# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0000894189-26-001983
**Filing Date:** 2026-1
**Character Count:** 1691632
**Document Hash:** e96777ecd79f92a9d01cb73209607b36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-001983.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000894189-26-001983

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 49

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Multi-Manager Series Trust
- **CENTRAL INDEX KEY:** 0001696729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23282
- **FILM NUMBER:** 26567258

**BUSINESS ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Multi-Manager Series Trust
- **CENTRAL INDEX KEY:** 0001696729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-220096
- **FILM NUMBER:** 26567257

**BUSINESS ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101

## Series and Classes Contracts Data

### First American Multi-Manager Domestic Equity Fund (Series ID: S000059561)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195097 | Advisor Class       |  |
| C000195098 | Institutional Class | FAEQX           |
| C000195099 | R Class             |  |

### First American Multi-Manager Fixed-Income Fund (Series ID: S000059562)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195100 | Advisor Class       |  |
| C000195101 | Institutional Class | FAFIX           |
| C000195102 | R Class             |  |

### First American Multi-Manager International Equity Fund (Series ID: S000059563)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195103 | Advisor Class       |  |
| C000195104 | Institutional Class | FAIEX           |
| C000195105 | R Class             |  |

?xml version='1.0' encoding='ASCII'? ck0001696729-20260127

**As filed with the U.S. Securities and Exchange Commission on January 27, 2026**

**Securities Act File No. 333-220096**

**Investment Company Act File No. No. 811-23282**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM N-1A**

---

| | |
|:---|:---|
| **Registration Statement under the Securities Act of 1933** | ☒ |
| **Pre-Effective Amendment No. __** | ☐ |
| **Post-Effective Amendment No. 12** | ☒ |
| **and/or** | |
| **Registration Statement under the Investment Company Act of 1940** | ☒ |
| **Amendment No. 13** | ☒ |
| (Check appropriate box or boxes) | |

---

**PFM MULTI-MANAGER SERIES TRUST**

(Exact Name of Registrant Specified in Charter)

**213 Market Street**

**Harrisburg, Pennsylvania 17101-2141**

(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code: (883) 736-6678

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, Delaware 19801**

**Telephone Number: (302) 658-7581**

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| **Jonathan Kopcsik, Esq.** | **Valentine James Link, Jr.** |
| **Stradley Ronon Stevens & Young, LLP** | **U.S. Bancorp Asset Management, Inc.** |
| **2005 Market Street** | **1735 Market Street, 43rd Floor** |
| **Suite 2600** | **Philadelphia, PA 19103** |
| **Philadelphia, Pennsylvania 19103** | |

---

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

---

| | | | |
|:---|:---|:---|:---|
| ☐ | Immediately upon filing pursuant to paragraph (b) | ☒ | On January 28, 2026 pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) | ☐ | On (date) pursuant to paragraph (a)(1) of Rule 485 |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) | ☐ | On (date) pursuant to paragraph (a)(2) of Rule 485 |

---

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

**First American Multi-Manager Domestic Equity Fund**

---

| | |
|:---|:---|
| <u>Share Class</u> | <u>Ticker Symbol</u> |
| Advisor | N/A |
| Institutional | FAEQX |
| R | N/A |

---

**First American Multi-Manager International Equity Fund**

---

| | |
|:---|:---|
| <u>Share Class</u> | <u>Ticker Symbol</u> |
| Advisor | N/A |
| Institutional | FAIEX |
| R | N/A |

---

**First American Multi-Manager Fixed-Income Fund**

---

| | |
|:---|:---|
| <u>Share Class</u> | <u>Ticker Symbol</u> |
| Advisor | N/A |
| Institutional | FAFIX |
| R | N/A |

---

**PROSPECTUS**

**January 28, 2026**

As with all mutual funds, the Securities and Exchange Commission (nor any state securities commission) has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any statement to the contrary is a crime. Shares of funds, and classes thereof, offered by means of this Prospectus are not available in all states. An investment in the funds is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

------

**PFM MULTI-MANAGER SERIES TRUST**

***First American Multi-Manager Domestic Equity Fund***

***First American Multi-Manager International Equity Fund***

***First American Multi-Manager Fixed-Income Fund***

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [F](#ia2cec5d3077d4a61aa76d8f6a8f96566_50)[UND SUMMARY](#ia2cec5d3077d4a61aa76d8f6a8f96566_50) | [3](#ia2cec5d3077d4a61aa76d8f6a8f96566_50) |
| *[First American Multi-Manager Domestic Equity Fun](#ia2cec5d3077d4a61aa76d8f6a8f96566_114)d* | [3](#ia2cec5d3077d4a61aa76d8f6a8f96566_114) |
| *[First American Multi-Manager International Equity Fund](#ia2cec5d3077d4a61aa76d8f6a8f96566_90)* | [10](#ia2cec5d3077d4a61aa76d8f6a8f96566_90) |
| *[First American Multi-Manager Fixed-Income Fu](#ia2cec5d3077d4a61aa76d8f6a8f96566_78)nd* | [19](#ia2cec5d3077d4a61aa76d8f6a8f96566_78) |
| [BUYING AND SELLING FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#ia2cec5d3077d4a61aa76d8f6a8f96566_102) | [28](#ia2cec5d3077d4a61aa76d8f6a8f96566_102) |
| [Buying and Selling Fund Shares](#ia2cec5d3077d4a61aa76d8f6a8f96566_231) | [28](#ia2cec5d3077d4a61aa76d8f6a8f96566_231) |
| [Tax Information](#ia2cec5d3077d4a61aa76d8f6a8f96566_246) | [28](#ia2cec5d3077d4a61aa76d8f6a8f96566_246) |
| [Payments to Broker-Dealers and Other Financial Intermediaries](#ia2cec5d3077d4a61aa76d8f6a8f96566_259) | [28](#ia2cec5d3077d4a61aa76d8f6a8f96566_259) |
| [MORE INFORMATION ABOUT THE FUNDS](#ia2cec5d3077d4a61aa76d8f6a8f96566_130) | [28](#ia2cec5d3077d4a61aa76d8f6a8f96566_130) |
| [A Further Discussion of Risks](#ia2cec5d3077d4a61aa76d8f6a8f96566_272) | [29](#ia2cec5d3077d4a61aa76d8f6a8f96566_272) |
| [INFORMATION ABOUT PORTFOLIO HOLDINGS](#ia2cec5d3077d4a61aa76d8f6a8f96566_142) | [40](#ia2cec5d3077d4a61aa76d8f6a8f96566_142) |
| [MANAGEMENT](#ia2cec5d3077d4a61aa76d8f6a8f96566_155) | [40](#ia2cec5d3077d4a61aa76d8f6a8f96566_155) |
| [Board of Trustees](#ia2cec5d3077d4a61aa76d8f6a8f96566_287) | [40](#ia2cec5d3077d4a61aa76d8f6a8f96566_287) |
| [Investment Adviser](#ia2cec5d3077d4a61aa76d8f6a8f96566_299) | [40](#ia2cec5d3077d4a61aa76d8f6a8f96566_299) |
| [Manager-of-Managers Structure](#ia2cec5d3077d4a61aa76d8f6a8f96566_311) | [41](#ia2cec5d3077d4a61aa76d8f6a8f96566_311) |
| [Sub-Advisers](#ia2cec5d3077d4a61aa76d8f6a8f96566_323) | [43](#ia2cec5d3077d4a61aa76d8f6a8f96566_323) |
| [Portfolio Managers](#ia2cec5d3077d4a61aa76d8f6a8f96566_335) | [44](#ia2cec5d3077d4a61aa76d8f6a8f96566_335) |
| [Management Fees and Other Expenses](#ia2cec5d3077d4a61aa76d8f6a8f96566_347) | [47](#ia2cec5d3077d4a61aa76d8f6a8f96566_347) |
| [SHAREHOLDER INFORMATION](#ia2cec5d3077d4a61aa76d8f6a8f96566_167) | [47](#ia2cec5d3077d4a61aa76d8f6a8f96566_167) |
| [How Fund Shares Are Priced](#ia2cec5d3077d4a61aa76d8f6a8f96566_387) | [47](#ia2cec5d3077d4a61aa76d8f6a8f96566_387) |
| [How to Purchase Shares](#ia2cec5d3077d4a61aa76d8f6a8f96566_399) | [49](#ia2cec5d3077d4a61aa76d8f6a8f96566_399) |
| [Paying for Shares](#ia2cec5d3077d4a61aa76d8f6a8f96566_411) | [50](#ia2cec5d3077d4a61aa76d8f6a8f96566_411) |
| [Minimum Account Size](#ia2cec5d3077d4a61aa76d8f6a8f96566_423) | [51](#ia2cec5d3077d4a61aa76d8f6a8f96566_423) |
| [Customer Identification Program](#ia2cec5d3077d4a61aa76d8f6a8f96566_435) | [51](#ia2cec5d3077d4a61aa76d8f6a8f96566_435) |
| [Investment Options](#ia2cec5d3077d4a61aa76d8f6a8f96566_447) | [51](#ia2cec5d3077d4a61aa76d8f6a8f96566_447) |
| [How to Redeem or Exchange Shares](#ia2cec5d3077d4a61aa76d8f6a8f96566_459) | [52](#ia2cec5d3077d4a61aa76d8f6a8f96566_459) |
| [Exchanging Your Shares - Additional Informatio](#ia2cec5d3077d4a61aa76d8f6a8f96566_471)n | [52](#ia2cec5d3077d4a61aa76d8f6a8f96566_471) |
| [Redeeming Your Shares - Additional Information](#ia2cec5d3077d4a61aa76d8f6a8f96566_483) | [53](#ia2cec5d3077d4a61aa76d8f6a8f96566_483) |
| [Signature Guarantees/Other Documents](#ia2cec5d3077d4a61aa76d8f6a8f96566_495) | [54](#ia2cec5d3077d4a61aa76d8f6a8f96566_495) |
| [Dividends and Distributions](#ia2cec5d3077d4a61aa76d8f6a8f96566_519) | [54](#ia2cec5d3077d4a61aa76d8f6a8f96566_519) |
| [Dividend Reinvestment Program](#ia2cec5d3077d4a61aa76d8f6a8f96566_507) | [55](#ia2cec5d3077d4a61aa76d8f6a8f96566_507) |
| [Householding](#ia2cec5d3077d4a61aa76d8f6a8f96566_545) | [55](#ia2cec5d3077d4a61aa76d8f6a8f96566_545) |
| [Taxes](#ia2cec5d3077d4a61aa76d8f6a8f96566_533) | [55](#ia2cec5d3077d4a61aa76d8f6a8f96566_533) |
| [Frequent Purchases and Sales of Fund Shares](#ia2cec5d3077d4a61aa76d8f6a8f96566_557) | [56](#ia2cec5d3077d4a61aa76d8f6a8f96566_557) |
| [DISTRIBUTION ARRANGEMENTS](#ia2cec5d3077d4a61aa76d8f6a8f96566_179) | [57](#ia2cec5d3077d4a61aa76d8f6a8f96566_179) |
| [Distribution and Servicing (12b-1) Plans](#ia2cec5d3077d4a61aa76d8f6a8f96566_359) | [57](#ia2cec5d3077d4a61aa76d8f6a8f96566_359) |
| [Payments to Financial Firms](#ia2cec5d3077d4a61aa76d8f6a8f96566_371) | [57](#ia2cec5d3077d4a61aa76d8f6a8f96566_371) |
| [FINANCIAL HIGHLIGHTS](#ia2cec5d3077d4a61aa76d8f6a8f96566_191) | [58](#ia2cec5d3077d4a61aa76d8f6a8f96566_191) |
| [USEFUL SHAREHOLDER INFORMATION](#ia2cec5d3077d4a61aa76d8f6a8f96566_203) | [61](#ia2cec5d3077d4a61aa76d8f6a8f96566_203) |

---

------

**FUND SUMMARY**

***First American Multi-Manager Domestic Equity Fund***

**Investment Objective**

The First American Multi-Manager Domestic Equity Fund (Domestic Equity Fund) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor**  | **Institutional**  | **R**  |
| **Shareholder Fees** (fees paid directly from your investment)  | | | |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) |  |  |  |
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |  |  |
| Management Fees | 0.29% | 0.29% | 0.29% |
| Distribution and/or Service (12b-1) Fees<sup>(1)</sup> |  |  |  |
| Other Expenses<sup>(2)</sup> | 0.07% | 0.07% | 0.07% |
| Acquired Fund Fees and Expenses | 0.03% | 0.03% | 0.03% |
| Total Annual Fund Operating Expenses<sup>(3)</sup>  | 0.39% | 0.39% | 0.39% |

---

<sup>(1)</sup>  The maximum annual rates at which the distribution and/or servicing fees may be paid under the Advisor Class and Class R 12b-1 Plans (calculated as a percentage of the Fund's average daily net assets attributable to the particular class of shares) is 0.25% and 0.50%, respectively; however, the Board of Trustees has determined not to authorize payment of a Rule 12b-1 plan fee at this time.

<sup>(2)</sup>  As of the date of this prospectus, Advisor and R class shares of the Fund have not commenced operations and expenses are based on Institutional Class expenses for the fiscal year ended September 30, 2025.

<sup>(3)</sup>  The Total Annual Fund Operating Expenses do not correlate to the "Ratios of Average Net Assets of Expenses, Prior to Expenses Waived/Reimbursed/Recouped" provided in the Financial Highlights section of this Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses. Acquired fund fees and expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies (including exchange traded funds).

**Example.** This Example is intended to help you compare the costs of investing in the Domestic Equity Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Domestic Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Domestic Equity Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | **<u>10 Years</u>** |
| Advisor Shares | $40 | $125 | $219 | $493 |
| Institutional Shares | $40 | $125 | $219 | $493 |
| Class R Shares | $40 | $125 | $219 | $493 |

---

**Portfolio Turnover** 

The Domestic Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Domestic Equity Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Domestic Equity Fund's performance. During the most recent fiscal year, the Domestic Equity Fund's portfolio turnover rate was 40% of the average value of its portfolio.

------

**Principal Investment Strategies**

In seeking long-term capital appreciation, the Domestic Equity Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities of U.S. based companies, in derivatives and other instruments that have economic characteristics similar to such securities, and in ETFs and other registered investment companies investing in equity securities of U.S. based companies. Companies are considered to be U.S. based if they are organized under the laws of the United States, have a principal office in the United States, or have their principal securities market in the United States.

The Domestic Equity Fund's investments in equity securities of U.S. based companies typically consist primarily of common stocks, including initial public offerings (IPOs), but may also include preferred stocks of such companies. The Domestic Equity Fund may also invest in foreign equity securities and depositary receipts.

The Domestic Equity Fund invests in issuers with market capitalizations in all ranges, including small-, medium- and large-capitalization companies. At times, the Fund may have a significant portion of its assets invested in one or more passively managed ETFs. As of the date of this prospectus, the Domestic Equity Fund invested a significant portion of its net assets in one ETF.

The Domestic Equity Fund utilizes a "multi-manager" approach whereby U.S. Bancorp Asset Management, Inc. (Adviser or USBAM) may allocate all or a portion of the Domestic Equity Fund's assets to one or more sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Domestic Equity Fund's assets to which the sub-adviser has been allocated. Each sub-adviser manages its portion of the Domestic Equity Fund's assets in a manner consistent with the Domestic Equity Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the Domestic Equity Fund's investments, and for selecting and overseeing the Domestic Equity Fund's sub-advisers. Not all of the sub-advisers listed for the Domestic Equity Fund may be actively managing assets for the Domestic Equity Fund at all times. The Adviser also has discretion to manage directly all or a portion of the Domestic Equity Fund. The principal investment strategies employed by the Domestic Equity Fund include the following:

• **All-Capitalization**. The all-capitalization strategies invest in common stocks of any capitalization size that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. Certain all-capitalization strategies are expected to have a tilt toward large-capitalization companies, or a tilt toward mid-/small-capitalization companies. The Domestic Equity Fund expects to allocate up to 30% of its assets to all-capitalization strategies.

• **Large-Capitalization.** The large-capitalization strategies invest in common stocks of large-capitalization companies that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's large-capitalization strategies define a large-capitalization company as a constituent of the Russell 1000 or S&P 500 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 50% of its assets to large-capitalization strategies.

• **Mid-Capitalization**. The mid-capitalization strategies invest in common stocks of mid-capitalization companies that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the Domestic Equity Fund's mid-capitalization strategies define a mid-capitalization company as a constituent of the Russell Mid Cap or S&P 400 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 20% of its assets to mid-capitalization strategies.

• **Small-Capitalization**. The small-capitalization strategies invest in common stocks of small-capitalization companies that the sub-adviser(s) believe should experience strong revenue growth and rising profits over time. Under normal circumstances, the Domestic Equity Fund's small-capitalization strategies define a small-capitalization company as a constituent of the Russell 2000 or S&P 600 Indices at the time of acquisition. The Domestic Equity Fund expects to allocate up to 30% of its assets to small-capitalization strategies.

**Passive Allocation.** The Domestic Equity Fund expects to strategically allocate up to 80% of its assets to passively managed strategies tracking the U.S. equity market. Generally, the Adviser expects to use ETFs or mutual funds, such as those tracking the Russell 3000 Index, the Dow Jones U.S. Large-Cap Total Stock Market Index or other broad U.S. equity indices, to implement these strategies. At times, the Domestic Equity Fund may invest a significant portion of its assets in one ETF or mutual fund. From time to time, the Adviser may also make tactical allocations to over-weight or under-weight certain segments of the U.S. equity market in an attempt to outperform it. The Adviser may use ETFs, mutual funds, securities, derivatives, or a combination in seeking to implement such a strategy. The Adviser may over-weight or under-weight certain segments of the market based on the Adviser's analysis on the economy, capital markets, valuation, and trends related to the foregoing.

The allocations to each of the all-capitalization, large-capitalization, mid-capitalization, and small-capitalization strategies may vary significantly from the above expected allocation percentages due to market conditions or to meet the investment objective of the Domestic Equity Fund. The Adviser has discretion to change the Domestic Equity Fund's allocations to the strategies listed above and to individual sub-advisers without notice to or approval by shareholders.

------

Each of the all-capitalization, large-capitalization, mid-capitalization, and small-capitalization strategies are constructed using either: (1) a fundamental bottom-up investment process, which includes consideration of a company's intrinsic or fair value, or (2) quantitative strategies where the sub-adviser(s) select stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.

When determining the allocations and reallocations to a sub-adviser or to a passively managed strategy, the Adviser employs a strategic and tactical management approach, and considers a variety of factors, including but not limited to its own views on the economy and markets, the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Domestic Equity Fund.

The Domestic Equity Fund seeks to implement its investment strategies, in part, through investments in ETFs and other registered investment companies instead of direct investments.

The Fund may invest up to 20% of its assets in derivatives.

The Domestic Equity Fund's sub-advisers may engage in active trading and will not consider portfolio turnover a limiting factor in making decisions for the Fund.

**Principal Investment Risks**

As with any investment, you could lose all or part of your investment in the Domestic Equity Fund, and the Fund's performance could lag that of other investments. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Domestic Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Domestic Equity Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value (NAV), yield, total return and ability to meet its investment objective.

**Market Risk** is the risk that general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for revenues or corporate earnings, inflation, changes in interest rates, changes in trade regulation or economic sanctions, lack of liquidity in the bond markets, volatility in the equities market, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism or adverse investor sentiment could cause the value of the Domestic Equity Fund's NAV to decline, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Domestic Equity Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

**Large-Capitalization Stock Risk** is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly, the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.

**Mid- and Small-Capitalization Stock Risk** is the risk that stocks of mid- and small-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid- and small-sized companies may have limited operational or earnings history or may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.

**Investment Company/ETF Risk** is the risk that shareholders in the Domestic Equity Fund could indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Domestic Equity Fund's direct fees and expenses, which may involve duplication of management fees and certain other expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Domestic Equity Fund. In addition, investments in other investment companies are subject to the risks associated with the underlying assets held by the investment companies, and investments in ETFs are subject to the following additional risks: (1) an ETF's shares may trade above or below its net asset value; (2) an active trading

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market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities.

**Management Risk** is the risk that a strategy used by the Adviser and the Domestic Equity Fund's sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the Adviser and the sub-advisers may cause unintended results.

**Multi-Manager Risk** is the risk that the sub-advisers' investment styles may not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Domestic Equity Fund. The Domestic Equity Fund's performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Domestic Equity Fund's assets to the sub-advisers and to direct investments. The Domestic Equity Fund's value could decline as a result of less than optimal or poor asset allocation decisions. Moreover, the Domestic Equity Fund's multi-manager approach may result in the Domestic Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Domestic Equity Fund's performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Domestic Equity Fund.

**Focus Risk** is the risk that to the extent the Domestic Equity Fund's investment strategy leads to sizable allocations to a particular market, sector, industry or issuer, the Domestic Equity Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector, industry or issuer. As a result, there may be more fluctuation in the price of the Domestic Equity Fund's shares.

*Information Technology Sector Risk.* Factors such as the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditure, rapid obsolescence, competition from alternative technologies, and research and development of new products may significantly affect the market value of securities of issuers in the information technology sector.

**Preferred Securities Risk** includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

**Quantitative Strategies and Trading Risk** is the risk that the Adviser/sub-adviser(s) use quantitative models that rely on patterns inferred from historical prices and other financial and economic data in evaluating prospective investments, making predictions, and in implementing their strategies. Changes in underlying market conditions and unanticipated events can significantly impact the performance of those models. The Adviser/sub-adviser(s) apply judgment in the implementation of their models, which may improve or detract from results. It is also possible that errors in incorporating and processing the historical prices and other financial and economic data could occur. As market dynamics shift over time, quantitative models may become outdated. Mispricing, even if correctly identified, may not be corrected by the market within a time frame over which it is feasible for any given portfolio to maintain a position. Any of the foregoing factors could give rise to material losses or result in the failure to achieve the Fund's investment objective.

**Foreign Investments Risk** is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and European Depositary Receipts (EDRs), may result in the Domestic Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may suspend or impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Domestic Equity Fund's investments to decline.

**Depositary Receipts Risk** involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Domestic Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

**IPO Risk** is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may lack publicly available information and may have less experienced management or limited operating histories.

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**Cybersecurity Risk** is the risk that the Fund may be subject to operational and informational security risks resulting from breaches in cybersecurity of the Fund, the Fund's affiliates or service providers. A cybersecurity breach at an issuer of securities in which the Fund invests may cause such securities to lose value.

**Derivative Investment Risk** is the risk that the use of derivative investments may result in the Domestic Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract may be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Domestic Equity Fund's portfolio, which may result in significant volatility and cause the Domestic Equity Fund to lose more than the amount it invested or the anticipated value of the underlying asset. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Domestic Equity Fund, potentially resulting in losses to Domestic Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the Domestic Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Domestic Equity Fund's ability to use certain derivatives or increase their cost. Derivative strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Domestic Equity Fund uses certain derivatives, it will be required to provide margin and/or pledge collateral in a manner that satisfies contractual undertakings, which could limit the Domestic Equity Fund's ability to pursue other opportunities as they arise or require the Domestic Equity Fund to liquidate portfolio securities in order to satisfy margin requirements.

**Valuation Risk** is the risk that the sale price the Domestic Equity Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Domestic Equity Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Liquidity Risk** is the risk that the Domestic Equity Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk may be caused by unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing the Fund's ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Domestic Equity Fund would like, and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Domestic Equity Fund's performance.

**Performance**

The following performance information provides some indication of the risks of investing in the Domestic Equity Fund. The bar chart below shows the annual total returns of the Domestic Equity Fund's Institutional Class shares for the period indicated. The table below shows the average annual total returns, both before and after taxes, and how the Domestic Equity Fund's Institutional Class performance compares to that of a broad-based securities market index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. Past performance, before and after taxes, is not necessarily an indication of how the Domestic Equity Fund will perform in the future. Updated performance information for the Domestic Equity Fund is available toll free by calling 1-800-527-5412 or by visiting our website at www.firstamericanfunds.com.

Advisor Class and Class R shares have not commenced operations as of the date of this prospectus and therefore the returns shown below are for Institutional Class shares. Advisor Class and Class R shares would have substantially similar annual returns to Institutional Class shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.

