GFI Client Service Delivery at BNY Mellon Asset Servicing from 2012 to 2014. Ms. Wolcott served as Executive Vice President and Head of U.S. Funds Services at BNY Mellon Asset Servicing from July 2010 to January 2012. She served as the President of BNY Mellon Distributors Holdings Inc. (formerly, PNC Global Investment Servicing Inc.) from December 2008 to July 2010 and served as its Chief Operating Officer from 2007 to 2008. Prior to that, Ms. Wolcott served as Executive Vice President of the predecessor firm, PFPC Worldwide Inc., from 2006 to 2007. She joined PNC in 1996 and served as its Executive Vice President with PNC Advisors before coming to Global Investment Servicing in 2000. Prior to PNC, she served as the Head of Corporate and Institutional Trust at HarrisBank/Bank of Montreal. Through her experience, Ms. Wolcott provides banking and financial services industry insight.

#### Board Oversight
The primary responsibility of the Board of Trustees is to represent the interests of the Trust's shareholders and to provide oversight of the management of the Funds. The Trust's day-to-day operations are managed by the adviser and other service providers who have been approved by the Board. The Board is currently composed of nine trustees, eight of whom are classified under the 1940 Act as "non-interested" persons of the Trust (Independent Trustees) and one of whom is classified as an interested person of the Trust (Trustee). The Interested Trustee serves as the Chairperson of the Board.

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The Board has a Lead Independent Trustee that serves as the primary liaison between Trust management and the Independent Trustees. The Lead Independent Trustee is selected by the Independent Trustees and serves until a successor is selected. Ms. Wolcott currently serves as the Lead Independent Trustee.

Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the Independent Trustees if required by applicable law. The Board and its committees meet frequently throughout the year to oversee the Funds' activities, review contractual arrangements with and performance of service providers, oversee compliance with regulatory requirements and review Fund performance. The Board regularly requests and/or receives reports from the Adviser, the Trust's other service providers and the Trust's Chief Compliance Officer. The Board has established three standing committees and has delegated certain responsibilities to those committees. The Board and its committees meet periodically throughout the year to oversee the Trust's activities, review the Funds' expenses, oversee compliance with regulatory requirements, and review investment performance. The Independent Trustees are represented by independent legal counsel at Board meetings.

As part of its general oversight of the Trust, the Board is involved in the risk oversight of the Trust. The Board/Investment Committee reviews the Funds' investment performance with the Adviser at each of its regularly scheduled quarterly Board meetings. In addition, the Board must approve any material changes to a Fund's investment policies or restrictions. Under the oversight of the Board, the Trust, the Adviser and other service providers have adopted policies, procedures and controls to address risks. With respect to compliance matters, the Trust's Chief Compliance Officer provides the annual compliance report required by Rule 38a-1 under the 1940 Act and a quarterly report regarding the operation of the Trust's compliance policies and procedures and any material compliance issues that arose during the quarter, and meets with the Audit Committee a minimum of three times each calendar year.

The Board considered the number of Funds in the Trust, the total assets of the Trust and the general nature of the Funds' investments and determined that its leadership structure is appropriate given the characteristics of the Trust.

#### Board Committees
**Audit Committee.** The Board of Trustees has established an Audit Committee. The Audit Committee oversees the Funds' financial reporting process on behalf of the Board of Trustees and reports its activities to the Board. The Audit Committee assists and acts as a liaison with the Board of Trustees in fulfilling the Board's responsibility to shareholders of the Trust and others relating to oversight of Fund accounting, the Trust's systems of controls, and the quality and integrity of the financial statements, financial reports, and audit of the Trust. In addition, the Audit Committee oversees the Trust's accounting policies, financial reporting and internal control systems. The members of the Audit Committee include Independent Trustees: Ken C. Joseph, Barbara L. Lamb, Nancy B. Wolcott and Brian W. Wixted (Chair). The Audit Committee met [four] times during the last fiscal year.

**Investment Committee.** The Board of Trustees has established an Investment Committee, which is responsible for overseeing the performance of the Funds and other tasks as requested by the Board. The members of the Investment Committee include Independent Trustees: Steve A. Cobb (Chair), Peter F. Finnerty, Pamela L. Salaway and Manisha A. Thakor. The Investment Committee met four times during the last fiscal year.

**Nominating and Governance Committee.** The Board of Trustees has established a Nominating and Governance Committee. The Nominating and Governance Committee is responsible for, among other things, the identification, evaluation and nomination of potential independent trustee candidates to serve on the Board of Trustees. The Board has adopted a charter for the Nominating and Governance Committee setting forth such Committee's responsibilities. The members of the Nominating and Governance Committee are Independent Trustees: Steve A. Cobb, Peter F. Finnerty, Ken C. Joseph, Barbara L. Lamb, Pamela L. Salaway, Manisha A. Thakor (Chair), Brian W. Wixted, and Nancy B. Wolcott. The Nominating and Governance Committee met four times during the last fiscal year. The Nominating and Governance Committee will accept trustee nominations from shareholders. Any such nominations should be sent to the Trust's Nominating and Governance Committee, c/o The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801.

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#### Ownership of Securities
As of December 31, 2025, the Trustees and officers as a group owned variable contracts that entitled them to give voting instructions with respect to less than 1% of the outstanding shares of each Fund. As of December 31, 2025, the dollar range of equity securities owned beneficially by each Trustee in the Funds and in any registered investment companies overseen by the Trustees within the same family of investment companies as the Funds is as follows:

#### Interested Trustee
<u>Name of Trustee</u>   <u>Dollar Range of Equity Securities in the Funds</u>   <u>Aggregate Dollar Range of EquitySecurities in All Registered InvestmentCompanies Overseen by Trustee inFamily of Investment Companies</u> <br> John Morrissi None None

#### Independent Trustees

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Funds** | Aggregate Dollar Range of Equity<br>Securities in All Registered Investment<br>Companies Overseen by Trustee in<br>Family of Investment Companies |
|  Steve A. Cobb | LVIP Baron Growth Opportunities Fund – $50,001 – $100,000<br> LVIP Dimensional U.S. Core Equity 2 Fund – $50,001 – $100,000<br> LVIP Dimensional U.S. Equity Managed Volatility Fund – $10,001 – $50,000<br> LVIP State Street S&P 500 Index Fund – $50,001 – $100,000 | Over $100,000 |
|  Peter Finnerty |  | Over $100,000 |
|  Ken C. Joseph | LVIP Vanguard Domestic Equity ETF Fund – over $100,000 | Over $100,000 |
|  Barbara L. Lamb | LVIP Dimensional U.S. Core Equity 1 Fund – $10,001 – $50,000<br> LVIP Dimensional U.S. Core Equity 2 Fund – $50,001 – $100,000<br> LVIP Vanguard Bond Allocation Fund – $10,001 – $50,000<br> LVIP Dimensional International Core Equity Fund – $10,001 – $50,000 | Over $100,000 |
|  Pamela L. Salaway | LVIP State Street S&P 500 Index Fund – Over $100,000<br> LVIP Baron Growth Opportunities Fund – $50,001 – $100,000<br> LVIP Mondrian International Value Fund – $10,001 – $50,000 | Over $100,000 |
|  Manisha A. Thakor | LVIP State Street Small Cap Index Fund – $50,001 – $100,000<br> LVIP State Street Nasdaq-100 Index Fund – $50,001 – $100,000 | Over $100,000 |
|  Brian Wixted | LVIP State Street S&P 500 Fund – $10,001 – $50,000<br> LVIP State Street Short Term Bond Index Fund – $10,001 – $50,000<br> LVIP State Street Mid Cap Index Fund – $10,001 – $50,000<br> LVIP State Street Small-Cap Index. Fund – $10,001 – $50,000<br> LVIP JPMorgan Retirement Income Fund – $10,001 – $50,000<br> LVIP American Growth-Income Fund – $10,001 – $50,000<br> LVIP JPMorgan High Yield Fund – Under $10,000<br> LVIP State Street International Index Fund – Under $10,000<br> LVIP Mondrian Global Income Fund – Under $10,000<br> LVIP Nomura US REIT Fund – Under $10,000<br> LVIP State Street Emerging Markets Equity Index Fund – Under $10,000<br> LVIP AllianceBernstein Growth Fund – Under $10,000<br> LVIP American Growth Fund – Under $10,000 | Over $100,000 |
|  Nancy B. Wolcott | LVIP American Balanced Allocation Fund – $50,001 – $100,000 | $50001 – $100000 |

---

As of December 31, 2025, no Trustee owned beneficially any shares of a Predecessor Fund. As of December 31, 2025, the officers and trustees of the Predecessor Funds owned beneficially in the aggregate less than 1% of the outstanding shares of any of the Predecessor Funds.

Brian Wixted served as officer for OppenheimerFunds, Inc. ("Oppenheimer") from 1999 until his retirement in 2016. He has a deferred compensation plan previously sponsored by Oppenheimer where he receives an annual payout

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for a fixed number of years based on the performance of phantom share investments in Oppenheimer funds. In 2019, Invesco acquired Oppenheimer and assumed financial responsibility for payments under the former Oppenheimer deferred compensation plan. Invesco began serving as a sub-adviser to certain LVIP Funds on February 8, 2019. Payments under the plan to Mr. Wixted have exceeded $120,000 during the past two calendar years. The payment amounts are determined by previously established factors (*i.e.*, performance of the relevant funds), and the payment amounts are not impacted by the profits of Oppenheimer or Invesco.

#### Compensation
The following table sets forth the compensation paid to the Trust's Independent Trustees and by the Fund Complex for the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| **Name of Person, Position** | Aggregate Compensation<br>from the Trust | Total Compensation from the<br>Trust and Fund Complex |
|  **Steve A. Cobb,** Trustee | $387000 | $387000 |
|  **Peter F. Finnerty,** Trustee | $359000 | $359000 |
|  **Ken C. Joseph,** Trustee | $359000 | $359000 |
|  **Barbara L. Lamb,** Trustee | $355000 | $355000 |
|  **Pamela L. Salaway,** Trustee | $359000 | $359000 |
|  **Manisha A. Thakor,** Trustee | $369000 | $369000 |
|  **Brian W. Wixted,** Trustee | $387000 | $387000 |
|  **Nancy B. Wolcott,** Trustee | $434000 | $434000 |

---

### Investment Adviser and Sub-Adviser
**Investment Adviser.** Lincoln Financial Investments Corporation ("LFI" or the "Adviser") is the investment adviser to the Funds. LFI is a registered investment adviser and wholly-owned subsidiary of The Lincoln National Life Insurance Company ("Lincoln Life"). LFI's address is 150 N. Radnor-Chester Road, Radnor, Pennsylvania 19087. LFI (or its predecessors) has served as an investment adviser to mutual funds for over 30 years. Lincoln Life is an insurance company organized under Indiana Law and is a wholly-owned subsidiary of Lincoln National Corporation ("LNC"). LNC is a publicly-held insurance holding company organized under Indiana law. Through its subsidiaries, LNC provides insurance and financial services nationwide.

Pursuant to the Investment Management Agreement, LFI manages each Fund's portfolio investments and reports to the Board of Trustees. Each Fund pays LFI a monthly fee equal to a percentage of the average daily net assets of that Fund. The aggregate annual rates of the fees payable by each Fund to LFI may vary according to the level of assets of that Fund.

Because the Funds are new, they have not yet paid fees to LFI.

Prior to the closing of the Reorganizations, Franklin Templeton Fund Adviser, LLC ("FTFA") served as investment manager to the Predecessor Funds.

#### Advisory Fees Paid by Each Fund
For the last three fiscal years ended, December 31, the Predecessor Funds paid the net amounts, as reflected in the table below, to FTFA, the Predecessor Funds' investment manager, for investment advisory services:

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| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  ClearBridge Variable Appreciation Portfolio | $7844346 | $7568882 | $6591160 |
|  ClearBridge Variable Dividend Strategy Portfolio | $3136406 | $3118208 | $2914868 |
|  ClearBridge Variable Large Cap Growth Portfolio | $3913490 | $3659042 | $2847265 |
|  ClearBridge Variable Large Cap Value Portfolio | $1730701 | $1836491 | $1770464 |

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#### Expense Reimbursements
For the last three fiscal years ended December 31, FTFA, the Predecessor Funds' investment manager, waived fees and/or reimbursed the Predecessor Funds, as reflected in the table below, under the applicable expense reimbursement agreement:

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| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  ClearBridge Variable Appreciation Portfolio | $13009 | $7211 | $5357 |
|  ClearBridge Variable Dividend Strategy Portfolio | $3794 | $1471 | $1374 |
|  ClearBridge Variable Large Cap Growth Portfolio | $6370 | $3433 | $3712 |
|  ClearBridge Variable Large Cap Value Portfolio | $2431 | $1622 | $1518 |

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The Adviser has contractually agreed to waive fees and/or reimburse each Fund to the extent that Total Annual Fund Operating Expenses (excluding AFFE) exceed the following amounts percentage of the Fund's average daily net assets:

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| | | |
|:---|:---|:---|
| **Fund** | Standard<br>Class | Service<br>Class |
|  LVIP ClearBridge Appreciation Fund | 0.70% | 0.95% |
|  LVIP ClearBridge Dividend Strategy Fund | 0.75% | 1.00% |
|  LVIP ClearBridge Large Cap Growth Fund | 0.74% | 0.99% |
|  LVIP ClearBridge Large Cap Value Fund | 0.72% | N/A \* |

---

\* LVIP ClearBridge Large Cap Value Fund offers Service Class shares; however, because there were no outstanding Class II Shares of ClearBridge Large Cap Value Portfolio outstanding as of the Reorganization Date, only Standard Class shares of the Acquiring Fund will be issued in the Reorganization relating to that Target Fund. 

Any waivers or reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue for a period of at least two years from the closing date of the Reorganization and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees and the Adviser.

There can be no assurance that the above expense limitation will continue beyond the dates indicated.

**Sub-Adviser.** As adviser, LFI is primarily responsible for investment decisions affecting each of the Funds under its management. LFI has delegated day-to-day portfolio management responsibility to investment management firms that serve as sub-adviser. The sub-adviser makes investment decisions for the Fund in accordance with the Funds' investment objectives and places orders on behalf of the Fund to effect those decisions. LFI provides ongoing oversight, including review of returns on a relative and absolute basis, a sub-adviser's use of soft dollars, evaluation of execution quality and brokerage allocation and on-site compliance reviews.

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| | |
|:---|:---|
| **Fund** | **Sub-Adviser** |
| LVIP ClearBridge Appreciation Fund | ClearBridge Investments, LLC ("ClearBridge") |
| LVIP ClearBridge Dividend Strategy Fund | 620 Eighth Avenue, 48th Floor, |
| LVIP ClearBridge Large Cap Growth Fund | New York, NY 10018 |
| LVIP ClearBridge Large Cap Value Fund |  |

---

LFI, not the Funds, pays the sub-adviser a monthly fee equal to a percentage of the average daily net assets of the portion of the Fund for which the sub-adviser provides investment sub-advisory services. The aggregate annual rates of the fees that LFI pays to a sub-adviser may vary according to the level of assets the sub-adviser manages.

#### Sub-Advisory Fees Paid by Each Fund
Since the Funds are new, there were no fees paid for investment sub-advisory services with respect to the management of each Fund during the fiscal year ended, December 31, 2025. LFI, not the Fund, pays all sub-advisory fees owed.

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Prior to the closing of the Reorganizations, ClearBridge served as sub-adviser to the Predecessor Funds. FTFA, and not the Predecessor Funds, paid all sub-advisory fees owed. As compensation for its services, the FTFA paid to ClearBridge a fee equal to 70% of the management fee paid to FTFA by each Predecessor Fund, net of any waivers and expense reimbursements.

**ClearBridge Investments, LLC ("ClearBridge"),** is located at One Madison Avenue, New York, New York, 10010. ClearBridge is a wholly owned subsidiary of Franklin Resources, Inc., a publicly traded company listed on the New York Stock Exchange (NYSE:BEN). As of December 31, 2025, ClearBridge's total assets under management were approximately $212 billion, including $45.2 billion for which ClearBridge provides non-discretionary investment models to managed account sponsors**.**

**Service marks.** The Funds' service marks and the name "Lincoln" are used by the Funds with the permission of LNC, and their continued use is subject to LNC's right to withdraw this permission in the event LFI ceases to be the Funds' investment adviser.

**Fund Expenses.** Expenses specifically assumed by each Fund under its Investment Management Agreement include, among others, compensation and expenses of the Trustees who are not interested persons; custodian fees; independent auditor fees; brokerage commissions; legal and accounting fees; registration and other fees in connection with maintaining required Fund and share registration with the SEC and state securities authorities; and the expenses of printing and mailing updated prospectuses, proxy statements and shareholder reports to current contract owners.

**Proxy Voting Policies and Procedures.** The Board of Trustees has delegated to LFI or each Fund's sub-adviser (as applicable) responsibility for voting any proxies relating to portfolio securities held by the Fund in accordance with the adviser's or sub-adviser's proxy voting policies and procedures. Summaries of the proxy voting policies and procedures to be followed on behalf of the Funds, including procedures to be used when a vote represents a conflict of interest, are attached hereto as Appendix B.

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 866-436-8717 or on the Funds' website at https://lincolnfinancial.com/lvip; and (2) on the SEC's website at http://www.sec.gov.

### Portfolio Managers
The following provides information regarding each portfolio manager's other accounts managed, material conflicts of interest, compensation, and any ownership of securities in the Funds. Each portfolio manager is referred to in this section as a "portfolio manager." Portfolio managers are the individuals employed by or associated with the Funds or an investment adviser of the Funds who are primarily responsible for the day-to-day management of the Funds' portfolio.

#### Other Accounts Managed (To Be Provided)
The following chart lists certain information about types of other accounts for which each portfolio manager was primarily responsible as of December 1, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adviser/Sub-Adviser Portfolio Manager(s)** | Total Number of<br>Other Accounts | Total Assets<br>(in millions)<br>of Other Accounts | Number of Other<br>Accounts Paying<br>Performance Fees | Total Assets<br>(in millions)<br>of Other Accounts<br>Paying Performance Fees |
|  **ClearBridge Investments, LLC** |  |  |  |  |
|  *John Baldi* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 4 | $8.88 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 4 | $0.26 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 55812 | $21.73 | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Adviser/Sub-Adviser Portfolio Manager(s)** | Total Number of<br>Other Accounts | Total Assets<br>(in millions)<br>of Other Accounts | Number of Other<br>Accounts Paying<br>Performance Fees | Total Assets<br>(in millions)<br>of Other Accounts<br>Paying Performance Fees |
|  *Michael Clarfeld, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 4 | $8.88 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 2 | $0.17 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 55800 | $21.50 | 0 | $0 |
|  *Erica Furfaro* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 10 | $16.57 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 5 | $3.83 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 98130 | $36.54 | 0 | $0 |
|  *Michael Kagan* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 5 | $11.73 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 2 | $0.22 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 8171 | $3.28 | 0 | $0 |
|  *Dmitry Khaykin* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 4 | $4.73 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 1 | $0.28 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 4520 | $2.48 | 0 | $0 |
|  *Deepon Nag* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 4 | $4.73 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 1 | $0.28 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 4520 | $2.48 | 0 | $0 |
|  *Stephen Rigo, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 5 | $11.73 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 2 | $0.22 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 8171 | $3.28 | 0 | $0 |
|  *Margaret Vitrano* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 10 | $16.57 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 5 | $3.83 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 98130 | $3654 | 0 | $0 |

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#### Material Portfolio Manager Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager of a mutual fund has day-to-day management responsibilities with respect to the portfolio assets of more than one investment account, such as other pooled investment vehicles (including mutual funds, private funds, etc.) or separately managed accounts (collectively, "Accounts").

Potential conflicts of interest may occur in connection with a portfolio manager's management of a fund named in this SAI (a "Fund"), on one hand, and the investments of another Account, on the other. LFI has policies and procedures that it believes reasonably address the conflicts associated with managing multiple Accounts. The management of multiple Accounts and a Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple Accounts and the Fund. Material conflicts may exist between the investment strategy of the Fund and the investment strategy of other Accounts managed by the portfolio manager such as when an Account sells (or buys) a security, while the Fund buys or holds (or sells) the same security. As a result, transactions executed for one Account may adversely affect the value of securities held by the Fund.

Material conflicts may exist in the allocation of investment opportunities between the Fund and other Accounts managed by the portfolio manager. LFI and the Funds' sub-adviser(s), if any, have adopted policies and procedures designed to allocate investments fairly across a Fund and other Accounts.

No Fund or other LFI managed Account with a strategy similar to any of the Funds charges a performance-based fee.

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The information below relates solely to the Fund managed by the particular adviser or sub-adviser.

#### Lincoln Financial Investments Corporation ("LFI")
Subadvised Funds. LFI manages certain Fund portfolio investments via a "manager of managers" structure, whereby LFI selects and oversees sub-advisers that, in turn, manage a Fund's portfolio investments, such as equity (stocks), fixed-income (bonds), and exchange-traded funds ("ETFs"). LFI conducts ongoing reviews of each sub-adviser's business practices and investment operations. The Funds' manager of managers structure, as well as Accounts not being charged performance-based fees, greatly reduces the potential for LFI Fund portfolio managers to face conflicts of interest regarding the management of other Accounts.

Funds of Funds. LFI provides direct asset management services for certain Funds known as "funds of funds." A Lincoln fund of funds invests assets in other mutual funds, including ETFs, funds managed by LFI (typically branded "LVIP" or "Lincoln" funds), and funds managed by unaffiliated investment managers (collectively, underlying funds). LFI Fund portfolio managers maintain an asset allocation strategy for each LVIP fund of funds and make decisions regarding allocations to underlying funds based on the investment objectives, policies, practices and other relevant investment considerations that the portfolio managers deem applicable.

LFI and the Funds generally rely on SEC Rule 12d1-4 to implement the fund of funds structure. LFI, as a fiduciary to each Fund, selects underlying funds that it believes are in a Fund's best interest based on a variety of factors.

LFI and its affiliates receive advisory and other fees from underlying LVIP Funds for the management and other services that LFI and its affiliates provide to the LVIP Funds. Similarly, unaffiliated investment managers and their affiliates receive advisory and/or other fees from the underlying funds they or their affiliates manage. The affiliated and unaffiliated underlying funds may have advisory fee rates and/or fee structures that are different than those of the Funds. A portfolio manager's management of Accounts with different advisory fee rates and/or fee structures may raise potential conflicts of interest by creating an incentive to favor higher fee Accounts.

As decision-makers for the LVIP funds of funds, LFI portfolio managers have the authority and discretion to manage fund of funds' allocations to underlying funds. LFI's policy is for LFI portfolio managers to make decisions concerning the selection of underlying funds based on the best interests of each Fund and its shareholders, without regard to any revenue that LFI receives or might receive, directly or indirectly, from Funds for services provided by LFI or an LFI affiliate or from any Fund sub-adviser. The Funds have additional policies and procedures in place to comply with SEC rules concerning funds of funds.

Cross Trades. LFI portfolio managers do not manage Fund assets that may be included in cross-trades. Fund sub-advisers effect any such trades, and each sub-adviser has represented to LFI that it has procedures in place to comply with relevant SEC regulations.

Multiple Accounts. A Fund portfolio manager's management of multiple Accounts may result in the portfolio manager devoting unequal time and attention to the management of each Account. Although LFI does not track the time a portfolio manager spends on a single Fund, it does assess whether a portfolio manager has adequate time and resources to effectively manage all the Accounts for which he or she is responsible. LFI seeks to manage competing interests for the time and attention of portfolio managers and other LFI personnel.

Personal Accounts. Personal accounts of LFI investment personnel may give rise to potential conflicts of interest and must be maintained and conducted in accordance with LFI's code of ethics.

#### ClearBridge Investments, LLC ("ClearBridge")
Potential conflicts of interest may arise when the Funds' portfolio managers also have day-to-day management responsibilities with respect to one or more other funds or other accounts, as is the case for the Funds' portfolio managers.

The subadviser and the Funds have adopted compliance policies and procedures that are designed to address various conflicts of interest that may arise for the subadviser and the individuals that each employs. For example, the subadviser seeks to minimize the effects of competing interests for the time and attention of portfolio managers by assigning portfolio managers to manage funds and accounts that share a similar investment style. The

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subadviser has also adopted trade allocation procedures that are designed to facilitate the fair allocation of investment opportunities among multiple funds and accounts. There is no guarantee, however, that the policies and procedures adopted by the subadviser and the funds will be able to detect and/or prevent every situation in which an actual or potential conflict may appear. These potential conflicts include:

*Allocation of Limited Time and Attention.* A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

*Allocation of Investment Opportunities.* If a portfolio manager identifies an investment opportunity that may be suitable for multiple funds and/or accounts, the opportunity may be allocated among these several funds or accounts, which may limit a fund's ability to take full advantage of the investment opportunity. The subadviser has adopted policies and procedures to ensure that all accounts, including the fund, are treated equitably.

*Pursuit of Differing Strategies.* At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and/or accounts for which he or she exercises investment responsibility or may decide that certain of the funds and/or accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and/or accounts.

*Selection of Broker/Dealers.* In addition to executing trades, some broker/dealers provide brokerage and research services (as those terms are defined in Section 28(e) of the 1934 Act), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain funds or accounts than to others. For this reason, the subadviser has formed a brokerage committee that reviews, among other things, the allocation of brokerage to broker/dealers, best execution and soft dollar usage.

*Variation in Compensation.* A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the funds and/or accounts that he or she manages. If the structure of the manager's management fee (and the percentage paid to the subadviser) differs among funds and/or accounts (such as where certain funds or accounts pay higher management fees or performance-based management fees), the portfolio manager might be motivated to help certain funds and/or accounts over others.

The portfolio manager might be motivated to favor funds and/or accounts in which he or she has an interest or in which the manager and/or its affiliates have interests. Similarly, the desire to maintain assets under management or to enhance the portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence the portfolio manager in affording preferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager.

#### Compensation Structures and Methods
Information regarding each portfolio manager's compensation is attached hereto as Appendix C.

#### Beneficial Interest of Portfolio Managers
Information regarding securities of each Fund beneficially owned, if any, by portfolio managers is disclosed below. In order to own securities of a fund, a portfolio manager would need to own a Lincoln Life variable life insurance policy or variable annuity contract. Portfolio managers are not required to own Fund shares, but may invest their personal assets in Fund shares in accordance with their individual investment goals. A portfolio manager's personal investment, or lack of investment, is not an indicator of that portfolio manager's confidence in, or commitment to, a particular Fund or its investment strategy.

Since the Funds are new, no portfolio manager of any Fund beneficially owns shares of any Fund.

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### Principal Underwriter
Lincoln Financial Distributors, Inc. (LFD), 130 North Radnor-Chester Road, Radnor, Pennsylvania 19087, serves as the principal underwriter for the Trust pursuant to a Principal Underwriting Agreement with the Trust dated January 1, 2012. LFD is an affiliate of LFI, the Funds' investment adviser. Under the agreement, the Trust has appointed LFD as the principal underwriter and distributor of the Trust to sell shares of each class of each Fund within the Trust at net asset value in a continuous offering to insurance company separate accounts or employer-sponsored products. LFD will not retain underwriting commissions from the sale of Fund shares. The offering of each such class is continuous.

For fiscal years ended December 31, 2025, 2024 and 2023, LFD received $199,287,590, $194,623,872, and $177,938,119, respectively, in compensation from the Trust.

For the fiscal years ended December 31, 2025, 2024 and 2023, the Predecessor Funds paid $2,645,735, $2,471,504 and $2,051,266, respectively, to Franklin Distributors, LLC, the Predecessor Funds' distributor.

### Administration Agreement
The Trust has entered into an Administration Agreement with Lincoln Life, an affiliate of LFI and LFD, pursuant to which Lincoln Life provides various administrative services necessary for the operation of the Funds. These services include, among others: coordinating all service providers; providing corporate secretary services; providing personnel and office space; providing certain trading operations; maintaining each Fund's books and records; general accounting monitoring and oversight; preparing of tax returns and reports; preparing and arranging for the distribution of all shareholder materials; preparing and coordinating filings with the SEC and other federal and state regulatory authorities. The Trust reimburses Lincoln Life for the cost of administrative, internal legal and corporate secretary services.

For the fiscal years ended December 31, 2025, 2024 and 2023, the Trust paid Lincoln Life $12,090,608, $11,515,673, and $10,571,726, respectively, in administrative services reimbursement.

FTFA served as the administrator of the Predecessor Funds. FTFA was compensated for administration services under the investment management agreement with the Predecessor Funds and did not receive separate compensation for providing administration services to the Predecessor Funds.

The Trust compensates Lincoln Life for contractholder servicing provided by Lincoln Life with respect to the Funds. These contractholder services include, among others: responding to operational inquiries from contractholders about accounts and the Funds; processing purchase and redemption orders with the Funds' transfer agent; providing contractholders with automatic investment services; providing periodic account information to contractholders; interfacing between the Funds' transfer agent and contractholder activity systems; providing subaccounting with respect to Fund shares; and forwarding communications from the Funds to contractholders. In addition, Lincoln Life provides certain corporate-level services to each of the Funds, such as: anti-money laundering and fraud prevention; privacy and data security; disaster recovery; and services related to regulatory duties, such as duties of confidentiality and disclosure.

For the fiscal years ended December 31, 2025 and 2024, the Trust paid Lincoln Life $34,744,937 and $30,947,378, respectively, in contractholder servicing and corporate-level services reimbursement.

### Securities Lending
Since the Funds are new, none of the Funds engaged in any securities lending. None of the Predecessor Funds engaged in securities lending for the fiscal year ended December 31, 2025.

### Accounting Agreement
The Trust has entered into a fund accounting and financial administration services agreement ("Accounting Agreement") with State Street Bank and Trust Company ("State Street"), effective October 15, 2018 (November 19,

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2018 for the funds of funds and master feeder funds), pursuant to which State Street provides certain accounting services for the Fund. Services provided under the Accounting Agreement include, among others, functions related to calculating the daily net asset values ("NAV") of the Funds' shares, providing financial reporting information, regulatory compliance testing and other related accounting services. For these services, the Fund pays State Street either a flat, annual fee or an asset-based fee based on the total value of assets in the Trust, plus certain additional service fees and out-of-pocket expenses.

For fiscal years ended December 31, 2025, 2024 and 2023, the Trust paid $7,662,396, $7,300,929, and $8,785,055, respectively, pursuant to its Accounting Agreement.

For the fiscal years ended December 31, 2025, 2024, and 2023, the Predecessor Funds paid $293,557, $290,028 and $214,465, respectively, to The Bank of New York Mellon, for fund accounting and financial administrative oversight services.

### Code of Ethics
The Trust, LFI and LFD have each adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. The Board of Trustees has reviewed and approved these Codes of Ethics. Subject to certain limitations and procedures, these Codes permit personnel that they cover, including employees of LFI who regularly have access to information about securities purchased for the Funds, to invest in securities for their own accounts. This could include securities that may be purchased by Funds. The Codes are intended to prevent these personnel from taking inappropriate advantage of their positions and to prevent fraud on the Funds. The Trust's Code of Ethics requires reporting to the Board of Trustees of material compliance violations.

### Description of Shares
The Trust was organized as a Delaware statutory trust on February 1, 2003 and is registered with the SEC as an open-end, management investment company. The Trust's Certificate of Trust is on file with the Secretary of State of Delaware. The Trust's Agreement and Declaration of Trust authorizes the Board of Trustees to issue an unlimited number of shares, which are shares of beneficial interest, without par value. The Trust currently consists of 113 funds organized as separate series of shares. The Agreement and Declaration of Trust authorizes the Board of Trustees to divide or redivide any unissued shares of the Trust into one or more additional series by setting or changing in any one or more respects their respective preferences, conversion or other rights, voting power, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, and to establish separate classes of shares.

Each Fund currently offers two classes of shares: Standard Class and Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service plan (Plan). The Plan allows each Fund to pay distribution and service fees of up to 0.35% per year to those organizations that sell and distribute Service Class shares and provide services to Service Class shareholders and contract owners. The Plan for the Service Class is discussed in the "Rule 12b-1 Plan" section of this SAI.

The Funds' shares (all classes) have no subscription or preemptive rights and only such conversion or exchange rights as the Board of Trustees may grant in its discretion. When issued for payment as described in the prospectus and this SAI, the shares will be fully paid and non-assessable, which means that the consideration for the shares has been paid in full and the issuing Fund may not impose levies on shareholders for more money. In the event of a liquidation or dissolution of the Trust, shareholders of each Fund are entitled to receive the assets available for distribution belonging to that Fund, and a proportionate distribution, based upon the relative asset values of the respective Funds, of any general assets not belonging to any particular Fund which are available for distribution, subject to any differential class expenses.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each Fund affected by the matter.

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For purposes of determining whether the approval of a majority of the outstanding shares of a Fund will be required in connection with a matter, a Fund will be deemed to be affected by a matter unless it is clear that the interests of each Fund in the matter are identical, or that the matter does not affect any interest of the Fund. Under Rule 18f-2, the approval of an investment advisory agreement or any change in investment policy would be effectively acted upon with respect to a Fund only if approved by a majority of the outstanding shares of that Fund. However, Rule 18f-2 also provides that the ratification of independent public accountants (for Funds having the same independent accountants), the approval of principal underwriting contracts, and the election of trustees may be effectively acted upon by shareholders of the Trust voting without regard to individual Funds. In such matters, all shares of the Trust have equal voting rights.

Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for the Trust to hold annual meetings of shareholders. As a result, shareholders may not consider each year the election of Trustees or the appointment of auditors. However, the holders of at least 10% of the shares outstanding and entitled to vote may require the Trust to hold a special meeting of shareholders for purposes of removing a trustee from office. Shareholders may remove a Trustee by the affirmative vote of two-thirds of the Trust's outstanding voting shares. In addition, the Board of Trustees will call a meeting of shareholders for the purpose of electing Trustees if, at any time, less than a majority of the Trustees then holding office have been elected by shareholders.

### Control Persons and Principal Holders of Securities
Because the Funds are available as investments for variable annuity contracts and variable life insurance policies (Variable Contracts) offered by certain life insurance companies, the insurance companies could be deemed to control the voting securities of each Fund (i.e., by owning more than 25%). However, an insurance company would exercise voting rights attributable to any shares of each Fund that it owns (directly or indirectly) in accordance with, and in proportion to, voting instructions received by owners of the Variable Contracts. A small number of Contract Holders could therefore determine whether Fund proposals are approved.

For these Funds, the insurance companies include, without limitation, (1) Lincoln Life, an Indiana insurance company, at 1301 S. Harrison Street, Fort Wayne, IN 46802; (2) Lincoln Life & Annuity Company of New York (Lincoln New York), a New York insurance company, at 100 Madison Street, Suite 1860, Syracuse, NY 13202-2802; and (3) other third-party insurance companies.

As of April 1, 2026, there were no shareholders of the Funds that beneficially owned 5% or more (or 25% or more) of a Fund's outstanding shares.

### Rule 12b-1 Plan
Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a distribution and service plan (Plan) for the Service Class of shares of each Fund. As previously noted, the Trust offers shares of beneficial interest to Insurance Companies for allocation to certain of their Variable Contracts. The Trust may pay Insurance Companies or others, out of the assets of Service Class shares of each Fund for activities primarily intended to sell such shares. The Trust would pay each third-party for these services pursuant to a written agreement with that third-party.

Payments made under the Plan may be used for, among other things: the printing of prospectuses and reports used for sales purposes; preparing and distributing sales literature and related expenses; advertisements; education of shareholders and contract owners or dealers and their representatives; and other distribution-related expenses. Payments made under the Plan may also be used to pay insurance companies, dealers or others for, among other things: service fees as defined under FINRA rules; furnishing personal services or such other enhanced services as the Trust or a Variable Contract offering Service Class may require; or maintaining customer accounts and records.

For the noted services, the Plan authorizes each Fund to pay to Insurance Companies or others, a monthly fee ("Plan Fee") not to exceed 0.25% per annum of the average daily NAV of Service Class shares, respectively, as compensation or reimbursement for services rendered and/or expenses borne. The Plan Fee may be adjusted by the Trust's Board of Trustees from time to time. The Plan does not limit Plan Fees to amounts actually expended by

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third parties for services rendered and/or expenses borne. A third party, therefore, may realize a profit from Plan Fees in any particular year.

No "interested person", as defined in the 1940 Act, or Independent Trustee had or has a direct or indirect financial interest in the operation of the Plan or any related agreement.

The Board of Trustees, including a majority of the Independent Trustees, has determined that, in the exercise of reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood that the Plan will benefit each Fund and Service Class contract owners thereof. Each year, the Trustees must make this determination for the Plan to be continued.

Since the Funds are new, none of the Funds paid Plan Fees for the fiscal year ended December 31, 2025.

Class II shares of each Predecessor Fund were subject to a distribution (Rule 12b-1) fee which was adopted pursuant to a distribution and service plan (the "Predecessor Fund 12b-1 Plan"). Under the Predecessor Fund 12b-1 Plan, Class II shares paid annual amounts not exceeding 0.25% of the average daily net assets of the Class II shares of each Predecessor Fund. The following service and distribution fees were incurred by each Predecessor Fund pursuant to Predecessor Fund 12b-1 Plan during the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| **Fund/Class** | Service and Distribution<br>Fees Incurred ($) | Service and Distribution<br>Fees Waived/Reimbursed ($) |
|  ClearBridge Variable Appreciation Portfolio Class II | 835207 | 0 |
|  ClearBridge Variable Dividend Strategy Portfolio Class II | 835393 | 334157 |
|  ClearBridge Variable Large Cap Growth Portfolio Class II | 975135 | 0 |
| ClearBridge Variable Large Cap Value Portfolio Class II | N/A\* | N/A\* |

---

\* No information is presented for Class II shares of ClearBridge Variable Large Cap Value Portfolio, as no class II shares were outstanding as of December 31, 2025.

### Revenue Sharing
LFI and its affiliates, including LFD, and/or each Fund's sub-adviser may pay compensation at their own expense, including the profits from the advisory fees LFI receives from the Funds or the sub-advisory fees the sub-advisers receive from LFI, to affiliated or unaffiliated brokers, dealers or other financial intermediaries (financial intermediaries) in connection with the sale or retention of Fund shares or the sales of insurance products that are funded by the Funds and/or shareholder servicing (distribution assistance). For example, LFD may pay additional compensation to financial intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares and the products that are funded by the Fund shares; access to their registered representatives; sub-accounting, administrative or shareholder processing services; and marketing and education support. Such payments are in addition to any distribution fees, service fees and/or transfer agency fees that may be payable by the Funds. The additional payments may be based on factors, including level of sales, the Funds' advisory fees, some other agreed upon amount, or other measures as determined from time to time.

A significant purpose of these payments is to increase sales of the Funds' shares and the products that contain the Funds. LFI and/or its affiliates may benefit from these payments of compensation to financial intermediaries through increased fees resulting from additional assets acquired through the sale of insurance products through such intermediaries.

### Valuation of Portfolio Securities
**Offering Price/NAV.** The offering price of a Fund's shares is based on the Funds' net asset value ("NAV") per share. The Fund determines its NAV per share by subtracting its liabilities (including accrued expenses and dividends payable) from its total assets (the value of the securities the Fund holds plus cash and other assets, including income accrued but not yet received) and dividing the result by the total number of Fund shares outstanding. The Fund determines its NAV per share as of close of regular trading on the New York Stock Exchange ("NYSE") –

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normally 4:00 p.m. New York time, each business day. In addition to the disclosure in each Fund's prospectus under the "Pricing of Fund Shares" section, the value of each Fund's investments is determined as follows:

**Foreign Equity Securities.** Foreign equity securities are generally valued based on their closing price on the principal foreign exchange for those securities, which may occur earlier than the NYSE close. The Fund then may adjust for market events, occurring between the close of the foreign exchange and the NYSE close. An independent statistical service has been retained to assist in determining the value of certain foreign equity securities. This service utilizes proprietary computer models to determine adjustments for market events. Quotations of foreign securities in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents.

**Over-the-Counter ("OTC") Investments.** OTC investments (including swaps and options) are generally valued by pricing services that use evaluated prices from various observable market and other factors. Certain forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates.

**Exchange-Traded Futures, Options and Swaps.** Exchange-traded futures, options and swaps are normally valued at the reported settlement price determined by the relevant exchange. Exchange-traded futures, options and swaps for which no settlement prices are reported are generally valued at the mean between the most recent bid and ask prices obtained from pricing services, established market makers, or from broker-dealers.

### Portfolio Holdings Disclosure
The Trust's Board of Trustees has adopted policies and procedures designed to ensure that disclosure of information regarding a Fund's portfolio securities is in the best interests of Fund shareholders. In accordance with these policies and procedures, Fund management will make shareholders reports or other regulatory filings containing the Funds' portfolio holdings available free of charge to individual investors, institutional investors, intermediaries that distribute the Funds' shares, and affiliated persons of the Fund that make requests for such holdings information. Shareholder reports are available 60 days after the end of each semi-annual reporting period.

Each Fund posts its top-ten holdings shortly after each quarter-end to Lincoln Life and other insurance companies who include the Funds in their products (Insurance Companies). All Insurance Companies that receive nonpublic portfolio holdings information must sign a confidentiality agreement agreeing to keep this nonpublic portfolio information strictly confidential and not to engage in trading on the basis of the information. The Insurance Companies may include this information in marketing and other public materials (including via website posting) 15 days after the end of the quarter.

each Fund will post all of its holdings to a publicly available website no earlier than 25 calendar days after quarter end. In addition, each Fund may post all of its holdings no earlier than 25 calendar days after inception, rebalance, or after any material changes are made to the holdings. At the time of the disclosure on the website, the portfolio holdings of these Funds will be deemed public.

Each Fund also may provide holdings information following the end of the quarterly reporting period under a confidentiality agreement to third-party service providers, including independent rating and ranking organizations, which conduct market analyses of the Funds' portfolio holdings against benchmarks or securities market indices. All such third parties must sign a confidentiality agreement agreeing to keep the non-public portfolio information strictly confidential and not to engage in trading on the basis of the information. These parties may disseminate the portfolio holdings information when the portfolio holdings are deemed to be public.

Certain Funds provide daily holdings information to affiliated persons of the Funds to better facilitate Fund and related insurance product operations. In addition, certain Funds provide monthly portfolio holdings on a post-trade basis to Lincoln Life approximately 20 days after the end of each month. The pricing group uses Fund information to support the group's oversight of risk management functions for the Managed Volatility Funds and Lincoln Life, but does not engage in any trading activities. The risk management group uses the information to hedge portfolio risks for Lincoln Life and for Lincoln insurance products and annuities. Lincoln's internal risk management

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functions are integral to supporting the relevant Funds and their associated insurance products. Each of these information sharing arrangements is subject to: (1) a non-disclosure agreement; and (2) protections against (a) inappropriate trading based on the information and (b) conflicts of interest between the Funds and their affiliated persons.

Fund sub-advisers have an ongoing arrangement with the following third parties to make available information about a Fund's portfolio holdings: (1) ratings organizations, such as Moodys, Refinitiv and S&P, provided generally on a monthly basis for the purpose of reviewing the particular fund; (2) portfolio analysis companies, such as The Bank of New York Mellon (BNY Mellon), Commicise, BBH Infomediary, IDS GmBH, Commcise, Confluence Technologies Inc., IEX Data Analytics LLC, Institutional Shareholder Services Inc., TS Imagine, Qontigo, OMGEO, LLC, RIMES, Morningstar, Lipper, Factset Research Systems, Inc., Factset Workstation, Factset Raptor, Eagle PACE, Eagle Star, Solutions Atlantic, ION (Minerva and Sentinel), Financial Recovery Technologies, Intex, Performance Attribution System, Linedata Services, Inc., CRIMS, Everest Alpha Beta, Investment Technology Group Inc., Wilshire Associates, Inc., Bloomberg L.P., Bloomberg PORT, BarraOne/MSCI Barra, Inc., Barclays Capital, BlackRock Aladdin, Trade Informatics, Investor Tools Perform, BARRA Aegis Systems, Global Trading Analytics, LLC, Citigroup, Hedgemark, ICE Data Pricing and Reference Data, LLC, MoneyMate, Omgeo, Barclays Capital Point, Acuity Knowledge Partners, Virtu Americas LLC, Virtu Financial, Virtu ITG LLC, Markit/Wall Street Office and Axioma provided generally on a daily, monthly or quarterly basis for the purpose of compiling reports, preparing comparative analysis data and trade execution evaluation; (3) proxy voting or class action services, such as Broadridge Financial Solutions, Inc., Glass, Lewis & Co., or Institutional Shareholder Services (ISS) - ISS/RiskMetrics provided generally on a daily basis or bi-monthly basis for the purpose of voting proxies relating to portfolio holdings or providing corporate actions services and trade confirmation; Securities Class Action Services; (4) computer systems, products, services and software vendors, such as BestX, Electra Securities, TriOptima, FIS XSPrisa (XSP) SaaS, FX Connect, OMEGO LLC, Infinit Outsourcing, Inc., Limited, Cogent Consulting, Abel Noser, Charles River Communications, StarCompliance, Amazon Web Services (hosted applications), Microsoft, SS&C, SmartStream TLM, DTCC, Confluence, Tradeweb, provided generally on a daily basis for the purpose of providing computer products, services, software and accounting systems to the sub-advisers; MetroProof Inc., and (5) operational services such as Accenture LLP, Bank of New York Mellon, Brown Brothers Harriman & Co., Fidelity Corporate Action Solutions, StarCompliance, State Street Bank and Trust Company, State Street Global Services, State Street Investment Manager Solutions, ION and Northern Trust, provided generally on a daily basis for the purpose of providing operational functions including, but not limited to, Fund pricing and OTC derivative swap products to the sub-advisers. Each of the above unaffiliated third parties must agree to keep the Fund's holdings information confidential and not engage in trading on the basis of the information. The sub-advisers do not receive compensation in connection with these arrangements.

Each Fund may provide, at any time, portfolio holdings information to: (a) Fund service providers and affiliates, such as the Funds' investment adviser, or sub-advisers, trading services providers, class action service provider (Kessler Topaz Meltzer & Check, LLP), custodian and independent registered public accounting firm, to the extent necessary to perform services for the Funds; and (b) state and federal regulators and government agencies as required by law or judicial process. These entities are subject to duties of confidentiality imposed by law, contract, or fiduciary obligations.

The Funds will disclose their portfolio holdings in public SEC filings. The Trust's Board of Trustees also may, on a case-by-case basis, authorize disclosure of the Funds' portfolio holdings, provided that, in its judgment, such disclosure is not inconsistent with the best interests of shareholders, or may impose additional restrictions on the dissemination of portfolio information.

Neither the Funds, the Adviser, nor any affiliate receive any compensation or consideration in connection with the disclosure of the Funds' portfolio holdings information.

The Funds are responsible for ensuring appropriate disclosure is made regarding these procedures in the Funds' prospectuses and/or SAI.

The Trust's Board of Trustees exercises oversight of these policies and procedures. Management for the Funds will inform the Trustees if any substantial changes to the procedures become necessary to ensure that the procedures

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are in the best interest of Fund shareholders. The officers will consider any possible conflicts between the interest of Fund shareholders, on the one hand, and those of the Funds' investment adviser and other Fund affiliates, on the other. Moreover, the Funds' Chief Compliance Officer will address the operation of the Funds' procedures in the annual compliance review and will recommend any remedial changes to the procedures.

### Purchase and Redemption Information
Shares of a Fund may not be purchased or redeemed by individual investors directly but may be purchased or redeemed only through variable annuity contracts or variable life contracts offered by Lincoln Life, LNY and other insurance companies. Shares of the Funds may also be purchased by the Trust's funds of funds, which invest their assets in other mutual funds. The offering price of a Fund's shares is equal to its net asset value per share.

If conditions exist which make payment of redemption proceeds wholly in cash unwise or undesirable, a Fund may make payment wholly or partly in securities or other investment instruments which may not constitute securities as such term is defined in the applicable securities laws. If a redemption is paid wholly or partly in securities or other property, a shareholder would incur transaction costs in disposing of the redemption proceeds.

### Custodian and Transfer Agent
All securities, cash and other similar assets of the Funds are currently held in custody by State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111.

The custodian shall: receive and disburse money; receive and hold securities; transfer, exchange, or deliver securities; present for payment coupons and other income items, collect interest and cash dividends received, hold stock dividends, etc.; cause escrow and deposit receipts to be executed; register securities; and deliver to the Funds proxies, proxy statements, etc.

Lincoln Life performs the Funds' dividend and transfer agent functions.

### Independent Registered Public Accounting Firm
The Board of Trustees has engaged Ernst & Young LLP, One Commerce Square, Suite 700, 2005 Market Street, Philadelphia, PA 19103, to serve as the Acquiring Funds' Independent Registered Public Accounting Firm. In addition to the audits of the Funds' financial statements, Ernst & Young LLP also reviews certain regulatory reports and performs other tax services when engaged to do so by the Trust.

### Financial Statements
Since the Funds are new, the recent Form N-CSR to shareholders, which contains the Funds' audited financial statements, will not be available until December 31, 2026. We will provide a copy of the Funds' annual report and financial statements, once available, on request and without charge. Either write: The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call: 866-436-8717. The audited financial statements of the Predecessor Funds for the fiscal year ended December 31, 2025, and the semi-annual financial statements of the Target Predecessor Funds for the fiscal period ended June 30, 2025, are incorporated by reference herein.

### Taxes
**Regulated Investment Company.** The Fund intends to qualify, and has elected to be taxed as, a regulated investment company under the Internal Revenue Code (the "Code"). A regulated investment company's ordinary income and net realized capital gains, if distributed to shareholders, will not be subject to corporate income tax. The Fund, as a regulated investment company, must, among other things, annually derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans and gains from the sale of stock or

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securities or foreign currencies, or other income, such as income derived from interests in "qualified publicly traded partnerships," gains from options, futures, or forward contracts, derived with respect to the Funds' other investments (the Income Requirement).

The Fund also intends to comply with diversification requirements that apply to mutual funds investing in variable contracts. Generally, a Fund will be required to diversify its investments so that on the end of each calendar quarter: no more than 55% of total assets is represented by any one investment; no more than 70% is represented by any two; no more than 80% is represented by any three; and no more than 90% is represented by any four.

For this purpose, securities of a given issuer are treated as one investment, but each U.S. government agency or instrumentality is treated as a separate issuer. Any security issued, guaranteed, or insured by the U.S. government or an agency or instrumentality of the U.S. government is treated as a security issued by such. The Funds may satisfy an alternative asset diversification test under certain circumstances.

The Funds may sell its shares directly to certain qualified pension and retirement plans, and to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance contracts. If a Fund were to sell its shares to other categories of shareholders, the Funds may fail to comply with applicable Treasury requirements regarding investor control. If a Fund should fail to comply with the investor control requirements, the Contract owners would be treated as the Funds' shareholders, and the contracts invested in the Fund would not be treated as annuity, endowment, or life insurance contracts under the Code. All income and gain earned from those contracts both in past years and currently would be taxed currently to the Contract owners, and income and gain would remain subject to taxation as ordinary income thereafter.

If a Fund fails to qualify as a regulated investment company, the Fund would be subject to tax as an ordinary corporation on all of its taxable income and gain, whether or not distributed to shareholders. Moreover, if a Fund were to fail to qualify as a regulated investment company, the Funds' distributions would be characterized as ordinary dividend income to its shareholders, and Contract owners would be required to include in ordinary income any income earned under the contracts for the current and all prior taxable years. A Fund's failure to satisfy the diversification requirements may also result in adverse tax consequences for the insurance company issuing the contracts. Under certain circumstances inadvertent failures to satisfy the diversification requirements may be corrected.

The Funds may invest in exchange traded vehicles that track commodity returns. Under the Code, these investments are not considered "securities" for purposes of the Income Requirement. As a result, any income generated by such investments is not included in determining compliance with the Income Requirement's 90% test. The Fund intends to manage its commodities exposure to ensure that the Income Requirement is met at the end of the Funds' tax year. To the extent that a Fund's income from commodities exceeds 10% of the Funds' gross income, the Funds may be subject to taxation on that portion of commodities income that exceeds 10% of the Funds' gross income.

**Medicare Tax.** A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, taxable dividends, taxable annuity payments, and net gain from investments) of certain individuals, trusts and estates.

**Fund Distributions.** Dividends that a Fund pays from its ordinary income and distributions of a Fund's net realized capital gains are includable in the respective Insurance Company's gross income. Distributions of a Fund's net realized long-term capital gains retain their character as long-term capital gains in the hands of the Insurance Companies if certain requirements are met. The tax treatment of such dividends and distributions depends on the respective Insurance Company's tax status. To the extent that income of a Fund represents dividends on common or preferred stock, rather than interest income, its distributions to the Insurance Companies will be eligible for the present 70% dividends received deduction applicable to life insurance companies under the Code. See the Contracts Prospectus for a description of the respective Insurance Company's tax status and the charges that may be made to cover any taxes attributable to the Separate Account. Not later than 60 days after the end of each calendar year, each Fund will send to the Insurance Companies a written notice reporting the amount and character of any distributions made during such year. Any benefits reported will inure to the benefit of the Insurance Companies and will not be shared with Contract owners.

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**Foreign Investments.** Dividends or other income received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign jurisdictions. Tax conventions, such as treaties, between certain countries and the United States may reduce or eliminate such taxes in some cases. If more than 50% of a Fund's total assets at the close of its taxable year consists of stock or securities in foreign corporations or in other regulated investment companies, the Funds may elect to treat its foreign income tax payments as paid by the Insurance Companies for U.S. income tax purposes. The Funds may qualify for and make this election in some, but not necessarily all, of its taxable years. If a Fund were to make this election, the Insurance Companies would be required to take into account an amount equal to their pro rata portions of such foreign taxes in computing their taxable income. Not later than 60 days after any year for which it makes such an election, a Fund will report to the Insurance Companies the amount per share of such foreign income tax that must be included in gross income and the amount that will be available for the deduction or credit. Certain limitations apply to the credit (but not the deduction) for foreign taxes that an Insurance Company may claim. Foreign taxes each Fund pays will reduce the return on the Funds' investments. Any benefits of a foreign tax credit or deduction as a result of this election will inure to the benefit of the Insurance Companies and will not be shared with Contract owners.

The Fund or Underlying Fund that invests in non-U.S. securities may be subject to non-U.S. income taxes and non-U.S. financial transactions taxes. The Fund and underlying fund that is eligible to do so may elect to "pass through" to its investors the amount of non-U.S. income taxes paid by the Fund or underlying fund, depending on the circumstances.

**Contract Owner Taxes.** Since individual Contract owners are generally not treated as shareholders of the Funds, no discussion is included regarding the federal income tax consequences at the Contract owner level. The discussion of federal income tax considerations in the prospectus, in conjunction with the foregoing, is a general and abbreviated summary of the applicable provisions of the Code and Treasury Regulations currently in effect. These interpretations can be changed at any time. The above discussion covers only federal tax considerations with respect to the Funds. State and local taxes vary.

The Fund also intends to comply with diversification regulations under Section 817(h) of the Code that apply to mutual funds underlying variable contracts. Generally, a Fund will be required to diversify its investments so that on the last day of each quarter of a calendar year, no more than 55% of the value of its total assets is represented by any one investment, no more than 70% is represented by any two investments, no more than 80% is represented by any three investments, and no more than 90% is represented by any four investments. For this purpose, securities of a given issuer are treated as one investment, but each U.S. government agency or instrumentality is treated as a separate issuer. Any security issued, guaranteed, or insured (to the extent so guaranteed or insured) by the U.S. government or an agency or instrumentality of the U.S. government is treated as a security issued by the U.S. government or its agency or instrumentality, whichever is applicable. An alternative asset diversification test may be satisfied under certain circumstances.

The Funds may sell its shares directly to separate accounts established and maintained by insurance companies for the purpose of funding variable annuity and variable life insurance contracts and to certain qualified pension and retirement plans; if a Fund were to sell its shares to other categories of shareholders, the Funds may fail to comply with applicable Treasury requirements regarding investor control. If a Fund should fail to comply with the investor control requirements, the Contract holders would be treated as the owners of the shares and the contracts invested in the Fund would not be treated as annuity, endowment or life insurance contracts under the Code and all income and gain earned in past years and currently inside the contracts would be taxed currently to the Contract holders, and income and gain would remain subject to taxation as ordinary income thereafter.

Failure by a Fund to both qualify as a regulated investment company and satisfy the Section 817(h) diversification requirements would generally cause Variable Contracts that include the Fund as an underlying investment to lose their favorable tax status and require contract holders to include in ordinary income any income under the contracts for the current and all prior taxable years. Under certain circumstances described in the applicable Treasury regulations, inadvertent failure to satisfy the applicable diversification requirements may be corrected, but such a correction would require a payment to the Internal Revenue Service (IRS) based on the tax contract holders would have incurred if they were treated as receiving the income on the contract for the period during which the

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diversification requirements were not satisfied. Any such failure may also result in adverse tax consequences for the insurance company issuing the contracts. Failure by a Fund to qualify as a regulated investment company would also subject a Fund to federal and state income taxation on all of its taxable income and gain, whether or not distributed to shareholders.

The Fund or an underlying fund, if invested in non-U.S. securities, may be subject to non-U.S. income taxes and non-U.S. financial transactions taxes. The Fund and underlying fund that is permitted to do so may elect to "pass through" to its investors, including a Fund, the amount of non-U.S. income taxes paid by the Fund or underlying fund. The Fund itself will be eligible to elect to "pass through" such amounts to its stockholders and may do so, depending upon circumstances.

A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, taxable dividends, taxable annuity payments and net gain from investments) of certain individuals, trusts and estates.

Dividends paid by the Company from its ordinary income and distributions of the Company's net realized capital gains are includable in the respective Insurance Company's gross income. Distributions of the Company's net realized long-term capital gains retain their character as long-term capital gains in the hands of the Insurance Companies if certain requirements are met. The tax treatment of such dividends and distributions depends on the respective Insurance Company's tax status. To the extent that income of the Company represents dividends on common or preferred stock, rather than interest income, its distributions to the Insurance Companies will be eligible for the present 70% dividends received deduction applicable in the case of a life insurance company as provided in the Code. See the Prospectus for the Contracts for a description of the respective Insurance Company's tax status and the charges which may be made to cover any taxes attributable to the Separate Account. Not later than 60 days after the end of each calendar year, the Company will send to the Insurance Companies a written notice required by the Code reporting the amount and character of any distributions made during such year. Any benefits of such designation will inure to the benefit of the Insurance Companies and will not be shared with Contract holders.

Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes in some cases. If more than 50% of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations or in other regulated investment companies, the Funds may elect for U.S. income tax purposes to treat foreign income taxes paid by it as paid by the Insurance Companies. The Funds may qualify for and make this election in some, but not necessarily all, of its taxable years. If a Fund were to make an election, the Insurance Companies would be required to take into account an amount equal to their pro rata portions of such foreign taxes in computing their taxable income and then treat an amount equal to those foreign taxes as a U.S. Federal income tax deduction or as a foreign tax credit against their U.S. Federal income taxes. Not later than 60 days after any year for which it makes such an election, a Fund will report to the Insurance Companies the amount per share of such foreign income tax that must be included in gross income and the amount which will be available for the deduction or credit. Certain limitations will be imposed on the extent to which the credit (but not the deduction) for foreign taxes may be claimed. Foreign taxes paid by each Fund will reduce the return from the Funds' s investments. Any benefits of such reporting will inure to the benefit of the Insurance Companies and will not be shared with Contract holders.

Since individual contract owners are generally not treated as shareholders of the Funds, no discussion is included regarding the federal income tax consequences at the shareholder level.

The discussion of federal income tax considerations in the prospectus, in conjunction with the foregoing, is a general and abbreviated summary of the applicable provisions of the Code and Treasury Regulations currently in effect as interpreted by the Courts and the IRS. These interpretations can be changed at any time. The above discussion covers only federal tax considerations with respect to the Funds. State and local taxes vary.

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### Appendix A — Long and Short-Term Credit Ratings
Certain of the Fund's investment policies and restrictions include reference to bond (long-term) and commercial paper (short-term) ratings. The following is a discussion of the rating categories of Moody's Investor Service, Inc. and Standard & Poor's Financial Services LLC.

#### Background

#### Moody's
Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

#### S&P Global Ratings
A Standard & Poor's issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. The opinion reflects Standard & Poor's view of the obligor's capacity and willingness to meet its financial commitments as they come due.

#### Long-Term Credit Ratings
Long-term ratings are generally the credit risk of fixed-income obligation with an original maturity of one year or more.

#### Moody's
Aaa - Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa - Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A - Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa - Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba - Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B - Obligations rated B are considered speculative and are subject to high credit risk.

Caa - Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca - Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C - Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

#### S&P Global Ratings
AAA - An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA - An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A - An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB – An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitment on the obligation.

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BB; B; CCC; CC; and C – Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

D - An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer. \*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.

#### Short-Term Credit Ratings
Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days — including commercial paper.

#### Moody's
P1 - Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. P2 - Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. P3 - Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. NP - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

#### S&P Global Ratings
A-1 - A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2 - 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 commitment on the obligation is satisfactory.

A-3 - A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

B - A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C - A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D - A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a 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 exchange offer.

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### Appendix B — Proxy Voting Policies and Procedures

### Lincoln Financial Investments Corporation ("LFI")
I. Introduction

The Board of Trustees (the "Board") of each series of Lincoln Variable Insurance Products Trust (collectively, the "Lincoln Funds") has adopted these Proxy Voting Policies and Procedures (the "Policies and Procedures") to govern each Lincoln Fund's proxy voting. The Board has delegated implementation of these Policies and Procedures, and the responsibility for all proxy voting, or further delegation of proxy voting, to the Lincoln Funds' investment adviser, LFI.

LFI has adopted these Policies and Procedures to govern LFI's implementation of proxy voting for LFI's clients, which include the Lincoln Funds.

II. Policies

LFI shall vote proxies for which it has discretionary authority in the best interests of its clients. Such clients may include the Lincoln Funds, non-Lincoln mutual funds, private funds, and separate accounts (collectively, "Clients").

