Common use of Scope of the Engagement Clause in Contracts

Scope of the Engagement. The Trust is seeking to equitize the cash balances of certain of its mutual fund series (each, a "Fund"). ABA, as authorized by the Trust, will manage the underlying cash balances and has directed State Street under the terms of the Agreement to purchase or sell futures or forwards contracts to maintain appropriate equity and currency exposure as directed by ABA under the Agreement, as amended. State Street will not be responsible for providing reporting on any of the underlying funds. ABA hereby directs State Street to equitize a percentage of the cash balance of each Fund as specified in Section V. in order to maintain exposure for each Fund's liquid assets on a daily basis. With respect to the Grosvenor Fund, ABA hereby authorizes and instructs State Street to accept written direction from either ABA or Grosvenor Capital Management, L.P. (“GCM”), the fund’s lead subadviser, for any changes to the Grosvenor Fund equitization percentage or futures contracts used. Any changes to the Grosvenor Fund equitization percentage or futures contracts used must be communicated to State Street, using the letter template provided by State Street and attached hereto as Appendix I, at least two days prior to the intended effective date of those changes. Such changes shall become a material part of this Statement of Intent/Operating Procedure unless and until further modified in writing. For Funds other than the Grosvenor Fund, the cash balance shall be the total cash balance of the Fund at the composite fund level, which includes cash of the control account and each underlying subadvisor sleeve. For the Grosvenor Fund, the cash balance shall be only the cash balance of the control account. In determining the cash balance of a Fund other than the Grosvenor Fund, State Street is hereby instructed by ABA to exclude the dollar value of pending securities buys and include the dollar value of pending securities sells for such Fund. For the Funds to be equitized, the equitized percentages, the futures contracts used, and the list of approved futures commission merchants are listed in Sections V, VI, and VII.

Scope of the Engagement. The Trust is Trusts are seeking to equitize the cash balances of certain of its their respective mutual fund series (each, a "Fund"). ABA, as authorized by the TrustTrusts, will manage the underlying cash balances and has directed State Street under the terms of the Agreement to purchase or sell futures or forwards contracts to maintain appropriate equity and currency exposure as directed by ABA under the Agreement, as amended. State Street will not be responsible for providing reporting on any of the underlying funds. ABA hereby directs State Street to equitize a percentage of the cash balance of each Fund as specified in Section V. in order to maintain exposure for each Fund's liquid assets on a daily basis. With respect to the American Beacon Grosvenor Long/Short Fund (“Grosvenor Fund”), ABA hereby authorizes and instructs State Street to accept written direction from either ABA or Grosvenor Capital Management, L.P. (“GCM”), the fund’s lead subadviser, for any changes to the Grosvenor Fund equitization percentage or futures contracts used. Any changes to the Grosvenor Fund equitization percentage or futures contracts used must be communicated to State Street, using the letter template provided by State Street and attached hereto as Appendix I, at least two days prior to the intended effective date of those changes. Such changes shall become a material part of this Statement of Intent/Operating Procedure unless and until further modified in writing. For Funds other than the Grosvenor Fund, the cash balance shall be the total cash balance of the Fund at the composite fund level, which includes cash of the control account and each underlying subadvisor sleeve. For the Grosvenor Fund, the cash balance shall be only the cash balance of the control account. In determining the cash balance of a Fund other than the Grosvenor Fund, State Street is hereby instructed by ABA to exclude the dollar value of pending securities buys and include the dollar value of pending securities sells for such Fund. For the Funds to be equitizedequitized as directed, the equitized percentages, the futures contracts used, and the list of approved futures commission merchants are listed in Sections V, VI, VII and VII.VIII. State Street: Limited Access