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**Domestic Equity Fund - Institutional Class**

**Annual Total Returns as of December 31, 2025**![549755837509](ck0001696729-20260127_g1.jpg)

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

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| | | |
|:---|:---|:---|
| | **Return**  | **Quarter/Year**  |
| Highest Return | 21.08% | 2Q/2020 |
| Lowest Return | (19.97)% | 1Q/2020 |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. They are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes on distributions and redemptions may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Domestic Equity Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ended December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Domestic Equity Fund**  | &nbsp;&nbsp;**1 Year**  | **5 Years** | **Since Inception**<br> December 29, 2017  |
| Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes Based on NAV  | 16.92% | 12.16% | 12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 14.89% | 9.29% | 10.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 10.74% | 8.95% | 9.53% |
| Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 13.64% |

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**Management**

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| | | |
|:---|:---|:---|
| **Investment Adviser**  | **Portfolio Managers**  | **Managed the** <br>**Domestic Equity <br>Fund Since:**  |
| U.S. Bancorp Asset Management, Inc. | John Spagnola is a Managing Director of the Adviser and a member of USBAM's Outsourced Chief Investment Officer (OCIO) Investment Committee. | 2017 |
|  | Surya Pisapati, CFA is a Portfolio Strategist for the Adviser and a member of USBAM's OCIO Investment Committee. | 2017 |
|  | Kenneth Schiebel, CFA is a Managing Director of the Adviser, USBAM's Chief Investment Officer, Public Sector Management and OCIO Strategies and serves as current Chairman of USBAM's OCIO Investment Committee. | 2017 |
|  | Patrick Mahoney is a Managing Director of the Adviser, Head of OCIO Investments and a member of USBAM's OCIO Investment Committee. | 2023 |
|  | James Palmer, CFA is a Managing Director of the Adviser, USBAM's Chief Investment Officer, Money Market Fund Management and Corporate Fixed Income Strategies and a member of USBAM's OCIO Investment Committee. | 2024 |

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| | | |
|:---|:---|:---|
| **Sub-Adviser**  | **Portfolio Managers**  | **Managed the** <br>**Domestic Equity <br>Fund Since:**  |
| Aristotle Atlantic Partners, LLC | Owen Fitzpatrick, CFA, Principal, Managing Director and Lead Portfolio Manager. | 2021 |
|  | Thomas Hynes, CFA, Principal, Managing Director and Portfolio Manager. | 2021 |
|  | Brendan O'Neill, CFA, Principal, Director and Portfolio Manager. | 2021 |
| Putnam Investment Management, LLC | Arthur Yeager, Portfolio Manager | 2024 |
|  | Walter Scully, CPA, Portfolio Manager | 2025 |
| Osterweis Capital Management, LLC | James L. Callinan, Vice President & CIO of Small Cap Growth | 2025 |
|  | Bryan Wong, Vice President, Portfolio Manager | 2025 |
|  | Matt Unger, Vice President, Portfolio Manager | 2025 |

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Not all of these sub-advisers may manage assets of the Domestic Equity Fund at all times.

**Buying and Selling Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about buying and selling Domestic Equity Fund shares, tax information, and financial intermediary compensation, please turn to "Buying and Selling Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries" on page 28 of the Prospectus.

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**FUND SUMMARY**

***First American Multi-Manager International Equity Fund***

**Investment Objective** 

The First American Multi-Manager International Equity Fund (International Equity Fund) seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

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

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| | | | |
|:---|:---|:---|:---|
| | **Advisor**  | **Institutional**  | **R** |
| **Shareholder Fees** (fees paid directly from your investment)  | | | |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) |  |  |  |
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |  |  |
| Management Fees | 0.50% | 0.50% | 0.50% |
| Distribution and/or Service (12b-1) Fees<sup>(1)</sup> |  |  |  |
| Other Expenses<sup>(2)</sup> | 0.12% | 0.12% | 0.12% |
| Acquired Fund Fees and Expenses | 0.03% | 0.03% | 0.03% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | 0.65% | 0.65% | 0.65% |

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<sup>(1)</sup>  The maximum annual rates at which the distribution and/or servicing fees may be paid under the Advisor Class and Class R 12b-1 Plans (calculated as a percentage of the Fund's average daily net assets attributable to the particular class of shares) is 0.25% and 0.50%, respectively; however, the Board of Trustees has determined not to authorize payment of a Rule 12b-1 plan fee at this time.

<sup>(2)</sup>  As of the date of this prospectus, Advisor and R class shares of the Fund have not commenced operations and expenses are based on Institutional Class expenses for the fiscal year ended September 30, 2025.

<sup>(3)</sup>  The Total Annual Fund Operating Expenses do not correlate to the "Ratios of Average Net Assets of Expenses, Prior to Expenses Waived/Reimbursed/Recouped" provided in the Financial Highlights section of this Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses. Acquired fund fees and expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies (including exchange traded funds).

**Example.** This Example is intended to help you compare the costs of investing in the International Equity Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the International Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the International Equity Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>1 Year</u>**  | **<u>3 Years</u>**  |  **<u>5 Years</u>**  | **<u>10 Years</u>**  |
| Advisor Shares | $66 | $208 | $362 | $810 |
| Institutional Shares | $66 | $208 | $362 | $810 |
| Class R Shares | $66 | $208 | $362 | $810 |

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**Portfolio Turnover**

The International Equity Fund pays transaction costs, such as commissions, when it buys and sells investments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when International Equity Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the International Equity Fund's performance. During the most recent fiscal year, the International Equity Fund's portfolio turnover rate was 70% of the average value of its portfolio.

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**Principal Investment Strategies**

In seeking long-term capital appreciation, the International Equity Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities, in derivatives and other instruments that have economic characteristics similar to such securities, and in ETFs and other registered investment companies investing in equity securities. Under normal circumstances, the International Equity Fund provides exposure to investments that are economically tied to at least three different countries outside of the United States. The International Equity Fund considers various factors when determining whether a company is in a particular country or region/continent, including whether: (i) the issuer is organized under the laws of the country or a country within the geographic region; (ii) the issuer maintains its principal place of business in that country or region; (iii) the securities are traded principally in the country or region; or (iv) the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region, or has at least 50% of its assets in that country or region.

The International Equity Fund invests primarily in equity securities and Depositary Receipts (DRs) of foreign issuers, as well as ETFs investing in U.S. and international equity markets, and may invest up to 45% of its net assets in securities of issuers located in emerging markets countries. U.S. Bancorp Asset Management, Inc. (Adviser or USBAM) defines developed markets countries and emerging markets countries based on the MSCI Market Classification Framework. The MSCI Market Classification Framework considers economic development, size, liquidity, and market accessibility in classifying developed markets countries and emerging markets countries.

The International Equity Fund's investments in equity securities are primarily in common stocks, but may also include preferred stocks. The International Equity Fund's investments in equity securities may also include securities in their initial public offerings (IPOs) and/or DRs. At times, the International Equity Fund may have a significant portion of its assets invested in one or more passively managed ETFs. As of the date of this prospectus, the International Equity Fund invested a significant portion of its net assets in two ETFs.

The International Equity Fund may invest in issuers with market capitalizations in all ranges, including small-, medium- and large-capitalization companies.

The International Equity Fund utilizes a "multi-manager" approach whereby the Adviser may allocate all or a portion of the International Equity Fund's assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the International Equity Fund's assets to which the sub-adviser has been allocated. Each sub-adviser manages its portion of the International Equity Fund's assets in a manner consistent with the International Equity Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the International Equity Fund's investments, and for selecting and overseeing the International Equity Fund's sub-advisers. Not all of the sub-advisers listed for the International Equity Fund may be actively managing assets for the International Equity Fund at all times. The Adviser also has discretion to manage directly all or a portion of the International Equity Fund. The principal investment strategies employed by the International Equity Fund include the following:

• **Total International Markets.** The total international markets strategies invest in companies of any capitalization size that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. The total international markets strategies may invest in issuers located in both developed and emerging markets. The International Equity Fund expects to allocate up to 70% of its assets to international all-capitalization strategies.

• **International Developed Markets.** The international developed markets strategies invest in companies of any capitalization size located in non-U.S. developed economies that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. The sub-adviser(s) may from time to time allocate a portion of the assets allocated to them to stocks in emerging markets. The International Equity Fund expects to allocate up to 50% of its assets to international developed market strategies.

• **Emerging Markets.** The emerging markets strategies invest in companies of any capitalization size located in emerging and frontier markets that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. The International Equity Fund expects to allocate up to 40% of its assets to emerging markets strategies.

**• International Small Capitalization.** The international small capitalization strategies invest in small-capitalization stocks located in both developed and emerging markets that the sub-adviser(s) believe have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. Under normal circumstances, the International Equity Fund's small capitalization strategies invest in companies that, at the time of initial purchase, have market capitalizations that generally are within the range of companies included in the MSCI All Country World ex U.S. SMID Cap Index. As of December 31, 2025, the market capitalization range of companies included in the MSCI All Country World ex U.S. SMID Cap Index ranged from $138 million to $35.7 billion. The International Equity Fund expects to allocate tactically up to 20% of its assets to international small capitalization strategies.

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• **Passive Allocation.** The International Equity Fund expects to strategically allocate up to 80% of its assets to passively managed strategies tracking the global equity markets. Generally, the Adviser expects to use ETFs or mutual funds, such as those tracking the FTSE Developed ex US Index, FTSE Emerging Index, MSCI ACWI ex USA Index or other international, emerging market and country indices, to implement these strategies. At times, the International Equity Fund may invest a significant portion of its assets in one ETF or mutual fund. From time to time, the Adviser may also make tactical allocations to over-weight or under-weight certain segments of the global equity markets in an attempt to outperform them. The Adviser may use ETFs, mutual funds, securities, derivatives, or a combination in seeking to implement such a strategy. The Adviser may over-weight or under-weight certain segments of those markets based on the Adviser's analysis on the economy, capital markets, valuation, and trends related to the foregoing.

The allocations to each of the international markets, international developed markets, emerging markets, and international small-capitalization strategies may vary significantly from the above expected allocation percentages due to market conditions or to meet the investment objective of the International Equity Fund. The Adviser has discretion to change the International Equity Fund's allocations to the strategies listed above and to individual sub-advisers without notice to or approval by shareholders.

Each of the international markets, international developed markets, emerging markets, and international small capitalization strategies are constructed using either: (1) a fundamental top-down and bottom-up, or fundamental bottom up only investment process, which includes consideration of a company's intrinsic or fair value, or (2) quantitative strategies where the sub-adviser(s) rank stocks based on certain factors. These factors may include, but are not limited to, measures quantifying historical and forecasted valuations as compared to earnings, sales, and book value; quality measures such as cash on the balance sheet, earnings momentum, and debt to equity; and measures of market sentiment such as share price momentum or short interest.

When determining the allocations and reallocations to a sub-adviser or to a passively managed strategy, the Adviser employs a strategic and tactical management approach, and considers a variety of factors, including but not limited to its own views of the economy and markets, the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the International Equity Fund.

The International Equity Fund seeks to implement its investment strategies, in part, through investments in ETFs and other registered investment companies instead of direct investments.

The Fund may invest up to 20% of its assets in derivatives.

The International Equity Fund's sub-advisers may engage in active trading and will not consider portfolio turnover a limiting factor in making decisions for the Fund.

**Principal Investment Risks**

As with any investment, you could lose all or part of your investment in the International Equity Fund, and the International Equity Fund's performance could trail that of other investments. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The International Equity Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The International Equity Fund is subject to the principal risks noted below, any of which may adversely affect the International Equity Fund's net asset value (NAV), yield, total return and ability to meet its investment objective.

**Market Risk** is the risk that general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for revenues or corporate earnings, inflation, changes in interest rates, changes in trade regulation or economic sanctions, lack of liquidity in the bond markets, volatility in the equities market, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism or adverse investor sentiment could cause the value of the International Equity Fund's NAV to decline, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the International Equity Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

**Foreign Investments Risk** is the risk that investing in foreign (non-U.S.) securities, including American Depositary Receipts (ADRs), Global Depositary Receipts (GDR), and European Depositary Receipts (EDRs), may result in the International Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal

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and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may suspend or impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the International Equity Fund's investments to decline.

**Depositary Receipts Risk** involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The International Equity Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

**Emerging Markets Risk** is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments may be subject to greater risks arising from greater market volatility, political, social or economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. Emerging markets companies may be subject to lower trading volume and greater price fluctuations than companies in developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. Because of the foregoing factors, the Fund's investments in emerging market countries may be subject to greater price volatility and illiquidity than investments in developed markets.

**Frontier Markets Risk** is the additional increased risk of price volatility associated with frontier market countries (pre-emerging markets), which may be further magnified by currency fluctuations relative to the U.S. dollar. Frontier market countries generally have smaller economies or less developed capital markets than in more advanced emerging markets and, as a result, the risks of investing in emerging market countries may be magnified in frontier market countries.

**Asia Pacific Region Risk** is the risk that investments in countries in the Asia Pacific region subject the Fund to legal, regulatory, political, economic, currency, geographic and security risks that are specific to Asia Pacific countries. Certain countries in the Asia Pacific region have experienced economic growth and industrialization in recent years, but there is no assurance that this growth rate will be maintained. The economies in the Asia Pacific region are in all stages of economic development and may be intertwined. Some countries in the Asia Pacific region have experienced expropriation and/or nationalization of assets or other forms of government interference. Accordingly, an adverse economic or political event in one country may negatively affect countries throughout the Asia Pacific region. Furthermore, because many countries in the Asia Pacific region depend significantly on international trade, shifts in relationships with key trading partners, such as China and the United States, may have a region-wide economic impact. Certain countries in the Asia Pacific region have developed increasingly strained relationships with the United States or China; if these relations were to worsen, they could adversely affect issuers located in the Asia Pacific region that rely on the United States or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could suppress exports from countries in the Asia Pacific region and reduce foreign investment in the region.

**Geographic Focus Risk** is the risk that the performance of a fund that is less diversified across countries or geographic regions may be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or region in which the fund invests and may be more volatile than the performance of a more geographically-diversified fund.

**European Investment Risk** includes certain risks specific to the Fund's European investments. The Economic and Monetary Union (the EMU) of the European Union (the EU) requires compliance by member countries with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have significant adverse effects on the economies of EU member countries and the EU and Europe as a whole. Responses to these and other financial problems by European governments, central banks, and others, including austerity measures and reforms, may not produce the desired results, may limit future growth and economic recovery, or may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member countries from the EU, such as the departure of the United Kingdom (the UK), referred to as Brexit, could place the departing member's currency and banking system

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under severe stress or even in jeopardy. An exit by other member countries will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**Foreign Currency Risk** is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies may fluctuate in value relative to the U.S. dollar, adversely affecting the value of the International Equity Fund's investments and its returns. Because the International Equity Fund's NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the International Equity Fund's holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the International Equity Fund invests, potentially causing an adverse impact on the Fund's investments in the affected region.

**Large-Capitalization Stock Risk** is the risk that large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly, the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods.

**Mid- and Small-Capitalization Stock Risk** is the risk that stocks of mid- and small-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid- and small-sized companies may have limited operational or earnings history or may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.

**Investment Company/ETF Risk** is the risk that shareholders in the International Equity Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the International Equity Fund's direct fees and expenses, which may involve duplication of management fees and certain other expenses. Investments in other funds also may increase the amount of taxes payable by investors in the International Equity Fund. In addition, investments in other investment companies are subject to the risks associated with the underlying assets held by the investment companies, and investments in ETFs are subject to the following additional risks: (1) an ETF's shares may trade above or below its net asset value; (2) an active trading market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities.

**Management Risk** is the risk that a strategy used by the Adviser and the International Equity Fund's sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the Adviser and the sub-advisers may cause unintended results.

**Multi-Manager Risk** is the risk that the sub-advisers' investment styles may not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the International Equity Fund. The International Equity Fund's performance depends on the skill of the Adviser in selecting, overseeing, and allocating the International Equity Fund's assets to the sub-advisers and to direct investments. The International Equity Fund's value could decline as a result of less than optimal or poor asset allocation decisions. Moreover, the International Equity Fund's multi-manager approach may result in the International Equity Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the International Equity Fund's performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the International Equity Fund.

**Focus Risk** is the risk that to the extent the International Equity Fund's investment strategy leads to sizable allocations to a particular market, sector, industry or issuer, the International Equity Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector, industry or issuer. As a result, there may be more fluctuation in the price of the International Equity Fund's shares.

**Value-Style Investing Risk** is the risk that the International Equity Fund's value investments are subject to the risk that their intrinsic values may not be recognized by the broad market, the prices of such investments may not appreciate as anticipated or their valuations never improve or that the returns on such investments are less than returns on other styles of investing or the overall stock market.

**Valuation Risk** is the risk that the sale price the International Equity Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the International Equity Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. In addition, the value of the securities in the International Equity Fund's portfolio may change on days when shareholders will not be able to purchase or sell the International Equity Fund's shares.

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**Liquidity Risk** is the risk that the International Equity Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk may be caused by unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing the Fund's ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the International Equity Fund would like, and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the International Equity Fund's performance.

**Preferred Securities Risk** includes issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

**Quantitative Strategies and Trading Risk** is the risk that the Adviser/sub-adviser(s) use quantitative models that rely on patterns inferred from historical prices and other financial and economic data in evaluating prospective investments, making predictions, and in implementing their strategies. Changes in underlying market conditions and unanticipated events can significantly impact the performance of those models. The Adviser/sub-adviser(s) apply judgment in the implementation of their models, which may improve or detract from results. It is also possible that errors in incorporating and processing the historical prices and other financial and economic data could occur. As market dynamics shift over time, quantitative models may become outdated. Mispricing, even if correctly identified, may not be corrected by the market within a time frame over which it is feasible for any given portfolio to maintain a position. Any of the foregoing factors could give rise to material losses or result in the failure to achieve the Fund's investment objective.

**IPO Risk** is the risk that the prices of IPO securities often fluctuate more than prices of securities of companies with longer trading histories and sometimes experience significant price drops shortly after their initial issuance. In addition, companies offering securities in IPOs may lack publicly available information and may have less experienced management or limited operating histories.

**Cybersecurity Risk** is the risk that the Fund may be subject to operational and informational security risks resulting from breaches in cybersecurity of the Fund, the Fund's affiliates or service providers. A cybersecurity breach at an issuer of securities in which the Fund invests may cause such securities to lose value.

**Derivative Investment Risk** is the risk that the use of derivative investments may result in the International Equity Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract may be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the International Equity Fund's portfolio, which may result in significant volatility and cause the International Equity Fund to lose more than the amount it invested or the anticipated value of the underlying asset. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the International Equity Fund, potentially resulting in losses to International Equity Fund shareholders. Derivatives may be less liquid than more traditional investments and the International Equity Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the International Equity Fund's ability to use certain derivatives or increase their cost. Derivative strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the International Equity Fund uses certain derivatives, it will be required to provide margin and/or pledge collateral in a manner that satisfies contractual undertakings, which could limit the International Equity Fund's ability to pursue other opportunities as they arise or require the International Equity Fund to liquidate portfolio securities in order to satisfy margin requirements.

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**Performance**

The following performance information provides some indication of the risks of investing in the International Equity Fund. The bar chart below shows the annual total returns of the International Equity Fund's Institutional Class shares for the period indicated. The table below shows the average annual total returns, both before and after taxes, and how the International Equity Fund's Institutional Class performance compares to that of a broad-based securities market index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. Past performance, before and after taxes, is not necessarily an indication of how the International Equity Fund will perform in the future. Updated performance information for the International Equity Fund is available toll free by calling 1-800-527-5412 or by visiting our website at www.firstamericanfunds.com.

Advisor Class and Class R shares have not commenced operations as of the date of this prospectus and therefore the returns shown below are for Institutional Class shares. Advisor Class and Class R shares would have substantially similar annual returns to Institutional Class shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.

**International Equity Fund - Institutional Class**

**Annual Total Returns as of December 31, 2025**![35321](ck0001696729-20260127_g2.jpg)

**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

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| | | |
|:---|:---|:---|
| | **Return**  | **Quarter/Year**  |
| Highest Return | 17.96% | 2Q/2020 |
| Lowest Return | (23.70)% | 1Q/2020 |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. They are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of International Equity Fund shares at the end of the measurement period.

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**Average Annual Total Returns for the periods ended December 31, 2025** 

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| | | | |
|:---|:---|:---|:---|
| **International Equity Fund**  | &nbsp;&nbsp;**1 Year**  | **5 Years** | **Since Inception**<br> December 29, 2017  |
| Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes Based on NAV  | 29.51% | 6.28% | 5.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 26.73% | 5.20% | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 18.77% | 4.72% | 4.62% |
| MSCI ACWI ex USA Index (reflects no deduction for fees, expenses or taxes) | 32.39% | 7.91% | 6.76% |

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**Management**

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| | | |
|:---|:---|:---|
| **Investment Adviser**  | **Portfolio Managers**  | **Managed the** <br>**International Equity Fund Since:**  |
| U.S. Bancorp Asset Management, Inc. | John Spagnola is a Managing Director of the Adviser and a member of USBAM's Outsourced Chief Investment Officer (OCIO) Investment Committee. | 2017 |
|  | Surya Pisapati, CFA is a Portfolio Strategist for the Adviser and a member of USBAM's OCIO Investment Committee. | 2017 |
|  | Kenneth Schiebel, CFA is a Managing Director of the Adviser, USBAM's Chief Investment Officer, Public Sector Management and OCIO Strategies and serves as current Chairman of USBAM's OCIO Investment Committee. | 2017 |
|  | Patrick Mahoney is a Managing Director of the Adviser, Head of OCIO Investments and a member of USBAM's OCIO Investment Committee. | 2023 |
|  | James Palmer, CFA is a Managing Director of the Adviser, USBAM's Chief Investment Officer, Money Market Fund Management and Corporate Fixed Income Strategies and a member of USBAM's OCIO Investment Committee. | 2024 |

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| | | |
|:---|:---|:---|
| **Sub-Adviser**  | **Portfolio Managers**  | **Managed the** <br>**International Equity Fund Since:**  |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D., Executive Vice President is the Chief Investment Officer of Acadian. | 2019 |
|  | Fanesca Young, Ph.D., CFA - Senior Vice President, Director, Equity Portfolio Management. | 2023 |
| Aristotle Capital Management, LLC | Howard Gleicher, CFA, is Chief Executive Officer and Chief Investment Officer. | 2017 |
|  | Geoffrey S. Stewart, CFA, is a Principal, Portfolio Manager - International and a Senior Global Research Analyst. | 2017 |
|  | Sean M. Thorpe is a Principal, Portfolio Manager - International and a Senior Global Research Analyst. | 2017 |
| Ninety One North America, Inc. | Adam Child, Co-Portfolio Manager | 2023 |
|  | Ben Lambert, Co-Portfolio Manager | 2024 |
| Pzena Investment Management, LLC | Rakesh Bordia, Principal and Portfolio Manager | 2025 |
|  | Caroline Cai, CFA, Managing Principal, Chief Executive Officer and Portfolio Manager | 2025 |
|  | Allison Fisch, Managing Principal, President and Portfolio Manager | 2025 |
|  | Akhil Subramanian, Principal and Portfolio Manager | 2025 |
| WCM Investment Management, LLC | Sanjay Ayer, Portfolio Manager and Business Analyst and a member of the ISG. | 2020 |
|  | Paul R. Black, Portfolio Manager and CEO, and a member of WCM's Investment Strategy Group (ISG). | 2019 |
|  | Michael B. Trigg, Portfolio Manager and President and a member of the ISG. | 2019 |
|  | Jon Tringale, Portfolio Manager and a member of the ISG. | 2022 |

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Not all of these sub-advisers may manage assets of the International Equity Fund at all times.

**Buying and Selling Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about buying and selling International Equity Fund shares, tax information, and financial intermediary compensation, please turn to "Buying and Selling Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries" on page 28 of the Prospectus.

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**FUND SUMMARY**

***First American Multi-Manager Fixed-Income Fund***

**Investment Objective** 

The First American Multi-Manager Fixed-Income Fund (Fixed-Income Fund) seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

**Fees and Expenses**

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

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| | | | |
|:---|:---|:---|:---|
| | **Advisor**  | **Institutional**  | **R**  |
| **Shareholder Fees** (fees paid directly from your investment)  | | | |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) |  |  |  |
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |  |  |
| Management Fees | 0.40% | 0.40% | 0.40% |
| Distribution and/or Service (12b-1) Fees<sup>(1)</sup> |  |  |  |
| Other Expenses<sup>(2)</sup> | 0.09% | 0.09% | 0.09% |
| Acquired Fund Fees and Expenses | 0.03% | 0.03% | 0.03% |
| Total Annual Fund Operating Expenses<sup>(3)</sup>  | 0.52% | 0.52% | 0.52% |

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<sup>(1)</sup>  The maximum annual rates at which the distribution and/or servicing fees may be paid under the Advisor Class and Class R 12b-1 Plans (calculated as a percentage of the Fund's average daily net assets attributable to the particular class of shares) is 0.25% and 0.50%, respectively; however, the Board of Trustees has determined not to authorize payment of a Rule 12b-1 plan fee at this time.

<sup>(2)</sup>  As of the date of this prospectus, Advisor and R class shares of the Fund have not commenced operations and expenses are based on Institutional Class expenses for the fiscal year ended September 30, 2025.

<sup>(3)</sup>  The Total Annual Fund Operating Expenses do not correlate to the "Ratios of Average Net Assets of Expenses, Prior to Expenses Waived/Reimbursed/Recouped" provided in the Financial Highlights section of this Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses. Acquired fund fees and expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies (including exchange traded funds).

**Example.** This Example is intended to help you compare the costs of investing in the Fixed-Income Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fixed-Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fixed-Income Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>1 Year</u>**  | **<u>3 Years</u>**  | **<u>5 Years</u>**  | **<u>10 Years</u>**  |
| Advisor Shares | $53 | $167 | $291 | $653 |
| Institutional Shares | $53 | $167 | $291 | $653 |
| Class R Shares | $53 | $167 | $291 | $653 |

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**Portfolio Turnover**

The Fixed-Income Fund pays transaction costs, such as commissions, when it buys and sells investments (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fixed-Income Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fixed-Income Fund's performance. During the most recent fiscal year, the Fixed Income Fund's portfolio turnover rate was 76% of the average value of its portfolio.