Proxy voting decisions with respect to a Client's holdings shall be made in the manner LFI believes will most likely protect and promote such Client's long-term economic value. Absent unusual circumstances or specific instructions, LFI votes proxies on a particular matter with this fundamental premise on behalf of each Client, regardless of a Client's individual investment style or strategies.

In exercise voting authority LFI will comply with Rule 206(4)-6 under the Investment Advisers Act of 1940. The Rule requires an investment adviser to:

• Adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interest of clients, which procedures must include how material conflicts are addressed;

• Disclose to clients how they may obtain information about how the adviser voted with respect to their securities; and

• Describe to clients the adviser's proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

III. Procedures

A. Direct Investments

LFI may invest directly in equity and fixed income securities, and other types of investments. LFI will cast votes for proxies in accordance with the Client's proxy voting procedures or other direction. If the Client does not direct proxy voting in the Client's account, LFI will vote proxies in the Client's best interests, as determined by LFI. In making such determination, LFI may rely on analysis from proxy voting consultants or third-party proxy voting services. LFI will consider each proxy that it votes and evaluate it based on the particular facts and circumstances of that proxy. LFI may determine not to vote all or some shares eligible to vote if that course of action would be in the Client's best interests under the circumstances. Such circumstances could include, but are not limited to, cases where the cost of voting exceeds any expected benefits (e.g., foreign proxies), or where voting results in restrictions on trading.

B. Sub-Advised Funds

LFI advises mutual funds and separate accounts that are offered through variable contracts and which are sub-advised by unaffiliated third-party sub-advisers ("sub-advised funds"). Each sub-advised fund delegates responsibility for voting proxies relating to the sub-advised fund's securities to the sub-adviser, subject to the Board's continued oversight. The sub-adviser votes all proxies relating to the sub-advised funds' portfolio securities

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and uses the sub-adviser's own proxy voting policies and procedures adopted in conformance with Rule 206(4)-6. LFI shall review each sub-adviser's proxy voting policies and procedures as follows:

• Before a sub-adviser is retained, LFI's compliance staff will review the proposed sub-adviser's proxy voting policies and procedures and confirm that the sub-adviser will vote the proxies in the best interests of its clients.

• Each quarter, LFI's compliance staff surveys each sub-adviser, via a compliance questionnaire, and reviews any reported changes or exceptions to their compliance policies and procedures, including proxy voting. LFI's compliance staff reviews these reported changes or exceptions and, if material, summarizes them and reports such event's to the sub-advised fund's board.

• During contract renewal of sub-advisory agreements for Clients that are registered mutual funds, LFI reviews the sub-adviser's responses to the Section 15(c) information request sent by Funds Management, which includes pertinent questions relating to the sub-adviser's proxy voting policies and procedures.

C. Funds of Funds

LFI advises certain funds of funds that invest substantially all of their assets in shares of other affiliated and/or unaffiliated mutual funds (each an "underlying fund"). A fund of funds may also invest directly in equity and fixed income securities and other types of investments.

When an underlying fund, whose shares are held by a fund of funds, solicits a shareholder vote on any matter, LFI shall vote such shares of the underlying fund in the same proportion as the vote of all other holders of shares of such underlying fund. This type of voting structure is commonly referred to as "mirror voting."

When a fund of funds invests directly in securities other than mutual funds, LFI shall follow the procedures outlined in "Direct Investments" above.

D. Master-Feeder Funds

LFI advises certain master-feeder funds. A feeder fund does not buy investment securities directly. Instead, it invests in a master fund which in turn purchases investment securities. Each feeder fund has the same investment objective and strategies as its master fund.

If a master fund in a master-feeder structure calls a shareholder meeting and solicits proxies, the feeder fund (that owns shares of the master fund) shall seek voting instructions from the feeder fund's shareholders and will vote proxies as directed. Proxies for which no instructions are received shall be voted in accordance with mirror voting, in the same proportion as the proxies for which instructions were timely received from the feeder fund's shareholders.

Proxies for the portfolio securities owned by the master fund will be voted pursuant to the master fund's own proxy voting policies and procedures.

E. Material Conflicts

In the event that LFI identifies a potential material conflict of interest between a Client and LFI, or any LFI-affiliated entity, LFI will advise the chief compliance officer ("CCO") of the potential conflict. The CCO then will convene an ad hoc committee which will include, without limitation, the CCO, legal counsel, and the president of LFI. The ad hoc committee will determine if an actual conflict exists, and if so, it will vote the proxy in accordance with the Client's best interests. If the conflict relates specifically to a Client that is a registered mutual fund, the CCO shall report to the fund's board, at its next regularly scheduled meeting, the nature of the conflict, how the proxy vote was cast, and the rationale for the vote.

IV. Disclosure

A. Form ADV

LFI shall disclose information regarding these Policies and Procedures as required in Item 17 of Form ADV, Part 2A. Among other things, LFI will disclose how Clients may obtain information about how LFI voted their portfolio securities and how Clients may obtain a copy of these Policies and Procedures.

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B. Statement of Additional Information (SAI)

Each of the Lincoln Funds shall include in its SAI a copy or a summary of these Policies and Procedures, and, if applicable, any sub-advisers' policies and procedures (or a summary of such policies and procedures).

C. Annual Reports

Each of the Lincoln Funds shall disclose in its annual and semi-annual shareholder reports that a description of these Policies and Procedures, including any sub-adviser policies and procedures, and the Lincoln Fund's proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission's (SEC) website by calling a specified toll-free telephone number.

D. Proxy Voting Record on Form N-PX

The Lincoln Funds annually will file their complete proxy voting record with the SEC on Form N-PX. Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year.

V. Recordkeeping

LFI shall retain the following documents for not less than seven (7) years from the end of the year in which the proxies were voted, the first two (2) years at an on-site location:

(a) Proxy Voting Policies and Procedures;

(b) Proxy voting records (this requirement may be satisfied by a third party who has agreed in writing to do so);

(c) A copy of any document that LFI, or an ad hoc committee convened for purposes of voting proxies, creates that was material in making its voting decision, or that memorializes the basis for such decision; and

(d) A copy of each written request from a Client, and any response to the Client, for information on how LFI voted the Client's proxies.

#### ClearBridge Investments, LLC ("ClearBridge")
ClearBridge is subject to the Proxy Voting Policies and Procedures that it has adopted to seek to ensure that it votes proxies relating to equity securities in the best interest of client accounts. The following is a brief overview of the policies.

ClearBridge votes proxies for each client account with respect to which it has been authorized or is required by law to vote proxies. In voting proxies, ClearBridge is guided by general fiduciary principles and seeks to act prudently and solely in the best interest of the beneficial owners of the accounts it manages. ClearBridge attempts to consider all factors that could affect the value of the investment and will vote proxies in the manner that it believes will be consistent with efforts to maximize shareholder values. ClearBridge may utilize an external service provider to provide it with information and/or a recommendation with regard to proxy votes. However, such recommendations do not relieve ClearBridge of its responsibility for the proxy vote.

In the case of a proxy issue for which there is a stated position in the policies, ClearBridge generally votes in accordance with such stated position. In the case of a proxy issue for which there is a list of factors set forth in the policies that ClearBridge considers in voting on such issue, ClearBridge considers those factors and votes on a case-by-case basis in accordance with the general principles set forth above. In the case of a proxy issue for which there is no stated position or list of factors that ClearBridge considers in voting on such issue, ClearBridge votes on a case-by-case basis in accordance with the general principles set forth above. Issues for which there is a stated position set forth in the policies or for which there is a list of factors set forth in the policies that ClearBridge considers in voting on such issues fall into a variety of categories, including election of directors, ratification of auditors, proxy and tender offer defenses, capital structure issues, executive and director compensation, mergers and corporate restructuring, and social and environmental issues. The stated position on an issue set forth in the policies can always be superseded, subject to the duty to act solely in the best interest of the beneficial owners of accounts, by the investment management professionals responsible for the account whose shares are being voted. There may be occasions when different investment teams vote differently on the same issue. In addition, in the case of Taft-Hartley clients, ClearBridge will comply with a client direction to vote proxies in accordance with Institutional

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Shareholder Services' (ISS) PVS Voting guidelines, which ISS represents to be fully consistent with AFL-CIO guidelines.

In furtherance of ClearBridge's goal to vote proxies in the best interest of clients, ClearBridge follows procedures designed to identify and address material conflicts that may arise between ClearBridge's interests and those of its clients before voting proxies on behalf of such clients. To seek to identify conflicts of interest, ClearBridge periodically notifies ClearBridge employees in writing that they are under an obligation (i) to be aware of the potential for conflicts of interest on the part of ClearBridge with respect to voting proxies on behalf of client accounts both as a result of their personal relationships or ClearBridge's business relationships, and (ii) to bring conflicts of interest of which they become aware to the attention of ClearBridge's Chief Compliance Officer. ClearBridge also maintains and considers a list of significant ClearBridge relationships that could present a conflict of interest for ClearBridge in voting proxies.

ClearBridge generally takes the position that non-ClearBridge relationships between a Franklin affiliate and an issuer do not present a conflict of interest for ClearBridge in voting proxies with respect to such issuer. Such position is based on the fact that ClearBridge is operated as an independent business unit from other Franklin business units as well as on the existence of information barriers between ClearBridge and certain other Franklin business units.

ClearBridge's Proxy Committee reviews and addresses conflicts of interest. A proxy issue that will be voted in accordance with a stated ClearBridge position on such issue or in accordance with the recommendation of an independent third party is not brought to the attention of the Proxy Committee for a conflict of interest review because ClearBridge's position is that to the extent a conflict of interest issue exists, it is resolved by voting in accordance with a pre-determined policy or in accordance with the recommendation of an independent third party. With respect to a conflict of interest brought to its attention, the Proxy Committee first determines whether such conflict of interest is material. A conflict of interest is considered material to the extent that it is determined that such conflict is likely to influence, or appear to influence, ClearBridge's decision-making in voting proxies. If it is determined by the Proxy Committee that a conflict of interest is not material, ClearBridge may vote proxies notwithstanding the existence of the conflict.

If it is determined by the Proxy Committee that a conflict of interest is material, the Proxy Committee is responsible for determining an appropriate method to resolve such conflict of interest before the proxy affected by the conflict of interest is voted. Such determination is based on the particular facts and circumstances, including the importance of the proxy issue and the nature of the conflict of interest.

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### Appendix C — Compensation Structures and Methodologies of Portfolio Managers
The following describes the structure of, and the method(s) used to determine the different types of compensation (e.g., salary, bonus, deferred compensation, retirement plans and arrangements) for each Fund's portfolio manager as of each Fund's fiscal year ended December 31, 2025:

#### ClearBridge Investments, LLC ("ClearBridge")
ClearBridge's portfolio managers participate in a competitive compensation program that is designed to attract and retain outstanding investment professionals and closely align the interests of its investment professionals with those of its clients and overall firm results. The total compensation program includes a significant incentive component that rewards high performance standards, integrity, and collaboration consistent with the firm's values. Portfolio manager compensation is reviewed and modified each year as appropriate to reflect changes in the market and to ensure the continued alignment with the goals stated above. ClearBridge's portfolio managers and other investment professionals receive a combination of base compensation and discretionary compensation, comprising a cash incentive award and deferred incentive plans described below.

Base salary compensation. Base salary is fixed and primarily determined based on market factors and the experience and responsibilities of the investment professional within the firm.

Discretionary compensation. In addition to base compensation managers may receive discretionary compensation.

Discretionary compensation can include:

• Cash Incentive Award

• Deferred Compensation - mandatory programs that typically defer a portion of discretionary year-end compensation into company managed funds. Portfolio Managers generally have required allocations in their main product, with the option to invest in additional managed funds. As a result, Portfolio Managers may have up to 100% of this award allocated to their primary managed product or its performance. For research analysts, 100% of the deferred amount is allocated among our managed funds. For U.S.-based employees, these investments are company assets held on the balance sheet and distributed to employees as shares, subject to applicable vesting requirements. Outside the United States, a third-party administrator tracks the performance as a notional investment, which is then paid out to employees in cash following vesting requirements.

• Restricted Stock Deferral – a mandatory program that typically defers a portion of discretionary year-end compensation into Franklin Templeton restricted stock. The award is paid out to employees in shares subject to vesting requirements

Several factors are considered by ClearBridge Senior Management when determining discretionary compensation for portfolio managers.

These include but are not limited to:

• Investment performance. A portfolio manager's compensation is linked to the investment performance of the fund/accounts managed by the portfolio manager. Investment performance is calculated for 1-, 3-, and 5-year periods measured against the applicable product benchmark (e.g., a securities index and, with respect to a fund, the benchmark set forth in the fund's Prospectus) and relative to applicable industry peer groups. The greatest weight is generally placed on 3- and 5-year performance;

• Appropriate risk positioning that is consistent with the strategy's investment philosophy and approach to generation of alpha.

• Overall firm profitability and performance;

• Amount and nature of assets managed by the portfolio manager;

• Contributions for asset retention, gathering and client satisfaction;

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• Contribution to mentoring, coaching and/or supervising;

• Contribution and communication of investment ideas in ClearBridge's Investment Committee meetings and on a day to day basis; and

• Market compensation survey research by independent third parties **Lincoln Financial Investments Corporation ("LFI")** 

The equity programs are designed to position LFI to attract and retain the most talented individuals in the financial services industry by offering competitive programs that reward exceptional individual and company performance. Compensation of portfolio managers is not directly based on the performance of the funds or the value of assets held in the funds. Each portfolio manager's compensation consists of the following:

BASE SALARY: Each named portfolio manager receives a fixed base salary. The base salary is a combination of factors including experience, responsibilities, skills, expectations, and market considerations. Salary increases are awarded in recognition of the portfolio manager's individual performance and an increase or change in duties and responsibilities. Job expectations are reviewed annually to ensure that they are reflected in the performance objects of the portfolio manager.

ANNUAL INCENTIVE PLAN (AIP): Portfolio managers are eligible to receive annual variable incentive bonus. The AIP is a component of overall compensation based on company, division, and individual employee performance designed to link performance to pay.

LONG-TERM INCENTIVE PLAN PROGRAM: From time to time long-term incentive equity awards are granted to certain key employees. Equity awards are generally granted in the form of Lincoln National Corporation restricted stock units that, once vested, settle in Lincoln National Corporation common stock.

DEFERRED COMPENSATION PROGRAM: A portion of the cash compensation paid to eligible LFI employees may be voluntarily deferred at their election for defined periods of time into an account that may be invested in mutual funds. The mutual fund investment options available in such accounts do not currently include LFI-advised funds.

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**Part C - Other Information**

**<u>Item 28. Exhibits</u>**

Defined Terms for Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Financial Investments Corporation ("LFI")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Variable Insurance Products Trust ("LVIP Trust")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Financial Distributors, Inc. ("LFD")

&nbsp;&nbsp;&nbsp;&nbsp;• The Lincoln National Life Insurance Company ("Lincoln Life")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Life & Annuity Company of New York ("Lincoln New York")

&nbsp;&nbsp;&nbsp;&nbsp;• Post-Effective Amendment ("PEA")

Each of the following exhibits are incorporated by reference herein to the previously filed documents indicated, except as otherwise noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Declaration of Trust.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Agreement and Declaration of Trust, dated February 1, 2003, previously filed with PEA 13 on April 4, 2003.</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Certificate of Trust, dated January 31, 2003, previously filed with PEA 143 on January 7, 2013</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513004631/d460551dex9928a2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *By-laws.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>By-laws of LVIP Trust, dated September 15, 2015, previously filed with PEA 165 on January 8, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516424708/d108186dex99b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Instruments Defining Rights of Security Holders.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Articles II, VII, and VIII of the Agreement and Declaration of Trust and Articles III, V and VI of the Amended Bylaws, incorporated by reference into Exhibits (a) and (b) hereto, define the rights of holders of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Investment Advisory Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Investment Management Agreement, dated April 30, 2007, between LVIP Trust and LFI, previously filed with PEA 41</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923d1a.txt) [<u>on April 15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923d1a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule A to the Investment Management Agreement, dated June 17, 2022, between LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d1a.htm) [<u>Trust and LFI, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Schedule A to the Investment Management Agreement, dated October 1, 2025, between</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996a2.htm) [<u>LVIP Trust and LFI, previously filed with the Trust's Registration Statement on Form N-14 on December 3,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996a2.htm) [<u>2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996a2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Investment Management Agreement, dated March 20, 2019, between LVIP BlackRock Global Allocation Fund</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d2.htm) [<u>Cayman, Ltd. and LFI, previously filed with PEA 197 on April 25, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Sub-Advisory Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Sub-Advisory Agreement dated April 1, 2021, between LFI and AllianceBernstein, L.P., previously filed with</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4a.htm) [<u>PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated April 5, 2024, between LFI and AllianceBernstein</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524102095/d786996dex99d4ai.htm) [<u>L.P., previously filed with PEA 259 on April 19, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524102095/d786996dex99d4ai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Sub-Advisory Agreement dated April 30, 2019, between LFI and American Century Investment</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d44.htm) [<u>Management Inc., previously filed with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d44.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated November 2, 2023, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4bi.htm) [<u>and American Century Investment Management, Inc., previously filed with PEA 248 on November</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4bi.htm) [<u>17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4bi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 3 to Schedule A to Sub-Advisory Agreement dated May 1, 2026, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex996d2ii.htm) [<u>and American Century Investment Management, Inc., previously filed with the Trust's</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex996d2ii.htm) [<u>Registration Statement on Form N-14 on February 20, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526061491/d79563dex996d2ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Sub-Advisory Agreement dated June 5, 2007, between LFI and BAMCO, Inc., pertaining to the LVIP Baron</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d3.txt) [<u>Growth Opportunities Fund, previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d3.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated January 1, 2023, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ci.htm) [<u>BAMCO, Inc., previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ci.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Sub-Advisory Agreement dated March 21, 2016, between LFI and BlackRock Advisors, LLC, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d5.htm) [<u>filed with PEA 168 on April 29, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d5.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2023, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523256478/d558607dex99d4di.htm) [<u>BlackRock Advisors, LLC, previously filed with PEA 245 on October 16, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523256478/d558607dex99d4di.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [<u>Sub-Advisory Agreement dated April 30, 2010, between LFI and BlackRock Financial Management, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d4.txt) [<u>previously filed with PEA 132 on April 12, 2012</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d4.txt) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [<u>Sub-Advisory Agreement dated August 27, 2012, between LFI and BlackRock Investment Management,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d4.htm) [<u>LLC, previously filed with PEA 145 on April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Side Letter to Sub-Advisory Agreement dated June 16, 2020, between LFI and BlackRock</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ei.htm) [<u>Investment Management, LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated December 17, 2021, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4gii.htm) [<u>and BlackRock Investment Management, LLC., previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4gii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated May 1, 2025, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4fiii.htm) [<u>BlackRock Investment Management, LLC., previously filed with PEA 266 on February 21, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4fiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [<u>Sub-Advisory Agreement dated January 1, 2017, between LFI and BlackRock Investment Management,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4f.htm) [<u>LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated September 27, 2017, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4fi.htm) [<u>and BlackRock Investment Management, LLC, previously filed with PEA 211 on December 15,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4fi.htm) [<u>2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4fi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Sub-Advisory Agreement dated May 20, 2022, between LFI and Channing Capital Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4j.htm) [<u>previously filed with PEA 228 on July 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Side Letter to Sub-Advisory Agreement dated May 20, 2022, between LFI and Channing Capital</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4ji.htm) [<u>Management LLC, previously filed with PEA 228 on July 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928d4ji.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [<u>Sub-Advisory Agreement dated July 30, 2020, between LFI and ClearBridge Investments, LLC, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4g.htm) [<u>filed with PEA 211 on December 11, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Schedule A to Sub-Advisory Agreement dated May 3, 2024, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4ji.htm) [<u>and ClearBridge Investments, LLC, previously filed with PEA 262 on May 17, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4ji.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 2 to Schedule A to Sub-Advisory Agreement dated April 1, 2026, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996d9ii.htm) [<u>and ClearBridge Investments, LLC, previously filed with the Trust's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996d9ii.htm) [<u>Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex996d9ii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) [<u>Assignment and Assumption of Sub-Advisory Agreements, dated June 20, 2013, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000168386320003417/f3368d3.htm) [<u>Delaware Management Company, previously filed with PEA 204 on April 16, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000168386320003417/f3368d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [<u>Sub-Advisory Agreement dated May 1, 2015, between LFI and Dimensional Fund Advisors LP, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515162660/d903076dex99d13.htm) [<u>filed with PEA 162 on April 30, 2015.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515162660/d903076dex99d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated March 10, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4pi.htm) [<u>Dimensional Fund Advisers LP, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4pi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [<u>Sub-Advisory Agreement dated May 1, 2025, between LFI and FIAM LLC, previously filed with PEA 266 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4r.htm) [<u>February 21, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525031940/d920182dex99d4r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [<u>Sub-Advisory Agreement dated April 30, 2014, between LFI and Franklin Advisers, Inc., previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14a.htm) [<u>with PEA 152 on April 30, 2014</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14a.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated April 1, 2018, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d15b.htm) [<u>Franklin Advisers, Inc., previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d15b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment No. 3 to Sub-Advisory Agreement dated May 1, 2023, between LFI and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qia.htm) [<u>Advisors, Inc., previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qia.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [<u>Amended & Restated Sub-Advisory Agreement dated August 7, 2021, between LFI and Franklin Advisers,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4r.htm) [<u>Inc., previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Sub-Advisory Agreement dated May 3, 2024, between LFI and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4riii.htm) [<u>Advisors, Inc., previously filed with PEA 262 on May 17, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312524141540/d815601dex99d4riii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [<u>Sub-Advisory Agreement dated January 27, 2016, between LFI and Franklin Mutual Advisers, LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d17.htm) [<u>previously filed with PEA 168 on April 29, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Sub-Advisory Agreement dated February 1, 2026, between LFI and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4qi.htm) [<u>Mutual Advisers, LLC, previously filed with PEA 272 on February 11, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4qi.htm) .

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) [<u>Sub-Advisory Agreement dated April 30, 2014, between LFI and Goldman Sachs Asset Management, L.P.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d16.htm) [<u>previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated April 14, 2017, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312517147544/d340858dex9928d21a.htm) [<u>Goldman Sachs Asset Management, L.P., previously filed with PEA 178 on April 28, 2017.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312517147544/d340858dex9928d21a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [<u>Sub-Advisory Agreement dated February 8, 2019, between LFI and Invesco Advisers Inc. previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d38.htm) [<u>with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [<u>Sub-Advisory Agreement dated February 8, 2019, between LFI and Invesco Capital Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d39.htm) [<u>previously filed with PEA 199 on April 30, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519129354/d723314dex99d39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) [<u>Sub-Advisory Agreement dated September 21, 2012, between LFI and J.P. Morgan Investment</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d15.htm) [<u>Management Inc., previously filed with PEA 145 on April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated August 31, 2018, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ui.htm) [<u>Investment Management Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ui.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Sub-Advisory Agreement dated August 31, 2018, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4uii.htm) [<u>Investment Management Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4uii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated March 24, 2022, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm) [<u>J.P. Morgan Investment Management, Inc., previously filed with the Trust's Registration</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm) [<u>Statement on Form N-14 on April 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/0000914036/000119312522107913/d318391dex99166d22iv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Side Letter to Sub-Advisory Agreement dated April 18, 2023, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex9923iii.htm) [<u>Investment Management, Inc., previously filed with Pre-Effective Amendment No. 2 on May 19,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex9923iii.htm) [<u>2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523148877/d507529dex9923iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Amendment No. 7 to Sub-Advisory Agreement dated May 1, 2023, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4xi.htm) [<u>Investment Management Inc., previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4xi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated May 1, 2025, between LFI and J.P.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zv.htm) [<u>Morgan Investment Management, Inc., previously filed with PEA 269 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Side Letter to Sub-Advisory Agreement dated March 21, 2025, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zvi.htm) [<u>Investment Management Inc., previously filed with PEA 269 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99d4zvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Sub-Advisory Agreement dated April 30, 2010, between LFI and J.P. Morgan Investment Management Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d13.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d13.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated August 31, 2018, between LFI and J.P. Morgan</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vi.htm) [<u>Investment Management Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2019, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vii.htm) [<u>J.P. Morgan Investment Management, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4vii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) [<u>Sub-Advisory Agreement dated April 30, 2018, between LFI and Loomis, Sayles & Company, L.P.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4w.htm) [<u>previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 1 to Sub-Advisory Agreement dated February 1, 2026, between LFI and Loomis,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4wi.htm) [<u>Sayles & Company, L.P., previously filed with PEA 272 on February 11, 2026</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526046020/d105081dex99d4wi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [<u>Sub-Advisory Agreement dated October 30, 2018, between LFI and Massachusetts Financial Services</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4x.htm) [<u>Company, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4x.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [<u>Sub-Advisory Agreement dated October 1, 2010, between LFI and Massachusetts Financial Services</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d15.txt) [<u>Company, previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d15.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment No. 5 to Sub-Advisory Agreement dated January 1, 2023, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4aai.htm) [<u>Massachusetts Financial Services Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4aai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated September 30, 2020, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4yi.htm) [<u>and Massachusetts Financial Services Company, previously filed with PEA 211 on December 15,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4yi.htm) [<u>2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4yi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and Massachusetts Financial Services</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d16.txt) [<u>Company, previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d16.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated January 1, 2022, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4bbi.htm) [<u>Massachusetts Financial Services Company, previously filed with PEA 226 on April 29, 2022</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4bbi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) [<u>Sub-Advisory Agreement dated May 1, 2016, between LFI and Milliman Financial Risk Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d19.htm) [<u>previously filed with PEA 168 on April 29, 2016</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d19.htm) .

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated October 1, 2017, between Milliman Financial Risk</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4aai.htm) [<u>Management LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4aai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated May 1, 2020, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d19b.htm) [<u>Milliman Financial Risk Management LLC, previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d19b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) [<u>Sub-Advisory Agreement dated March 1, 2021, between LFI and Milliman Financial Risk Management LLC,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4dd.htm) [<u>previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4dd.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated June 18, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4dd1.htm) [<u>Milliman Financial Risk Management LLC, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4dd1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated March 28, 2023, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ddii.htm) [<u>and Milliman Financial Risk Management LLC, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4ddii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment No. 3 to Schedule A to the Sub-Advisory Agreement dated October 1, 2023, between</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4ddiii.htm) [<u>LFI and Milliman Financial Risk Management LLC, previously filed with PEA 248 on November</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4ddiii.htm) [<u>17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523279484/d560164dex99d4ddiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) [<u>Sub-Advisory Agreement dated July 12, 2011, between LFI and Mondrian Investment Partners Limited,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d12.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d12.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4eei.htm) [<u>Mondrian Investment Partners Limited, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4eei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) [<u>Sub-Advisory Agreement dated July 12, 2011, between LFI and Mondrian Investment Partners Limited,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d18.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d18.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4ffi.htm) [<u>Mondrian Investment Partners Limited, previously filed with PEA 225 on September 7, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521266161/d185981dex99d4ffi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) [<u>Sub-Advisory Agreement dated December 1, 2025, between LFI and Nomura Investments Fund Advisers,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d4ii.htm) [<u>previously filed with PEA 271 on December 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d4ii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) [<u>Sub-Advisory Agreement dated April 1, 2026, between LFI and Nomura Corporate Research and Asset</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526100267/d35318dex996d31.htm) [<u>Management Inc., previously filed with the Trust's Registration Statement on Form N-14 on March 10,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526100267/d35318dex996d31.htm) [<u>2026.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526100267/d35318dex996d31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) [<u>Sub-Advisory Agreement dated April 30, 2014, between LFI and Pacific Investment Management Company</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d24.htm) [<u>LLC, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated September 20, 2021, between LFI and Pacific</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4ggi.htm) [<u>Investment Management Company LLC, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d4ggi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Sub-Advisory Agreement effective April 28, 2020, between LFI and Schroder Investment Management</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d32a.htm) [<u>North America Inc., previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d32a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) [<u>Sub-Advisory Agreement dated April 30, 2008, between LFI and SSGA Funds Management, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d19.txt) [<u>previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d19.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated February 1, 2021, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kki.htm) [<u>and SSGA Funds Management, Inc., previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kki.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to the Sub-Advisory Agreement dated April 1, 2021, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kkii.htm) [<u>SSGA Funds Management, Inc., previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d4kkii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) [<u>Sub-Advisory Agreement dated February 8, 2016, between LFI and T. Rowe Price Associates, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d33.htm) [<u>previously filed with PEA 168 on April 29, 2016</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312516569361/d147423dex99d33.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated March 8, 2016, between LFI and T. Rowe Price</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d33b.htm) [<u>Associates, Inc., previously filed with PEA 190 on September 28, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d33b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2019, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4hhii.htm) [<u>T. Rowe Price Associates, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4hhii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) [<u>Sub-Advisory Agreement dated February 1, 2018, between LFI and T. Rowe Price Associates, Inc.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518027355/d468914dex9928d42a.htm) [<u>previously filed with PEA 182 on January 31, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518027355/d468914dex9928d42a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated April 6, 2020, between LFI and T.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d36b.htm) [<u>Rowe Price Associates, Inc., previously filed with PEA 205 on April 29, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520125936/d907675dex99d36b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and T. Rowe Price Associates, Inc., previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d21.txt) [<u>filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d21.txt)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated September 13, 2017, between LFI</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d34b.htm) [<u>and T. Rowe Price Associates, Inc., previously filed with PEA 186 from April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d34b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2023, between LFI and T.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm) [<u>Rowe Price Associates, Inc. previously filed with PEA 238 on July 17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and T. Rowe Price Associates, Inc., previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d22.txt) [<u>filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d22.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Sub-Advisory Agreement dated March 8, 2016, between LFI and T. Rowe Price</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d35b.htm) [<u>Associates, Inc., previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99d35b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2019, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4llii.htm) [<u>T. Rowe Price Associates, Inc., previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4llii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2023, between LFI and T.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm) [<u>Rowe Price Associates, Inc. previously filed with PEA 238 on July 17, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523187999/d532515dex99d4mmii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) [<u>Sub-Advisory Agreement dated September 21, 2012, between LFI and Templeton Investment Counsel,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d24.htm) [<u>LLC, previously filed with PEA 145 on April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2015, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4mmi.htm) [<u>Templeton Investment Counsel, LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4mmi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and Wellington Management Company, LLP,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d5.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d5.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated July 1, 2017, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ooi.htm) [<u>Wellington Management Company, LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4ooi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) [<u>Sub-Advisory Agreement dated April 30, 2007, between LFI and Wellington Management Company, LLP,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d17.txt) [<u>previously filed with PEA 132 on April 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512195107/d338953dex9928d17.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2018, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518313778/d609250dex99d27b.htm) [<u>Wellington Management Company, LLP, previously filed with PEA 192 on October 31, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518313778/d609250dex99d27b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Schedule A to Sub-Advisory Agreement dated October 1, 2022, between LFI and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qqi.htm) [<u>Wellington Management Company, LLP, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99d4qqi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) [<u>Sub-Advisory Agreement dated July 31, 2020, between LFI and Western Asset Management Company,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4qq.htm) [<u>LLC, previously filed with PEA 211 on December 15, 2020.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312520318155/d91169dex99d4qq.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Sub-Sub-Advisory Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Sub-Sub-Advisory Agreement dated March 13, 2017, between BlackRock Financial Management Inc. and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5a.htm) [<u>BlackRock International Limited, previously filed with PEA 219 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Sub-Sub-Advisory Agreement dated February 11, 2022, between BlackRock Investment Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d5b.htm) [<u>and BlackRock Singapore Limited, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d5b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Sub-Sub-Advisory Agreement dated April 25, 2024, between BlackRock Investment Management, LLC and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5c.htm) [<u>BlackRock International Limited, previously filed with PEA 271 on December 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Sub-Sub-Advisory Agreement dated May 1, 2025, between FIAM, LLC and FMR INVESTMENT</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525120869/d902479dex996d51.htm) [<u>MANAGEMENT (UK) LIMITED, previously filed with the Trust's Registration Statement on Form N-14 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525120869/d902479dex996d51.htm) [<u>May 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525120869/d902479dex996d51.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and K2/D&S</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14b.htm) [<u>Management Co., L.L.C, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and Templeton</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14c.htm) [<u>Investment Counsel, LLC, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [<u>Sub-Sub-Advisory Agreement dated April 30, 2014, between Franklin Advisers, Inc. and Franklin</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14d.htm) [<u>Templeton Institutional, LLC, previously filed with PEA 152 on April 30, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312514171995/d706212dex9928d14d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [<u>Sub-Sub-Advisory Agreement dated December 1, 2025, between Nomura Investments Fund Advisers and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5j.htm) [<u>Macquarie Investment Management Global Limited, previously filed with PEA 271 on December 15, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525319132/d788763dex99d5j.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [<u>Sub-Sub-Advisory Agreement dated April 28, 2020, between Schroder Investment Management North</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5j.htm) [<u>America Inc. and Schroder Investment Management North America Limited, previously filed with PEA 219</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5j.htm) [<u>on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99d5j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Other Sub-Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Sub-Advisory Agreement between LFI, LVIP BlackRock Global Allocation Fund Cayman Ltd., and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d42.htm) [<u>BlackRock Investment Management, LLC, previously filed with PEA 197 on April 25, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99d42.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amended & Restated Sub-Advisory Agreement dated April 26, 2019, between LFI, LVIP BlackRock Global</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm) [<u>Allocation Fund Cayman Ltd., and BlackRock Investment Management, LLC, previously filed with PEA 226</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm) [<u>on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99d6b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Underwriting Contracts*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Principal Underwriting Agreement dated January 1, 2012, between LVIP Trust and LFD, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512155131/d298968dex9928e.txt) [<u>125 on April 9, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512155131/d298968dex9928e.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule A to Principal Underwriting Agreement dated June 30, 2021, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99e1a.htm) [<u>and LFD, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99e1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Schedule A to Principal Underwriting Agreement dated April 11, 2023, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99e1a.htm) [<u>and LFD, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99e1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Custodian Agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Mutual Fund Custody and Services Agreement dated June 19, 2018, between LVIP Trust and State Street Bank and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9991.htm) [<u>Trust Company, previously filed with Pre-Effective Amendment 1 on January 1, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9991.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Appendix A to Mutual Fund Custody Agreement dated 11/18/2021, between LVIP Trust and</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99g1a.htm) [<u>State Street Bank and Trust Company, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99g1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Appendix A to Mutual Fund Custody Agreement dated March 28, 2023, between LVIP Trust</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99g1a.htm) [<u>and State Street Bank and Trust Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99g1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Amendment to Appendix A to Mutual Fund Custody Agreement dated January 30, 2024, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex999a3.htm) [<u>with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex999a3.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Other Material Contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Fund Accounting and Financial Administration Agreement dated June 19, 2018, between LVIP Trust and State Street</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9992.htm) [<u>Bank and Trust Company, previously filed with Pre-Effective Amendment 1 on January 1, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519007544/d644205dex9992.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Annex I to Fund Accounting and Financial Administration Agreement dated March 28,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h1a.htm) [<u>2023, between LVIP Trust and State Street Bank and Trust Company, previously filed with PEA 233 on April</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h1a.htm) [<u>28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Administration Agreement dated January 1, 2015, between LVIP Trust and Lincoln Life, previously filed with PEA</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515001914/d842433dex99h2.htm) [<u>175 on January 6, 2015.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312515001914/d842433dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Administration Agreement dated May 1, 2017, between LVIP Trust and Lincoln Life,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h2b.htm) [<u>previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Administration Agreement dated December 1, 2023, between LVIP Trust and Lincoln Life,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523292422/d611240dex99h2b.htm) [<u>previously filed with PEA 249 on December 11, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523292422/d611240dex99h2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Amendment to Administration Agreement dated March 26, 2026, between LVIP Trust and Lincoln Life,</u>](d109417dex99h2c.htm) [<u>filed herewith</u>](d109417dex99h2c.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Amended and Restated Expense Limitation Agreement dated April 26, 2019, between LFI and LVIP Trust, previously</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99h24.htm) [<u>filed with PEA 197 on April 25, 2017.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312519119230/d725689dex99h24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule A of Amended and Restated Expense Limitation Agreement dated March 28,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h3a.htm) [<u>2023, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h3a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Schedule A of Amended and Restated Expense Limitation Agreement dated May 1, 2026,</u>](d109417dex99h3b.htm) [<u>filed herewith</u>](d109417dex99h3b.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Advisory Fee Waiver Agreement dated March 7, 2013, between LFI and LVIP Trust, previously filed with PEA 145 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d26.htm) [<u>April 30, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312513182648/d514806dex9928d26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule A to the Advisory Fee Waiver Agreement dated March 28, 2023, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h4a.htm) [<u>with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99h4a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Schedule A to the Advisory Fee Waiver Agreement dated May 1, 2026, filed herewith</u>](d109417dex99h4b.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) *Consulting Agreements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Consulting Agreement dated January 1, 2018, between LFI and Goldman Sachs Asset Management, L.P.,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h6.htm) [<u>previously filed with PEA 186 on April 30, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312518143019/d550759dex99h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [<u>Form of Participation Agreement, previously filed with PEA 1 on April 9, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526149731/d63605dex9913f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [<u>Form of Indemnification Agreement, previously filed with PEA 125 on April 9, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512155131/d298968dex9928h3.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Legal Opinion.*

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Legal Opinion of Counsel dated April 1, 2003, regarding issuance of shares, previously filed with PEA 13 on April 4,</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23i.txt) [<u>2003.</u>](https://www.sec.gov/Archives/edgar/data/914036/000104746903011966/a2105423zex-99_23i.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Legal Opinion of Counsel dated April 27, 2007, regarding issuance of shares, previously filed with PEA 41 on April</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923i2.txt) [<u>15, 2008.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312508081651/dex9923i2.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Other Opinions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Power of Attorney (LVIP Trust) dated March 19, 2026, filed herewith</u>](d109417dex99j1.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Consent of Independent Registered Public Accounting Firm (for the Legg Mason Partners Variable Equity Trust</u>](d109417dex99j2.htm) [<u>Predecessor Funds), is filed herewith</u>](d109417dex99j2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Consent of Independent Registered Public Accounting Firm (for the JPMorgan Investment Trust Predecessor](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm) [Funds), previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Consent of Independent Registered Public Accounting Firm, (for the American Century Variable Portfolios I, Inc.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524117379/d827415d485bpos.htm) [and American Century Variable Portfolios II, Inc. Predecessor Funds) previously filed with PEA 260 on April 26,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524117379/d827415d485bpos.htm) [2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524117379/d827415d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Rule 12b-1 Plan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Service Class Distribution and Service Plan, previously filed with PEA 141 on August 27, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512369313/d364247dex9928m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule I of the Service Class Distribution and Service Plan dated May 30, 2025,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910a1.htm) [<u>previously filed with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910a1.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Distribution Services Agreement dated May 1, 2008, between LVIP Trust and LFD, previously filed with PEA 141 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512369313/d364247dex9928m2.htm) [<u>August 27, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312512369313/d364247dex9928m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [<u>Amendment to Schedule A to the Distribution Services Agreement dated October 1, 2023, between LVIP</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523267332/d454507dex99m2c.htm) [<u>Trust and LFD, previously filed with PEA 247 on October 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523267332/d454507dex99m2c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Amendment to Schedule A to the Distribution Services Agreement dated May 30, 2025, previously filed</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910b2.htm) [<u>with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9910b2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Rule 18f-3 Plan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Rule 18f-3 Multiple Class Plan approved October 23, 2023, previously filed with PEA 247 on October 31, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523267332/d454507dex99n1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Codes of Ethics.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Code of Ethics for LVIP Trust and LFI, previously filed with PEA 235 on June 16, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523168671/d461323dex99p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Code of Ethics for LFD, previously filed with the Trust's Registration Statement on Form N-14 on December 3, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525306231/d922625dex9917b.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Code of Ethics for AllianceBernstein LP, previously filed with PEA 269 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Code of Ethics for American Century Investment Management, Inc., filed herewith</u>](d109417dex99p4.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Code of Ethics for BAMCO, Inc., filed herewith</u>](d109417dex99p5.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Code of Ethics for BlackRock affiliated companies, filed herewith</u>](d109417dex99p6.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Code of Ethics for Capital Research and Management Company, filed herewith</u>](d109417dex99p7.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Code of Ethics for Channing Capital Management, LLC, previously filed with PEA 228 on July 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522196103/d308875dex9928p9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Code of Ethics for ClearBridge Investments, LLC, filed herewith</u>](d109417dex99p9.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Code of Ethics for Dimensional Fund Advisors LP, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Code of Ethics for FIAM LLC, previously filed with PEA 269 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Code of Ethics for Franklin affiliated companies, previously filed with PEA 226 on April 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Code of Ethics for Goldman Sachs Asset Management, L.P., filed herewith</u>](d109417dex99p13.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Code of Ethics for Invesco affiliated entities., previously filed with PEA 269 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Code of Ethics for J.P. Morgan Investment Management Inc. and affiliated companies, previously filed with PEA 269</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p15.htm) [<u>on April 30, 2025</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p15.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Code of Ethics for Loomis, Sayles & Company, L.P., previously filed with the Trust's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526100267/d35318dex9917c.htm) [<u>N-14 on March 10, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312526100267/d35318dex9917c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Code of Ethics for Macquarie Investment Management, Delaware Funds by Macquarie and Optimum Funds Trust,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p17.htm) [<u>previously filed with PEA 269 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312525107080/d943379dex99p17.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG, previously filed with PEA 219 on</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p17.htm) [<u>April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Code of Ethics for Macquarie Investment Management Global Limited, previously filed with PEA 219 on April 30,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p18.htm) [<u>2021.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312521143874/d125094dex99p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Code of Ethics for Massachusetts Financial Services Company, filed herewith</u>](d109417dex99p20.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [<u>Code of Ethics for Milliman Financial Risk Management LLC, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [<u>Code of Ethics for Mondrian Investment Partners Limited, filed herewith</u>](d109417dex99p22.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [<u>Code of Ethics for Nomura Investment Fund Advisers, filed herewith</u>](d109417dex99p23.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Code of Ethics for Pacific Investment Management Company LLC, previously filed with PEA 261 on April 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000914036/000119312524122062/d788673d485bpos.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [<u>Code of Ethics for Schroder Investment Management North America Inc., previously filed with PEA 226 on April 29,</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p23.htm) [<u>2022.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312522131574/d322597dex99p23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [<u>Code of Ethics for SSGA Funds Management, Inc., filed herewith</u>](d109417dex99p26.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [<u>Code of Ethics for T. Rowe Price Group, Inc., filed herewith</u>](d109417dex99p27.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [<u>Code of Ethics for Wellington Management Company, LLP, filed herewith</u>](d109417dex99p28.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [<u>Code of Ethics for Western Asset Management Company, previously filed with PEA 233 on April 28, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914036/000119312523125836/d436717dex99p27.htm)

**<u>iXBRL Exhibits</u>** 

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| | |
|:---|:---|
| EX-101.INS | &nbsp;&nbsp; XBRL Instance Document — the instance document does not appear on the Interactive Data File because its XBRL <br> tags are embedded within the Inline XBRL document.<br>|
| EX-101.SCH | XBRL Taxonomy Extension Schema Document. |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |

---

**<u>Item 29. Persons Controlled by or Under Common Control with Registrant</u>**

A diagram of all persons under common control with the Registrant is incorporated by reference to Post-Effective Amendment No. 3 of the Registration Statement of The Lincoln National Life Insurance Company filed on Form N-4 (File No. 333-170695) on March 30, 2012.

See also "Purchase and Sale of Fund Shares" in the Prospectus disclosure forming Part A of this Registration Statement and "Control Persons and Principal Holders of Securities" in the Statement of Additional Information disclosure forming Part B of this Registration Statement. As of the date of this Post-Effective Amendment, the shareholders of the Trust are The Lincoln National Life Insurance Company for its Variable Annuity Accounts C, E, H, L, N, Q, T, W, JL-A, JF-I, and JF-II; and for its Flexible Premium Variable Life Accounts D, G, K, M, R, S, Y, JF-A, and JA-C; and for its Separate Account A; and Lincoln Life & Annuity Company of New York for its Variable Annuity Accounts C, H, L, and N and for its Flexible Premium Variable Life Accounts M, R, S, Y, and JA-B; and certain non-registered separate accounts of The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York. Shareholders of the Trust may also include certain unaffiliated insurance companies with respect to the LVIP Baron Growth Opportunities Fund, LVIP SSGA Bond Index Fund, LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, and LVIP SSGA International Index Fund. Certain "fund of funds" of the Trust may also invest in other of the Trust's series of funds.

No persons are controlled by the Registrant.

**<u>Item 30. Indemnification</u>**

As permitted by Sections 17(h) and 17(i) of the Investment Company Act of 1940 (the "1940 Act") and pursuant to Article VII, Section 2 of the Trust's Agreement and Declaration of Trust (Exhibit 28(a) to the Registration Statement) and Article VI of the Trust's By-Laws (Exhibit 28(b) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any stockholder, officer, director, trustee, employee, agent or other person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions. Subject to the standards set forth in the governing instrument of the Trust, Section 3817 of Title 12, Part V, Chapter 38, of the Delaware Code permits indemnification of trustees or other persons from and against all claims and demands. The Independent Trustees have entered into an Indemnification Agreement with the Trust which obligates the Trust to indemnify the Independent Trustees in certain situations and which provides the procedures and presumptions with respect to such indemnification obligations.

------

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "1933" Act) may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission ("SEC) such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer, or controlling person of the Registrant in connection with the successful defense of any action, suit or proceeding) is asserted against the Registrant by such trustee, officer or controlling person in connection with the shares 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 1933 Act and will be governed by the final adjudication of such issue.

The Registrant has purchased an insurance policy insuring its officers, trustees and directors against liabilities, and certain costs of defending claims against such officers and directors, to the extent such officers and directors are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy will also insure the Registrant against the cost of indemnification payments to officers and trustees under certain circumstances.

Section 9 of the Investment Management Agreements (Exhibits 28(d)(1) and (2) to the Registration Statement) limits the liability of Lincoln Financial Investments Corporation ("LFI") to liabilities arising from willful misfeasance, bad faith or gross negligence in the performance of its respective duties or from reckless disregard by LFI of its respective obligations and duties under the Agreements. Certain other agreements to which the Trust is a party also contain indemnification provisions.

The Registrant hereby undertakes that it will apply the indemnification provisions of its By-Laws in a manner consistent with SEC Release No. 11330 so long as the interpretations of Sections 17(h) and 17(i) of the 1940 Act remain in effect and are consistently applied.

**<u>Item 31. Business and Other Connections of Investment Adviser</u>**

Information pertaining to any business and other connections of Registrant's adviser, LFI, is hereby incorporated by reference from the sections captioned "Investment Adviser" or "Investment Adviser and Subadviser" in the Prospectus and Statement of Additional Information ("SAI") disclosures forming Parts A and B, respectively, of this Registration Statement, and Item 7 of Part II of LFI's Form ADV filed separately with the SEC.

Information regarding any business and other connections of the Registrant's sub-advisers (collectively, the "Sub-Advisers") is incorporated by reference from the sections captioned "Investment Adviser and Subadvisers" of the Prospectus and SAI disclosures forming Parts A and B, respectively, of this Registration Statement and Item 7 of Part II of the Subadvisers' Forms ADV filed separately with the SEC. The Sub-Advisers include:

&nbsp;&nbsp;&nbsp;&nbsp;• AllianceBernstein L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investment Management, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• BAMCO, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Advisors, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Financial Management, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Investment Management, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Channing Capital Management, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Clearbridge Investments LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Dimensional Fund Advisors LP;

&nbsp;&nbsp;&nbsp;&nbsp;• FIAM LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Advisers, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Mutual Advisers, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Goldman Sachs Asset Management, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Advisers Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Capital Management LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Investment Management Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Loomis, Sayles & Company, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Financial Services Company;

&nbsp;&nbsp;&nbsp;&nbsp;• Milliman Financial Risk Management LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Mondrian Investment Partners Limited;

&nbsp;&nbsp;&nbsp;&nbsp;• Nomura Investments Fund Advisers;

&nbsp;&nbsp;&nbsp;&nbsp;• Pacific Investment Management Company LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Schroder Investment Management North America Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• SSGA Funds Management, Inc.;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;• Templeton Investment Counsel, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;• Wellington Management Company, LLP; and,

&nbsp;&nbsp;&nbsp;&nbsp;• Western Asset Management Company.

Information concerning the other businesses, professions, vocations, and employment of a substantial nature during the past two years of the directors and officers of LFI and the Sub-Advisers is incorporated by reference to Schedule A and Schedule D of LFI's Form ADV and the respective Forms ADV for the Sub-Advisers.

**<u>Item 32. Principal Underwriters</u>**

(a) Lincoln Financial Distributors, Inc. ("LFD") currently serves as principal underwriter for the Trust. LFD also serves as the principal underwriter for: Lincoln National Variable Annuity Account C; Lincoln Life Flexible Premium Variable Life Account D; Lincoln National Variable Annuity Account E; Lincoln Life Flexible Premium Variable Life Account F; Lincoln Life Flexible Premium Variable Life Account G; Lincoln National Variable Annuity Account H; Lincoln Life Flexible Premium Variable Life Account J; Lincoln Life Flexible Premium Variable Life Account K; Lincoln National Variable Annuity Account L; Lincoln Life Flexible Premium Variable Life Account M; Lincoln Life Variable Annuity Account N; Lincoln Life Variable Annuity Account Q; Lincoln Life Flexible Premium Variable Life Account R; Lincoln Life Flexible Premium Variable Life Account S; Lincoln Life Variable Annuity Account T; Lincoln Life Variable Annuity Account W; Lincoln Life Flexible Premium Variable Life Account Y; Lincoln Life Flexible Premium Variable Life Account Z; Lincoln Life Variable Annuity Account JL-A; Lincoln Life Variable Annuity Account JF-H; Lincoln Life Variable Annuity Account JF-I; and Lincoln Life Flexible Premium Variable Life Account JF-A; Lincoln Life Flexible Premium Variable Life Account JF-C.

LFD also serves as principal underwriter for: Lincoln Life & Annuity Variable Annuity Account L; Lincoln Life & Annuity Flexible Premium Variable Life Account JA-B; Lincoln Life & Annuity Flexible Premium Variable Life Account M; Lincoln New York Account N for Variable Annuities; LLANY Separate Account R for Flexible Premium Variable Life Insurance; LLANY Separate Account S for Flexible Premium Variable Life Insurance; Lincoln Life & Annuity Flexible Premium Variable Life Account Y; and Lincoln Life & Annuity Flexible Premium Variable Life Account Z.

(b) Directors and Principal Officers of Lincoln Financial Distributors, Inc.:

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with Trust** |
| John C. Kennedy | Director, Chief Executive Officer, and President | N/A |
| William A. Nash | Director and Senior Vice President | N/A |
| Timothy J. Seifert, Sr. | Director and Senior Vice President | N/A |
| Andrew J. Bucklee | Director and Senior Vice President  | N/A |
| Thomas O'Neill | &nbsp;&nbsp; Senior Vice President, Chief Operating Officer, and Head of Financial <br> Institutions Group<br>| N/A |
| Shantanu Mishra | Senior Vice President, Treasurer | N/A |
| Paul T. Chryssikos | Senior Vice President | N/A |
| Ellen J. Duffy | Senior Vice President | N/A |
| Daniel P. Herr | Senior Vice President | N/A |
| Kathleen B. Kavanaugh | Senior Vice President | N/A |
| Patrick J. Lefemine | Senior Vice President | N/A |
| Aadil T. Lokhandwala | Senior Vice President | N/A |
| Richard D. Spenner | Senior Vice President | N/A |
| Daniel P. Wellock | Senior Vice President | N/A |
| Claire H. Hanna | Secretary | N/A |

---

LFD's Principal Business address is 150 N. Radnor-Chester Road, Radnor PA 19087.

(c) N/A

**<u>Item 33. Location of Accounts and Records</u>**

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Adviser, LFI, 150 N. Radnor-Chester Road, Radnor, PA 19087 and 1301 South Harrison Street, Fort Wayne, Indiana 46802, as well as the Subadvisers at:

&nbsp;&nbsp;&nbsp;&nbsp;• AllianceBernstein L.P., 1345 Avenue of the Americas, New York, New York 10105;

&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investment Management, Inc., 4500 Main Street, Kansas City, Missouri 64111;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• BAMCO, Inc., 767 Fifth Avenue, New York, New York 10153;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Advisors, LLC, 100 Bellevue Parkway, Wilmington, Delaware 19809;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Financial Management, Inc., 40 East 52nd Street, New York, New York 10022;

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock Investment Management, LLC, 40 East 52nd Street, New York, New York 10022;

&nbsp;&nbsp;&nbsp;&nbsp;• Clearbridge Investments LLC, 620 8<sup>th</sup> Avenue, New York, NY 10018;

&nbsp;&nbsp;&nbsp;&nbsp;• Channing Capital Management, LLC, 10 S. LaSalle, Suite 2401, Chicago, IL 60603;

&nbsp;&nbsp;&nbsp;&nbsp;• Delaware Investments Fund Advisors, 2005 Market Street, Philadelphia, Pennsylvania 19103;

&nbsp;&nbsp;&nbsp;&nbsp;• Dimensional Fund Advisors, L.P., 6300 Bee Cave Road, Building One, Austin, TX 78746,

&nbsp;&nbsp;&nbsp;&nbsp;• FIAM LLC, 900 Salem Street, Smithfield, Rhode Island 02917

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Advisers, Inc., One Franklin Parkway, San Mateo, California 94403-1906;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Mutual Advisers, LLC, 101 John F. Kennedy Parkway, Short Hills, New Jersey 07078;

&nbsp;&nbsp;&nbsp;&nbsp;• Goldman Sachs Asset Management, L.P., 200 West Street, 15th Floor, New York, NY 10282;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Advisers, Inc., 1555 Peachtree Street, N.E., Atlanta, Georgia 30309;

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515;

&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Investment Management Inc., 270 Park Avenue, New York, New York 10017;

&nbsp;&nbsp;&nbsp;&nbsp;• Loomis, Sayles & Company, L.P., One Financial Center, Boston, Massachusetts 02111;

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Financial Services Company, 500 Boylston Street, Boston, Massachusetts 02116;

&nbsp;&nbsp;&nbsp;&nbsp;• Milliman Financial Risk Management LLC, 71 S. Wacker Drive, 31st Floor, Chicago, Illinois 60606;

&nbsp;&nbsp;&nbsp;&nbsp;• Mondrian Investment Partners Limited, 80 Cheapside, London EC2V6EE;

&nbsp;&nbsp;&nbsp;&nbsp;• Nomura Corporate Research and Asset Management Inc., Worldwide Plaza, 309 West 49<sup>th</sup> Street, New York, NY 10019;

&nbsp;&nbsp;&nbsp;&nbsp;• Pacific Investment Management Company LLC, 840 Newport Center Drive, Newport Beach, CA 92660;

&nbsp;&nbsp;&nbsp;&nbsp;• Schroder Investment Management North America Inc., 7 Bryant Park, New York, NY 10018

&nbsp;&nbsp;&nbsp;&nbsp;• SSGA Funds Management, Inc., One Lincoln Street, Boston, Massachusetts 02111;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, Maryland 21202;

&nbsp;&nbsp;&nbsp;&nbsp;• Templeton Investment Counsel, 500 East Broward Boulevard, Suite 2100, Fort Lauderdale, Florida 33394;

&nbsp;&nbsp;&nbsp;&nbsp;• Wellington Management Company, LLP 75 State Street, Boston, Massachusetts 02111; and,

&nbsp;&nbsp;&nbsp;&nbsp;• Western Asset Management Company, 385 East Colorado Boulevard, Pasadena, California 91101.

***and former Subadvisers at:***

&nbsp;&nbsp;&nbsp;&nbsp;• AQR Capital Management, LLC, Two Greenwich Plaza, 4th Floor, Greenwich, CT 06830;

&nbsp;&nbsp;&nbsp;&nbsp;• CBRE Clarion Securities LLC, 201 King of Prussia Road, Suite 600, Radnor, Pennsylvania 19087;

&nbsp;&nbsp;&nbsp;&nbsp;• Cohen & Steers Capital Management, 280 Park Avenue, New York, New York 10017;

&nbsp;&nbsp;&nbsp;&nbsp;• Columbia Management Investment Advisers, LLC, One Financial Center, Boston, Massachusetts 02111;

&nbsp;&nbsp;&nbsp;&nbsp;• Franklin Advisory Services, LLC, 55 Challenger Road, Suite 501, Ridgefield Park, New Jersey 07660;

&nbsp;&nbsp;&nbsp;&nbsp;• Ivy Investment Management Company, 6300 Lamar Avenue, Shawnee Mission, KS 66201;

&nbsp;&nbsp;&nbsp;&nbsp;• Janus Capital Management LLC, 100 Fillmore Street, Denver, Colorado 80206;

&nbsp;&nbsp;&nbsp;&nbsp;• Metropolitan West Capital Management, LLC, 610 Newport Center Drive, Suite 1000, Newport Beach, California 92660;

&nbsp;&nbsp;&nbsp;&nbsp;• QS Investors, LLC, 880 Third Avenue, 7th Floor, New York, New York 10022;

&nbsp;&nbsp;&nbsp;&nbsp;• Turner Investment Partners, Inc., 1205 Westlakes Drive, Suite 100, Berwyn, Pennsylvania 19312; and,

&nbsp;&nbsp;&nbsp;&nbsp;• UBS Asset Management (Americas) Inc., 1285 Avenue of the Americas, New York, New York 10019.

Also, the Trust's administrator, The Lincoln National Life Insurance Company, 1301 South Harrison Street, Fort Wayne, Indiana 46802; the Trust's custodian, State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111; and the Trust's accounting services provider, State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111.

**<u>Item 34. Management Services</u>**

Not applicable.

**<u>Item 35. Undertakings</u>**

Not applicable.

------

##### [**Table of Contents**](#toc)
**SIGNATURE PAGE**

Pursuant to the requirements of the Securities Act of 1933 ("Securities Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirement for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 276 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the city of Fort Wayne, and State of Indiana, on this 24<sup>th</sup> day of April, 2026.

---

| |
|:---|
| **LINCOLN VARIABLE INSURANCE PRODUCTS TRUST** |
| By: <u>/s/Gordon Huellmantel</u><br>Gordon Huellmantel<br> Senior Vice President<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in their capacities and on the date indicated above.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| By: | /s/John Morriss\*<br>John Morriss<br>| &nbsp;&nbsp; Chairman of the Board, Trustee and President<br> (Principal Executive Officer)<br>|
| By: | /s/James Hoffmayer<br>James Hoffmayer<br>| &nbsp;&nbsp; Chief Accounting Officer<br> (Principal Accounting Officer and Principal Financial Officer)<br>|
| /s/Steve A. Cobb\*<br>Steve A. Cobb | /s/Steve A. Cobb\*<br>Steve A. Cobb | Trustee |
| /s/Peter F. Finnerty\*<br>Peter F. Finnerty | /s/Peter F. Finnerty\*<br>Peter F. Finnerty | Trustee |
| /s/Ken C. Joseph\*<br>Ken C. Joseph | /s/Ken C. Joseph\*<br>Ken C. Joseph | Trustee |
| /s/Barbara L. Lamb\*<br>Barbara L. Lamb | /s/Barbara L. Lamb\*<br>Barbara L. Lamb | Trustee |
| /s/Pamela L. Salaway\*<br>Pamela L. Salaway | /s/Pamela L. Salaway\*<br>Pamela L. Salaway | Trustee |
| /s/Manisha A. Thakor\*<br>Manisha A. Thakor | /s/Manisha A. Thakor\*<br>Manisha A. Thakor | Trustee |
| /s/Brian W. Wixted\*<br>Brian W. Wixted | /s/Brian W. Wixted\*<br>Brian W. Wixted | Trustee |
| /s/Nancy B. Wolcott\*<br>Nancy B. Wolcott | /s/Nancy B. Wolcott\*<br>Nancy B. Wolcott | Trustee |
| By: | <u>/s/Gordon Huellmantel</u><br>Gordon Huellmantel<br>| Attorney-in-Fact |

---

\*[<u>Power of Attorney (LVIP Trust) dated March 19, 2026, filed herewith</u>](d109417dex99j1.htm).

------

## Ex-99.H2C

**<u>AMENDED AND RESTATED</u>** 

**<u>ADMINISTRATION AGREEMENT</u>** 

THIS AMENDED AND RESTATED ADMINISTRATION AGREEMENT (the "Agreement"), made as of March 26, 2026, is by and between the LINCOLN VARIABLE INSURANCE PRODUCTS TRUST (the "Trust"), a Delaware statutory trust, on behalf of each of its series (the "Funds") and THE LINCOLN NATIONAL LIFE INSURANCE COMPANY (the "Administrator"), an Indiana insurance company.

**WHEREAS**, the Trust is registered with the Securities and Exchange Commission ("SEC") as a series investment company under the Investment Company Act of 1940 (the "1940 Act");

**WHEREAS**, the Trust desires to retain the Administrator to provide or procure administrative, shareholder and other services hereunder in the manner and on the terms set forth below;

**WHEREAS**, the Administrator is willing to provide or procure such services in the manner and on the terms hereinafter set forth;

**WHEREAS**, the parties entered into an Administration Agreement effective January 1, 2015, as amended May 1, 2017, as well as an Amended and Restated Administration Agreement, dated as of December 1, 2023 (the "Prior Agreement"); and

**WHEREAS**, the parties desire to amend and restate the terms under which the Administrator shall provide or procure such administrative and shareholder services to the Trust and the Funds.

