American Beacon Advisors, Inc. ("American Beacon"), located in Irving, Texas, has been an investment adviser since 1986. American Beacon is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940 (“Advisers Act”) and with the National Futures Association (“NFA”) as a commodity pool operator. American Beacon provides investment advisory services to institutional clients such as investment companies, corporations, governmental entities, collective investment trusts, private equity funds-of-funds and corporate employee benefit plans. As of December 31, 2022, American Beacon managed approximately $58.4 billion in assets on a discretionary basis. American Beacon is a wholly-owned asset management subsidiary of Resolute Investment Managers, Inc. (“RIM”). RIM is an indirect subsidiary of Resolute Investment Holdings, LLC (“Resolute”) which is owned primarily by Kelso Investment Associates VIII, L.P. Resolute Investment Services, Inc. (“RIS”), an asset management servicing company under common ownership with American Beacon, provides operational and sales support to American Beacon under an employee leasing agreement. American Beacon’s investment professionals who provide advisory services to clients are employed directly by American Beacon. American Beacon offers the following advisory services to its clients. Investment Companies As investment adviser to the American Beacon Funds, American Beacon Select Funds and American Beacon Institutional Funds Trust (individually, a “Fund” and collectively, the “Beacon Funds”), American Beacon has the responsibility for the management and investment of the assets of each Fund in accordance with its current registration statement and applicable investment objectives, policies, and restrictions. In connection with these responsibilities, American Beacon performs certain administrative services pursuant to its agreements with the Beacon Funds. American Beacon selects investment sub-advisers for the Beacon Funds for approval by the applicable Fund's Board of Trustees and manages certain Beacon Funds directly. American Beacon and/or the applicable Fund contracts with each sub-adviser to manage all or a portion of the assets of a Fund. If more than one sub-adviser manages a Fund, American Beacon allocates assets of the Fund among the sub-advisers. American Beacon makes recommendations to the Board of Trustees of the Beacon Funds regarding any necessary changes to the investment adviser structure. In addition to managing certain Beacon Fund assets directly, American Beacon recommends investment advisers affiliated with it to serve as sub-advisers. American Beacon monitors the performance of each sub-adviser and seeks to assure compliance with investment objectives, policies and restrictions of each Fund. This type of arrangement is commonly known as a “manager-of-managers” structure. American Beacon is permitted to delegate certain of its duties related to sub-adviser selection and allocation to another investment adviser that is subject to American Beacon’s oversight. Employee Benefit Plans American Beacon provides investment management services to a number of employee benefit plans sponsored by a large corporation and its affiliates (the “Plans”). The services may include the selection and monitoring of separately managed accounts, mutual funds, collective investment trusts, investment managers, and private investments; the allocation of assets among managers/funds in accordance with Plan policies; the selection and monitoring of securities lending agents, trade execution analysis providers, and proxy consultants; maintaining commission recapture agreements with brokerage firms; ministerial rebalancing services; and direct investment management. American Beacon monitors the performance of each investment manager and seeks to assure compliance with the investment

objectives, policies and restrictions of each Plan. Collective Investment Trusts American Beacon has been retained by the trustee of the American Beacon Advisors Collective Investment Trust (the “CIT”) to assist in management of the assets of the separate funds that comprise the CIT. The trustee oversees American Beacon’s investment decisions for the CIT. American Beacon selects investment sub-advisers for the CIT for approval by the trustee. Any such sub- advisers manage assets of the CIT pursuant to an agreement between the sub-adviser and American Beacon. If more than one sub-adviser manages a fund, American Beacon allocates the assets of the fund among the sub-advisers. American Beacon monitors the performance of each sub-adviser and seeks to assure compliance with investment objectives, policies and restrictions of the CIT and each fund. Separate Accounts American Beacon’s separate accounts generally fall into two categories: Stable Value portfolios and Current Income and Total Return portfolios. American Beacon generally manages Stable Value portfolios to generate current income from investments in high-quality instruments maturing in less than 13 months while seeking to maintain stable principal. American Beacon actively manages Current Income and Total Return portfolios to provide higher current income than the Stable Value portfolios, with total return as a secondary emphasis. These portfolios generally have a weighted average duration of six months to three years. American Beacon seeks to manage each client’s separate account within the investment objectives, policies and restrictions provided by the client as well as the client’s liquidity needs. The performance of each separate account may vary based on the circumstances of each account and American Beacon’s customization of such accounts. Private Equity Funds-of-Funds American Private Equity Partners II, L.P. and American Private Equity Partners III, L.P. are Delaware limited partnerships formed as “funds-of-funds” by American Beacon (collectively, the “APEP Partnerships”). American Private Equity Management, L.L.C., a wholly-owned subsidiary of American Beacon, serves as the general partner of the APEP Partnerships, which are privately placed limited partnerships that were offered to investors pursuant to exemptions from registration under the Investment Company Act of 1940 (“Investment Company Act”) and the Securities Act of 1933 (“Securities Act”) and that are closed to new investments. American Beacon serves as investment manager to the APEP Partnerships, selecting underlying private funds for investment by the APEP Partnerships in accordance with the investment objectives, policies and restrictions of each partnership. Limitations on American Beacon’s Liability American Beacon’s management or advisory agreements with its clients typically contain provisions that may act as a waiver, release or limitation of certain rights clients may have against American Beacon arising from its services. In substance, the agreements usually state that American Beacon, and its personnel and affiliates, are not liable for any loss arising out of American Beacon’s advice or for any other act or omission taken with respect to its services, except for any act or omission which constitutes willful misfeasance, bad faith or negligence in the performance of its duties, or reckless disregard of its obligations and duties under the agreement. Notwithstanding the liability limiting nature of these provisions, clients should be aware that federal and state securities laws may impose liabilities on American Beacon under certain circumstances. Therefore, nothing in those or any other provisions in the agreements will have the effect of waiving, releasing or limiting any rights a client may have under those laws or under any other laws that are not permitted to be waived by contract.