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**Principal Investment Strategies**

The Fixed-Income Fund seeks capital appreciation and current income in its attempt to maximize total return. In doing so, the Fixed-Income Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in bonds and other fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities, and in ETFs and other registered investment companies investing in fixed income securities. Fixed-income securities may include:

• Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

• Obligations of state, local and foreign governments;

• Obligations of domestic and foreign banks, corporations and other institutions;

• Mortgage- and other asset-backed securities, including collateralized loan obligations (CLOs);

• Stripped securities evidencing ownership of future interest or principal payments on debt obligations; and

• Bank loans, loan participations, assignments and notes.

The Fixed-Income Fund primarily invests in investment grade debt obligations or those of comparable quality as determined by the Adviser or the Fixed-Income Fund's sub-advisers but may invest up to 40% of its net assets in obligations that are rated below-investment grade (which may include, among other investments, securities commonly referred to as "junk bonds"). A security is considered investment grade if, at the time of purchase, it is rated BBB- or higher by S&P Global Inc. or Fitch Ratings, Baa3 or higher by Moody's Investors Service, or BBB (low) or higher by DBRS Morningstar. A security is considered non-investment grade if it does not meet the criteria listed above. Securities of non-investment-grade quality are speculative in nature.

The Fixed-Income Fund expects to maintain an average duration, under normal circumstances, of not more than eight years. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio might not meet the foregoing target at all times. Duration is a measure of price sensitivity of a fixed income investment or portfolio (expressed as % change in price) to a 1 percentage point (i.e., 100 basis points) change in interest rates, accounting for optionality in bonds such as prepayment risk and call/put features. A longer duration means an increased likelihood of interest rate sensitivity. For example, when the level of interest rates increases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will decrease by approximately 0.50%. Conversely, when the level of interest rates decreases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will increase by approximately 0.50%.

The Fixed-Income Fund may invest in securities of issuers located in foreign markets, including emerging markets.

The Fixed-Income Fund utilizes a "multi-manager" approach whereby U.S. Bancorp Asset Management, Inc. (Adviser or USBAM) may allocate all or a portion of the Fixed-Income Fund's assets to one or more unaffiliated sub-advisers. Each sub-adviser acts independently from the other sub-advisers and utilizes its own distinct investment style in selecting securities and managing the portion of the Fixed-Income Fund's assets to which the sub-adviser has been allocated. Each sub-adviser manages its portion of the Fixed-Income Fund's assets in a manner consistent with the Fixed-Income Fund's investment objective, strategies and restrictions. The Adviser has overall responsibility for the Fixed-Income Fund's investments, and for selecting and overseeing the Fixed-Income Fund's sub-advisers. Not all of the sub-advisers listed for the Fixed-Income Fund may be actively managing assets for the Fixed-Income Fund at all times. The Adviser also has discretion to manage directly all or a portion of the Fixed-Income Fund and currently directly manages a portion of the Fixed-Income Fund's assets using a core-fixed income strategy.

The principal investment strategies employed by the Fixed-Income Fund include the following:

• **Core Fixed-Income**. The core fixed-income strategies invest in a broad range of investment-grade bonds and fixed-income securities, including U.S. government securities, corporate bonds, taxable municipal securities, and mortgage-backed or other asset-backed securities. The strategy may also invest in a limited amount of non-investment grade securities and distressed securities. The core fixed-income strategies are constructed through using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate between 30% and 75% of its assets in core fixed-income strategies.

• **Investment Grade Credit**. The investment grade credit strategies invest in U.S. and, to a limited extent, non-U.S. investment grade bonds and securities of U.S. and non-U.S. corporations and other institutions. The investment grade credit strategies are constructed using a bottom-up investment approach. The sub-adviser(s) may from time to time invest up to 5% of the assets allocated to the strategy in high yield securities. The investment grade credit strategies are constructed using fundamental research to analyze economic trends and other market events. The Fixed-Income Fund expects to allocate up to 30% of its assets to investment grade credit strategies.

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• **High Yield**. The high yield strategies invest in U.S. and non-U.S. fixed income instruments rated below investment grade. The Fixed-Income Fund expects to allocate up to 30% of its assets to high yield strategies.

• **Structured Fixed-Income**. The structured fixed-income strategies invest in high quality structured fixed-income securities, with a particular focus on asset-backed securities backed by assets other than real estate (also known as non-traditional asset-backed securities). The structured fixed-income strategy may also invest a limited amount in commercial mortgage-backed securities, agency-backed securities, and corporate and municipal debt instruments that are secured by tangible asset collateral or revenue streams. The structured fixed-income strategies are constructed using either a bottom-up investment approach or a quantitative framework to assess valuation and long-term return potential. The Fixed-Income Fund expects to allocate up to 30% of its assets to structured fixed-income strategies.

• **Passive Allocation.** The Fixed Income Fund may strategically allocate up to 80% of its assets to passively managed strategies tracking the U.S. bond markets or to actively managed mutual funds that provide exposure to U.S. and global fixed income securities, including high yield securities. Generally, the Adviser expects to use ETFs, such as those tracking the Bloomberg US Aggregate Bond Index, or mutual funds to implement these strategies. At times, the Fixed Income Fund may invest a significant portion of its assets in one ETF or mutual fund. From time to time, the Adviser may also make tactical allocations to over-weight or under-weight certain segments of the fixed income market in an attempt to outperform it. The Adviser may use ETFs, mutual funds, securities, derivatives, or a combination in seeking to implement such a strategy. The Adviser may over-weight or under-weight certain segments of the market based on the Adviser's analysis on the economy, capital markets, valuation, and trends related to the foregoing.

The allocations to each of the core fixed-income, investment grade credit, high yield, structured fixed-income, and passive allocation strategies may vary significantly from the above expected allocation percentages due to market conditions or to meet the investment objective of the Fixed-Income Fund. The Adviser has discretion to change the Fixed-Income Fund's allocations to the strategies listed above and the allocations to individual sub-advisers without notice to or approval by shareholders.

When determining the allocations and reallocations to a sub-adviser, to a passively managed strategy or to the Adviser's core fixed-income strategy, the Adviser employs a strategic and tactical management approach, and considers a variety of factors, including but not limited to the Adviser's views of the economy and markets, the Adviser's or the sub-adviser's investment approach and outlook, relative value and risk, and the characteristics of each sub-adviser's allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). The Adviser seeks, through its selection of sub-advisers and its allocation determinations, to provide an attractive combination of risk and return for the Fixed-Income Fund.

In managing the Fund's assets, the Adviser and certain of the Fixed-Income Fund's sub-advisers use a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the Adviser and/or a sub-adviser develops views on economic policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into the Adviser's and/or a sub-adviser's bottom-up research which informs security selection. In its bottom-up research, the Adviser and/or a sub-adviser develops an internal rating and outlook on issuers. The rating and outlook is determined based on a thorough review of the financial health and trends of an issuer, which includes a review of the composition of revenue, profitability, cash flow margin, and leverage.

The Adviser and/or a sub-adviser may also consider factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Adviser and/or a sub-adviser may also invest in a security based upon the expected total return rather than the yield of such security.

The Fixed-Income Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The Fixed-Income Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The Fixed-Income Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fixed-Income Fund may sell futures contracts to facilitate implementation of the overall investment approach, such as to help manage duration positioning and yield curve exposure. The Fixed-Income Fund may also purchase or sell securities on a forward commitment basis. Forward commitments also include "to be announced" (TBA) securities.

The Fixed-Income Fund seeks to implement its investment strategy, in part, through investments in ETFs and other registered investment companies instead of direct investments.

The Fund may invest up to 20% of its assets in derivatives.

The Fixed-Income Fund's Adviser and sub-advisers may engage in active trading and will not consider portfolio turnover a limiting factor in making decisions for the Fund.

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**Principal Investment Risks**

As with any investment, you could lose all or part of your investment in the Fixed-Income Fund, and the Fixed-Income Fund's performance could trail that of other investments. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fixed-Income Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. The Fixed-Income Fund is subject to the principal risks noted below, any of which may adversely affect the Fixed-Income Fund's net asset value (NAV), yield, total return and ability to meet its investment objective.

**Market Risk** is the risk that general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for revenues or corporate earnings, inflation, changes in interest rates, changes in trade regulation or economic sanctions, lack of liquidity in the bond markets, volatility in the equities market, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism or adverse investor sentiment could cause the value of the Fixed-Income Fund's NAV to decline, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fixed-Income Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

**Fixed-Income Securities Risk** is the risk that the values of debt securities may increase or decrease, and includes counterparty risk, interest rate, debt extension, prepayment, liquidity, and credit (or default) risks. Counterparty risk is that the issuer or guarantor of a fixed-income security may be unwilling or unable to make timely payments of interest or principal or otherwise honor its obligations. Interest rate risk is that during periods of rising interest rates, the Fixed-Income Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fixed-Income Fund's yield (and the market value of its securities) will tend to be higher. During periods of falling interest rates, the income received by the Fixed-Income Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Debt extension risk is that to the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply, and the Fixed-Income Fund will suffer from the inability to invest in higher yielding securities. Prepayment risk is that if the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Liquidity risk is that an economic downturn or period of rising interest rates could adversely affect the markets for fixed-income securities and reduce the Fixed-Income Fund's ability to sell them. Credit (or default) risk is the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fixed-Income Fund's investments and its returns. Changes in the credit rating of a debt security held by the Fixed-Income Fund could have a similar effect.

**Management Risk** is the risk that a strategy used by the Adviser and the Fixed-Income Fund's sub-advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the Adviser and the sub-advisers may cause unintended results.

**Multi-Manager Risk** is the risk that the sub-advisers' investment styles may not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Fixed-Income Fund. The Fixed-Income Fund's performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Fixed-Income Fund's assets to the sub-advisers and to direct investments. The Fixed-Income Fund's value could decline as a result of less than optimal or poor asset allocation decisions. Moreover, the Fixed-Income Fund's multi-manager approach may result in the Fixed-Income Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fixed-Income Fund's performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Fixed-Income Fund.

**Mortgage- and Asset-Backed Securities Risk** includes various risks, including prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fixed-Income Fund reinvesting these early payments at lower interest rates, thereby reducing the Fixed-Income Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fixed-Income Fund.

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**CLO Risk** is the risk that collateralized loan obligations (CLOs) are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fixed-Income Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

**High-Yield Risk** is the risk that the Fixed-Income Fund's non-investment grade fixed-income securities, sometimes known as "junk bonds," will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fixed-Income Fund's return and net asset value. High yield securities are considered highly speculative and are subject to the increased risk of an issuer's inability to make principal and interest payments.

**Cybersecurity Risk** is the risk that the Fund may be subject to operational and informational security risks resulting from breaches in cybersecurity of the Fund, the Fund's affiliates or service providers. A cybersecurity breach at an issuer of securities in which the Fund invests may cause such securities to lose value.

**Derivative Investment Risk** is the risk that the use of derivative investments may result in the Fixed-Income Fund sustaining a loss. The value of a derivative instrument depends largely on the value of the underlying reference asset. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that a counterparty to a derivative contract may be unable or unwilling to meet its financial obligations. Derivatives involve costs and can create leverage in the Fixed-Income Fund's portfolio, which may result in significant volatility and cause the Fixed-Income Fund to lose more than the amount it invested or the anticipated value of the underlying asset. A small investment in a derivative could have a relatively large positive or negative impact on the performance of the Fixed-Income Fund, potentially resulting in losses to Fixed-Income Fund shareholders. Derivatives may be less liquid than more traditional investments and the Fixed-Income Fund may be unable to sell or close out its derivative positions at a desirable time or price. Derivatives also may be harder to value, less tax efficient and subject to changing government regulation that could impact the Fixed-Income Fund's ability to use certain derivatives or increase their cost. Derivative strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure may not provide the expected benefits, particularly during adverse market conditions. When the Fixed-Income Fund uses certain derivatives, it will be required to provide margin and/or pledge collateral in a manner that satisfies contractual undertakings, which could limit the Fixed-Income Fund's ability to pursue other opportunities as they arise or require the Fixed-Income Fund to liquidate portfolio securities in order to satisfy margin requirements. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk.

**Defaulted/Distressed Securities Risk** is the risk that distressed securities may not produce income while they are outstanding and may require the Fixed-Income Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Municipal Securities Risk** generally depends on the financial and credit status of a municipal issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fixed-Income Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

**Forward Commitment, When-Issued, and Delayed Delivery Risk** is the risk that such transactions subject the Fixed-Income Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fixed-Income Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on the Fixed-Income Fund because the Fixed-Income Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fixed-Income Fund's overall investment exposure and, as a result, its volatility.

**TBA Transactions Risk** is the risk of loss if the securities received are less favorable than what was anticipated by the Fixed-Income Fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities.

**Rule 144A Securities Risk** is the risk that the Fund may purchase securities that are not registered under the 1933 Act, but that can be sold to "qualified institutional buyers" in accordance with the requirements stated in Rule 144A under the 1933 Act (Rule 144A Securities). A Rule 144A Security may be less liquid than their registered counterparts. Therefore, such investments may be required to be held for a lengthy period of time or, if the Fund were forced to liquidate its positions in Rule 144A Securities, such liquidation may be taken at a substantial discount to the underlying value or result in the entire loss of the value of such investment.

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**Illiquid Investments Risk** is the risk that because illiquid investments may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Investments acquired by the Fixed-Income Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions and/or investor perception.

**Sovereign Debt Risk** refers to the risk that investments in sovereign debt securities (or foreign government debt securities) involves certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

**Liquidity Risk** is the risk that the Fixed-Income Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk may be caused by unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing the Fund's ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, and the Fixed-Income Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on the Fixed-Income Fund's performance.

**Quantitative Strategies and Trading Risk** is the risk that the Adviser/sub-adviser(s) use quantitative models that rely on patterns inferred from historical prices and other financial and economic data in evaluating prospective investments, making predictions, and in implementing their strategies. Changes in underlying market conditions and unanticipated events can significantly impact the performance of those models. The Adviser/sub-adviser(s) apply judgment in the implementation of their models, which may improve or detract from results. It is also possible that errors in incorporating and processing the historical prices and other financial and economic data could occur. As market dynamics shift over time, quantitative models may become outdated. Mispricing, even if correctly identified, may not be corrected by the market within a time frame over which it is feasible for any given portfolio to maintain a position. Any of the foregoing factors could give rise to material losses or result in the failure to achieve the Fund's investment objective.

**Foreign Investments Risk** is the risk that investing in foreign (non-U.S.) securities may result in the Fixed Income Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial reporting standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments also may suspend or impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fixed-Income Fund's investments to decline.

**Emerging Markets Risk** is the risk that in addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, market disruption, nationalization or confiscatory taxation, currency exchange restrictions, sanctions by the U.S. government and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Because of the foregoing factors, the Fund's investments in emerging market countries may be subject to greater price volatility and illiquidity than investments in developed markets.

**Foreign Currency Risk** is the risk that foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fixed-Income Fund's investments and its returns. Because the Fixed-Income Fund's NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fixed-Income Fund's holdings appreciates. In addition, fluctuations in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region in which the Fixed-Income Fund invests, causing an adverse impact on the Fund's investments in the affected region.

**Valuation Risk** is the risk that the sale price the Fixed-Income Fund could receive for a portfolio security may differ from the Fixed-Income Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fixed-Income Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. In addition, the value of the securities in the Fixed-Income Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fixed-Income Fund's shares.

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**Investment Company/ETF Risk** is the risk that shareholders in the Fixed-Income Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fixed-Income Fund's direct fees and expenses, which may involve duplication of management fees and certain other expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fixed-Income Fund. In addition, investments in other investment companies are subject to the risks associated with the underlying assets held by the investment companies, and investments in ETFs are subject to the following additional risks: (1) an ETF's shares may trade above or below its net asset value; (2) an active trading market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted by the listing exchange; (4) a passively managed ETF may not track the performance of the reference asset; and (5) a passively managed ETF may hold troubled securities.

**Corporate Debt Securities Risk.** The possibility that the issuer of a debt security held by the Fixed-Income Fund is unable to meet its principal and interest payment obligations. The further possibility that corporate debt securities held by the Fixed-Income Fund may experience increased price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity.

**Portfolio Turnover Risk** is the risk that high portfolio turnover may lead to increased Fixed-Income Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders at ordinary income tax rates.

**U.S. Government Securities Risk** is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored entities if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fixed-Income Fund may not be backed by the full faith and credit of the U.S. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

**Performance** 

The following performance information provides some indication of the risks of investing in the Fixed-Income Fund. The bar chart below shows the annual total returns of the Fixed-Income Fund's Institutional Class shares for the period indicated. The table below shows the average annual total returns, both before and after taxes, and how the Fixed Income Fund's Institutional Class performance compares to that of a broad-based securities market index. Index returns do not reflect deductions for fees, expenses or taxes. All returns assume reinvestment of dividends and distributions. Past performance, before and after taxes, is not necessarily an indication of how the Fixed-Income Fund will perform in the future. Updated performance information for the Fixed-Income Fund is available toll free by calling 1-800-527-5412 or by visiting our website at www.firstamericanfunds.com.

Advisor Class and Class R shares have not commenced operations as of the date of this prospectus and therefore the returns shown below are for Institutional Class shares. Advisor Class and Class R shares would have substantially similar annual returns to Institutional Class shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.

**Fixed-Income Fund - Institutional Class**

**Annual Total Returns as of December 31, 2025**

![37005](ck0001696729-20260127_g3.jpg)

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**Best and Worst Quarter Returns (for the periods reflected in the bar chart above)**

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| | | |
|:---|:---|:---|
| | **Return**  | **Quarter/Year**  |
| Highest Return | 6.56% | 4Q/2023 |
| Lowest Return | (5.81)% | 2Q/2022 |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fixed-Income Fund shares at the end of the measurement period.

**Average Annual Total Returns for the periods ended December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Fixed Income Fund**  | &nbsp;&nbsp;**1 Year**  | **5 Years** | **Since Inception**<br> December 29, 2017  |
| Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes Based on NAV  | 7.04% | 0.20% | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 5.19% | (1.27)% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 4.14% | (0.48)% | 1.21% |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 1.74% |

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**Management**

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| | | |
|:---|:---|:---|
| **Investment Adviser**  | **Portfolio Managers**  | **Managed the<br>Fixed-Income Fund<br>Since:**  |
| U.S. Bancorp Asset Management, Inc. | John Spagnola is a Managing Director of the Adviser and a member of USBAM's Outsourced Chief Investment Officer (OCIO) Investment Committee. | 2017 |
|  | Surya Pisapati, CFA is a Portfolio Strategist for the Adviser and a member of USBAM's OCIO Investment Committee. | 2017 |
|  | Kenneth Schiebel, CFA is a Managing Director of the Adviser, USBAM's Chief Investment Officer, Public Sector Management and OCIO Strategies and serves as current Chairman of USBAM's OCIO Investment Committee. | 2017 |
|  | Patrick Mahoney is a Managing Director of the Adviser, Head of OCIO Investments and a member of USBAM's OCIO Investment Committee. | 2023 |
|  | James Palmer, CFA is a Managing Director of the Adviser, USBAM's Chief Investment Officer, Money Market Fund Management and Corporate Fixed Income Strategies and a member of USBAM's OCIO Investment Committee. | 2024 |
|  | Greg Haendel, CFA is a Managing Director, Senior Portfolio Manager, and Head of Core Bond Strategies for the Adviser (with respect to the Fixed-Income Fund manager-advised strategy). | 2025 |
|  | Jason Sharpe, CFA is Portfolio Manager for the Adviser (with respect to the Fixed-Income Fund manager-advised strategy). | 2025 |
|  | Philip Levy, CFA, CPA is Portfolio Manager for the Adviser (with respect to the Fixed-Income Fund manager-advised strategy) | 2025 |

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| | | |
|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Managers** | **Managed the<br>Fixed-Income<br>Fund Since:** |
| Brown Brothers Harriman Credit Partners, LLC | Neil Hohmann, PhD is a Portfolio Manager and Head of Structured Products. | 2017 |
|  | Andrew Hofer is a Portfolio Manager and the Head of Taxable Portfolio Management. <br>Chris Ling is a Portfolio Manager and the Head <br>Structured Trader.  | 2017<br>2020 |
| PineBridge Investments LLC | Robert A. Vanden Assem, CFA is a Managing Director and Head of Developed Markets Investment Grade Fixed Income. | 2017 |
|  | Dana G. Burns is a Managing Director and Senior Portfolio Manager. | 2017 |
| PGIM, Inc. | Richard Piccirillo is a Managing Director and Co-head of PGIM Fixed Income Multi-Sector Team. | 2017 |
|  | Gregory Peters is a Managing Director and Co-Chief Investment Officer. | 2017 |
|  | Matthew Angelucci, CFA is a Managing Director and Senior Portfolio Manager. | 2024 |
|  | Tyler Thorn is a Principal and Portfolio Manager. | 2024 |
| Teachers Advisors, LLC | Stephen M. Liberatore, CFA is a Managing Director and Fixed-Income Portfolio Manager. | 2017 |
|  | Jessica Zarzycki is a Fixed-Income Portfolio Manager | 2025 |

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Not all of these sub-advisers may manage assets of the Fixed-Income Fund at all times.

**Buying and Selling Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about buying and selling Fixed-Income Fund shares, tax information, and financial intermediary compensation, please turn to "Buying and Selling Fund Shares, Tax Information, and Payments to Broker-Dealers and Other Financial Intermediaries" on page 28 of the Prospectus.

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**BUYING AND SELLING FUND SHARES, TAX INFORMATION AND PAYMENTS TO BROKER DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

**Buying and Selling Fund Shares**

You may purchase or sell (redeem) shares by making a request of the Domestic Equity Fund, International Equity Fund and Fixed-Income Fund (each, a Fund and collectively, the Funds) in writing to PFM Multi-Manager Series Trust, c/o U.S. Bank Global Fund Services, P.O. Box 219252 Kansas City, MO 64121-9252, or by telephone at 1-800-527-5412. You may also purchase or redeem shares by contacting your broker-dealer or other financial intermediary.

Each Fund's initial and subsequent investment minimums generally are as follows, although the Funds may reduce or waive the minimums in some cases:

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| | | | |
|:---|:---|:---|:---|
| | **<u>Advisor Class</u>** | **<u>Institutional Class</u>** | **<u>Class R</u>** |
| **Minimum Initial Investment** | $25000 | $1000000 | $1000 |
| **Minimum Additional Investment** | $0 | $0 | $0 |

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**Tax Information**

Each Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

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

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

**MORE INFORMATION ABOUT THE FUNDS**

Each Fund is a series of PFM Multi-Manager Series Trust, a Delaware statutory trust (Trust). A statement of the investment objective and principal investment policies, strategies and risks of each Fund is set forth above in the respective "Fund Summary." This section provides additional information about the principal investment strategies the Funds' management team may use, as well as the principal risks that may affect a Fund's portfolio.

To the extent required by U.S. Securities and Exchange Commission (SEC) regulations, shareholders of each Fund will be provided with sixty (60) days' notice in the manner prescribed by the SEC before any change in a Fund's policy stated in the Prospectus to invest at least 80% of its net assets in the particular type of investment suggested by its name.

In seeking to achieve the Funds' investment objectives, the Funds' management team also may invest in various types of securities and engage in various investment practices that are not the principal focus of the Funds and therefore are not described in this Prospectus. Each Fund's investment objective may be changed by the Board of Trustees (Board) without shareholder approval upon sixty (60) days' prior written notice. Additional information about these other investments and portfolio management techniques and their associated risks is more extensively discussed in the Funds' Statement of Additional Information (SAI), which is available without charge upon request as described on the back cover of this Prospectus.

The Domestic Equity Fund can invest in derivative instruments, including futures contracts. The Domestic Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The Fund does not seek to use derivatives extensively.

The International Equity Fund can invest in derivative instruments, including futures contracts and forward foreign currency contracts. The International Equity Fund can use uninvested cash to purchase futures contracts to gain exposure to equity markets. The International Equity Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund does not seek to use derivatives extensively.

A Fund's Adviser or sub-advisers, as applicable, may sell an investment held by the Fund for a variety of reasons, including, but not limited to, changing market conditions, the value of the investment, and whether the investment remains consistent with the Fund's investment objective and strategies.

When deemed appropriate by the Funds' Adviser or sub-advisers for short-term investment or defensive purposes, a Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's typical principal investment strategies. To the extent that a Fund employs a temporary defensive measure due to adverse market, economic, political or other conditions, the Fund may not achieve its investment objective.

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From time to time, a Fund may hold a substantial position in cash or money market instruments to take advantage of future investment opportunities, meet redemption requests, or make other anticipated cash payments without selling portfolio securities. During periods of rising securities prices, a substantial cash position may result in "cash drag," *i.e.*, the opportunity cost of not being fully invested.