**NOW, THEREFORE**, in consideration of the premises and mutual covenants herein contained, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Trust hereby appoints the Administrator to provide or procure the administrative, shareholder and other services described herein with respect to each Fund for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees during such period to provide or procure the services herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties.</u> Subject to the general supervision of the Board of Trustees of the Trust (the "Board of Trustees"), the Administrator shall provide or procure the services set forth in subsections (a)-(d) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administrative</u><u> </u><u>Services.</u> The Administrator shall provide or procure, on behalf of each Fund, the following administrative services with respect to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) coordinate matters relating to the operation of each Fund, including any necessary coordination among the advisers, sub-advisers, custodians, transfer agents,

------

accountants, attorneys, depositories, underwriters, broker-dealers, insurers and other third parties performing services or operational functions for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide the Fund with the services of a sufficient number of persons competent to perform such administrative functions as are necessary to ensure compliance with federal securities laws, as well as other applicable laws, and to provide effective administration of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide the Fund with office space, communications facilities, and other facilities necessary for the Fund's operations as contemplated by the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain or supervise the maintenance by third parties of such books and records of the Fund as may be required by applicable federal law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) perform general accounting monitoring and oversight with respect to all applicable federal or state laws, including, without limitation, performing daily NAV trend analysis; monitoring the daily NAV pricing process; facilitating root cause analysis of NAV errors and monitoring effectiveness of preventative processes and controls; reviewing cash and asset reconciliations and monitoring timeliness of exception resolution; monitoring daily delivery of investable cash to adviser or sub-advisers, as applicable; evaluating performance against service level agreements; and monitoring the fund accounting internal control environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) perform compliance services and provide oversight of the Trust's regulatory compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) prepare or supervise the preparation by third parties of all federal, state, local and foreign tax returns and reports of the Fund as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) prepare, file and arrange for the distribution of prospectuses, proxy materials and periodic reports to the shareholders of the Fund as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) prepare and arrange for the filing of such registration statements and other documents with the SEC and other federal and state regulatory authorities as may be required to register the shares of the Fund and qualify the Fund to do business or as otherwise required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) arrange meetings of the Board of Trustees and, in connection with these meetings, provide necessary or appropriate information or materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) provide corporate secretary services to the Trust and the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) provide statistical or research data, other than that provided by the investment advisers or sub-advisers of the Fund, and such other reports, evaluations and information as the Fund may reasonably request from time to time; provided, however, that the Administrator will not be responsible for the costs of any statistical or research data provided by any third party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Support Services.</u> The Administrator shall make its officers and employees, including legal personnel of the Administrator, who may be officers or Trustees of the Trust ("Personnel"), available to the Board of Trustees and officers of the Trust for assistance, consultation, support, coordination, supervision, and discussion regarding the administration of each Fund and the services provided to or procured for each Fund under this Agreement, including support by such Personnel in connection with meetings of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Contractholder</u><u> </u><u>Services</u>. The Administrator shall provide or procure, on behalf of each Fund, the following contractholder services with respect to the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) respond to operational inquiries from contractholders about accounts and the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) process purchase and redemption orders with the Funds' transfer agent and sub-transfer agent, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide contractholders with automatic investment services, including investments in the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide periodic account information to contractholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interface between the Funds' transfer agent and sub-transfer agent, if any, and the contractholder activity systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide subaccounting with respect to Fund shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) forward communications from the Funds to contractholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate-Level</u><u> </u><u>Services</u>. The Administrator shall provide or procure, on behalf of each Fund, the following corporate-level services with respect to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) anti-money laundering and fraud prevention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) privacy and data security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disaster recovery and business continuity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) services related to regulatory duties, such as duties of confidentiality and disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sub-Administration</u><u> </u><u>Agreements.</u> The Administrator may contract with other entities to assist it in rendering the services described in this Agreement; provided, however, that the Administrator will continue to be contractually bound with respect to the performance of its duties and obligations under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Conformity with Law.</u> The Administrator, in the performance of its duties and obligations under this Agreement, shall act in conformity with the registration statement of the Trust and with the instructions and directions of the Board of Trustees and will comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Exclusivity.</u> It is understood that the services of the Administrator hereunder are not exclusive, and the Administrator shall be free to render similar services to other investment companies and other clients. Furthermore, nothing in this Agreement shall be deemed to inhibit the Trust or its officers from engaging, at the expense of the Trust, other persons to assist in providing administrative services to a Fund, including, but not limited to, recordkeeping agents, proxy solicitation agents, attorneys, accountants, custodians, consultants and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>**<u>.</u>** (a) For providing or procuring the administrative services as set forth in Section 2(a) and the support services as set forth in Section 2(b) of this Agreement, the Administrator shall be reimbursed for its costs to provide or procure such services, on a monthly basis in arrears. The reimbursable costs referred to in the foregoing sentence shall be based on a reasonable allocation process determined by the Administrator. If the Administrator shall serve for less than any whole month, the foregoing reimbursement shall be adjusted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For providing or procuring the contractholder services as set forth in Section 2(c) and the corporate-level services as set forth in Section 2(d) of this Agreement, each Fund shall pay monthly fees to the Administrator at the annual rate as shown on Exhibit A of this Agreement (stated as a percentage of the net assets of the Fund). If the Administrator shall serve for less than any whole month, the foregoing fee shall be adjusted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Expenses.</u> During the term of this Agreement, the Administrator will pay all expenses incurred by it in connection with its obligations under this Agreement, except such expenses as are those of the Trust under this Agreement and any expenses that are paid by the Trust under the terms of any other agreement between the Administrator and the Trust. The Administrator shall pay for maintaining its staff and personnel and shall, at its own expense provide the equipment, office space, and facilities necessary to perform its obligations under this Agreement; provided, however, that the Trust shall compensate the Administrator for the costs related to the administrative services provided under Section 2(a) and the support services provided under Section 2(b), as set forth in Section 6(a) of this Agreement.

The Trust will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. Expenses to be borne by the Trust, include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organizational expenses and expenses of maintaining the Trust's legal existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) costs of services of independent accountants (including the performance of audits and the preparation of financial statements and reports) and outside legal and tax counsel (including such counsel's assistance with the preparation or review of the Trust's Registration Statement and each Fund's proxy materials (except to the extent the Administrator or a third party bears a portion or all of such expenses));

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) federal and state tax qualification as a regulated investment company and other reports and materials prepared by the Administrator under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) costs of any services contracted for by the Trust directly with parties other than the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) investment advisory fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) taxes, insurance premiums, interest on borrowed funds, and other fees and expenses applicable to each Fund's operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) costs related to the custody of each Fund's assets (including custody of assets outside of the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation, printing and mailing of any proxy materials (except to the extent it is agreed that the Administrator or a third party shall bear a portion or all of such expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) costs incidental to Board of Trustees meetings, including fees and expenses of Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the salary and expenses of any officer, Trustee or employee of the Trust (except any such officer, Interested Trustee or employee who is an officer, employee, Trustee or director of the Administrator or an affiliate of the Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) costs incidental to the preparation, printing and distribution of the Trust's Registration Statements and any amendments thereto and shareholder reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) costs that may properly be borne by the Trust of typesetting and printing of prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) cost of preparation and filing of the Trust's tax returns, Form N-1A and Form N-SAR, and all filings, notices, registrations and amendments associated with applicable federal, state and foreign tax and securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) all applicable registration fees and filing fees required under federal and state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) fidelity bond and directors' and officers' liability insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) costs of independent pricing services used in computing each Fund's net asset value.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Liability of the Administrator.</u> The Administrator shall give each Fund the benefit of the Administrator's reasonable best efforts and diligence in rendering services under this Agreement. The Administrator may rely on information reasonably believed by it to be accurate and reliable. As an inducement for the Administrator's undertaking to render services under this Agreement, each Fund agrees that neither the Administrator nor its stockholders, officers, directors, or employees shall be subject to any liability for, or any damages, expenses or losses (a "Loss") incurred in connection with, any act or omission or mistake in judgment connected with or arising out of (i) any services rendered by the Administrator under this Agreement, or (ii) any services rendered by a third party whose services were procured by the Administrator under this Agreement, except by reason of willful misfeasance, bad faith, gross negligence, fraud by the Administrator in the performance of the Administrator's duties, or by reason of reckless disregard by the Administrator of the Administrator's obligations and duties under this Agreement; provided, however, that in the event any Loss occurs in connection with any act or omission or mistake in judgment arising out of any services rendered by a third party as described in item (ii) of this paragraph and such third party is subject to a lesser standard of care than that set forth above, then the Administrator shall be held to the same standard of care as such third party with respect to any claim against the Administrator hereunder in connection with such Loss. This provision shall govern only the liability to a Fund or the Administrator and that of the Administrator's stockholders, officers, directors, and employees, and shall in no way govern the liability to a Fund or the Administrator by, or provide a defense for, any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Continuation and Termination.</u> This Agreement shall become effective as of the date first above written and shall remain in force continuously thereafter, but only so long as such continuance is specifically approved at least annually by the Board of Trustees, including a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act).

This Agreement may be terminated by the Trust at any time, without the payment of any penalty, by vote of a majority of the Board of Trustees on 60 days' written notice to the Administrator, or by the Administrator at any time, without the payment of any penalty, on sixty (60) days' written notice to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Use of Name.</u> It is understood that the name "Lincoln National Life Insurance Company," "Lincoln Life," and "Lincoln National Funds" or any derivative thereof or logo associated with those names are the valuable property of the Administrator and its affiliates, and that each Fund shall use such names (or derivatives or logos) only so long as this Agreement is in effect. Upon termination of this Agreement with respect to a Fund, the Fund shall forthwith cease to use such name (or derivative or logo) and, in case of the Fund, shall promptly amend its Certificate of Incorporation or other equivalent corporate document to change its name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Counterparts.</u> This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous.</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of Indiana, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Investment Advisers Act of 1940, or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The captions in this Agreement are included for convenience only and in no way define any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may not be assigned by the Trust or the Administrator without the consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire</u> <u>Agreement</u>. This Agreement, together with any exhibits hereto contains the entire understanding of the parties with respect to the subject matter hereof, and supersedes the Prior Agreement, which the parties agree is hereby terminated and of no further force and effect (other than the provisions of the Prior Agreement which by their terms survive termination). In the event of any conflict or inconsistency between any provision of this Agreement and the Prior Agreement, the provisions of this Agreement shall prevail. All express or implied agreements and understandings, either oral or written, heretofore made are expressly merged in and made a part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by both parties hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
|  **LINCOLN VARIABLE INSURANCE** | **LINCOLN VARIABLE INSURANCE** | **THE LINCOLN NATIONAL LIFE** | **THE LINCOLN NATIONAL LIFE** |
|  **PRODUCTS TRUST, on behalf of each** | **PRODUCTS TRUST, on behalf of each** | **INSURANCE COMPANY** | **INSURANCE COMPANY** |
|  **of its series** | **of its series** |  |  |
| By: | /s/ Gordon Huellmantel | By: | /s/ Gordon Huellmantel |
| Name: | Gordon Huellmantel | Name: | Gordon Huellmantel |
| Title: | Senior Vice President | Title: | Senior Vice President |

---

------

**<u>EXHIBIT A</u>**

Except as shown in the table below, each Class of each Fund shall pay the Administrator at an annual rate of 0.029%.

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Rate** |
|  LVIP American Century Balanced Fund | Standard II<br> Service | 0.129<br> 0.129% <br> %  |
|  LVIP American Century Capital Appreciation Fund | Standard II<br> Service | 0.249<br> 0.149% <br> %  |
|  LVIP American Century Disciplined Core Value Fund | Standard II<br> Service | 0.129<br> 0.129% <br> %  |
|  LVIP American Century Inflation Protection Fund | Standard II<br> Service | 0.129<br> 0.129% <br> %  |
|  LVIP American Century International Fund | Standard II | 0.129% |
|  LVIP American Century Large Company Value Fund | Standard II | 0.129% |
|  LVIP American Century Mid Cap Value Fund | Standard II | 0.129% |
|  LVIP American Century Ultra Fund | Standard II | 0.129% |
|  LVIP American Century Value Fund | Standard II | 0.129% |

---

## Ex-99.H3B

**AMENDMENT TO** 

**SCHEDULE A** 

**AMENDED AND RESTATED** 

**EXPENSE LIMITATION AGREEMENT** 

THIS AMENDED SCHEDULE A lists the Funds and the Expense Limitation Amounts which are established pursuant to the Amended and Restated Expense Limitation Agreement dated April 26, 2019.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **STANDARD<br>CLASS<br>EXPENSE<br>LIMIT** | **STANDARD<br>CLASS II<br>EXPENSE<br>LIMIT** | **SERVICE<br>CLASS<br>EXPENSE<br>LIMIT** | **EFFECTIVE<br>DATE** | **TERMINATION<br>DATE** |
|  Lincoln Hedged Nasdaq-100 Fund | 0.62% | N/A | 0.97% | May 1, 2026 | April 30, 2027 |
|  Lincoln Hedged S&P 500 Conservative Fund | 0.58% | N/A | 0.93% | May 1, 2026 | April 30, 2027 |
|  Lincoln Hedged S&P 500 Fund | 0.58% | N/A | 0.93% | May 1, 2026 | April 30, 2027 |
|  Lincoln Opportunistic Hedged Equity Fund | 0.59% | N/A | 0.94% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Balanced Fund | 0.67% | 0.77% | 1.02% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Capital Appreciation Fund | 0.57% | 0.79% | 0.94% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Inflation Protection Fund | 0.36% | 0.46% | 0.71% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century International Fund | 0.85% | 0.95% | 1.10% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Large Company Value Fund | 0.60% | 0.70% | 0.85% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Mid Cap Value Fund | 0.76% | 0.86% | 1.01% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Ultra Fund | 0.65% | 0.75% | 0.90% | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Value Fund | 0.60% | 0.70% | 0.85% | June 1, 2026 | June 1, 2028 |
|  LVIP American Funds Vanguard Active Passive Growth Fund | 0.42% | N/A | 0.77% | May 1, 2025 | July 1, 2027 |

---

\* May be amended only with Board approval.

<sup>1</sup> Applies only to "Other Expenses" as such term is used in the Fund's prospectus.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **STANDARD<br>CLASS<br>EXPENSE<br>LIMIT** | **STANDARD<br>CLASS II<br>EXPENSE<br>LIMIT** | **SERVICE<br>CLASS<br>EXPENSE<br>LIMIT** | **EFFECTIVE<br>DATE** | **TERMINATION<br>DATE** |
|  LVIP Avantis Large Cap Value Fund | 0.61% | 0.71% | 0.96% | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 0.63% | N/A | 0.88% | August 1, 2025 | August 1, 2027 |
|  LVIP BlackRock Equity Dividend Fund\* | 0.67% | N/A | 0.97% | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock Global Allocation Fund\* | 0.71% | N/A | 0.96% | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund | [0.31%] | N/A | [0.66%] | [XX, 2026] | [XX, 2026] |
|  LVIP Channing Small Cap Value Fund | 0.88% | N/A | 1.13% | May 1, 2026 | April 30, 2027 |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 0.645% | N/A | 0.995% | May 1, 2026 | April 30, 2027 |
|  LVIP ClearBridge Appreciation Fund | 0.70% | N/A | 0.95% | May 1, 2026 | April 30, 2028 |
|  LVIP ClearBridge Dividend Strategy Fund | 0.75% | N/A | 1.00% | May 1, 2026 | April 30, 2028 |
|  LVIP ClearBridge Large Cap Growth Fund | 0.74% | N/A | 0.99% | May 1, 2026 | April 30, 2028 |
|  LVIP ClearBridge Large Cap Value Fund | 0.72% | N/A | 0.97% | May 1, 2026 | April 30, 2028 |
|  LVIP Dimensional International Core Equity Fund | 0.62% | N/A | 0.87% | May 1, 2026 | April 30, 2027 |
|  LVIP Fidelity Institutional AM® Select Core Equity Managed Volatility Fund | 0.095% | N/A | 0.445% | May 1, 2026 | April 30, 2027 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund\* | 0.51% | N/A | 0.81% | May 1, 2026 | April 30, 2027 |

---

\* May be amended only with Board approval.

<sup>1</sup> Applies only to "Other Expenses" as such term is used in the Fund's prospectus.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  LVIP Franklin Templeton Core Bond Fund | 0.37% | N/A | 0.72% | October 31, 2025 | October 31, 2027 |
|  LVIP Global Equity Managed Volatility Fund, formerly LVIP Franklin Templeton Global Equity Managed Volatility Fund | 0.7% | N/A | 0.95% | June 1, 2026 | June 1, 2028 |
|  LVIP Global Aggressive Growth Allocation Managed Risk Fund | 0.325% | N/A | 0.575% | May 1, 2026 | April 30, 2027 |
|  LVIP JPMorgan Retirement Income Fund\* | 0.38% | N/A | 0.63% | May 1, 2026 | April 30, 2027 |
|  LVIP JPMorgan Short Duration Bond Fund\* | 0.47% | N/A | 0.77% | May 1, 2026 | April 30, 2027 |
|  LVIP Loomis Sayles Global Growth Fund | 0.77% | N/A | 1.12% | May 1, 2026 | April 30, 2027 |
|  LVIP Nomura High Yield Fund\* | 0.72% | N/A | 1.02% | April 1, 2026 | April 30, 2028 |
|  LVIP Nomura SMID Cap Core Fund\* | 0.8% | N/A | 1.1% | May 1, 2026 | April 30, 2027 |

---

\* May be amended only with Board approval.

<sup>1</sup> Applies only to "Other Expenses" as such term is used in the Fund's prospectus.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **STANDARD<br>CLASS<br>EXPENSE<br>LIMIT** | **STANDARD<br>CLASS II<br>EXPENSE<br>LIMIT** | **SERVICE<br>CLASS<br>EXPENSE<br>LIMIT** | **EFFECTIVE DATE** | **TERMINATION<br>DATE** |
|  LVIP Nomura U.S. Growth Fund | 0.73% | N/A | 1.03% | May 1, 2026 | April 30, 2027 |
|  LVIP Nomura U.S. REIT Fund\* | 0.83% | N/A | 1.13% | May 1, 2026 | April 30, 2027 |
|  LVIP MFS International Growth Fund | [0.79%] | N/A | [1.04%] | [XX, 2026] | [XX, 2026] |
|  LVIP Multi-Manager Global Equity Managed Volatility Fund | 0.21% | N/A | 0.56% | May 1, 2026 | April 30, 2027 |
|  LVIP Multi-Manager International Equity Managed Volatility Fund | 0.185% | N/A | 0.435% | May 1, 2026 | April 30, 2027 |
|  LVIP PIMCO Low Duration Bond Fund | 0.50% | N/A | 0.75% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Conservative Index Allocation Fund | 0.20% | N/A | 0.45% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Emerging Markets Equity Index Fund | 0.50% | N/A | 0.75% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street International Managed Volatility Fund | 0.245% | N/A | 0.495% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Large Cap Managed Volatility Fund | 0.245% | N/A | 0.495% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Nasdaq-100 Index Fund | 0.45% | N/A | 0.70% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Short-Term Bond Index Fund | 0.3625% | N/A | 0.6125% | May 1, 2026 | April 30, 2027 |
|  LVIP State Street SMID Cap Managed Volatility Fund | 0.245% | N/A | 0.495% | May 1, 2026 | April 30, 2027 |
|  LVIP Structured Moderate Allocation Fund | 0.21% | N/A | 0.46% | November 1, 2025 | October 31, 2027 |

---

\* May be amended only with Board approval.

<sup>1</sup> Applies only to "Other Expenses" as such term is used in the Fund's prospectus.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  LVIP T. Rowe Price 2020 Fund | 0.24% | N/A | 0.49% | May 1, 2026 | April 30, 2027 |
|  LVIP T. Rowe Price 2030 Fund | 0.25% | N/A | 0.5% | May 1, 2026 | April 30, 2027 |
|  LVIP T. Rowe Price 2040 Fund | 0.26% | N/A | 0.51% | May 1, 2026 | April 30, 2027 |
|  LVIP T. Rowe Price 2050 Fund | 0.27% | N/A | 0.52% | May 1, 2026 | April 30, 2027 |
|  LVIP T. Rowe Price 2060 Fund | 0.27% | N/A | 0.52% | May 1, 2026 | April 30, 2027 |
|  LVIP U.S. Aggressive Growth Allocation Managed Risk Fund | 0.315% | N/A | 0.565% | May 1, 2026 | April 30, 2027 |

---

\* May be amended only with Board approval.

<sup>1</sup> Applies only to "Other Expenses" as such term is used in the Fund's prospectus.

------

The parties hereto have caused this SCHEDULE A to be signed by their duly authorized officers as of May 1, 2026 and effective in accordance with the dates noted above.

---

| | | | |
|:---|:---|:---|:---|
| **LINCOLN FINANCIAL INVESTMENTS CORPORATION** | **LINCOLN FINANCIAL INVESTMENTS CORPORATION** | **LINCOLN VARIABLE INSURANCE PRODUCTS TRUST,**<br> **on behalf of each of its Funds listed on Schedule A** | **LINCOLN VARIABLE INSURANCE PRODUCTS TRUST,**<br> **on behalf of each of its Funds listed on Schedule A** |
| By: | /s/ Gordon Huellmantel | By: | /s/ James Hoffmayer |
| Name: | Gordon Huellmantel | Name: | James Hoffmayer |
| Title: | Senior Vice President | Title: | Vice President & Chief Accounting Officer |

---

## Ex-99.H4B

**AMENDMENT TO** 

**SCHEDULE A** 

**ADVISORY FEE WAIVER AGREEMENT** 

THIS SCHEDULE A lists the Funds and their respective Waiver Amounts, as well as the effective date and termination date for each Waiver Amount, established pursuant to the Advisory Fee Waiver Agreement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **ADVISORY<br>FEE WAIVER** | **AVG. DAILY NET<br>ASSETS OF THE**<br>**FUND** | **EFFECTIVE<br>DATE** | **TERMINATION<br>DATE** |
|  Lincoln Nasdaq-100 Fund | 0.23<br> 0.00% <br> %  | First $50M<br> Over $50M | May 1, 2026 | April 30, 2027 |
|  Lincoln Hedged S&P 500 Conservative Fund | 0.12% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  Lincoln Hedged S&P 500 Fund | 0.12% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP AllianceBernstein Large Cap Growth Fund | 0.065% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP American Balanced Allocation Fund | 0.04% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP American Century Select Mid Cap Managed Volatility Fund | 0.030% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP American Growth Allocation Fund | 0.035% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP American Income Allocation Fund | 0.04% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP American Preservation Fund | 0.07% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Baron Growth Opportunities Fund | 0.11<br> 0.16% <br> %  | Up to $250M<br>$250M-$500M |  |  |
|  | 0.21% | $500M - $700M | May 1, 2026 | April 30, 2027 |
|  | 0.22% | $700M - $750M |  |  |
|  | 0.27% | Over $750M |  |  |
|  LVIP BlackRock Dividend Value Managed Volatility Fund | 0.125<br> 0.160% <br> %  | First $750M<br> Over $750M | May 1, 2025 | August 30, 2027 |
|  LVIP BlackRock Equity Dividend Fund | 0.020% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock Global Allocation Managed Risk Fund\* | 0.075% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock Real Estate Fund | 0.02<br> 0.01<br> 0.00% <br> % <br> %  | First $250M<br> $250M - $750M<br> Over 750M | May 1, 2026 | April 30, 2027 |
|  LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **ADVISORY<br>FEE WAIVER** | **AVG. DAILY NET<br>ASSETS OF THE<br>FUND** | **EFFECTIVE<br>DATE** | **TERMINATION<br>DATE** |
|  LVIP Blended Large Cap Growth Managed Volatility Fund | 0.165<br> 0.115<br> 0.11% <br> % <br> %  | First $100M<br> Next $400M<br> Next $1.5B | May 1, 2026 | April 30, 2027 |
|  | 0.095% | Over $2B |  |  |
|  LVIP Blended Mid Cap Managed Volatility Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund | 0.035% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Dimensional U.S. Core Equity 1 Fund | 0.01% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Dimensional U.S. Equity Managed Volatility Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund\* | 0.625% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund | 0.030% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Global Equity Managed Volatility Fund | 0.030% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | 0.065<br> 0.025<br> 0.005% <br> % <br> %  | Up to $50M<br> $50M - $100M<br> $100M - $500M | May 1, 2026 | April 30, 2027 |
|  LVIP Franklin Templeton Multi-Factor International Equity Fund | 0.07<br> 0.01% <br> %  | Up to $50M<br> $50M - $500M | May 1, 2026 | April 30, 2027 |
|  LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | 0.08<br> 0.015% <br> %  | Up to $50M<br>$50M - $500M | May 1, 2026 | April 30, 2027 |
|  LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | 0.065% | Up to $50M | May 1, 2026 | April 30, 2027 |
|  LVIP Global Aggressive Growth Allocation Managed Risk Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Global Conservative Allocation Managed Risk Fund | 0.01% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Global Growth Allocation Managed Risk Fund | 0.01% | All Fund assets | May 1, 2026 | April 30, 2027 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **ADVISORY<br>FEE WAIVER** | **AVG. DAILY NET<br>ASSETS OF THE<br>FUND** | **EFFECTIVE<br>DATE** | **TERMINATION<br>DATE** |
|  LVIP Global Moderate Allocation Managed Risk Fund | 0.015% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Government Money Market Fund | 0.00<br> 0.01<br> 0.02% <br> % <br> %  | First $500M<br>Next $500M<br>Over $1B | May 1, 2026 | April 30, 2027 |
|  LVIP JPMorgan High Yield Fund | 0.00<br> 0.05% <br> %  | First $150M<br>Over $150M | May 1, 2026 | April 30, 2027 |
|  LVIP JPMorgan Retirement Income Fund | 0.45% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP JPMorgan Select Mid Cap Managed Volatility Fund | 0.015% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP JPMorgan Short Duration Bond Fund | 0.06% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP MFS International Growth Fund | 0.11<br> 0.10% <br> %  | First $400M<br>Over $400M | May 1, 2026 | April 30, 2027 |
|  LVIP MFS Value Fund | 0.04% | All fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Nomura Diversified Floating Rate Fund | 0.03<br> 0.05% <br> %  | First $2B<br> Over $2B | May 1, 2026 | April 30, 2027 |
|  LVIP Nomura High Yield Fund, previously | 0.00% | First $100M | April 1, 2026 | April 30, 2027 |
|  LVIP Macquarie High Yield Fund | 0.05% | Over $100M |  |  |
|  LVIP Mondrian Global Income Fund | 0.1025<br> 0.1125<br> 0.1225<br> 0.1375% <br> % <br> % <br> %  | First $350M<br>$350M to $525M<br>$525M to $700M<br>Over $700M | May 1, 2025 | April 30, 2027 |
|  LVIP Mondrian International Value Fund | 0.015<br> 0.010% <br> %  | First $1B<br> Over $1B | May 1, 2026 | April 30, 2027 |
|  LVIP Multi-Manager International Equity Managed Volatility Fund \* | 0.665% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP PIMCO Low Duration Bond Fund | 0.050<br> 0.075% <br> %  | First $500M<br>Over $500M | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Bond Index Fund | 0.08<br> 0.122<br> 0.152<br> 0.157<br> 0.162% <br> % <br> % <br> % <br> %  | First $500M<br> Next $1.5B<br> Next $500M<br>Next $2.5B Over<br>$5.0B | May 1, 2026 | April 30, 2027 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP FUND NAME** | **ADVISORY<br>FEE WAIVER** | **AVG. DAILY<br>NET ASSETS OF<br>THE FUND** | **EFFECTIVE<br>DATE** | **TERMINATION<br>DATE** |
|  LVIP State Street Global Tactical Allocation Managed Volatility Fund | 0.10% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP State Street International Index Fund | 0.097<br> 0.145% <br> %  | Up to $1B<br>Over $1B | May 1, 2026 | April 30, 2027 |
|  LVIP State Street International Managed Volatility Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Large Cap Managed Volatility Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Mid Cap Index Fund | 0.005<br> 0.010% <br> %  | Up to $1.5B<br>Over $1.5B | May 1, 2026 | April 30, 2027 |
|  LVIP State Street S&P 500 Index Fund | 0.002% | Up to $1B | May 1, 2026 | April 30, 2027 |
|  LVIP State Street Small-Cap Index Fund | 0.005<br> 0.010<br> 0.015% <br> % <br> %  | Up to $500M<br> Next $1B<br> Over $1.5B | May 1, 2026 | April 30, 2027 |
|  LVIP State Street SMID Cap Managed Volatility Fund | 0.005% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP T. Rowe Price Structured Mid-Cap Growth Fund | 0.05% | Over $750M | May 1, 2026 | April 30, 2027 |
|  LVIP U.S. Aggressive Growth Allocation Managed Risk Fund | 0.015% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP U.S. Growth Allocation Managed Risk Fund | 0.01% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Vanguard Domestic Equity ETF Fund | 0.05% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Vanguard International Equity ETF Fund | 0.05% | All Fund assets | May 1, 2026 | April 30, 2027 |
|  LVIP Wellington SMID Cap Value Fund | 0.115<br> 0.075% <br> %  | First $100M<br>Over $100M | May 1, 2026 | April 30, 2027 |

---

------

\* The Waiver Amount shall renew automatically for one-year terms unless the Trust and LFI mutually agree to the termination at least 10 days prior to the end of the then current term. 

**The parties hereto have caused this Amendment to be signed by their duly authorized officers as of March 26, 2026, and effective in accordance with the dates noted above.** 

---

| | | | |
|:---|:---|:---|:---|
| **LINCOLN FINANCIAL INVESTMENTS** | **LINCOLN FINANCIAL INVESTMENTS** | **LINCOLN VARIABLE INSURANCE** | **LINCOLN VARIABLE INSURANCE** |
| **CORPORATION** | **CORPORATION** | **PRODUCTS TRUST, on behalf of each of its Funds** | **PRODUCTS TRUST, on behalf of each of its Funds** |
|  |  | **listed on Schedule A** | **listed on Schedule A** |
| By: | /s/ Gordon Huellmantel | By: | /s/ James Hoffmayer |
| Name: Gordon Huellmantel | Name: Gordon Huellmantel | Name: James Hoffmayer | Name: James Hoffmayer |
| Title: Senior Vice President | Title: Senior Vice President | Title: Vice President & Chief Accounting Officer | Title: Vice President & Chief Accounting Officer |

---

## Ex-99.J1

**POWER OF ATTORNEY** 

I, the undersigned trustee of the Lincoln Variable Insurance Products Trust ("Trust"), hereby severally constitute and appoint Gordon Huellmantel, Jennifer M. Matthews, James Hoffmayer, Paul T. Chryssikos, Esq., Samuel K. Goldstein, Esq., and Christina E. Pron, Esq. as my true and lawful attorneys-in-fact and agents with full power in each of them of substitution and resubstitution in my name, place and stead, to sign any and all Registration Statements of the Trust and any amendments or supplements thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission, under the Investment Company Act of 1940 (File No. 811-08090) and the Securities Exchange Act of 1933 (File No. 33-70742), on behalf of the Trust, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. This Power of Attorney was signed by me to be effective March 19, 2026.

---

| | |
|:---|:---|
| **SIGNATURE** | **TITLE** |
| /s/ John Morriss |  |
| John Morriss | Chair & Trustee |
| /s/ James Hoffmayer |  |
| James Hoffmayer | Chief Accounting Officer |
| /s/ Steve A. Cobb |  |
| Steve A. Cobb | Trustee |
| /s/ Peter F. Finnerty |  |
| Peter F. Finnerty | Trustee |
| /s/ Ken C. Joseph |  |
| Ken C. Joseph | Trustee |
| /s/ Barbara L. Lamb |  |
| Barbara L. Lamb | Trustee |
| /s/ Pamela L. Salaway |  |
| Pamela L. Salaway | Trustee |
| /s/ Manisha A. Thakor |  |
| Manisha A. Thakor | Trustee |
| /s/ Brian W. Wixted |  |
| Brian W. Wixted | Trustee |
| /s/ Nancy B. Wolcott |  |
| Nancy B. Wolcott | Trustee |

---

## Ex-99.J2

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Lincoln Variable Insurance Products Trust of our reports dated February 13, 2026, relating to the financial statements and financial highlights of ClearBridge Variable Appreciation Portfolio, ClearBridge Variable Large Cap Growth Portfolio, ClearBridge Variable Large Cap Value Portfolio, and ClearBridge Variable Dividend Strategy Portfolio, which appear in Legg Mason Partners Variable Equity Trust's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Financial Statements" and "Financial highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

April 24, 2026

## Ex-99.P4

![LOGO](g109417snap1.jpg)

**Applicable Entities / Rules** 

---

| | |
|:---|:---|
| *Applicable Entities:* | Enterprise-wide policy, including American Century Investment Management, Inc., Registered Investment Companies, Schedule A, American Century Investment Services, Inc., American Century Services, LLC |
| *Statutory/Regulatory:* | Investment Company Act § 17(j), Rule 17j-1; Investment Advisers Act § 204A, 206, Rule 204A-1 and 204-2(12) |
| *Effective Date(s):* | October 29, 1999, Last Revised December 17, 2025 |
| ***Policy or Summary:*** | **Policy** |
| ***Related Summary:*** | **Code of Ethics Policies and Procedures** |
| *Related Documents:* | Business Code of Conduct; Insider Trading Policy |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  Snapshot of the Policy | Snapshot of the Policy | 2.0 |
|  Requirements for All Employees | Requirements for All Employees | 2.0 |
|  Requirements for Access, Investment and Portfolio Persons | Requirements for Access, Investment and Portfolio Persons | 2.0 |
|  Trading Prohibitions for Investment and Portfolio Persons | Trading Prohibitions for Investment and Portfolio Persons | 2.0 |
| I. | Purpose of Code | 3.0 |
| II. | Why Do We Have a Code of Ethics? | 3.0 |
| III. | Does the Code of Ethics Apply to You? | 4.0 |
| IV. | Restrictions on Personal Investing Activities | 6.0 |
| V. | Reporting Requirements | 11.0 |
| VI. | Can there be any exceptions to the restrictions? | 15.0 |
| VII. | Confidential Information | 16.0 |
| VIII. | Conflicts of Interest | 16.0 |
| IX. | What happens if you violate the rules in the Code of Ethics? | 17.0 |
| X. | ACI's Quarterly Report to Fund Directors/Trustees | 18.0 |
|  APPENDIX 1: DEFINITIONS | APPENDIX 1: DEFINITIONS | 18.0 |
|  APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | 22.0 |
|  APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | 25.0 |
|  APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | 27.0 |
|  APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | 30.0 |
|  APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only) | 32.0 |
|  SCHEDULE A: BOARD APPROVAL DATES | SCHEDULE A: BOARD APPROVAL DATES | 34.0 |
|  SCHEDULE B: SUBADVISED FUNDS | SCHEDULE B: SUBADVISED FUNDS | 35.0 |
|  SCHEDULE C: BROKERS | SCHEDULE C: BROKERS | 36.0 |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 1

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![LOGO](g109417snap1.jpg)

PROHIBITED BROKERS 36 <br> APPROVED ELECTRONIC BROKERS 36

**Snapshot of the Policy** 

The Code of Ethics is a comprehensive policy which provides the standards for personal investing by American Century Investments (ACI) employees. Each employee has a Code of Ethics classification based on their job responsibilities and the ability to access nonpublic information about ACI client portfolios' security holdings and trading activities. The restrictions on personal investing contained in the Code vary by classification. The Code of Ethics also applies to accounts and securities that ACI employees beneficially own (i.e., owned by immediate family sharing your household, your domestic partner, or accounts for which you have trading authority or power of attorney, etc.).

It is important that you understand the Code and the restrictions on personal investing. These restrictions may include preclearance of trades and reporting of transactions and holdings, including for exchange traded funds (ETFs) and reportable mutual funds. This page contains a summary of the Code requirements. Please review the full text of the Code to fully understand your responsibilities. Contact Compliance if you have questions about the policy and how it applies to your situation. ComplianceAlpha is the primary tool for performing your duties under the Code. All reporting and preclearance activities are performed in ComplianceAlpha.

**Requirements for All Employees** 

*Non-Access Persons, Access Persons, Investment Persons, and Portfolio Persons must* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place our client's interest first

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with federal securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report violations to Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acknowledge that you have read and understand the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Link reportable brokerage accounts and reportable mutual fund accounts in ComplianceAlpha

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with short-term trading restrictions for ACI client portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain written approval to enter into an arrangement or agreement that could create a conflict of interest with
ACI activities (i.e. serving on the board of directors of a publicly traded company)

**Requirements for Access, Investment and Portfolio Persons** 

*Access Persons, Investment Persons, Portfolio Persons must* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose holdings within 10 days of designation and annually, thereafter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose personal security transactions on a quarterly basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose conflicts of interest annually

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval (preclearance) to trade in reportable securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval to transact in an affiliated, self-indexed ETF if you are a member of the Global Analytics team
or the Index Governance Committee (including non-voting members)

**Trading Prohibitions for Investment and Portfolio Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons and Portfolio Persons cannot participate in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons and Portfolio Persons cannot profit on short-term reportable security trades within 60
calendar days.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 2

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![LOGO](g109417snap1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons cannot trade in a security, or a related security, within seven days before and after
transactions of a client portfolio you manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons cannot sell a security, or a related security which is held by your assigned client portfolio
or buy a security held as a short position in your assigned funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons that manage a Semi-Transparent Active Exchange Traded Fund (STA ETF) are required to obtain pre-approval prior to trading in shares of the STA ETF. They are restricted from selling shares of a STA ETF that they manage within 30 days after purchase.

**I.** **Purpose of Code** 

The Code of Ethics guides the personal investment activities of American Century Investments (ACI) employees (including full and part-time employees, contract and temporary employees, officers and directors), and members of their immediate family.<sup>1</sup> The Code of Ethics aids in the elimination and detection of personal securities transactions by employees that might be viewed as fraudulent or might conflict with the interests of our client portfolios. Such transactions may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the misuse of client trading information for personal benefit (including so-called "front-running"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the misappropriation of investment opportunities that may be appropriate for client portfolios, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive personal trading that may affect our ability to provide services to our clients.

Violations of this Code must be promptly reported to the Chief Compliance Officer.

**II.** **Why Do We Have a Code of Ethics?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investors have placed their trust in ACI** 

As an investment adviser, ACI is entrusted with the assets of our clients for investment purposes. Our employees' personal trading activities and the administration of the Code are governed by these general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of our clients must be placed before our own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any personal securities transactions must be conducted consistent with this Code and in a manner as to avoid even
the appearance of a conflict of interest.

Complying with these principles is how we earn and keep our clients' trust. To protect this trust, we will hold ourselves to the highest ethical standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **ACI wants to give you flexible investing options** 

<sup>1</sup> The directors or trustees of Fund Clients who are not "interested persons" (the "Independent Directors") are covered under a separate Code applicable only to them.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 3

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![LOGO](g109417snap1.jpg)

Management believes that ACI's own mutual funds, ETFs and other pooled investment vehicles provide a broad range of investment alternatives in virtually every segment of the securities market. We encourage ACI employees to use these vehicles for their personal investments. We do not encourage active trading by our employees. We recognize, however, that individual needs differ and that there are other attractive investment opportunities. As a result, this Code is intended to give you and your family flexibility to invest, without jeopardizing relationships with our clients.

Our employees are able to undertake personal transactions in stocks and other individual securities subject to the terms of this Code. All employees are required to report their personal transactions in securities owned by them and in beneficially owned securities under this Code. Additionally, Portfolio, Investment and Access Persons are required to receive preclearance of transactions and further limitations are placed on the transactions of Portfolio and Investment Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Regulations require that we have a Code of Ethics** 

The Investment Company Act of 1940 and the Investment Advisers Act of 1940, and other governmental regulations, require that we have safeguards in place to prevent personal investment activities that might take inappropriate advantage of our fiduciary position. These safeguards are embodied in this Code of Ethics.<sup>2</sup>

**III.** **Does the Code of Ethics Apply to You?** 

*Yes!* All ACI employees and contract personnel must observe the principles contained in this Code of Ethics. This Code applies to your personal investments, as well as those for which you are a beneficial owner. However, there are different requirements for different categories of employees. The category in which you have been placed generally depends on your job function, although circumstances may prompt us to place you in a different category. The range of categories is as follows:

![LOGO](g109417g24g24.jpg)

The standard profile for each of the categories is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Portfolio Persons** 

<sup>2</sup> Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 serve as a basis for much of what is contained in this Code of Ethics.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 4

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![LOGO](g109417snap1.jpg)

Portfolio Persons include portfolio managers and equity investment analysts and any other Investment Persons (as defined below) with authority to enter purchase/sale orders on behalf of client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investment Persons** 

Investment Persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any persons that are involved in or have access to client portfolio securities trading, securities
recommendations, or portfolio holdings or are involved in making securities recommendations that are nonpublic, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any officers and directors of an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Access Persons** 

Access Persons are persons who, in connection with their regular function and duties, consistently obtain information regarding current purchase and sale recommendations and daily transaction and holdings information concerning client portfolios. Examples of persons that may be considered Access Persons include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who are directly involved in the execution, clearance, and settlement of purchases and sales of
securities (e.g. certain investment operations personnel),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose function requires them to evaluate trading activity on a real-time basis (e.g. attorneys,
accountants, portfolio compliance personnel),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who assist in the design, implementation, and maintenance of investment management technology systems
(e.g. certain I/T personnel, including contractors),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• support staff and supervisors of the above if they are required to obtain such information as a part of their
regular function and duties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers or "interested" director of our Fund Clients, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• members of the Index Governance Committee for affiliated ETFs (including non-voting members).

Single, infrequent, or inadvertent instances of access to current recommendations or real-time trading information or the opportunity to obtain such information through casual observance or bundled data security access may not be sufficient to qualify you as an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Access Persons** 

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 5

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![LOGO](g109417snap1.jpg)

If you are an ACI officer, director, or employee and you do not fit into any of the above categories, you are a Non-Access Person. Contractors and temporary employees may be considered Non-Access Persons depending on your role. While your trading is not subject to preclearance and other restrictions applicable to Portfolio, Investment, and Access Persons, you are still subject to the remaining provisions of the Code.

**IV.** **Restrictions on Personal Investing Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Principles of Personal Investing** 

All ACI employees, officers, and directors, and members of your immediate family, must comply with the federal securities laws and other governmental rules and regulations, and maintain ACI's high ethical standards when making personal securities transactions. You must not misuse nonpublic information about client security holdings or contemplated, pending, or completed portfolio transactions for your personal benefit or the benefit of others. Likewise, you may not cause a client portfolio to take action, or fail to take action, for your personal benefit.

In addition, investment opportunities appropriate for client portfolios should not be retained for the personal benefit of yourself or others. Investment opportunities arising as a result of ACI investment management activities must first be considered for inclusion in our client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Trading on Inside Information** 

Federal law prohibits trading on material nonpublic information. Examples of potentially material nonpublic information include confidential received by employees regarding securities that are current or potential portfolio investments. You are expected to abide by the highest ethical and legal standards in conducting your personal investment activities.

As set forth in ACI's Insider Trading Policy, under certain circumstances, an employee may be granted permission to serve as a director, trustee or officer of an outside private or public company. If approved to join the board of directors of such company, the employee is required to abide by ACI's Code of Ethics and related policies, as well as such company's code of ethics or similar rules, including any requirement to abide by trading windows. In such case, the employee must obtain preclearance approval from Compliance prior to trading the outside company's stock.

For more information regarding what to do when you believe you are in possession of material nonpublic information, please consult ACI's **Insider Trading Policy.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading in ACI Open-End Mutual Funds** 

Excessive, short-term trading of ACI open-end mutual funds and other abusive trading practices (such as time zone arbitrage) may disrupt portfolio management strategies and harm fund performance. These practices can cause funds to maintain higher-than-normal

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 6

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![LOGO](g109417snap1.jpg)

cash balances and incur increased trading costs. Short-term and other abusive trading strategies can also cause unjust dilution of shareholder value if such trading is based on information not accurately reflected in the price of the fund.

You may not engage in short-term trading or other abusive trading strategies with respect to any ACI open-end mutual fund client portfolio. For purposes of this Code, "ACI open-end mutual fund client portfolios" include any open-end mutual fund or variable annuity, advised or subadvised by ACI.<sup>3</sup>

*Seven-Day Holding Period*. You will be deemed to have engaged in short-term trading if you have purchased shares or otherwise invested in a variable-priced (non-money market) ACI open-end mutual fund client portfolio and redeem shares or otherwise withdraw assets from that portfolio within seven days. In other words, if you make an investment in an ACI open-end mutual fund client portfolio, you may not redeem shares from that fund before the completion of the seventh day following the purchase date.

*Limited Trading Within 30 Days*. We realize that abusive trading is not limited to a seven-day window. As a result, we may deem the sale of all or a substantial portion of an employee's purchase in an ACI open-end mutual fund client portfolio to be abusive if the sale is made within 30 days, and it happens more than once every rolling twelve months.

These trading restrictions are applicable to any account for which you have the authority to direct trades or of which you are a beneficial owner, including brokerage accounts, ACI Personal Financial Solutions (PFS) accounts, retirement plans, subadvised accounts, or accounts held through an intermediary.

*Transactions NOT Subject to Limitations*. Automatic investments such as AMIs, dividend reinvestments, employer plan contributions, and payroll deductions are not considered transactions for purposes of the holding requirements. Redemptions in variable-priced funds that allow check writing privileges or trusts used as cash instruments in the retirement plan will not be considered redemptions for purposes of the holding requirements.

*Information to be Provided*. You may be required to provide certain information regarding mutual fund accounts beneficially owned by you and transactions in reportable mutual funds. See the Reporting Requirements for your applicable Code of Ethics classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Preclearance of Personal Securities Transactions** 

**[Portfolio, Investment, and Access Persons]** 

Preclearance of personal securities transactions allows ACI to prevent certain trades that may conflict with client trading activities. The nature of securities markets makes it impossible to predict all conflicts. As a consequence, even trades that are precleared can result in potential conflicts between your trades and those affected for client portfolios.

<sup>3</sup> See <u>Schedule A</u> for a list of Fund Clients. See <u>Schedule B</u> for a list of <u>subadvised funds.</u>

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 7

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![LOGO](g109417snap1.jpg)

You are responsible for avoiding such conflicts with any client portfolios for which you make investment recommendations. You have an obligation to ACI and its clients to avoid even a perception of a conflict of interest with respect to personal trading activities.

All Portfolio, Investment, and Access Persons must comply with the following preclearance procedures prior to entering into (i) the purchase or sale of a security for your own account or (ii) the purchase or sale of a security for an account for which you are a beneficial owner.<sup>4</sup>

All preclearance requests should be submitted in ComplianceAlpha. Refer to "Appendix 4: How the preclearance process works." for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the security a "Code-Exempt Security" or a "Prohibited Security" listed in Appendix
3?

If the security is listed on the Code-Exempt Security list, you may execute the transaction without preclearance.

If the security is listed on the Prohibited Security list, you may not execute the transaction.

If the security is not on either list, then you must obtain preclearance (Proceed to Step 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit a Preclearance Request in ComplianceAlpha. You will be required to enter the following information,
correctly **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name and/or security identifier (Ticker symbol, CUSIP, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broker and account number used for the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantity (number of shares or par value) (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar value (Your actual transaction amount should be less than or equal to the value entered on your
Preclearance Request.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The request will be reviewed through our preclearance process. You will receive an e-mail informing you of your approval or denial.

<sup>4</sup> See <u>Appendix 2</u> for an explanation of beneficial ownership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If you receive preclearance for the transaction,<sup>5</sup> you may
execute the approved transaction the day your preclearance is granted and the following business day (the "Preclearance Period"). For example, if preclearance is granted at 3:00 p.m. on Wednesday, you have until the close of the market
on Thursday to execute the trade. If you do not execute the approved transaction within the Preclearance Period, you must repeat the preclearance procedure prior to executing the transaction.

ACI reserves the right to restrict the purchase or sale by Portfolio, Investment, and Access Persons of any security at any time. Such restrictions are imposed through the use of a Restricted List that will cause ComplianceAlpha to deny the approval of preclearance to transact in the security. Securities may be restricted for a variety of reasons including without limitation the possession of material nonpublic information by ACI or its employees.

<u>Private Investments.</u>

Before you personally acquire any securities in a private placement, private equity fund, venture capital fund or any other private fund (including any private fund managed by American Century Private Investment), you must first request and obtain preclearance by entering your request in ComplianceAlpha to acquire such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Additional Trading Restrictions** 

**[Portfolio and Investment Persons]** 

Participation in the investment management of a client portfolio or participation on a Committee that reviews certain types of information potentially increases the risk of a conflict of interest between an employee's personal trading and the use of client information. In order to mitigate this risk, Portfolio and Investment persons are subject to additional trading restrictions. If these restrictions apply to your preclearance request, it will not be approved through the de minimis process. Preclearance should be submitted in ComplianceAlpha following the instructions in Appendix 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Public Offerings.</u> You may not acquire securities issued in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>60-Day Rule (Short-Term Trading Profits)</u> <u>.</u> You may not
profit from any purchase and sale, or sale and purchase, of the same (or equivalent) securities other than code-exempt securities within sixty (60) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Seven-Day Blackout Period** 

**[Portfolio Persons]** 

<sup>5</sup> See Appendix 4 for a description of the preclearance process.

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Portfolio Persons should avoid even the appearance of a conflict of interest between your own personal security transactions and those of client portfolios to which you are assigned ("Client Portfolios"), including trading in securities that are traded in a Client Portfolio before or after your personal transaction. If you are a Portfolio Person, you may not purchase or sell a security, or a related security, other than a code exempt security during the seven (7) calendar days after it has been traded in a Client Portfolio t through the trade-order system. You may also be prohibited from trading that security before it is traded in a Client Portfolio depending on the circumstances surrounding both trades.

If you transact in a security of an issuer that is later traded in a Client Portfolio within seven days, your personal transaction will be reviewed by the Code of Ethics Review Committee to determine whether a violation has occurred and if any appropriate action should be taken (e.g. disgorgement of any personal profits). This possible prohibition should never impact whether the security should be traded in the Client Portfolio as that decision should always be made in the best interests of the Client Portfolio and independent of the Portfolio Person's earlier transaction in a security of the same issuer during the blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Securities Held in Your Funds** 

**[Portfolio Persons]** 

Personally investing in the same securities held by the client portfolios you are assigned to may result in a conflict of interest. To mitigate this risk, you may not sell a security, or a related security in which your client portfolio has a long position or purchase a security, or a related security, in which your client portfolio has a short position without an exemption from this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Semi-Transparent Active ETFs (STA ETF)** 

**[Portfolio Persons]** 

Trading shares of an ACI STA ETF while in possession of information regarding STA ETF security transactions not fully disseminated in the market is prohibited. As a result, you are required to obtain preclearance to transact in the STA ETFs for which you have portfolio manager or trade order authority assigned through the order-trade system. You will only be allowed to execute the trade on the day following your approved preclearance. In addition, you are limited from selling shares of the STA ETF for 30 calendar days after your last purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Trading in Affiliated Self-Indexed ETFs** 

**[Certain Members of the Global Analytics Team and the Index Governance Committee]** 

Trading shares of an ACI Self-Indexed ETF while in possession of nonpublic information about the index is prohibited. If you are member of the Global Analytics Team responsible for creating indexes or the Index Governance Committee (including non-

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voting members), you are required to preclear your transactions in an affiliated Self-Indexed ETF. You will only be allowed to execute the trade on the sixth business day after your preclearance request.

**V.** **Reporting Requirements** 

You are required to file complete, accurate, and timely reports of all required information under this Code. All reported information is subject to review for indications of abusive trading, misappropriation of information, or failure to adhere to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting Requirements Applicable to All Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Code Acknowledgement

Upon employment, any amendment of the Code, and not less than annually thereafter, you will be required to acknowledge that you have received, read, and will comply with this Code. Compliance will notify you when you must provide this information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Brokerage Accounts and Duplicate Confirmations

You are required to report <u>ALL</u> reportable brokerage accounts in ComplianceAlpha. Reportable brokerage accounts include both brokerage accounts maintained by you and brokerage accounts maintained by a person whose trades you must report because you are a beneficial owner. (Refer to Appendix 5 Account Reporting Instructions). Compliance will use your account information to obtain trade confirmations for the activity in your account.

To aid with required recordkeeping requirements and streamline operations, employees may be required to hold all reportable brokerage accounts at a firm that provides electronic trade confirmations to ComplianceAlpha. Through reporting your account information, you are consenting to receipt by Compliance of electronic trade confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting of American Century Managed Mutual Fund Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Employee-owned ACI Personal Financial Solutions (PFS) and ACI Retirement Plans** 

You are not required to report ACI PFS and ACI Retirement Plan accounts held under your own Social Security number. Trading in these accounts will be monitored based on information contained on our transfer agency and retirement plan systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Beneficially-Owned ACI PFS Accounts** (**Portfolio and Investment Persons Only)** 

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You must report all ACI PFS open-end mutual fund accounts that are owned by your immediate family members and other accounts you beneficially-own.

Compliance will obtain trading activity in these accounts which will be monitored for short-term and abusive trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Certain third-party accounts invested in funds managed by ACI** 

You are required to report other accounts invested in funds managed by ACI such as those invested in (i) any subadvised fund (see Schedule B of this Code for a list of subadvised funds); and (ii) non-ACI retirement plan, unit investment trust, variable annuity, or similar accounts in which you own or beneficially own reportable mutual funds.

In addition, you must provide either account statements or confirmations of all trading activity in reportable third-party accounts to Compliance within 30 calendar days of the end of each calendar quarter.

Refer to Appendix 5: Account Reporting Instructions for the process to report your accounts in the ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Reporting Requirements [Portfolio, Investment, and Access Persons]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holdings Report

Within ten (10) calendar days of becoming a Portfolio, Investment, or Access Person, and annually, thereafter, you must submit a Holdings Report. You will be sent an email from ComplianceAlpha with a link to the compliance system where you will complete your report. The information submitted must be current as of a date no more than 45 calendar days before the report is filed and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities, other than certain code-exempt
securities<sup>6</sup>, that you own or in which you have a beneficial ownership interest. This listing must include the financial institution, account number, security identifier and description, number of
shares, currency, and principal amount of each covered security. If you are using an Approved Electronic Broker (AEB) through the Direct or Aggregation Feed on ComplianceAlpha, your holdings will be imported into ComplianceAlpha for you once your
accounts are connected to the Direct or Aggregation Feed. If your holdings do not import from your broker feed by the due date of your Initial Holdings Certification, you will be required to attach a copy of your most recent

<sup>6</sup> See Appendix 3 for a listing of code-exempt securities that must be reported.

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statements to your Initial Holdings Certification in ComplianceAlpha. For securities held in accounts listed as Manual in ComplianceAlpha, you will be required to import or manually add your holdings prior to the reporting deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio and Investment Persons must also provide a list of all reportable mutual fund holdings owned or in
which they have a beneficial ownership interest. This list must include investments held through ACI PFS in accounts that are beneficially-owned, investments in any subadvised fund, holdings in a reportable brokerage account, and holdings in non-ACI retirement plans, unit investment trusts, variable annuity, or similar accounts. ACI PFS reportable mutual fund holdings held under an employee's tax payer identification number are not required to be
listed in ComplianceAlpha. Compliance will obtain the information from ACI PFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of your relationships that may conflict with the interests of ACI, such as outside employment,
relationships with competitors, suppliers, vendors, independent contractors or consultants of ACI, or relationships with directors or trustees in outside organizations other than community charitable activities, education activities, or dissimilar
family business. Additional information regarding conflicts of interest can be found in the Business Code of Conduct and the Outside Business Activities Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quarterly Transactions Report

Within 30 calendar days of the end of each calendar quarter, all Portfolio, Investment, and Access Persons must submit a Quarterly Transactions Report. Compliance will notify you of the dates and requirements for filing the report. A report of the transactions for which we have received your trade confirmations during the quarter will be provided for your review in ComplianceAlpha. It is your responsibility to review the completeness and accuracy of this report, provide any necessary changes, and certify its contents when submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Quarterly Transactions Report must contain the following information about each personal securities
transaction undertaken during the quarter other than those in certain code exempt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's name and account number in which the transaction was executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the security identifier and description and number of shares or the principal amount
of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction, that is, purchase, sale, or any other type of acquisition or disposition; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price, currency, and amount.

In addition, information regarding accuracy and completeness of your reportable brokerage and other accounts should be verified at this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Portfolio and Investment Persons are also required to report transactions in reportable mutual funds held
through a brokerage account. The Quarterly Transactions Report for such persons must contain the following information about each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the fund identifier and description and number of shares or units of each trade
involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction, that is, purchase, sale, or any other type of acquisition or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price, and amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's name and account number in which the trade was executed.

Transactions of reportable mutual funds that do not need to be reported by Portfolio and Investment Persons on the Quarterly Transaction Report include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvested dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds through the ACI retirement plan
accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds held through ACI PFS accounts
under your Social Security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds in beneficially-owned ACI PFS
accounts if the account has been linked to ComplianceAlpha through the Aggregation Feed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in reportable third-party accounts for which the account statements or confirmations are provided to
Compliance within 30 days of the end of the calendar quarter in which the transactions took place.

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**VI.** **Can there be any exceptions to the restrictions?** 

*Yes.* The Chief Compliance Officer or their designee may grant limited exemptions to specific provisions of the Code on a case-by-case basis. Exemptions are requested in ComplianceAlpha (see Appendix 6: Requesting an Exemption).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Factors Considered** 

In considering your request, the Chief Compliance Officer or their designee may grant your exemption request if they are satisfied of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your request addresses an undue personal hardship imposed on you by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your situation is not in conflict with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your exemption, if granted, would be consistent with the achievement of the objectives of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Exemption Reporting** 

All exemptions must be reported to the Boards of Directors/Trustees of our Fund Clients at the next regular meeting following the initial grant of the exemption. Subsequent grants of an exemption of a type previously reported to the Boards may be affected without reporting. The Boards of Directors/Trustees may choose to delegate the task of receiving and reviewing reports to a committee comprised of Independent Directors/Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Day 15 De Minimis Sell Exemption (Portfolio Persons Only)** 

An exemption may be requested when a Portfolio Person's de minimis sell preclearance request has been denied. The Chief Compliance Officer or their designee will review the request and determine if the exemption is warranted. If approval is granted, Compliance will designate the date on which the sale can take place which will be the 15<sup>th</sup> day following the approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-volitional Transaction Exemption** 

Certain non-volitional purchase and sale transactions are exempt from the preclearance requirements of the Code. These transactions include stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, receipt of securities as gifts, the giving of securities, inheritances, margin/ maintenance calls (where the securities to be sold are not directed by the covered person), dividend reinvestment plans, and employer sponsored payroll deduction plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Blind Trust/Managed Account Exemption** 

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An exemption from the preclearance and reporting requirements of the Code may be requested for securities that are held in a blind or quasi-blind trust arrangement or a managed (discretionary) account. For the exemption to be available, you or a member of your immediate family must not have authority to advise or direct securities transactions of the trust or managed account. You must provide a copy of the trust document or management agreement when requesting the exemption. The request will only be granted once the covered person and/or the investment adviser for the trust or managed account certify that the covered person or members of their immediate family will not advise or direct transactions. Your account must be reported in ComplianceAlpha and ACI may require that statements or trade confirmations be received for the trust or managed account. The employee and/or adviser may be requested by Compliance to re-certify the trust arrangement.

**VII.** **Confidential Information** 

All information about clients' securities transactions and portfolio holdings is confidential. You must not disclose, except as required by the duties of your employment, actual or contemplated securities transactions, portfolio holdings, portfolio characteristics or other nonpublic information about Clients, or the contents of any written or oral communication, study, report or opinion concerning any security. Employees should consult the Portfolio Holdings and Characteristics Disclosure and the Confidential Information Asset Security policies before disseminating information to individuals that otherwise do not have access to the information. Employees should not disseminate information about clients' securities transactions and portfolio holdings to employees or contract personnel that are Non-Access Persons or elicit material nonpublic information from any independent directors/trustee of a managed fund who also serves as a director trustee, officer, consultant, or employee of, or has similar affiliation with, another business entity that issues publicly traded securities. This does not apply to information which has already been publicly disclosed.

**VIII.** **Conflicts of Interest** 

You must receive prior written approval from ACI's General Counsel or their designee, as appropriate, to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negotiate or enter into any agreement on a client's behalf with any business concern doing or seeking to do
business with the client if you, or a person related to you, has a substantial interest in the business concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter into an agreement, negotiate or otherwise do business on the client's behalf with a personal friend
or a person related to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve on the board of directors of, or act as consultant to, any publicly traded corporation. Please note that
ACI's Business Code of Conduct, Outside Business Activities Policy, and Insider Trading Policy also contain limitations on outside employment and directorships.

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**IX.** **What happens if you violate the rules in the Code of Ethics?** 

If you violate the requirements of the Code of Ethics, you may be subject to serious penalties. Violations of the Code and sanctions are documented by Compliance and submitted to the Code of Ethics Review Committee. The Committee consists of representatives of the investment adviser and the Compliance and Legal departments of ACI. The Committee is responsible for determining the materiality of Code violations and appropriate sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Materiality of Violation** 

In determining the materiality of a violation, the Committee considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indication of fraud, neglect, or indifference to Code provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary value of the violation in question; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level of influence of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Penalty Factors** 

In assessing the appropriate penalties, the Committee will consider the foregoing in addition to any other factors they deem applicable, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extent of harm to client interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the trade would have been approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount of profits on trades that would not have been approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior record of the violator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which there is a personal benefit from unique knowledge obtained through employment with ACI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The level of accurate, honest and timely cooperation from the covered person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mitigating circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **The penalties which may be imposed include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Non-material violation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warning (notice sent to manager) and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attendance at a Code of Ethics training session and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of trading privileges and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unwinding transactions at your own expense and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Penalties for material or more frequent non-material violations will be
based on the circumstances of the violation. These penalties could include any of the above sanctions in addition to=

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Suspension of trading privileges for one-year if, for any reason,
you've had three non-material trading violations in a six-month period. The six-month period will not include months for
which you served a suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Suspension or termination of employment.