**A Further Discussion of Risks**

The Funds are subject to the principal risks noted below, listed in alphabetical order, any of which that apply may adversely affect a Fund's NAV, yield, total return and ability to meet its investment objective. You could lose all or part of your investment in a Fund, and a Fund could underperform other investments.

**Agency Mortgage-Backed Securities (Fixed Income Fund)**. The Fund may invest in agency-backed MBS, which include securities issued or guaranteed by U.S. government agencies, GSEs or instrumentalities. These include securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), including funding notes, subordinated benchmark notes, CMOs and REMICs. These obligations may or may not be backed by the "full faith and credit" of the U.S. In the case of securities not backed by the full faith and credit of the U.S., the Fund must look principally to the federal agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. itself in the event the agency or instrumentality does not meet its commitments.

**Asia Pacific Region Risk (International Equity Fund).** The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. In addition, the risks of expropriation and/or nationalization of assets, confiscatory taxation, and armed conflict as a result of religious, ethnic, socio-economic and/or political unrest may adversely affect the value of the Fund's Asia Pacific investments.

The Fund's Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations related to Japan's limited natural resource supply. The Japanese economy also faces several other concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for audits of, investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; complex geopolitical tensions, military conflicts and the risk of war, either internal or with other countries; assertions of human rights violations by certain nations; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country or region within Greater China may impact the other countries or regions or Greater China as a whole. For example, changes to their political and economic relationships with mainland China could adversely impact the Fund's investments in Taiwan and Hong Kong, both of which have experienced political, economic and even military tensions with China concerning their sovereignty and/or political autonomy. Additionally, the PCAOB has historically had difficulties in inspecting audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies. Such issues with respect to the PCAOB inspections may impose significant additional risks associated with investments in China, including the risks that the audits may be less reliable, the information about the Chinese securities may be less reliable or complete, or a U.S.-listed Chinese issuer may be delisted if the PCAOB is unable to inspect the accounting firm for the issuer.

Investments in Chinese companies may be made through a special structure known as a variable interest entity (VIE) that is designed to provide foreign investors, such as the Fund, with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investments. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company in order to provide investors with exposure to the operating company, and therefore does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs allow foreign shareholders to exert a degree of control and obtain economic benefits arising from the operating company without formal legal ownership. However, the contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and a foreign investor's (such as the Fund's) rights may be

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limited by, for example, actions of the Chinese government which could determine that the underlying contractual arrangements on which control of the VIE is based are invalid. The contractual arrangement on which the VIE structure is based would likely be subject to Chinese law and jurisdiction, which could raise questions about how recourse is sought. Investments through VIEs may be affected by conflicts of interest and duties between the legal owners of the VIE and the stockholders of the listed holding company, which could adversely impact the value of investments. Historically, VIEs have not been formally recognized under Chinese law; however, effective March 31, 2023, the China Securities Regulatory Commission (CSRC) released new rules and implementing guidelines that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create VIEs more difficult and costly. Further, while the rules and implementing guidelines do not prohibit the use of VIE structures, this does not serve as a formal endorsement by the Chinese government. There is a risk that the Chinese government may cease to tolerate VIEs at any time, and any guidance or further rulemaking prohibiting or restricting these structures by the Chinese government, generally or with respect to specific industries, would likely cause impacted VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Fund's returns and net asset value. The future of the VIE structure generally and with respect to certain industries remains uncertain.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars, or other trade barriers (or the threat thereof), or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The ongoing trade dispute, imposition of tariffs and deterioration of trade relations between China and the United States continues to introduce uncertainty into the Chinese economy and may result in market volatility, reductions in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on the Fund's performance. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value and liquidity of such securities held by the Fund. Further, from time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance or require the Fund to sell (or conversely, prevent the Fund from purchasing or selling) the securities of the company.

Additionally, developing countries, such as those in Greater China, may subject the Fund's investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Chinese taxes that may apply to the Fund's investments include income tax or withholding tax on dividends, interest or gains earned by the Fund, business tax and stamp duty. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.

**CLO Risk (Fixed-Income Fund).** CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

**Collateral Risk (Fixed Income Fund)**. If the Fund's financial instruments are secured by collateral, the issuer may have difficulty liquidating the collateral and/or the Fund may have difficulty enforcing its rights under the terms of the securities if an issuer defaults. Collateral may be insufficient or the Fund's right to the collateral may be set aside by a court. Collateral will generally consist of assets that may not be readily liquidated including, for example, equipment, inventory, work in the process of manufacture, real property and payments to become due under contracts or other receivable obligations. There is no assurance that the liquidation of those assets would satisfy an issuer's obligations under a financial instrument. Non-affiliates and affiliates of issuers of financial instruments may provide collateral in the form of secured and unsecured guarantees and/or security interests in assets that they own, which may also be insufficient to satisfy an issuer's obligations under a financial instrument.

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**Corporate Debt Securities Risk (Fixed Income Fund).** The possibility that the issuer of a debt security held by the Fixed-Income Fund is unable to meet its principal and interest payment obligations. The further possibility that corporate debt securities held by the Fixed-Income Fund may experience increased price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity.

**Cybersecurity Risk (All Funds).** With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, a Fund may be subject to operational and informational security risks resulting from breaches in cybersecurity (cyber-attacks). A cyber-attack refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption, or lose operational capacity. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices that are used to service the Funds' operations through "hacking" or other means for the purpose of misappropriating assets or sensitive information, corrupting data, or causing operational disruption

Cybersecurity failures or breaches of the Funds' affiliates or service providers, may cause disruptions and impact the business operations, potentially resulting in financial losses to both a Fund and its shareholders, the inability of Fund shareholders to transact business, inability to calculate a Fund's net asset value, impediments to trading, violations of applicable privacy and other laws (including the release of private shareholder information), regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Adviser has risk management systems designed to prevent or reduce the impact of such cyber-attacks, there are inherent limitations in such controls, systems and protocols, including the possibility that certain risks have not been identified, as well as the rapid development of new threats. These cybersecurity risks are also present for issuers of securities in which a Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value and may result in financial loss for Fund shareholders.

**Depositary Receipt Risk (Domestic Equity Fund and International Equity Fund).** Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. The Funds may therefore receive less timely information or have less control than if they invested directly in the foreign issuer.

**Derivatives (All Funds)**. A derivative is a financial instrument whose value is derived from, or based upon, the performance of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, which are described below.

*Counterparty Risk*. Certain derivatives do not trade on an established exchange (referred to as over-the-counter (OTC) derivatives) and are simply financial contracts between a Fund and a counterparty. When a Fund is owed money on an OTC derivative, the Fund is dependent on the counterparty to pay or, in some cases, deliver the underlying asset, unless the Fund can otherwise sell its derivative contract to a third party prior to its expiration. Many counterparties are financial institutions such as banks and broker-dealers and their creditworthiness (and ability to pay or perform) may be negatively impacted by factors affecting financial institutions generally. In addition, in the event that a counterparty becomes bankrupt or insolvent, a Fund's ability to recover the collateral that the Fund has on deposit with the counterparty could be delayed or impaired. For derivatives traded on a centralized exchange, a Fund generally is dependent upon the solvency of the relevant exchange clearing house (which acts as a guarantor for each contractual obligation under such derivatives) for payment on derivative instruments for which the Fund is owed money.

*Liquidity Risk*. There is a smaller pool of buyers and sellers for certain derivatives, particularly OTC derivatives, than more traditional investments such as stocks. These buyers and sellers are often financial institutions that may be unable or unwilling to buy or sell derivatives during times of financial or market stress. Derivative instruments may therefore be less liquid than more traditional investments and the Fund may be unable to sell or exit its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. To the extent that a Fund is unable to exit a derivative position because of market illiquidity, the Fund may not be able to prevent further losses of value in its derivatives holdings and the liquidity of the Fund and its ability to meet redemption requests may be impaired to the extent that a substantial portion of the Fund's otherwise liquid assets must be used as margin or cover. Another consequence of illiquidity is that a Fund may be required to hold a derivative instrument to maturity and take or make delivery of the underlying asset that the Adviser or sub-adviser would otherwise have attempted to avoid.

*Other Risks*. Compared to other types of investments, derivatives may be harder to value and less tax efficient. In addition, derivatives strategies may not always be successful. For example, to the extent that a Fund uses derivatives for hedging or to gain or

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limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Fund may not realize the intended benefits. There is also the risk that during adverse market conditions, an instrument which would usually operate as a hedge provides no hedging benefits at all.

**Defaulted/Distressed Securities Risk (Fixed-Income Fund)**. Distressed securities are speculative and involve a substantial risk in addition to the risks of investing in high yield bonds discussed below under "High-Yield Risk." It may be difficult to obtain reliable information as to the true financial condition of the issuer of a distressed security. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. A Fund will generally not receive interest payments on defaulted securities and may incur additional expenses if it is required to seek recovery upon default in the payment of principal or interest. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale. The Fund may lose its entire investment or be required to accept cash or securities with a value less than its original investment.

**Emerging Markets Risk (International Equity Fund and Fixed-Income Fund).** Securities listed and traded in emerging markets are subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility; (ii) lower trading volume; (iii) greater social, political and economic uncertainty; (iv) governmental controls on foreign investments and limitations on repatriation of invested capital; (v) the risk that companies may be held to lower disclosure, corporate governance, accounting, auditing, financial reporting and recordkeeping standards than companies in more developed markets; and (vi) the risk that there may be less protection of property rights than in other countries. Emerging markets generally are less liquid and less efficient than developed securities markets. Certain emerging markets are also subject to the possibility of nationalization, expropriation or confiscatory taxation. Trading in emerging market countries can be expensive, and investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. To the extent a Fund invests in emerging markets, the value of Fund shares may be particularly sensitive to changes in the economics of such countries. Because of the foregoing factors, the Fund's investments in emerging market countries may be subject to greater price volatility and illiquidity than investments in developed markets.

**European Investment Risk (International Equity Fund).** The EMU requires compliance by member countries with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. The value of the Fund's investments in Europe will be affected by economic and political developments in Europe, among other factors. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have significant adverse effects on the economies of EU member countries and the EU and Europe as a whole.

European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. Responses to these and other financial problems by European governments, central banks, and others, including austerity measures and reforms, may not produce the desired results, or may limit future growth and economic recovery, may result in social unrest or have other unintended consequences. Further defaults or restructurings by governments and other entities of European countries' debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. The markets of a number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Recent security concerns related to immigration, war and geopolitical risk, and terrorism could have a negative impact on the EU and investments within EU countries.

Issues involving the EU's membership, in particular the 2020 withdrawal of the UK from the EU, have increased the risks associated with European investments. The UK's departure sparked volatility in the value of the British pound, short-term declines in the stock markets and heightened risk of continued economic volatility worldwide. Although the long-term effects of Brexit are difficult to gauge and cannot be fully known, they could have wide ranging implications for the UK's economy, including possible inflation or recession, continued depreciation of the British pound, or disruption to Britain's trading arrangements with the rest of Europe. Because the UK is one of Europe's largest economies, its departure from the EU also may negatively impact the EU and Europe as a whole, such as by causing volatility within the union, triggering prolonged economic downturns in certain European countries or sparking additional member countries to contemplate departing the EU. An exit by other member countries will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

**Fixed-Income Securities Risk (Fixed-Income Fund)**. Fixed-income securities are subject to counterparty, interest rate, debt extension, prepayment, and credit (or default) risks, which are described below. Below investment grade fixed-income securities may be subject to these risks (including the risk of default) to a greater extent than other fixed-income securities.

*Counterparty Risk*. Counterparty risk is the risk that the issuer or the guarantor of a fixed-income security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations.

*Interest rate Risk*. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when prevailing interest rates rise. This means that you may lose money on your investment due to unpredictable drops in a security's value or periods of below-average performance in a given security or in the securities market as a whole. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more

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volatile than securities with shorter durations. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. This risk is greater to the extent the Fund uses leverage or derivatives in connection with the management of the Fund.

*Debt extension Risk*. The issuer of a security held by the Fixed-Income Fund (such as a mortgage-related or other asset-backed security) may under certain circumstances make principal payments on such security later than expected. This may occur, for example, when interest rates rise. Such later than expected principal payments decrease the value of the security held by the Fund. In addition, as payments are received later than expected, the Fund may miss the opportunity to reinvest in higher yielding securities.

*Prepayment Risk*. Prepayment risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fixed-Income Fund earlier than expected or required. This may occur, for example, when there is a decline in interest rates, and an issuer of bonds or preferred stock redeems the bonds or stock in order to replace them with obligations on which it is required to pay a lower interest or dividend rate. It may also occur when there is an unanticipated increase in the rate at which mortgages or other receivables underlying mortgage- or asset-backed securities held by the Fund are prepaid. In any such case, the Fund may be forced to invest the prepaid amounts in lower-yielding investments, resulting in a decline in the Fund's income.

*Credit (or default) Risk.* Credit (or default) risk refers to the likelihood that an issuer will default in the payment of principal and/or interest on a security. Financial strength, solvency of an issuer, and lack of or inadequacy of collateral or credit enhancements for a fixed-income security, may affect credit risk. Credit risk of a security may change over time, and securities which are rated by rating agencies are often reviewed and may be subject to downgrade. Ratings are only opinions of the agencies issuing them and are not absolute guarantees as to quality.

*Liquidity Risk*. An economic downturn or period of rising interest rates could adversely affect the markets for fixed-income securities and reduce the Fixed-Income Fund's ability to sell them.

**Focus Risk (Domestic Equity Fund and International Equity Fund).** Focus risk is the risk that to the extent a Fund's investment strategy leads to sizable allocations to a particular market, sector, industry or issuer, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector, industry or issuer. As a result, there may be more fluctuation in the price of a Fund's shares.

**Foreign Currency Risk (All Funds).** Foreign currency exchange rates may have significant volatility, and changes in the values of foreign currencies against the U.S. dollar may result in substantial declines in the values of a Fund's assets denominated in foreign currencies. Because a Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar and a Fund's attempt to hedge currency exposure is unsuccessful. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency when measured in U.S. dollars, thereby decreasing the Fund's overall NAV. Despite a Fund's currency hedging strategy, the value of the Fund's assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies.

**Foreign Investments Risk (All Funds)**. Foreign securities include direct investments in non-U.S. dollar-denominated securities traded primarily outside of the U.S. and dollar-denominated securities of foreign issuers. Foreign securities also include indirect investments such as ADRS, GDRs, and EDRs.

Foreign securities fluctuate in price because of political, financial, social and economic events in foreign countries. A foreign security could also lose value because of more or less stringent foreign securities regulations and less stringent accounting, auditing, and disclosure standards. Foreign securities, and in particular foreign debt securities, are sensitive to changes in interest rates. In addition, investment in the securities of foreign governments involves the risk that foreign governments may default on their obligations or may otherwise not respect the integrity of their obligations. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens, or its markets decline. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes foreign governments. Foreign investments also may involve risks associated with the level of currency exchange rates (see "Foreign Currency Risk" above), less complete financial information about the issuers, less market liquidity, more market volatility and political instability.

The risk of investments in Europe may be heightened due to the January 31, 2020 departure of the United Kingdom (UK) from the European Union (EU) and resulting uncertainty about trade negotiations and economic effects of the departure, which may cause increased market volatility and illiquidity, and potentially lower economic growth on markets in the UK, Europe and globally, which may adversely affect the value of the Fund's investments. In addition, if one or more countries were to exit the EU or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.

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The risks of investing in foreign securities are greater for investments in emerging market issuers (see "Emerging Markets Risk" above).

**Forward Commitments, When-Issued Securities, Delayed Delivery Transactions (Fixed-Income Fund)**. A purchase of "when-issued" securities refers to a transaction made conditionally because the securities, although authorized, have not yet been issued. A delayed delivery or forward commitment transaction involves a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period.

Purchasing securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the securities may decrease by the time they actually are issued or delivered. Conversely, selling securities in these transactions involves the risk that the value of the securities may increase by the time they actually are issued or delivered. Therefore, these transactions may have a leveraging effect on a Fund, making the value of an investment in the Fund more volatile and increasing the Fund's overall investment exposure. These transactions also involve the risk that the counterparty may fail to deliver the security or cash on the settlement date.

**Frontier Markets Risk (International Equity Fund).** There is an additional increased risk of price volatility associated with frontier market countries (pre-emerging markets), which may be further magnified by currency fluctuations relative to the U.S. dollar. Frontier market countries generally have smaller economies or less developed capital markets than in more advanced emerging markets and, as a result, the risks of investing in emerging market countries may be magnified in frontier market countries.

**Geographic Focus Risk (International Equity Fund)**. The performance of a Fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or region in which the Fund invests and may be more volatile than the performance of a more geographically-diversified Fund.

**High-Yield Risk (Fixed-Income Fund)**. Below investment grade fixed-income securities, also known as "junk bonds," are rated below investment grade quality and may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments. Junk bonds are speculative in nature. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. They may also be issued by highly leveraged companies, which may be less able to meet their contractual obligations than a less leveraged company. These bonds are rated "below investment grade." These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of junk bonds generally and less secondary market liquidity. This potential lack of liquidity may make it more difficult to accurately value certain portfolio securities.

**Illiquid Investments (Fixed-Income Fund)**. An illiquid investment means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to the 1940 Act and applicable rules and regulations thereunder. Illiquid investments may include a wide variety of investments, such as, for example: repurchase agreements and time deposits with notice/termination dates of more than seven (7) days, certain variable amount master demand notes that cannot be called within seven (7) days, certain insurance funding agreements, certain unlisted over-the-counter options and other securities that are traded in the United States but are subject to trading restrictions because they are not registered under the Securities Act of 1933, as amended, below investment grade non-agency mortgage-backed securities, and both foreign and domestic securities that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments will all be subject to the Fund's 15% limit on illiquid investments.

Because illiquid investments may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Investing in Rule 144A Securities could increase the level of the Fund's illiquidity during any period that qualified institutional buyers become uninterested in purchasing these securities. Investments acquired by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions and/or investor perception.

**Interest Rate Risk (Fixed Income Fund)**. The value of fixed-income securities in which the Fund invests will change in response to fluctuations in interest rates. In general, bonds with shorter maturities are less sensitive to interest rate movements than those with longer maturities, (i.e., when interest rates increase, bond prices fall). As with most funds that invest in debt securities, changes in interest rates are one of the most important factors that could affect the value of an investment. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) to fall which could result in a decrease of the NAV of the Fund. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

A rise in interest rates may also result in periods of volatility and increased redemptions. As a result of increased redemptions, the Fund may have to liquidate portfolio securities at disadvantageous prices and times, which could reduce the returns of the Fund.

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While the Fund uses treasury futures to manage interest rate risk, there can be no guarantee that the Fund will be able to successfully hedge interest rate exposures.

Debt securities have a stated maturity date when the issuer must repay the principal amount of the bond. Some debt securities, known as callable bonds, may repay the principal earlier than the stated maturity date. Debt securities are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate. Rising interest rates may also cause investors to pay off mortgage-backed securities (MBS) and asset-backed securities (ABS) later than anticipated, forcing the Fund to keep its money invested at lower rates. Falling interest rates, however, generally cause investors to pay off MBS and ABS earlier than expected, forcing the Fund to reinvest the money at a lower interest rate.

**Investment Companies/ETFs (All Funds)**. Investments in other investment companies such as mutual funds and ETFs subject a Fund to the same risks as any other investor in such investment company. A Fund also would bear a proportionate share of any fees and expenses paid by that company. These expenses would be in addition to the management and other fees paid directly by a Fund. A Fund's investment in an ETF involves other considerations. In particular, shares of ETFs are listed and traded on securities exchanges, and the purchase and sale of these shares involve transaction fees and commissions. In addition, shares of an ETF are issued in "creation units" and are not redeemable individually except upon termination of the ETF. To redeem, a Fund must accumulate enough shares of an ETF to reconstitute a creation unit. The liquidity of a small holding of an ETF, therefore, will depend upon the existence of a secondary market. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF's NAV. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF.

**Investment in Commercial Mortgage-Backed Securities (Fixed Income Fund)**. The Fund may invest in CMBS, which are securities backed by obligations (including certificates of participation in obligations) that are principally secured by interests in real property having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. CMBS are issued in public and private transactions by a variety of public and private issuers using a variety of structures, including senior and subordinated classes. CMBS may provide for the repayment of all or substantially all of the principal only at maturity. Commercial mortgage lenders typically look to the debt service coverage ratio of a mortgage secured by income-producing property as an important measure of the risk of default on a mortgage. Commercial property values and net operating income are subject to volatility, and net operating income may be sufficient or insufficient to cover debt service on the related mortgage at any given time. The repayment of mortgages secured by income-producing properties is typically dependent upon the successful operation of the related real estate project as well as upon the value of the underlying real estate. The value of commercial real estate is also influenced by a number of laws and regulations, such as regulations and laws regarding environmental clean-up and limitations on remedies imposed by bankruptcy laws and state laws regarding foreclosures and rights of redemption.

Most CMBS are effectively non-recourse obligations of the borrower, meaning that there is no recourse against the borrower's assets other than the collateral. If borrowers are not able or willing to refinance or dispose of encumbered property to pay the principal and interest owed on such mortgages, payments on the subordinated classes of the related CMBS are likely to be adversely affected. The ultimate extent of the loss, if any, to the subordinated classes of CMBS may only be determined after a negotiated discounted settlement, restructuring or sale of the mortgage note, or the foreclosure (or deed-in-lieu of foreclosure) of the mortgage encumbering the property and subsequent liquidation of the property. Foreclosure can be costly and delayed by litigation and/or bankruptcy. Factors such as the property's location, the legal status of title to the property, its physical condition and financial performance, environmental risks, and governmental disclosure requirements with respect to the condition of the property may make a third party unwilling to purchase the property at a foreclosure sale or to pay a price sufficient to satisfy the obligations with respect to the related loan. Revenues from the assets underlying such CMBS may be retained by the borrower and the return on investment may be used to make payments to others, maintain insurance coverage, pay taxes or pay maintenance costs. A CMBS may pay fixed or floating rates of interest. A fixed-rate CMBS, like all fixed income securities, generally declines in value as rates rise. Moreover, although generally the value of fixed income securities increases during periods of falling interest rates, the inverse relationship may not be as marked in the case of CMBS due to the increased likelihood of prepayments during periods of falling interest rates. This effect is mitigated to some degree for CMBS providing for a period during which no prepayments may be made. Certain CMBS loans lack regular amortization of principal, resulting in a single "balloon" payment due at maturity. If the underlying mortgage borrower experiences business problems, or other factors limit refinancing alternatives, such balloon payment mortgages are likely to experience payment delays or even default.

**IPO Risk (Domestic Equity Fund and International Equity Fund).** An IPO is a company's first offering of stock to the public. An IPO presents the risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to Market Risk and Liquidity Risk, and sometimes experience significant price drops shortly after their initial issuance. The Funds' investments in IPO shares may include the securities of "unseasoned" companies (companies with less than three years of continuous operations), which present risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and may have less experienced management, and their prospects for profitability may be uncertain. These companies may be involved in new and

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evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. They may be more dependent on key managers and third parties and may have limited product lines. There can be no assurance that the Fund will have favorable IPO investment opportunities.

**Large-Capitalization Stock Risk (Domestic Equity Fund and International Equity Fund).** Large-capitalization stocks can perform differently from other segments of the equity market or the equity market as a whole. Companies with large capitalization tend to go in and out of favor based on market and economic conditions and, while they can be less volatile than companies with smaller market capitalizations, they may also be less flexible in evolving markets or unable to implement change as quickly as their smaller counterparts. Accordingly, the value of large-capitalization stocks may not rise to the same extent as the value of small or mid-cap companies under certain market conditions or during certain periods. For purposes of a Fund's investment policies, the market capitalization of a company is based on its capitalization at the time the Fund purchases the company's securities. Market capitalizations of companies change over time. A Fund is not obligated to sell a company's security simply because, subsequent to its purchase, the company's market capitalization has changed to be outside the capitalization range, if any, in effect for the Fund.

**Liquidity Risk (All Funds).** This is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. Liquidity risk may be caused by unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing the Fund's ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that a Fund would like or difficult to value. A Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on portfolio management or performance. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed-income securities. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed-income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities derivatives or securities with potential market and/or credit risk tend to have the greatest exposure to liquidity risk.

**Loan Participations and Assignments and Other Direct Indebtedness (Fixed Income Fund)**. The Fund may invest in loan participations, assignments or other direct indebtedness. Loan participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. If the Fund purchases loan participations, it may only be able to enforce its rights through the lender and may assume the credit risk of the lender in addition to the borrower.

Loan participation interests generally represent interests in bank loans made to corporations and may be secured or unsecured. Investing in loan participations typically will result in the Fund having a contractual relationship only with the lender, not with 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 loan participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing loan 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. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the loan participation. In the event of the insolvency of the lender selling a loan participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Even with secured loans, there is no assurance that the collateral securing the loan would be sufficient to protect the Fund against losses in value or a decline in income in the event of a borrower's non-payment of principal or interest, and in the event of a bankruptcy of a borrower, the Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing the loan. Further, in the event of the bankruptcy or insolvency of the borrower, the loan participation may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the issuing bank.