**X.** **ACI's Quarterly Report to Fund Directors/Trustees** 

ACI will prepare a quarterly report for the Board of Directors/Trustees of each Fund Client of any material violation of this Code of Ethics.

**APPENDIX 1: DEFINITIONS** 

**1.** **"Automatic Investment Plan"** 

"Automatic investment plan" means a program in which regular periodic purchases, exchanges or redemptions are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation including dividend reinvestment plans.

**2.** **"Beneficial Ownership" or "Beneficially Owned"** 

See "Appendix 2: What is Beneficial Ownership?"

**3.** **"Code-Exempt Security"** 

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A "code-exempt security" is a security in which you may invest without preclearing the transaction with ACI. The list of code-exempt securities appears in Appendix 3. Code-exempt securities may require reporting of transactions and holdings.

**4.** **"Federal Securities Law"** 

"Federal securities law" means the Securities Act of 1933, the Securities Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted by the Commission or the Department of Treasury.

**5.** **"Fund Clients"** 

Fund clients includes each Fund Client listed on Schedule A.

**6.** **"Initial Public Offering"** 

"Initial public offering" means an offering of securities for which a registration statement has not previously been filed with the SEC and for which there is no active public market.

**7.** **"Investment Adviser"** 

"Investment adviser" includes each investment adviser listed on Schedule A

**8.** **"Member of Your Immediate Family"** 

A "member of your immediate family" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your minor children; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative who shares your home.

For the purpose of determining whether any of the foregoing relationships exist, a legally adopted child of a person is considered a child of such person.

**9.** **"Private Placement"** 

"Private placement" means an offering of securities in which the issuer relies on an exemption from the registration provisions of the Federal Securities Laws, and usually involves a limited number of sophisticated investors and a restriction on resale of the securities.

**10.** **"Prohibited Security"** 

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**"**Prohibited Security" is a security for which trading has been prohibited for Portfolio, Investment and Access Persons.

**11.** **"Related Security"** 

A security made available by the same issuer (i.e. stocks, preferred stocks, depository receipts, bonds, rights, warrants); or an underlying asset of a derivative (futures, SWAPs, etc.).

**12.** **"Reportable Brokerage Accounts"** 

A "reportable brokerage account" includes any account in which securities are held for the direct or indirect benefit of any person subject to this Code of Ethics, including managed or discretionary accounts.

**13.** **"Reportable Mutual Fund"** 

A "reportable mutual fund" includes any mutual fund issued by a Fund Client (as listed on Schedule A) and any subadvised funds (as listed on Schedule B).

**14.** **"Security"** 

A "security" includes a large number of investment vehicles. However, for purposes of this Code of Ethics, "security" (or "securities") includes but is not limited to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock, (including stock acquired in private placements and restricted stock in nonpublic companies received
through an employee stock ownership program);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasury stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange traded fund (ETFs) or similar vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts (UIT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of interest or participation in any profit-sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preorganization certificate or subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of deposit for a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in private investment funds including private equity funds, venture capital funds, or hedge funds, or
unregistered collective investment vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fractional undivided interest in oil, gas or other mineral rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, future, or privilege on any security or other financial instrument (including a
certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), including stock options received from an employer or through a retirement plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, future, or privilege entered into on a national securities exchange relating to
foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, any interest or instrument commonly known as a "security;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of,
future on or warrant or right to subscribe to or purchase, any of the foregoing.

**15.** **"Subadvised Fund"** 

A "subadvised fund" means any mutual fund or portfolio listed on Schedule B.

**16.** **"Supervised Person"** 

A "supervised person" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of an investment adviser and is subject to the supervision and control of the investment adviser.

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**APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"?** 

A "beneficial owner" of a security is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares in the opportunity, directly or indirectly, to profit or share in any profit derived from a purchase or sale of the security.

**1.** **Are securities held by immediate family members or domestic partners "beneficially owned" by me?** 

*Yes.* As a general rule, you are regarded as the beneficial owner of securities held in the name of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of your immediate family  **** ** OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other person IF you obtain from such securities benefits substantially similar to those of ownership. For
example, if you receive or benefit from some of the income from the securities held by your spouse, or domestic partner, you are the beneficial owner; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You hold an option or other contractual rights to obtain title to the securities now or in the future.

**2.** **Must I report accounts for which I am listed as a joint owner or have power of attorney?** 

*Yes.* As a general rule, you are regarded as an owner of any accounts for which you or your immediate family member are listed as a joint owner or have power of attorney.

**3.** **Am I deemed to beneficially own securities in accounts owned by a relative not living in my household for whom I am listed as beneficiary upon death?** 

*Probably not.* Unless you or your immediate family member have power of attorney to transact in such accounts or are listed as a joint owner, you likely do not beneficially own the account or securities contained in the account until ownership has been passed to you.

**4.** **Are securities held by a company I own an interest in also "beneficially owned" by me?** 

*Probably not.* Owning the securities of a company does not mean you "beneficially own" the securities that the company itself owns. *However,* you will be deemed to "beneficially own" the securities owned by the company if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You directly or beneficially own a controlling interest in or otherwise control the company; OR

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company is merely a medium through which you, members of your immediate family, or others in a small group
invest or trade in securities  **** ** and the company has no other substantial business.

**5.** **Are securities held in trust "beneficially owned" by me?** 

*Maybe.* You are deemed to "beneficially own" securities held in trust if you or a member of your immediate family are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a vested interest in the income or corpus of the trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A settlor or grantor of the trust and have the power to revoke the trust without obtaining the consent of all the
beneficiaries.

A blind trust exemption from the preclearance and reporting requirements of the Code may be requested if you or members or your immediate family do not have authority to advise or direct securities transactions of the trust. The accounts require reporting in ComplianceAlpha.

**6.** **Are securities in pension or retirement plans "beneficially owned" by me?** 

*Maybe.* Beneficial ownership does not include indirect interest by any person in portfolio securities held by a pension or retirement plan of a company whose employees generally are the beneficiaries of the plan.

However, your participation in a pension or retirement plan is considered beneficial ownership of the portfolio securities if you can withdraw and trade the securities without withdrawing from the plan or you can direct the trading of the securities within the plan (IRAs, 401(k)s, etc.).

**7.** **Examples of Beneficial Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Securities Held by Family Members or Domestic Partners

*Example 1:* Tom and Mary are married. Although Mary has an independent source of income from a family inheritance and segregates her funds from those of her husband, Mary contributes to the maintenance of the family home. Tom and Mary have engaged in joint estate planning and have the same financial adviser. Since Tom and Mary's resources are clearly significantly directed towards their common property, they shall be deemed to be the beneficial owners of each other's securities.

*Example 2:* Mike's adult son David lives in Mike's home. David is self-supporting and contributes to household expenses. Mike is a beneficial owner of David's securities.

*Example 3:* Joe's mother Margaret lives alone and is financially independent. Joe has power of attorney over his mother's estate, pays all her bills and manages her investment affairs. Joe

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borrows freely from Margaret without being required to pay back funds with interest, if at all. Joe takes out personal loans from Margaret's bank in Margaret's name, the interest from such loans being paid from Margaret's account. Joe is a beneficial owner of Margaret's estate.

*Example 4:* Bob and Nancy are in a relationship. The house they share is still in Nancy's name only. They have separate checking accounts with an informal understanding that both individuals contribute to the mortgage payments and other common expenses. Nancy is the beneficial owner of Bob's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Securities Held by a Company

*Example 5:* ABC Company is a holding company with five shareholders owning equal shares in the company. Although ABC Company has no business of its own, it has several wholly-owned subsidiaries that invest in securities. Stan is a shareholder of ABC Company. Stan has a beneficial interest in the securities owned by ABC Company's subsidiaries.

*Example 6:* XYZ Company is a large manufacturing company with many shareholders. Stan is a shareholder of XYZ Company. As a part of its cash management function, XYZ Company invests in securities. Neither Stan nor any members of his immediate family are employed by XYZ Company. Stan does not beneficially own the securities held by XYZ Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Securities Held in Trust

*Example 7:* John is trustee of a trust created for his two minor children. When both of John's children reach 21, each shall receive an equal share of the corpus of the trust. John is a beneficial owner of any securities owned by the trust.

*Example 8:* Jane placed securities<u> </u>held by her in a trust for the benefit of her church. Jane can revoke the trust during her lifetime. Jane is a beneficial owner of any securities owned by the trust.

*Example 9:* Jim is trustee of an irrevocable trust for his 21-year-old daughter (who does not share his home). The daughter is entitled to the income of the trust until she is 25 years old and is then entitled to the corpus. If the daughter dies before reaching 25, Jim is entitled to the corpus. Jim is a beneficial owner of any securities owned by the trust.

*Example 10:* Joan's father (who does not share her home) placed securities in an irrevocable trust for Joan's minor children. Neither Joan nor any member of her immediate family is the trustee of the trust. Joan is a beneficial owner of the securities owned by the trust. She may, however, be eligible for the blind trust exemption to the preclearance and reporting of the trust securities.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 24

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**APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES** 

Because they do not pose a likelihood for abuse, code-exempt securities are exempt from the Code's preclearance requirements. However, confirmations of transactions in reportable brokerage accounts are required in all cases and some code-exempt securities must also be disclosed on your Quarterly Transactions, Initial, and Annual Holdings Reports. Certain securities have been prohibited. Portfolio, Investment and Access Persons are not allowed to trade in a Prohibited Security.

**1.** **Code-Exempt Securities Not Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Century Investments stock and stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds that are not considered a reportable mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual funds (Access Persons only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund shares purchased through an automatic investment plan (including reinvested dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank Certificates of Deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government Treasury and Government National Mortgage Association securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements. A "high quality short-term debt
instrument" means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization.

**2.** **Code-Exempt Securities Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund shares purchased other than through an automatic investment plan (Portfolio and Investment
Persons only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Products\*, Closed-End Funds and Unit Investment Trusts

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities which are acquired through an employer-sponsored automatic payroll deduction plan (only the
acquisition of the security is exempt, NOT the sale)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities other than open-end mutual funds purchased through dividend
reinvestment programs (only the re-investment of dividends in the security is exempt, NOT the sale or other purchases)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts on the following:

– Futures on U.S. Treasuries.

Large Cap Indices including, but not limited to Standard & Poor's 500 or 100 Index, NASDAQ 100 Index, DOW 30 Industrials, FTSE All World Index, MSCI Indices (ACWI, EAFE, World), Russell 2000 and 3000, Wilshire 5000 . Futures contracts on non-Large Cap Indices and for other financial instruments are not code-exempt. Please contact Compliance to confirm that an index not listed is exempt from preclearance. <br>

Commodity futures contracts for agricultural products (corn, soybeans, wheat, etc.) only. Futures contracts on precious metals or energy resources are ***not*** Code-exempt. <br>

\* ACI STA ETF transactions require preclearance by the Portfolio Persons who have been granted portfolio manager or trade order access in the order-trade system (See Restrictions on Personal Investing Section H). [Portfolio Persons only]

**3.** **Prohibited Securities (Portfolio, Investment, Access Persons)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options Contract (Calls, Covered Calls, Puts, Naked Calls or Puts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracts for Difference (CFDs)

We may modify this list of securities at any time. Please contact Compliance to request the most current list.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 26

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**APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS** 

Preclearance Requests are submitted in ComplianceAlpha (<u>https://www.compliancealpha.com/auth/login</u>). To submit a request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From the ComplianceAlpha Dashboard, click on the "Submit Trade Request" link under Quick Links.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Click "Trade", the select the appropriate template:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Municipal Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Convertible Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Private Placement Preclearance Request (for private placements, private equity funds, hedge fund, private
companies, limited liability companies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. ACI STA ETF (Portfolio Persons assigned to an ACI STA ETF only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Self-Indexed ETF (members of the Index Governance Committee and certain members of Global Analytics Team who
are responsible for creating indexes only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once the preclearance process is complete, you will receive an email indicating if the request is approved or
denied.

After you've entered a Preclearance Request on ComplianceAlpha, your equity transaction is subject to the following tests.

**Step 1: Restricted Security List** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security on any Restricted Security list?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is subject to Step 2.

**Step 2: *De Minimis* Transaction Test (per security per day)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization less than $1 billion and the value of the
employee's requests in the security equal to or less than $5,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization between $1billion and $7.5 billion and the value of the
employee's requests in the security equal to or less than $10,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization greater than $7.5 billion and the value of the
employee's requests in the security equal to or less than $25,000 per day?

*If the answer to any of these questions is "NO",* then your request is subject to Step 3.

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**Step 3: Client Trades Test** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have there been any transactions in the past 72 hours or is there an open order for that security for any Client?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is Approved. You will receive an email with the approval and trading window.

**The preclearance request process can be changed at any time to ensure that the goals of this Code of Ethics are met.** 

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 28

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**Preclearance Process Flowchart**![LOGO](g109417g0408051700281.jpg)

\* De Minimis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Is the market cap = to $1B and the per day trade value </= to $5,000 for the security and related
securities? </P

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Is the market cap between $1B and $7.5B and the per day trade value = to $10,000 for the security and
related securities; or </P

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Is the market cap >/= to $7.5B and the per day trade value = to $25,000 for the security and related
securities? </P

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**APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS** 

**Reportable brokerage accounts** 

All employees are required to link their reportable accounts in ComplianceAlpha. ACI has contracted with frequently used brokers to obtain secure electronic trade confirmations and position files for your trading activity and holdings information, listed on Schedule C Approved Electronic Brokers (AEB). Using an AEB is the preferred method for linking your accounts to ComplianceAlpha. However, if you choose to use a broker that is not an AEB, you will be required to link your accounts through ComplianceAlpha's Aggregation Feed. This process requires you to securely provide your log-in credentials so that ComplianceAlpha can obtain your trading and position information. Your log-in information will not be available to Compliance or ComplianceAlpha support staff. By linking your accounts to ComplianceAlpha, you are consenting for Compliance to obtain electronic trade confirmations and position information for your account.

Certain brokers may not be used due to their inability to consistently provide electronic transactions and holdings information. Please review Schedule C for a list of Prohibited Brokers.

Finally, account information, trading history, and position information may be provided manually. This option is not available for most brokerage accounts and is only available for special circumstances, such as a spouse's stock purchase plan, a trust account, or international brokers for which an Account Exemption must be requested (see Appendix 6: Requesting an exemption).

Follow these steps to link your accounts to ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on "Create Brokerage Account".

&nbsp;&nbsp;&nbsp;&nbsp;3. Use the **Direct Feed** tile to link Approved Electronic Brokers (listed on Schedule C of this policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your account details (Account Name, Account #s); Click "Next"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Date Opened, Account Owner Type, and Investment Discretion.

&nbsp;&nbsp;&nbsp;&nbsp;4. Use the **Aggregation Feed** tile to link accounts for brokers that are not an AEB. Before using the
Aggregation Feed, ensure that your account cannot be linked through the Direct Feed (step 3). The Aggregation Feed requires that you and your family member's account log-in credentials are provided to
link your account to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Click on your broker or click "Search Here" to find your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your broker account's Username and Password. Your information is immediately encrypted and passed
along to the broker feed provider to connect your account and pull back your holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;5. Use the **Manual** tile for accounts that cannot be linked through the Direct Feed or Aggregation Feed.
Note, you may be required to move these accounts to a firm that can be accessed through a Direct Feed or Aggregation Feed unless you have a special circumstance to maintain the

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account through a manual feed. If you are required to move the account, it must be completed within 90 days of your hire date. See "Appendix 6: Requesting an exemption" to request an Account Exemption.

**Beneficially-owned ACI PFS Accounts (Portfolio and Investment Persons only)** 

You are required to report your beneficially-owned accounts in ACI open-end mutual funds held at ACI PFS. Use the **Aggregation Feed** tile to link ACI PFS accounts that are beneficially-owned. The Aggregation Feed requires that you and your family member's account log-in credentials are provided to link your account to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Click on your broker or click "Search Here" to find your American Century Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide your broker account's Username and Password. Your information is immediately encrypted and passed
along to the broker feed provider to connect your account and pull back your holdings and transactions. Compliance and ComplianceAlpha do not have access to the log-in credentials.

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**APPENDIX 6: REQUESTING A Day 15 Sell EXEMPTION (Portfolio Persons Only)** 

The Code of Ethics policy allows for limited exemptions. Exemption requests are submitted by emailing Compliance or in ComplianceAlpha using the following process:

**Trading Exemptions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the "Submit Trade Request" link under Quick Links or click on
the Green Action Button and click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Select "Trade" at "What type of request or disclosure would you like to set up?" Select
"Sell Exemption – Day 15 Exemption" form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Complete the required fields on the request form and submit the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Compliance will review your request. If your request is approved, Compliance will assign a one-day trading window which will be 15 days from the date the exemption was approved. You will be notified by email of the approval or denial.

**Account Exemptions:** 

A Managed Account or Blind Trust account exemption may be requested for accounts for which you or your immediate family members do not have discretionary trading authority. The accounts must be reported in ComplianceAlpha. You must provide a copy of your managed account or discretionary account agreement.

An Account Exemption Request may be requested to continue to hold an account which cannot be linked to ComplianceAlpha through the Direct Feed or Aggregation Link (i.e. Manual Accounts). A special circumstance must be in place for the Account Exemption to be approved.

Exemption requests may be emailed to Code of Ethics or submitted in ComplianceAlpha using the following process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the green action button.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Click on "Other"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select the appropriate template (Managed/Trust Account or Account Exemption) and click continue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Complete the requested information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attaching supporting documentation as required (i.e. Management Agreement or Discretionary Account Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Click Submit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Compliance will review the request and determine if the exemption can be approved. You will be notified of the
completion of the review through an email.

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 33

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**SCHEDULE A: BOARD APPROVAL DATES** 

This Code of Ethics was most recently approved by the Board of Directors/Trustees of the following Companies as of the dates indicated:

---

| | |
|:---|:---|
| **Investment Adviser** | **Most Recent Approval Date** |
|  American Century Investment Management, Inc. | January 1, 2018 |
| **Principal Underwriter** | **Most Recent Approval Date** |
|  American Century Investment Services, Inc. | January 1, 2018 |
| **Fund Clients** | **Most Recent Approval Date** |
|  American Century Asset Allocation Portfolios, Inc. | December 1, 2017 |
|  American Century California Tax-Free and Municipal Funds | December 14, 2017 |
|  American Century Capital Portfolios, Inc. | December 1, 2017 |
|  American Century ETF Trust | December 20, 2017 |
|  American Century Government Income Trust | December 14, 2017 |
|  American Century Growth Funds, Inc. | December 1, 2017 |
|  American Century International Bond Funds | December 14, 2017 |
|  American Century Investment Trust | December 14, 2017 |
|  American Century Municipal Trust | December 14, 2017 |
|  American Century Mutual Funds, Inc. | December 1, 2017 |
|  American Century Quantitative Equity Funds, Inc. | December 14, 2017 |
|  American Century Strategic Asset Allocations, Inc. | December 1, 2017 |
|  American Century World Mutual Funds, Inc. | December 1, 2017 |

---

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 34

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**SCHEDULE B: SUBADVISED FUNDS** 

***(Last updated September 29, 2025)***

The following funds are subject to the Code of Ethics, as well as any other funds for which American Century Investment Management, Inc. serves as an investment adviser. This list of affiliated funds will be updated on a regular basis.

[Fund List Redacted]

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 35

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**SCHEDULE C: BROKERS** 

***(Last updated July 1, 2025)***

Compliance has contracted with Approved Electronic Brokers to obtain a secure electronic transfer of transactions and holdings information for the brokers listed on the Approved Electronic Broker list. Additionally, employees can link their accounts using ComplianceAlpha's aggregation feed if the broker is not listed on our Prohibited Broker list.

Due to the inability to obtain electronic trade confirmations and holdings from some brokers, maintaining a broker account is prohibited with the firms listed under Prohibited Brokers.

**PROHIBITED BROKERS** 

The use of the following brokers is prohibited due to the broker's inability to provide electronic trade confirmations and holdings.

Cash App Investing

Kalshi

Ninja Traders

Optimus Futures

Think or Swim

WeBull

**APPROVED ELECTRONIC BROKERS** 

The following brokers have entered into an agreement with ACI to provide trade confirmations electronically.

Alliance Bernstein

American Century Brokerage (through Pershing)

American Century Private Client Group (through Pershing)

Ameriprise Financial

Benjamin F. Edwards (through Pershing)

Cetera (through Pershing)

Charles Schwab - Investments

Chase – Investments

Citi Private Wealth

Citibank - Investments

Deutsche Bank

DriveWealth (Health Savings Account through WealthCare Savers)

Edward Jones

E\*TRADE at Morgan Stanley

Fidelity Investments

Fidelity International (UK)

First Republic

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Goldman Sachs Wealth Management

GW & Wade Asset Management (through National Financial Services)

Interactive Brokers

JP Morgan Private Client

Lion Street (through Pershing)

LPL Financial

MML Investors (through National Financial Services)

Merrill Lynch – MyMerrill Investments

Morgan Stanley - ClientServ

Northern Trust Securities

Northwestern Mutual

Oppenheimer & Co.

Raymond James

Robinhood

Royal Bank of Canada Wealth Management (RBC)

RBC Dominion Securities (Wealth Management) - Canada

Roundtable (through National Financial Services)

SEI Investments

Stifel Nicholas

UBS

US Trust

Vanguard Investments

Wells Fargo Advisors

Zerodha

Policy updated: December 17, 2025 COMPANY CONFIDENTIAL -©2025 American Century Proprietary Holdings, Inc. 37

## Ex-99.P5

BARON INVESTMENT FUNDS TRUST

BARON SELECT FUNDS

BARON ETF TRUST

BAMCO, INC.

BARON CAPITAL MANAGEMENT, INC.

BARON CAPITAL, INC.

CODE OF ETHICS

Amended and Restated

**August 14, 2025** 

**Introduction** 

This Code of Ethics (the "Code") establishes rules of conduct for employees, officers, directors and trustees of Baron Investment Funds Trust, Baron Select Funds, and Baron ETF Trust, registered investment companies, and their respective series (each, a "Baron Fund" and collectively, the "Baron Funds"), Baron Capital Group, Inc. ("BCG"), and its subsidiaries, Baron Capital, Inc. ("BCI"), the distributor of the Baron Funds, BAMCO, Inc. ("BAMCO"), a registered investment adviser that provides investment advisory services to the Baron Funds and sub-advisory services to unaffiliated registered investment companies, foreign investment companies and other pooled investment vehicles, and Baron Capital Management, Inc. ("BCM"), a registered investment adviser that provides investment advisory services to separately managed accounts, including wrap accounts, offshore funds and a private partnership (BAMCO and BCM, each, an "Adviser" and collectively, the "Advisers" and BCG, BCI, BAMCO and BCM, collectively, "Baron" or the "Firm"). In addition, certain provisions of the Code also apply to **Immediate Family Member(s)** living in the same household. The restrictions on personal investment transactions may also be applied to temporary personnel (i.e, interns, contractors, or consultants), whose tenure exceeds 90 days and/or who are deemed to have access to nonpublic systems. Capitalized terms not previously defined in the Code may be found in the Glossary of Terms at the end of this document

**Statement of General Fiduciary Principles** 

The following general fiduciary principles will govern Personal Securities Transactions and the interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of Clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Personal Securities Transactions must be conducted consistent with this Code and in such a manner as to avoid
any actual or potential conflicts of interest or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Persons subject to the Code should not take inappropriate advantage of their positions.

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This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield persons subject to the Code from liability for Personal Securities Transactions or other conduct that violates a fiduciary duty to Clients.

The Code reinforces the Baron Principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to complying with both the letter and spirit of the laws, regulations, and ethical standards
that govern our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our actions must never be dictated by self-interest or perceived as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we treat our Clients ethically and with respect, and provide them with high quality services, we will be
successful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We insist on honesty, integrity, and fair dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We maintain high ethical standards in dealing with our Clients, the companies in which we invest on their behalf,
our community, our regulators, our competitors, and our co-workers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professionalism is critical to our business.

We are proud of our reputation for hard work, the quality of the individuals who work at our Firm, and the quality of the investment research they produce and the asset management services they provide. Our most important assets are our employees and our reputation. Although our business would be adversely affected if we lost either, our reputation would be more difficult to regain. The provisions of the Code are designed to help us safeguard our reputation.

Baron is committed to fostering a culture of compliance and therefore requires employees to contact the Chief Compliance Officer ("CCO"), or Chief Legal Officer (the "Designated Persons") about any actual or suspected compliance matters. The CCO will receive reports on all violations of the Code reported to a Designated Person. Employees have the option of reporting compliance matters on a confidential basis by utilizing the Confidential Compliance Reporting email address, <u>ComplianceReporting@Baroncapitalgroup.com</u>. Retaliation against any employee for reporting compliance related issues is prohibited and cause for disciplinary action up to and including termination of employment.

If you have questions about any aspect of the Code, or if you have questions regarding application of the Code to a particular situation, contact one of the Designated Persons.

**Prohibited Transactions and Other Restrictions on Personal Trading** 

<u>Restrictions</u> 

**Securities Issued by a Publicly Traded Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Access Person may purchase Securities Issued by a Publicly Traded Company, including securities issued in an
Initial Public Offering, options, warrants, and derivatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Access Person may sell Securities Issued by a Publicly Traded Company (i.e., those that were purchased prior
to joining the Firm or prior to the institution of the Code) subject to the Pre-Clearance and Holding Period provisions below, **provided that** the Access Person first confirms, by consulting the
appropriate Portfolio Managers, that such securities are not Covered Securities being considered for Purchase or Sale and indicates that such confirmation has been obtained in the "Comments" field in StarCompliance ("STAR"),
the Firm's automated system for administration of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Access Person may sell Securities Issued by a Publicly Traded Company short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Research Analyst may recommend the purchase or sale of a Covered Security, to a Portfolio Manager without
first disclosing his or her interest, if any, in the Covered Security to the Designated Persons. The disclosure should include the Research Analyst's Beneficial Ownership, the potential impact that the recommended purchase or sale of a Covered
Security may have on that Beneficial Ownership, and any other information that would be relevant in assessing whether such recommendation creates a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• These restrictions do not apply to Independent Trustees or Independent Directors, except as set forth below.

<u>Blackout Periods</u> 

A pre-clearance request will be denied if there has been a transaction by a Client of Baron within (15) calendar days. If a Client purchases a Covered Security within seven (7) calendar days after an Access Person purchases that security, or if a Client sells a Covered Security within seven (7) calendar days after an Access Person sells that security, the Client must receive the better price.

The Compliance Department will monitor trading activity for seven (7) calendar days following the pre-clearance approval date for conflicts of interests.

The total amount of the difference between the Access Person's price and the Client's price is calculated by multiplying the difference in price by the number of shares purchased or sold by the Access Person, not to exceed the number of shares purchased or sold by the Client. If the discrepancy is less than $250, the Designated Persons will decide how to resolve the situation.

<u>Short Term Trading</u> 

The minimum holding period for Covered Securities is six (6) months. The holding period does not apply to Covered Securities owned by employees before they joined the Firm.

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The holding period described above does not apply to transactions to close a legitimate hedge, provided that the underlying security being hedged has been held for the required holding period.

<u>Prohibition on Initial Public Offerings ("IPOs") and Short Sales</u> 

Access Persons may not participate in IPOs or effect short sales.

<u>Private Placements</u> 

An Access Person may purchase securities in a private placement transaction ("Private Placements") only if approval of the CCO has been obtained. This approval will be based upon a determination that the investment opportunity need not be reserved for clients, that the Access Person is not being offered the investment opportunity due to his or her employment with Baron, and other relevant factors on a case-by-case basis.

Investment personnel who have been approved to acquire securities in a private placement are required to disclose that investment when they are involved in any Baron Fund's subsequent consideration of an investment or divestment in the issuer. In such circumstances, the investment company's decision to purchase or sell securities of the issuer are subject to an independent review by investment personnel with no personal interest in the matter and at least one of the Designated Persons.

Because there is often no broker-dealer involved in a private placement, the employee must provide other evidence of the purchase or sale that is satisfactory to the CCO. The documentation must explain the circumstances surrounding the transaction, including the title of each security involved, the quantity of each security purchased or sold, the date of the transaction, and the price at which the transaction was executed.

**Capital calls made pursuant to private investments that have already been approved do not require further pre-clearance.** 

<u>Insider Trading</u> 

All Access Persons should pay particular attention to potential violations of insider trading laws. Insider trading is both unethical and illegal and would be cause for termination were it to occur. Employees are expected to familiarize themselves with the Insider Trading Policy adopted by Baron.

<u>Proprietary Accounts</u> 

Except under certain limited circumstances described below, the Firm is prohibited from buying securities issued by Publicly Traded Companies for the Firms's proprietary account(s) unless it seeks an exception therefrom. Such requests will be made to the Board of the Baron Funds and the Advisers' Board and will be subject to strict compliance procedures to ensure that any conflicts of interest between the Adviser and its Clients are appropriately managed.

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From time to time the Firm may establish Proprietary Accounts for the purpose of creating incubator funds for new investment mandates or strategies or holding on the Advisers' balance sheets to facilitate the launching of new investment vehicles or for investment purposes. Proprietary Accounts established for the purpose of creating incubator funds for new investment mandates or strategies are exempt from the pre-clearance, holding period, reporting requirements and the prohibition on purchasing Securities Issued by a Publicly Traded Company. Proprietary accounts established for the purpose of holding securities on Advisers' balance sheet to facilitate the launching of new investment vehicles or for investment purposes are exempt from the prohibition on purchasing Securities Issued by a Publicly Traded company but remain subject to the pre-clearance, holding period, and reporting requirements.

With respect to Proprietary Accounts established for the purpose of creating incubator funds for new investment mandates or strategies, orders for the purchase or sale of securities may be aggregated on behalf of two or more of its accounts, (including Proprietary Accounts), so long as the aggregation is done for the purpose of achieving best execution and no client is systematically advantaged or disadvantaged by the aggregation.

With respect to Proprietary Accounts established for the purpose of holding on the Advisers' balance sheets to facilitate the launching new investment vehicles or for investment purposes, the Proprietary Accounts will only be established when client accounts that are permitted and desire to own the Covered Securities in question own the full amount permitted by relevant investment guidelines and restrictions and, with respect to sales of such Covered Securities when the Advisers have decided to reduce or exit the position, the Propriety Accounts will only sell after client accounts have sold.

<u>Exceptions to Code Restrictions</u> 

The Designated Persons may grant exemptions from the restrictions in this Code. The decision will be based on a determination that the transaction for which an exemption is requested would not result in a conflict with or violate any other policy embodied in this Code. Exceptions will likely be granted in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The transaction would be very unlikely to affect a highly liquid market ('de minimis exemption");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The transaction is clearly not related economically to Covered Securities being considered for Purchase or Sale
or Covered Securities Held or to be Acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Special circumstances exist and granting an exception would not be inconsistent with the provisions of the
Code.

Any exemption will be evidenced in writing and will be reported to the Board of Trustees of the Baron Funds and/or the Board of Directors of BCG, as necessary.

<u>Outside Business Activities</u> 

From time to time, Baron employees are asked to serve as directors, advisory directors, trustees or officers of various corporations, charitable organizations and foundations (collectively, "Outside

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Organizations"). Other involvement with Outside Organizations may include part-time jobs, charitable work or voluntary commitments. Some of these outside activities may involve participation in, or knowledge of, proposed financial investments by the Outside Organization.

While there is no absolute prohibition on an employee participating in such activities with an Outside Organization, the proposed participation must comply with all applicable policies and procedures. However, there may be circumstances in which it would not be in Baron's best interests to allow an employee to participate in activities with an Outside Organization, even if the employee's participation would not violate Baron's policies and procedures. The initial consideration must be whether the activity will absorb so much of the employee's time that it will affect his or her performance at Baron.

The most important consideration, however, is whether the outside activity will subject Baron and the employee to potential conflicts of interest. Baron's business requires strict adherence to the highest ethical standards and the avoidance of an appearance of impropriety, conflicts of interest or the appearance of a conflict must be managed. It is impossible to anticipate every conflict of interest that may arise, but activities with Outside Organizations should be limited to those that either do not present or have the least potential of presenting conflicts of interest.

**No Baron employee may be employed by, or accept compensation from, any other person as a result of any business activity, other than a passive investment, outside the scope of his or her relationship with the Firm, without the prior written approval from the Designated Persons.** 

<u>Serving on Boards of Public Companies</u> 

No Access Person may serve on the board of directors of a Publicly Traded Company. This restriction does not apply to Independent Trustees or Independent Directors.

**Policies on Personal Securities Transactions** 

<u>Pre-Clearance Policy and Procedures</u> 

All Access Persons (other than Independent Trustees and Independent Directors who are not employees of the Firm) must pre-clear their Personal Securities Transactions in Covered Securities prior to execution, except as specifically exempted in subsequent sections of the Code.

Transactions in Covered Securities in which Access Persons have Beneficial Ownership must be pre-cleared and reported. This includes transactions in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred Stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADRs and GDRs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed Income Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed- End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by Unit Investment Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivatives (including options, futures, forwards, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnerships and limited liability company interests.

Spouses and dependent children living in the Access Person's household who make their own investment decisions are exempt from restrictions prohibiting purchases and sales of Securities Issued by Publicly Traded Companies, the pre-clearance requirements, the 6-month holding period, and the blackout periods. Compliance will review transactions in Covered Securities being considered for Purchase or Sale and Covered Securities Held or to be Acquired for activity that raises a question of impropriety.

All Personal Securities Transaction reporting and requests for pre-clearance must be processed through StarCompliance at: http://baronfunds.starcompliance.com/Auth/Login. The CCO or another Designated Person will evaluate and review each pre-clearance request and notification will be provided to employees through StarCompliance.

If an Access Person's proposed transaction is not approved on the day it is submitted, it may not be executed. If it is not executed on the day approval is given, the approval lapses. Approvals are only valid for the day they are given. In both cases, the proposed transaction would need to be re-entered in StarCompliance for pre-clearance.

Reporting, but not pre-clearance, is required for non-volitional investment activity in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that result from corporate actions applicable to all similar security holders, such as splits,
tender offers, mergers, stock dividends, etc.; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases which are part of an automatic dividend reinvestment plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of such rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts of shares in Covered Securities over which the Access Person has no control.

**Reporting and Certification Requirements** 

All Access Persons' Personal Securities Transactions and holdings reports will be reviewed by Compliance. The records and reports created or maintained pursuant to the Code are intended solely for internal use and are confidential unless required to be disclosed to a regulatory or governmental agency.

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<u>Initial Holdings Report</u> 

Within ten (10) calendar days of the start of employment, each Access Person must list all Baron Funds, Covered Accounts, and Covered Securities held at the time of hiring in which they have beneficial ownership. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations, or other arrangements.** Statement(s) must be current as of a date not more than 45 days prior to the Access Person's employment start date. Within ten (10) calendar days of the start of employment, each Access Person must request that all broker-dealers or banks with which he or she has managed and/or brokerage accounts send duplicate confirmations and statements of their transactions in Covered Securities to the Compliance Department. If the Access Person requests, the Compliance Department will send a standard letter to the broker-dealer or bank in question, making a request on the Access Person's behalf.

It remains the Access Person's responsibility, however, to ensure that the duplicate statements and confirmations are provided.

Access Persons who fail to submit the report within ten (10) calendar days of their employment start date will be prohibited from engaging in any Personal Securities Transactions until such report is submitted and may be subject to other sanctions.

<u>New Accounts</u> 

All Access Persons must receive written permission from the Compliance Department prior to opening any new managed accounts, brokerage accounts, or any other types of accounts that may hold Covered Securities in which they have beneficial ownership. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations, or other arrangements.** Unless the account has been reported, the Access Person is prohibited from engaging in Personal Securities Transactions in the account.

<u>Managed Accounts</u> 

Personal Securities Transactions in Managed Accounts are excluded from the restrictions on purchasing Securities Issued by a Publicly Traded Company, as well pre-clearance, holding period, restricted period and quarterly transaction reporting. Each Managed Account (not the holdings) must be included in the Annual Holdings Report. On a quarterly basis, employees will need to certify that they do not have any trading discretion in any Managed Account, will not attempt to exercise any trading discretion in the future, and will not discuss any information or recommendation regarding any Covered Security with the person or persons trading discretion over the account or provide an explanation for why they cannot make such a certification. Employees also must inform the Compliance Department of any changes to their Managed Accounts (e.g., a change to the trading discretion over the account).

<u>Quarterly Transaction Reports</u> 

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Within twenty (20) days of the end of each calendar quarter, each Access Person must submit a quarterly transaction report indicating all Personal Securities Transactions in Covered Securities made during the previous quarter.

<u>Annual Holdings Report</u> 

On an annual basis within 30 days after December 31st of each year and/or at any other time as requested by the Firm, all Access Persons will report through StarCompliance all holdings of Covered Securities and Baron Funds which such Access Person has direct or indirect Beneficial Ownership. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations or other arrangements.**

<u>Certification Requirements</u> 

Access Persons are required to complete a Code certification upon commencement of their employment with Baron, and annually thereafter, to acknowledge and certify that they have received, reviewed, understand and will comply with the Code. In addition, all material amendments to, or any new interpretations of, the Code will be conveyed to Access Persons and require their acknowledgement of receipt and understanding. In addition, all Access Persons complete an annual compliance questionnaire, designed to identify potential conflicts of interest.

<u>Gifts</u> 

During each calendar year, all Access Persons will report all gifts and entertainment through StarCompliance. No Access Person may accept any gift or other item of more than $100 in value from any person or entity that does business with the Firm without pre-approval of the CCO. Meals and entertainment that are attended by both the Access Person and a representative of the company providing the meal or entertainment are not subject to the $100 limit, however, meals and entertainment may neither be so frequent nor so extensive as to raise a question of impropriety. This restriction does not apply to Independent Trustees or Independent Directors. The Firm's Policy Regarding Receipt of Goods and Services provides more details.

<u>Sanctions</u> 

Depending on the severity of the infraction, Access Persons may be subject to certain sanctions for violating the Code. Sanctions may include, verbal or written warnings, letters of reprimand, suspension of personal trading activity, disgorgement and forfeiture of profits, and/or suspension or termination of employment. Material violations will be escalated to the Chief Legal Officer and subsequently reported to the Board of Trustees of the Baron Funds and or the Board of Directors of BCG, as necessary.

<u>Communications with Independent Trustees and Independent Directors</u> 

------

As a regular business practice, we attempt to keep Independent Trustees and Independent Directors informed with respect to the Firm's investment activities through reports and other information provided to them in connection with board meetings and other events.

Independent Trustees and Independent Directors do not have ongoing day to day involvement with the Baron Funds or their Adviser. Accordingly, Independent Trustees and Independent Directors are exempt from the Restrictions set forth in the Code, **<u>unless</u>** the Independent Trustee or Independent Director executed a Personal Securities Transaction involving a security about which he or she received non-public information in the course of fulfilling his or her official duties on the Fund or Firm Board indicating that such security was a Covered Security being considered for Purchase or Sale or a Covered Security Held or to be Acquired within a 15 day period of the transaction, provided that, because monitoring the publication of the portfolio holdings of series of Baron ETF Trust is not construed to be within the course of fulfilling the official duties of a trustee, the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of such series' portfolio transactions on a trustee.

As a general matter, the Adviser does not provide the Independent Trustees or Independent Directors non-public information about Covered Securities being considered for Purchase or Sale or Covered Securities Held or to be acquired within 15 days of such transaction. However, in order to assist the Independent Trustees and Independent Directors in meeting their obligations pursuant to the Code, the Adviser will notify them whenever such non-public information is discussed at a meeting or in materials provided for a meeting.

**<u>GLOSSARY OF TERMS</u>**

"**Access Person**" means any Firm employee. This includes all full-time and part-time employees, consultants and contract or temporary employees (including interns) if the duration of their employment with the firm is anticipated to be greater than 90 days. It does not include custodial staff. It also includes any Independent Trustees of the Baron Funds and any Independent Directors of the Firm Board.

"**Adviser**" and "**Advisers**" have the meanings given to them in the Introduction.

"**BAMCO**" has the meaning given to it in the Introduction.

"**Baron**" has the meaning given to it in the Introduction.

"**Baron Fund**" and "**Baron Funds**" have the meanings given to them in the Introduction.

"**BCI**" has the meaning given to it in the Introduction.

"**BCG**" has the meaning given to it in the Introduction.

"**BCM**" has the meaning given to it in the Introduction.

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"**Beneficial Ownership**" means the Access Person has or shares a direct or indirect pecuniary interest in the securities held in the account. Employees have a pecuniary interest in securities if they have the ability to directly or indirectly profit from a securities transaction. **You are deemed to have beneficial ownership of securities held by members of your immediately family sharing the same household (e.g., your spouse and dependent children) or by certain partnerships, trusts, corporations or other arrangements**

**"Board of Directors"** means the Firm's Board of Directors.

**"Board of Trustees"** means the Baron Funds Board of Trustees.

"**Client**" means any client of the Advisers, to include the Baron Funds.

**"Chief Compliance Officer"** means the Firm's Chief Compliance Officer.

"**Code**" has the meaning given to it in the Introduction.

"**Compliance Department**" means the Firm's Compliance Department.

"**StarCompliance**" ("STAR") means the Firm's automated system for administration of the Code.

**"Confidential Compliance Reporting"** means an email address, <u>ComplianceReporting@Baroncapitalgroup.com.</u>

**"Covered Account"** means an account that holds Covered Securities in which Access Person has a beneficial ownership.

"**Covered Security**" means any note, stock, treasury stock, security future, bond, debenture, exchange traded fund, evidence of indebtedness, certificate of interest or participation in any profit sharing agreement, collateral trust certificate, reorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof or exchange traded fund), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, warrant or right to subscribe to or purchase, any of the foregoing. **Covered Security does not include: (i) Direct obligations of the Government of the United States; (ii) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end funds.**

"**Covered Security being considered for Purchase or Sale**" means a Covered Security that has been recommended for purchase or sale to a Portfolio Manager, and, with respect to the person making the recommendation, when such person decides to make the recommendation, notwithstanding whether such recommendation has been made to the Portfolio Manager.

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"**Covered Security Held or to be Acquired**" means any Covered Security that, within the most recent 15 days, is or has been held by a Client and is or has been considered for purchase by a Client.

"**Designated Person**" means any of the Chief Compliance Officer and Chief Legal Officer.

"**Firm**" has the meaning given to it in the Introduction.

"**Firm Board**" means the Firm's Board of Directors.

"**Chief Legal Officer**" means the Firm's Chief Legal Officer.

**"Immediate Family Member of an Employee"** means any of the following person(s) sharing the same household with the employee: spouse, civil union or domestic partner, child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, adoptive relationships and legal guardianships; someone who holds account(s) in which the employee is a joint owner, has trading authority, or Beneficial Ownership; and/or someone for whom the employee materially contributes to the maintenance of the household and the financial support of such person.

"**Independent Director**" means a director of the Firm who is not an employee of BCI, BAMCO or BCM.

"**Independent Trustee**" means a trustee of the Baron Funds who is not an interested person of the Baron Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 (the "Investment Company Act").

"**Initial Public Offering**" means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**"Insider Trading Policy"** means the Firm's Policy on Insider Trading.

"**Managed Account**" means an account over which the Beneficial Owner has no discretion or direct control over the trading activity in the account.

"**Personal Securities Transactions**" mean (i) transactions in securities for your own account, including IRAs, and (ii) transactions in securities for an account in which you have Beneficial Ownership, unless it is a Managed Account.

"**Portfolio Manager**" means the person (or one of the persons) primarily responsible for the day-to-day management of a Baron Fund's portfolio, or a Managed Baron Fund's portfolio.

**"Proprietary Account"** means an account owned and managed by the Firm

"**Publicly Traded Company**" means a company that has issued securities through an initial public offering (IPO) and is traded on at least one stock exchange or the over-the-counter market.

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"**Research Analyst**" means the person (or one of the persons) primarily responsible for recommending the Purchase or Sale of a Covered Security to a Portfolio Manager.

"**Securities Issued by a Publicly Traded Company**" means securities that a company offers to the general public, typically through a stock exchange or through a market maker in the over the counter market.

## Ex-99.P6

Code of Business Conduct and Ethics

September 29, 2025

![LOGO](g109417snap3.jpg)

**Code of Business Conduct and Ethics** 

Effective Date: September 29, 2025

**1.** **Introduction** 

This global Code of Business Conduct and Ethics ("Code") governs the general commitment by BlackRock, Inc. and its subsidiaries (collectively, "BlackRock") to conduct its business activities in the highest ethical and professional manner and to put client interests first. BlackRock's reputation for integrity is one of its most important assets and is instrumental to its business success. While this Code covers a wide range of business activities, practices, and procedures, it does not cover every issue that may arise in the course of BlackRock's many business activities. Rather, it sets out basic principles designed to guide BlackRock's employees and directors. Consultants and contingent, contract, or temporary workers are expected to comply with the principles of this Code and policies applicable to their location, function, and status.

Upon becoming a BlackRock employee, and on an annual basis thereafter, BlackRock employees are required to acknowledge their receipt of this Code and any subsequent amendments. BlackRock employees are provided with the Code and any amendments through the Policy Library.

Every BlackRock employee and director — whatever his or her position — is responsible for upholding high ethical and professional standards and must seek to avoid even the appearance of improper behavior. Any violation of this Code may result in disciplinary action to the extent permitted by applicable law. Any employee who becomes aware of an actual or potential violation of this Code or other BlackRock policy is required to follow the reporting process described in the Global Policy for Reporting Illegal or Unethical Conduct and in Section 10 below.

**2.** **Compliance with Laws and Regulations** 

BlackRock's global business activities are subject to extensive governmental regulation and oversight and it is critical that BlackRock and its employees comply with applicable laws, rules, and regulations, including those relating to insider trading. Employees are expected to refer to the guidance contained in the Compliance Manual and the various policies and procedures contained in the Policy Library in compliance with these laws and regulations and to seek advice from supervisors and Legal & Compliance ("L&C") as necessary.

**3.** **Conflicts of Interest** 

Conflicts of interest may arise when a person's private interest interferes, or appears to interfere, with the interests of BlackRock, or where the interests of an employee or the firm are inconsistent with those of a client or potential client, resulting in the risk of damage to the interests of BlackRock or one or more of its clients. A conflict may arise, for example, if an employee takes an action or has an interest that could appear to make it difficult for the employee to conduct the employee's responsibilities to BlackRock and/or the client objectively and effectively, or if such employee or any person associated with the employee, including but not limited to members of the employee's family or household, receives an improper personal benefit, such as money or a loan, as a result of the individual's position at BlackRock. BlackRock has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Global Conflicts of Interest Policy and the Global Outside Activity

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Code of Business Conduct and Ethics

September 29, 2025

Policy. Employees are required to comply with these and other compliance related policies, procedures, and controls and to help mitigate potential conflicts of interest by adhering to the following standard of conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act solely in the best interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uphold BlackRock's high ethical and professional standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify, report, and manage actual, apparent, or potential conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make full and fair disclosure of any conflicts of interests, as may be required.

Conflicts of interest may not always be clear-cut and it is not possible to describe every situation in which a conflict of interest may arise – any question with respect to whether a conflict of interest exists, together with any actual or potential conflict of interest, should be directed to managers and L&C.

**4.** **Insider Trading and Personal Trading** 

Employees and directors who have access to confidential information about BlackRock, its clients, or issuers in which it invests client assets, are prohibited from using or sharing that information for security trading purposes or for any other purpose except in the proper conduct of our business. All non-public information about BlackRock or any of our clients or issuers should be considered "confidential information." Use of material, non-public information in connection with any investment decision or recommendation or to "tip" others who might make an investment decision on the basis of this information is unethical and illegal and could result in civil and/or criminal penalties. Under the Global Personal Trading Policy, BlackRock employees are required to pre-clear all transactions in securities (except for certain exempt securities). Employees should consult the Global Insider Trading Policy for additional information.

**5.** **Gifts and Entertainment** 

Employees must act in the best interests of our clients and consider the reputation of BlackRock when receiving or providing any gift or entertainment. Employees are prohibited from offering, promising, giving or receiving, or authorizing others to offer, promise, give or receive anything of value, either directly or indirectly, to any party in order to improperly obtain or retain business, or to otherwise gain an improper business advantage.

In addition, strict laws (including criminal laws) govern the provision of gifts and entertainment, including meals, transportation, and lodging, to public officials. Employees are prohibited from providing gifts or anything of value to public officials or their employees or family members in connection with BlackRock's business for the purpose of obtaining or retaining business or a business advantage. Employees should consult the Global Gifts and Entertainment Policy for additional information. Regional specific regulatory restrictions also apply.

**6.** **Political Contributions** 

Employees are required to pre-clear political contributions in accordance with the Global U.S. Political Contributions Policy.

**7.** **Corporate Opportunities** 

Employees and directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from taking personal opportunities for themselves that are discovered through the use of corporate
property, information, or position without the consent of L&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from using corporate property, information, or position for improper personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not compete with BlackRock either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• owe a duty to BlackRock to advance its legitimate interests when the opportunity to do so arises.

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Code of Business Conduct and Ethics

September 29, 2025

**8.** **Competition and Fair Dealing** 

BlackRock seeks to outperform its competition fairly and honestly by seeking competitive advantage through superior performance; BlackRock does not engage in illegal or unethical business practices. BlackRock and its employees and directors should endeavor to respect the rights of, and deal fairly with, BlackRock's clients, vendors, and competitors. Specifically, the following conduct is prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misappropriating proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possessing trade secret information obtained without the owner's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing disclosure of proprietary information or trade secret information by past or present employees of other
companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking unfair advantage of anyone through manipulation, concealment, abuse of privileged information,
misrepresentation of material facts, or any other intentional unfair-dealing practice.

**9.** **Confidentiality** 

BlackRock's employees and directors have an obligation of confidentiality to BlackRock and its clients. Confidential information includes non-public information that might be of use to competitors or that might harm BlackRock or its clients, if disclosed, and non-public information that clients and other parties have entrusted to BlackRock. The obligation to preserve confidential information continues even after employment ends. This obligation does not limit employees from reporting possible violations of law or regulation to a regulator or from making disclosures under whistleblower provisions, as discussed in greater detail in the Global Policy for Reporting Illegal or Unethical Conduct and relevant confidentiality policies and agreements.

**10.** **Reporting Any Illegal or Unethical Behavior** 

Every employee is required to report any illegal or unethical conduct about which they become aware, including those concerning accounting or auditing matters. Employees may report concerns to L&C by contacting a Managing Director in L&C directly or by contacting the Business Integrity Hotline, contact details for which are available via the intranet homepage.

BlackRock will not retaliate or discriminate against any employee because of a good faith report. Employees have the right to report directly to a regulator and may do so anonymously; employees may provide protected disclosures under whistleblower laws and cooperate voluntarily with regulators, in each case without fear of retaliation by BlackRock. Employees should consult the Global Policy for Reporting Illegal or Unethical Conduct and local compliance manuals for additional detail.

**11.** **Protection and Proper Use of BlackRock Assets** 

Employees and directors should make every effort to protect BlackRock's assets and use them efficiently. This obligation extends to BlackRock's proprietary information, including intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, systems, software programs, designs, databases, records, salary information, and any unpublished financial data and reports. Unauthorized use or distribution of proprietary information constitutes a violation of BlackRock policy and could result in civil and/or criminal penalties. Employees should refer to the Intellectual Property Policy and the Corporate Information Security and Acceptable Use of Technology Policy for additional information on the obligation to protect BlackRock's property.

**12.** **Bribery and Corruption** 

BlackRock employees and directors are prohibited from making payments or offering or giving anything of value, directly or indirectly, to public officials of any country, or to persons in the private sector, if the intent is to influence such persons to perform (or reward them for performing) a relevant function or activity improperly or to obtain or retain business or an advantage in the course of business conduct.

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Code of Business Conduct and Ethics

September 29, 2025

Employees should refer to the Global Anti-Bribery and Corruption Policy for additional information.

**13.** **Equal Employment Opportunity and Harassment** 

The diversity of BlackRock's employees is a tremendous asset. BlackRock is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. In particular, it is BlackRock's policy to afford equal opportunity to all qualified applicants and existing employees without regard to race, ethnicity, religion, color, national origin, sex, pregnancy status, pregnancy-related medical conditions, gender, gender identity or expression, sexual orientation, age, ancestry, physical or mental disability, familial or marital status, political affiliation, citizenship status, genetic information, or protected veteran or military status or any other basis that would be in violation of any applicable ordinance or law. In addition, BlackRock will not tolerate harassment, bias, or other inappropriate conduct on the basis of any of the above protected categories. BlackRock's Equal Employment Opportunity policies and other employment policies are available to employees in the Policy Library.

**14.** **Recordkeeping** 

BlackRock requires honest and accurate recording and reporting of information in order to conduct its business and to make responsible business decisions. BlackRock, as a financial services provider and a public company, is subject to extensive regulations regarding maintenance and retention of books and records. BlackRock's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect BlackRock's transactions, and must conform both to applicable legal requirements and to BlackRock's system of internal controls. Employees should consult the Global Records Management Policy and other record retention policies, available to employees in the Policy Library, for additional information.

**15.** **Waivers of the Code** 

Any waiver of this Code for an executive officer or director must be made only by BlackRock's Board of Directors or a Board committee and must be promptly disclosed as required by law or stock exchange regulation.

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## Ex-99.P7

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Capital Group associates are responsible for maintaining the highest ethical standards. The Code of Ethics is intended to help associates observe exemplary standards of integrity, honesty and trust. It sets out standards for our personal conduct, including personal investing, gifts and entertainment, outside business interests and affiliations, political contributions, insider trading, and client confidentiality.

Our fund shareholders and clients have placed their trust in Capital to manage their assets. As investment advisers, we act as fiduciaries to our clients. This means we owe them both a duty of care and a duty of loyalty.

Capital has earned a reputation over many years for acting with the highest integrity and ethics. Reputations are fragile, however, and Capital's reputation can be harmed if any of us fails to act ethically and in the best interests of our clients. We each must hold ourselves to the highest standards of behavior, regardless of business custom, and strive to avoid even the appearance of impropriety. We all share this responsibility – if you have any doubt whether an action or circumstance is consistent with our standards, raise it.

Associates should be aware that their actions outside of the workplace can reflect on the ethics of our organization and potentially harm our reputation. For this reason, associates should exercise caution and good judgment in order to avoid having their actions outside of the workplace impact Capital, our workplace or our associates.

No set of rules can anticipate every possible situation, so it is essential that associates adhere to the spirit as well as the letter of the Code of Ethics. Any activity that compromises the trust our clients have placed in us, even if it does not expressly violate a rule, has the potential to harm our reputation. Associates are reminded of one of Capital's core principles: that we must do the right thing as a matter of principle, not just in observance of policy.

In addition to the specific policies described below, associates have the following fundamental obligations under the Code of Ethics:

– Associates must avoid those situations that might place, or appear to place, their personal interests in conflict with the interests of Capital, our clients or fund shareholders.

– Associates must not take advantage of their role with Capital to benefit themselves or another party.

– Associates must comply with the laws, rules and regulations that apply to us in the conduct of our business.

– Associates must promptly report violations of the Code of Ethics.

It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

Code of Ethics *For external use* 1 May 2025

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**Working ethically** 

In order to maintain the highest ethical standards, Capital strives to recruit, hire and retain exceptional and diverse talent. We can only do so by offering a work environment where associates have a voice, feel respected and can thrive, grow, and bring their most authentic selves to the workplace. In order to help foster such an environment, we have established certain employment policies designed in part to ensure associates interact in a professional, productive and inclusive manner. All associates are expected to be familiar and comply with these and the other policies included in our Associate Handbooks. Because we hold ourselves to the highest ethical standards, our policies often exceed what may be required by law or observed at other companies.

The following sections summarize some of your obligations under the Associate Handbook. Due to their importance to our workplace, violation of the policies in our Associate Handbooks could result in disciplinary action, up to and including termination of employment.

Providing equal employment opportunities and preventing discrimination and harassment

All associates at Capital are responsible for maintaining a professional, inclusive work environment. As an equal opportunity employer, we do not tolerate discrimination. Our policies prohibit unlawful discrimination on the basis of race, religion, color, national origin, ancestry, sex (including gender, gender expression and gender identity), pregnancy, childbirth and related medical conditions, age, physical or mental disability, medical condition, genetic information, marital status, sexual orientation, citizenship status, AIDS/HIV status, political activities or affiliations, military or veteran status, status as a victim of domestic violence, assault or stalking or any other characteristic protected by federal, state or local law.

Harassment is a form of discrimination and violates our commitment to equal employment opportunities. Harassment in violation of our policies occurs when unwelcome comments or conduct based on a protected status unreasonably interfere with an associate's work performance or create an intimidating, hostile or offensive work environment.

We are committed to promptly investigating and taking action to eliminate any discrimination and harassment that occurs in the workplace. When requested by our Human Resources or Legal Department, all associates are expected to cooperate fully in any investigation into a violation of our policies against discrimination and harassment. Our commitment is to address such claims promptly and to take corrective action as appropriate.

Associates are encouraged to report harassment to Human Resources, any manager in the organization or through our Open Line (contact information for Open Line is outlined below in **Reporting requirements**).

Code of Ethics *For external use* 2 May 2025

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Close personal relationships in the office

When associates have a close personal, intimate or familial relationship in the workplace, it can create an actual or potential conflict of interest. It can also negatively impact the work environment. For this reason, Capital requires that all associates report any personal intimate or familial relationship with another associate or a business partner employee to Human Resources. Under this policy, certain relationships are prohibited, such as intimate relationships between managers and associates in their reporting lines.

Interacting with the public

Regardless of whether you are speaking on behalf of Capital or simply using social media for personal use, we expect all associates to maintain both client and firm confidentiality, and to protect the firm's reputation. The lines between public and private, personal and professional, can become blurred, particularly within the realm of social media. By identifying yourself as a Capital associate within a social network, you are connected, either directly or indirectly, to colleagues, managers, clients and investors. Information originally intended for friends and family can be forwarded and, ultimately, lead to unintended consequences. For this reason, associates should exercise extra caution and good judgment and avoid mixing personal and business social networks and ensure that they abide by all local laws and regulations and applicable Capital policies, such as the policy against harassment.

Protecting sensitive information

Capital Group regularly creates, collects, and maintains valuable proprietary information, which is essential to our business operations and the performance of services for our clients. This information derives its value, in part, from not being generally known outside of Capital (hereinafter "Confidential Information"). It includes confidential electronic information in any medium, hard-copy information, and information shared orally or visually (such as by telephone or video conference). The confidentiality, integrity and limited availability of such information is regarded as fundamental to the successful business operations of Capital Group. The purpose of the Confidential Information Policy is to protect our information from disclosure – intentional or inadvertent – and to ensure that associates understand their obligation to protect and maintain its confidentiality.

Code of Ethics *For external use* 3 May 2025

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**Code of Ethics guidelines** 

No special treatment from broker-dealers

Associates may not accept negotiated commission rates or any other terms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealers are subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealers may not be accepted. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

No excessive trading of Capital-affiliated funds

Associates should not engage in excessive trading of the American Funds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessive activity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

Ban on Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs)

All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.

Exceptions for participation in IPOs are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).

Avoiding conflicts

Associates must avoid conflicts of interest that can occur when their business, financial or other interests interfere, or reasonably appear to interfere, with their duty to serve the interests of Capital and our clients. Conflicts of interest include any situation where financial or other personal factors compromise objectivity or professional judgment. Even the appearance of conflict could negatively impact Capital and harm our reputation.

Portfolio managers and investment analysts should be aware of the potential conflicts that can arise when they invest on behalf of fund shareholders and clients. The investments we make for our clients must be based on their best interests, and should not be, or appear to be, based on the self-interest of our associates. Accordingly, members of the investment group must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, has a material business, financial or personal relationship with a company that they hold or are eligible

Code of Ethics *For external use* 4 May 2025

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to purchase professionally. Examples of a material relationship include: (1) a family member serving as a senior officer or executive of a portfolio company, (2) significant beneficial ownership of a portfolio company by the associate or their family members, and (3) involvement by the associate or a family member in a significant transaction or business opportunity with a portfolio company.

In addition, associates should avoid conflicts related to Capital's business, and therefore must not:

– Engage in a business that competes, directly or indirectly, with the interests of Capital, or is related to their role or responsibilities at Capital;

– Act for Capital in any transaction or business relationship that involves the associate, members of their family or other people or organizations with whom the associate or their family member(s) have a significant personal connection or financial interest;

– Negotiate with Capital on behalf of any such people or organizations; or

– Use or attempt to use their position at Capital to obtain any improper personal benefit for themselves, family member(s) or any other party.

No policy can anticipate every possible conflict of interest and all associates must be vigilant in guarding against anything that could color our judgment. Any associate who is aware of a transaction or relationship that could reasonably be expected to give rise to a conflict of interest or perceived conflict of interest must disclose the matter promptly to a member of the Code of Ethics Team. If there is any doubt or if something does not feel consistent with our standards, raise the issue.

Any changes in a previously disclosed potential conflict, outside business interest or affiliation that could be relevant to an evaluation of a potential conflict must also be promptly disclosed. Examples of changes to disclose include: (1) a change in research coverage of an investment analyst to include a company with a family member serving as a senior executive (even if the senior executive relationship had previously been disclosed); (2) a change in an associate's role to trader if the associate had previously disclosed a sibling who works as a sell-side trader; and (3) a change in the line of business or activities of an outside business interest of an associate.

Outside business interests/affiliations

Associates should avoid outside business interests or affiliations that may give rise to conflicts of interest or that may create divided loyalties, divert substantial amounts of their time, or compromise their independent judgment.

Associates must obtain approval from the Code of Ethics Team to serve on the board of directors or as an advisory board member of any public or private company. This rule does not apply to: (1) boards of Capital companies or funds; (2) board service that is a direct result of the associate's responsibilities at Capital, such as for portfolio companies of private equity funds managed by Capital; or (3) boards of non-profit and charitable organizations. Associates must disclose to the Code of Ethics Team if they serve on the board of a non-profit or charitable

Code of Ethics *For external use* 5 May 2025

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organization that has issued or has future plans to issue publicly held securities, including debt obligations.