The secondary market, if any, for these loan participations is limited, which may have an adverse impact on the value of such instruments and the Fund's ability to dispose of loan participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the sub-adviser believes to be a fair price.

In addition, valuation of illiquid indebtedness involves a greater degree of judgment in determining the Fund's NAV than if that value were based on available market quotations, and could result in significant variations in the Fund's daily NAV. At the same time, some loan interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to improve.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to the Fund. Investments in loans through direct assignments and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's NAV could be adversely affected. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Indebtedness of companies whose creditworthiness is poor involves substantially

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greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, the Fund bears a substantial risk of losing the entire amount invested.

Further, if a directly assigned loan or another form of direct indebtedness is foreclosed, the Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, the Fund could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Fund relies on the sub-adviser's research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund.

**Management Risk (All Funds).** This is the risk that a Fund's investment strategy, the implementation of which is subject to a number of internal and external constraints, may not produce the desired results, including the risk that the Funds' portfolio managers' judgments about asset allocations may not be correct and could adversely affect a Fund's performance.

**Market Risk (All Funds).** This is the risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual issuers, real or perceived general economic or political conditions, changes in the general outlook for revenues or corporate earnings, inflation, changes in interest or currency rates, changes in trade regulation or economic sanctions, lack of liquidity in the bond markets, volatility in the equities markets, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, political or social developments, or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in the markets may negatively affect many issuers, which could adversely affect a Fund. These risks may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide and therefore could adversely affect the value of a Fund's investments. Recent examples include pandemic risks related to the global outbreak caused by a novel coronavirus known as COVID-19 which has resulted in substantial market volatility and global business disruption, as well as market disruptions connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The foregoing may result in a negative impact on Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

Securities markets may experience great short-term volatility and may fall sharply at times. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market. The value of a Fund's investments may also go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Price changes may be temporary or last for extended periods. The value of your investment could decline over short periods due to fluctuation in a Fund's NAV in response to market movements, and over longer periods during market downturns.

**Mortgage-Backed and Asset-Backed Securities (Fixed-Income Fund)**. In addition to credit and market risk, mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, may involve prepayment risk because the underlying assets (loans) may be prepaid at any time. Prepayment (or call) risk is the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) earlier than expected. This may happen during a period of declining interest rates. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will suffer from having to reinvest in lower yielding securities. The loss of higher yielding securities and the reinvestment at lower interest rates can reduce the Fund's income, total return and share price.

The value of these securities also may change because of actual or perceived changes in the creditworthiness of the originator, the service agent, the financial institution providing the credit support or the counterparty. Like other fixed-income securities, when interest rates rise, the value of a mortgage- or asset-backed security generally will decline. Credit supports generally apply only to a fraction of a security's value. However, when interest rates decline, the value of a mortgage- or asset-backed security with prepayment features may not increase as much as that of other fixed-income securities. In addition, non-mortgage asset-backed securities involve certain risks not presented by mortgage-backed securities. Primarily, these securities do not have the benefit of the same security interest in the underlying collateral. If the issuer of the security has no security interest in the related collateral, there is the risk that a Fund could lose money if the issuer defaults. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of mortgage-backed securities and will result in losses to the Fund. Investments in mortgage-backed securities comprised of investments in asset-backed securities of underperforming assets may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

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**Multi-Manager Risk (All Funds).** The risk that the sub-advisers' investment styles may not always be complementary and the sub-advisers may make decisions that conflict with each other, which could affect the performance of the Fund. The Fund's performance depends on the skill of the Adviser in selecting, overseeing, and allocating the Fund's assets to the sub-advisers and to direct investments. The Fund's value could decline as a result of less than optimal or poor asset allocation decisions. Moreover, the Fund's multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund's performance depending on the performance of those securities and the overall market environment. The sub-advisers may underperform the market generally or underperform other investment managers that could have been selected for the Fund. If a Fund replaces a sub-adviser, the new sub-adviser may restructure the investment portfolio, which may increase the Fund's portfolio turnover rate.

**Municipal Securities Risk (Fixed-Income Fund).** The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Municipal securities structured as revenue bonds are generally not backed by the taxing power of the issuing municipality but rather the revenue from the particular project or entity for which the bonds were issued. If the Internal Revenue Service determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could be treated as taxable, which could result in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

**Portfolio Turnover Risk (Fixed-Income Fund).** A high portfolio turnover rate (100% or more) is likely to involve higher transaction costs, which could reduce the Fund's return. It also may result in higher short-term capital gains that are taxable to shareholders at ordinary income tax rates.

**Preferred Stock (Domestic Equity and International Equity Fund)**. Preferred stocks are securities that represent an ownership interest providing the holder with claims on the issuer's earnings and assets before common stock owners but after bond owners. Unlike most debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, typically may not be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock. Preferred stock is sensitive to changes in an issuer's creditworthiness and changes to interest rates, and may decline in value as interest rates rise.

**Rule 144A Securities Risks (Fixed Income Fund)**. The Fund may purchase securities that are not registered under the 1933 Act, but that can be sold to "qualified institutional buyers" in accordance with the requirements stated in Rule 144A under the 1933 Act (Rule 144A Securities). A Rule 144A Security may be less liquid than their registered counterparts. Therefore, such investments may be required to be held for a lengthy period of time or, if the Fund were forced to liquidate its positions in Rule 144A Securities, such liquidation may be taken at a substantial discount to the underlying value or result in the entire loss of the value of such investment.

**Securities Lending Risk (All Funds).** There are certain risks associated with securities lending, including the risk that the borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by the borrower, if the borrower should fail financially. As a result, the Fund may lose money. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. Securities lending may also result in the Fund being unable to vote shares in a proxy solicitation by the issuer of a loaned security and/or may cause the Fund to be ineligible to receive a distribution from the issuer of a loaned security.

**Small- and Mid-Capitalization Investments Risk (Domestic Equity Fund and International Equity Fund)**. Investments in small and mid-capitalization companies involve greater risk and may be more volatile and less liquid than investments in larger capitalization stocks. Because of the lack of sufficient market liquidity, a Fund may incur losses because it will be required to effect sales at a disadvantageous time and only then at a substantial drop in price. Small and mid-capitalization companies include "unseasoned" issuers and may not have an established financial history or track record of success; often have limited product lines, markets or financial resources; may depend on or use a few key personnel for management or upon a small or inexperienced management group; and may be more susceptible to changing market conditions, losses and risks of bankruptcy. These securities may have returns that vary, sometimes significantly, from the overall securities market.

Transaction costs for small and mid-capitalization investments are often higher than those of larger capitalization companies. Investments in small and mid-capitalization companies may be more difficult to price precisely than other types of securities because of their characteristics and lower trading volumes.

**Sovereign Debt Risk (Fixed-Income Fund).** Investments in sovereign debt securities (or foreign government debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. A

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foreign government debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt burden, the foreign government debtor's policy toward its principal international lenders and local political constraints. Certain issuers of foreign government debt may be dependent on disbursements from foreign governments, multinational agencies and other entities to reduce principal and interest arrearages on their debt. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

**Stripped Securities Risk (Fixed-Income Fund)**. These securities are issued by the U.S. government (or an agency, instrumentality or a sponsored enterprise), foreign governments, banks and other issuers. They entitle the holder to receive either interest payments or principal payments that have been "stripped" from a debt obligation. These obligations include stripped mortgage-backed securities, which are derivative multi-class mortgage securities.

The Treasury Department has facilitated transfers of ownership of zero-coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on Treasury securities through the Federal Reserve book-entry record-keeping system. The Federal Reserve program as established by the Treasury Department is known as "Separate Trading of Registered Interest and Principal of Securities" or "STRIPS." Under the STRIPS program, a Fund will be able to have its beneficial ownership of zero-coupon securities recorded directly in the book-entry record-keeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

Stripped securities are very sensitive to changes in interest rates and to the rate of principal prepayments. A rapid or unexpected change in either interest rates or principal prepayments could depress the price of stripped securities held by a Fund and adversely affect the Fund's total return.

**TBA Transactions Risk (Fixed-Income Fund)**. TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction. TBA transactions also involve the risk that the counterparty will fail to deliver the securities, exposing the Fund to further losses. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, the Fund will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.

**Technology Risk (All Funds)**. The Adviser and each sub-adviser use various technologies in managing each Fund, consistent with its investment objective and strategy described in this Prospectus. For example, proprietary and third-party data and systems are utilized to support decision making for a Fund. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively impact the Funds.

**Temporary Investments Risk (All Funds)**. The Funds may temporarily hold cash and/or invest in short-term obligations including U.S. Government Obligations, high quality money market instruments (including commercial paper and obligations of foreign and domestic banks such as certificates of deposit, bank and deposit notes, bankers' acceptances and fixed time deposits), and repurchase agreements with maturities of 13 months or less.

A Fund may not achieve its investment objective when it holds cash or invests its assets in short-term obligations or otherwise makes temporary investments. A Fund also may miss investment opportunities and have a lower total return during these periods.

**U.S. Government Obligations Risk (Fixed-Income Fund)**. Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. No assurance can be given that the U.S. government would provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. In addition, the secondary market for certain participations in loans made to foreign governments or their agencies may be limited.

An agency of the U.S. government has placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations. It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (*e.g.*, U.S. Treasury bonds).

**Valuation Risk (All Funds)**. The sale price a Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology or a price provided by an independent pricing service. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. Because portfolio securities of certain Funds may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.

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**Value-Style Investing Risk (International Equity Fund).** A value stock may not increase in price if other investors fail to recognize the company's value and bid up the price, or the markets favor faster-growing companies. Cyclical stocks in which the Fund may invest tend to lose value more quickly in periods of anticipated economic downturns than non-cyclical stocks. This could cause the investments to underperform strategies that seek capital appreciation by employing only a growth or other non-value approach. Companies that may be considered out of favor, particularly companies emerging from bankruptcy, may tend to lose value more quickly in periods of anticipated economic downturns, may have difficulty retaining customers and suppliers and, during economic downturns, may have difficulty paying their debt obligations or finding additional financing. In addition, value investing has also gone in and out of favor during past market cycles and is likely to continue to do so. During periods when value investing is out of favor or when markets are unstable, the securities of value companies may underperform the securities of growth companies or the overall stock market.

**Variable and Floating Rate Securities (Fixed Income Fund)**. The Fund may invest in variable and floating rate securities, which are securities whose interest rates are reset at a periodic date. These securities have additional risks not associated with a conventional fixed-rate debt security. These risks include fluctuation of the interest rates and the possibility that the Fund will receive an amount of interest that is lower than expected. The sub-adviser has no control over a number of matters, including economic, financial and political events, that are important in determining the existence, magnitude and longevity of market volatility and other risks and their impact on the value of, or payments made on, variable and floating rate securities. In recent years, interest rates have been volatile, and that volatility may be expected in the future.

**Exclusion of Adviser from Commodity Pool Operator Definition**

With respect to the Funds, the Adviser has claimed an exclusion from the definition of "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) and the rules of the Commodity Futures Trading Commission (CFTC) and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, the Adviser is relying upon a related exclusion from the definition of "commodity trading advisor" (CTA) under the CEA and the rules of the CFTC with respect to the Fund. The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable forwards. The Fund is permitted to invest in these instruments as further described in the Fund's SAI. However, the Fund is not intended as a vehicle for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved the Adviser's reliance on these exclusions, or the Fund, its investment strategies or this prospectus.

**INFORMATION ABOUT PORTFOLIO HOLDINGS**

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio holdings is available in the SAI. In addition, each Fund discloses its complete portfolio holdings as of the end of its fiscal year (September 30) and its second fiscal quarter (March 31) in its reports to shareholders. The report to shareholders for each Fund will be posted on the Trust's website at www.firstamericanfunds.com. Each Fund files its monthly portfolio holdings with the SEC on Form N-PORT with every third month made available by the SEC no later than 60 days after the relevant period. You can find the SEC filings on the SEC's website, www.sec.gov.

**MANAGEMENT**

**Board of Trustees**

The Board is responsible for oversight of the Funds' management and operations. See "Management of the Trust" in the SAI for the names of and other information about the Trustees and officers of the Funds. The Board oversees the Adviser and each sub-adviser and adopts policies that the Adviser and sub-advisers must follow in their fund-related management activities. The day-to-day operations of the Funds are the responsibilities of the officers and various service organizations retained by the Funds.

**Investment Adviser**

U.S. Bancorp Asset Management, Inc. is the investment adviser of the Funds. The Adviser is a subsidiary of U.S. Bank National Association. Its primary place of business is located at 800 Nicollet Mall, Minneapolis, Minnesota 55402-0213. The Adviser's primary business is to provide a variety of investment management services to registered investment companies, such as the Funds, pooled investment funds, public entities, foundations, endowments, state and local governments and their agencies, local government investment pools, pension and OPEB funds, banks, hospitals, insurance companies, self-insurance pools, non-profit organizations (such as foundations, endowments) and other entities. As of September 30, 2025, the Adviser's discretionary assets under management were in excess of $402.1 billion.

The Adviser has delegated responsibility for the day-to-day investment management of separate portions of the Funds' assets to the sub-advisers, subject to the oversight and supervision of the Adviser. The Adviser also has discretion to manage directly all or a portion of a Fund's assets and currently directly manages a portion of the Fixed-Income Fund's assets. The Adviser maintains overall responsibility for the management and investment of the assets of the Funds and responsibility for all advisory services furnished by any sub-adviser, and supervises each sub-adviser in its performance of its duties for the applicable Fund. The Adviser evaluates and selects the sub-advisers and makes recommendations to the Board about the hiring, termination and replacement of a sub-adviser and

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oversees, monitors and reviews the sub-advisers and their performance and their compliance with the applicable Fund's investment policies and restrictions.

The Adviser is responsible for the day-to-day investment management of a portion of the Fixed-Income Fund's assets and implements a core fixed-income strategy, which is managed by the following portfolio managers:

Greg Haendel, CFA, Managing Director, Senior Portfolio Manager, and Head of Core Bond strategies at the Adviser. He joined the Adviser in 2020. Greg manages multi-sector investment-grade fixed income portfolios for state and local governments, corporations, healthcare, insurance, Native American tribes, foundations and Tart-Hartley. Greg specializes in intermediate and long duration fixed income across both corporate credit and securitized products, has been with the firm (including its predecessor) for 5 years, and has more than 27 years of investment management experience. Greg previously served as Head of Fixed Income at Highmark Capital Management, Inc.(a subsidiary of Union Bank) and led a team of portfolio managers, traders and research staff, responsible for the management of the fixed income separate account business. Prior to Highmark, Greg was a Senior Portfolio Manager and Head of Investment Grade Credit at Tortoise Credit Strategies and its predecessor firm Bradford & Marzec. Greg spent almost 10 years, prior to Bradford & Marzec, as a Senior Portfolio Manager at Transamerica Investment Management and Aegon managing Core Aggregate and Short Duration Fixed Income SMA's. Greg earned a B.A in Economics from Amherst College and an MBA from The Anderson School of Business at UCLA. Additionally, Greg holds the Chartered Financial Analyst designation.

Jason Sharpe, CFA, Portfolio Manager at the Adviser. He joined the Adviser in 2022. Jason is responsible for managing investment-grade bond portfolios across various institutional clients. Jason specializes in intermediate and long duration fixed income, has been with the firm (including its predecessor) for 3 years, and has more than 25 years of investment management experience. Prior to joining PFMAM, Jason held similar roles and responsibilities at HighMark Capital Management, Inc., Tortoise Credit Strategies and Bradford & Marzec LLC. Jason also held various roles at Western Asset Management Company (WAMCO) which include trading investment grade credit, data/risk analytics and portfolio compliance. Jason began his career in the investment industry in 1996, with companies that include The Capital Group and Oaktree Capital Management. Jason earned a bachelor of science degree in business administration, finance concentration, from Biola University and is a CFA charterholder.

Philip Levy, CFA, CPA serves as a Portfolio Manager with U.S. Bancorp Asset Management. Philip manages multi-sector investment-grade fixed income portfolios for state and local governments, corporations, healthcare, insurance, Native American tribes, foundations and Tart-Hartley plans. Philip specializes in intermediate and long duration fixed income across both corporate credit and securitized products, has been with U.S. Bancorp Asset Management, Inc. (including its predecessor) for 17 years, and has over 25 years of investment management experience. Philip previously served as Director and Portfolio Manager at HighMark Capital Management, Inc. (a subsidiary of Union Bank), managing short and intermediate Taxable Fixed Income strategies. Prior to HighMark Capital, Philip served as a Corporate Credit Analyst for American Century Investments with primary coverage of both Investment Grade and High Yield issuers. Philip began his career at KPMG Peat Marwick. Philip earned his B.A. in Business Economics with an emphasis in Accounting from UC Santa Barbara, holds the Chartered Financial Analyst designation and is a licensed Certified Public Accountant.

The Adviser's investment decision making process with respect to holdings in the Funds considers only pecuniary factors and does not subordinate such factors to other objectives, including sacrificing investment return or undertaking additional investment risk to promote any nonpecuniary factor. The weight given to any pecuniary factor during the investment decision making process regarding the holdings in the Funds appropriately reflects a prudent assessment of its impact on risk or returns. For the purpose of this disclosure, "pecuniary" means a factor that is expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with applicable investment objectives. The term does not include the consideration of the furtherance of any social, political, or ideological interests. For more information on the Adviser's investment analysis and strategy, please see Item 8 in the Adviser's Form ADV, Part 2A.

The Trust is designed to help investors to implement an asset allocation strategy to meet their individual needs as well as select individual investments within each asset category among the myriad of choices available. Shares of the Funds are offered to participants in an investment advisory program developed by the Adviser that provides asset allocation recommendations to investors based on an evaluation of each investor's objectives and risk tolerance (an OCIO), as well as to shareholders who may purchase Fund shares directly from the Funds, through certain broker-dealers or financial intermediaries, or as part of tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Manager-of-Managers Structure** 

The SEC has granted the Adviser and the Trust an exemptive order that allows each Fund to operate in a "manager of managers" structure whereby the Adviser, as the Fund's investment adviser, can appoint and replace both wholly owned and unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval but without obtaining prior shareholder approval (Manager of Managers Structure). The Funds will, however, inform shareholders of the hiring of any new sub-adviser within ninety (90) days after the hiring. The SEC exemptive order provides the Funds with greater efficiency and without incurring the expenses and delays associated with obtaining shareholder approval of sub-advisory agreements with such sub-advisers.

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The use of the Manager of Managers Structure with respect to the Funds is subject to certain conditions that are set forth in the SEC exemptive order. Under the Manager of Managers Structure, the Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee the sub-advisers and recommend their hiring, termination and replacement. The Adviser also, subject to the oversight and, as required, approval of the Board: sets each Fund's overall investment strategy; evaluates, selects and recommends sub-advisers to manage all or a portion of the Fund's assets; and implements procedures reasonably designed to ensure that each sub-adviser complies with the Fund's investment objective, policies and restrictions. Subject to the oversight of the Board, the Adviser allocates and, when appropriate, reallocates a Fund's assets among sub-advisers and monitors and evaluates the sub-advisers' performance.

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**Sub-Advisers**

The Sub-Advisers are responsible for the day-to-day investment management of the Funds. The names and addresses of the Sub-Advisers are set forth below.

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Sub-Adviser**  | **Strategy**  | **Sub-Adviser <br>Since**  |
| First American Multi-Manager Domestic Equity Fund | Aristotle Atlantic Partners, LLC<br>50 Central Ave, Suite 750<br>Sarasota, FL 34236 | Large-Capitalization | 2021 |
|  | Osterweis Capital Management, LLC<br>One Maritime Plaza, Suite 800<br>San Francisco, CA 94111 | Small Capitalization | 2025 |
|  | Putnam Investment Management, LLC<br>100 Federal Street<br>Boston, Massachusetts 02110 | Core Equity | 2024 |
| First American Multi-Manager International Equity Fund | Acadian Asset Management LLC <br>260 Franklin St<br>Boston, MA, 02110 | International Developed Markets | 2019 |
|  | Aristotle Capital Management, LLC <br>11100 Santa Monica Boulevard,<br>Suite 1700<br>Los Angeles, California 90025 | International Developed Markets | Inception |
|  | Ninety One North America, Inc. <br>65 East 55<sup>th</sup> Street, 30<sup>th</sup> Floor<br>New York, New York 10022 | 4Factor International Equity | 2021 |
|  | Pzena Investment Management, LLC<br>320 Park Avenue, 8th Floor<br>New York, New York 10022 | Emerging Markets | 2025 |
|  | WCM Investment Management, LLC <br>281 Brooks Street<br>Laguna Beach, CA 92651 | Total International Markets | 2019 |
| First American Multi-Manager Fixed-Income Fund | Brown Brothers Harriman Credit Partners, LLC<br>140 Broadway<br>New York, New York 10005 | Structured Fixed-Income | Inception |
|  | PGIM, Inc. <br>655 Broad Street <br>Newark, New Jersey 07102 | Core Fixed-Income | Inception |
|  | PineBridge Investments LLC<br>65 E 55th Street, 10th Floor <br>New York, New York 10022 | Investment Grade Credit | Inception |
|  | Teachers Advisors, LLC <br>730 Third Avenue, 5th Floor,<br>New York, New York 10017 | Core Fixed-Income | Inception |

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**Portfolio Managers** 

**First American Multi-Manager Domestic Equity Fund Portfolio Managers**

<u>Aristotle Atlantic Partners, LLC (Aristotle Atlantic)</u> 

Owen Fitzpatrick, CFA, Principal, Managing Director, Lead Portfolio Manager and a Senior Research Analyst at Aristotle Atlantic. He joined Aristotle Atlantic in 2016. Owen earned his Bachelor of Science degree in Finance and his MBA from Fordham University. He is a CFA® charterholder.

Thomas M. Hynes, Jr., CFA, Principal, Managing Director, Portfolio Manager and a Senior Research Analyst at Aristotle Atlantic. He joined Aristotle Atlantic in 2016. Thomas earned his Bachelor of Science degree in Finance and Economics from Fordham University. He is a CFA® charterholder.

Brendan O'Neill, CFA, Principal, Director, Portfolio Manager and a Senior Research Analyst at Aristotle Atlantic. He joined Aristotle Atlantic in 2016. Brendan earned his Bachelor of Arts degree in Economics from Queens College, CUNY and his Master of Science degree in Finance from Zicklin School of Business, Baruch College. He is a CFA® charterholder.

<u>Osterweis Capital Management, LLC (OCM)</u>

Mr. James L. Callinan serves as Vice President and Chief Investment Officer - Small Cap Growth of Osterweis Capital Management, LLC. Prior to joining OCM, Mr. Callinan was the CEO of Callinan Asset Management and Portfolio Manager of the Emerging Growth Partners, LP from 2012 to 2016. Before that, he was Co-Founder & Chief Investment Officer at RS Investments and founded the RS Concentrated Small Cap Growth investment strategy. He also co-founded the RS Growth Group LLC at Robertson Stephens Investment Management in 1996 and managed the RS Emerging Growth Fund from 1996 until 2010. Mr. Callinan earned a B.A. from Harvard College, an M.S. from New York University and an M.B.A. from Harvard Business School.

Mr. Bryan Wong serves as a Vice President and Portfolio Manager of Osterweis Capital Management, LLC. He joined OCM as a Research Associate for the Core Equity team in 2014. In 2015 he was promoted to Analyst. Mr. Wong transitioned to the Osterweis Small Cap Growth team in 2017. Prior to working at OCM, he was a member of the investment team managing the endowment of the David and Lucile Packard Foundation. Mr. Wong earned a B.A. from Yale University and M.B.A. from the University of California Berkeley, Haas School of Business.

Mr. Matthew Unger serves as a Vice President and Portfolio Manager of Osterweis Capital Management, LLC. He joined OCM as an Analyst in 2016. Prior to working at OCM, he spent three years at RS Investments as a Research Associate covering small-cap growth companies in the medical technology and industrial sectors. Mr. Unger earned a B.S. from Trinity University and an M.B.A. from Southern Methodist University, Cox School of Business.

<u>Putnam Investment Management, LLC (Putnam)</u>

Arthur Yeager is a Portfolio Manager of Putnam's U.S. Core Equity strategy. He joined Putnam in 2017 and has been in the investment industry since 1984. Prior to joining Putnam, Mr. Yeager was a Senior Vice President at Raymond James from 2003 to 2017 and a First Vice President, Institutional Equity Sales, at Merrill Lynch from 1993 to 2003. Previously, he served as a Vice President, Institutional Equity Sales, at Bear Stearns from 1992 to 1993 and at C.J. Lawrence from 1990 to 1992. Earlier, Mr. Yeager served in Institutional Sales at Merrill Lynch from 1986 to 1990 and as a Research Associate at J.P. Morgan Investment Management from 1984 to 1986. Mr. Yeager earned a B.B.A. in Accounting from the University of Texas at Austin.

Walter Scully is a Portfolio Manager of Putnam U.S. Core Equity strategies. He has been in the investment industry since he joined Putnam in 1996 and is based in the Boston office.