Submit pre-approval to serve on the board of directors or as an advisory board member directly in the compliance reporting application.

In addition, associates must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship:

– serves as a board director or as an advisory board member of,

– holds a senior officer position, such as CEO, CFO or Treasurer with, or

owns 5% or more, individually or together with other such family members, of any public company or any private company that may be reasonably expected to go public. <br>

In addition to the disclosure obligations set forth above, associates should be mindful of and must disclose to the Code of Ethics Team any other outside business interest or activity that may present a conflict of interest or the appearance of a conflict of interest or that may compromise their independent judgment. For example, associates must disclose if they have a significant interest in a private company that does business with or competes with Capital, even if that company is not reasonably expected to go public.

Family members employed by a financial institution

Associates who are "Covered Associates" (as defined below) must disclose if any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, is employed by a broker-dealer, investment adviser or other firm that provides investment research or trade execution services to Capital.

Requests for approval or questions may be directed to the Code of Ethics Team.

Other guidelines

Statements and disclosures about Capital, including those made to fund shareholders and clients and in regulatory filings, should be accurate and not misleading.

**Reporting requirements** 

Annual certification of the Code of Ethics

All associates are required to certify at least annually that they have read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate's manager or the Code of Ethics Team.

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Reporting violations

All associates are responsible for complying with the Code of Ethics. As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: (1) fraud or illegal acts involving any aspect of Capital's business; (2) noncompliance with applicable laws, rules and regulations; (3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or (4) activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, including the assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigated and appropriate action will be taken, which may include reporting the matter to the firm's regulator if determined to be appropriate by legal counsel. Once a violation has been reported, all associates are required to cooperate with Capital in the internal investigation of any matter by providing honest, truthful and complete information.

Associates may report confidentially to a manager/department head or to the Open Line Committee.

Associates may also contact the Chief Compliance Officers of CB&T, CGPCS, CIInc, CRC, CIAM, CRMC, or legal counsel employed with Capital.

**Capital strictly prohibits retaliation against any associate who in good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding any conduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associates comply with their obligations to report violations without fear of retaliation.** 

**Policies** 

Capital's policies regarding gifts and entertainment, political contributions, insider trading and personal investing are summarized below.

Gifts and Entertainment Policy

The Gifts and Entertainment Policy is intended to ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital's current or prospective business relationships, or Capital's interactions with government officials. If a gift or entertainment is excessive, repetitive or extravagant, it can raise the appearance of favoritism or the potential for a conflict of interest. By understanding and following the Gifts and Entertainment Policy requirements, associates help Capital safeguard the company and ensure compliance with regulatory rules.

– Associates are prohibited from receiving or extending cash gifts, including cash equivalents, such as credit gift cards or cryptocurrencies. Any gifts from or to a Business Partner, a Business Partner Employee or Contingent Worker who is currently on

Code of Ethics *For external use* 7 May 2025

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assignment at Capital is also prohibited. Associates may also not accept from or give to any one individual or entity a gift or group of gifts exceeding in aggregate US$100 in a 12-month calendar year period if such a person or entity conducts, or may conduct, business with Capital. Trading department associates are subject to different limits and reporting requirements and are generally not permitted to receive gifts. Trading associates may be asked to return gifts received.

Associates must receive approval from their manager and the Code of Ethics Team before accepting or extending entertainment with a market value greater than US$500. This value is cumulative for associates and their invited guests. All ticketed events should be approved by the associate's manager. Trading department associates are prohibited from accepting entertainment, regardless of value, unless the associate or Capital pays. <br>

Submit pre-approval for an entertainment request directly in the compliance reporting application.

Gifts or entertainment extended by a Capital associate and approved by the associate's manager for reimbursement by Capital do not need to be reported (or pre-approved). Trading department associates should report gifts and entertainment extended regardless of reimbursement. Dollar amounts refer to U.S. dollars.

Please note CCG/PCS associates are subject to separate policies regarding extending or receiving gifts and entertainment and are also required under the Gifts and Entertainment Policy to report all gifts and entertainment, regardless of value.

Capital Group is registered as a federal lobbyist and special rules apply to gifts and entertainment involving government officials and employees as a result. Associates must receive approval from Capital's Code of Ethics Team prior to either: (1) hosting a federal government official or employee at a Capital facility if anything of value (e.g. food, tangible item) will be presented to that individual; or (2) providing anything of value to a federal government official or employee if Capital will pay or reimburse for the related cost.

Reporting

The limitations relating to gifts and entertainment apply to all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report any gift exceeding $50 and business entertainment in which an event exceeds $75 (although it is recommended that associates report all gifts and entertainment). Trading department associates should notify the Code of Ethics Team when gifts are received and report such gifts quarterly, whether the gift is received by an individual associate or by a department. In addition, trading associates should report all gifts and entertainment regardless of reimbursement.

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Charitable contributions

Associates must not allow Capital's present or anticipated business to be a factor in soliciting political or charitable contributions from outside parties. In addition, it is generally not appropriate to solicit these outside parties or Capital associates for donations to a family-run non-profit organization, family foundation, donor-advised fund or other charitable organization in which an associate or their family members are significantly involved. Board membership alone would not be considered significant involvement.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees administration of the Gifts and Entertainment Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.

Political Contributions Policy

Associates must be cautious when engaging in personal political activities, particularly when supporting officials, candidates, or organizations that may be in a position to influence decisions to award business to investment management firms. Associates should not make political contributions to officials or candidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmental entity. Associates are encouraged to contact the Code of Ethics Team with any questions about the Political Contributions Policy.

Associates may not use Capital offices or equipment to engage in political fundraising or solicitation activity, for example, hosting a fundraising event at the office or using Capital phones or email systems to help solicit donations for an elected official, a candidate, Political Action Committee (PAC) or political party. Associates may volunteer their time on behalf of a candidate or political organization but should limit volunteer activities to non-work hours.

For contributions or activities supporting candidates or political organizations within the U.S., we have adopted the guidelines set forth below, which apply to associates classified as "Restricted Associates."

Guidelines for political contributions and activities within the U.S.

U.S. Securities and Exchange Commission (SEC) regulations limit political contributions to certain Covered Government Officials by certain employees of investment advisory firms and certain affiliated companies. "Covered Government Official," for purposes of the Political Contributions Policy, is defined as: (1) a state or local official; (2) a candidate for state or local office; or (3) a federal candidate currently holding state or local office.

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Many U.S. cities and states have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. Some associates are also subject to these regulations.

Restricted Associates

Certain associates are deemed "Restricted Associates" under the Political Contributions Policy. Restricted Associates include (1) "covered associates" as defined in the SEC's rule relating to political contributions by investment advisers (Rule 206(4)-5 under the Investment Advisors Act of 1940); and (2) other associates who do not meet that definition but whom Capital has determined should be subject to the restrictions on political contributions contained in the Political Contributions Policy based on their roles and responsibilities at Capital. Contributions by Restricted Associates and their spouse/spouse equivalent are subject to specific limitations, pre-approval, and reporting requirements as described below.

Pre-approval of political contributions

Contributions by Restricted Associates to any of the following must be pre-approved:

– State or local officials, or candidates for state or local office

– Federal candidate campaigns and affiliated committees, including federal incumbents and presidential candidates

– Political organizations such as Political Action Committees (PACs), Super PACs and 527 organizations and ballot measure committees

– Non-profit organizations that may engage in political activities, such as 501(c)(4) and 501(c)(6) organizations

Restricted Associates must also obtain pre-approval for U.S. political contributions by their spouse/spouse equivalent to any of the foregoing, as well as contributions to any state, local or federal political party or political party committee, **if** the aggregate contributions by the Restricted Associate and spouse/spouse equivalent to any one candidate or political entity equals or exceeds $100,000 in a calendar year.

Certain documentation is required for contributions to Covered Governmental Officials, PACs or Super PACs, and may be required for contributions to other entities that engage in political activity. See "Required documentation" below for further details. Submit pre-approval requests directly in the compliance reporting application.

Contributions include:

– Monetary contributions, gifts or loans

– "In kind" contributions (for example, donations of goods or services or underwriting or hosting fundraisers)

– Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, and purchasing tickets to inaugural events)

– Contributions to joint fund-raising committees

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– Contributions made by a Political Action Committee (PAC) controlled by a Restricted Associate<sup>1</sup>

Required documentation

Restricted Associates must obtain additional documentation from an independent legal authority before they will be approved to contribute to Covered Government Officials. The purpose of the legal documentation is to verify that a specific state or local office does not have the ability to directly or indirectly influence the awarding of business to an investment manager. For contributions to PACs, Super PACs, or other entities that engage in political activities, Restricted Associates may be required to obtain a certification that the entity does not contribute to Covered Government Officials. The Code of Ethics Team will provide language for the documentation when you obtain pre-approval for the contribution.

If a candidate currently holds a state/local office and is running for a different state/local office, legal documentation must be obtained for both the current position and the office for which the candidate is running. Exceptions to the documentation requirements may be granted on a case-by-case basis.

Special political contribution requirements – CollegeAmerica and ABLEAmerica

Certain associates involved with "CollegeAmerica," the American Funds 529 college savings plan and "ABLEAmerica," the American Funds nationwide plan for individuals with disabilities, sponsored by the Commonwealth of Virginia, are subject to additional restrictions which prohibit them from contributing to Virginia political candidates or parties.

Administration of the Political Contributions Policy

The U.S. Public Policy Coordinating Group oversees the administration of the Political Contributions Policy, including considering and granting possible exceptions. Questions regarding the Political Contributions Policy may be directed to the Code of Ethics Team.

Insider Trading Policy

Antifraud provisions of U.S. securities laws as well as the laws of other countries generally prohibit persons in possession of material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. In addition, trading in fund shares while in possession of material, non-public information that may have an immediate impact on the value of the fund's shares may constitute insider trading.

<sup>1</sup> "Control" for this purpose includes service as an officer or member of the board (or other governing body) of a PAC.

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While investment research analysts are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all Capital associates and extend to activities both within and outside each associate's duties. Associates who believe they have material non-public information should contact any lawyer in the organization.

Personal Investing Policy

*This policy applies only to "Covered Associates." Special rules apply to certain associates in some non-U.S. offices.*

The Personal Investing Policy sets forth specific rules regarding personal investments that apply to "covered" associates. These associates may have access to confidential information that places them in a position of special trust. Under the Code of Ethics, associates are responsible for maintaining the highest ethical standards. Associates are reminded that the requirements of the Code of Ethics apply to personal investing activities, even if the matter is not covered by a specific provision of the Personal Investing Policy.

**Personal investing should be viewed as a privilege, not a right. As such, the Personal Investing Committee may place limitations on the number of preclearance/trade requests and/or transactions associates make.** 

Covered Associates

"Covered Associates" are associates with access to non-public information relating to current or imminent fund/client transactions, investment recommendations or fund portfolio holdings. The Personal Investing Policy applies to the personal investments of Covered Associates, as well as those of any Covered Family Members. Covered Family Members include your spouse or dependent family member, whether they do or do not reside in your household. It also includes any immediate family members or a person with whom you have a committed relationship residing in your household. A family member may be children, siblings, and parents, including adoptive, step and in-law relationships.

Questions regarding coverage status should be directed to the Code of Ethics Team.

Additional rules apply to Investment Access Persons

Under this policy, additional restrictions apply to Investment Access Persons, including:

– Investment Professionals, such as portfolio managers, research analysts, research directors, trading associates, and fundamental research group associates, and

– Other associates in roles that support certain investment group activities or applications, such as private wealth advisors, investment group administrative assistants, global investment control associates, environmental and social governance associates, and investment group technology associates.

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These restrictions also apply to any Covered Family Members.

Prohibited transactions

The following transactions are prohibited:

– Initial Public Offering (IPO) investments (this prohibition applies to all Capital associates)

*Note: Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).*

– Initial Coin Offering (ICO) investments (this prohibition applies to all Capital associates)

– Excessive trading of Capital-affiliated funds

– Spread betting/contracts for difference (CFD) on securities

– Transactions in derivatives on securities and financial contracts, such as options, futures and forwards contracts, with limited exceptions described below

– Short selling of securities – including short selling "against the box," with limited exceptions described below

– Interest rate swaps (IRS), with limited exceptions described below

Exceptions:

– Derivatives, financial contracts, and short selling transactions are permitted only if they are based on non-reportable instruments (such as currencies and commodities) or if they are based on the S&P 500, Russell 2000 or MSCI EAFE indices

– Interest rate swaps are permitted if based on currencies and government bonds of the G7

Reporting requirements

Covered Associates are required to report any securities accounts, holdings and transactions: (1) in which the Covered Associate or any Covered Family Member has a pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security) or (2) over which the Covered Associate or any Covered Family Member exercises investment discretion or has direct or indirect influence or control. Quarterly or annual certifications of accounts, holdings and transactions must also be submitted. An electronic reporting platform is available for these disclosures.

Examples of accounts that must be disclosed include: (1) trusts if the Covered Associate or Covered Family Member are the grantor or serve as trustee or custodian or have the ability to appoint or remove the trustee, (2) trusts that you or a Covered Family Member have the power to revoke, (3) trusts for which you or a Covered Family Member are a beneficiary and exercise investment discretion or have direct or indirect influence or control, and (4) accounts of another person or entity if the Covered Associate or Covered Family Member makes or influences

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investment decisions, such as by suggesting purchases and sales of securities in the account. The obligation to disclose accounts includes professionally managed accounts. Please see "Professionally managed accounts" in the Personal Investing Policy for more information.

Covered Associates should immediately notify the Code of Ethics Team when opening new securities accounts by logging into the compliance reporting application and entering the account information directly.

All Covered Associates and Covered Family Members must use an approved electronic reporting firm for all U.S.-based brokerage accounts. There are some exceptions to this requirement which include professionally managed accounts, employer-sponsored retirement accounts, and employee stock purchase plans. Contact the Code of Ethics Team with questions. Account documentation, such as statements, trade confirmations or approved equivalent documentation is required for compliance purposes. This requirement includes employer-sponsored retirement accounts and employee stock purchase plans (ESPP, ESOP, 401(k)). Documentation allowing the acquisition of shares via an employer-sponsored plan may be required.

Pre-approval procedures

**Certain transactions may be exempt from pre-approval; please refer to the Personal Investing Policy for more details.** 

Before any purchase or sale of securities subject to pre-approval, including securities that are not publicly traded, Covered Associates must receive approval from the Code of Ethics Team. This requirement applies to any purchase or sale of securities in which the Covered Associate or any Covered Family Member (1) has, or by reason of such transaction may acquire, pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security), or (2) exercises investment discretion or direct or indirect influence or control. Transactions in an approved professionally managed account are not subject to pre-approval, except for private investments or other limited offerings which require pre-approval and reporting. Please refer to the Personal Investing Policy for more details on securities that require pre-approval.

**Submitting preclearance/trade requests** 

Submit preclearance/trade requests directly in the compliance reporting application.

Requests are reviewed during New York Stock Exchange (NYSE) hours. A response will generally be sent within one business day.

Unless a different period is specified, clearance is good until the close of the NYSE on the day of the request.

If the pre-approved trade has not been executed within the approved timeframe, a preclearance/trade request **must** be submitted again. For this reason, limit orders and margin accounts are strongly discouraged. Preclearance/trade requests should be submitted in the amount intended to trade and in the specific account in which the trade will take place.

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Private investments or other limited offerings

Participation in private investments or other limited offerings are subject to special review. The following types of private investments must be pre-approved:

– Hedge funds

– Private companies

– Limited Liability Companies (LLCs)

– Limited Partnerships (LPs)

– Private equity funds

– Private funds

– Private placements

– Private real estate investment companies

– Venture capital funds

In addition, opportunities to acquire a stock that is "limited" (that is, a broker-dealer is only given a certain number of shares to sell and is offering the opportunity to buy) may be subject to the Gifts and Entertainment Policy.

**Pre-approval procedures for private investments** 

Submit pre-approval for private investments directly in the compliance reporting application. Pre-approval is also required for additional investments in the same vehicle.

Additional policies for Investment Access Persons and CIKK associates

Ban on short-term trading

Investment Access Persons and CIKK associates are prohibited from engaging in short-term trading of reportable securities.

Associates and their Covered Family Members may not buy and then sell or sell and then buy the same security:

– Within 60 calendar days for Investment Access Persons

– Within 6 months for CIKK associates

This ban applies to transactions in all your accounts as well as accounts held by your Covered Family Members. For example, if you sell ABC company in your account, your spouse cannot purchase ABC company for 60 calendar days in their account.

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Failure to comply with this requirement may result in remedial action, including disgorgement of the profits.

Blackout periods

Investment Access Persons may not buy or sell a security during the seven calendar days after Capital has transacted in that security's issuer for a fund or client account.

If Capital transacts in securities of the same issuer within seven calendar days after you transact, your personal transaction may be reviewed to determine the appropriate action, if any. For example, if you received a better price than the fund or client accounts, you may be subject to a price adjustment, and may be asked to donate to a charitable organization. This blackout period helps mitigate the appearance of front running.

Report cross-holdings for certain Investment Professionals

Portfolio managers, research directors and investment analysts are required to report issuers owned personally by you or a Covered Family Member that you also own professionally, on a quarterly basis. If you are a research director or an investment analyst, you are also required to report issuers owned personally by you or a Covered Family Member that are within your research responsibilities. This reporting must be made to the Code of Ethics Team and may be reviewed by various Capital committees.

When recommending a security for purchase or sale in a fund or client account that you or a Covered Family Member own personally, you should first disclose such personal ownership either in writing (in a company write-up) or verbally (when discussing the company at investment meetings) prior to making a recommendation. This disclosure requirement is consistent with both the CFA Institute standards as well as the ICI Advisory Group Guidelines.

Penalties for violating the Personal Investing Policy

Covered Associates may be subject to penalties for violating the Personal Investing Policy, such as restrictions on personal trading, disgorgement of profits, and other disciplinary action, up to and including termination. In addition, information about particular transactions may be provided to an associate's manager, appropriate Human Resources manager and/or a Chief Compliance Officer (CCO) by the Code of Ethics Team if the transactions are in violation of the Personal Investing Policy. These violations may raise conflict of interest-related issues or impact the associate's performance review.

Violations to the Personal Investing Policy include failure to obtain approval before trading and failure to report securities transactions, and accounts and reportable holdings.

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Entertainment, Gifts and Personal Investing Committee

(Committee)

The Committee oversees the administration of the Personal Investing Policy. Among other duties, the Committee considers certain types of preclearance/trade requests as well as requests for exceptions to the Personal Investing Policy.

Questions regarding the Personal Investing Policy may be directed to the Code of Ethics Team.

\* \* \* \* \*

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

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## Ex-99.P9

![LOGO](g109417g0408052131134.jpg)

Code of Ethics

Amended as of November 2025

**Scope and Purpose** 

Set forth below is the Code of Ethics (the "Code") for ClearBridge Investments as required by Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act").

This Code is based on the principle that ClearBridge and its employees owe a fiduciary duty to ClearBridge's clients, and that all persons covered by this code must therefore avoid activities, interests and relationships that might (i) present a conflict of interest or the appearance of a conflict of interest, or (ii) otherwise interfere with ClearBridge's ability to make decisions in the best interests of any of its clients.

This Code of Ethics applies to all officers, directors and employees (full and part time) of ClearBridge as well as certain consultants designated by the General Counsel/Chief Compliance Officer from time to time ("Access Persons").

**Statement of Policies** 

(A) STANDARDS OF BUSINESS CONDUCT

All Access Persons must comply with the following standards of business conduct:

<u>Clients Come First.</u> At all times, Access Persons are required to place the interests of clients before their own and not to take inappropriate advantage of their position with ClearBridge. An Access Person may not induce or cause a client to take action, or not to take action, for the Access Person's personal benefit, rather than for the benefit of the client. In the UK, ClearBridge is also subject to the UK Consumer Duty, as a co-manufacturer of certain Franklin Templeton pooled vehicles, which are sold to the mass UK retail market. Under the Consumer Duty, ClearBridge Investment Management Limited ("CIML") is required to act to deliver good outcomes for consumers and a framework is in place to meet those obligations. Stuart Davidson is CIML's Consumer Duty Champion.

<u>Do Not Take Advantage.</u> Access Persons may not use their knowledge of open, executed, or pending portfolio transactions to profit by the market effect of such transactions, nor may they use their knowledge of transactions or portfolio holdings of investment companies and separate accounts managed by ClearBridge to engage in short term or other abusive trading.

<u>Avoid Conflicts of Interest.</u> Conflicts of interest may arise in situations where client relationships may tempt preferential treatment, e.g., where account size or fee structure would make it more beneficial for the adviser to allocate certain trades to a client. Conflicts of interest may also arise in connection with securities

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transactions by employees of the adviser, especially those employees who are aware of actual transactions or client holdings or transactions under consideration for clients.

Compliance policies and procedures have been adopted by ClearBridge in order to meet all legal obligations to our clients, particularly those arising under the federal securities laws and ERISA. Procedures have been instituted to mitigate or obviate actual or potential conflicts of interest. The Compliance Department's role is to ensure that appropriate procedures are adopted by the business and to monitor to ascertain that such procedures are followed. Any questions relating to this Code or other policies or procedures should be addressed to the Compliance Department.

(B) CONFIDENTIALITY

Access Persons are expected to honor the confidential nature of company and client affairs. Confidential information shall not be communicated outside of ClearBridge or to other affiliated companies of Franklin Resources, Inc. ("Franklin") in compliance with the Information Barrier Policy, and shall only be communicated within ClearBridge on a "need to know" basis.

Access Persons must also avoid making unnecessary disclosure of ANY internal information concerning ClearBridge, Franklin, or their affiliates and their business relationships.

For information relating to "material non-public information" and "insider trading," please see ClearBridge's Policy on Material Non-Public Information on the intranet site.

(C) REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Access Persons who are subject to this Code are required to comply with all federal securities and other
pertinent laws applicable to ClearBridge's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Access Persons, other than CIML staff, are required to comply with the Personal Securities Transactions
Policy incorporated herein. CIML staff are required to comply with the UK Employee Dealing Policy.

(D) DUTY TO REPORT AND NON-RETALIATION POLICY

Should an employee become aware of any conduct which the employee believes may constitute a violation of this Code, the law, or any ClearBridge policy, the employee must promptly report such conduct to the General Counsel/Chief Compliance Officer or his/her designee or, in the case of CIML staff, in accordance with the UK Whistleblowing Policy. All information about potential or suspected violations reported to the General Counsel/Chief Compliance Officer, or otherwise under the UK Whistleblowing Policy, will be investigated and the identity of the reporting person will be kept confidential. ClearBridge's policy prohibits any retaliatory action against a reporting person, including discharge, demotion, suspension, threats or harassment, and the UK Senior Managers are under a regulatory obligation to create a "safe, psychological space" for staff to make such reports with confidence and security .

**Administration of the Code** 

Administration of the Code shall be the responsibility of the Compliance Department, which is also responsible for monitoring for compliance with the Code. Any violation of this Code by Access Persons

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(which in the case of CIML staff, shall include the Employee Dealing Policy and the Conflicts of Interest Policy) will be considered serious and may result in disciplinary action, which may include the unwinding of trades, disgorgement of profits, monetary fine or censure and suspension or termination of employment. Any violation of this Code will be reported by the Compliance Department to the person's supervisor, and, as appropriate, to ClearBridge's Management Committee and/or to the Chief Compliance Officers of any funds managed by ClearBridge.

The Human Resources Department is responsible for ensuring that a copy of the Code is delivered to all persons at the time they become Access Persons of ClearBridge. As a condition of continuing employment, each employee is required to acknowledge, in writing (See Exhibit A), receipt of a copy of the Code and that he or she understands his/her obligations and responsibilities hereunder within 10 days of becoming an Access Person subject to this Code. Each Access Person is also obligated to acknowledge receipt of any amendments to the Code. On an annual basis, each Access Person must certify that s/he has complied with the Code.

**Questions** 

All questions about an individual's responsibilities and obligations under the Code of Ethics should be referred to ClearBridge's General Counsel/Chief Compliance Officer or his/her designee.

**Outside Directorships** 

Access Persons are prohibited from serving on the board of directors of any publicly listed or traded company or of any company whose securities are held in any client portfolio, except with the prior authorization (See Exhibit B) of (i) the Chief Executive Officer of ClearBridge or, in his/her absence, the General Counsel based upon a determination that the board service would be consistent with the best interests of ClearBridge's clients. If permission to serve as a director is given, the company will be placed on a Restricted List. Transactions in that company's securities for client and personal securities accounts will only be authorized when certification has been obtained from that company's Secretary or similar officer that its directors are not in possession of material price sensitive information with respect to its securities.

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**PERSONAL SECURITIES TRANSACTIONS POLICY** 

**POLICY STATEMENT** 

While Access Persons are neither prohibited from holding individual securities nor engaging in individual securities transactions, by promulgating this Policy, ClearBridge is not endorsing or encouraging such activity. ClearBridge recognizes that in its role as an investment adviser, its responsibility is to its clients and their investments. Clients always come first. ClearBridge believes that its primary obligation is that any potential investment first be considered from the perspective of its appropriateness for any client portfolios. Only after it is determined that it is not appropriate for any client should an employee consider it for a personal account.

**SUMMARY** 

All Access Persons are subject to the restrictions contained in this Personal Securities Transactions Policy (the "Policy") with respect to their securities transactions. The following serves as a summary of the most common restrictions. Please refer to specific sections that follow this summary for more detail, including definitions of persons covered by this Policy, accounts covered by this Policy ("Covered Accounts"), securities covered by this Policy ("Covered Securities"), reports required by this Policy ("Reports") and the procedures for compliance with this Policy.

• All purchases or sales of **equity** securities and securities **convertible** into equity securities
(generally, stocks, convertible bonds and their equivalents) by Access Persons, and certain of their family members, must be **precleared**, except as noted below.

• All Access Persons must execute their transactions in Covered Securities through approved broker/dealers which
are broker/dealers who feed transaction and holding information to ClearBridge through FIS Employee Compliance Manager ECM<sup>®</sup> ("Approved Brokers"). The list of Approved Brokers is on
the ECM site. Permission to use a non-approved broker will only be granted in exigent circumstances (See Exhibit C).

• Portfolio Managers and Portfolio Analysts are prohibited from purchasing or selling a Covered Security within
seven calendar days before or after an account managed by them has traded in the same (or a related) security, unless a de minimis exception applies. This includes a change in a model utilized in a retail "SMA" or "wrap"
program.

• All other Access Persons are prohibited from transacting in a Covered Security on any day a client is trading in
such security, unless a de minimis exception applies.

• De Minimis Exception: There is a de minimis exception pertaining to transactions of up to 500 shares **in any 7 calendar day period** of a large cap US equity ($10 billion or greater in market cap) or the equivalent number of shares of non-US large cap companies trading in the US as American Depository Receipts
or American Depository Shares ("ADRs").

• Access Persons are prohibited from profiting from the purchase and sale or sale and purchase of a Covered
Security, or a related security, within 60 calendar days.

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• Portfolio Managers are prohibited from buying securities, directly or indirectly, in an initial public offering.
Any other Access Person wishing to buy securities, directly or indirectly, in an initial public offering must receive prior permission from the Chief Investment Officer (or his designee) and the Chief Compliance Officer (or her designee).

• Any Access Person wishing to buy securities, directly or indirectly, in a private placement must receive prior
permission from the Chief Compliance Officer and his/her immediate supervisor (See Exhibit D).

• All Access Persons must report all trades in Reportable Funds, as defined, below.

• Funds managed by ClearBridge ("Managed Funds"):

<sup>○</sup> Shares must be held in an Approved Brokerage Account (except if they are in the Franklin Resources, Inc. 401(k) plan or held directly by the transfer agent of our proprietary funds). Compliance must be notified of directly held proprietary funds.

<sup>○</sup> Shares are subject to a 60 day holding period, as explained below.

**DEFINITIONS** 

**Access Person** means an employee, director or officer of ClearBridge or a consultant designated as Access Person from time to time.

Notwithstanding anything herein to the contrary, this Code does not cover any individual covered under the Franklin Resources, Inc.'s 17j-1/Personal Trading Policy (the "Franklin Access Persons"), including, without limitation:

(1) the Franklin representatives on the Clearbridge Board of Directors; and

(2) any other employee of Franklin who may be considered an "Access Person" to ClearBridge (as such
term is defined in Rule 204A-1 under the Advisers Act), unless such person has been designated as an Access Person subject to this Code by the General Counsel/Chief Compliance Officer.

ClearBridge hereby delegates to the Franklin Regulatory Compliance Department responsibility for monitoring the Franklin Access Persons' compliance with the Franklin17j-1/Personal Trading Policy and for enforcing the provisions of such policy against such persons.

**Portfolio Analyst** means any research analyst who supports one or more specific management teams and who has been designated as such by the General Counsel/Chief Compliance Officer.

**Covered Securities** means stocks, notes, bonds, closed-end funds, exchange- traded funds, off-shore funds, hedge funds, debentures, and other evidences of indebtedness, including senior debt, subordinated debt, investment contracts, commodity contracts and futures. Managed Funds and Reportable Funds, as defined herein, are also Covered Securities. The same limitations of this Code pertain to transactions in a security related to a Covered Security, such as an option to purchase or sell a Covered Security and any security convertible into or exchangeable for a Covered Security.

**Covered Account** means an account in which Covered Securities are owned by an Access Person or an account in which the Access Person has a Beneficial Interest, as defined below. A Covered Account includes

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all accounts that could hold Covered Securities in which the Access Person has a Beneficial Interest regardless of what, if any, securities are maintained in such accounts (thus, even if an account does not hold Covered Securities, if it has the capability of holding Covered Securities, the account must be disclosed). Funds held directly with fund companies do not need to be disclosed if no Managed Funds (as defined below) or Reportable Funds (as defined below) are held in such accounts. Qualified Tuition Programs ("Section 529 plans" or "College Savings Plans") are not subject to this Policy.

**SECURITIES AND TRANSACTIONS NOT COVERED BY THIS POLICY ARE:** 

• shares in any open-end US registered investment company (mutual fund),
which is **not** managed, advised or sub-advised by ClearBridge or a Franklin affiliate

• shares issued by money market funds, including Reportable Funds

• shares issued by unit investment trusts that are invested exclusively in one or more open-end funds other than Reportable Funds

• securities which are direct obligations of the U.S. Government (i.e., Treasuries)

• bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high
quality short-term debt instruments<sup>1</sup>

IF A SECURITY IS NOT COVERED BY THIS POLICY, YOU MAY PURCHASE OR SELL IT WITHOUT OBTAINING PRECLEARANCE AND YOU DO NOT HAVE TO REPORT IT.

**Approved Broker** means any broker/dealer who feeds transaction and holding information to ClearBridge through FIS Employee Compliance Manager ECM<sup>®</sup>.

**Managed Funds** means US registered investment companies advised or subadvised by ClearBridge. They can include proprietary as well as non-proprietary funds, open-end, closed-end and exchange-traded funds ("ETFs"). **Access Persons are prohibited from engaging in short sales of ETFs managed by ClearBridge, except short sales against the box.**

**Reportable Funds** means US registered investment companies advised or subadvised by any advisory affiliate of ClearBridge. They can include proprietary and non-proprietary funds.

**Beneficial Interest** means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any profit derived from a transaction in a Covered Security.

You are deemed to have a Beneficial Interest in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Security owned individually by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Security owned jointly by you with others (for example, joint accounts, spousal accounts,

<sup>1</sup> High quality short-term debt instruments means any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. 

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partnerships, trusts and controlling interests in corporations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Security in which a member of your Immediate Family has a Beneficial Interest if the Security is held in an
account over which you have decision making authority (for example, you act as trustee, executor, or guardian).

You are deemed to have a Beneficial Interest in accounts held by your spouse (including his/her IRA accounts), minor children and other members of your immediate family (children, stepchildren, grandchildren, parents, step parents, grandparents, siblings, in-laws and adoptive relationships) who share your household. In addition, you are deemed to have a Beneficial Interest in accounts maintained by your domestic partner (an unrelated adult with whom you share your home and contribute to each other's support). This presumption may be rebutted by convincing evidence that the profits derived from transactions in the Covered Securities will not provide you with any economic benefit.

You have a Beneficial Interest in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your interest as a general partner in Covered Securities held by a general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your interest as a manager-member in the Covered Securities held by a limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your interest as a member of an "investment club" or an organization that is formed for the purpose
of investing a pool of monies in Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your ownership of Covered Securities as trustee where either you or members of your immediate family have a
vested interest in the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your ownership of a vested interest in a trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your status as a settlor or a trust, unless the consent of all of the beneficiaries is required in order for you
to revoke the trust.

You do not have a Beneficial Interest in Covered Securities held by a corporation, partnership, limited liability company or other entity in which you hold an equity interest unless you are a controlling equity holder or you have or share investment control over the Covered Securities held by the entity.

IF YOU ARE IN ANY DOUBT AS TO WHETHER AN ACCOUNT FALLS WITHIN THE DEFINITION OF COVERED ACCOUNT OR WHETHER YOU WOULD BE DEEMED TO HAVE A BENEFICIAL INTEREST IN AN ACCOUNT, PLEASE SEE COMPLIANCE.

**BLACK OUT PERIODS** 

Portfolio Managers - In order to prevent buying or selling securities in competition with orders for clients, or from taking advantage of knowledge of securities being considered for purchase or sale for clients<sup>2</sup>, Portfolio Managers and the Portfolio Analysts working directly with the Portfolio Manager on his/her portfolios will not be able to execute a trade in a Covered Security within seven calendar days

<sup>2</sup> A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

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before or after an account managed by said Portfolio Manager has traded in the same (or a related) security (the "Blackout Period"). The blackout period also pertains to situations when the Portfolio Manager changes a model utilized in a retail "SMA" or "wrap" program.

Research Analysts - For purposes of the Vision Fund, a research analyst is deemed to be a portfolio manager for his/her sleeve of the Fund and is subject to the 14 day Blackout Period for purchases and sales made at his/her direction.

All Other Access Persons are precluded from executing a trade in a Covered Security on the same day that there is a client order for the same (or a related) security, unless a de minimis exception applies.

De Minimis exception: Transactions involving shares in certain companies traded on US stock exchanges or the NASDAQ will be approved regardless of whether there are outstanding client orders. The exception applies to transactions involving no more than 500 shares, **during any 7 calendar day period, per issuer** (or the equivalent number of shares represented by ADRs) in securities of companies with market capitalizations of $10 billion or more. In the case of options, an employee may purchase or sell up to 5 option contracts to control up to 500 shares in the underlying security of such large cap company.

• Preclearance is required for all de minimis transactions.

**HOLDING PERIODS** 

TRADES BY ACCESS PERSONS IN MANAGED FUNDS ARE SUBJECT TO A 60 CALENDAR DAY HOLDING PERIOD. SECURITIES MAY NOT BE SOLD OR BOUGHT BACK WITHIN 60 CALENDAR DAYS AFTER THE ORIGINAL TRANSACTION WITHOUT THE PERMISSION OF THE CHIEF COMPLIANCE OFFICER.

ACCESS PERSONS CANNOT PURCHASE OR SELL THE SAME COVERED SECURITY WITHIN 60 CALENDAR DAYS IF SUCH TRANSACTIONS WILL RESULT IN A PROFIT.

The Short Term Trading Prohibition does not pertain to individual stock options that are part of a hedged position where the underlying stock has been held for more than 60 calendar days and the entire position (including the underlying security) is closed out. ETFs\* not managed by ClearBridge are also not subject to the Holding Period.

\* Transactions in Single Stock and Single Stock Inverse ETFs subject to the 60 day holding period.

**PRECLEARANCE** 

• Preclearance is obtained through the Personal Trading Assistant found under "Compliance" on the
ClearBridge intranet site.

• Preclearance is valid until close of business on the business day during which preclearance was obtained. If the
transaction has not been executed within that timeframe, a new preclearance must be obtained.

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• IF YOU WISH TO PURCHASE AN INITIAL PUBLIC OFFERING<sup>3</sup>, YOU
MUST OBTAIN PERMISSION FROM THE CIO AND THE CHIEF COMPLIANCE OFFICER (SEE, EXHIBIT F). PORTFOLIO MANAGERS CANNOT PARTICIPATE IN IPOS FOR THEIR PERSONAL ACCOUNTS EXCEPT FOR OFFERINGS OF CLOSED END FUNDS.

• IF YOU WISH TO PURCHASE SECURITIES IN A PRIVATE PLACEMENT,<sup>4</sup>
YOU MUST OBTAIN PERMISSION FROM THE CHIEF COMPLIANCE OFFICER AND YOUR SUPERVISOR.

The following transactions do not require pre-clearance:

• Transactions in a Covered Account over which an Access Person has no direct or indirect influence or control such
as where investment discretion is delegated in writing to an independent fiduciary. Fully discretionary accounts managed by either an internal or external registered investment adviser are permitted and may be custodied away from an Approved Broker
if copies of periodic (monthly or quarterly) statements that contain transaction information as detailed under Reporting Requirements be sent to the Compliance Department. The Access Person must ensure that there is no communication between the
manager and the Access Person with regard to investment decisions prior to execution. The Access Person must provide the Compliance Department with a copy of the advisory agreement reflecting that a third party has discretion and ensure that
Compliance receives transactions and holdings information.

• Transactions in ETFs and exchange-traded notes ("ETNs"); however, they must be reported. Transactions
in ETFs and ETNs which occur in a Covered Account do not need to be separately reported. Transactions in Single Stock and Single Stock Inverse ETFs REQUIRE PRECLEARANCE and are subject to the 60 day holding period.

• Transactions in estate or trust accounts of which an Access Person or related person has a beneficial ownership,
but no power to affect investment decisions. There must be no communication between the account(s) and the Access Person with regard to investment decisions prior to execution. The Access Person must direct the trustee/bank to furnish copies of
statements that contain transaction information as detailed under Reporting Requirements to the Compliance Department.

• Transactions which are non-volitional on the part of an Access Person
(i.e., the receipt of securities pursuant to a stock dividend or merger, a gift or inheritance). However, the sale of securities acquired in a non-volitional manner is treated as any other transaction and
subject to pre-clearance.

• Sales pursuant to a bona fide tender offer.

• Purchases of the stock of a company pursuant to an automatic investment plan which is a program in which regular
periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. Payroll deduction
contributions to 401(k) plans are deemed to

<sup>3</sup> An IPO is an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to reporting requirements under the federal securities laws.

<sup>4</sup> A private placement is an offering of securities that are not registered under the Securities Act because the offering qualified for an exemption from the registration provisions.

------

be pursuant to automatic investment plans. (Preclearance and reporting of particular instances of dividend reinvestment is not required; annual reporting of holdings is required).

• The receipt or exercise of rights issued by a company on a pro rata basis to all holders of a class of security
and the sale of such rights. However, if you purchase the rights from a third-party, the transaction must be pre-cleared. Likewise, the sale of such rights must be pre-cleared.

• Purchases and sales of Franklin's publicly traded securities or the receipt or exercise of an employee
stock option under any of Franklin's employee stock plans. See below. e

• Purchases of an employer's securities done under a bona fide employee benefit plan or the receipt or
exercise of options in an employer's securities done under a bona fide employee stock option plan of a company not affiliated with Franklin by an employee of that company who is a member of an Access Person's immediate family do not
require preclearance. However, sales of the employer's stock, whether part of the employee benefit or stock option plans, do require preclearance and reporting. Furthermore, employee benefit plans that allow the employee to buy or sell Covered
Securities other than those of the employer are subject to the requirements of the Code, including preclearance, reporting and holding periods.

• Any transaction involving non-financial commodities, futures (including
currency futures and futures on securities comprising part of a broad-based, publicly traded market based index of stocks) and options on futures.

• Any acquisition or disposition of a security in connection with an option-related transaction that has been
previously approved. For example, if you received clearance to buy a call and then decide to exercise it, you are not required to obtain preclearance in order to exercise the call.

• Transactions involving options on broad-based indices, including, but not limited to, the S&P 500, the
S&P 100, NASDAQ 100, Russell 2000, Russell 1000, Russell 3000, Nikkei 300, NYSE Composite and the Wilshire Small Cap.

• Access Persons desiring to make a bona fide<sup>5</sup> gift or
charitable contribution of Covered Securities or who receive a bona fide gift of Covered Securities, including an inheritance, do not need to preclear the transactions. However, such gift or contribution must be reported in the next quarterly report
(See "Reporting Requirements").

• Fixed income investments other than fixed income securities convertible into equity securities. Transactions in open-end Managed Funds and Reportable Funds (including ETFs\*). Note: transactions in all closed end funds, including the ones managed by ClearBridge, do require preclearance.\*Transactions in Single Stock and Single
Stock Inverse ETFs require Preclearance.

**SHORTING TRANSACTIONS IN FRANKLIN RESOURCES INC. SECURITIES AND CLOSED-END FUNDS** 

<sup>5</sup> A bona fide gift or contribution is one where the donor does not receive anything of monetary value in return.

------

Access Persons are prohibited from effecting short sales, including "short sales against the box" of securities issued by Franklin and securities issued by any closed-end fund sponsored or advised by any Franklin adviser. Also prohibited are economically equivalent transactions, whether in the form of call or put options, swap transactions or other derivative transactions, that would result in a Access Person having a net short exposure to Franklin or any closed-end fund sponsored or advised by the Franklin's subsidiaries. The list of closed end funds sponsored or advised by such subsidiaries is contained in the list of Reportable Funds available in ECM.

------

**REPORTING REQUIREMENTS** 

All Access Persons are required to immediately report the establishment of any new Covered Accounts to Compliance, even if the Covered Account is with an Approved Broker. This is necessary so that the Covered Account can be linked to ECM. Access Persons are also required to report to the Compliance Department the establishment of any account in a Managed Fund directly with the Funds' transfer agent.

The Approved Brokers provide the Compliance Department with a daily report of all transactions executed by personnel. The Funds' transfer agent provides the Compliance Department with transactions in the Managed Funds. If you have received permission to maintain a Covered Account at other than an Approved Broker, including spousal accounts for which you received a waiver from the requirement to preclear, you must arrange for the broker to provide Compliance with the following information.

**Reports of Each Transaction in a Covered Security** 

No later than at the opening of business on the business day following the day of execution of a trade for a Covered Account, Compliance must be provided with the following information:

name of security

exchange ticker symbol or CUSIP

nature of transaction (purchase, sale, etc.)

number of shares/units or principal amount

price of transaction

date of trade

name of broker

the date the Access Person submits the report

**Quarterly Reports** 

If you have engaged in a transaction that did not require preclearance but did require reporting, please confirm that Compliance has received the required information, as follows:

No later than 30 days after the end of each calendar quarter, each Access Person who maintains a Covered Account at other than an Approved Broker will provide Compliance with a report of all transactions in Covered Securities in the quarter, including the name of the Covered Security, the exchange ticker symbol or CUSIP, the number of shares and principal amount, whether it was a buy or sell, the price and the name of the broker through whom effected.

**Annual Reports** 

Within 45 days after the end of the calendar year, each Access Person must report all his/her holdings in Covered Securities as at December 31, including the title, exchange ticker symbol or CUSIP, number of shares and principal amount of each Covered Security the Access Person owns (as defined above) and the

------

names of all Covered Accounts. The report will be made through certification on the Personal Trading Assistant. Any holdings that do not appear should be provided to Compliance for entry in the system prior to certification. Any Access Person failing to certify within the required time period will not be allowed to engage in any personal securities transactions.

**OTHER REPORTS** 

**Initial Employment** 

No later than 10 days after initial employment with ClearBridge, or notification of coverage under this Code, each Access Person must provide Compliance with a list of each Covered Security s/he owns (as defined above). The information provided, which must be current as of a date no more than 45 days prior to the date such person became an employee (or subject to this Code), must include the title of the security, the exchange ticker symbol or CUSIP, the number of shares owned (for equities) and principal amount (for debt securities), The Access Person must also provide information, which must include the name of the broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person. This information will be entered into the Personal Trading Assistant by Compliance and must be certified to, electronically, by the Access Person before s/he can effectuate any transactions. If the Access Person does not maintain a Covered Account with an Approved Broker, s/he will be given a reasonable amount of time to transfer the Covered Account(s) to an Approved Broker.

**Reportable Funds** 

No later than 30 days after the end of each calendar quarter, TRANSACTIONS IN REPORTABLE FUNDS (OTHER THAN THOSE MANAGED BY CLEARBRIDGE) MUST BE REPORTED.

The information on personal securities transactions received and recorded will be deemed to satisfy the obligations contained in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. Such reports may, where appropriate, contain a statement to the effect that the reporting of the transaction is not to be construed as an admission that the person has any direct or indirect beneficial interest or ownership in the security.

**ADMINISTRATION OF THE CODE** 

At least annually, the Chief Compliance Officer, on behalf of ClearBridge, will furnish to the boards or to the Chief Compliance Officer of any US registered investment company to which ClearBridge acts as adviser or subadviser, a written report that:

(i) Describes any issues arising under the Code or this Policy since the last report to the board, including, but
not limited to, information about material violations of the Code or this Policy and sanctions imposed in response to the material violations; and

(ii) Certifies that the ClearBridge has adopted procedures reasonably necessary to prevent Access Persons from
violating the Code or this Policy.

Adopted: February 14, 2007\*

Amended: April 1, 2007

Amended: June 1, 2007

------

Amended: December 10, 2008

Amended: August 10, 2009

Amended: June 8, 2010

Amended: January 7, 2013

Amended: May 15, 2017

Amended: June 27, 2024

\* Amending and Restating the Code of Ethics adopted January 28, 2005, as amended.

Amended: November 2025

------

Exhibit A

Acknowledgement of Code of Ethics Form

I acknowledge that I have received and read the Code of Ethics for ClearBridge dated August<u> </u>, 20<u> </u>. I understand the provisions of the Code of Ethics as described therein and agree to abide by them.

---

| |
|:---|
| Access Person Name (Print): |
| Signature: |
| Date: |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Date of Hire:** |
| &nbsp;&nbsp;&nbsp;**Job Function & Title:** |
| &nbsp;&nbsp;&nbsp;**Supervisor:** |
| &nbsp;&nbsp;&nbsp;**Location:** |
| &nbsp;&nbsp;&nbsp;**Floor and/or Zone:** |
| &nbsp;&nbsp;&nbsp;**Telephone Number:** |

---

This Acknowledgment form must be completed and returned within 10 days of employment or otherwise becoming an Access Person of ClearBridge to:

ClearBridge Compliance

One Madison Avenue

New York, NY 10010

Please fax to: (877) 406-7343

**Original signature must be sent**, however a fax copy may be sent to (877) 406-7343 in order to meet the ten (10) day deadline.

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**Exhibit B** 

Outside Directorship Form

Access Persons must obtain prior written approval from ClearBridge's CEO or, in his/her absence, the General Counsel, to serve as a director of any publicly held company or any company whose securities are held by clients. **Access Persons serving as outside directors are not entitled to indemnification or insurance coverage by ClearBridge or its affiliates unless service on the board is at the specific written request of ClearBridge or its affiliates.**

**COMPLETE ONE COPY OF THIS FORM FOR EACH APPLICABLE ENTITY** 

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| | | |
|:---|:---|:---|
| Print Name |  |  |
| Title |  | Office Telephone Number |
| Department Name | Location |  |
| 1. Name of Entity |  | Date |

---

<u>2. Main Activity of the Entity</u>        

---

| | | | |
|:---|:---|:---|:---|
| 3. Your Title or Function | Date Association/Term<br> Begins | Date Term Expires | Annual Compensation<br> $ |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 4. Is the Directorship requested by ClearBridge or its affiliates? | ☐ No | ☐ Yes | ☐ | Attach copy of Request Letter and other details. | Attach copy of Request Letter and other details. |
| 5. Do you know of any significant adverse information about the entity or any actual or potential conflict of interest between the entity and ClearBridge or its affiliates? | ☐ No | ☐ Yes | ☐ | Attach detail and documents. | Attach detail and documents. |
|  |  |  | ☐ |  | ☐ |
| 6. For PUBLIC COMPANIES attach the most recent "10-K"; "10-Q"; Latest Annual Report; "8-K's"; and Prospectus | ☐ 10-K | ☐ 10-K |  | Ann. Rpt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospectus |
| 6. For PUBLIC COMPANIES attach the most recent "10-K"; "10-Q"; Latest Annual Report; "8-K's"; and Prospectus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached |
|  |  |  | ☐ |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For NON-PUBLIC ENTITIES attach Audit Financial Statements | ☐ 10-Q | ☐ 10-Q |  | 8-K's Attached | ☐ Fin. Stmts. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For NON-PUBLIC ENTITIES attach Audit Financial Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached |
|  | ☐ | ☐ |  |  |  |
| 7. Does the entity or any principal have an account or other business relationship with ClearBridge or its affiliates? | <br> No | ☐ Yes | If yes, specify Account No.or describe relationship | If yes, specify Account No.or describe relationship | If yes, specify Account No.or describe relationship |
| 8. Additional Remarks |  |  |  |  |  |
| **Access Person Representations:** | **Access Person Representations:** | **Access Person Representations:** | **Access Person Representations:** | **Access Person Representations:** | **Access Person Representations:** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I will not use any material non-public information gleaned through my
directorship for my own benefit nor share any such information with others.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Access Person Signature** | Access Person's Signature | Date |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Chief Executive Officer** | Print Name | Signature | Date |
| &nbsp;&nbsp;&nbsp;**General Counsel** | Print Name | Signature | Date |

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**Upon completion of this form, fax to Compliance at 877-406-7343, then forward via inter-office mail to:** 

**ClearBridge Compliance, One Madison Avenue, New York, NY 10010** 

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**Exhibit C** 

Outside Brokerage Account Approval Request Form

Access Person Name:

The following information is provided in order to obtain Compliance approval to open and/or maintain a brokerage account outside the approved list of brokers:

---

| |
|:---|
| Outside Brokerage Firm Name: |
| Brokerage Firm Address: |
| (Where letter should be sent) |
| Account Number: |
| Full Account Title: |

---

Please indicate the reason why you are requesting to open and/or maintain a brokerage account outside of the approved list of brokers:

❑ The account is a fully discretionary account managed by an investment adviser, registered with the SEC.

❑ The account is a joint account with my spouse who works for the brokerage firm where the account will be maintained.

❑ The account is my spouse's individual account who works for a regulated entity.

❑ Estate or trust accounts of which an Access Person or related person has a beneficial ownership, but no power to affect investment decisions. There must be no communication between the account(s) and the Access Person or related person with regard to investment decisions prior to execution.

❑ Other:<u> </u>.

A copy of any relevant statement(s) and this completed form **must be provided** to:

ClearBridge Compliance

One Madison Avenue, New York, NY 10010

Please fax to: (877) 406-7343

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Access Person Signature | <br> Date  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Chief Compliance Officer Signature | <br> Date  |

---

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**Exhibit D** 

Outside Investment Approval Request Form

ClearBridge policy requires Access Persons to obtain the prior written approval of the Chief Compliance Officer and your immediate supervisor before making an outside investment. Examples of "outside investments" include, but are not limited to, Private Placements and any investments in securities that cannot be made through an Approved Brokerage account. If the investment is a private placement, you must provide a copy of the prospectus, offering statement or other similar document. If you are a broker-dealer registered representative, a copy of this form and supporting documentation will be provided to Franklin Distributors Compliance.

Access Persons must not make outside investments if such investments could present a potential conflict of interest. Approval of such an investment reflects a determination that it does not pose a conflict of interest with ClearBridge's clients.

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| | | | |
|:---|:---|:---|:---|
| PRINT Name | | | Date |
| Title/Position | | Office Telephone Number | Office Telephone Number |
| Department Name | Location | | |
| Name of Investment |  | Anticipated Date | Amount of |
|  |  | of Investment | investment |
| | | | $|

---

Type of Investment ☐ Private Placement ☐ Other investment which cannot be made through an approved brokerage account. (specify)

---

| | |
|:---|:---|
| Is your participation exclusively as a passive | ☐ Yes ☐ No If no, please explain any other involvement. |
| investor? | |
| Will this purchase be made in a brokerage | ☐ Yes ☐ No If yes, which account? |
| account? |  |

---

Did you raise capital for this investment? ☐ Or use your own money ☐

**Access Person Representations:** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **I certify that this investment does not take an investment opportunity from a client.** 

**Send the completed form and all relevant documents to:** 

ClearBridge Compliance, One Madison Avenue, New York, NY 10010

Please fax to (877) 406-7343

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Access Person Signature** | Access Person's Signature | Access Person's Signature | Access Person's Signature | Date |
| &nbsp;&nbsp;&nbsp;**Supervisor Approval** | Print Name of Supervisor | Title of Supervisor | Signature of Supervisor | Date |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Chief Compliance Officer Approval** | Print Name of CCO | Signature of CCO | Date |

---

------

**Exhibit E** 

Initial Report of Securities Holdings Form

This report must be signed, dated and returned within 10 days of employment or otherwise becoming an Access Person and the holdings report must be current as of a date not more than 45 days prior to the person becoming an Access Person. This report must be submitted to:

**ClearBridge Compliance**<br>**One Madison Avenue, New York, NY 10010**<br>**Please fax to (877) 406-7343**<br>

**Employee Name:<u> </u> Date of Employment:<u> </u>** 

**Brokerage Accounts:** 

❑ I do not have a beneficial ownership of any account(s) with any financial services firm. Please refer to Exhibit "A" for definition of beneficial ownership.

---

| | |
|:---|:---|
| ❑ | I maintain or have a beneficial ownership in the following account(s) with the financial services firm(s) listed below (attach additional information if necessary-e.g., a brokerage statement). Please include the information required below for any broker, dealer or bank where an account is maintained which holds securities for your direct or indirect benefit as of the date you began your employment.  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of Financial Service(s) Firm**<br> **and Address** | **Account Title** | **Account**<br> **Number** |

---

**Securities Holdings:** 

Complete the following (or attach a copy of your most recent statement(s)) listing all of the securities holdings in which you have a beneficial ownership, with the exception of non-proprietary U.S. registered open-ended mutual funds for which CBI does not serve as adviser or sub-adviser and U.S Government securities if:

• You own securities that are held by financial services firm(s) as described above. If you submit a copy of a
statement, it must include all of the information set forth below. Please be sure to include any additional securities purchased since the date of the brokerage statement that is attached. <u>Use</u> <u>additional sheets if necessary.</u> 

• Your securities are not held with a financial service(s) firm (e.g., stock and dividend reinvestment programs and
private placements, shares held in certificate form by you or for you or shares held at a transfer agent).

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Title of**<br> **Security** | **Ticker**<br> **Symbol or**<br> **CUSIP No.** | **Number**<br> **of Shares** | **Principal**<br> **Amount** | **Financial Services Firm** |

---

❑ I have no securities holdings to report.

Signature:<u> </u> Date of Signature:<u> </u>

------

**Exhibit F** 

Initial Public Offering Request Form

ClearBridge's Code of Ethics requires Access Persons to obtain the prior written approval of a Chief Investment Officer and the Chief Compliance Officer before buying an initial public offering. (An IPO is an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to reporting requirements under the federal securities laws.)

Please note that Portfolio Managers are prohibited from participating in an IPO in their personal accounts except for offerings of closed end funds that are either advised or sub-advised by ClearBridge.

Access Persons must not make an investment in an initial public offering if such investment may present a potential conflict of interest.

<u> Print Name</u>   <u> Date </u> <br> Title/Position

<u>Name of Security</u>   <u> Anticipated Date of Offering </u>   <u> Number of Shares</u>

**Access Person Representation:** 

**I certify that this investment does not take an investment opportunity from a client.** 

**Send the completed form and all relevant documents to:** 

ClearBridge Compliance

One Madison Avenue

New York, NY 10010

Please fax to (877) 406-7343

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Access Person Name**<br>| Access Person's Signature<br>| Date<br>|
| &nbsp;&nbsp;&nbsp; **Chief Compliance Officer**<br>| Chief Compliance Officer's Signature<br>| Date<br>|
| &nbsp;&nbsp;&nbsp; **Chief Investment Officer**<br>| Chief Investment Officer's Signature<br>| Date<br>|

---

## Ex-99.P13

POLICY ON GSAM CODE OF ETHICS

*Applicability: All GSAM; Additional details found on the <u>Document Landing Page</u>* 

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | |
| **A.** | **SCOPE AND SUMMARY** | **2** |
| **B.** | **GOVERNANCE AND OVERSIGHT** | **7** |
| **C.** | **POLICY REQUIREMENTS** | **7** |
| **D.** | **ROLES AND RESPONSIBILITIES** | **13** |
| **E.** | **EXCEPTIONS** | **13** |
| **F.** | **REPORTING AND ESCALATIONS** | **14** |
| **G.** | **IMPLEMENTATION PLAN** | **16** |

---

Publication Date: January 23, 2026 *For Internal Use Only* Page 1 of 18

------

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Scope and Summary** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Framework Linkages** 

This Policy has linkages to the following Framework(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS

Publication Date: January 23, 2026 *For Internal Use Only* Page 2 of 18

------

POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK MANAGEMENT FOR COVERED BUSINESSES AND ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Policy Linkages** 

This Policy has linkages to the following Tier I Policy(ies):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Firmwide Policy on Market Conduct Risk</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Firmwide Policy on Personal Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Regulatory Linkages** 

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To make any untrue statement of a material fact to such Investment Company or omit to state a material fact
necessary in order to make the statements made to such Investment Company, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon
any such Investment Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any
client or prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

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POLICY ON GSAM CODE OF ETHICS

This Policy is governed by LRR's within multiple jurisdictions. Furthermore, the Firm may deem any other LRRs subject to this policy on a case-by-case basis.

This Policy has linkages to the following key Market Conduct Risk (MCR) Laws, Rules, and Regulations (LRR) obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 17J-1 of the Investment Company Act – <u>17 C.F.R. § 270.17J-1</u> – Personal investment activities of investment company personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 204A-1 of the Investment Advisers Act – <u>17 C.F.R. § 204A-1</u> – Investment adviser codes of ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 206 of the Investment Advisers Act – <u>15 U.S.C. § 80b–6</u> – Prohibited
transactions by investment advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Risk Taxonomy Linkages** 

Applicable risks for this document include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 (L2) Risk: Inappropriate Sales or Advisory Practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 (L3) Risk: Fiduciary Responsibility Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4) Risk: Failure to Exercise Fiduciary Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 (L2) Risk:Conflicts of Interest Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 (L3) Risk: Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4): Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 (L3) Risk: Personal Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4): Unauthorized Personal Outside Business Activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 4 (L4): Unauthorized Personal Investments or Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Access Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.") and
Goldman Sachs International ("GSI") the principal underwriters of any Investment Company (as defined below), means any director, officer or general partner who, in the ordinary course of business, makes, participates in or obtains
information regarding the purchase or sale of Covered Securities by any Investment Company or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Investment Company regarding the purchase or
sale of Covered Securities.

"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a

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control relationship to GSAM) who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a Covered Security by an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company.

b. "Adviser" means each GSAM related entity so long as it serves as investment adviser, sub-adviser, or principal underwriter to any Investment Company.

c. "Automatic Investment Plan" means a program in which regular periodic purchases or withdrawals are
made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

d. "Beneficial Ownership" of a security shall be interpreted in the same manner as it would be under
Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), in determining whether a person is the beneficial owner of a security for purposes of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

e. "Board of Trustees" means the board of trustees, directors or managers, including a majority of the
disinterested trustees/directors/managers, of any Investment Company for which an Adviser serves as an investment adviser, sub-adviser or principal underwriter.

f. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment
Company Act of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless
such power is solely the result of an official position with such company.

g. "Covered Security" means a security as defined in Section 202(a)(18) of the Investment
Advisers Act of 1940, as amended (the "Investment Advisers Act") or Section 2(a)(36) of the Investment Company Act, and open-end ETF shares and UIT ETF shares, except that it does not include:
(1) direct obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument having a maturity at issuance of
less than 366 days and that is in one of the two highest rating categories of a nationally recognized statistical rating organization), including repurchase agreements; (3) shares issued by money market funds registered under the Investment
Company Act; (4) shares issued by open-end investment companies registered under the Investment Company Act other than Reportable Funds; and (5) shares issued by unit investment trusts that are
invested exclusively in one or more open-end investment companies registered under the Investment Company Act, none of which are Reportable Funds (6) qualified tuition

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programs established pursuant to Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529 plans and college savings 529 plans.

h. "Exchange-traded fund (ETF)" means an investment company registered under the Investment Company
Act as a unit investment trust ("UIT ETF") or as an open-end investment company ("open-end ETF") that is comprised of a basket of securities to
replicate a securities index or subset of securities underlying an index. ETFs are traded on securities exchanges and in the over-the-counter markets intra-day at negotiated prices.

i. "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the
Sarbanes-Oxley Act of 2002, the Investment Company Act, the Investment Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the
Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

j. "Initial Public Offering" means an offering of securities registered under the Securities Act of
1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

k. "Investment Company" means a company registered as such under the Investment Company Act, or any
series thereof, for which the Adviser is the investment adviser, sub-adviser or principal underwriter.

l. "Investment Personnel" of the Adviser means (i) any employee of the Adviser (or of any company
in a control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by an Investment Company or (ii) any natural
person who controls the Adviser and who obtains information concerning recommendations made to an Investment Company regarding the purchase or sale of securities by an Investment Company.

m. A "Limited Offering" means an offering that is exempt from registration under the Securities Act of
1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

n. "Purchase or sale of Covered Security" includes, among other things, the writing of an option to
purchase or sell a Covered Security or any security that is exchangeable for or convertible into another Covered Security.

o. "Reportable Fund" means any investment company registered under the Investment Company Act for
which the Adviser serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act or any investment company registered under the Investment Company Act whose investment adviser or principal underwriter controls the
Adviser, is controlled by the Adviser or is under common control with the Adviser.

p. "Review Officer" means the officer of the Adviser designated from time to time by the Adviser to
receive and review reports of purchases and sales by Access Persons. The

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term "Alternative Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser.

q. "Supervised Person" means any partner, officer, director (or other person occupying a similar
status or performing similar functions), or employee of GSAM or other person who provides investment advice on behalf of GSAM and is subject to the supervision and control of GSAM.

r. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a
security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. With respect to an analyst of the Adviser, the foregoing period shall commence on
the day that he or she decides to recommend the purchase or sale of the security to the Adviser for an Investment Company.

s. A security is "held or to be acquired" if within the most recent 15 days it (1) is or has been
held by the Investment Company, or (2) is being or has been considered by the Adviser for purchase by the Investment Company, and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security
described in (1) or (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Governance and Oversight** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

The Policy on GSAM Code of Ethics is a Tier II policy as defined in the <u>Firmwide Policy on Frameworks, Policies, Standards, Procedures and Annexes</u> and a Market Conduct Risk Document as defined in the <u>Standard for Market Conduct Risk Documents and Controls Related to Designated Market Activities</u>. As such, this document is required to be reviewed at least annually by Asset Management Compliance.