Previously at Putnam, Mr. Scully served in different portfolio management and analyst roles and was a member of the Putnam Research team, responsible for fundamental analysis of companies in the consumer cyclicals industries. As an analyst, he conducted deep sector research, assessed company earnings and stock valuations, and identified high-conviction investment opportunities. Prior to joining Putnam, Mr. Scully was a Senior Accountant at PricewaterhouseCoopers from 1990 to 1994.

Mr. Scully earned an M.B.A. in Finance and Economics from the Booth School of Business at the University of Chicago and a B.S. in Accounting from Ohio State University.

**First American Multi-Manager International Equity Fund Portfolio Managers**

<u>Acadian Asset Management LLC (Acadian)</u>

Brendan O. Bradley and Fanesca Young have been designated as the lead portfolio managers for Acadian's sleeve of the First American Multi-Manager International Equity Fund. Acadian's entire core equity investment team participates in the sleeve's management as all of Acadian's core equity strategies are team-managed.

Brendan O. Bradley, Ph.D. — Executive Vice President, Chief Investment Officer. Brendan joined Acadian in 2004 and is the firm's Chief Investment Officer. Brendan earned a Ph.D. in applied mathematics from Boston University and a B.A. in physics from Boston College.

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Fanesca Young, Ph.D., CFA – Senior Vice President, Director, Equity Portfolio Management. Fanesca joined Acadian in 2023 and serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Fanesca earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Fanesca is a CFA® charterholder.

<u>Aristotle Capital Management, LLC (Aristotle Capital)</u>

The portfolio management team is comprised of Howard Gleicher, CFA, Chief Executive Officer and Chief Investment Officer, Geoffrey S. Stewart, CFA, Principal and Portfolio Manager – International, and Sean M. Thorpe, Principal and Portfolio Manager – International. Messrs. Gleicher, Stewart and Thorpe are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

Howard Gleicher, CFA, has been working in the investment field since 1984. He is the founder, Chief Executive Officer, Chief Investment Officer and Principal of Aristotle Capital in 2006. Mr. Gleicher holds Bachelor of Science and Master of Science degrees in Electrical Engineering from Stanford University, and an MBA from Harvard Business School.

Geoffrey S. Stewart, CFA, has been working in the investment field since 1998. Mr. Stewart is a Principal, Portfolio Manager - International and a member of Aristotle Capital's research team. Mr. Stewart joined Aristotle Capital in 2012 when his former employer, Reed, Conner & Birdwell, LLC combined its business with Aristotle Capital. Mr. Stewart holds a Bachelor of Arts degree in History from Duke University.

Sean M. Thorpe has been working in the investment field since 1988. Mr. Thorpe is a Principal, Portfolio Manager - International, and a member of Aristotle Capital's research team. Mr. Thorpe joined Aristotle Capital in 2012 when his former employer, Reed, Conner & Birdwell, LLC combined its business with Aristotle Capital. Mr. Thorpe holds a Bachelor of Arts degree in Economics and Finance from the University of California, Los Angeles.

<u>Ninety One North America, Inc. (Ninety One)</u>

Adam Child, Co-Portfolio Manager, is the co-portfolio manager for the International Equity strategy and co-portfolio manager for the European Equity strategy within the 4Factor team at Ninety One. He joined Ninety One in 2012. Adam graduated from St Catharine's College, Cambridge, with a Master's degree in History, and is a CFA® Charterholder.

Ben Lambert, Co-Portfolio Manager, is the co-portfolio manager for the International Equity strategy and co-portfolio manager for the European Equity strategy within the 4Factor team at Ninety One. He graduated from Bristol University with a Bachelor's degree in Politics and French.

<u>Pzena Investment Management, LLC (Pzena)</u>

The portfolio management team is comprised of Rakesh Bordia, Caroline Cai, CFA, Allison Fisch, and Akhil Subramanian, who have joint decision-making responsibility.

Rakesh Bordia, Principal and Portfolio Manager. Mr. Bordia is a co-portfolio manager for the Emerging Markets and International strategies. Mr. Bordia became a member of the firm in 2007. Prior to joining Pzena Investment Management, Mr. Bordia was a principal at Booz Allen Hamilton focusing on innovation and growth strategies, and a software engineer at River Run Software Group. He earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Kanpur, India and an M.B.A. from the Indian Institute of Management, Ahmedabad, India.

Caroline Cai, CFA, Managing Principal, Chief Executive Officer, Portfolio Manager, and a member of the firm's Executive Committee. Ms. Cai is a co-portfolio manager for the Global, International, and Emerging Markets strategies, and the Financial Opportunities service. Ms. Cai became a member of the firm in 2004. Prior to joining Pzena Investment Management, Ms. Cai was a senior analyst at AllianceBernstein LLP, and a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College. Ms. Cai holds the Chartered Financial Analyst® designation.

Allison Fisch, Managing Principal, President, Portfolio Manager, and a member of the firm's Executive Committee. Ms. Fisch became a member of the firm in 2001 and helped to launch the Emerging Markets strategies in 2008, on which she has been a co-portfolio manager since inception. She joined the International portfolio management team in 2016. Ms. Fisch also co-managed the International Small Cap Value strategy and oversaw Global Best Ideas from 2017 to 2022. She was promoted to President in 2023. Prior to joining Pzena Investment Management, Ms. Fisch was a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College.

Akhil Subramanian, Principal and Portfolio Manager. Mr. Subramanian became a member of the firm in 2017. He is a co-portfolio manager for Emerging Markets strategies. Prior to joining Pzena Investment Management, Mr. Subramanian was an analyst at SLS Capital, a concentrated long/short equities fund. Prior to that, Mr. Subramanian worked at TGG Group as a senior consultant and Credit Suisse as an investment banking analyst. Mr. Subramanian graduated with a B.S. in Mathematics and a B.A in Economics from the University of Chicago, and an M.B.A. from Columbia Business School.

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<u>WCM Investment Management, LLC (WCM)</u>

The portfolio management team is comprised of Sanjay Ayer, Paul R. Black, Michael B. Trigg, and Jon Tringale, who have been jointly and primarily responsible for the day-to-day management of the Fund.

Sanjay Ayer has over 23 years of investment experience. He has served as a Portfolio Manager and Business Analyst for WCM since 2007. He is a member of the firm's Investment Strategy Group (ISG) and his primary responsibilities include portfolio management and equity research.

Paul R. Black has over 42 years of investment experience. He joined WCM in 1989, and has served as WCM's CEO since December 2004. He is a member of the firm's ISG and his primary responsibilities include portfolio management and equity research.

Michael B. Trigg has over 25 years of investment experience. He has served as a Portfolio Manager and Business Analyst for WCM since 2006. He is a member of the firm's ISG and his primary responsibilities include portfolio management and equity research.

Jon Tringale has over 17 years of investment experience. He has served as a Portfolio Manager for WCM since 2022 and prior to that worked at WCM in an investment research capacity. He is a member of the firm's ISG and his primary responsibilities include portfolio management.

**First American Multi-Manager Fixed-Income Fund Portfolio Managers**

<u>Brown Brothers Harriman Credit Partners, LLC (BBH Credit Partners)</u>

Neil Hohmann is Head of Structured Products and a portfolio manager for BBH Credit Partners. In this role, he supervises security selection in asset-backed securities, commercial and agency mortgage-backed securities, and financial institution credit. He joined BBH Credit Partners in 2026 and its parent, Brown Brothers Harriman & Co. (BBH&Co.) in 2006. Neil received a Bachelor of Economics with Distinction from Yale University where he graduated magna cum laude. He also earned a PhD in Economics from the University of Chicago.

Andrew Hofer is Head of Taxable Fixed Income for Investment Management. Andrew joined BBH Credit Partners in 2026. He joined BBH&Co. in 1988, and held a variety of roles within Investment Management, including the Head of Insurance Asset Management, Chief Operating Officer, and Head of Risk Management. Andrew holds a B.A. degree in East Asian studies from Yale, and an MIA (Master of International Affairs) from Columbia University.

Chris Ling is a portfolio manager and lead structured products trader in BBH Credit Partner. He joined BBH Credit Partners in 2026 and joined BBH&Co. in 2011. Chris holds an undergraduate degree in business management from Binghamton University and an MBA in Finance from the New York University Stern School of Business.

<u>PGIM, Inc. (PGIM)</u>

Richard Piccirillo is a Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Mr. Piccirillo had specialized in mortgage-and asset-backed securities since joining the Firm in 1993. Before joining the Firm, Mr. Piccirillo was a fixed income analyst with Fischer Francis Trees & Watts. Mr. Piccirillo started his career as a financial analyst at Smith Barney. He received a BBA in Finance from George Washington University and an MBA in Finance and International Business from New York University. Mr. Piccirillo was named a 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

Gregory Peters is Co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Prior to joining the Firm in 2014, Mr. Peters was Morgan Stanly's Global Director of Fixed Income & Economic Research and Chief Global Cross Asset Strategist, responsible for the Firm's macro research and asset allocation strategy. Earlier, he worked at Solomon Smith Barney and the Department of U.S. Treasury. Mr. Peters serves as a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury. He is also a member of the Chatham House, The Institute of International & European Affairs (IIEA) and the Bretton Woods Committee. Mr. Peters was named a 2018 and 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit. In October 2025, Mr. Peters was inducted into the Fixed Income Analysts Society Inc. (FIASI) Fixed Income Hall of Fame. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University.

Matthew Angelucci, CFA, is a Managing Director and senior portfolio manager on the Multi-Sector Team responsible for Global Bond Strategies. Mr. Angelucci specializes in global interest rates, country and sector allocation, ETFs and derivatives. Prior to assuming his current position, he was analyst in the Portfolio Analysis Group. Mr. Angelucci joined the Firm in 2005. He received a BS in Corporate Finance and Accounting from Bently University. Mr. Angelucci holds the Chartered Financial Analyst (CFA) designation.

Tyler Thorn is a Principal and a portfolio manager on the Multi-Sector Team at PGIM Fixed Income. Mr. Thorn joined the Firm in 2015 and previously was an analyst in PGIM's Portfolio Analysis Group. He has also worked on the PGIM Quantitative Modeling and Strategies team. Mr. Thorn received a BS in business administration with concentrations in finance, economics, and computer science from Boston College.

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<u>PineBridge Investments LLC (PineBridge)</u>

Robert A. Vanden Assem, CFA is a Managing Director and Head of Developed Markets Investment Grade Fixed Income. Mr. Vanden Assem joined the firm in 2001 and is a Managing Director and Head of Developed Markets Investment Grade Fixed Income. He received a BS in Accounting from Fairleigh Dickinson University and an MBA in Finance from New York University. He is a CFA® charterholder.

Dana G. Burns is a Managing Director and Senior Portfolio Manager of investment grade fixed income. Mr. Burns joined the firm in 2007 and is a Managing Director and Senior Portfolio Manager of PineBridge Investments' Investment Grade Credit Team. Mr. Burns received a BS in Business Administration from the University of Richmond and an MBA from New York University.

<u>Teachers Advisors, LLC (TAL)</u>

Stephen M. Liberatore is a portfolio manager for certain fixed income strategies, including strategies that incorporate impact investing and holds responsibility for investment strategy and securities selection. He joined the firm in 2004. Stephen holds a BS from the State University of New York at Buffalo and an MBA in finance and operations from Wake Forest University's Babcock Graduate School of Management. He holds the Chartered Financial Analyst® designation and is a member of the CFA Society North Carolina and the CFA® Institute.

Jessica Zarzycki is a portfolio manager for certain fixed income strategies, including strategies that incorporate impact investing and holds responsibility for investment strategy and securities selection. She joined the firm in 2008. Jessica graduated with a BS in Business Administration with an emphasis in Finance from The Ohio State University. She holds the Chartered Financial Analyst® designation and is a member of the CFA Society of New York and the CFA® Institute.

The Funds' SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in each Fund.

**Management Fees and Other Expenses**

As compensation for its services and its assumption of certain expenses, the Adviser is entitled to a fee, computed daily and payable monthly, at an annual rate listed below (as a percentage of each respective Fund's average daily net assets). The Adviser compensates each sub-adviser for providing investment advice and analysis and for managing its respective portion of the Fund's assets allocated to it from time to time by the Adviser. The fees payable to each sub-adviser and the Adviser are computed daily and paid monthly.

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| | |
|:---|:---|
| **Fund Name** | **Advisory Fee as a**<br>**Percentage of Average Daily Net Assets** |
| Domestic Equity Fund | 0.29% |
| International Equity Fund | 0.50% |
| Fixed-Income Fund | 0.40% |

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For the fiscal year ended September 30, 2025, the Adviser received an aggregate investment advisory fee of 0.29%, 0.50% and 0.40% of the average net assets of the Domestic Equity Fund, International Equity Fund and Fixed-Income Fund, respectively. A discussion regarding the basis of the Board's approval of the investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser and the sub-advisory agreements between the Adviser, on behalf of the Funds, and each sub-adviser is available in the Funds' most recent <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1696729/000113322825013301/pmmst-efp18770_ncsr.htm)</u> filed with the SEC for the fiscal year ended September 30, 2025.

**SHAREHOLDER INFORMATION**

**How Fund Shares Are Priced**

The price of a Fund's shares is based on the Fund's NAV. The NAV of a Fund's Advisor Class, Institutional Class and Class R shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to that class, less any liabilities, by the total number of shares outstanding of that class. Each Fund's shares are valued as of a particular time (Valuation Time) on each day that the New York Stock Exchange (NYSE) is open for trading. The Valuation Time is ordinarily at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The Valuation Time may be changed in case of an emergency or if the NYSE closes other than at a time of 4:00 p.m. Eastern time. Please see "Valuation and Determination of Net Asset Value" in the SAI for more information.

Market or fair values of the Funds' portfolio securities are determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Domestic equity securities listed on a national securities exchange or stock market for which market quotations are readily available: at the official closing price, if any, or the last reported sale price of the day (on the exchange or stock market where the security is principally traded). In the absence of such reported prices: at the mean between the most recent quoted bid and asked prices, or if such prices are not available, the security will be fair valued as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Domestic equity securities traded on the over-the-counter (OTC) markets: at the official closing price, if any, or the last reported sale price of the day. In the absence of such reported prices: at the mean between the most recent quoted bid and

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asked prices. Other than with respect to OTC bulletin board securities, if the most recent quoted bid and asked prices are not available, the official closing price, if any, or the last reported sale price for the prior day will be used, or the security may be fair valued. With respect to OTC bulletin board securities, if only the most recent quoted bid price is available, at such bid price or if only the most recent quoted asked price is available, the security will be fair valued as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign equity securities: at the official closing price, if any, or the last reported sale price at the close (or if the foreign market is not closed at the time of valuation, the last reported sale price at the time of valuation) of the exchange on which the securities are principally traded. In the absence of such reported prices: at the most recent quoted bid price, or if such price is not available, the security will be fair valued as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond and other fixed-income securities: based on prices provided by independent pricing services or other reasonably reliable sources, including brokers who make markets in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short-term investments purchased with an original or remaining maturity of 60 days or less: at amortized cost, which approximates market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of an open-end investment company: at the open-end investment company's NAV (the prospectuses for such investment companies contain information on those investment companies' fair valuation procedures and the effects of fair valuation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward currency contracts: based on prices provided by an independent pricing service. U.S. Bank Global Fund Services, the Funds' administrator and custodian, will interpolate prices when the life of the contract is not the same as a life for which quotations are offered.

The Funds value securities and assets at their fair values when a market quotation is not readily available or may be unreliable, as determined in good faith in accordance with methodologies and procedures adopted by the Board. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund's valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures.

As permitted under Rule 2a-5, the Board designated U.S. Bancorp Asset Management, Inc., the Adviser of the Funds, to serve as the Funds' valuation designee. The Adviser, as valuation designee, carries out its day-to-day fair value responsibilities required under Rule 2a-5 through its Valuation Committee (VC). The VC provides administration and oversight of the Funds' valuation policy and the Adviser's valuation procedures (together, the "Valuation Policy and Procedures"), which have been approved by the Board. Among other things, the Valuation Policy and Procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Fund will value foreign securities using fair value prices based on third-party vendor modeling tools. Although the Valuation Policy and Procedures are designed to fair value a security in accordance with Rule 2a-5, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. The use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by a Fund. The Funds' use of fair value pricing may help deter "stale price arbitrage" as discussed below under "Frequent Purchases and Sales of Fund Shares."

Trading of foreign securities in many foreign markets may be completed at times that vary from the closing of the NYSE. The Funds value foreign securities at the latest market price in the foreign market immediately prior of the close of regular trading on the NYSE. If there is no such reported price, or if there is no trading volume, the most recent quoted bid price will be used. Certain foreign currency exchange rates may also be determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars using the prevailing exchange rate. Foreign securities may trade in their primary markets on weekends or other days when the Funds do not price their shares. Therefore, the value of the portfolio of a Fund holding foreign securities may change on days when shareholders will not be able to buy or redeem shares.

For securities that do not trade during NYSE hours, fair valuation determinations are based on analyses of market movements after the close of those securities' primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities or baskets of foreign securities. Fair value pricing may require subjective determinations about the value of an asset or liability.

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For purposes of calculating the NAV, foreign securities are priced using fair value calculation on a daily basis. Information that becomes known to the Funds or their agents after the NAV has been calculated on a particular day will not be used to retroactively adjust the price of a security or the NAV determined earlier that day. For securities that trade on weekends or other days when the Fund does not price its shares, the value of such securities may change on days when shareholders will not be able to purchase or redeem shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. International markets are sometimes open on days when U.S. markets are closed, which means that the value of foreign securities owned by a Fund could change on days when Fund shares cannot be bought or sold. The value of investments traded in markets outside the U.S. or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed<sup>1</sup>, and the value of a Fund's portfolio may change on days when an investor is not able to purchase, redeem or exchange shares. The calculation of a Fund's NAV may not take place contemporaneously with the determination of the prices of foreign securities used in NAV calculations.

Please see the SAI for additional information on how NAV is calculated.

**How to Purchase Shares**

Shares of the Funds can be purchased either directly from the Funds, or through certain broker-dealers or financial intermediaries, so long as they have an agreement with U.S. Bancorp Investments, Inc., the Funds' distributor (Distributor). All purchases are subject to acceptance by the Funds, and the price of the shares will be the NAV that is next computed after receipt by the transfer agent, U.S. Bank Global Fund Services (Transfer Agent), or other authorized agent of sub-agent, of the purchase in "good order". Payments may be made by wire in U.S. dollars and by checks drawn on U.S. banks. No cash or cash equivalents (such as travelers' checks, cashiers' checks, official bank checks, credit card checks or money orders) will be accepted. The Funds do not accept third-party checks (except for properly endorsed third party checks in connection with an IRA rollover). If your payment is not received or you pay with a check or Automated Clearing House (ACH) transfer that does not clear, your purchase will be cancelled and you will be responsible for any losses or fees a Fund or the Transfer Agent may incur as a result. In limited circumstances, completed purchases may be cancelled when the Trust or the Transfer Agent receives satisfactory instructions that a trade order was placed in error.

Shares of the Funds have not been registered for sale outside of the United States. PFM Multi-Manager Series Trust Fund(s) generally do not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

Purchases are subject to certain additional fees as described below.

Good order means that the request includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund name and account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount of the transaction (in dollars or shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signatures of all owners exactly as registered on the account (for written requests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medallion signature guarantee, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate/Institutional accounts only: A certified corporate resolution dated within the last six months (or a certified corporate resolution and letter of indemnity) must be on file with the Transfer Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any supporting legal documentation that may be required.

Payment of share purchase price is not considered part of good order. If your request is received after 4:00 p.m. Eastern time it will be priced at the next business day's NAV.

The Adviser may pay all or a portion of the charges of various financial service firms and specified benefit plans that make shares available to their customers. Subject to tax limitations and approval by the Board, a Fund may also pay a portion of these charges representing the expenses the Fund would otherwise incur in maintaining these separate shareholder accounts directly.

To purchase Advisor Class shares directly from the Funds, you need to complete and sign an account application and send it, together with your payment for the shares, to the Transfer Agent at the address set forth below. After your initial purchase, you may purchase additional shares by telephone by electing this service on your new account application. You may thereafter purchase shares on any business day by contacting the Adviser or the Transfer Agent at 1-800-527-5412.

<sup>1</sup> The NYSE typically is open from Monday through Friday, 9:30 a.m. to 4:00 p.m., Eastern time. NYSE, NYSE Arca, NYSE Bonds and NYSE Arca Options markets will generally close on, and in observation of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas.

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You also may purchase Advisor Class shares through selected securities dealers, and their designees, with whom the Distributor has sales agreements. Authorized dealers and financial services firms may charge you a transaction fee. Authorized dealers and financial services firms are responsible for promptly transmitting purchase orders to the Transfer Agent. You may or may not need to complete and sign an account application when purchasing through a dealer or financial intermediary, depending on its arrangements with the Funds. The dealer or financial intermediary may or may not accept telephone purchase orders, depending on its arrangement with the Funds. The Funds will be deemed to have received a purchase or redemption order when these authorized dealers and financial service firms, or, if applicable, their authorized designee, determine that it is in good order and accept a purchase or redemption order. Orders received by the Funds in good order will be priced at the Fund's NAV next computed after they are accepted by the authorized dealers or financial services firms or their authorized designee.

To purchase additional shares via Automated Clearing House (ACH), contact the Adviser or the Transfer Agent at 1-800-527-5412, to initiate an electronic transfer from your bank account. You may establish electronic transfer capabilities on your account application or by sending written instructions to the Transfer Agent.

Assuming the Transfer Agent or the Funds properly act on telephone instructions and follow reasonable procedures to protect against unauthorized transactions, neither the Transfer Agent nor a Fund will be responsible for any losses due to telephone transactions. You may be responsible for any fraudulent telephone order as long as the Transfer Agent or the Funds take reasonable measures to verify the order.

The Transfer Agent or Adviser, in their sole discretion, may accept or reject any order for purchase of Fund shares if it involves unsuitable business practices such as market timing, late trading, or unsuitable investments. In the interest of economy and convenience to investors, the Funds do not issue certificates representing Fund shares.

An investor should invest in the Funds for long-term investment purposes only. The Trust and the Adviser each reserves the right to refuse purchases if, in the judgment of the Trust or the Adviser or sub-adviser, the purchases would adversely affect a Fund and its shareholders. In particular, the Trust and the Adviser each reserve the right to restrict purchases of Fund shares (including exchanges) when a pattern of frequent purchases and sales made in response to short-term fluctuations in share price appears evident. Notice of any such restrictions, if any, will vary according to the particular circumstances. See "Frequent Purchases and Sales of Fund Shares" below for more information.

The Funds do not accept new accounts held in the name of persons or entities that do not have both a valid social security number (or tax identification number) and a permanent U.S. street address.

**Paying for Shares**

*Sending application or documents by mail*:

If you are sending documents via U.S. mail, express delivery, registered mail or certified mail, your account application should be sent to:

PFM Multi-Manager Series Trust

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

Purchase orders, redemption requests or correspondence mailed by overnight courier should be sent to the fund at:

PFM Multi-Manager Series Trust

c/o U.S. Bancorp Fund Services, LLC

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

*Paying for shares by wire*:

If you are making your first investment in the Funds, before you wire funds, the Transfer Agent must have a completed account application. You may mail or overnight deliver your account application to the Transfer Agent. Upon receipt of your completed account application, the Transfer Agent will establish an account for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include both the name of the Fund you are purchasing, the account number, and your name so that monies can be correctly applied.

Prior to sending a wire, please notify U.S. Bank Global Fund Services at 1-800-527-5412 to insure proper credit to your account.

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Direct your bank to wire funds as follows:

U.S. Bank National Association

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA: 075000022

Credit: U.S. Bancorp Fund Services, LLC

Account No. 112-952-137

For further credit to: PFM Multi-Manager Series Trust (specify share class, shareholder's name, exact account title, Fund number and account number).

Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Funds and U.S. Bank N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

**Minimum Account Size**

The minimum initial investment for the Advisor Class of the Funds is $25,000, the minimum initial investment for Institutional Class of the Funds is $1,000,000, and the minimum initial investment for Class R of the Funds is $1,000. Investments made pursuant to the OCIO's allocations and reallocations for participants in the Adviser's investment advisory program will not be subject to a minimum initial investment. The Trust reserves the right at any time to vary the initial investment minimums.

Transactions made through your broker-dealer or other financial intermediary may be subject to charges imposed by the broker-dealer or financial intermediary, who may also impose higher initial or additional amounts for investment than those established by the Funds.

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires the Funds' Distributor and Transfer Agent to obtain certain personal information from you (or persons acting on your behalf) in order to verify your (or such person's) identity when you open an account, including name, address, date of birth, social security number and other information and documentation that will allow the Transfer Agent to verify your identity. If this information is not provided, the Transfer Agent may not be able to open your account. If the Distributor or Transfer Agent are unable to verify your identity (or that of another person authorized to act on your behalf) shortly after your account is opened, or believes it has identified potentially criminal activity, the Funds, the Distributor and the Transfer Agent each reserve the right to reject further purchase orders from you or to take such other action as they deem reasonable or required by law, including closing your account and redeeming your shares at NAV at the time of redemption.