Asset Management Compliance is responsible for approving this Policy. The Asset Management Compliance team owns the Policy and is responsible for maintaining and overseeing the Policy, reviewing conformance with the Policy requirements, and providing guidance to divisions on consistency of the associated divisional Standards / Procedures created in support of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Policy Requirements** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **PROHIBITED PURCHASES AND SALES** 

1a. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has,
or by reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being considered for purchase or sale by an Investment Company or other investment advisory clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. No Access Person shall enter an order for the purchase or sale of a Covered Security which an Investment
Company or other investment advisory clients is purchasing or selling or considering for purchase or sale until the later of (i) the day after the Investment Company's or other investment advisory clients' transaction in that
Covered Security is completed or (ii) such time as the Investment Company or other investment advisory clients is no longer considering the security for purchase or sale, unless the Review Officer determines that it is clear that, in view of
the nature of the Covered Security and the market for such Covered Security, the order of the Access Person will not adversely affect the price paid or received by the Investment Company or other investment advisory clients. Any securities
transactions by an Access Person in violation of this Subsection 2 must be unwound, if possible, and the profits, if any, will be subject to disgorgement based on the assessment of the appropriate remedy as determined by the Adviser.

The preceding restrictions of this Section C-1 are not applicable to particular Access Persons with respect to transactions by Investment Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's XIG group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section C-1 with respect to those particular client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. No Access Person shall, in the absence of prior approval by the Review Officer, sell certain Covered Securities
that were purchased, or purchase certain Covered

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Securities that were sold, within the prior 30 calendar days (measured on a last-in first-out basis).

1b. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf
of an Investment Company or other investment advisory clients) any information regarding securities transactions by an Investment Company or other investment advisory clients or consideration by an Investment Company or other investment advisory
clients or the Adviser of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Access Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior approval
before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering. In addition, Access Persons must comply with any additional restrictions or prohibitions that may be adopted by
the Adviser from time to time.

1c. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. No Investment Personnel shall serve on the board of directors of any publicly traded company, absent prior
written authorization and determination by the Review Officer that the board service would be consistent with the interests of the Investment Companies and their shareholders or other investment advisory clients. Such interested Investment Personnel
may not participate in the decision for any Investment Company or other investment advisory clients to purchase and sell securities of such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BROKERAGE ACCOUNTS** 

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section E applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PRECLEARANCE PROCEDURE** 

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular

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transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ANNUAL CERTIFICATION OF COMPLIANCE** 

Each Supervised Person shall certify to the Review Officer annually that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **CONFIDENTIALITY** 

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **REVIEW OF REPORTS** 

6a. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections F-4 and F-5, respectively, of this Code of Ethics. In connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

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6b. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A report which describes any issues arising under this Code or any related procedures adopted by the Adviser
including without limitation information about material violations of the Code and sanctions imposed in response to material violations. An Alternative Review Officer shall prepare reports with respect to compliance by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A report identifying any recommended changes to existing restrictions or procedures based upon the
Adviser's experience under this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A report certifying to the Board of Trustees that the Adviser has adopted procedures that are reasonably
necessary to prevent Access Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SANCTIONS** 

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INTERPRETATION OF PROVISIONS** 

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS** 

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments. All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **RECORDS** 

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect
shall be preserved for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved
in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an
Access Person pursuant to this Code (including any brokerage confirmation or account statements provided in lieu of the reports) shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the
first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. A record of the names of all persons who are, or within the past five years have been, required to make initial
holdings, annual holdings or quarterly transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. A record of all written acknowledgements for each person who is currently, or within the past five years was,
required to acknowledge their receipt of this Code and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a Supervised Person of the Adviser and until five years after the person ceases to be a
Supervised Person of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. A record of the names of all persons, currently or within the past five years who are or were responsible for
reviewing initial holdings, annual holdings or quarterly transaction reports shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. A record of any decision and the reason supporting the decision to approve the acquisition by Access Person of
Initial Public Offerings and Limited Offerings shall be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. A copy of each report required by Section C-3 of this Code shall be
maintained for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES** 

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Roles and Responsibilities** 

Asset Management Compliance is responsible for advising on the requirements contained in this Policy and ensuring the guidance herein is revised and updated, as appropriate. All relevant Asset Management personnel are responsible for complying with, and escalating issues relating to, this policy when engaging in relevant activities. Other groups at the firm, including, but not limited to, Asset Management Legal and other control-side personnel, may, in certain instances, be involved in helping to provide advice in connection with potential concerns related to the activities covered by this policy. The relevant Asset Management businesses that engage in activities to which this policy applies are responsible for managing the risks related to those activities, including implementing relevant controls, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Exceptions** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section C of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases or sales of securities effected for, or held in, any account over which the Access Person has no
direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Purchases or sales of securities which are not eligible for purchase or sale by an Investment Company or other
investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Purchases or sales of securities which are non-volitional on the part
of the Access Person, an Investment Company or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is
made by the Access Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security is being considered for purchase or sale by an Investment Company or other investment
advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a
class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's
acquisition of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Purchases or sales of publicly-traded shares of companies that have a market capitalization in
excess of $5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000
or less) of publicly traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional parameters:

Publication Date: January 23, 2026 *For Internal Use Only* Page 13 of 18

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(1). Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or
similar service) screen with the minimum 10-day average daily trading volume information indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(2). No Access Person (together with related accounts) may own more than

<sup>1</sup>⁄<sub>2</sub> of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(3). Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is
approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VIII(4). A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale
unless it appears on the Adviser's "$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Section VII of this Code is obtained, in which case the security must be
held for at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her
immediate family as defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or sales are effected for, or held in, a "blind
account." For this purpose, a "blind account" is an account over which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the approval of the Access Person,
or any member of his or her immediate family, with respect to such purchases and sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Other purchases or sales which, due to factors determined by the Adviser, only remotely potentially impact the
interests of an Investment Company or other investment advisory clients because the securities transaction involves a small number of shares of an issuer with a large market capitalization and high average daily trading volume or would otherwise be
very unlikely to affect a highly institutional market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Transactions within a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting and Escalations** 

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's Chief Compliance Officer and/or the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;1. Every Access Person shall report to the Review Officer the information: (1) described in Section F-3 of this Code with respect to transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires or disposes of, any direct or indirect beneficial ownership in the
Covered Security, and (2) described in Sections F-4 or VIII-E of this Code with respect to securities holdings beneficially owned by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;2. Notwithstanding Section F-1 of this Code, an Access Person need not
make a report to the extent the information in the report would duplicate information recorded pursuant to Rule 204-2(a)(13) under the Investment Advisers Act or if the report would duplicate information
contained in broker trade confirmations or account statements so long as the Adviser receives confirmations or statements no later than 30 days after the end of the applicable calendar quarter. The quarterly transaction reports required under
Section F-

Publication Date: January 23, 2026 *For Internal Use Only* Page 14 of 18

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POLICY ON GSAM CODE OF ETHICS

1 shall be deemed made with respect to (1) any account where the Access Person has made provision for transmittal of all daily trading information regarding the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must be made under Section F-3 of this Code and furnished to the designated review officer of the relevant investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have been
made under Section F-2 of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was
effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(1). The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number, the
interest rate and maturity date, class and the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(2). The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(3). The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(4). The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(5). The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• III(6). With respect to any account established by an Access Person in which any securities were held during the
quarter for the direct or indirect benefit of the Access Person:

<sup>○</sup> III(6)(a). The name of the broker, dealer or bank with whom the Access Person established the account;

<sup>○</sup> III(6)(b). The date the account was established; and

<sup>○</sup> III(6)(c). The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access Person must
submit a report containing the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IV(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of
shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IV(2). The name of any broker, dealer or bank with which the Access Person maintained an account in which any
securities (not just Covered Securities) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IV(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following information
(which information must be current as of a date no more than 45 days before the report is submitted):

Publication Date: January 23, 2026 *For Internal Use Only* Page 15 of 18

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POLICY ON GSAM CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of
shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V(2). The name of any broker, dealer or bank with whom the Access Person maintains an account in which any
securities (not just Covered Securities) are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;6. These reporting requirements shall apply whether or not one of the exemptions listed in Section E applies
except that: (1) an Access Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities held in, any account over which such Access Person does not have any direct or indirect
influence or control; and (2) an Access Person need not make a quarterly transaction report with respect to the transactions effected pursuant to an Automatic Investment Plan or a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;7. Any such report may contain a statement that the report shall not be construed as an admission by the person
making such report that (1) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject Security") or (2) he or she knew or should have known that the Subject
Security was being purchased or sold, or considered for purchase or sale, by an Investment Company or other investment advisory clients on the same day.

Anyone who believes that business has been conducted contrary to the policies and procedures set forth in this document should promptly contact their supervisor, Asset Management Compliance, and/or Asset Management Legal as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Implementation Plan** 

This Policy does not have an implementation plan.

Publication Date: January 23, 2026 *For Internal Use Only* Page 16 of 18

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POLICY ON GSAM CODE OF ETHICS

RELATED DOCUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS CONDUCT AND ETHICS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>FIRMWIDE POLICY ON PERSONAL TRADING</u> 

Publication Date: January 23, 2026 *For Internal Use Only* Page 17 of 18

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POLICY ON GSAM CODE OF ETHICS

REVISION HISTORY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Version 9.11, January 23, 2026 (Current version: Minor change(s)/no change(s), full review; Routine review
cycle; Reviewed in entirety and signed off by an MD.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Version 9.10, July 03, 2025 (Minor change(s)/no change(s), partial review; Other; Updated to comply with Policy
on Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Version 9.9, June 27, 2025 (Minor change(s)/no change(s), partial review; Other; Updated to comply with
Policy on Policies requirements as per Implementation Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Version 9.8, December 04, 2024 (Minor change(s)/no change(s), full review; Routine review cycle)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Version 9.7, September 17, 2024 (Minor change(s)/no change(s), partial review; Other; FXCO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Version 9.6, September 09, 2024 (Minor change(s)/no change(s), partial review; Other; Updated certain metadata
changes.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Version 9.5, September 26, 2023 (Minor change(s)/no change(s), full review; Routine review cycle; Minor
edits for formatting; updates from AIMS to XIG; minor revisions for clarity in Section V(A)(3))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Version 9.4, September 07, 2022 (Minor change(s)/no change(s), partial review; New or changed business products
or processes; Updated to include the acquisition of NextCapital Advisers, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Version 9.3, February 26, 2021 (Minor change(s)/no change(s), partial review; New or changed business
products or processes; Removal of application to PWM ISG.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Version 9.2, October 07, 2020 (Minor change(s)/no change(s), full review; Routine review cycle; Reviewed and
approved without change.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Version 9.1, November 26, 2019 (Minor change(s)/no change(s), partial review; Other; Migration to GS Docs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Version 9.0, September 09, 2019 (Spelling error correction in title)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Version 8.0, August 29, 2019 (Updated to reflect the name change of Standard & Poor's
Investment Advisory Services to GSAM Strategies Portfolios, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Version 7.0, August 20, 2019 (Updated to specify additional GSAM related entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Version 6.0, February 15, 2019 (Revision)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Version 5.0, January 17, 2018 (Typo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Version 4.0, May 10, 2017 (Entity change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Version 3.0, December 04, 2014 (Reviewed and reapproved w/o change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Version 2.0, March 13, 2012 (Revision of policy to address the ALGO entity.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Version 1.0, March 10, 2012 (New Document)

Publication Date: January 23, 2026 *For Internal Use Only* Page 18 of 18

## Ex-99.P20

![LOGO](g109417g01a00.jpg)

**MFS<sup>®</sup> Code of Ethics Policy** 

January 1, 2026

**Personal Investing**![LOGO](g109417g01a01.jpg)

**Applies to** 

All MFS full-time, part-time and temporary employees globally

All MFS contractors, interns and co-ops who have been notified by Compliance that they are subject to this policy

All MFS entities

**Questions?** 

iComply@mfs.com

Compliance Helpline, x54290

Ryan Erickson, x54430

Elysa Aswad, x54535

Carrie Arnott, x55971

Joe Peterson, x57574

For more information on administration such as regulatory authority, supervision, interpretation and escalation, monitoring, related policies, amendment or recordkeeping please <u>click</u><u> </u><u>this</u><u> </u><u>link</u>.

The inherent nature of MFS' services in selecting and trading securities has the potential to create a real or apparent conflict of interest with your personal investing activities. As a result, every individual subject to this policy has a fiduciary duty to avoid taking personal advantage of any knowledge of our clients' investment activities.

Following the letter and spirit of the rules in this policy is central to meeting client expectations and ensuring that we remain a trusted and respected firm.

Personal Investing \| 1

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![LOGO](g109417g01a00.jpg)

**Rules That Apply to Everyone**![LOGO](g109417g01a02.jpg)

**Your fiduciary duty** 

Always place client interests ahead of your own. You must never:

• Take advantage of your position at MFS to misappropriate investment opportunities from MFS clients.

• Seek to defraud an MFS client or do anything that could have the effect of creating fraud or manipulation.

• Mislead a client.

**Account reporting obligations** 

Make sure you understand which accounts are reportable accounts. To determine whether an account is reportable, ask the following questions:

1 Is the account one of the following?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other type of account (such as employee stock option or stock purchase plans or UK Stocks and Shares ISA
accounts) in which you have the ability to hold or trade reportable securities (see the list of reportable securities on page 8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account, including MFS-sponsored retirement or benefit plans, that
holds a reportable fund (see definition of reportable fund on page 9 and a list of these funds on iComply).

2 Is any of the following true?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You beneficially own the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is beneficially owned by your spouse or domestic partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is beneficially owned by another member of your household such as a parent, sibling or child for whom
you provide financial support, such as sharing of household expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is beneficially owned by anyone who you claim as a tax deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is controlled (such as via trading authority or power of attorney) by you or another member of your
household (other than to fulfill duties of employment) for whom you provide financial support, such as sharing of household expenses.

If you answered "yes" to both questions, the account is reportable.

**HELPFUL TO KNOW** 

**Beneficial ownership** 

The concept of beneficial ownership is broader than that of outright ownership. Anyone who is in a position to benefit from the gains or income from, or who controls, an account or investment is considered to have beneficial ownership. This means that this policy applies not only to you, but to others that share beneficial ownership in these accounts or securities. See examples on page 7. Frequently Asked Questions on the topic can be found <u>here</u>.

Ensure that MFS receives account statements for all your reportable accounts. Depending on the type of account or your location, you may need to provide them to Compliance directly.

Promptly report any newly opened reportable account or any existing account that has become reportable (including those at an approved broker). This includes accounts that become reportable accounts through life events, such as marriage, divorce, power of attorney or inheritance.

**ADDITIONAL REQUIREMENT FOR US EMPLOYEES** 

*Does not include interns, contractors, co-ops, or temporary employees* 

Maintain your reportable accounts at an approved broker. When you join MFS, if you have accounts at non- approved brokers you must close them or move them to an approved broker (list available on iComply).

In rare cases, if you file a request that includes valid reasons for an exception, we may permit you to maintain a reportable account at

a broker not on the approved broker list (for instance, if you have a fully discretionary account).

**HELPFUL TO KNOW** 

**Mobile Investing Apps** 

Many brokerage firms offer apps for mobile devices that allow you to quickly invest in reportable securities. Be aware that these apps are brokerage accounts that are covered by this policy, and all of its rules apply to those accounts as they would to any other brokerage account. Be aware of these rules and be sure to speak with your family or household members about the applicability of this policy when using such apps.

Personal Investing \| 2

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![LOGO](g109417g01a00.jpg)

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

![LOGO](g109417g01a02.jpg)

**HELPFUL TO KNOW** 

**Discretionary accounts and automatic investment plans** 

Discretionary accounts (accounts that are managed for you by a third-party registered investment adviser or bank or trust company) and transactions made under an automatic investment plan (such as an Employee Stock Ownership Plan) are reportable, but with approval from Compliance they are:

• exempt from quarterly transaction and annual holdings certifications (though you must still provide account
statements).

• exempt from the Access Person and Research Analyst/Institutional Portfolio Manager/Portfolio Manager trading
rules (such as the rules concerning pre-clearance and the 60-day holding period, pp. 5–6), but you still must obtain pre-approval before your advisor participates
in an IPO or private placement.

• exempt from certain "Ethical Personal Investing" trading rules such as excessive trading and trading
of MFS funds (pp. 3–4).

Request approval for these accounts using the Account Exception form found in iComply.

**Securities reporting obligations** 

Make sure you understand which securities are reportable securities. This includes most stocks, bonds, MFS funds, exchange-traded funds (ETFs), futures, options, structured products, private placements and other unregistered securities even if they are not held in a reportable account. See the table on page 8.

Report all applicable accounts, transactions and holdings timely.

Use the iComply system and submit all reports by these deadlines:

• Initial Accounts & Holdings reports: Submit within 10 calendar days of hire or upon an access level
change. Information about these holdings must be no more than 45 days old when submitted.

• Quarterly Personal Transaction Report: Submit within 30 days of the end of each calendar quarter.

• Annual Holdings Report: Submit within 30 days of the end of each calendar year.

Note that you must submit each report even if no transactions or other changes occurred during the time period.

The Quarterly Personal Transaction Reports do not need to include:

• Transactions or holdings in non-reportable securities.

• Transactions or holdings in discretionary accounts for which there is an approval on file with Compliance.

• Involuntary transactions, such as automatic investment plans, dividend reinvestments, etc. The Annual Holdings
Report, however, must reflect these transactions.

**ADDITIONAL REQUIREMENTS FOR APPOINTED REPRESENTATIVES IN SINGAPORE** 

Provide a copy of the contract note for any trade of any security, including reportable securities and non- reportable securities, to Singapore Compliance, within 7 days of the trade. Check with Singapore Compliance on the information you must provide.

**Ethical Personal Investing** 

Never trade securities based on the improper use of information, and never help anyone else to do so. This includes any trade

based on:

• Information about the investments of any MFS client, including front-running and tailgating (trading just before
or just after a similar trade for a client account).

• Confidential information or inside information (information about the issuer of a security, or the security
itself, that is both material and non-public).

Do not buy or sell options on Reportable Securities. This includes options on equities (but not employee stock options), ETFs and indexes. This rule does not apply to those securities listed in the Exempt Securities box below.

Do not sell securities short. This rule does not apply to those securities listed in the Exempt Securities box below.

**IMPORTANT TO KNOW** 

Securities exempt from options and short selling rules

• Options on, or ETFs that track, the following indexes: S&P 500; NASDAQ 100; Russell 2000; S&P Europe 350;
FTSE 100; FTSE Mid 250; Hang Seng 100; Nikkei 225; S&P ASX 200; S&P TSX; STOXX Europe 600

• Options (but not ETFs) based on non-reportable securities (*e.g.* commodities, currencies, US Treasuries)

Consult with Compliance when uncertain. Compliance may update this list with approval from the Employee Conduct Oversight Committee and maintain a current list on iComply.

Personal Investing \| 3

------

![LOGO](g109417g01a00.jpg)

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

![LOGO](g109417g01a02.jpg)

Do not trade excessively. At MFS, personal trading is a privilege, not a right. It should never interfere with your job performance. MFS may limit the number of trades you are allowed during a given period, or may discipline you for trading excessively. In addition, frequent trading in MFS funds may trigger other penalties, as described in the relevant fund prospectuses.

Do not accept investment discretion over accounts that are not yours. In limited circumstances, and with advance approval from Compliance, you may be allowed to assume power of attorney relating to financial or investment matters for another person or entity.

If you become an executor or trustee of an estate and it involves control over a securities account, you must notify Compliance upon assuming the role, and you must meet any reporting or pre-clearance obligations that apply.

Do not participate in any investment contest or club. This applies whether or not any compensation or prize is awarded.

Do not trade securities that MFS has restricted. Follow MFS' instructions when you are notified of a restriction in designated securities.

Only make investments in MFS open-end funds or funds sub-advised by MFS through these methods:

• Directly through MFS Service Center (for US open-end funds) or State
Street (Lux) (for Meridian Funds)

• Through an MFS Approved Broker (US employees)

• Non-US employees may invest through a financial institution of their
choice

• Through an MFS-sponsored benefit plan account

• Accounts for which you have received an exception from Compliance, such as a fully discretionary account

Note that investments in non-MFS accounts are publicly available share classes only. You must also follow all rules of the relevant prospectus and all rules in this policy, such as reporting and statements.

Do not participate in initial public offerings (IPOs) or other limited offerings of securities except with advance approval from MFS. This rule includes initial, secondary and follow-on offerings of equity securities and closed-end funds and new issues of corporate debt securities.

To request approval for an IPO or secondary offering, enter an Initial Public Offering Request using the form found on iComply. Note

that approval is not typically granted, and when granted often involves strict limits.

Never use a derivative, or any other instrument or technique, to get around a rule. If an investment transaction is prohibited, then you are also prohibited from effectively accomplishing the same thing by using futures, options, ETFs or any other type of financial instrument.

Do not invest in Contracts for Difference or engage in spread betting on financial markets. This includes any wagering on market spreads or behaviors and any off-exchange trading.

Do not invest in exchange traded funds based on exposure to a single security or issuer ("single-stock ETFs"). These products offer leveraged, inverse, or other complex exposure and are often designed to provide returns over short periods of time.

Do not trade on margin and do not use good 'til canceled limit orders. This rule does not apply to securities that are not subject to pre-clearance or to accounts where a registered investment adviser has investment discretion.

**HELPFUL TO KNOW** 

**Changes in job status and life events** 

When changing jobs within MFS, ensure that you understand the rules that apply to you. Confirm with your new manager and Compliance what your access level is and what restrictions and requirements apply to you.

When going on leave, you must continue to comply with this policy unless otherwise approved by Compliance. When you return from leave you must complete any outstanding obligations.

Be cognizant of reporting obligations under this policy when life events occur such as marriage, divorce or inheritance of an account. Consult with Compliance when uncertain.

**HELPFUL TO KNOW** 

**Virtual Currency/Cryptocurrency Accounts and Cryptocurrencies** 

• Virtual currency/cryptocurrency accounts do not require reporting

• Cryptocurrencies, as well as options and futures on cryptocurrencies, do not require pre-clearance nor reporting

• Cryptocurrency investment trusts require both pre-clearance and
reporting. They are also subject to the 60-day profit rule among other rules

• Cryptocurrency ETFs do not require pre-clearance, but are subject to
reporting

• Initial Coin Offerings are considered as private placements, requiring compliance pre-approval and reporting

Personal Investing \| 4

------

![LOGO](g109417g01a00.jpg)

**Rules that Apply Only to Access Persons**![LOGO](g109417g01a02.jpg)

**Pre-clearing personal trades** 

**WHICH ACCESS LEVEL ARE YOU?** 

**Access Persons** Most MFS personnel, including all officers and directors, are designated as Access Persons. You should consider yourself an Access Person unless it has been communicated to you by Compliance that you are not.

**Research Analysts, Institutional Portfolio Managers and Portfolio Managers** In addition to the rules for Access Persons, these individuals are subject to additional rules, as noted on the following pages.

*Compliance may designate other personnel as Access Persons. This may include consultants, contractors or interns who provide services to MFS, and employees of Sun Life Financial Inc.* 

Make sure you understand which securities require pre-clearance. Note that there are some differences between which securities require pre-clearance and which must be reported.

See the table on page 8 of this policy.

Pre-clear all personal trades in applicable securities. Request pre-clearance on the day you want to execute the trade by entering your request in the iComply system. Remember that you must pre-clear trades for all of your reportable accounts (such as those of a spouse or domestic partner) as well as for securities not held in an account.

Once you have requested pre-clearance, wait for a response. Do NOT place any trade order until you have received notice of approval for that trade. Note that pre-clearance requests can be denied at any time and for any reason.

Pre-clearance approvals expire at the end of the trading day on which they are issued, trades must be executed on the same day pre-clearance approval is granted.

Obtain advance approval for any private investments or other unregistered securities. This includes private placements (investments in private companies), private investment in public equity securities (PIPES), hedge funds or other private funds, "crowdfunding" or "crowdsourcing" investments, peer-to-peer lending, pooled vehicles (such as partnerships), Initial Coin Offerings (ICO's), Security Tokens and other similar investments.

Before investing, enter a Private Placement/Unregistered Securities Approval Request found on iComply, and do not act until you have received approval.

**Limits to personal investment practices** 

Do not buy and then sell (or sell and then buy) at a profit the same or equivalent reportable security within 60 calendar days. MFS may interpret this rule very broadly. For example, it may look at transactions across all of your reportable accounts and may match trades that are not of the same size, security type or tax lot. Any gains realized in connection with these transactions must be surrendered.

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion, or to involuntary transactions. *Japan-based personnel: See rule with higher standard below.*

**ADDITIONAL REQUIREMENTS FOR JAPAN-BASED PERSONNEL** 

Do not buy and then sell (or sell and then buy) the same or equivalent reportable security within six months.

Never trade personally in any security you have researched in the prior 30 days or are scheduled to research in the future.

Personal Investing \| 5

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

![LOGO](g109417g01a02.jpg)

**ADDITIONAL REQUIREMENTS FOR RESEARCH ANALYSTS** 

*including, Research Associates, Institutional Portfolio Managers and Portfolio Managers who may write research notes* 

Never trade (or transfer ownership of) reportable securities personally while in possession of material information about an issuer you have researched or been assigned to research unless you have already communicated the information in a research note. *Japan-based personnel: See rule with higher standard below.*

Understand and fulfill your duties with regard to research recommendations. You have an affirmative duty to provide unbiased and timely research recommendations in a research note. You must:

• Disclose trading opportunities for client accounts prior to trading personally in any securities of that issuer.

• Provide a research recommendation if a security is suitable for the client accounts even if you have already
traded the security personally or if making such a recommendation would create the appearance of a conflict of interest. Notify Compliance promptly of any apparent conflicts, but do not refrain from making a research recommendation.

**ADDITIONAL REQUIREMENTS FOR PORTFOLIO MANAGERS** 

*including Research Analysts and Institutional Portfolio Managers assigned to a fund as a portfolio manager* 

Never personally trade (or transfer ownership of) a reportable security within seven calendar days before or after a trade in any security or derivative of the same issuer in any client account that you manage. In practice, this means:

• Contacting Compliance promptly when deciding to make a portfolio trade in any security you have personally traded
within the past seven calendar days (but do not refrain from making a trade that is suitable for a client account even if you have traded the security personally).

• Refraining from personally trading any reportable securities you think any of your client accounts might wish to
trade within the next seven calendar days.

• Delaying personal trades in any reportable securities your client accounts have traded until the eighth calendar
day after the most recent trade by a client account (or longer, to be certain of avoiding any appearance of conflict of interest).

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion or to involuntary transactions.

Never buy and then sell (or sell and then buy), within 14 calendar days, any shares of a fund you manage.

Contact Compliance before any fund you manage invests in any securities of an issuer whose private securities you own or if the private entity enters into a material transaction with a public issuer. You will need to disclose your private interest and assist Compliance in performing review.

Personal Investing \| 6

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![LOGO](g109417g01a00.jpg)

**Additional Information for all Personnel Subject to this Policy**![LOGO](g109417g01a02.jpg)

**BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES** 

**Accounts of parents or children** 

• You share a household with one or both parents, but you do not provide any financial support to the parent(s):
You are not a beneficial owner of the parents' accounts and securities.

• You share a household with one or more of your children, whether minor or adult, and you provide financial
support to the child: You are a beneficial owner of the child's accounts and securities.

• You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner
of the child's accounts and securities.

**Accounts of domestic partners or roommates** 

• You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a
beneficial owner of the domestic partner's accounts and securities.

• You provide financial support to a domestic partner, either directly or by paying any portion of household costs:
You are a beneficial owner of the domestic partner's accounts and securities.

• You have a roommate: Generally, roommates are presumed to be temporary and to have no beneficial interest in one
another's accounts and securities.

**UGMA/UTMA accounts** 

• Either you or your spouse is the custodian of a Uniform Gift/ Trust to Minor Account (UGMA/UTMA) for a minor, and
one or both of you is a parent of the minor: You are a beneficial owner of the account. (If someone else is the custodian, you are not a beneficial owner.)

• Either you or your spouse is the beneficiary of an UGMA/UTMA account and is of majority age (for instance, 18
years or older in Massachusetts): You are a beneficial owner of the account.

**Transfer on death (TOD) accounts** 

• You automatically become the registered owner upon the death of the prior account owner: You are a beneficial
owner as of the date the account is re-registered in your name, but not before.

**Trusts** 

• You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership is
determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities & Affiliations Policy).

• You are a trustee for an account and you or a family member is a beneficiary: You are a beneficial owner of the
account.

• You are a beneficiary of the account and can make investment decisions without consulting a trustee: You are a
beneficial owner of the account.

• You are a beneficiary of the account but have no investment control: You are a beneficial owner as of the date
the trust is distributed, but not before.

• You are the settlor of a revocable trust: You are a beneficial owner of the account.

• Your spouse or domestic partner is a trustee and a beneficiary: Beneficial ownership is determined on a case-by-case basis.

**Investment powers over an account** 

• You have power of attorney over an account: You are a beneficial owner as of the date you assume control of the
trading or investment decisions on the account, but not before.

• You have investment discretion over an account that holds, or could hold, reportable securities: You are a
beneficial owner of the account, regardless of the location, account type or the registered owner(s) (other than to fulfill duties of employment).

• You are serving in a role that allows or requires you to delegate investment discretion to an independent third
party: Beneficial ownership is determined on a case-by-case basis.

**HELPFUL TO KNOW** 

**How we enforce this policy** 

Compliance is responsible for interpreting and enforcing this policy. Exceptions may only be granted by Compliance. In that capacity, Compliance reviews and monitors transactions and reports and also investigates potential violations.

The Employee Conduct Oversight Committee reviews potential violations, and where it determines that a violation has occurred, it usually imposes a penalty. These may range from a violation notice to a requirement to surrender profits to a termination of employment, among other possibilities.

Personal Investing \| 7

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**Additional Information for all Personnel Subject to this Policy**![LOGO](g109417g01a02.jpg)

---

| | | |
|:---|:---|:---|
| **Security types and transactions that must be reported and/or pre-cleared** | **Report**<br> **All personnel** | **Pre-clear**<br> **Access persons only** |
|  Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated | under this policy, please | contact Compliance directly. |
|  Funds |  |  |
|  Money market funds (MFS or other) | No | No |
|  Open-end funds and other pooled products that are advised or sub-advised by MFS (and are not money market funds) | Yes | No |
|  Open-end funds that are *not* advised or sub-advised by MFS | No | No |
|  529 Plans holding MFS advised or sub-advised funds | Yes | No |
|  Closed-end funds (including venture capital trusts, investment trusts and MFS closed-end funds) | Yes | Yes |
|  Exchange-traded funds (ETFs), including MFS ETFs, exchange-traded notes (ETNs), and structured notes linked to an index and futures related to these exchange-traded securities | Yes | No |
|  Single Stock ETFs (exchange-traded funds based on exposure to a single security or issuer) | Prohibited | Prohibited |
|  Private funds | Yes | Yes |
|  Equities |  |  |
|  Sun Life Financial Inc. (publicly traded shares) | Yes | Yes |
|  Equity securities, including real estate investment trusts (REITS), and including futures, structured notes or other derivatives on equities | Yes | Yes |
|  Fixed income |  |  |
|  Corporate and municipal bond securities, including futures or other derivatives | Yes | Yes |
|  US Treasury securities and other obligations backed by the full faith and credit of the US government | No | No |
|  Government agency debt obligations that are not backed by the full faith and credit of the issuing government (for example, in the US Fannie Mae, Freddie Mac, Federal Home Loan Banks, Federal Farm Credit Banks and Tennessee Valley Authority) | Yes | Yes |
|  Government securities issued by Australia, Canada, Japan, Singapore, France, Germany, Italy, The Netherlands, Spain and the UK | Yes | No |
|  All other government securities issued from countries not shown above, and futures or other derivatives on these securities. | Yes | Yes |
|  Money market instruments, such as certificates of deposit and commercial paper | No | No |
|  Other types of assets |  |  |
|  Initial and subsequent investments (including capital calls) in any private placement or other unregistered securities (including real estate limited partnerships or cooperatives) | Yes | Yes |
|  Private MFS stock and private shares of Sun Life of Canada (US) Financial Services Holdings, Inc. | No | No |
|  Limited offerings, IPOs, secondary offerings | Yes | Yes |
|  Options on Reportable Securities other than the list of securities exemptions on page 3 of this policy | Prohibited | Prohibited |
|  Derivatives (such as options, futures or swaps) on commodities and currencies, including virtual currencies | Only if notified by Compliance | Only if notified by Compliance |
|  Virtual Currency/Cryptocurrencies (including options and futures on cryptocurrencies) | No | No |
|  Other types of transactions |  |  |
|  Involuntary transactions (see definition below) | No | No |
|  Gifts of securities, including charitable donations, transfers of ownership, and inheritances | Yes | No |

---

Personal Investing \| 8

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

![LOGO](g109417g01a02.jpg)

**Terms with special meanings** 

Within this policy, the following terms carry the specific meanings indicated below.

**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.

**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option.

**reportable funds** Any fund for which MFS acts as investment advisor, sub-advisor, or principal underwriter including MFS retail funds, MFS Variable Insurance Trust and MFS Meridian funds. See the iComply system Policies & Procedures page for a current list of reportable funds.

Personal Investing \| 9

## Ex-99.P22

![LOGO](g109417g01g33.jpg)

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

---

| | | |
|:---|:---|:---|
| Contents | Contents | Contents |
|  |  | **Page** |
|  | Introduction | 3 |
| 1. | Prohibited Activities | 4 |
| 2. | Gifts and Entertainment; Charitable and Political Giving; Placement Agents; Bribery | 6 |
| 3. | Personal Conflicts of Interest | 8 |
| 4. | Reporting Requirements | 8 |
| 5. | Administrative Procedures | 10 |
| 6. | General Guidance | 10 |
| 7. | Insider Trading Policies and Procedures | 11 |
|  | Appendix A – Code of Ethics Summary Table | 12 |
|  | Appendix B – Reporting Requirements Table | 14 |
|  | Appendix C – Definitions | 15 |
|  | Appendix D – Exemptions to Code Rules | 19 |

---

Code of Ethics_2024<sub>2</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**Introduction** 

This Code of Ethics ("Code") covers all employees of Mondrian Investment Partners Limited, Mondrian Investment Partners (U.S.), Inc., and Mondrian Investment Partners Singapore Private Limited (collectively "Mondrian"). This includes temporary and contract employees with access to Mondrian's systems.

The Code includes standards of business conduct that are expected of Mondrian employees, and that reflect Mondrian's fiduciary duties. The Code requires compliance with applicable UK regulations and US federal securities laws, and incorporates procedures to implement such compliance. The responsibility for maintenance and enforcement of the Code lies substantially with the Chief Compliance Officer.

It is the duty of all Mondrian employees, officers and directors to conduct themselves with integrity, and at all times to place the interests of clients first. All personal securities transactions will be conducted consistent with, and in the spirit of, the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. The fundamental standard of this Code is that personnel should not take any inappropriate advantage of their positions.

Mondrian is authorized and regulated by the Financial Conduct Authority ("FCA") in the UK and the Securities and Exchange Commission ("SEC") in the US. This Code is designed to adhere to the standards of ethical conduct set by both regulators. Furthermore, Rule 17j-1 under the US Investment Company Act of 1940 and Rule 204A-1 of the US Investment Advisers Act of 1940 (the "Rules") make it unlawful for certain persons, including any employee, officer or director of an investment adviser, in connection with the purchase or sale by such person of a security held or to be acquired by a client account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To employ any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To make any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made, in light of the circumstances in which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To engage in any manipulative practice.

The Rules also require investment adviser firms to adopt a written code of ethics containing provisions reasonably necessary to prevent certain persons from engaging in acts in violation of the above standard. Investment adviser firms should also use reasonable diligence and institute procedures reasonably necessary to prevent violations of that code.

Employees must report any violations of the Code promptly to the Chief Compliance Officer.

Code of Ethics_2024<sub>3</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**1.** **Prohibited Activities** 

**I.** **The following restrictions apply to all Employees. A summary of these requirements is available in Appendix A.** 

(a) No Employee shall engage in any act, practice or course of conduct, which would violate the provisions of the
Rules set forth below.

(b) **General Requirement and Exceptions:** No Employee shall purchase or sell, directly or indirectly, any
Security which to his/her knowledge is being actively considered for purchase or sale by Mondrian; except that this prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) transactions that have been precleared in accordance with the requirements of paragraph 1- I (f) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchases or sales that are non-voluntary on the part of either the
person or the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) purchases which result from a scrip dividend or are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) other purchases and sales specifically approved by the Chief Executive Officer, with the advice of the General
Counsel and/or the Chief Compliance Officer, and deemed appropriate because of unusual or unforeseen circumstances. A list of any securities excepted will be maintained by the Compliance and Risk team; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) purchases or sales made by a third party in a Managed Account, provided that such purchases or sales do not
reflect a pattern of conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) sales which result from a compulsory company tender offer. Voluntary decisions require pre-disclosure to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) purchases or sales in respect of transfers between brokerage accounts, providing it represents a like-for-like amount for example in the case of transferring stocks to a new ISA provider.

(c) **3-Day Rule:** No Employee may execute a buy or sell order for an
account in which he or she has beneficial ownership or control until the third trading day following the execution of a Mondrian buy or sell order in that same Security.

(d) **Monthly Trading Limits:** No more than twenty (20) Security transactions are permitted per calendar
month. This limit is applicable in aggregate to all Security transactions in which the employee has a beneficial interest and includes transactions by Connected Persons (as well as arrangements caught by the definition of Control).

(e) **Disgorgement**: Despite any fault or impropriety, any Employee who executes a buy or sell for an account
in which he/she has beneficial ownership or control either (i) before the third trading day following the execution of a Mondrian order in the same security, or (ii) where deemed necessary, when there are pending orders for a Mondrian
transaction as reflected on the open order blotter, shall forfeit any profits made (in the event of purchases) or loss avoided (in the event of sales), whether realized or unrealized, in the period from the date of the personal transaction to the
end of the proscribed trading period. Payment of the amount forfeited shall be made by check or in cash to a charity of Mondrian's choice and the payment will be overseen by the Chief Compliance Officer.

(f) **Preclearance Requirement:** Except for Managed Accounts meeting the provisions of Section 1- I (b)(6) above, each Employee's personal transactions or transactions for an account in which he/she has beneficial ownership or control must be precleared using ECM. The request for
preclearance must be submitted prior to entering any orders for personal transactions. Preclearance is generally only valid for 24 hours after the request is authorized and if the order is not executed within the 24 hour period, the preclearance
request must be resubmitted. In certain circumstances, where the timing of the trade execution is outside of the control of the Employee, the Chief Compliance Officer may allow an extension to this period. Regardless of preclearance, all
transactions remain subject to the provisions of (b), (c), (d) and (e) above.

(g) **60-Day Rule:** Short term trading in Securities resulting in a
profit is prohibited. All open positions must be held for a period of 60 days, in the aggregate, before they can be closed at a profit (see Appendix D for certain exemptions). Any short-term trading profits are subject to the disgorgement procedures
outlined in (e) above and at the maximum level of profit obtained. The closing of positions at a loss within 60 days is not prohibited.

(h) **Initial Public Offerings:** Employees are prohibited from purchasing any initial public offering without
the PRIOR written consent of the Chief Compliance Officer. A separate approval process needs to be followed: email request should be made to the Chief Compliance Officer (i.e. not via ECM).

Code of Ethics_2024<sub>4</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

(i) **Private Placements:** No Employee may purchase any Private Placement in the following circumstances:

– The investment opportunity is under consideration for any client;

– The opportunity to invest has been offered solely by virtue of your employment with Mondrian; or

– The opportunity to invest could be considered a favor or gift designed to influence your judgment in the performance of your employment. E.g. if the underlying company or placing agent provides services to Mondrian.

Investment in any listed Private Placement (this includes a vehicle or instrument for equity ownership in listed underlying companies) requires PRIOR written consent by the Chief Compliance Officer.

Access Persons must immediately notify the Chief Compliance Officer and declare on ECM if a Private Placement they hold (or its underlying holdings) announces an intention to list through an IPO.

(j) **Brokerage/Trading Account Losses:** No Employee shall operate a brokerage or other trading account(s) with
an individual or combined uncovered net loss in any Derivative position of more than £25,000(or local currency equivalent). Brokerage or other trading accounts with an individual or combined uncovered net loss of more than £20,000 or
local currency equivalent)should be reported to the Chief Compliance Officer immediately. In relation to positions covered by assets held separately, the Chief Compliance Officer may permit an exemption from this requirement.

(k) **Online Chat Rooms:** No Employee shall participate in online discussions related to Securities (e.g.
internet discussion boards or chat rooms) by posting or encouraging others to post. This prohibition includes all Securities whether or not held by Mondrian clients. Employees are not prohibited from passively reading such online discussions. Also
refer to Mondrian's Market Abuse Policy.

(l) **Outside Interests:** Employees require PRIOR written approval from the Chief Compliance Officer before
they may serve on the board of directors, board of trustees or similar governing or oversight body of any company (public or private), charity, endowment, foundation or similar organization.

**II.** **The following additional restrictions apply to all Investment Professionals.** 

(a) **7-Day Blackout Period:** No Named Portfolio Manager of a US
Registered Investment Company ("RIC") may execute a buy or sell order for an account for which he/she has beneficial ownership within seven calendar days before or after that RIC account, trades in that Security.

(b) **Disgorgement:** Despite any fault or impropriety, any Investment Professional who executes a personal
transaction within seven calendar days before or after a RIC account, for which they are a Named Portfolio Manager, trades in that Security, shall forfeit any profits made (in the event of purchases) or loss avoided (in the event of sales), whether
realized or unrealized, in the period from the date of the personal transaction to the end of the prescribed trading period. Payment of the amount forfeited shall be made by check or in cash to a charity of Mondrian's choice and the payment
will be overseen by the Chief Compliance Officer.

Code of Ethics_2024<sub>5</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**2.** **Gifts and Entertainment; Charitable and Political Giving; Placement Agents; Bribery** 

**I.** **The following restrictions apply to all Employees.** 

(a) **Gift and Entertainment Receipt:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees should not retain Gifts or accept offers of Entertainment valued at over £15 (or local currency
equivalent) without obtaining the PRIOR consent of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Where it is not practical to obtain consent (e.g. a client presents a portfolio manager with a Gift during a
meeting) it must be reported to the Chief Compliance Officer as soon as possible after receipt. The Chief Compliance Officer will determine if the recipient can retain the Gift. Items of material value will typically be surrendered to the Chief
Compliance Officer and they will be included in a Christmas Charity raffle or equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Invitations to attend events (e.g. a broker Christmas party or a sports event) cannot be accepted without
obtaining the PRIOR consent of the Chief Compliance Officer. Any applications for approval must be in writing and include a justification for attending the event and a valuation of the Entertainment event provided by the person offering the invite
(please use the form on the Compliance and Risk page of the intranet).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Please see additional guidance in Section 6 below and the guidance notes on the Compliance and Risk page
of the intranet for further details.

(b) **Gift and Entertainment Giving:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Gifts and Entertainment to clients, consultants or other business related contacts must be reported
(regardless of whether the Employee seeks reimbursement from Mondrian) using the relevant expense reimbursement forms/system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employees may not give Gifts or Entertainment valued in excess of £150 (or local currency equivalent) to
clients, consultants or other business-related contacts without the prior consent of the Chief Compliance Officer or Chief Executive Officer (where practical).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Mondrian may from time to time impose limits on the value of gifts or entertainment that individuals can give
and that Mondrian Employees, in total, can give to a particular party over a set period of time. These will be separately notified to Employees as and when necessary.

(c) **Charitable Giving:** 

Employees are prohibited from using their personal charitable giving to influence decision makers in a way that could reasonably be seen to benefit Mondrian directly or indirectly (e.g. a Client Services Officer making a large donation to a charity supported by a consultant who may be influential in Mondrian's appointment or retention by a client would not be permitted). Note that the restrictions with respect to political giving supersede the restrictions with respect to charitable giving (e.g. a nominal gift to a charity at the suggestion of a person running for state political office in the United States would not be permitted). This prohibition also applies to Employees' spouse or life partner and immediate family members.

(d) **Political Giving:** 

Employees are prohibited from using their personal political giving to influence decision makers in a way that could reasonably be seen to benefit Mondrian directly or indirectly (e.g. a Client Services Officer making a political contribution to a candidate for state elected office who may be influential in Mondrian's appointment or retention by a client would not be permitted). Laws have been implemented at the US federal, state and local level, which are not always consistent and a violation can result in termination of Mondrian by the client. For example, some jurisdictions have restrictions on the amount that a business may contribute and still be eligible to be a vendor to that jurisdiction. Since donations from Employees can be attributable to Mondrian's limit, it is important that there be transparency in personal political giving. In addition, a contribution to the campaign of a person that holds state level office but is running for federal level office may violate a state prohibition on contributions.

Code of Ethics_2024<sub>6</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

Rule 206(4)-5 of the Investment Advisers Act of 1940 prohibits an Investment Adviser from receiving compensation from a covered government entity for a period of two years following a disqualifying contribution made by the adviser or its Covered Associates. Specifically, unless approved in advance by the Chief Compliance Officer, Employees are prohibited from making any contribution to any political campaign or political organization, in the United States, except as set out below. This prohibition also applies to Employees' spouse or life partner and immediate family members. Contributions include both directly or indirectly, including for example cash, volunteering, in-kind contribution, soliciting, providing a loan, serving as an intermediary, aggregating contributions or contributing to a political action committee. Covered political campaigns include for example, governor, controller, treasurer and trustee of a pension fund.

If approved in advance by the Chief Compliance Officer, Employees are generally permitted to make contributions to a political campaign for an elected office that the Employees may vote for and with respect to United States national or federal level political activities (i.e. House of Representatives, Senate, President, Democratic National Committee and Republican National Committee)

Information regarding personal political giving will be kept confidential by Mondrian and only revealed when required by applicable law, rule or policy.

(e) **Placement Agents and Pay-to-Play:** 

Unless approved in advance by the Chief Compliance Officer, Employees are prohibited from, or causing Mondrian to, directly or indirectly, engage hire, retain, pay, engage or otherwise compensate any third party to act as a placement agent, solicitor, finder, marketer, consultant or broker or other intermediary for the purpose, explicitly or implicitly, of selling or facilitating the sale of any Mondrian service (such as investment advisory services) or security (such as an interest in a Mondrian limited partnership). This prohibition also applies to Employees' spouse or life partner and immediate family members.

(f) **UK Bribery Act 2010 and Foreign Corrupt Practices Act 1977:** 

The UK Bribery Act 2010 defines four criminal offenses for which penalties include imprisonment and fines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offering or paying a bribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) requesting or receiving a bribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) bribing a foreign public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a corporate offence of failing to prevent bribery being undertaken on the corporation's behalf.

The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. §§ 78dd-1, et seq. ("FCPA"), was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Since 1977, the anti-bribery provisions of the FCPA have applied to all US persons and certain foreign issuers of securities. With the enactment of certain amendments in 1998, the anti-bribery provisions of the FCPA now also apply to foreign firms and persons who cause, directly or through agents, an act in furtherance of such a corrupt payment to take place within the territory of the United States.

For clarification, Mondrian prohibits all forms of bribery, regardless of whether of a "foreign public official" or any other individual or organization.

Any suspicions of bribery being undertaken or received should always be reported immediately to the Chief Compliance Officer. Any failure to comply with this requirement may constitute a serious disciplinary offence and could result in dismissal.

For further details refer to Mondrian's Anti-Bribery Policy.

Code of Ethics_2024<sub>7</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**3.** **Personal Conflicts of Interest** 

**General**

No employee may engage in any outside business activities that may conflict, or appear to create a conflict with the interests of Mondrian or its clients, including personal investments, directorships or personal appointments, without prior approval from Mondrian.

A conflict of interest may also exist where an Access Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the Access Person has a friendship or other personal relationship.

Examples of this include but are not limited to outside business activities with a similar business to Mondrian or one that provides similar services that Mondrian utilizes.

In such situations, Access Persons must disclose the conflict to the Chief Compliance Officer and recuse themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the outcome.

Employees must inform the Chief Compliance Officer before they own 5% or more of the outstanding shares either directly or beneficially of any public company.

**The following restrictions apply to all Employees:**

Employees are required to disclose to the Chief Compliance Officer if, to their knowledge, they or their family members (including spouse or life partner and immediate family members) currently or previously have been associated with any client, prospective client, vendor, prospective vendor, trading partner, governmental agency, regulator or other party which may create the appearance of a conflict of interest. Examples where disclosure would be required include:

Employee's spouse holds elective office

Employee's brother is a lobbyist

Employee's adult child is a broker

Employee's sister is employed by a client

Employee was previously employed by a governmental body

Compliance maintains a register of all outside business interests and evaluate on an annual basis whether any conflicts arise.

**4.** **Reporting Requirements** 

**I.** **The following reports are required to be made by all Employees:** 

(a) All personal holdings must be loaded onto ECM (Employee Compliance Manager) no later than 10 days following
commencement of employment. A member of the Compliance and Risk team will provide instructions on system usage.

(b) Disclose brokerage or other trading relationships at employment and at the time of opening any new account. All
brokerage accounts should be set up on ECM by the Employee.

(c) Direct their brokers to supply to the Chief Compliance Officer on a timely basis, duplicate copies of all
confirmations and statements for all brokerage or other trading accounts and Managed Accounts (please see below). In the case of a brokerage relationship where a margin account is available (NB: this includes a spread betting account), the broker
must supply the Chief Compliance Officer with a monthly statement.

(d) On request, each quarter, no later than the tenth day after the end of the calendar quarter, complete a
Personal Security Transaction declaration using ECM.

(e) On request, at year end, provide Annual Holdings reports containing information regarding all personal
Securities holdings. This report must be current as of a date no more than 30 days before the report is submitted. The report should be submitted using ECM.

Code of Ethics_2024<sub>8</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

(f) Quarterly Gift and Entertainment, Charitable, Political and Other Giving; Placement Agent and Bribery
certifications must be submitted by the end of the month following each calendar quarter end. Certifications are to be submitted using ECM.

**For items (d) to (f), reminders will be issued when these are due.**

(g) Immediately notify the Chief Compliance Officer upon obtaining a 1% interest in a company which Mondrian holds
for clients.

**II.** **Special Requirements for Managed Accounts:** 

Managed Accounts require pre-approval through the Chief Compliance Officer prior to starting up the account. The Chief Compliance Officer will consider the following facts and circumstances of the account when approving or denying such requests:

the functions and duties of the Employee;

the trustee or third-party manager's relationship to the Employee (i.e., independent and professional versus friend or relative);

the Employee's influence or control over the trusts or accounts.

The ongoing reporting requirements for Managed Accounts will be agreed with the Chief Compliance Officer when approval is granted and they will depend on the relative risks associated with the factors listed above e.g. the frequency of the provision of statements and whether or not individual trade confirmations are required.

Trading in Managed Accounts is exempt from preclearance requirements where trades are initiated by the third- party manager.

On a sample basis, Compliance will review holdings and transactions of Managed Accounts to identify any activity that may have been prohibited by Mondrian's Code of Ethics.

Code of Ethics_2024<sub>9</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**5.** **Administrative Procedures** 

**I.** **The following administrative procedures shall apply.** 

(a) The Compliance and Risk team will identify all Employees and will notify them of this classification and their
obligations under this Code. The Compliance and Risk team will also maintain procedures regarding the review of all reports required to be made under the Rules.

(b) The Compliance and Risk team shall keep records of Employees' holdings and transaction reports, the names
of all Employees for the past five years, and records of decisions approving Employees' acquisitions of IPO's and Private Placements. The Compliance and Risk team shall maintain copies of the Code of Ethics, records of Code violations
and action taken as a result of Code violations, and copies of Employees' acknowledgments of receipt of the Code. Such records shall be kept by the Compliance and Risk team for five years in an easily accessible place and for the first two
years in Mondrian's office premises.

(c) The Compliance and Risk team shall perform periodic reviews of notifications and reports required to be made
under the Rules, as part of its annual Compliance Monitoring Programme.

(d) The Compliance and Risk team shall report to the Chief Compliance Officer any apparent violations of the
prohibitions or reporting requirements contained in this Code of Ethics. The Chief Compliance Officer will review the reports made and determine whether or not the Code of Ethics has been violated and shall determine what sanctions, if any, should
be imposed in addition to any that may already have been imposed. Breaches of this Code of Ethics are considered to be a serious matter and can lead to disciplinary action, up to and including, dismissal.

(e) Failure to preclear a Gift or Entertainment event may result in the recipient being required to refund the
provider the full value of the Gift or Entertainment. This is very likely if the Gift or Entertainment would not have been approved if preclearance had been sought.

(f) On a quarterly basis, a summary report of breaches of the Code and the sanctions imposed will be made to the
Compliance and Risk Committee (a committee of the Board of Directors of Mondrian Investment Partners Limited). In reviewing this report, the Compliance and Risk Committee will consider if the appropriate sanctions were imposed. When the
Compliance and Risk team finds that a transaction otherwise reportable above could not reasonably be found to have resulted in a fraud, deceit or manipulative practice in violation of the Rules, it may, in its discretion, lodge a written memorandum
of such finding in lieu of reporting the transaction.

**6.** **General Guidance** 

**I.** **Gifts and Entertainment** 

**(a)** **The value of Gifts and Entertainment should be determined using the following guidelines:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The full value of any entertainment package should be disclosed i.e. if an event includes food and beverages,
they must be taken into account. Often the package will be provided by a corporate hospitality provider and there will be a total cost price available from the provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Where the value of a Gift or Entertainment is not easily determined, the provider of the Gift or Entertainment
will be asked to confirm the cost in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If no independent value is available, a best estimate which errs on the high side should be given. The market
value of a gift should be taken into account in making that determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The value of any gift received by or given to a spouse or other guest must also be reported (for example if a
broker provides an entertainment package and the Mondrian Employee brings their spouse, the value provided to the spouse must also be reported).

Code of Ethics_2024<sub>10</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**II.** **Personal Dealing** 

(a) Stop-loss arrangements may be put in place to limit exposure to loss in fast moving markets provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) details of the stop-loss limit are noted in the comments section of the ECM preclearance request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the stop-loss limit is not adjusted during the life of the derivative position without a new preclearance being
sought and approved

(b) Auto-roll of arrangements may be put in place provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) details of the auto-roll are noted in the comments section of the ECM preclearance request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the decision to roll the contract is not altered during the life of the derivative position without a new
preclearance being sought and approved

**7.** **Insider Trading Policies and Procedures** 

Details of Mondrian's Insider Trading and Rumours Policies and Procedures can be found in Mondrian's Market Abuse Policy.

Code of Ethics_2024<sub>11</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**Appendix A – Code of Ethics Summary Table\*** 

\* Applies not only to the Employee but also to Connected Persons. Refer to the Appendix C - Definitions for more details. Also note the 'Control' definition that covers when Employees, e.g. acting in an advisory capacity.

![LOGO](g109417g01g44.jpg)

Code of Ethics_2024<sub>12</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**Appendix A – Code of Ethics Summary Table (continued)\*** 

\* Applies not only to the Employee but also to Connected Persons. Refer to the Appendix C - Definitions for more details. Also note the 'Control' definition that covers when Employees, e.g. acting in an advisory capacity.

![LOGO](g109417g01g45.jpg)

Code of Ethics_2024<sub>13</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**Appendix B – Reporting Requirements Table\*** 

\* Applies not only to the Employee but also to Connected Persons. Refer to the Appendix C - Definitions for more details. Also note the 'Control' definition that covers when Employees, e.g. act in an advisory capacity.

![LOGO](g109417g01g46.jpg)

Code of Ethics_2024<sub>14</sub>

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<u>Code of Ethics ● June 2025</u>   <u>Mondrian Investment Partners Limited</u>

**Appendix C – Definitions** 

**"Access Person"** 

means any Mondrian Employee who has access to non-public information regarding clients' securities transactions or who has access to non-public information regarding a client's portfolio holdings. This definition includes all Employees who are not Investment Professionals e.g. client services and administrative staff. Those persons deemed to be Access Persons will be notified of this designation.

**"Beneficial ownership"** 

is as defined in Section 16 of the US Securities Exchange Act of 1934 and the rules and regulations thereunder. Generally speaking, a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in a Security, is a "beneficial owner" of the Security. For example, a person is normally regarded as the beneficial owner of Securities held by members of his or her immediate family sharing the same household. Additionally, ownership of a Derivative constitutes beneficial ownership of the underlying Security itself.

**"Broker"** 

means any entity with which an Employee can establish a trading arrangement to facilitate the execution of a Security transaction including banks, dealers, internet trading facilities and spread betting service providers.

**"Chief Compliance Officer"** 

means the person named as Chief Compliance Officer of Mondrian Investment Partners Limited or his/her alternate.

**"Connected Persons"** 

is intended to mean:

Your spouse or domestic partner;

Your children under the age of 18;

All relatives, if they live in the same household as you

Syndicates where friends/family group together for the purpose of purchasing Securities

See also the definition of Control below.

**"Control"** 

means investment discretion or influence in whole or in part of an account regardless of beneficial ownership.

Examples would be:

— an account for which a person has power of attorney or authority to effect transactions

— an organization where a person has investment advisory input regarding selection of Securities caught by the Code

would include family or a friend's investments where you have provided advice or given influence over the investments (i.e. in Securities caught by the Code)

**"Covered Associate"** 

means any, managing member or executive officer, or other individual with a similar status or function, any employee who solicits a government entity for Mondrian and any person who supervises, directly or indirectly, such employee. This covers Mondrian's Directors and Officers (staff that head a business unit) and Mondrian's Client Services Officers.

**"De minimis transaction"** 

means a transaction in an investment that is too small from a Conflict of Interest perspective to materially impact Mondrian Clients. A de minimis transaction is one where the trade has a nominal value of less than £1000 (NB: this does not cover derivative exposure)

**"Derivative"** 

includes futures, options, contracts for differences, spread betting or any other device that provides exposure to profits or losses from any financial instrument or index (NB: this is intended to cover a wide range of financial exposures e.g. it includes interest rates and currencies), but not digital currencies described below.

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| Code of Ethics_2024 | **15** |

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<u>Code of Ethics ● May 2024</u>   <u>Mondrian Investment Partners Limited</u>

**"Digital Currency"** 

is a type of currency available only in digital form, not in physical (such as banknotes and coins). It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. An example of a digital currency is Bitcoin.

**"DRIP"** 

means an automatic Dividend Reinvestment Plan

**"Employee"** 

means both Investment Professionals and Access Persons (see relevant definitions) and includes temporary staff, whether employed by Mondrian directly, or through an agency, and consultants, as well as permanent members of staff.

**"ECM (Employee Compliance Manager)"** 

means the web-based system used by Mondrian to manage the approval, reporting and record keeping processes associated with personal account trading and Gifts and Entertainment.

**"Entertainment"** 

means attendance at an event (widely defined) given to/by a Mondrian Employee (whether or not including spouse or other guest) by/to a business related contact (whether or not including spouse or other guest) where the host would attend the event with the guest(s). Examples might include:

Meals or other forms of food and drink provided by a business contact (see definition of Meals below)

After a conference the host may invite a Mondrian Employee to attend a sports event or show

Mondrian client services staff entertain a group of client representatives and their spouses to an evening meal and the theatre

**"Exchange Traded Fund ("ETF")"** 

means a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

**"G7"** 

is a group of seven industrialized nations. The group includes Canada, France, Germany, Italy, Japan, United Kingdom, and United States of America.

**"Gift"** 

means an item of value given to/by a Mondrian Employee (whether or not including spouse or other guest) by/to a business-related contact (whether or not including spouse or other guest). Examples might include:

A company that Mondrian is researching gives a product sample to an Investment Professional for their personal use which they keep

A broker gives a Trader a case of wine at Christmas

A Mondrian Client Services Officer gives a client Trustee or a consultant tickets to a sporting event

**"High Quality Short-Term Debt Instruments"** 

means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by an internationally recognized statistical rating organization.

**"Investment Professional"** 

means any Employee who, in connection with his/her regular functions or duties, makes or participates in, the making of investment decisions affecting a client. Investment Professional includes portfolio managers, research analysts and anyone that assists them directly in the execution of their duties e.g. implementation staff and assistant portfolio managers. Secretarial support staff working within the investment teams are not included in this definition.

**"Managed Accounts"** 

means an account that is professionally managed by a third party on a discretionary basis. For clarification purposes, this is intended to cover accounts where the Beneficial Owner's investment decisions in Securities caught by the Code has been delegated to that third party. For the avoidance of doubt, this does not cover investment in U.K. unit trusts, U.S. mutual funds, OEICs, or ICVCs, unless such instruments are advised or sub-advised by Mondrian.

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| Code of Ethics_2024 | **16** |

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<u>Code of Ethics ● May 2024</u>   <u>Mondrian Investment Partners Limited</u>

**"Meals"** 

means:

evening restaurant meals offered by brokers and other service providers

Invitations of hospitality at the homes of brokers and other service providers

**"Mondrian"** 

means Mondrian Investment Partners Limited, Mondrian Investment Partners (U.S.), Inc., and Mondrian Investment Partners Singapore Private Limited.

**"Named Portfolio Manager"** 

means the Portfolio Manager(s) named in the RIC Portfolio Managers document maintained on the Compliance and Risk page of the intranet.

**"Physical Commodity"** 

means the actual commodity that is delivered to a futures contract buyer when the expiration of the commodity contract occurs. Metals such as copper, gold, and silver and agricultural products such as cattle, wheat, and soybeans are examples of physical commodities.

**"Private Placement"** 

Private Placement means a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors.

**"Security"** 

is as set forth in Section 2(a)(36) of the U.S. Investment Company Act of 1940 which provides a very broad ranging definition of a security. In addition, the purchase, sale or exercise of a Derivative shall constitute the purchase or sale of the underlying Security or exposure.

(Important Note: The below list is not exhaustive but intended to provide assistance. If you are uncertain as to whether a holding or position falls within the definition of a Security you should assume it is included unless advised otherwise by the Compliance and Risk team.)

The following securities are **included** (and therefore are subject to the restrictions of this Code)

Common stock

Preferred stock

Corporate bonds

Convertible bonds

Concentrated Exchange-traded funds (ETFs) (less than 25 holdings)\*

Concentrated UCITS exchange traded funds (ETFs) (less than 25 holdings)\*

Concentrated U.K. registered Investment Trusts (less than 25 holdings)\*

Derivatives such as futures and options on a covered Security

Closed-end funds

\* These commingled vehicles are exempt if the underlying holdings are exempt, irrespective of the number of holdings.

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| Code of Ethics_2024 | **17** |

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<u>Code of Ethics ● May 2024</u>   <u>Mondrian Investment Partners Limited</u>

The following instruments are also **included** when they are advised or sub-advised by Mondrian:

Unit investment trusts (UIT)

U.K. unit trusts

U.K. open-ended investment companies (OEICs)

European investment company with variable capital (ICVCs)

European undertaking for collective investments in transferable securities (UCITS)(Daily Priced)

Shares of open-end registered investment companies (mutual funds)

See Appendix E on the Compliance and Risk page of the Intranet for a list of these Funds and separate procedures for investing in Mondrian advised funds through the corporate pension.

The following securities are **excluded** (and therefore are not subject to the restrictions of this Code)

Securities issued or guaranteed by Supranationals and their agencies

Securities issued by a G7 government, and in the case of the government of the United States or any of its federal agencies,

bankers' acceptances, bank certificates of deposit, commercial paper, High Quality Short-term Debt Instruments including

repurchase agreements

Securities issued by governmental agencies or government guaranteed entities of a G7 country

Unit investment trusts (UIT) (that are not advised or sub-advised by Mondrian)

U.K. unit trusts (that are not advised or sub-advised by Mondrian)

U.K. open-ended investment companies (OEICs) (that are not advised or sub-advised by Mondrian)

European investment company with variable capital (ICVCs) (that are not advised or sub-advised by Mondrian

Non-UCITS Retail Schemes (NURS) (that are not advised or sub-advised by Mondrian)

Shares of open-end registered investment companies (that are not advised or sub-advised by Mondrian)

European undertaking for collective investments in transferable securities (UCITS) (Daily Priced) (that are not advised or

sub-advised by Mondrian, but see the following inclusions section above for UCITS ETFs)

Municipal fund securities

U.S. 529 Plans

Digital currencies

Diversified Exchange-traded Funds (ETFs) (25 or more holdings)\*

Diversified UCITS Exchange-traded Funds (ETFs) (25 or more holdings)\*

Diversified U.K. Registered Investment Trusts (25 or more holdings)\*

Exchange-traded commodities (ETCs)

**Security being "considered for purchase or sale" or "being purchased or sold""** 

means when a recommendation to purchase or sell the Security has been made and communicated to the Trading Desk and with respect to the person making the recommendation, when such person seriously considers making, or when such person knows or should know that another person is seriously considering making, such a recommendation.

\* These commingled vehicles are also exempt if the underlying holdings are exempt, irrespective of the number of holdings.

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| Code of Ethics_2024 | **18** |

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<u>Code of Ethics ● May 2024</u>   <u>Mondrian Investment Partners Limited</u>

**Appendix D – Exemptions to Code Rules** 

**Exempted Derivative Transactions** 

The following requirements of this Code do not apply to investments in the Exempted Securities described below:

1. Trade Preclearance

2. The three day blackout period rule

3. The 60-day minimum hold rule

**Note that the maximum of twenty (20) Security transactions per calendar month rule still applies to transactions in these Exempted Securities.** 

As described in Appendix C, the Mondrian definition of derivatives includes futures, options, contracts for differences, spread betting or any other device that provides exposure to profits or losses from any financial instrument or index (NB: this is intended to cover a wide range of financial exposures e.g. it includes interest rates and currencies, but not digital currencies).

1. Derivative positions which track or provide exposure to the following indices:

MSCI EAFE

MSCI Emerging Markets

MSCI World

Dow Jones Industrial Average

S&P 500 Index

S&P 100 Index

NASDAQ 100 Index

Russell 2000 Index

EUROTOP 100 Index

Financial Times Stock Exchange (FT-SE) 100 Index

2. Derivative positions that pair any of the following currencies:

Sterling

U.S. Dollar

Euro

Japanese Yen

3. Derivative positions on interest rates.

4. Derivative positions which track indices or provide exposure to bonds issued by G7 governments.

5. Derivative positions which track a physical commodity index or provide exposure to physical commodities e.g.
foods, grains, metals and oil

**Please remember that:** 

All other requirements of the Code of Ethics may still apply including the need to report transactions in these instruments and the maximum loss restriction.

Employees are responsible for ensuring that their ECM accounts reflect all holdings in Securities covered by this Code i.e. you need to update your account to show transactions in the exempted securities

**De Minimis Transaction Exemption** 

De minimis transaction (as defined in Appendix C) in any security can be exempted from the Code requirements listed in A above where specifically agreed in advance with the Chief Compliance Officer (or his/her designate).

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| Code of Ethics_2024 | **19** |

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![LOGO](g109417g01g52.jpg)

## Ex-99.P23

**Compliance Policy & Procedures** 

**Code of Ethics** 

Document classification: Nomura Asset Management International Policy & Procedures

Owner(s): NIMBT Compliance

Date Approved: 12/01/2025

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|:---|:---|
| Rationale:  | This global-level policy and related procedures (the "**CPP**") sets out standards of conduct designed to address potential conflicts of interest that might arise between the fiduciary duty to the Firm's Clients and a Covered Person's personal activities. This CPP also addresses certain requirements of other related CPPs governing the Firm and its affiliates. |

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|:---|:---|
| Transition Period:  | Prior to the sale of Macquarie Investment Management Business Trust ("**MIMBT**") to Nomura Holdings Inc., this CPP shall apply exclusively to MIMBT. |

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The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

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| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | |
| **I.** | **INTRODUCTION** | **3** |
| A. | General Principles | 3 |
| B. | Your Fiduciary Duty | 3 |
| C. | Compliance with Applicable Federal Securities Laws | 4 |
| D. | Obligation to Report Violations of the Code | 4 |
| **II.** | **YOUR OBLIGATIONS AS A COVERED PERSON** | **4** |
| A. | Categories of Covered Persons | 4 |
| B. | Immediate Family Member of an Employee | 4 |
| C. | Your Obligations at Time of Hire | 4 |
| D. | Your Obligations on a Daily Basis | 5 |
| E. | Your Obligations on a Quarterly Basis | 9 |
| F. | Your Obligations on an Annual Basis | 10 |
| **III.** | **FUND PERSON RESPONSIBILITIES** | **10** |
| A. | Fiduciary Duty | 10 |
| B. | Reporting and Certification Requirements | 10 |
| **IV.** | **REVIEW AND ENFORCEMENT OF THE CODE** | **10** |
| A. | Administration of the Code | 10 |
| B. | Review of Employee Activity | 11 |
| C. | Sanctions for Non-Compliance with Code | 11 |
| D. | Maintenance of Records | 11 |
|  **Glossary to the Code of Ethics** | **Glossary to the Code of Ethics** | **12** |

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The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Principles** 

The Code of Ethics (the "Code") is based on the principle that Nomura Asset Management International Inc. ("Nomura Asset Management International" or the "Firm")<sup>1</sup>, its directors, officers, trustees, and employees (each, a "Covered Person" and collectively, "Covered Persons"), owe a fiduciary duty of undivided loyalty to the Nomura Funds, the Optimum Fund Trust, and the Nomura ETF Trust (collectively, the "Funds") and any other investment advisory client (each, a "Client" and collectively, our "Clients") that the Firm advises.<sup>2</sup> In addition, the Code is based on the principle that the directors, trustees and fund- only personnel associated with the Funds (collectively, "Fund Persons") owe a fiduciary duty of undivided loyalty to their respective Funds. The Trustees of the Nomura Funds (the "Nomura Funds") and the Optimum Funds Trust (the "Optimum Funds"), who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Trustees") are subject to the Nomura Funds' and Optimum Funds' Code of Ethics for Independent Trustees. The Independent Trustees are not subject to the provisions of this Code.

This Code sets out standards of conduct designed to address potential conflicts of interest that might arise between this fiduciary duty to the Firm's Clients and a Covered Person's personal activities. Specifically, each Covered Person must avoid participating in transactions, activities, and relationships that might interfere (or appear to interfere) with making decisions in the best interests of those Clients.

As a Covered Person, you are responsible for reading the Code and understanding your obligations in order to comply with its provisions. Additionally, your duty to comply with this Code includes the requirement that your personal and business activities be conducted in compliance with all other CPPs governing the Firm and its affiliates. Examples of such CPPs include, but are not limited to, the NHA Compliance Policy Manual – Chapter 7: Gifts, Gratuities and Entertainment, Nomura Asset Management International Insider Trading CPP, and Nomura Asset Management International Political Dealings and Activities ("Pay-to-Play") CPP . If you have any questions regarding the Code and its related CPPs or your resultant obligations and duties, please contact the Compliance Department for assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Your Fiduciary Duty** 

The Firm is committed to fostering a culture that promotes honesty and high ethical standards. Consequently, all Covered Persons have an obligation to conduct themselves in accordance with the following general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of our Clients ahead of your own interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities
and the activities of our Clients, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not take inappropriate advantage of your position at the Firm.

<sup>1</sup> For the purposes of this Code, all references to "Nomura Asset Management International" or the "Firm" shall be taken to mean Nomura Asset Management International Inc. and its subsidiaries

<sup>2</sup> Definitions of certain capitalized terms can be found in the Glossary to the Code of Ethics. These definitions are an integral part of the Code and a proper understanding of them is necessary to comply with the Code. It is important that you review and understand all of the definitions contained in the Glossary and refer back to them as necessary to understand your responsibilities under the Code. 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Covered Persons are reminded that violations of the Code and/or any associated CPPs may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal procedures may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Compliance with Applicable Federal Securities Laws** 

As a Covered Person under this Code, it is your duty to conduct all personal and professional activities in a manner that is consistent with any and all Applicable Federal Securities Laws (as defined in the Glossary to this Code ("Glossary").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Obligation to Report Violations of the Code** 

You have a duty to report violations of the Code. If you become aware of a violation of the Firm's Code committed by another Covered Person, you have an ongoing obligation to report that violation to the Compliance Department. It is the Firm's policy to protect the confidentiality of any such report made in good faith and any Covered Person reporting such a violation will not be subject to retaliation.

**II.** **YOUR OBLIGATIONS AS A COVERED PERSON** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Categories of Covered Persons** 

Upon becoming subject to the provisions of this Code, each Covered Person is assigned to one of the following three categories below based on their responsibilities and/or privileges at the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Person

You will be advised of the category to which you are assigned during your initial training on this Code. It is important to know the category to which you are assigned, as belonging to a certain category may cause you to be subject to additional obligations and/or limitations under the Code. A complete definition for each category is included in the Glossary. You are encouraged to review the definitions for each category carefully, as well as any sections of the Code that may pertain only to Covered Persons assigned to your category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Immediate Family Member of an Employee** 

In accordance with federal securities laws, certain restrictions and limitations found within the Code are also applicable to the personal investment activities of any immediate family members that reside in your household ("Immediate Family Members"). As a Covered Person, it is your responsibility to alert your Immediate Family Members of any applicable restrictions or limitations that may impact their personal investment activities to ensure that both you and your Immediate Family Members conduct all personal investment activities in a manner consistent with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Your Obligations at Time of Hire** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial Holdings Report** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

All Access and Investment Persons must submit an initial holdings report within ten (10) calendar days of commencing employment with the Firm or otherwise becoming an Access or Investment Person to disclose the Required Holdings Information for both their own and their Immediate Family Members' personal securities holdings. The information included in the initial holdings report must be current as of a date no more than forty-five (45) calendar days prior to the commencement of employment with the Firm (or becoming subject to the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Use of Approved Brokers** 

All Covered Persons, with limited exceptions, must maintain all personal brokerage accounts with approved brokerage firms ("Approved Brokers"). A list of the Approved Brokers from which the FIrm is currently able to receive such data feeds can be found via the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Disclosure of Outside Business Activities** 

Covered Persons may not engage in full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm without receiving prior written approval from the Compliance Department. Any such service is considered an "Outside Business Activity," even if performed on a volunteer basis. Any existing Outside Business Activities must be disclosed at the time that you become subject to this Code and are subject to review and approval. Similarly, you have an ongoing obligation to disclose any Outside Business Activities that you undertake during your employment with the Firm and receive written approval from the Compliance Department prior to participating in such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Disclosure of Political Contributions** 

In addition to the Code, all Covered Persons and their Immediate Family Members are subject to the NIMBT Political Dealings and Activities ("Pay-to-Play") CPP. Covered Persons are required to disclose all political contributions made during the two-year period prior to the date that they become subject to this Code. This disclosure must also include all political contributions made by your Immediate Family Members during the two-year period. The information provided may be shared in the aggregate in response to requests for proposals or client information requests but will otherwise remain strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Written Acknowledgement of Receipt of Code** 

All Covered Persons are required to certify that they have received this Code within ten (10) calendar days of their hire date. You will also be required to certify your ongoing compliance with this Code on an annual basis and whenever the Code is updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Your Obligations on a Daily Basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-clearance of Personal Securities Transactions** 

Covered Persons and their Immediate Family Members must pre-clear each personal investment transaction and receive approval for the activity prior to executing the transaction, unless the transaction is subject to an exemption from the pre-clearance requirements of the

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Code as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Duration of Approval** 

Approval for a pre-clearance request is valid for the same day only and the trade must be executed on the same day that approval is granted. If a transaction is not executed (or is only partially completed) on the same day that you receive approval, you must repeat the pre- clearance process and receive approval on the day that you do execute (or complete) the transaction. Similarly, if the information in your pre-clearance request changes in any material way, you must resubmit your pre-clearance request prior to executing the transaction.

Note: Approvals for Covered Persons located in Australia and/or Asia only are valid for execution through the 24-hour period following approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Exceptions to the Pre-clearance Requirement** 

You are not required to pre-clear and receive approval for the personal investment transaction types listed below prior to execution, although you are still responsible for complying with the reporting requirements of this Code for these transactions, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Involuntary transactions** 

The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin- off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Affiliated Funds and Pooled Vehicles** 

Purchases or sales of affiliated pooled vehicle such as open-end mutual funds, SICAVS, and other managed investment schemes to which the Firm provides advisory services, also referred to as "Affiliated Funds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Purchases or sales of exchange-traded funds ("ETFs")** 

Unaffiliated ETFs, except for single stock ETFs, are exempt from the preapproval requirements, however they are subject to the reporting and holding period requirements of the Code. For Single security or issuer ETFs pre-clearance is required on the underlying security/issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Transactions in Managed Accounts** 

Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control ("Managed Account").

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Note: Covered Persons and their Immediate Family Members must receive approval from the Compliance Department in order to maintain a Managed Account. **Additionally, you should be aware that Managed Accounts are still subject to the reporting requirements of the Code.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Donated Shares** 

Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Transactions Excluded from BOTH the Pre-clearance and Approval Requirement and the Reporting Requirement** 

All personal investment transactions by Covered Persons must be reported under the Code with a few limited exceptions. The following types of personal investment transactions are exempt from both the pre-clearance and the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purchases or sales of unaffiliated pooled vehicles such as open-end mutual funds, SICAVs, UCITS and other managed investment schemes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Purchases or sales of direct obligations of the U.S. Government or any other national government and
futures and options with respect to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Purchases or sales of bank certificates of deposit, bankers' acceptances, commercial paper and
other high quality short- term debt instruments (having a maturity at issuance of less than 366 calendar days and rated in one of the two highest ratings categories by a nationally recognized statistical ratings organization, including repurchase
agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Purchases which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transactions in Section 529 plans.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Trading Restrictions** 

All Covered Persons and their Immediate Family Members are subject to certain trading restrictions on their personal investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **All Covered Persons – Restrictions on Trading in Nomura Securities** 

Covered Persons who wish to trade Nomura Holdings, Inc. ("Nomura") securities directly through the EquatePlus by Computershare system or through a similar plan, must complete all trades during designated staff trading windows. Transactions in Nomura securities must comply with all applicable Nomura policies, including the Nomura Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **All Covered Persons – Seven (7) Calendar Day Blackout Period** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

All Covered Persons and their Immediate Family Members are prohibited from trading a security in their personal brokerage accounts for seven (7) calendar days after the Firm executes a buy or sell transaction in that same security. Depending on the facts and circumstances and at the discretion of the CCO or their designee, personal trades involving covered securities that receive preapproval and are executed within 7 calendar days prior to the Firm executing a buy or sell transaction in that same security may be required to be unwound or subject to disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** De Minimus Exception

Covered Persons will be permitted a de minimis exception when requesting to trade of up to $10,000 USD per day of any security included in the Russell 3000 Index. Other highly capitalized and or widely held securities may also be considered by exception, i.e. ADRs or foreign securities. Please contact Compliance for all exception requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Holding Periods:** 

All Covered Persons are prohibited from engaging in activities that could be considered "market timing" in violation of Rule 22c-1 of the 1940 Act and, therefore, subject to required holding periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Access and Affiliated Persons – 60 Calendar Day General Holding Period

If you are categorized as an Access Person or Affiliated Person under this Standard, you are subject to sixty (60) calendar days holding period for most personal securities transactions. Accordingly, Access and Affiliated Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Investment Persons – 60 Calendar Day General Holding Period

Investment Persons are prohibited from engaging in short term trading in their personal investment accounts that results in a profit. Accordingly, Investment Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** All Covered Persons – 60 Calendar Day Holding Period for Affiliated Mutual Funds

All Covered Persons must hold any newly opened positions in Affiliated Mutual Funds for sixty (60) calendar days before the position may be closed for a profit.

**Note: Investment Persons, Access and Affiliated Persons are permitted to close positions at any time at a loss of 20% or greater. The loss calculation will be based upon Last-In First-Out (LIFO).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Restricted Securities** 

The Firm maintains a list of certain restricted securities that may not be traded by

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

Covered Persons (the "Restricted List"). You are generally prohibited from purchasing or selling any security on the Restricted List, except that this prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary and/or automatic transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in an approved Managed Account, provided that such transactions do not reflect a prohibited
pattern of conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions for which specific approval has been granted due to unusual or unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Initial Public Offerings/Private Placements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Investment Persons, Access and Affiliated Persons

Investment Persons, Access and Affiliated Persons are prohibited from participating in initial public offerings and may only participate in a private placement with prior written permission. Additionally, an employee who purchased privately placed securities prior to becoming subject to this Standard is required to disclose the purchases to the Compliance Department before they can participate in the consideration of an investment in the securities of that issuer or its affiliates for a Client account. In order to avoid a potential conflict of interest, any decision to invest in the issuer in question will be subject to an independent review by additional Investment Persons that do not have a personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Registered Representatives

All Covered Persons holding valid Financial Industry Regulatory Authority (FINRA) registrations are prohibited from participating in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Pre-clearance of Political Contributions** 

All Covered Persons and their Immediate Family Members must submit a pre- clearance request and receive approval prior to making a political contribution. Examples of political contributions that would require pre-clearance and approval include, but are not limited to, donations of cash, stock, service or anything of value to a candidate for public office, a sitting public official, political party or a political action committee, whether at the local, state, and/or federal level. Please review the NIMBT Pay-to-Play CPP for more information on applicable restrictions and reporting obligations for political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Obligation to Report Changes to Personal Information** 

You have an ongoing obligation to report any changes in your personal information that may impact your obligations under this Code. Examples include changes to your personal brokerage accounts (e.g., opening or closing an account), disclosures of new outside business activities for review and approval, and changes to your address, Immediate Family Members, or other personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Your Obligations on a Quarterly Basis** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

<u>Quarterly Report/Certification of Transactions</u>

Within thirty (30) calendar days after each quarter's end, all Covered Persons must report and certify their personal investment activity during the previous quarter. Please note that all Covered Persons are required to complete the quarterly certification each quarter, even if they did not complete any personal investment transactions during the quarter. Additionally, Covered Persons will be asked to review the list of brokerage accounts that they have previously disclosed and certify to its accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Your Obligations on an Annual Basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Annual Certification of Holdings** 

All Access and Investment Persons are required to submit an annual report of all personal investment holdings in their personal brokerage accounts and the personal brokerage accounts of their Immediate Family Members. The report must contain information that is current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and must be submitted no later than forty-five (45) calendar days after year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Annual Code of Ethics Certification** 

At least annually, all Covered Persons must review this Code in its entirety and certify to their understanding and ongoing compliance with the Code.

**III.** **FUND PERSON RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fiduciary Duty** 

All Fund Persons have an obligation to conduct themselves in accordance with the general fiduciary principles outlined above. Specifically, you have a duty to place the interests of the applicable Fund ahead of your own interests at all times; you have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of the applicable Fund, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and you must not take inappropriate advantage of your position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reporting and Certification Requirements** 

Fund Persons are not subject to the holding's disclosure requirements outlined above nor are they required to pre-clear all personal investment transactions prior to executing a transaction. Similarly, Fund Persons are only required to submit and certify quarterly transaction reports for any personal investment transactions where, at the time of the transaction, they knew, or in the ordinary course of fulfilling their official duties should have known, that during the fifteen (15) calendar day period immediately before or after the date of the transaction, such Security was purchased or sold by an applicable Fund or the Firm on behalf of the applicable Fund or was being considered for purchase or sale by an applicable Fund or the Firm on behalf of the applicable Fund.

**IV.** **REVIEW AND ENFORCEMENT OF THE CODE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Administration of the Code** 

The Code shall be administered by the Compliance Department and/or an appropriate management committee that shall include a majority of Compliance and/or Legal Department representatives. Where exceptions are

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

granted to any provision of this Code, the rationale for such exceptions shall be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Review of Employee Activity** 

Trading activity may be reviewed for patterns of trading that are inconsistent with the tenets of this Code. Excessive or inappropriate trading that interferes with job performance or compromises the duty that the Firm owes to our Clients is not permitted. Patterns of excessive trading or other trading activity that is deemed to be inappropriate may lead to sanctions, including restrictions on future trading and/or other disciplinary action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Sanctions for Non-Compliance with Code** 

Appropriate sanctions for a violation will include the nature and severity of the violation, the presence of any mitigating circumstances, and any previous violations that may have been committed by the Covered Person. Examples of possible sanctions include, but are not limited to, written warnings or reprimands, monetary penalties, trading freezes, suspension, and/or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Maintenance of Records** 

The Firm will maintain all necessary books and records required to remain compliant with applicable laws and regulations. More information on specific record-keeping requirements and processes may be found in the Firm's record-keeping policies and procedures.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**Glossary to the Code of Ethics** 

**Access Person** 

The term "Access Person" means an officer or director, or employee of a registered investment adviser, or any other person identified as a "control person" on the Form ADV or the Form BD filed by the adviser with the US Securities and Exchange Commission, as well as any employee, (1) who, in connection with his or her regular functions or duties, generates, participates in, has access to or obtains information regarding that adviser's purchase or sale of a security by or on behalf of an advisory client; (2) whose regular functions or duties relate to the making of any recommendations with respect to such purchases or sales or has access to such recommendations that are non-public; (3) who obtains or has access to information or exercises influence concerning investment recommendations made to an advisory client of that adviser; (4) who has line oversight or management responsibilities over employees described in (1), (2) or (3) above; or (5) who has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund for which an adviser serves as investment adviser or any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Firm.

**Affiliated Fund** 

The term "Affiliated Fund" refers to open-end (non-money market) mutual funds and ETFs to which the Firm provides advisory services are considered to be "Affiliated Funds." A list of the Firm's Affiliated Funds can be found on <u>nomuraassetmanagement.com.</u>

**Affiliated Person** 

The term "Affiliated Person" means any officer, director, partner, or employee of a Nomura Asset Management International Fund or any subsidiary of the Firm and any other person so designated by the Compliance Department.

**Applicable Federal Securities Laws** 

For the purposes of the Code, the term "Applicable Federal Securities Laws" refers to any and all federal securities laws or regulations that may be applicable, including, but not limited to, the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Title V of Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, and the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the SEC or Department of the Treasury.

**Approved Broker** 

The term "Approved Broker" refers to a broker-dealer that is included on the Firm's "Approved Broker List." Effective September 1, 2013, all new brokerage accounts opened by a Covered Person, or their Immediate Family Member must be opened with a broker-dealer that can provide the Firm with trade confirmations and other information about employee personal trading activity electronically. This list will be updated from time-to-time to reflect changing business relationships.

**Client** 

The term "Client" refers to the Firm's investment advisory clients, including the registered investment companies, institutional investment clients, personal trusts and estates, guardianships, employee benefit trusts, and other clients that the Firm serves.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

**Compliance Department** 

The term "Compliance Department" refers to the Firm's Compliance Department.

**Covered Person** 

The term "Covered Person" means a person subject to the provisions of this Code. This includes the Firm's employees and their Immediate Family Members, such as spouses and minor children, as well as other persons designated as Covered Persons by the Compliance Department or the Code of Ethics Committee. Such persons may include some or all of the directors, officers, trustees, and employees under the control of the Firm or its affiliated entities.

**Fund Person** 

Any directors, trustees and fund-only personnel associated with the Nomura Funds and/or the Optimum Fund Trust. Fund-only personnel are considered to be those who are not employed by the Firm or otherwise considered a Covered Person but provide services to the Funds.

**Immediate Family Member of an Employee** 

Immediate Family Member of an Employee – means: (1) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son- in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (2) any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Investment Person** 

The term "Investment Person" means a portfolio manager who, in connection with his/her regular functions or duties, makes, or participates in the making of, investment decisions affecting an investment company, and any control person who obtains information concerning the recommendation of securities for purchase or sale by a fund or an account. Any staff working in a support role to a portfolio manager, including, but not limited to, analysts and administrative assistants, are also considered to be Investment Persons. All Investment Persons are also considered Access Persons by definition.

**Managed Account** 

The term "Managed Account" refers to an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control. All Covered Persons must request and received approval from the Compliance Department in order to maintain a Managed Account.

**Outside Business Activity** 

The term "Outside Business Activity" means any full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm. A Covered Person who engages in such service, whether or not s/he receives compensation for doing so, will be considered to be participating in an Outside Business Activity and must disclose such service to the Compliance Department and receive approval for same.

**Required Holdings Information** 

Certain information regarding your personal securities holdings is required to be reported. Such reports must include the date and nature of the transaction, identify the security transacted, the price at which the transaction was effected, the

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

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Code of Ethics Policy and Procedures

broker through which the transaction was effected and the date in which the Access or Investment Person submitted the report.

**RedOak ID: 5001850** 

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

## Ex-99.P26

![LOGO](g109417g01a03.jpg)

**Code of Ethics** 

**Effective March 31, 2026** 

Information Classification: General

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**Table of Contents** 

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| | |
|:---|:---|
|  Overview | 3.0 |
|  Covered Person Classifications | 4.0 |
|  Code of Ethics Rule Summary | 5.0 |
|  Statement of General Fiduciary Principles | 6.0 |
|  Related Policies and Procedures | 6.0 |
|  General Requirements | 7.0 |
|  Personal Trading Requirements – Accounts and Holdings | 8.0 |
|  Reportable Accounts Guide | 10.0 |
|  Personal Trading Requirements – Transactions | 12.0 |
|  Exempted Transactions | 15.0 |
|  Pre-Clearance | 16.0 |
|  Personal Trading Requirements – Pre-Clearance | 16.0 |
|  Administration and Enforcement of the Code of Ethics | 20.0 |

---

**Appendices** 

---

| | |
|:---|:---|
|  Appendix A – Terms and Definitions | 21.0 |
|  Appendix B – Beneficial Ownership of Accounts and Securities | 23.0 |
|  Appendix C – Guide: Requirements by Security Types | 25.0 |
|  Appendix D – Country Specific Requirements | 27.0 |
|  Appendix E – Contacts | 28.0 |
|  Appendix F – Code of Ethics Reporting Requirements | 29.0 |
|  Appendix G – Code of Ethics FAQs | 31.0 |

---

Information Classification: General

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**The Purpose of this Code of Ethics** 

State Street Investment Management<sup>+</sup> (the "Firm") will not tolerate misuse of information made available to us for the purpose of making investment decisions or providing advice to our clients. To do so would be a breach of trust that our clients place in us and may also breach securities laws.

**What is the Code of Ethics?** 

The State Street Investment Management Code of Ethics (the "Code") is designed to promote compliance with regulations that apply to our business and to ensure Firm personnel meet expected standards of conduct. The Code is supplemental to the State Street Standard of Conduct, and Firm personnel are required to comply with both.

In certain countries outside the US, local laws, regulations or customs may impose additional requirements. **Personnel located in countries outside the US must also refer to Appendix D for information on those additional requirements.**

The Conduct Risk Management Office administers this Code in coordination with State Street Investment Management's Chief Compliance Officer ("CCO").

&nbsp;&nbsp;&nbsp; **Questions about the Code?**<br>Contact the Conduct Risk<br> Management Office: **<u>ethics@statestreet.com</u>**<br>

Definitions for some of the terms used in this Code of Ethics are provided in Appendix A.

**Who is subject to the Code of Ethics?** 

The Code of Ethics applies to you if:

• You are a full-time or part-time employee at State Street Investment Management;

• You are a contingent worker at State Street Investment Management and have been notified that you are subject to
the Code of Ethics;

• You are an officer of the registered investment companies managed\* by SSGA Funds Management, Inc. ("SSGA
FM") who is not employed by the Firm, but is employed by another business unit with access to Firm data such as non-public information regarding any client's purchase or sale of securities, non-public information regarding any client's portfolio holdings, or non-public securities recommendations made to clients; or

• The Conduct Risk Management Office has designated you as a person subject to the Code of Ethics.

For the purposes of the remainder of this document, those personnel who are subject the Code of Ethics will be called "Covered Persons".

**Your family members may also be subject to the Code of Ethics.** 

If you are a Covered Person, the requirements of this Code also apply to people related to you, such as spouses, domestic partners, minor children, financial dependents, including adult children and other relatives living in your household if they are financially dependent on you, as well as other persons designated as Covered Persons by the CCO or the Conduct Risk Management Office, or their designee(s).

+ For purposes of this Code of Ethics, "State Street Investment Management" refers to all State Street Investment Management's legal entities globally.

\* This excludes registered investment companies for which SSGA FM serves as sub-adviser.

Information Classification: General

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**Covered Person Classifications** 

As a Covered Person, you are either an **Access Person**, **Investment Person**, or **Non-Access Person**. Your classification is determined by your access to information. The Conduct Risk Management Office will notify you of your classification. Your classification may change as your responsibilities and access to information change. It is your responsibility to notify the Conduct Risk Management Office if your role or level of access to information changes.

**Access Person** Access Persons are those Covered Persons who:

• as part of their regular functions or duties have access to non-public information about a client's holdings, or a client's previous securities transactions; have access to non-public information about Firm portfolio holdings; or manage or are managed by employees who
execute these functions;

• are officers of the funds; or

• have been designated as Access Persons by the Firm's CCO or the Conduct Risk Management Office.

**Investment Person** Investment Persons are Covered Persons who are involved in or have access to the investment decision-making process, or who have access to information regarding pending securities transactions, or decisions to buy or sell securities on behalf of clients. Investment Persons include those Covered Persons who:

• as part of their regular functions or duties, make investment recommendations or decisions on behalf of client
portfolios; participate in making investment recommendations or decisions on behalf of client portfolios; are responsible for day-to-day management of a client or
proprietary fund portfolio; have knowledge of or access to investment decisions under consideration for a client or proprietary fund portfolio; execute trades on behalf of

client or proprietary fund portfolios; have access to information regarding pending trades; analyze and research securities on behalf of client or proprietary fund portfolios; have access to information regarding pending trade orders for any client or proprietary fund portfolio; have access to or knowledge of changes in investment recommendations; have access to mathematical models used by the Firm as basis for investment strategy for client or proprietary fund portfolios; or manage or are managed by employees who execute those functions; or

• other persons designated as Investment Persons by the Firm's CCO or the Conduct Risk Management Office.

&nbsp;&nbsp;&nbsp;**Examples of Investment Persons** include, but are not limited to, portfolio managers, research analysts, IT and Operations professionals with certain systems access, and Investment Risk personnel.

**Non-Access Persons** are Covered Persons who are not categorized as Access Persons or Investment Persons.

&nbsp;&nbsp;&nbsp; **Unsure what classification applies to you?**<br>The Conduct Risk Management Office will notify you of your classification, which is based on your responsibilities and level of access to information at the Firm.<br>Dual employees may also be subject to the State Street Securities Trading policy and/or the Global Personal Investment Policy.<br>Contact the Conduct Risk Management Office at <u>ethics@StateStreet.com</u> if you have questions.<br>

Information Classification: General

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**Code of Ethics Rule Summary** 

Refer to the list below to understand which rules apply to you based on your Covered Person Classification. Read the full text of the Code of Ethics to fully understand the requirements and prohibitions, as well as any exceptions to these rules.

**All Covered Persons** 

**Required** 

• Ensure compliance with the Code on the part of your spouse, domestic partner or other Covered Persons [p. 3]

• Comply with applicable securities laws [p. 7]

• Acknowledge the Code of Ethics when you become a Covered Person and annually thereafter [p. 7]

• Report accounts and holdings when you become a Covered Person and annually thereafter [p. 8]

• Report or confirm transactions quarterly [p. 12]

• Maintain accounts at Approved Brokers if required in your region [p. 9]

• Provide duplicate statements and confirmations to the Conduct Risk Management Office [p. 8]

• Report any actual, attempted, or suspected violation of this policy as soon as you are aware of it [p. 7]

• Obtain pre-approval from the Conduct Risk Management Office before
participating in investment clubs [p. 13]

• Contact the Conduct Risk Management Office for any exemption to this Code of Ethics [p. 20]

• Understand if and how the State Street Securities Trading Policy applies to you [p. 15]

**Prohibited** 

• Do not misuse client or proprietary fund information, or State Street proprietary information for personal gain
[p. 14]

• Do not trade excessively [p. 13]

• Do not sell securities short [p. 13]

• Do not trade options or futures on Covered Securities or engage in spread-betting [p. 13] Do not participate in
Initial Public Offerings [p. 13]

**Access Persons** 

**Required** 

• Follow all above rules for Covered Persons

• Pre-Clear trades in Covered Securities [p. 16]

**Prohibited** 

• Do not sell or dispose of positions in Covered Securities for a profit that have been held for less than 60 days
[p. 14]

**Investment Persons** 

**Required** 

• Follow all the above rules for Covered Persons and for Access Persons

**Prohibited** 

• Do not personally trade Covered Securities when there is an open order on any trading desk for a client portfolio
or fund for the same or similar security (Open Order Rule) [p. 17]

• Do not personally trade Covered Securities within seven days (before or after) of a trade in the same or
equivalent security in a client portfolio with which you are associated (Blackout Period) [p. 17]

• Research Analysts: Do not personally trade Covered Securities in proximity to a recommendation you have made or
to which you have access (Research Analyst Waiting Period) [p. 18]. This Rule applies regardless of the direction of trade, nature of recommendation, or amount traded.

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**Statement of General Fiduciary Principles** 

State Street Investment Management, its subsidiaries and affiliates, and the officers of the Funds owe a fiduciary duty to their advisory clients (including the Funds) and are subject to certain laws and regulations governing personal securities trading. As a Covered Person, you have an obligation to adhere to the following principles:

• At all times, avoid placing your personal interest ahead of the interests of the clients or Funds of the Firm;

• Avoid actual and potential conflicts of interests between personal activities and the activities of the
Firm's clients or Funds;

• Do not misappropriate investment opportunities from clients or Funds;

• Do not employ or engage in any device, scheme, artifice, act, course of business, or manipulative practice to
defraud clients or Funds; and

• Do not make untrue or misleading statements that defraud clients or Funds.

As such, your personal financial transactions and related activities, along with those of your family members and other Covered Persons, must be conducted consistently with this Code, including the principles herein, to avoid any actual or potential conflicts of interest with the Firm's clients or funds, or abuse of your position of trust and responsibility.

When making personal investment decisions, you must ensure that you do not violate the letter or the spirit of this Code. We have developed this Code to promote the highest standards of behavior and ensure compliance with applicable laws. The Code sets forth procedures and limitations that govern the personal securities transactions of every Covered Person.

It is not possible for this Code to address every situation involving the personal trading of Covered Persons. The Conduct Risk Management Office is charged with oversight and interpretation of the Code in a manner considered fair and equitable, in all cases placing the Firm's clients' interests first.

**Related Policies and Procedures** 

All employees of the Firm are required to comply with the following key policies and procedures, which set forth ethical standards required of all Firm personnel. This is not an exhaustive list of State Street or State Street Investment Management Policies or Procedures to which employees are subject.

**State Street Corporate Policies and Procedures** 

• Standard of Conduct

• Gifts and Entertainment Policy

• Political Contributions and Activities Policy

• Outside Activities Policy

• Conflicts of Interest Policy

• Anti-Corruption and Bribery Policy

• Conduct Standards Policy

• Inside Information Standard

**State Street Investment Management Policies and Procedures** 

• Inside Information/Information Barriers Policy and Procedure

• Global Conflicts of Interest Procedure

• Anti-Corruption and Bribery Procedure

Note: Policies and related procedures or guidance may be revised from time to time. Employees will find the most up-to-date policies on the intranet.

&nbsp;&nbsp;&nbsp; It is not enough to only comply with the technical aspects of the Code – **it is every Covered Person's responsibility to ensure their personal investments do not, in any way, compromise the Firm's fiduciary duty to any client.**<br>If you are not certain whether it is appropriate to trade, then do not trade. If you are unsure whether a personal investment matter meets the required ethical standard, contact the Conduct Risk Management Office.<br>

Information Classification: General

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**Requirements of the Code** 

**General Requirements** 

**Applicable to All Covered Persons** 

**001.** **Comply with Applicable Securities Laws** 

As a Covered Person, you must comply with securities laws and firm-wide policies and procedures, including this Code of Ethics. Securities laws include the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under these statutes, the Bank Secrecy Act and rules adopted there under by the SEC or the Department of the Treasury. Covered Persons outside the US may be subject to additional country-specific requirements and securities laws, which are included in Appendix D.

**002.** **Report Violations** 

Covered Persons are required to promptly report any violation of the Code, whether their own or another individual's, to the Conduct Risk Management Office. Alternatively, you may contact the Senior Compliance Officer in your region, the CCO, or, to report anonymously, The Speakup Line (see Appendix E for contact information).

Nothing in the Code is intended to or should be understood to prohibit or otherwise discourage certain disclosures of confidential information protected by "whistleblower" laws to appropriate government authorities. State Street will not tolerate any discipline or other retaliation against employees who properly make such legally-protected disclosures.

&nbsp;&nbsp;&nbsp;&nbsp; **Keep in mind**<br>Our policies and procedures and the Code of Ethics may be more restrictive than applicable securities laws.<br>

**003.** **Certify Receipt and Compliance with the Code** 

*Initial Certification (New Covered Person)* 

Within 10 calendar days of becoming subject to the Code, each new Covered Person must certify in writing that they (i) have read, understand, and will comply with the Code, (ii) will promptly report violations or possible violations, and (iii) recognize that an employee conduct issue related to the Code may be grounds for action under the *State Street Conduct Standards Policy.*

*Annual Certification (All Covered Persons)* 

Each Covered Person is required to certify annually in writing that they (i) have read and understand the Code, (ii) have complied with the Code during the course of their association with the Advisor; (iii) will continue to comply with the Code in the future; (iv) will promptly report violations or possible violations, (iv) recognize that an employee conduct issue with the Code may be grounds for action under the *State Street Conduct Standards Policy*.

&nbsp;&nbsp;&nbsp; **Certification Required**<br>Covered persons are required to certify to the Code of Ethics <u>within 10 days</u> of becoming subject to the Code of Ethics and on an <u>annual</u> basis.<br>

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**Personal Trading Requirements – Accounts and Holdings** 

**Applicable to All Covered Persons** 

You must disclose all Reportable Accounts (as defined on page 10) when you become a Covered Person and continue to make accurate and timely account and holding reports. If you are an employee in the US, you must maintain your account(s) with an Approved Broker. Employees in other regions are encouraged to maintain accounts with "Preferred Brokers" where available. All Covered Persons must ensure the Conduct Risk Management Office receives timely and accurate reporting from your broker.

**004.** **File Initial and Annual Holding Reports** 

Covered Persons must file initial and annual holdings reports ("Holdings Reports") in StarCompliance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Content of Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The name of any broker, dealer or bank with whom the Covered Person maintained a Reportable Account. Please
note that all Reportable Accounts (see page 10) must be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The title, number of shares and principal amount of each Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Timing of Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Initial Report – No later than 10 calendar days after becoming a Covered Person. The information must be
current as of a date no more than 45 days prior to the date the Covered Person became an Access Person, Investment Person, or Non-Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Annual Report – Annually, within 30 calendar days following calendar year end, and the information must
be current as of a date no more than 45 calendar days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Exceptions from Holdings Report Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Holdings in securities which are not Covered Securities are not required to be included in Holdings Reports
(please see Appendix C).

Any Reportable Accounts opened during the Covered Person's employment or engagement with the Firm must also be immediately disclosed in StarCompliance regardless of whether there is any activity in the account. Any Reportable Accounts and holdings that become newly associated with a Covered Person through marriage, gift, inheritance, or any other life event, must be disclosed within 30 days of the event.

**005.** **Provide Duplicate Statements and Confirms** 

Each Covered Person is responsible for ensuring the Conduct Risk Management Office receives timely reporting for their Reportable Accounts holdings, (as well as timely reporting for transactions of Covered Securities within the Reportable Account). This applies to any Reportable Accounts (including Fully Managed Accounts) active during the Covered Person's employment or engagement with the Firm. Covered Persons must ensure that on a regular basis the Conduct Risk Management Office or their designee(s) receives account statements (e.g. monthly, quarterly statements) listing all transactions for the reporting period. (See Section 007 – Filing Quarterly Transaction Reports.)

The Covered Person can accomplish this one of two ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain Reportable Accounts at Approved Brokers (or Preferred Brokers for employees based in non-US jurisdictions, where available). Approved Brokers and Preferred Brokers send electronic feeds to the Conduct Risk Management Office; Covered Persons are not required to provide paper-based reporting for
accounts with Approved Brokers or Preferred Brokers. However, it

Information Classification: General

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is the responsibility of the Covered Person to verify the accuracy of these feeds through Quarterly Transaction Reports and Annual Holdings Reports. Employees in the US, with limited exceptions, are required to maintain their accounts at Approved Brokers. (See Section 006-Maintain Accounts with Approved Brokers.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For accounts not on an electronic feed, the Covered Person must supply the Conduct Risk Management Office with
required duplicate documents. Please see Appendix D for regional requirements.

**006.** **Maintain Accounts with Approved Brokers (US Employees) or Preferred Brokers (Non-US employees)** 

Unless an exemption applies, Covered Persons must maintain accounts with Approved Brokers or Preferred Brokers if required in their region. Please refer to the Personal Securities Trading FAQs on the Conduct Risk Management sharepoint site for regional requirements and for a list of Approved Brokers. The Approved Brokers provide both the holdings and transaction activity in each account through an electronic feed into StarCompliance.

The categorical exemptions to the Approved Broker and Preferred Broker requirement are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Accounts approved by the Conduct Risk Management Office as Fully Managed Accounts (also known as Discretionary
Accounts. See Appendix A.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Accounts that are part of a former employer's retirement plan (such as a 401(k)); or accounts that are
part of a spouse's or other Covered family member's retirement plan at their employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Employees who are not US citizens and are working in the US on an ex-pat assignment or whose status is non-permanent resident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Securities held in physical form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Securities restricted from transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Accounts held by employees, or any Covered Persons, in countries outside the region where they are currently
assigned, which are not eligible for transfer to an Approved or Preferred Broker in that region.

To apply for an exception to maintain an account outside of an Approved Broker, contact the Conduct Risk Management Office at <u>ethics@statestreet.com</u>.

Please see Appendix D for additional regional requirements.

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**Reportable Accounts Guide** 

To determine whether an account is a Reportable Account, determine who owns or benefits from the account *and* what types of investments the account can hold. If you have a beneficial interest in an account and the account can hold Covered Securities, it is likely a Reportable Account.

**What is a Beneficially Owned Account?** 

A Beneficially Owned Account is:

• An account where the Covered Person enjoys the benefits of ownership (even if title is held in another name);
and/or

• An account where the Covered Person, either directly or indirectly, has investment control or the power to vote
or influence the transaction decisions of the account.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

• Accounts and securities held by immediate family members sharing the same household;

• Securities held in trust (certain restrictions may apply, see Appendix B for more details); and

• A right to acquire Covered Securities through the exercise or conversion of any derivative security, whether or
not presently exercisable

**No Reporting Required** 

• Checking and savings accounts holding only cash

• Government-subsidized pension saving products

• Pension Accounts established under the Hong Kong regulation or Singapore Regulation with no capacity to invest in
Covered Securities

• Savings Plans within the course of company pension schemes which only allow unaffiliated open-end mutual funds

• Educational Savings Plans which only allow unaffiliated open-end mutual funds

• Other Registered Commingled Funds (such as IRC 529 Plans in the US)

**When in doubt, contact the Conduct Risk Management Office** 

<u>ethics@statestreet.com</u>

**What are Covered Securities?** 

For a complete list of Covered Securities, see Appendix C. Some of the most common types are listed below.

• Stocks, including State Street Corp. ("STT")

• Exchange-traded funds ("ETFs")

• Exchange-traded notes ("ETNs")

• Open-ended mutual funds advised by the Firm

• Municipal and Corporate bonds

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**Do I Have to Report this Account?**![LOGO](g109417g01a04.jpg)

**Common Reportable Account Types** 

The list of account types below is not all-inclusive. Consult the Conduct Risk Management Office if you have questions about whether an account is a Reportable Account.

• **Brokerage Account** 

All brokerage accounts are reportable, including but not limited to retirement accounts, non-retirement accounts, IRAs, RRSPs, UTMA and UGMA accounts. For further definition see Appendix A.

• **Employee Incentive Awards Deposit Account Provided by the Firm** 

Accounts that are provided to employees into which their Employee Incentive Awards are deposited are reportable.

• **Employee Stock Ownership and Purchase Plans ("ESOPs"/ "ESPPs")** 

• Employer-sponsored Retirement Plans that invest/hold Covered Securities

**Practical Examples of Beneficial Ownership** 

**See Appendix B for a more detailed discussion of Beneficial Ownership. For the purposes of this sidebar, "you" includes you, your spouse or domestic partner, or anyone else in your household who would be covered by the Code of Ethics, as discussed on page 3.**

**UGMA/UTMA Accounts** 

If you are the custodian of an UGMA/UTMA account for a minor, and one or both of you is a parent of the minor, you are a beneficial owner. If you are the beneficiary of an UGMA/UTMA and are of majority age, you are a beneficial owner.

**Education Accounts** 

If you are the custodian of an Education Savings Account (ESA), or Coverdell IRA, you are a beneficial owner.

**Trusts** 

If you are a trustee or the settlor of the trust who can independently revoke the trust and participate in making investment decisions for the trust, you are a beneficial owner.

If you are a beneficiary of the trust but have no investment control, the account is beneficially owned as of the date the trust is distributed, not before.

**Investment Powers over an Account** 

If you have any form of investment control, such as trading authorization or power of attorney, the account is beneficially owned as of the date you are able to direct or participate in the trading decisions.

Employer-sponsored retirement plans and accounts globally in which the employee/participant invests in or transacts in Covered Securities are reportable. Please see Appendix G "Code of Ethics FAQs" for further clarification on Reportable Retirement Plans.

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**Personal Trading Requirements – Transactions** 

**Applicable to All Covered Persons** 

The Code of Ethics requires quarterly reporting of all Covered Transactions and imposes restrictions on certain types of transactions.

**007.** **Filing Quarterly Transaction Reports** 

Each Covered Person is required to submit a quarterly transaction report for and certify to transactions during the calendar quarter in all Covered Securities. Each Covered Person shall also certify that the Reportable Accounts listed in the transaction report are the only Reportable Accounts in which Covered Securities were traded during the quarter for their direct or indirect benefit. For the purposes of this report, transactions in Covered Securities that are effected in Automatic Investment Plans or accounts approved by the Conduct Risk Management Office as Fully Managed Accounts need not be reported.

Covered Persons must file quarterly transaction reports ("Transaction Reports") in StarCompliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Quarterly Transactions Report For Transactions in Covered Securities are reported on a standardized form in
StarCompliance that identifies the date, security, price, volume, amount, and effecting broker of each Covered Security transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Transactions Report For Newly Established Reportable Accounts reported in StarCompliance Holding ANY
Securities (provided there were transactions during the quarter) include the broker dealer or bank with whom the reportable account is held, the date the account was opened, and the date the report was submitted to the Conduct Risk Management
Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Timing of Transactions Report: No later than 30 calendar days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exception from Transactions Report Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions effected pursuant to an Automatic Investment Plan as well as transactions in securities that are
not Covered Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Transactions effected in accounts that are not Reportable Accounts are not required to be included in the
Quarterly Transaction Report (please see Appendix C), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions effected in a previously-approved Fully Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Confirmation of Trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employees must confirm their transactions in StarCompliance after execution and before or simultaneously with
their quarterly transaction certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If an electronic feed has been set up for broker account (e.g. Fidelity account), the trading data will flow
automatically to StarCompliance overnight, however, it is still the employee's responsibility to maintain accurate data in StarCompliance and it is best practice to check whether electronic feeds were accurate by checking records in
StarCompliance prior to completing a quarterly certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. State Street Employee Incentive Stock Awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. STT employee incentive stock awards must be treated as Covered Securities. Employees receiving awards during a
quarter should ensure any awards vested during the quarter are appropriately reflected in their holdings, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All employees must preclear  **<u>any</u>** transactions in STT (note, STT employee incentive awards
are not subject to the 60 day profit prohibition when they become vested).

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**008.** **Excessive Trading** 

Excessive trading may interfere with job performance or compromise the duty that the Firm owes to clients and consequently is not permitted. Levels of personal trading will be monitored by the Conduct Risk Management Office and high levels of personal trading will be reported to senior management. A pattern of excessive trading may lead to action under the *State Street Conduct Standards Policy*.

**009.** **Futures, Options, Contracts for Difference, and Spread Betting** 

Covered Persons are prohibited from buying or selling options and futures on Covered Securities (other than employee stock options). Covered Persons are also prohibited from engaging in Contracts for Difference ("CFDs") and spread betting related to Covered Securities.

**010.** **Shorting of Securities** 

Covered Persons are prohibited from selling securities short.

**011.** **Initial Public Offerings** 

Covered Persons are prohibited from acquiring securities through an allocation by an underwriter of an initial public offering ("IPO"). An exception may be considered for situations where the spouse/domestic partner/partner of a Covered Person ("PACs") is eligible to acquire shares in an IPO of his/her employer with prior written disclosure to and written approval from the Conduct Risk Management Office.

**012.** **Private Transactions** 

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in a Private Placement or any other private securities transaction. To request prior approval, Covered Persons must provide the Conduct Risk Management Office with a completed Private Placement Request form, which is available on StarCompliance.

If the request is approved, the Covered Person must confirm the transaction in StarCompliance, verify the details on the next

Quarterly Transaction Report, and report the holding on the Annual Holdings Report. If the transaction has already been loaded to the Covered Person's Transaction report, the Covered Person must confirm the transaction in the Quarterly Transaction Report.

Covered Persons may not invest in Private Transactions if the opportunity to invest could be considered a favor or gift designed to influence the Covered Person's judgment in the performance of his/her job duties, or as compensation for services rendered to the issuer, or if there are any other potential conflicts of interest with State Street business. In determining whether to grant approval for any investment for a Private Transaction, the Conduct Risk Management Office will consider, among other things, whether it would be possible (and appropriate) to reserve that investment opportunity for one or more of the Firm's clients, as well as whether the opportunity to invest has been offered to the Covered Person as a gift, or as compensation for services rendered.

See Appendix A for definitions.

**013.** **Investment Clubs and Investment Contests** 

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in an Investment Club. If approved, the brokerage account(s) of the Investment Club are subject to the Approved Broker, pre-clearance and reporting requirements of the Code. Sharing research or other proprietary information obtained through employment with State Street with Investment Club participants is prohibited.

Covered Persons are prohibited from direct or indirect participation in an investment contest. These prohibitions extend to the direct or indirect acceptance of payment or offers of payments of compensation, gifts, prizes, or winnings as a result of participation in such activities.

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**014. Use of the Firm's Proprietary Information** 

The Firm's investment recommendations and other Proprietary Information are for the exclusive use of the Firm and may not be used to inform employees' personal investment decisions. Examples of Proprietary Information include but are not limited to:

– Information about Firm or issuer business strategies, technologies, or ideas;

– client or proprietary transactions;

– changes to recommended portfolio weightings, portfolio composition, or target prices for any security;

– voluntary actions to be taken on any corporate actions;

– research produced by employees of the Firm that could influence client investment decisions, such as employees' recommendations maintained in internal databases ; or

– any other information that may reasonably be expected could influence an investor's decision-making that has not been made public without violation of law or our policies.

The definition of Proprietary Information does not include information that has been made public or comes from a service that broadly disseminates published information, such as Bloomberg. You should always assume that information is confidential, and treat it as such, unless it is clearly indicated otherwise. It is our responsibility to protect Proprietary Information and Confidential Information against unintentional, malicious, or unauthorized disclosure or misuse. Any pattern of personal trading suggesting misuse of proprietary information may be investigated. Any misuse or distribution of information that is proprietary, confidential, or non-public is prohibited.

**Applicable to Access Persons and Investment Persons** 

**015.** **Short-Term Trading** 

All Access Persons and Investment Persons are prohibited from profiting from the purchase and sale (or sale and purchase) of the same or equivalent Covered Security within sixty (60) calendar days. Transactions that result in a profit will be considered an employee conduct issue and may result in action under *the State Street Conduct Standards Policy*. Any profit amount shall be calculated by the Conduct Risk Management Office or their designee(s), the calculation of which shall be binding. The following will not be matched with other purchases and sales for purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transactions in securities that are not Covered Securities such as money market funds (see Appendix C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions in ETFs and ETNs, except certain actively-managed State Steet IM ETFs (see Appendix C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities received as a gift or inheritance that cannot be matched to another transaction effected by a
Covered Person within 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Involuntary actions such as vested employer stock awards, dividend reinvestments, or other corporate actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cashless exercise of a Covered Person's employer stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Transactions executed in Fully Managed Accounts that have been approved by the Conduct Risk Management Office;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Transactions effected through an Automatic Investment Plan, the details of which the Conduct Risk Management
Office has been notified of in advance.

Information Classification: General

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---

| | |
|:---|:---|
| **Exempted** | **Transactions**  |

---

Pre-clearance is **not required** for certain common transactions.

**Automatic Investment Plans** 

*Prior Notification to Conduct Risk Management Office Required* 

Purchases or sales that are part of an Automatic Investment Plan where the investment decisions are non-discretionary after the initial selections by the account owner (although the initial selection requires pre-clearance). These include dividend reinvestment plans, payroll and employer contributions to retirement plans, transactions in Employee Stock Ownership Programs ("ESOPs") and similar services. Initiation of an Automatic Investment Plan must be disclosed to the Conduct Risk Management Office in advance.

**Certain Exempt Covered Securities** 

Transaction(s) in Covered Securities for which the Conduct Risk Management Office has determined pre-clearance is not required (see Appendix C).

**Discretionary Accounts (Fully Managed Accounts)** 

*Prior Approval from Ethics Office Required* Subject to prior approval of the account from the Conduct Risk Management Office, transactions made in a Discretionary Account. An account will not be deemed a Discretionary Account until the Conduct Risk Management Office has approved the account as such.

**Certain Educational Savings Plans** 

Transactions in educational savings plans that only allow unaffiliated open-end mutual funds, unit-investment trusts, or other registered commingled products (such as IRC 529 Plans in the US).

**Involuntary Transactions** 

**Involuntary** purchases or sales such as mandatory tenders, dividend reinvestments, broker disposition of fractional shares, debt maturities. **Voluntary** tenders, transactions executed as a result of a margin call, and other non-mandatory corporate actions are to be pre-cleared, unless the timing of the action is outside the control of the Covered Person, or the Conduct Risk Management Office has determined pre-clearance is not required for a particular voluntary transaction.

**Gifts or Inheritance** 

Covered Securities received via a gift or inheritance, although such Covered Securities must be reported in StarCompliance. Note that pre-clearance is required prior to giving or donating Covered Securities.

**016.** **State Street Securities** 

Each Covered Person must ensure that they have reported any Reportable Account holding State Street securities, and that they have reported in StarCompliance any vested State Street shares acquired through an employee incentive award. During certain trading windows, employees may be permitted to exercise Employee Incentive Awards without being subject to the Blackout and Open Order rules (page 17). **However, these transactions remain subject to the pre-clearance and reporting requirements of the Code at all times**. Employees will be notified when a trading window commences and terminates. During this period, all employees remain subject to the *State Street Investment Management Inside Information/Information Barrier Policy and Procedure*, as well as the Personal Trading section of the State Street Standard of Conduct.

Additionally, certain employees of the Firm are subject to the State Street Securities Trading Policy ("SSTP") and will be notified of this by the Conduct Risk Management Office. Employees subject to SSTP must also comply with all notifications under that Policy.

Information Classification: General

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**Pre-Clearance** 

The Pre-Clearance requirement mitigates the risk of creating actual or perceived conflicts of interest with the trading activities made on behalf of Firm clients. **With limited exceptions, pre-clearance approval is required before you make any personal trades of Covered Securities.**

It applies to all your Reportable Accounts, including those belonging to, or in which, your spouse or other Covered family member has an economic interest or control. (See Appendix B)

It applies to transactions in most types of securities, including transactions in State Street Corp. stock (STT). (See Appendix C)

![LOGO](g109417g01a05.jpg)

**Personal Trading Requirements – Pre-Clearance** 

**Applicable to Access Persons and Investment Persons** 

You are required to receive pre-clearance approval before trading in any Covered Security, with limited exceptions. This applies to transactions made by your spouse, other Covered family member and/or in any other accounts in which you or they have beneficial ownership or control.

**017.** **Pre-Clearance** 

Access Persons and Investment Persons must request and receive pre-clearance approval prior to effecting a personal transaction in all Covered Securities (see Appendix C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All pre-clearance requests must be made by submitting a Trade Request for the amount of shares to be transacted in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance is required for donations and/or gifts of securities made.

Trade requests may be approved or denied at the discretion of the Conduct Risk Management Office, In general, a transaction will be denied if the Covered Security is on any relevant Restricted List or if the Conduct Risk Management Office has reason to believe that the Covered Person has access to relevant information concerning the security or the issuer that is intended for the sole purpose of the Firm or its clients. **If the Covered Person has access to such information, it is the Covered Person's responsibility not to seek pre-clearance nor to trade in the security even if pre-clearance approval has been granted**. For Investment Persons, a transaction may also be denied if the Covered Security is actively being purchased or sold for a client account or account of a Fund, or the Covered Security has been traded within seven days in a portfolio for which they have management discretion.

Information Classification: General

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**018.** **Restricted List** 

To manage potential conflicts of interest, lists of issuers whose securities (including options and futures) may not be traded are integrated into the pre-clearance approval process. A security that you already own could be placed on a Restricted List at any time. If this happens, you may be unable to sell the security until it is removed from any Restricted List. Employees are not entitled to review any Restricted List.

The contents of any Restricted Lists shall be considered material non-public information and is subject to the considerations of the *Inside Information/Information Barrier Policy and Procedure*.

**019.** **Pre-Clearance Approval** 

Pre-clearance approval granted by the Conduct Risk Management Office is valid only for the same business day the approval is granted and is ineffective on all dates where the relevant Exchange is not open for business. Make note of any expiration time and date displayed on any approved Trade Request. Because approvals are strictly time-limited, place day orders only. "Good-till-cancelled" orders are not permitted, including stop-loss, limit, and stop-limit orders other than day orders. This is a result of the pre-clearance function relying upon point-in-time data in order to have any effect.

**Applicable to Investment Persons** 

**020.** **Open Order Rule** 

Subject to the de minimis transaction threshold (Section 023-De Minimis Transactions), Investment Persons may not trade in a Covered Security, with the exception of ETFs, on any day that the Firm, globally, has a pending buy or sell order in the same Covered Security on any of the trading desk(s) for any client or proprietary fund portfolio until the order is executed or withdrawn (note: Executed trades are considered with regards to the Blackout Period, as outlined below).

**By seeking pre-clearance, you are attesting that you understand that the proposed trade:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is not influenced by any non-public information that is proprietary or confidential to State Street or to our
clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does not create any conflict with State Street's responsibilities to its clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is lawful

If you are not certain whether it is appropriate to trade, then do not trade. Contact the Conduct Risk

Management Office at Ethics@StateStreet.com for guidance prior to placing any order to trade.