If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P. O. Box will not be accepted. Please contact the Transfer Agent at 1-800-527-5412 if you need additional assistance when completing your account application.

It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. Mutual fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 1-800-527-5412 at least annually to ensure your account remains in active status. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Fund to complete a Texas Designation of Representative form.

**Investment Options**

Each Fund consists of three classes: Advisor Class, Institutional Class and Class R shares. The classes differ to the extent they bear certain class specific minimums and expenses. When choosing a share class (once available), it is important to consider your method of investing, directly with the Funds or through certain dealers or other financial intermediaries; eligibility requirements that may apply to purchases of a particular class; the amount you plan to invest; and the expenses of each class.

There are no initial sales charges or deferred sales charges for any share class of a Fund. There is a separate 12b-1 Plan for each Fund's Advisor Class and Class R shares. There is no 12b-1 Plan for the Funds' Institutional Class shares. The maximum annual rates at which the distribution and/or servicing fees may be paid under the Advisor Class and Class R 12b-1 Plans (calculated as a percentage of each Fund's average daily net assets attributable to the particular class of shares) is 0.25% for Advisor Class shares and

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0.50% for Class R shares. Further information regarding the Funds' Rule 12b-1 Plans can be found under "Distribution and Servicing (12b-1) Plans" in this Prospectus.

IN ADDITION TO THE INFORMATION IN THIS PROSPECTUS, YOU MAY OBTAIN MORE INFORMATION ABOUT SHARE CLASSES AT WWW.FIRSTAMERICANFUNDS.COM, FROM THE SAI OR BY CALLING YOUR FINANCIAL CONSULTANT.

**How to Redeem or Exchange Shares**

**General Information**

You may withdraw any part of your account by selling shares either directly from the Transfer Agent, if you hold your shares directly, or through dealers or financial intermediaries through which you hold your shares. The sale price of your shares will be the Fund's next-determined NAV after the Transfer Agent or an authorized agent or sub-agent receives all required documents in good order (as term is defined above). If the Transfer Agent, an authorized agent or sub-agent receives a redemption request in good order before the close of trading on the NYSE (generally 4:00 p.m. Eastern time) that transaction will be priced at that day's NAV. If the request is received after close of trading on the NYSE, it will be priced at the next business day's NAV. Redemption requests that contain a restriction as to the time, date or share price at which the redemption is to be effective will not be honored. You can redeem less than all of your shares, but if you retain shares with a value below a minimum amount (as determined by the Fund and described in this Prospectus), your account may be closed at the discretion of the Fund. See "Redemption by a Fund" below. Please call the Transfer Agent prior to attempting to redeem or exchange a large dollar amount of shares, as further described below.

Shareholders who have an IRA or other retirement plan must indicate on their written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding.

**By Mail**

Purchase orders, redemption requests or correspondence mailed by overnight courier should be sent to the fund at:

PFM Multi-Manager Series Trust

c/o U.S. Bancorp Fund Services, LLC

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

Written redemption requests must be submitted and signed exactly as the account is registered. Such requests may require a signature guarantee and additional documents. See "Signature Guarantees/Other Documents" below.

**By Telephone**

You may redeem shares by telephone by electing this service on the new account application. You may thereafter redeem shares on any business day by calling the Funds at 1-800-527-5412, until the close of the NYSE, normally 4:00 p.m., Eastern time.

Telephone trades must be received by or prior to close of the Funds. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction.

Once you place a telephone transaction request, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

If an account has more than one owner or authorized person, the Funds will accept telephone instructions from any one owner or authorized person.

Redemption proceeds will be mailed to your address of record, or if previously established, sent to your bank account via wire or ACH using instructions on file with the Transfer Agent.

The Fund and the Transfer Agent will not be liable for following telephone instructions reasonably believed to be genuine. You may be responsible for any fraudulent telephone order as long as the Transfer Agent or the Fund takes reasonable measures to verify the order. In this regard, the Transfer Agent will require personal identification information before accepting a telephone redemption order.

**Exchanging Your Shares - Additional Information**

You may exchange shares of one Fund into shares of another Fund of the same class by contacting the Transfer Agent. An exchange is a taxable transaction.

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You may exchange some or all of your shares in any Fund for shares in the same share class of any other Fund in the Trust in an identically registered account .

Shares will be exchanged at their respective NAV, computed as of the close of trading on the NYSE on the day you request the exchange. There is no charge for the exchange privilege. Any exchange must meet the applicable minimum investment amount for the Fund and share class into which the exchange is being made. You should carefully review the description of the Fund into which you plan to exchange because the new Fund may have different fees, expenses and investment risks. Please call the Transfer Agent before attempting to exchange a large dollar amount. By calling the Transfer Agent before you attempt to exchange a large dollar amount, you may avoid delayed or rejected transactions. Please note that the Fund reserves the right, without notice, to revise or terminate the exchange privilege, limit the amount of any exchange, or reject an exchange, at any time, for any reason.

**Redeeming Your Shares - Additional Information**

**Redemptions through Dealers**

Shares held in a dealer's "street name" must be redeemed through the dealer and cannot be made by shareholders directly. You must submit a redemption request to your dealer. Dealers may charge for this service, and they may have particular requirements that you may be subject to. Contact your authorized dealers for more information.

**Redemption by a Fund**

The Funds have the right to redeem your shares at current NAV at any time and without prior notice if and to the extent that such redemption is necessary to reimburse a Fund for any loss sustained by reason of your failure to make full payment for shares of the Fund you previously purchased or subscribed for. A Fund reserves the right to redeem a shareholder account (after 30 days' prior written notice and the opportunity to reestablish the account balance), when the value of the Fund's shares in the account falls below $25,000 with respect to Advisor Class shares of the Fund, falls below $1,000,000 with respect to Institutional Class shares of the Fund, or falls below $1,000 with respect to Class R shares of the Fund, due to redemptions. Whether the Funds will exercise the right to redeem shareholder accounts will be determined by the Adviser on a case-by-case basis.

**Large Redemptions**

At times, a Fund may experience adverse effects when certain large shareholders redeem large amounts of shares of a Fund. Large redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so. In addition, these transactions may also accelerate the realization of taxable income to shareholders (if applicable) if such sales of investments resulted in gains and may also increase transaction costs and/or increase in a Fund's expense ratio. When experiencing a redemption by a large shareholder, a Fund may delay payment of the redemption request up to seven days to provide the investment manager with time to determine if a Fund can redeem the request-in-kind or to consider other alternatives to lessen the harm to remaining shareholders. Please call the Transfer Agent prior to initiating a redemption for a large dollar amount. By calling the Transfer Agent before you attempt to redeem a large dollar amount, you may avoid in-kind or delayed payment of your redemption.

**Redemption Payments**

Under normal circumstances, the Funds expect to meet redemption requests through the sale of investments held in cash or cash equivalents. Funds may also choose to sell portfolio assets for the purpose of meeting such requests. In situations in which investment holdings in cash or cash equivalents are not sufficient to meet redemption requests or during stressed market conditions, a Fund will typically borrow money through a bank line-of-credit. Each Fund further reserves the right to distribute "in kind" securities from the Fund's portfolio in lieu (in whole or in part) of cash under certain circumstances, including under stressed market conditions.

In all cases, your redemption price is the NAV per share next determined after your request is received in good order. Redemption proceeds normally will be sent within three business days, but not later than seven calendar days, after receipt of a redemption request. The Funds may suspend the right of redemption or postpone the payment of redemption proceeds at times when the NYSE is closed or under other circumstances in accordance with interpretations or orders of the SEC.

The Funds will not, however, mail redemption proceeds for any shares until checks or ACH transfers received in payment for those shares have cleared, which may take up to 15 days. There is no such delay when shares being redeemed were purchased by wiring Federal Funds. Your redemption proceeds can be sent by check, made payable to you, to your address of record or by wire transfer on days that commercial banks are open to the bank account designated on your application or an account previously authorized. Your bank may charge you a fee for wire transfers. Any request that your redemption proceeds be sent by check to an address other than the address of record or if the address of record has been changed within 30 days of the redemption request or by wire to a destination other than your bank account of record must be in writing and must include a Medallion signature guarantee. Domestic wire transfers are subject to a fee of $15.00, which will be deducted from the redemption proceeds. Neither the Funds, nor the Transfer Agent, will be responsible for any delays in wired redemption proceeds due to heavy wire traffic over the Federal Reserve System.

**Redemptions In-Kind**

The Funds reserve the right to make payment in securities or other portfolio investments rather than cash under unusual circumstances or in order to protect the interests of remaining shareholders. Redemptions in-kind may occur at any time and are not limited to times

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of market stress, specific types of shareholders, or redemptions of a specific size. Events that are more likely to result in redemption in-kind include shareholder requests (provided that the redemption will not have an unfair impact on the remaining shareholders), large redemptions that could raise potential adverse consequences to remaining shareholders, as a means of discouraging or preventing disruptive shareholder misconduct, or during periods of heavy redemptions or market stress. Securities used to redeem Fund shares will be valued as described in "How Fund Share Prices are Calculated" above. Redemptions in-kind may only be made with liquid investments. To the extent a Fund makes a redemption-in-kind, such redemption would typically be a pro-rata portion of Fund assets. A shareholder will bear market risk for the securities received as a result of a redemption-in kind and a shareholder may pay brokerage charges on the sale of any securities received as a result of a redemption-in kind.

**Signature Guarantees/Other Documents**

For documents requiring a signature guarantee, such guarantee must be obtained from an "eligible guarantor institution," which includes certain banks, brokers, dealers, credit unions, securities exchanges and associations, clearing agencies and savings associations participating in a signature guarantee program recognized by the Securities Transfer Association (a "Medallion Guarantee"). A notary public is not an acceptable guarantor. Signature guarantees are required in certain situations, including on any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemption proceeds payable to and/or mailed to anyone other than the registered shareholder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requests to transfer shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when a redemption request is received by the Transfer Agent and the account address has changed within the last 15 calendar days.

The Fund(s) and/or the transfer agent may require a signature guarantee or other acceptable signature authentication in other instances based on the circumstances relative to the particular situation. Non-financial transactions including establishing or modifying certain services on an account may require a signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source.

The Funds reserve the right to waive any signature requirement at their discretion.

The three "recognized" medallion programs are Securities Transfer Agents Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP), and NYSE, Inc. Medallion Signature Program (NYSE MSP).

Additional documents may be required when shares are registered in the name of a corporation, partnership, association, agent, fiduciary, trust, estate or other organization. Additional tax documents may also be required in the case of redemptions from IRA accounts maintained at the Transfer Agent. For further information, call the Adviser or the Transfer Agent toll free at 1-800-527-5412.

**Dividends and Distributions**

The Fixed-Income Fund declares and distributes all of its net investment income, if any, to shareholders as dividends monthly. The Domestic Equity Fund and International Equity Fund each declare and distribute net investment income to shareholders as dividends at least annually. Each Fund makes distributions of its net realized capital gains, if any, at least annually. Unless you elect to receive your dividends and distributions in cash, your dividends and distributions will be reinvested in additional shares of the same share class of the Fund at NAV calculated as of the payment date.

Participants in 401(k) plans or other retirement plans will receive dividends and distributions in the form of additional Fund shares if the participant owns shares of a Fund on the date the dividend or distribution is allocated. Therefore, a participant will not receive a dividend or distribution if the participant does not own shares of the applicable Fund on the date the dividend or distribution is allocated.

The Funds pay distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the NAVs of the Funds' shares will be reduced by the amount of the payment.

If you elect to receive distributions and/or capital gains paid in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Funds reserve the right to reinvest the distribution check in your account, at the applicable Fund's current net asset value, and to reinvest all subsequent distributions.

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**Annual Statements**

Each year, the Funds will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state and local tax returns. Distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statement, the Funds make every effort to reduce the number of corrected forms mailed to you. However, if a Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, the Fund will send you a corrected Form 1099.

**Avoid "buying a dividend"** 

At the time you purchase your Fund shares, a Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Dividend Reinvestment Program** 

Dividends and capital gains distributions are automatically reinvested into any share class of any Fund in which you have an existing account, unless otherwise noted. You may notify the Transfer Agent in writing to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Choose to receive dividends or distributions (or both) in cash; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change the way you currently receive distributions.

You may change your election by writing or calling the Transfer Agent at least five days prior to the record date of the next distribution.

Your taxable income is the same regardless of which option you choose. For further information about dividend reinvestment, call the Adviser or the Transfer Agent toll free at 1-800-527-5412.

**Householding**

Householding is a method of delivery in which a single copy of certain shareholder documents is delivered to investors who share the same address and are members of the same family, even if their accounts are registered under different names. Each Fund currently households. If you are no longer interested in householding and would like to have each investor, at the same address, receive individual copies of prospectuses and other shareholder documents, please contact your dealer or call 1-800-527-5412. We will begin sending your individual copies with the next scheduled mailing.

**Taxes**

Each Fund intends to elect and qualify each year as a regulated investment company under the Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. A Fund's failure to qualify as a regulated investment company, however, would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders.

*Fund distributions*. Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met. Because the income of the Fixed-Income Fund is primarily derived from investments earning interest rather than dividend income, generally none or only a small portion of the income dividends paid to you by the Fixed-Income Fund is anticipated to be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates.

The use of derivatives by a Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain.

If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit.

*Sale or redemption of Fund shares*. A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. The Funds are required to report to you and the Internal Revenue Service (IRS) annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis of Fund shares you sell or redeem (covered shares). Cost basis will be calculated using the Funds' default method, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost

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basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

*Medicare tax.* An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

*Backup withholding*. By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. A Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and local taxes*. Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes*.* 

*Non-U.S. investors*. Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Other reporting and withholding requirements.* Under the Foreign Account Tax Compliance Act (FATCA), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts.

After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**This discussion of "Dividends and distributions" and "Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in a Fund.**

**Frequent Purchases and Sales of Fund Shares**

The Funds do not permit market timing or other abusive trading practices. The Funds reserve the right, but do not have the obligation, to reject any purchase or exchange transaction at any time. In addition, the Funds reserve the right to suspend their offering of shares or to impose restrictions on purchases or exchanges at any time that are more restrictive than those that are otherwise stated in this Prospectus with respect to disruptive, excessive or short-term trading. The maximum amount of time the Funds will take to reject or cancel a transaction is 48 hours. Shareholders will be notified of the Funds' intention to restrict exchanges of shares at least 60 days in advance of such action.

Excessive short-term trading or other abusive trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs and hurt Fund performance. These risks may be relatively higher for the International Equity Fund because it invests significantly in foreign securities and an investor may seek to take advantage of a delay between the change in value of the Fund's foreign portfolio securities and the determination of the Fund's NAV as a result of different closing times of U.S. and foreign markets by buying or selling Fund shares at a price that does not reflect their true value. Your Funds' management team has established procedures to mitigate these risks. Please see "How Fund Share Prices Are Calculated" for more information.

The Funds do not accommodate frequent purchases and redemptions of the Funds' shares by the Funds' shareholders. The Board has adopted policies and procedures designed to deter frequent purchases and redemptions. To minimize the negative effect of frequent purchases and redemptions on the Funds and their shareholders, the Funds' management team reserves the right to reject, in their sole discretion, any purchase order (including an exchange from another Fund) from any investor they believe has a history of abusive trading or whose trading, in their judgment, has been or may be disruptive to the Funds. If the Funds detect that an investor has made two "material round trips" in any period (as determined by the Adviser), it will generally reject the investor's future buy orders, including exchange buy orders, involving a Fund. For these purposes, a "round trip" is a purchase or exchange into a Fund followed

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by a sale or exchange out of a Fund. A "material" round trip is one that is deemed by the Funds to be material in terms of its amount or its potential detrimental impact on the Funds. Independent of this limit, the Funds may, in their discretion, reject future buy orders by any person, group or account that appears to have engaged in any type of excessive trading activity. These limits generally do not apply to automated transactions or transactions by registered investment companies that invest in the Funds using a "fund of funds" structure. These limits do not apply to payroll deduction contributions by retirement plan participants, transactions initiated by a retirement plan sponsor or certain other retirement plan transactions consisting of rollover transactions, loan repayments and disbursements, and required minimum distribution redemptions. They may be modified or rescinded for accounts held by certain retirement plans to conform to plan limits, for considerations relating to the Employee Retirement Income Security Act of 1974 or regulations of the Department of Labor, and for certain asset allocation or wrap programs. In making this judgment, accounts known to be under common ownership or control generally will be counted together, but accounts maintained or managed by a common intermediary generally will not be considered to be under common ownership or control. The Funds retain the right to modify these restrictions at any time without prior notice to shareholders.

On a periodic basis, the Adviser will review transaction history reports and will identify redemptions that are within a specific time period from a previous purchase in the same account(s) in the Funds, or in multiple accounts that are known to be under common control. Redemptions meeting these criteria will be investigated for possible inappropriate trading.

Certain accounts, and omnibus accounts in particular, include multiple investors and typically provide the Funds with a net purchase or redemption request on any given day. In these cases, purchases and redemptions of Fund shares are netted against one another and the identity of individual purchasers and redeemers whose orders are aggregated may not be known by the Funds. Therefore, it becomes more difficult for the Funds' management team to identify market timing or other abusive trading activities in these accounts, and the Funds' management team may be unable to eliminate abusive traders in these accounts from a Fund. Identification of abusive traders may further be impaired by limitations of the operational systems and other technical issues. Whenever abusive or disruptive trading is identified, the Funds' management team will encourage omnibus account intermediaries to address such trading activity directly.

Due to the complexity and subjectivity involved in identifying market timing and other abusive trading practices, there can be no assurance that the Funds' efforts will identify all market timing or abusive trading activities. Therefore, investors should not assume that the Funds will be able to detect or prevent all practices that may place the Funds at a disadvantage.

**DISTRIBUTION ARRANGEMENTS**

**Distribution and Servicing (12b-1) Plans**

The Funds pay fees to the Distributor, on an ongoing basis, as compensation for the services the Distributor renders and the expenses it bears in connection with the sale and distribution of Advisor Class and Class R shares of each Fund (distribution fees). These payments are made pursuant to Distribution and Servicing Plans (12b-1 Plans) adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act.

There is a separate 12b-1 Plan for each Fund's Advisor Class and Class R shares. There is no 12b-1 Plan for the Funds' Institutional Class shares. The maximum annual rates at which the distribution and/or servicing fees may be paid under the Advisor Class and Class R 12b-1 Plans (calculated as a percentage of each Fund's average daily net assets attributable to the particular class of shares) is 0.25% and 0.50%, respectively; however, the Board of Trustees has determined not to authorize payment of a Rule 12b-1 plan fee at this time.

No 12b-1 fees are currently paid by the Funds. However, in the event 12b-1 fees are charged in the future, because these fees are paid out of each Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges. More extensive information about the Trust's multi-class arrangements is included in the SAI.

**Payments to Financial Firms**

Additional information regarding payments to financial firms can be found in the SAI under the heading "Revenue Sharing."

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**FINANCIAL HIGHLIGHTS**

The financial highlight tables on the following pages are intended to help you understand the financial performance of each Fund for the last 5 years. Certain information reflects the performance results for a single Fund Share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information presented in the table has been audited by Ernst & Young LLP, the Trust's independent registered public accounting firm, whose report, along with the Funds' financial highlights and financial statements, is included in the Fund's <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1696729/000113322825013301/pmmst-efp18770_ncsr.htm)</u> filed with the SEC, which is available upon request. The returns shown are those of the Institutional Class shares. Advisor Class and Class R shares had not commenced operations prior to the Funds' most recent fiscal year end.

**First American Multi-Manager Domestic Equity Fund**

Selected data for a share of beneficial interest outstanding throughout the year is presented below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended September 30, 2025** | **For the<br>Year Ended<br>September 30,<br>2024** | | **For the<br>Year Ended<br>September 30,<br>2023** | **For the<br>Year Ended<br>September 30,<br>2022** | **For the<br>Year Ended<br>September 30,<br>2021** |
| **Net Asset Value, Beginning of Year** | $14.48 | $11.03 |  | $9.87 | $13.99 | $12.15 |
| **Investment Operations:** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.10 | 0.13 |  | 0.14 | 0.12 | 0.12 |
| Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | 1.91 | 3.45 |  | 1.52 | (2.10) | 3.58 |
| Total from Investment Operations | 2.01 | 3.58 |  | 1.66 | (1.98) | 3.70 |
| **Distributions From:** |  |  |  |  |  |  |
| Net Investment Income | (0.12) | (0.13) |  | (0.11) | (0.12) | (0.15) |
| Capital Gains | (3.00) |  |  | (0.39) | (2.02) | (1.71) |
| Total Distributions to Shareholders | (3.12) | (0.13) |  | (0.50) | (2.14) | (1.86) |
| **Net Asset Value, End of Year** | $13.37 | $14.48 |  | $11.03 | $9.87 | $13.99 |
| **Total Return**<sup>(3)</sup> | 16.80% | 32.70% |  | 17.30% | (17.97)% | 33.08% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Year (000's omitted) | $1229262 | $1183623 |  | $972585 | $774829 | $847016 |
| Ratios to average net assets of: |  |  |  |  |  |  |
| Expenses, Net of Expenses Waived/Reimbursed/Recouped | 0.36% | 0.36% |  | 0.37% | 0.37% | 0.38% |
| Expenses, Prior to Expenses Waived/Reimbursed/Recouped | 0.36% | 0.36% |  | 0.37% | 0.36% | 0.37% |
| Net Investment Income | 0.82% | 1.01% |  | 1.25% | 0.97% | 0.91% |
| Portfolio Turnover Rate | 40% | 103% | <sup>(4)</sup> | 52% | 45% | 60% |

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*(1)&nbsp;&nbsp;&nbsp;&nbsp;Based on average daily shares outstanding.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.*

*(3)&nbsp;&nbsp;&nbsp;&nbsp;Through September 30, 2023, the total return may reflect a waiver, or recovery of prior waiver, by the Adviser. Performance would be different prior to the impact of waivers or recovery of prior waivers.*

*(4)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the year ended September 30, 2024 increased primarily due to changes in the exchange-traded funds in which a significant portion of the Fund was invested.*

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**First American Multi-Manager International Equity Fund**

Selected data for a share of beneficial interest outstanding throughout the year is presented below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30, 2025** | **For the<br>Year Ended<br>September 30,<br>2024** |  | **For the<br>Year Ended<br>September 30,<br>2023** | **For the<br>Year Ended<br>September 30,<br>2022** | **For the<br>Year Ended<br>September 30,<br>2021** |
| **Net Asset Value, Beginning of Year** | $11.62 | $9.44 |  | $8.16 | $12.00 | $9.70 |
| **Investment Operations:** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.18 | 0.20 |  | 0.18 | 0.22 | 0.15 |
| Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | 1.82 | 2.14 |  | 1.29 | (3.47) | 2.25 |
| Total from Investment Operations | 2.00 | 2.34 |  | 1.47 | (3.25) | 2.40 |
| **Distributions From:** |  |  |  |  |  |  |
| Net Investment Income | (0.29) | (0.16) |  | (0.19) | (0.17) | (0.10) |
| Capital Gains | (0.10) |  |  |  | (0.42) |  |
| Total Distributions to Shareholders | (0.39) | (0.16) |  | (0.19) | (0.59) | (0.10) |
| **Net Asset Value, End of Year** | $13.23 | $11.62 |  | $9.44 | $8.16 | $12.00 |
| **Total Return**<sup>(3)</sup> | 18.07% | 25.04% |  | 18.09% | (28.60)% | 24.86% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Year (000's omitted) | $966338 | $922362 |  | $716728 | $507129 | $680792 |
| Ratios to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, Net of Expenses Waived/Reimbursed/Recouped | 0.62% | 0.62% |  | 0.64% | 0.65% | 0.66% |
| Expenses, Prior to Expenses Waived/Reimbursed/Recouped | 0.62% | 0.62% |  | 0.64% | 0.64% | 0.65% |
| Net Investment Income | 1.51% | 1.94% |  | 1.87% | 2.06% | 1.31% |
| Portfolio Turnover Rate | 70% | 105% | <sup>(4)</sup> | 68% | 88% | 52% |

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*(1)&nbsp;&nbsp;&nbsp;&nbsp;Based on average daily shares outstanding.*

*(2)&nbsp;&nbsp;&nbsp;&nbsp;Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.*

*(3)&nbsp;&nbsp;&nbsp;&nbsp;Through September 30, 2023, the total return may reflect a waiver, or recovery of prior waiver, by the Adviser. Performance would be different prior to the impact of waivers or recovery of prior waivers.*

*(4)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate for the year ended September 30, 2024 increased primarily due to changes in the exchange-traded funds in which a significant portion of the Fund was invested.*

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**First American Multi-Manager Fixed-Income Fund**

Selected data for a share of beneficial interest outstanding throughout the year is presented below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30, 2025** |  | **For the<br>Year Ended<br>September 30,<br>2024** | **For the<br>Year Ended<br>September 30,<br>2023** | **For the<br>Year Ended<br>September 30,<br>2022** | **For the<br>Year Ended<br>September 30,<br>2021** |
| **Net Asset Value, Beginning of Year** | $9.06 |  | $8.44 | $8.62 | $10.39 | $10.81 |
| **Investment Operations:** |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.39 |  | 0.38 | 0.34 | 0.23 | 0.21 |
| Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | (0.11) |  | 0.63 | (0.19) | (1.71) | (0.08) |
| Total from Investment Operations | 0.28 |  | 1.01 | 0.15 | (1.48) | 0.13 |
| **Distributions From:** |  |  |  |  |  |  |
| Net Investment Income | (0.40) |  | (0.39) | (0.33) | (0.24) | (0.22) |
| Capital Gains |  |  |  |  | (0.05) | (0.33) |
| Return of Capital |  | <sup>(3)</sup> |  |  |  |  |
| Total Distributions to Shareholders | (0.40) |  | (0.39) | (0.33) | (0.29) | (0.55) |
| **Net Asset Value, End of Year** | $8.94 |  | $9.06 | $8.44 | $8.62 | $10.39 |
| **Total Return**<sup>(4)</sup> | 3.18% |  | 12.23% | 1.71% | (14.52)% | 1.23% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Year (000's omitted) | $1614603 |  | $1499004 | $1096053 | $903782 | $823323 |
| Ratios to Average Net Assets of: |  |  |  |  |  |  |
| Expenses, Net of Expenses Waived/Reimbursed/Recouped | 0.49% |  | 0.49% | 0.51% | 0.51% | 0.55% |
| Expenses, Prior to Expenses Waived/Reimbursed/Recouped | 0.49% |  | 0.49% | 0.51% | 0.51% | 0.52% |
| Net Investment Income | 4.39% |  | 4.32% | 3.88% | 2.41% | 2.00% |
| Portfolio Turnover Rate | 76% |  | 103% | 100% | 124% | 107% |

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*(1)Based on average daily shares outstanding.*

*(2)Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.*

*(3)Less than one cent per share.*

*(4)Through September 30, 2021, the total return may reflect a waiver, or recovery of prior waiver, by the Adviser. Performance would be different prior to the impact of waivers or recovery of prior waivers.*

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**USEFUL SHAREHOLDER INFORMATION**

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

**Shareholder Reports.** Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements. The Fund also files its complete schedule of portfolio holdings with the SEC for the 1<sup>st</sup> and 3<sup>rd</sup> quarters of each fiscal year as an exhibit to its reports on Form N-PORT.