**021.** **Blackout Period for Investment Persons** 

Subject to the de minimis transaction threshold described below, Investment Persons may not buy or sell a Covered Security for seven calendar days before or after a transaction in the same or equivalent security for a client or proprietary fund portfolio with which they are associated. An employee is considered "associated" with a client or proprietary fund portfolio if they have ability to exercise, or direct, trades for the portfolio.

All Covered Persons are required to avoid placing their personal interest ahead of the interests of the clients of the Firm. Investment Persons associated with portfolios must be particularly careful not to engage in personal trading that calls into question whether they have placed their interests ahead of the interest of their clients. Trading in securities personally in advance of similar trades made by the respective Portfolio may lead to questions about the Covered Person's priorities. In such cases, it will be incumbent upon the Covered Person to demonstrate that the clients' priorities were not subordinated to their own priorities. Similarly, failing to trade in a security for a Portfolio because of a personal trade that has recently been made is also a subordination of client interest. Covered Persons with responsibility for portfolios finding themselves needing to violate the Blackout Period in order to avoid placing their personal interest ahead of the clients' interest must inform the Conduct Risk Management Office. Such violations are

Information Classification: General

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subject to action under the State Street Conduct Standards Policy.

**022.** **Waiting Period for Research Analysts** 

Research Analysts with access to tools containing proprietary buy or sell recommendations, who receive internal communications regarding buy or sell recommendations, or participate in investment meetings where buy or sell recommendations are discussed, must refrain from trading in securities that are the subject of such recommendations for their personal account if it could reasonably be presumed that such information was relevant to an investment decision. Examples of recommendations that could reasonably be presumed to be relevant to investment decisions on behalf of client portfolios include but are not limited to buy or sell recommendations, internal analyst upgrades or downgrades related to an issuer, changes to recommended portfolio weightings, portfolio composition, or target prices for any security, or recommendations regarding voluntary corporate actions. Examples of information that are not presumed to be relevant to investment decisions include market analyses, economic updates, or financial updates regarding an issuer that do not also include a buy/sell recommendation or ratings analysis. Research Analysts who trade Covered Securities for their personal account should expect heightened monitoring of such trades. If there is a reason to question whether such trades were made on the basis of confidential or proprietary non-public information, it will be incumbent upon the Covered Person to demonstrate otherwise.

Please see Appendix D for additional regional requirements.

**023.** **De Minimis Transactions** 

De Minimis transactions are subject to the pre-clearance and reporting requirements of the Code, and must follow all holding period and Restricted List requirements of this Code. However, there is a limited exclusion applied for De Minimis transactions in that they are not subject to the Open Order Rule or the Blackout Rule as described above. This exclusion exists because of the breadth and frequency with which securities are being traded across all of the portfolios of the Firm, which would effectively prohibit almost all equity trading by Investment Persons.

A "De Minimis transaction" is a personal trade that meets one of the following conditions: A single transaction in a security with a value equal to or less than US $10,000 (or the local country equivalent) or multiple transactions in a security within a five business day window following the initial trade date (i.e. initial trade date plus five subsequent business days) that have an aggregate value equal to or less than US $10,000.

<u>De Minimis Transaction Examples: (</u>*<u>All values are in US Dollars)</u>*

---

| | | |
|:---|:---|:---|
| **Status** | **Transaction(s)** | **Notes** |
| De minimis | Day One: Buy $10,000 of ABC, Inc. | No subsequent transactions in the following five business days |
| De minimis | Day One: Sell $4,000 of XYZ Corp.<br>Day Two: Sell $3,000 of XYZ Corp.<br>Day Four: Sell $800 of XYZ Corp. | Within five business days, less than $10,000 worth of XYZ Corp. is sold; all transactions in the aggregate are under the de minimis threshold |
| NOT de minimis | Day One: Buy $9,500 of PQR, Inc.<br>Day Three: Buy $1,000 of PQR, Inc. | Day Three transaction is not considered de minimis, as it brings the total for the five business day window after the initial trade date over $10,000 |
| NOT de minimis\* | Day One: Sell $9,000 of Acme Corp.<br>Day Six: Sell $1,500 of Acme Corp. | Day Six transaction is not considered de minimis, as it brings the total for the five business day window following the initial trade date over $10,000 |

---

\* Day One is the initial trade date and Day 6 is the fifth business day following the initial trade date.

StarCompliance will calculate whether a transaction meets the De Minimis thresholds and will take this into account when determining whether to approve or deny a personal trade.

Information Classification: General

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**024.** **Additional Requirements for Fundamental Equity Investment Persons** 

Investment Persons on Fundamental Equity Teams are required to obtain the respective Asset Class CIO's approval before transacting in single name equities and securities that can convert to single name equities for their personal accounts, including but not limited to transactions in stock, preferred stock, warrants, and any security convertible to an equity. This additional preapproval requirement includes the purchase of new positions and purchase of additional shares of existing positions, with the exception of dividend reinvestments and other involuntary corporate actions. With prior approval from the Conduct Risk Management Office, exceptions from the additional preapproval requirement may be allowed for Fully Managed Accounts. Prior approval can also be requested to transact in securities directly through an employer stock plan or employer stock options, or in circumstances of hardship.

Pre-approvals provided by Asset-Class CIOs will be effected after a trade pre-clearance request has been approved in StarCompliance. Upon receipt of the StarCompliance approval email, the employee shall forward the approval to the appropriate CIO and cc GA_Compliance_CIO_CodeReview. The employee shall provide the Asset Class CIO with any relevant information regarding the trade request. The CIO will review the request and "reply all" when approving or denying the request. Employees may not trade if the request has been denied by Conduct Risk Management Office via StarCompliance or by the CIO. Pre-approvals provided by Asset-Class CIOs expire at the same time and date noted on the StarCompliance pre-approval.

Information Classification: General

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**Administration and Enforcement of the Code** 

The Code of Ethics is administered by the Conduct Risk Management Office and reviewed and approved by State Street Investment Management's Global Fiduciary and Conduct Committee. Violations of the Code are subject to consideration under the conduct standards framework and the *State Street Conduct Standards Policy.*

**025.** **Distribution of the Code** 

Each new Covered Person will be given a copy of the Code. Each new employee's offer letter will include a statement advising the individual that he/she will be subject to the Code if he/she accepts the offer or employment. If, outside the US due to local employment practices it is necessary to modify this approach, then the offer letters will be revised in accordance with local law.

**026.** **Applicability of the Code of Ethics' Provisions** 

The Conduct Risk Management Office has the discretion to determine that the provisions of the Code do not apply to a specific transaction or activity and may exempt any transaction from one or more trading prohibitions. The Conduct Risk Management Office will review applicable facts and circumstances of such situations, such as specific legal requirements, contractual obligations or financial hardship. Any Covered Person who would like such consideration must submit a request in writing to the Conduct Risk Management Office. Further, all granted exemptions must be in writing.

**027.** **Review of Reports** 

The Conduct Risk Management Office shall review and monitor reports filed by Covered Persons. Covered Persons and their supervisors may or may not be notified of the Conduct Risk Management Office's review.

**028.** **Violations and Sanctions** 

Any potential employee conduct issues related to the provisions of the Code may be investigated. If a determination is made that an employee conduct issue occurred, the issue will be addressed under the *State Street Conduct Standards Policy*. Where consistent with applicable law, and among other appropriate sanctions that should be considered, sanctions may include a requirement to disgorge an amount equivalent to profits earned or losses avoided as a result of personal trading made in egregious violation of the Code. Material violations will be reported promptly to the respective Firm Committees, boards of trustees/managers of the Reportable Funds or relevant committees of the boards and, when relevant, impacted clients. Please see Appendix D for additional regional requirements.

**029.** **Amendments and Committee Procedures** 

The Global Fiduciary and Conduct Committee ("the Committee") will review and approve the Code, including appendices and exhibits, and any amendments thereto. The Committee may, from time to time, amend the Code and any appendices and exhibits to the Code to reflect updated business practice or changes in applicable law and regulation. In addition, the Committee, or its designee, shall submit any material amendments to this Code to the respective boards of trustees/managers of the Reportable Funds, or their designee(s), for ratification no later than six months after adoption of the material change.

**030.** **Recordkeeping** 

The Conduct Risk Management Office shall maintain records in accordance with the requirements set forth in applicable securities laws.<sup>1</sup>

<sup>1</sup> In the US, recordkeeping requirements for code of ethics are set forth in Rule 17j-1 of the Investment Company Act of 1940 and Rule 204-2 of the Investment Advisers Act of 1940.

Information Classification: General

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**Appendix A** 

**Terms and Definitions** 

These definitions are designed to help you, as a Covered Person, understand and apply the Code. These definitions are integral and a proper comprehension of them is necessary to comply with the Code.

Please contact the Conduct Risk Management Office (<u>ethics@statestreet.com</u>) if you have any questions.

**Covered Person** employees of the Firm, including full-time and part-time, exempt and non-exempt employees (where applicable); officers of the Funds who are not employed by the Firm; and other such persons as designated by the Conduct Risk Management Office. Covered Person also includes certain designated contingent workers engaged at the Firm, including but not limited to consultants, contractors, and temporary help, as well as an employee of another business unit with access to Firm data such as non-public information regarding any client's purchase or sale of securities, non-public information regarding any client's portfolio holdings, or non-public securities recommendations made to clients (SSGS APAC, corporate functions, etc.).

Covered Persons are subject to the provisions of this Code. The personal trading requirements of the Code also apply to related persons of Covered Persons, such as spouses, domestic partners, minor children, adult children and other relatives living in the Covered Person's household, as well as other persons designated as a Covered Person by the CCO or the Conduct Risk Management Office, or their designee(s).

**Automatic Investment Plan** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. This includes a dividend reinvestment plan and some payroll or employer contributions to retirement plans.

**Brokerage Account** means an account with a financial institution in which the account owner can hold or trade a wide variety of securities and

exercises brokerage capabilities. Covered Persons should contact their financial institution(s) to verify whether or not their account(s) can hold Covered Securities.

**Covered Securities** are those securities subject to certain provisions of the Code. See Appendix C-Guide: Requirements by Security Types.

**Contract for Difference** ("CFD") a financial derivative, a contract between two parties typically described as "buyer" and "seller", stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time. If the difference is negative, then the buyer pays instead to the seller. CFD allows investors to take advantage of prices moving up (long positions) or prices moving down (short positions) on underlying financial instruments and are often used to speculate on those markets.

**Employees Incentive Awards** means Firm Performance Equity Plan ("PEP") Awards in State Street Corporation ("STT") stock, Deferred Stock Awards ("DSAs"), Restricted Stock Awards ("RSAs"), STT stock options which are granted to employees, and any other awards that are convertible into or otherwise based on STT common stock.

**Fully Managed Account (also known as Discretionary Account)** means an account Beneficially Owned by you or your Related Persons in which you or your Related Persons have ceded all direct control, influence, and approval, and have contractually assigned responsibility for the timing and nature of all trades and all day-to-day investment management decisions to an independent party. For the purpose of this Policy, the Conduct Risk Management Office is required to approve in advance account arrangements qualifying as Fully Managed Accounts.

**Private Transaction** means a securities offering that is executed outside of a recognized securities exchange. Examples of private transactions include private placements, co-operative investments in real estate, commingled investment vehicles such as hedge funds, investments in family owned or privately held businesses, private company shares, and Initial Coin or Token Offerings promoted by a

Information Classification: General

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Decentralized Autonomous Organization ("DAO")<sup>2</sup> where there is investment in a venture or project for expectation of profit. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

**Reportable Fund** means any commingled investment vehicle (except money market funds), or Exchange Traded Note ("ETN") for which the Firm act as investment advisor, sub-advisor, principal underwriter, or marketing agent.

**Selling Short** is the practice of selling a stock that is not currently owned, while simultaneously borrowing the shares from a lending party and delivering the borrowed shares to the buyer.

**State Street Investment Management Compliance Department** means all global Firm compliance staff, including those in local offices, in charge of ensuring compliance with the laws and regulations in force worldwide and who report up to the Chief Compliance Officer of the Firm.

**Spread Betting** is any of various types of wagering, such as on sports, financial instruments or house prices for example, on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. As an example, spread betting on a stock allows the investor to speculate on the price movement of the stock.

<sup>2</sup> A "virtual" organization embodied in computer code and executed on a distributed ledger of blockchain.

Information Classification: General

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**Appendix B** 

**Beneficial Ownership of Accounts and Securities** 

A Beneficially Owned Account is:

• An account where the Covered Person enjoys the benefits of ownership (even if title is held in another name);
and/or

• An account where the Covered Person either directly or indirectly, has investment control or the power to vote or
influence the transaction decisions of the account.

The Code's provisions apply to accounts beneficially owned by the Covered Person, as well as accounts under direct or indirect influence or control of the Covered Person.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

• Accounts and securities held by immediate family members sharing the same household;

• Securities held in trust (certain restrictions may apply); and

• A right to acquire Covered Securities through the exercise or conversion of any derivative security, whether or
not presently exercisable.

**Practical Application** 

**If an adult child is living with his or her parents:** If the child is living in the parents' house, but does not financially support the parent, the parents' accounts and securities are not beneficially owned by the child. If the child works for the Firm and does not financially support the parents, accounts and securities owned by the parents are not subject to the Code, with the exception of UGMA/UTMA, or similar types of accounts, which are legally owned by the child. If one or both parents work for the Firm, and the child is supported by the parent(s), the child's accounts and securities are subject to the Code because the parent(s) is a beneficial owner of the child's accounts and securities.

**Co-habitation (domestic partnership or PACS):** Domestic partnerships or PACS are generally considered to be permanent, committed arrangements. Accounts where the Covered Person is a joint owner are subject to the Code. If the Covered Person contributes to the maintenance of the household and the financial support of the partner, the partner's accounts and securities are beneficially owned by the Covered Person and are therefore subject to the Code.

**Co-habitation (roommate):** Generally, roommates are presumed to be temporary and have no beneficial interest in one another's accounts and securities.

**UGMA/UTMA and similar types of accounts:** If the Covered Person or the Covered Person's spouse or other Covered family member is the custodian for a minor child, the account is beneficially owned by the Covered Person. If someone other than the Covered Person, or the Covered Person's spouse or other Covered family member, is the custodian for the Covered Person's minor child, the account is not beneficially owned by the Covered Person. If a Covered Person is the minor/beneficiary of the account, the account is a Reportable Account.

**Transfer on Death accounts ("TOD accounts"):** TOD accounts where the Covered Person receives the interest of the account upon death of the account owner are not beneficially owned by the

Information Classification: General

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Covered Person until the account transfer occurs (this particular account registration is not common).

**Trusts** 

• If the Covered Person is the trustee for an account where the beneficiaries are not immediate family members, the
position should be reviewed in light of outside business activity reporting requirements and generally will be subject to a case-by-case review for Code applicability.

• If the Covered Person is a beneficiary and does not share investment control with a trustee, the Covered Person
is not a beneficial owner until the Trust assets are distributed.

• If a Covered Person is a beneficiary and can make investment decisions without consultation with a trustee, the
trust is beneficially owned by the Covered Person.

• If the Covered Person is a trustee and a beneficiary, the trust is beneficially owned by the Covered Person.

• If the Covered Person is a trustee, and a family member is beneficiary, then the account is beneficially owned by
the Covered Person.

• If the Covered Person is a settler of a revocable trust, the trust is beneficially owned by the Covered Person.

• If the Covered Person's spouse/domestic partner is trustee and beneficiary, a case-by-case review will be performed to determine applicability of the Code.

**College age children:** If a Covered Person has a child in college and still claims the child as a dependent for tax purposes, the Covered Person is a beneficial owner of the child's accounts and securities.

**Powers of Attorney:** If a Covered Person has been granted durable or conditional power of attorney over an account, the Covered Person is not the beneficial owner of the account until such time as the power of attorney is exercised. If a Covered Person has been granted full power of attorney over an account, the account is a

Reportable Account. Beneficial ownership runs until revocation/termination of the power of attorney.

Information Classification: General

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**Appendix C** 

**Guide: Requirements by Security Types** 

*This list is not all inclusive and may be updated from time to time. Contact the Conduct Risk Management Office for additional guidance as needed.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Covered<br>Security?** | **Covered<br>Security?** | **Pre-clear?** | **Pre-clear?** | **Short-Term<br>Profit<br>Prohibition?** | **Short-Term<br>Profit<br>Prohibition?** |  |
|  **Equities** |  |  |  |  |  |  |  |
|  Equity securities (publicly traded) |  | Yes |  | Yes |  | Yes |  |
|  State Street stock (STT) |  | Yes |  | Yes |  | Yes |  |
|  **Funds** |  |  |  |  |  |  |  |
|  Exchange-traded funds (ETFs) and exchange-traded notes (ETNs) |  | Yes |  | Yes |  | No | \* |
|  REITs (publicly traded real estate investment trusts) |  | Yes |  | Yes |  | Yes |  |
|  Money market mutual funds |  | No |  | No |  | No |  |
|  Open-end mutual funds, UCITs, SICAVs, unlisted managed investment schemes <u>not</u> advised or sub-advised by the Firm |  | No |  | No |  | No |  |
|  Open-end mutual funds advised and sub-advised by the Firm (except Firm's proprietary Money Market funds) |  | Yes |  | Yes |  | Yes | \*\* |
|  All closed-end mutual funds (also known as investment trusts in U.K. and listed investment companies in Australia) |  | Yes |  | Yes |  | Yes |  |
|  Venture Capital Trusts (VCTs) |  | Yes |  | Yes |  | Yes |  |
|  **Bonds** |  |  |  |  |  |  |  |
|  Corporate bonds (including high yield bonds) |  | Yes |  | Yes |  | Yes |  |
|  Municipal bonds (including high yield bonds) |  | Yes |  | Yes |  | Yes |  |
|  US Treasury securities and other direct obligations backed by the full faith and credit of the US Government or other sovereign government or supranational agencies |  | No |  | No |  | No |  |

---

\* Except the actively managed ETFs where the Investment Solutions Group are prohibited from buying and selling or selling and buying actively-managed Firm ETFs within 60 days.

\*\* Covered Persons are subject to the same policies prohibiting excessive trading that apply to all shareholders in Reportable Funds. These policies, as described in the Reportable Funds' prospectuses, are subject to change.

Information Classification: General

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| | | | |
|:---|:---|:---|:---|
| **Security Type** | **Covered<br>Security?** | **Pre-clear?** | **Short-Term<br>Profit<br>Prohibition?** |
|  **Bonds (continued)** |  |  |  |
|  US Agency securities, such as FHLMC and FNMA, and other debt obligations not backed by the full faith and credit of the US Government or other sovereign government or supranational agencies | Yes | Yes | Yes |
|  **Other** |  |  |  |
|  Money market instruments: High quality short-term debt instruments, cash, bankers acceptances, certificates of deposit ("CDs"), commercial paper, repurchase agreements | No | No | No |
|  Transactions in Employer Stock Ownership Programs ("ESOPs") and automatic investments in programs where the investment decisions are non-discretionary after the initial selections by the account owner | Yes | Yes \* | Yes |
|  Crypto-currency or digital currency | No | No | No |
|  Hedge Funds and other Private Placements | Yes | Yes \* | Yes |
|  Fixed insurance products | No | No | No |
|  Educational Savings Plans (such as IRC Section 529 plans) which only allow unaffiliated collective investment schemes | No | No | No |
|  Voluntary rights, warrants or tender offers | Yes | Yes | Yes |
|  Company Stock Options received from State Street or a former employer | Yes | Yes | No |
|  Options (other than Company Stock Options received from employer) | Not permitted under the Code | Not permitted under the Code | Not permitted under the Code |
|  Futures | Not permitted under the Code | Not permitted under the Code | Not permitted under the Code |
|  Contract for Difference ("CFD") and Spread Bets | Not permitted under the Code | Not permitted under the Code | Not permitted under the Code |

---

\* The initial selection and any change in selection must be pre-cleared.

\* You must submit a completed Private Transaction Request Form to Conduct Risk Management Office for approval before participating and before entering a PTAF to either buy or sell.

Information Classification: General

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**Appendix D** 

**Country Specific Requirements** 

**All Countries** 

**Personal Data** 

Refer to the Global Privacy and Personal Data Protection Standard (Standard) for the minimum requirements on how to handle and protect personal data in all jurisdictions in which State Street operates. Also reference the regional addenda to the Standard for any laws of a specific country that may require additional privacy or data protection measures.

**Australia** 

**Additional Blackout Period** 

From time to time the Responsible Entity ("RE") of the Australian domiciled Exchange Traded Funds (ETFs) may determine certain Covered Persons could be in possession of material, non-public information relating to one or more ETFs for which State Street Global Advisors, Australia, Limited is the investment advisor, and request a blackout period covering the securities be implemented, whether due to consideration of Australian Securities Exchange listing rules, the insider trading provisions of the Corporations Act 2001 or similar. Typically this may occur during the two weeks prior to the public announcement of income distributions for an ETF.

Upon receipt of a request from the RE, Compliance will review the request and may initiate a blackout period over the relevant ETFs on such terms as are deemed appropriate. Covered Persons to whom a blackout period applies will be advised of the commencement, duration and other specifics of any such blackout period. Any trading in contravention of the blackout period will be treated as an employee conduct issue.

**Japan** 

**Holding Period** 

Covered Persons in Japan are subject to a minimum holding period of 6 months regardless of whether a transaction would result in the Covered Person realizing a loss or profit. (Section V. B. Short—Term Trading) This requirement applies to equities, equity warrants, convertible bonds and other equity related products, and does not apply to ETFs, mutual funds, and non-convertible bonds.

Information Classification: General

------

**Appendix E** 

**Contacts** 

Questions or Concerns about Policies or Situations:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)*

Actual or Possible Violations of Policy:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)*

Speak Up Line <u>https://secure.ethicspoint.com/domain/media/en/gui/55139/index.html</u>

Information Classification: General

------

**Appendix F** 

**Code of Ethics Reporting Requirements** 

---

| | | | |
|:---|:---|:---|:---|
| **Report** | **Frequency** | **Requirements** | **Notes** |
| Initial Holdings Report | Once; completed after becoming Covered Person | Disclose all Reportable Accounts and Holdings in StarCompliance (See Page 8) | Remember to set up duplicate statements and confirmations from your broker, if necessary (See 005. Duplicate Statements and Confirms on Page 8). |
| Annual Holdings Report | Annually in January | Ensure all holdings in Covered Securities (See Appendix C) are correctly reflected in StarCompliance. This includes updating holdings to account for involuntary transactions that have occurred, such as mergers, stock splits, and other corporate actions.<br>Holdings in brokerage accounts previously approved by the Conduct Risk Management Office as Fully Managed Accounts do not need to be confirmed in your Annual Holdings Report. | **You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| Quarterly Transaction Report | Quarterly | Ensure all Reportable Transactions for the quarter are correctly reflected in StarCompliance.<br>Transactions in accounts previously approved by the Conduct Risk Management Office as Fully Managed Accounts or Automatic Investment Plans (AIPs) are not Reportable Transactions. Note, employees' deductions for State Street offered retirement plans (including 401k plans in the US and DC Pension Plans in the UK) are not considered AIPs. | **You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |

---

Information Classification: General

------

---

| | | | |
|:---|:---|:---|:---|
| **Report** | **Frequency** | **Requirements** | **Notes** |
| Ad Hoc Holdings Report | Ad hoc<br> Marriage, new children, inheritance, and financial planning activities may cause accounts and holdings to be opened or associated to you. | Disclose any newly opened or newly associated Reportable Accounts and Holdings in StarCompliance within 30 days of opening or association. | Remember to set up Duplicate Statements and Confirms (See 005. Duplicate Statements and Confirms on Page 8). |

---

Information Classification: General

------

**Appendix G** 

**Code of Ethics FAQs** 

The Conduct Risk Management Office has additional FAQ and How-To documents related to using Star and completing required reporting (e.g., Initial and Annual Holdings Reports) available on its sharepoint site.

I work in the United States. Do I have to report my State Street 401(k)?

No, you are not required to disclose your State Street 401(k) at this time unless you have chosen to participate in the linked brokerage account option, in which case the linked brokerage account, and the holdings in the account, do need to be reported. 401(k) and other self-invested workplace pension accounts are reportable where you or your Covered Persons have investment discretion beyond that of allocating a monthly value to a specific risk profile or sector, or selecting from a limited number of pre-selected funds.

However, if you have activated the Brokerage Link feature for your 401(k), you must report that account and ensure that all transactions and holdings are reflected accurately in Quarterly Transaction Reports and Annual Holdings Reports, respectively.

**My spouse (or I) has a company- or government-sponsored retirement plan** (such as a 401(k) in the US, or a superannuation plan in Australia). How do I determine what accounts, holdings, and transactions must be disclosed and pre-cleared?

*Due to the wide variety of plans available globally, it's important to check with the Conduct Risk Management Office if you have any questions about how this applies to you.* 

**Accounts** 

If the account or plan currently holds Covered Securities (see Appendix C), you must disclose the account.

Retirement plans usually have a "line up" of available investments from which the account owner can choose; if there is a Covered Security in the lineup of available investments, but you do not currently invest in Covered Securities, you are not required to disclose the account. If at any point, your retirement plan invests in Covered Securities, you must disclose the account, the holdings in Covered Securities, and the Transactions in Covered Securities, as described below.

**Holdings** 

You must disclose <u>any</u> holdings in Covered Securities (see Appendix C).

**Transactions** 

<u>Usually</u>, transactions in a retirement plan you are actively participating in fall under the Automatic Investment Plan definition (see Appendix A) and are treated as such. However, you must pre-clear and disclose any transactions over which you exercised discretion. For example, the following types of transactions must be pre-cleared and disclosed:

• A change in future investment allocations in Covered Securities, such as increasing your automatic payroll
investment in Security XYX from 15% to 20%. Note: only the initial change must be pre-cleared and reported.

• Re-allocating your existing holdings in Covered Securities, such as
changing your portfolio from 50% Security XYZ and 50% Security ABC to 75% Security XYZ and 25% Security ABC.

If you or your Covered Person are automatically enrolled in a plan with default investment percentages (e.g., 7% of salary) and investment options, any transactions made as a result of your automatic enrollment are not subject to disclosure or pre-clearance.

Information Classification: General

------

![LOGO](g109417g01a06.jpg)

**I have an account with an Approved or Preferred Broker** which feeds my transactions to Star. Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pre-clear the trade by submitting a Trade Request in StarCompliance.
Trade Requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must be for the correct security, account, and trade direction (buy vs. sell).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than
you were approved for, but you may not trade **more**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Are valid only for the day they are approved. Wait for the result (Approved or Denied) from Star before
trading. You'll typically receive the result within seconds on screen and will receive an email with the results. Trade Request approvals are valid only for the day they are approved. Make note of the expiration time and date for any approved
Trade Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Ensure your transactions are accurately reflected in Star.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many
people find it easier to compare their transactions in Star with their broker's records (e.g., a statement or trade confirmations) more frequently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for
the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Approved Broker feeds are tools to help keep accurate records in Star; you are responsible for the accuracy
of the data in your Code of Ethics reports.

**My account is not with an Approved Broker.** Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pre-clear the trade by submitting a Trade Request in StarCompliance.
Trade Requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must be for the correct security, account, and trade direction (buy vs. sell).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than
you were approved for, but you may not trade **more**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are valid only for the day they are approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Wait for the result (Approved or Denied) from Star before trading. You'll typically receive the result
within seconds on screen and will receive an email with the results. Trade Request approvals are valid only for the day they are approved. Make note of any expiration time and date for any approved Trade Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Ensure your transactions are accurately reflected in Star.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many
people find it easier to use the StarCompliance "Execute" function after they trade. The <u>StarCompliance User Guide</u> on the Conduct Risk Management sharepoint site provides step-by-step instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for
the quarter.

Information Classification: General

## Ex-99.P27

**T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**July 1, 2025** 

**Table of Contents** 

---

| | |
|:---|:---|
| **I. INTRODUCTION** | **2** |
| **II. STANDARDS OF BUSINESS CONDUCT** | **3** |
| **III. REPORTING REQUIREMENTS** | **5** |
| A. Initial Disclosure of Existing Accounts | 5 |
| B. New Accounts | 5 |
| C. Transaction Reporting | 5 |
| D. Exceptions to the Reporting Requirements | 6 |
| **IV. PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS** | **6** |
| A. Pre-clearance Requirements for all Associates | 6 |
| B. Pre-clearance Requirements for Access Persons | 7 |
| C. Pre-clearance for Private Placements: | 7 |
| D. Holding Period Requirements | 7 |
| E. Exceptions to the Pre-Clearance Requirement | 8 |
| **V. OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS** | **8** |
| A. Limit Orders | 8 |
| B. Transacting in TRPG Securities | 8 |
| C. Transacting in ETFs | 8 |
| D. Initial Public Offerings ("IPOs") | 9 |
| E. Options and Futures | 9 |
| F. Participation in Investment Clubs | 9 |
| **VI. PERSONAL TRANSACTIONS RESTRICTIONS** | **10** |
| **VII. CERTIFICATION REQUIREMENTS** | **10** |
| A. Initial Holdings | 11 |
| B. Annual Compliance Certification | 11 |
| C. Reporting of One – Half of One Percent Ownership | 12 |
| VIII. ROLES AND RESPONSIBILITIES | 12 |
| **IX. VIOLATIONS AND SANCTIONS** | **13** |
| **X. EXCEPTIONS AND INTERPRETATIONS** | **14** |
| **XI. DEFINED TERMS** | **14** |
| **Provisions Applicable to Independent Directors** | **18** |
| **Pre-clearance and Reporting Matrix** | **23** |

---

------

**T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**I.**  **<u>INTRODUCTION</u>** 

This Code of Ethics and Personal Transactions Policy (the "Policy") sets forth the standards of business conduct expected of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers, directors and employees of T. Rowe Price Group, Inc. ("TRPG") and certain of its
subsidiaries<sup>1</sup> (collectively, "T. Rowe Price") and their Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers, directors and employees of the Price Funds, the SICAVs, or the Cayman Funds (each as defined below);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contingent workers, agency temporary workers, contractors, consultants, and any other personnel who have been
notified that they are subject to this Policy

(collectively referred to as "Associates") in connection with their personal securities transactions.

The Policy is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reflect the fiduciary duty of the firm to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address compliance with laws, rules, and regulations applicable to T. Rowe Price's business, including, but
not limited to Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1") and Rule 17j-1 under the Investment
Company Act of 1940 ("Rule 17j-1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prevent regulatory, business and ethical conflicts as they relate to personal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimize the potential of a transaction or circumstance occurring that a regulatory agency would view as
inconsistent with T. Rowe Price's role as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid situations in which it might appear that any officer, director, employee or other personnel of T. Rowe
Price or the Price Funds had benefited personally at the expense of a client or fund shareholder or taken inappropriate advantage of their fiduciary position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detect and prevent the misuse of material, non-public information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as "Access Persons" and are subject to more restrictive pre-clearance and reporting requirements.

"Access Persons" are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any officer or director of any of the Price Advisers and the Price Funds (except the Independent Directors of the
Price Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person associated with T. Rowe Price who, in connection with their regular functions or duties:
(i) makes, participates in, obtains or has access to non-public information regarding the purchase or sale of securities by any Price Adviser client; (ii) has access to non-public information regarding the securities holdings of any Price Adviser client; or

<sup>1</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

------

(iii) makes recommendations with respect to the purchases or sales of securities for a Price Adviser client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries<sup>2</sup>, the Price Funds, T. Rowe Price UK Limited (TRP UK"), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK , T. Rowe Price Funds SICAV ("SICAVI"), T. Rowe Price Funds Series II SICAV ("SICAVII"), Select Investments Series III SICAV ("SICAVIII"), T. Rowe Price Funds B SICAV ("SICAVB" and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the "SICAVs"), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the "Cayman Funds") and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in <u>Exhibit A.</u> 

This Policy and each Associate's adherence to it is meant to satisfy T. Rowe Price's requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in "*Defined Terms."*

**II.**  **<u>STANDARDS OF BUSINESS CONDUCT</u>** 

T. Rowe Price has established a *Code of Conduct* that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the *Code of Conduct*, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients' best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

**Conflicts of Interest** 

The *Code of Conduct* states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price's own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate's behavior may arise through, among other activities, an Associate's personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Personal securities transactions.* An Associate's personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

<sup>2</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

------

Associates must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improperly benefit personally by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact on the basis on material, non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in personal securities transactions that are in conflict with the interests of clients, the parameters set
by the Policy, or the restrictions imposed by T. Rowe Price restricted lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the "Restricted Lists"). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

*Outside business activities.* Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the *Global Outside Business Activities Policy* for more information.

*Political contributions and activities.* Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the *Global Political Contributions and Activities Policy* for more information.

*Gifts and business entertainment.* Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is reasonable and customary under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is not lavish in value, unique in nature, or excessive in frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cannot be construed as a bribe, payoff, or kickback to obtain or retain business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is an appropriate reimbursable business expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does not violate any applicable law or regulation.

Refer to the *Global Gifts and Business Entertainment Policy* for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

------

**III.**  **<u>REPORTING REQUIREMENTS</u>** 

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Associate is a direct or Beneficial Owner of the account; **OR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Associate Controls or directs securities trading for another person or entity, even if they are not the
Beneficial Owner of the account;

**AND** invest in, or have the ability to invest in, any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual equity securities, including ETFs, and derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities and derivatives of these securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Funds.

**A. Initial Disclosure of Existing Accounts** 

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution via myTRPcompliance. Such disclosure must take place within <u>ten calendar days</u> of becoming subject to the Policy, opening or discovering a reportable account.

**B. New Accounts** 

All Associates must obtain prior approval via myTRPcompliance for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the Approved Broker List). All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and <u>may</u> require pre-clearance. Refer to "*Reporting Requirements"* and "*Pre-clearance and Holding Period Requirements"* for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to *"Exceptions and Interpretations"* for more information.

**C. Transaction Reporting** 

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate's securities accounts to provide: (i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

<u>If the executing firm provides a trade confirmation directly to Code Compliance via an established automated data feed, no further reporting is needed.</u> 

------

If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in myTRPcompliance (as prescribed in Rule 17j-1(d)(1)(ii)) within <u>10 calendar days</u> after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within <u>30 calendar days</u> after the end of the calendar quarter in which the transaction occurred

**D. Exceptions to the Reporting Requirements** 

***Robo Adviser Accounts****.* Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

***Fully Discretionary Accounts.*** A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

**IV.**  **<u>PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS</u>** 

All Associates must obtain pre-clearance via myTRPcompliance when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via myTRPcompliance indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for <u>the day it is received and the following business day</u> (measured from the first business day in the requesting Associate's time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

**A. Pre-clearance Requirements for all Associates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Associates must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction to purchase, sell, or gift TRPG securities outside of the ESPP.

------

**B. Pre-clearance Requirements for Access Persons** 

Access Persons must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

**C. Pre-clearance for Private Placements:** 

Access Persons and FINRA -registered representatives must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person or FINRA registered representative must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name, location and a brief description of the private issuer/company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The desired date of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, the percentage of the Access Person's ownership in the private issuer/company after
investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The source (name and relationship to Access Person) that introduced the investment opportunity to the Access
Person.

An Access Person or FINRA-registered representative who has invested in a Private Placement and who later anticipates participating in a Price Adviser's investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

**D. Holding Period Requirements** 

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement **before** entering into a transaction.

***Holding Period for Associates in Japan.*** Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to *TRP Japan Compliance Manual* for more information.

***Holding Period for the Price Funds.*** Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

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**E. Exceptions to the Pre-Clearance Requirement** 

***Fully Discretionary Accounts.*** Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to <u>Exhibit B</u> for other exceptions to the pre-clearance requirement.

**V.**  **<u>OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS</u> <u> </u>** 

**A. Limit Orders** 

While limit orders are permitted, Access Persons must be careful using "good until cancelled" orders, keeping in mind that pre-clearance is valid for the day it is received and the following business day. Use of "day" limit orders are encouraged.

**B. Transacting in TRPG Securities** 

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

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| | |
|:---|:---|
| **Description of Activity** | **Requirement Under the Policy** |
| Executing a transaction to sell or transfer TRPG securities from an Associate's ESPP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pre-clearance via myTRPcompliance<br>• Reporting<br>|
| Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate's ESPP\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pre-clearance via myTRPcompliance<br>• Reporting<br>|
| Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pre-clearance via myTRPcompliance<br>• Reporting<br>|
| Applicability of a holding period [not applicable to options or vested shares] | Yes, 60 calendar days |
| Transacting in TRPG during a Blackout Period | **Prohibited** |
| Transacting in options related to TRPG securities (other than stock options granted to Associates) | **Prohibited** |
| Selling TRPG securities short | **Prohibited** |
| Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities | **Prohibited** |
| Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended) | Transactions must be reported immediately |

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\* Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement.

**C. Transacting in ETFs** 

Following is a summary of requirements applicable when Associates transact in ETFs:

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| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| Pre-clearance (Price ETFs) | Yes | No |
| Pre-clearance (Third-party ETFs) | No | No |

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---

| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| Post-trade reporting (Price ETFs) | Yes | Yes |
| Post-trade reporting (Third-party ETFs) | Yes | Yes |
| Subject to the 60-Day Rule (Price ETFs) | Yes | No |
| Subject to the 60-Day Rule (Third-party ETFs) | No | No |
| Able to buy/sell in the primary market (Price ETFs) | No | No |
| Able to buy/sell in the primary market (Third-party ETFs) | Yes | Yes |
| Able to sell short (Price ETFs) | No | No |
| Able to sell short (Third-party ETFs) | Yes | Yes |
| Able to transact in options (Price ETFs) | No | No |
| Able to transact in options (Third-party ETFs) | Yes | Yes |
| Able to transact in inverse/short and narrow Price ETFs\* | No | Yes |
| Able to transact in inverse/short and narrow (Third-party ETFs\*) | No | Yes |
| Able to transact in single-stock ETFs | No | No |

---

\* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). 

**D. Initial Public Offerings ("IPOs")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Personnel and FINRA-registered representatives are prohibited from purchasing securities in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons other than Investment Personnel and FINRA-registered representatives may purchase securities in an
IPO only after receiving pre-clearance via Code Compliance or myTRPcompliance. The 60-day holding period requirement applies to transactions in securities purchased in
an IPO.

**E. Options and Futures** 

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (*i.e.,* an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (*e.g.,* ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, *e.g*., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

**F. Participation in Investment Clubs** 

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate's personal transactions activity.

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Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person's personal trades.

**VI.**  **<u>PERSONAL TRANSACTIONS RESTRICTIONS</u>** 

**Associates must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in personal transactions that are excessive or that compromise the firm's fiduciary duty to clients.
Excessive trading in covered accounts is strongly discouraged. In general, anyone requesting and/or trading covered securities more than 20 times (other than TRP funds) in a month across all their covered accounts should expect additional scrutiny
of their activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code Compliance monitors trading activity and may send notice to your direct manager regarding the number of
trades and associated details during a given period for further review and potential escalation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wager, bet or gamble in connection with individual securities, securities indices, currency spreads, or other
similar financial indices or instruments including contracts for difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participate in initial coin offerings.

**Access Persons must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the security,
unless certain size or volume parameters<sup>3</sup> as set forth by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in any security that has been purchased or sold by any Price Adviser client seven calendar days
immediately prior to the date of the Access Person's proposed transaction, unless certain size or volume parameters<sup>3</sup> as established by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities issued by broker-dealers, underwriters or SEC-registered investment advisers, unless the entity is traded on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities of issuers on any of the firm's Restricted Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transact in securities for which a change in the rating of an issuer has occurred within seven calendar days
immediately prior to the date of the proposed transaction.

**VII.**  **<u>CERTIFICATION REQUIREMENTS</u>** 

In addition to disclosure of their securities accounts (as described in "*Types of Accounts/Account Opening Requirements"),* Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

<sup>3</sup> Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., **<u>unless</u>** the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction. 

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**A. Initial Holdings** 

<u>All Associates</u> must disclose and certify, via myTRPcompliance, any shares of TRPG securities that they Beneficially Own no later than <u>ten calendar days</u> after they become subject to this Policy.

<u>Access Persons</u> must disclose and certify, via myTRPcompliance, all holdings in the following securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report"**)** no later than <u>ten calendar days</u> after the become subject to the Policy as an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual equity securities, including any derivatives (*e.g.,* options, futures, etc.) of these
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit investment trusts and listed closed end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Products (AUTs, ITMs, ETFs, mutual funds, OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than <u>45 days</u> prior to the date the individual becomes an Access Person, and include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the Access Person maintains a securities account in which any
securities are for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the Initial Holdings Report.

<u>Securities that are not subject to reporting</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open end mutual funds, including money market funds, advised by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UCITS advised by a third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable insurance products that invest in third-party funds.

Refer to <u>Exhibit B</u> for applicable exemptions from the reporting requirement.

**B. Annual Compliance Certification** 

<u>All Associates</u> must certify annually via myTRPcompliance to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

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<u>Access Persons</u> must certify annually via myTRPcompliance to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

**C. Reporting of One – Half of One Percent Ownership** 

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via Code_of_Ethics@troweprice.com, providing the name of the company and the total number of such company's shares they Beneficially Own.

Refer to <u>Exhibit B</u> for applicable exceptions from the reporting requirement.

**VIII.**  **<u>ROLES AND RESPONSIBILITIES</u>** 

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See "*Annual Compliance Certification*."

Associates should contact LegalCompliance_EmployeeTrading@TRowePrice.com regarding the applicability, meaning or administration of the Policy, including requests for an exception, <u>in advance</u> of any contemplated transaction.

Code Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administers and monitors adherence to the Policy, including reviewing disclosures, providing training and
identifying violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory
requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

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**IX. <u>VIOLATIONS AND SANCTIONS</u>** 

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A suspension of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary action, up to and including, termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other sanction as may be determined by the Business Unit in consultation with Human Resources and the Ethics
Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

<u>First Violation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate and manager notification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to complete online remedial training course.

<u>Second Violation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate and escalated manager notifications, up to and including, applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to meet with applicable Chief Compliance Officer and Senior Compliance Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate fined according to officer or role guidelines.

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| | | | |
|:---|:---|:---|:---|
| **Associate** | **VP, TRPG** | **Investment Personnel** | **Portfolio Manager, Management Committee<br>Member, Direct Report of Management<br>Committee Member** |
|  US $250 | US $750 | US $750 | US $1500 |

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*Subsequent violation(s) may result in disciplinary action, up to and including, termination of employment.*

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<u>Third Violation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate and escalated manager notifications, up to and including applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Executive Officer notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate subject to a personal trading prohibition of at least three months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary action, up to and including, termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate fined according to officer or role guidelines.

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| | | | |
|:---|:---|:---|:---|
| **Associate** | **VP, TRPG** | **Investment Personnel** | **Portfolio Manager, Management Committee<br>Member, Direct Report of<br>Management Committee<br>Member** |
|  At least US $500 | At least US $2000 | At least US $2000 | At least US $5000 |

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<u>More than Three Violations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Along with the notifications and sanctions listed above for a third violation, evaluation of additional sanctions
to be determined by the Business Unit in consultation with Human Resources and the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associate subject to an extended personal trading prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disciplinary action, up to and including, termination of employment.

**X. <u>EXCEPTIONS AND INTERPRETATIONS</u>** 

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (Code_of_Ethics@TRowePrice.com). Any such request for clarification or interpretation should name the account, the Associate's interest in the account, the persons or firms responsible for its management, and the specific facts of the situation. **Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation.** Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

**XI. <u>DEFINED TERMS</u>** 

***AUT*** means Australian unit trusts.

***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any

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economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Blackout Period*** means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG's earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm's intranet site.

***Control*** means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***ESPP*** means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

***ETF*** means exchange traded fund.

***Exchange traded fund or ETF*** means an investment fund that is traded on a stock exchange.

***Family Member*** means the Associate's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

***Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds*** means ****those directors who are neither officers nor employees of TRPG or any of its subsidiaries.

***Investment Personnel*** means an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term "Investment Personnel" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individuals who are authorized to make investment decisions or to recommend securities transactions on behalf of
the firm's clients (investment counselors and members of the mutual fund advisory committees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research and credit analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Traders who assist in the investment process; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support staff who assist in the investment process.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.

***ITM*** means an investment trust management company.

***OEIC*** means open-ended investment company.

***Price Adviser*** means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, "Price Adviser" does not include Oak Hill Advisors, L.P. and its subsidiaries.

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

***Price Funds*** means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

***Price Funds' Independent Directors*** means those directors of the Price Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

***Private Placement*** means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (*e.g.,* Seedrs, OurCrowd, Crowdcube).

***Reportable Fund*** means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price Funds, including money market funds and the Price ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UCITs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SICAVs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OEICs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ITMs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUTs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fund managed by a Price Adviser through a sub-advised relationship,
including an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fund offered through retirement plans (*e.g.,* 401(k) plans) other than the T. Rowe Price U.S.
Retirement Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fund managed by a Price Adviser that is an investment option offered as part of a variable annuity.

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Code Compliance maintains a list of sub-advised Reportable Funds on the firm's intranet site.

***SEC*** means the U.S. Securities and Exchange Commission.

***SICAV*** means société d'investissement à capital variable.

***T. Rowe Price*** means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

***TRPG Independent Director*** means ****those directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

***TRPG*** means T. Rowe Price Group, Inc.

***TRPG securities*** means any security issued by T. Rowe Price Group, Inc.

***UCITs*** means Undertakings for Collective Investments in Transferrable Securities.

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**EXHIBIT A** 

**CODE OF ETHICS AND PERSONAL TRANSACTION POLICY** 

**Provisions Applicable to Independent Directors** 

**I.**  **<u>INTRODUCTION</u>** 

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this *<u>Code of Ethics and Personal Transactions Policy.</u>* Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

**II.**  **<u>REQUIREMENTS FOR</u> <u>THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK</u>** 

**Pre-clearance.** The personal securities trades of TRPG Independent Directors are **<u>not</u>** subject to pre-clearance requirements, <u>except for transactions in TRPG securities</u> for which they are the Beneficial Owner. Pre-clearance is also required when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferring TRPG securities to another person, entity, or trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Giving or receiving TRPG securities, including donation transactions into donor-advised funds such as T. Rowe
Price Charitable Foundation.

Pre-clearance is <u>not</u> required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for <u>the day it is received and the following business day</u> (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

**Reporting.** TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser's investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration

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 *(e.g.,* changes in holdings of stock of financial institutions or financial institution holding companies).

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuers (other than a non-public investment partnership, pool or fund).* If a TRPG Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in
writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-public investment partnerships, pools or funds*. If a TRPG
Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment
partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Code Compliance. For non-public investment partnerships, pools or
funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**III.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE SICAVS AND THE CAYMAN FUNDS</u>** 

**TRPG securities.** The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuers (other than a non-public investment partnership, pool or fund).* If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private
issuer, they must report such ownership in writing to Corporate and Funds Administration, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-public investment partnerships, pools or funds*. If an
Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Corporate and Funds Administration. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Corporate and Funds Administration unless and until
such ownership exceeds 4% of the total outstanding shares or units of the entity.

**IV.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS</u>** 

**TRPG securities.** The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

**Reporting.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transactions in Publicly Traded Securities.* A Price Funds' Independent Director must report
transactions in publicly-traded securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transactions in Non-Publicly-Traded Securities*. A Price
Funds' Independent Director is not required to report transactions in securities which are not traded on an exchange, unless the Independent Director knew, or in the ordinary course of fulfilling their official duties as an Independent
Director, should have known that during the <u>15-day period</u> immediately before or after the Independent Director's transaction in such non-publicly-traded security, a Price Adviser purchased, sold or considered purchasing or selling such security for a Price Fund or Price Adviser client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Methods of Reporting.* 

<u>Duplicate Trade Confirmations.</u> A Price Funds' Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

<u>Quarterly Report Requirements</u>. If a Price Funds' Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the

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transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

Among the types of transactions that are commonly <u>not</u> reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement plan account activity that occurs in a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T. Rowe Price-advised products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incentive plan account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise of stock options of a corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An inheritance of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A gift of a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in certain commodity futures contracts (*e.g.,* financial indices).

A Price Funds' Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds.* A Price Funds' Independent Director must report to Corporate Funds and Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private or governmental issuer
other than the Price Funds.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuers (other than non-public investment partnerships, pools or funds).* If a Price Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer (other than a non-public investment partnership, pool or fund), they must report such ownership immediately in writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares
Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Public Investment Partnerships, Pools or Funds.* If a Price
Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which they exercise Control or influence, the Independent Director must report such ownership in writing to Code Compliance. For non-public investment partnerships,
pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**Prohibitions.** A Price Funds' Independent Director may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or sell the shares of a broker-dealer, underwriter or SEC-registered investment adviser unless that entity is traded on an exchange, or the purchase or sale has otherwise been approved by the Price Funds' board; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowingly transact with a Price Fund, other than in connection with market transactions effected through
securities exchanges. This prohibition does not preclude the purchase or redemption of shares of any open-end mutual fund or purchase or sale of any shares of a Price ETF that is a client of any Price Adviser.

**Transactions in Price ETFs.** Following is a summary of requirements applicable when Price Funds' Independent Directors transact in Price ETFs:

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| | |
|:---|:---|
|  | **Independent Directors of Price Funds** |
|  Obtain pre-clearance for trades in Price ETFs | No |
|  Post-report trades in Price ETFs | Yes |
|  Subject to the holding period | No |
|  Subject to ad hoc trading restrictions | Yes |
|  Ability to buy/sell Price ETFs in the primary market | No |
|  Ability to sell short Price ETFs | No |
|  Ability to transact in options of the Price ETFs | No |

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**V. <u>VIOLATIONS</u>** 

**Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds.** Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

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**EXHIBIT B** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**Pre-clearance and Reporting Matrix** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Person<br>Pre-clearance** | **Access Person<br>Reporting** | **Associate**<br> **Pre-clearance** | **Associate<br>Reporting** |
| **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) |
|  Equity securities | Yes | Yes | No | Yes |
|  Fixed income securities | Yes | Yes | No | Yes |
|  Corporate and Municipal Bonds | Yes | Yes | No | Yes |
|  Derivative instruments | Yes | Yes | No | Yes |
|  Writing an option to purchase or sell a security | Yes | Yes | No | Yes |
|  Subsequent sale of stock obtained by means of the exercise of stock options | Yes | Yes | No | Yes |
|  Exercise of stock option of corporate employer by Access Person's spouse. | No | Yes | No | Yes |
|  Restricted stock plan automatic sales for tax purposes by Access Person's spouse | No | Yes | No | Yes |
| **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) |
| T. Rowe Price products (including the AUTs, ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts | No | Yes | No | Yes |
|  Exchange listed collective investment vehicles (including closed-end funds) | No | Yes | No | Yes |
|  Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products | No | No | No | No |
|  Unit investment trusts | No | No | No | No |
|  Donor-advised funds | No | No | No | No |
| **Private Placements** | **Private Placements** | **Private Placements** | **Private Placements** | **Private Placements** |
|  Private Placements | Yes<br> (see *Section IV.C*) | Yes | No\* | No\* |
|  Capital calls for Private Placement investments | No | Yes | No | No |
|  Distributions received from a Private Placement investment | N/A | No | N/A | No |
| **Other Securities** | **Other Securities** | **Other Securities** | **Other Securities** | **Other Securities** |
|  Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality, short-term debt instruments, including repurchase agreements) | No | No | No | No |
|  U.S. Government obligations | No | No | No | No |
|  National (other than U.S.) government obligations | No | Yes | No | Yes |
|  Currency | No | No | No | No |
|  Securitized or financial instruments used for currency exposure | No | Yes | No | No |
|  Cryptocurrency (*e.g.,* Bitcoin, Ethereum) | No | No | No | No |
|  Publicly traded cryptocurrency tracker instruments (ETFs) | No | Yes | No | Yes |
|  Variable rate demand notes | No | Yes | No | Yes |
|  <br> \* FINRA-registered representatives are required to request pre-clearance and report | <br> \* FINRA-registered representatives are required to request pre-clearance and report | <br> \* FINRA-registered representatives are required to request pre-clearance and report | <br> \* FINRA-registered representatives are required to request pre-clearance and report | <br> \* FINRA-registered representatives are required to request pre-clearance and report |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Person<br>Pre-clearance** | **Access Person<br>Reporting** | **Associate**<br> **Pre-clearance** | **Associate<br>Reporting** |
| **Transactions** | **Transactions** | **Transactions** | **Transactions** | **Transactions** |
|  Securities acquired through an Automatic Investment Plan<sup>4</sup> (initial investment) | Yes | Yes | No | Yes |
|  Securities acquired through an Automatic Investment Plan (subsequent investments) | No | Yes | No | Yes |
|  Non-systemic investment<sup>5</sup> through an Automatic Investment Plan | Yes | Yes | No | Yes |
|  Acquisition of securities through inheritance | No | Yes | No | Yes |
|  Giving stock (non-TRPG) as a gift | No | Yes | No | Yes |
|  Pro-rata distributions | No | Yes | No | Yes |
|  Tender offers | No | Yes | No | Yes |
|  Merger election (voluntary) | Yes | Yes | No | Yes |
|  Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
|  Purchases, but not sales, by an Access Person's spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan) | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
|  Sale or exchange of stock held in an Access Person's spouse's payroll deduction plan | Yes | Yes | No | Yes |
|  Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer. | No | Yes | No | Yes |
|  Transactions effected in a robo-adviser account (investing solely in third party collective investment vehicles) | No | No | No | No |

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<sup>4</sup> A program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>5</sup> A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan.

## Ex-99.P28

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WELLINGTON MANAGEMENT Code of Ethics Personal investing Gifts and entertainment Outside activities Client confidentiality 2 February 2026

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The reputation of a thousand years may be determined by the conduct of one hour. – Ancient proverb A message from our CEO Jean M. Hynes Chief Executive Officer Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients. Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets. To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them. Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust. Sincerely, Jean M. Hynes Chief Executive Officer

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Contents Standards of conduct 1 Who is subject to the Code of Ethics? 1 Personal investing 2 Which types of investments and related activities are prohibited? 2 Which investment accounts must be reported? 3 What are the reporting responsibilities for all personnel? 4 What are the preclearance responsibilities for all personnel? 5 What are the additional requirements for investment professionals? 6 Gifts and entertainment 7 Outside activities 8 Client confidentiality 8 How we enforce our Code of Ethics 8 Exceptions from the Code of Ethics 9 Closing 9

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Wellington Management Code of Ethics 1 Standards of conduct Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics. 1. We act as fiduciaries to our clients. Each of us must put our clients' interests above our own and must not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our conduct of the firm's business. This Code of Ethics implements the same principles with respect to our personal conduct. The procedures set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary obligations to our clients. 2. We act with integrity and in accordance with both the letter and the spirit of the law. Our business is highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and the UK Bribery Act. The firm provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law. Who is subject to the Code of Ethics? Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information. All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements. Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so. For additional information regarding our Code of Ethics Policy refer to the Guide to Our Policy document available on the firm's Intranet.

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Wellington Management Code of Ethics 2 Personal investing As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients. Which types of investments and related activities are prohibited? Our Code of Ethics prohibits the following personal investments and investment-related activities: Purchasing or selling the prohibited investments and activities listed in Appendix A Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer Taking a profit from any trading activity within a 60-calendar day window Using a derivative instrument to circumvent a restriction in the Code of Ethics Short-term trading You are prohibited from taking a profit from any trading activity within a 60-calendar day window on any security that requires preclearance. For example, if you buy shares of stock (or options on such shares) and then sell those shares within 60 days at a profit, an exception will be identified and any gain from the transactions must be surrendered. Gains are calculated based on a last in, first out (LIFO) method for purposes of this restriction. This short-term trading rule does not apply to securities exempt from the Code's preclearance requirements.

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Wellington Management Code of Ethics 3 WHICH INVESTMENT ACCOUNTS MUST BE REPORTED? You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household, AND that holds or is capable of holding any of the covered investments detailed in Appendix A under "Reporting of Securities Transactions". For purposes of the Code of Ethics, these investment accounts are referred to as reportable accounts. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account. Accounts not requiring reporting You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information: Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored retirement or benefit plans identified by the Ethics Committee Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

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Wellington Management Code of Ethics 4 Managed account exemptions An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a managed account), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution. Designated Brokers for US Reportable Accounts US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker. New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment. WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL? Initial and annual holdings reports You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account information annually thereafter. Non-volitional transactions include: Investments made through automatic dividend reinvestment or rebalancing plans and stock purchase plan acquisitions Transactions that result from corporate actions applicable to all similar security holders (such as splits, tender offers, mergers, and stock dividends) For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics. Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet. For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. Please note that your annual holdings report must account for both volitional and non-volitional transactions. At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments. Quarterly transactions reports You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments. Duplicate statements and trade confirmations For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

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Wellington Management Code of Ethics 5 WHAT ARE THE PRECLEARANCE Responsibilities for ALL PERSONNEL? Preclearance of publicly traded securities You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in Appendix A. Transactions in accounts that are not reportable accounts do not require preclearance or reporting. Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request. Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics . Caution on short sales, margin transactions, and options You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). Please note, however, that these types of transactions can have unintended consequences. For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code. Preclearance of private placement securities You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval may be granted after a review of the facts and circumstances, including whether: an investment in the securities is likely to result in future conflicts with client accounts (e.g., upon a future public offering), and you are being offered the opportunity due to your employment at or association with Wellington Management. Investments in our own privately offered investment vehicles (our Sponsored Products), including collective investment funds and common trust funds maintained by Wellington Trust Company, na, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

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Wellington Management Code of Ethics 6 WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS? If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage. The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts. INVESTMENT PROFESSIONAL BLACKOUT PERIODS — You cannot buy or sell a security (excluding shares of exchange-traded funds (ETFs)) for a period of 14 calendar days before or after any transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a security of the same issuer that is held by a client account for which you serve as an investment professional until the later of the following periods: (i) one calendar year from the date of your last purchase and (ii) 90 calendar days after all of your client accounts liquidate all holdings of the same issuer. If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it. SHORT SALES BY AN INVESTMENT PROFESSIONAL— An investment professional may not personally take a short position in a security of an issuer in which he or she holds a long position in a client account.

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Wellington Management Code of Ethics 7 Gifts and entertainment Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements: ACCEPTING GIFTS — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances. ACCEPTING BUSINESS MEALS — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$250 or the local equivalent. ACCEPTING ENTERTAINMENT OPPORTUNITIES — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions: 1. A representative of the hosting organization must be present; 2. The primary purpose of the event must be to discuss business or to build a business relationship; 3. You must receive prior approval from your line manager or designee ; 4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the entertainment opportunity; and 5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any entertainment ticket(s) if: the entertainment opportunity requires a ticket with a face value of more than US$450 or the local equivalent, or is a high-profile event (e.g., a major sporting event), you wish to accept more than one ticket, or the host has invited numerous Wellington Management representatives. Please note that even if you pay for the full face value of a ticket, you may attend the event only if the host is present. LODGING AND AIR TRAVEL — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

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Wellington Management Code of Ethics 8 SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest. SOURCING ENTERTAINMENT OPPORTUNITIES — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business. Outside activities While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted. Client confidentiality Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities. How we enforce our Code of Ethics Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports. It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel.

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Wellington Management Code of Ethics 9 Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including: a warning referral to your manager and/or senior management reversal of a trade or the return of a gift disgorgement of profits or of the value of a gift a limitation or restriction on personal investing termination of employment referral to civil or criminal authorities If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team. Exceptions from the Code of Ethics The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare. Closing As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

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Wellington Management Code of Ethics 10 APPENDIX A No Preclearance or Reporting Required: Open-end investment funds not managed by Wellington Management1 , except for ETFs which require reporting and all closed-end funds that require both preclearance and reporting. Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management Direct obligations of the US government (including debt issued by US Gov Agencies), the governments of Canada, France, Germany, Italy, Japan, United Kingdom, Singapore (SSBs and SG T-Bills) as well as Hong Kong and Australian government bonds issued only to retail investors. Cash Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents2 Bankers' acceptances, CDs, commercial paper Wellington Trust Company Pools, Wellington Sponsored Private Funds (e.g. Wellington Hedge and Private Equity Funds) that are held in WRPP and/or MD Savings Plan Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, United Kingdom, and associated derivatives Options, forwards, and futures on commodities and foreign exchange, and associated derivatives Transactions in approved managed accounts Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period): Open-end investment funds managed by Wellington Management, including WMF funds and subadvised funds1 (other than money market funds) Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management Futures and options on securities indices Shares of exchange-traded funds (ETFs) 3, excluding closed-end ETFs managed by Wellington and listed closed-end ETFs, which require preclearance and reporting. Gifts of securities to you or a reportable account Gifts of securities from you or a reportable account Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.) Preclearance and Reporting of Securities Transactions Required: Bonds and notes (including municipal bonds) other than those listed in the no preclearance or reporting section Stock (common and preferred) or other equity securities, including any security convertible into equity securities All closed-end funds (including closed-end funds managed by Wellington and listed closed-end funds) Interest in private placement securities (other than Wellington Management sponsored products)4 Unit investment trusts American Depositary Receipts Options on securities (but not their non-volitional exercise or expiration), excluding options on ETFs and securities indices Warrants Rights Prohibited Investments and Activities: Initial public offerings (IPOs) of any securities Single-stock futures Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs) Tokenized Single Stock Instruments Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures) Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs)) Securities being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting Securities on the firmwide restricted list Taking a profit from any trading activity within a 60-calendar day Window Securities of broker/dealers or their affiliates with which the firm conducts business Securities of any securities market or exchange on which the firm trades Using a derivative, digital asset, or other instrument to circumvent the requirements of the Code of Ethics Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer, Initial Coin offerings (ICOs) This appendix is current as of 2 February 2026 and may be amended at the discretion of the Ethics Committee. 1A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund; 2If the instrument is unrated, it must be of equivalent duration and comparable quality; 3Excluding Single-Stock ETFs as these are a prohibited investment; 4 Interest in private placement securities (other than Wellington Mgmt sponsored products) require prior approval. A Private Placement Approval Form must be submitted and approved prior to transacting.

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WELLINGTON MANAGEMENT G2529_3