**Statement of Additional Information (SAI).** The SAI provides more detailed information about each Fund. It is incorporated by reference into (and is legally a part of) this Prospectus.

**How to Obtain Additional Information.**

You can a free copy of the Fund's current SAI, annual or semi-annual reports, financial statements or Form N-PORT, make inquiries or request other information about the Funds by contacting the Adviser or the Transfer Agent at 1-800-527-5412, writing the Funds at 213 Market Street, Harrisburg, Pennsylvania 17101-2141, or visiting the Funds' website at www.firstamericanfunds.com or calling your financial consultant.

Reports and other information about the Funds are available on the EDGAR Database on the Commission's website at http://www.sec.gov. You may get copies of this information, with payment of a duplication fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

If someone makes a statement about the Funds that is not in this Prospectus, you should not rely upon that information. Neither the Funds nor the Distributor is offering to sell shares of the Funds to any person to whom the Funds may not lawfully sell their shares.

**How to Reach PFM Multi-Manager Series Trust**

Please send all requests for information or transactions to:

PFM Multi-Manager Series Trust

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

You may contact us by telephone at 1-800-527-5412.

**You can also visit our website at:**

**www.firstamericanfunds.com** 

Investment Company Act File Number: 811-23282

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**PFM MULTI-MANAGER SERIES TRUST (TRUST)**

**STATEMENT OF ADDITIONAL INFORMATION**

**January 28, 2026**

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| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Institutional Class** | **Class R** |
| | **Ticker Symbol** | **Ticker Symbol** | **Ticker Symbol** |
| **First American Multi-Manager Domestic Equity Fund** | **N/A** | **FAEQX** | **N/A** |
| **First American Multi-Manager International Equity Fund** | **N/A** | **FAIEX** | **N/A** |
| **First American Multi-Manager Fixed-Income Fund** | **N/A** | **FAFIX** | **N/A** |

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This Statement of Additional Information (SAI) dated January 28, 2026, is not a prospectus. This SAI should be read in conjunction with the prospectus dated January 28, 2026, as amended or supplemented from time to time, for First American Multi-Manager Domestic Equity Fund (Domestic Equity Fund), First American Multi-Manager International Equity Fund (International Equity Fund) and First American Multi-Manager Fixed-Income Fund (Fixed-Income Fund) (each, a Fund and collectively, the Funds or Multi-Manager Funds) of the Trust (Prospectus). The audited financial statements, including the financial highlights, for the fiscal year ended September 30, 2025 for the Funds as included in the Funds' most recent <u>[Form](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001696729/000113322825013301/pmmst-efp18770_ncsr.htm)[N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001696729/000113322825013301/pmmst-efp18770_ncsr.htm)</u> and filed electronically with the SEC on December 5, 2025, are incorporated herein by reference and made part of this SAI. Copies of the Prospectus, shareholders' annual and semi-annual reports, and/or financial statements may be obtained without charge by writing to U.S. Bancorp Investments, Inc., the Trust's principal underwriter (referred to herein as Distributor or Principal Underwriter), 60 Livingston Avenue, Saint Paul, Minnesota 55107, by visiting the Trust's website at www.firstamericanfunds.com or by calling 1-800-527-5412. Capitalized terms not otherwise defined have the same meaning as in the Prospectus.

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS SAI OR IN THE PROSPECTUS IN CONNECTION WITH THE OFFERING MADE BY THE PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS DISTRIBUTOR. THE PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ORGANIZATION OF TRUST](#ic2ed972391f74536a979c5b58495972d_95) | [3](#ic2ed972391f74536a979c5b58495972d_95) |
| [MULTI-MANAGER STRUCTURE](#ic2ed972391f74536a979c5b58495972d_111) | [3](#ic2ed972391f74536a979c5b58495972d_111) |
| [INVESTMENT OBJECTIVES AND STRATEGIES](#ic2ed972391f74536a979c5b58495972d_125) | [3](#ic2ed972391f74536a979c5b58495972d_125) |
| [ADDITIONAL INVESTMENTS AND RISKS](#ic2ed972391f74536a979c5b58495972d_140) | [4](#ic2ed972391f74536a979c5b58495972d_140) |
| [INVESTMENT RESTRICTIONS](#ic2ed972391f74536a979c5b58495972d_154) | [56](#ic2ed972391f74536a979c5b58495972d_154) |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#ic2ed972391f74536a979c5b58495972d_167) | [57](#ic2ed972391f74536a979c5b58495972d_167) |
| [MANAGEMENT OF THE TRUST](#ic2ed972391f74536a979c5b58495972d_180) | [58](#ic2ed972391f74536a979c5b58495972d_180) |
| [PROXY VOTING POLICY](#ic2ed972391f74536a979c5b58495972d_193) | [63](#ic2ed972391f74536a979c5b58495972d_193) |
| [CODES OF ETHICS](#ic2ed972391f74536a979c5b58495972d_464) | [63](#ic2ed972391f74536a979c5b58495972d_464) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITI](#ic2ed972391f74536a979c5b58495972d_219)[E](#ic2ed972391f74536a979c5b58495972d_219)[S](#ic2ed972391f74536a979c5b58495972d_219) | [64](#ic2ed972391f74536a979c5b58495972d_219) |
| [INVESTMENT ADVISER](#ic2ed972391f74536a979c5b58495972d_232) | [65](#ic2ed972391f74536a979c5b58495972d_232) |
| [INVESTMENT SUB-ADVISERS](#ic2ed972391f74536a979c5b58495972d_245) | [65](#ic2ed972391f74536a979c5b58495972d_245) |
| [INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT](#ic2ed972391f74536a979c5b58495972d_258)S | [67](#ic2ed972391f74536a979c5b58495972d_258) |
| [ADDITIONAL PORTFOLIO MANAGER INFORMATION](#ic2ed972391f74536a979c5b58495972d_271) | [69](#ic2ed972391f74536a979c5b58495972d_271) |
| [ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT](#ic2ed972391f74536a979c5b58495972d_284) | [98](#ic2ed972391f74536a979c5b58495972d_284) |
| [DISTRIBUTOR](#ic2ed972391f74536a979c5b58495972d_297) | [99](#ic2ed972391f74536a979c5b58495972d_297) |
| [DISTRIBUTION AND SHAREHOLDER SERVICE PLANS](#ic2ed972391f74536a979c5b58495972d_310) | [100](#ic2ed972391f74536a979c5b58495972d_310) |
| [BROKERAGE TRANSACTIONS](#ic2ed972391f74536a979c5b58495972d_323) | [101](#ic2ed972391f74536a979c5b58495972d_323) |
| [VALUATION AND DETERMINATION OF NET ASSET VALU](#ic2ed972391f74536a979c5b58495972d_336)[E](#ic2ed972391f74536a979c5b58495972d_336) | [105](#ic2ed972391f74536a979c5b58495972d_336) |
| [TAXATION OF THE FUNDS](#ic2ed972391f74536a979c5b58495972d_349) | [106](#ic2ed972391f74536a979c5b58495972d_349) |
| [DESCRIPTION OF SHARE](#ic2ed972391f74536a979c5b58495972d_362)[S](#ic2ed972391f74536a979c5b58495972d_362) | [118](#ic2ed972391f74536a979c5b58495972d_362) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#ic2ed972391f74536a979c5b58495972d_375) | [119](#ic2ed972391f74536a979c5b58495972d_375) |
| [FUND COUNSEL](#ic2ed972391f74536a979c5b58495972d_388) | [119](#ic2ed972391f74536a979c5b58495972d_388) |
| [FINANCIAL STATEMENTS](#ic2ed972391f74536a979c5b58495972d_401) | [120](#ic2ed972391f74536a979c5b58495972d_401) |
| [APPENDIX A](#ic2ed972391f74536a979c5b58495972d_414) | [121](#ic2ed972391f74536a979c5b58495972d_414) |
| [APPENDIX B](#ic2ed972391f74536a979c5b58495972d_427) | [129](#ic2ed972391f74536a979c5b58495972d_427) |

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**ORGANIZATION OF TRUST**

The Trust is an open-end management investment company. Each Fund is classified as diversified under the Investment Company Act of 1940, as amended (1940 Act). Each Fund is a series of the Trust that was formed as a Delaware statutory trust on December 21, 2016 under an Agreement and Declaration of Trust (Trust Agreement).

On October 1, 2024, PFM Asset Management LLC (PFMAM), the investment adviser to the Funds, consolidated into its parent company, U.S. Bancorp Asset Management, Inc. (USBAM) and PFM Fund Distributors, Inc. (PFMFD), the distributor to the Funds, consolidated into its affiliate, U.S. Bancorp Investments, Inc. (USBI). The consolidations were effected in connection with a corporate restructuring at U.S. Bank N.A., the ultimate parent company of each of PFMAM and USBAM. PFMFD and USBI are subsidiaries of U.S. Bank N.A.'s parent company, U.S. Bancorp.

In connection with the above, effective October 1, 2024, PFM Multi-Manager Domestic Equity Fund was renamed First American Multi-Manager Domestic Equity Fund, PFM Multi-Manager International Equity Fund was renamed First American Multi-Manager International Equity Fund and PFM Multi-Manager Fixed-Income Fund was renamed First American Multi-Manager Fixed-Income Fund.

**MULTI-MANAGER STRUCTURE**

The Funds are managed by U.S. Bancorp Asset Management, Inc. (USBAM, Adviser or Investment Adviser) and one or more asset managers who are unaffiliated with the Investment Adviser (each a Sub-Adviser and together, the Sub-Advisers). Subject to the oversight of the Board of Trustees of the Trust (Board), the Investment Adviser is responsible for, among other overall management services, selecting the Funds' investment strategies and for allocating and reallocating assets among the Sub-Advisers consistent with each Fund's investment objective and strategies. The Investment Adviser is also responsible for recommending to the Board, as applicable, whether an agreement with a Sub-Adviser should be approved, renewed, modified or terminated and for monitoring and evaluating the Sub-Advisers. The Investment Adviser is also responsible for implementing procedures to ensure that each Sub-Adviser complies with the Fund's investment objective, strategies and restrictions. USBAM uses a variety of quantitative and qualitative tools to carry out its investment management services.

The Investment Adviser and the Trust were granted an exemptive order from the U.S. Securities and Exchange Commission (SEC) that allows the Funds to operate in a "manager of managers" structure whereby the Investment Adviser, as each Fund's investment adviser, can appoint and replace both wholly owned and unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval but without obtaining prior shareholder approval (Manager of Managers Structure). The Funds will, however, inform shareholders of the hiring of any new sub-adviser within ninety (90) days after the hiring. The SEC exemptive order provides the Funds with greater efficiency and without incurring the expenses and delays associated with obtaining shareholder approval of sub-advisory agreements with such sub-advisers.

The use of the Manager of Managers Structure with respect to the Funds is subject to certain conditions set forth in the SEC exemptive order. Under the Manager of Managers Structure, the Investment Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee the sub-advisers and recommend their hiring, termination and replacement. The Investment Adviser will also, subject to the oversight and, as required, approval of the Board: set the Fund's overall investment strategy; evaluate, select and recommend sub-advisers to manage all or a portion of the Fund's assets; and implement procedures reasonably designed to ensure that each sub-adviser complies with the Fund's investment objective, policies and restrictions. Subject to the oversight of the Board, the Investment Adviser will allocate and, when appropriate, reallocate the Fund's assets among sub-advisers and monitor and evaluate the sub-advisers' performance.

**INVESTMENT OBJECTIVES AND STRATEGIES**

The following supplements the investment objectives, strategies and risks of the Funds as set forth in the Prospectus. The investment objective of each Fund may be changed without shareholder approval. In addition to the instruments discussed below and in the Prospectus, each Fund may purchase other types of financial instruments, however designated, whose investment and credit quality characteristics are determined by USBAM or any of the Sub-Advisers, to be substantially similar to those of any other investment otherwise permitted by a Fund's investment strategies.

To the extent required by SEC regulations, shareholders of each Fund will be provided with sixty (60) days' notice in the manner prescribed by the SEC before any change in a Fund's policy stated in the Prospectus to

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invest at least 80% of its net assets in the particular type of investment suggested by its name. For these purposes, "net assets" include the amount of any borrowings for investment purposes and the amount of "net assets" is measured at the time of purchase.

<u>First American Multi-Manager Domestic Equity Fund</u> seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

<u>First American Multi-Manager International Equity Fund</u> seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

<u>First American Multi-Manager Fixed-Income Fund</u> seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

**ADDITIONAL INVESTMENTS AND RISKS**

To the extent consistent with its investment objective and restrictions, each Fund may invest in the following instruments and use the following techniques. Unless otherwise indicated, a Fund may invest in all of the following types of investments. Not all of the Funds invest in all of the types of securities or use all of the investment techniques described below, and a Fund might not invest in all of these types of securities or use all of these techniques at any one time. The Investment Adviser and/or the Sub-Advisers may invest in other types of securities and may use other investment techniques in managing the Funds, including those described below for Funds not specifically mentioned as investing in the security or using the investment technique, as well as securities and techniques not described. A Fund's transactions in a particular type of security or use of a particular technique is subject to limitations imposed by the Fund's investment objective, policies and restrictions described in the Fund's Prospectus and/or this SAI, as well as the federal securities laws.

Any percentage limitations relating to the composition of a Fund's portfolio identified in the Fund's prospectus or this SAI apply at the time the Fund acquires an investment except for those related to a Fund's illiquid investments limitation or limitations on borrowings. Subsequent changes that result from market fluctuations generally will not require a Fund to sell any portfolio security except as related to a Fund's illiquid investments limitation or limitation on borrowings.

The Funds' investment objectives, policies, strategies and practices described below are nonfundamental and may be changed without approval of the holders of the Fund's voting securities unless otherwise indicated.

**AMERICAN DEPOSITARY RECEIPTS (ADRS), GLOBAL DEPOSITARY RECEIPTS (GDRS) AND EUROPEAN DEPOSITARY RECEIPTS (EDRS).** The Funds may invest in ADRs, GDRs and EDRs under certain circumstances as an alternative to directly investing in foreign securities. ADRs are receipts issued by a U.S. depository institution, but they represent a specified quantity of shares of a non-U.S. stock company. ADRs are denominated in U.S. dollars and trade on U.S. securities exchanges, but are treated as "foreign securities" for purposes of the limitations on a Fund's investments in foreign securities because they are subject to many of the same risks as foreign securities as described below.

In addition to ADRs, the Funds may invest in sponsored or unsponsored GDRs and EDRs to the extent they become available. GDRs and EDRs are typically issued by foreign depositaries and evidence ownership interests in a security or pool of securities issued by either a foreign or a U.S. corporation. Holders of unsponsored GDRs and EDRs generally bear all the costs associated with establishing them. The depositary of an unsponsored depositary receipt is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through to the depositary receipt's holders any voting rights with respect to the securities or pools of securities represented by the GDR or EDR. GDRs and EDRs also may not be denominated in the same currency as the underlying securities. Registered GDRs and EDRs are generally designed for use in U.S. securities markets, while bearer form GDRs and EDRs are generally designed for non-U.S. securities markets. The Funds will treat the underlying securities of a GDR or EDR as the investment for purposes of its investment policies and restrictions.

ADRs, GDRs and EDRs do not eliminate the risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs, GDRs, and EDRs rather than directly in a foreign issuer's stock, a Fund can minimize currency risks during the settlement period for either purchases or sales. In general, there is a large liquid market in the U.S. for many ADRs and GDRs. The information available for ADRs and GDRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards may be more uniform and more exacting than those to which many foreign issuers are subject.

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**ARTIFICIAL INTELLIGENCE RISK.** The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning models and generative artificial intelligence (collectively "AI Technologies"), may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund by its service providers. For example, issuers in which a Fund invests and/or service providers to the Funds (including, without limitation, a Fund's investment adviser, sub-adviser, fund accountant, custodian, or transfer agent) use and/or may expand the use of AI Technologies in their business operations, and the challenges with properly managing its use could result in reputational harm, competitive harm, legal liability, and/or an adverse effect on business operations. AI Technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI Technologies could be insufficient, incomplete, inaccurate or biased leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. Additionally, the use of AI Technologies could impact the market as a whole, including by way of use by malicious actors for market manipulation, fraud and cyberattacks, and may face regulatory scrutiny in the future, which could limit the development of this technology and impede the growth of companies that develop and use AI.

To the extent a Fund invests in companies that are involved in various aspects of AI Technologies, it is particularly sensitive to the risks of those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Such companies may have limited product lines, markets, financial resources, or personnel. Securities of such companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Companies that are extensively involved in AI Technologies also may rely heavily on a combination of patents, copyrights, trademarks, and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Such companies may engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.

Actual usage of AI Technologies by a Fund's service providers and issuers in which a Fund invests will vary. AI Technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

**ASSET-BACKED AND MORTGAGE-BACKED SECURITIES.** The Funds may purchase asset-backed securities, which are securities backed by stream of payments generated by particular assets, most often a pool or pools of similar assets (e.g., receivables on home equity and credit loans and receivables regarding automobile, credit card, mobile home and recreational vehicle loans, wholesale dealer floor plans and leases). Mortgage-backed securities are interests in pools of mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. The investment characteristics of asset-backed and mortgage-backed securities differ from those of traditional fixed-income securities. Asset- backed securities represent interests in "pools" of assets in which payments of both interest and principal on the securities are made periodically, thus in effect "passing through" such payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. The average life of asset-backed securities varies with the maturities of the underlying instruments, and the average life of a mortgage-backed instrument, in particular, is likely to be substantially less than the original maturity of the mortgage pools underlying the securities as a result of mortgage prepayments. For this and other reasons, an asset-backed security normally is subject to both call risk and extension risk, and an asset-backed security's stated maturity may be shortened. In addition, the security's total return may be difficult to predict precisely. These differences can result in significantly greater price and yield volatility than is the case with traditional fixed-income securities.

If an asset-backed security is purchased at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity. Conversely, if an asset-backed security is purchased at a discount, faster than expected prepayments will increase, while slower than expected prepayments will decrease, yield to maturity. In calculating the Fund's average weighted maturity, the maturity of asset-backed securities will be based on estimates of average life. Prepayments on asset-backed securities generally increase with falling interest rates and decrease with rising

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interest rates; furthermore, prepayment rates are influenced by a variety of economic and social factors. In general, the collateral supporting non-mortgage asset-backed securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments.

Mortgage-backed securities acquired by the Funds may include collateralized mortgage obligations (CMOs). CMOs may be issued by a U.S. Government agency or instrumentality or by a private issuer. CMOs provide the holder with a specified interest in the cash flow of a pool of underlying mortgages or other mortgage-backed securities. Issuers of CMOs ordinarily elect to be taxed as pass-through entities known as real estate mortgage investment conduits (REMICs). CMOs are issued in multiple classes, each with a specified fixed or floating interest rate and a final distribution date. The relative payment rights of the various CMO classes may be structured in a variety of ways, and normally are considered derivative securities. Monthly principal payments and any prepayments from the collateral pool are generally paid first to the holders of the most senior class. Thereafter, payments of principal are generally allocated to the next most senior class of obligations until that class of obligations has been fully repaid. Any or all classes of obligations of a CMO may be paid off sooner than expected because of an increase in the payoff speed of the pool. Changes in prepayment rates may have significant effects on the values and the volatility of the various classes and series of a CMO. Payment of interest or principal on some classes or series of a CMO may be subject to contingencies or some classes or series may bear some or all of the risk of default on the underlying mortgages. In some cases, CMOs may be highly leveraged and very speculative. The Funds will not purchase "residual" CMO interests, which normally exhibit greater price volatility.

Each class of obligations receives periodic interest payments according to its terms. However, there are a number of important differences among the agencies, instrumentalities and sponsored enterprises of the U.S. government that issue mortgage-related securities and among the securities that they issue. Mortgage- related securities guaranteed by the Government National Mortgage Association (Ginnie Mae) include Ginnie Mae Mortgage Pass-Through Certificates, which are guaranteed as to the timely payment of principal and interest by Ginnie Mae and backed by the full faith and credit of the United States, which means that the U.S. government guarantees that the interest and principal will be paid when due. Ginnie Mae is a wholly-owned U.S. government corporation within the Department of Housing and Urban Development. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S. Treasury to make payments under its guarantee.

Mortgage-backed securities issued by the Federal National Mortgage Association (FNMA or Fannie Mae) include Fannie Mae Guaranteed Mortgage Pass-Through Certificates, which are solely the obligations of Fannie Mae and are not backed by or entitled to the full faith and credit of the United States, except as described below, but are supported by the right of the issuer to borrow from the U.S. Treasury. Fannie Mae is a stockholder-owned corporation chartered under an Act of the U.S. Congress. Fannie Mae certificates are guaranteed as to timely payment of the principal and interest by Fannie Mae. Mortgage-related securities issued by the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) include Freddie Mac Mortgage Participation Certificates. [**See also U.S. GOVERNMENT OBLIGATIONS**]

Freddie Mac is a corporate instrumentality of the United States, created pursuant to an Act of Congress. Freddie Mac certificates are not guaranteed by the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank. Freddie Mac certificates entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When Freddie Mac does not guarantee timely payment of principal, Freddie Mac may remit the amount due on account of its guarantee of ultimate payment of principal after default.

On June 3, 2019, under the FHFA's "Single Security Initiative," Fannie Mae and Freddie Mac started issuing uniform mortgage-backed securities (UMBS) in place of their separate offerings of "to be announced" (TBA)-eligible mortgage-backed securities. The Single Security Initiative seeks to align the characteristics of certain Fannie Mae and Freddie Mac mortgage-based securities and to support the overall liquidity in certain markets. The effects that the Single Security Initiative may have on the market and other mortgage-backed securities are uncertain and the issuance of UMBS may not achieve the intended results and may have unanticipated or adverse effects on the market for mortgage-backed securities.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating federal sponsorship of Fannie Mae and Freddie Mac. The Trust cannot predict what legislation, if any, may be proposed in the future in Congress with regard to such sponsorship or which proposals, if any, might be

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enacted. Such proposals, if enacted, might materially and adversely affect the availability of government guaranteed mortgage-backed securities and the Fund's liquidity and value.

There is risk that the U.S. government will not provide financial support to its agencies, authorities, instrumentalities or sponsored enterprises. The Fund may purchase U.S. government securities that are not backed by the full faith and credit of the United States, such as those issued by Fannie Mae and Freddie Mac. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

The volatility and disruption that impacted the capital and credit markets during late 2008 and into 2009 have led to increased market concerns about Freddie Mac's and Fannie Mae's ability to withstand future credit losses associated with securities held in their investment portfolios, and on which they provide guarantees, without the direct support of the federal government. On September 7, 2008, both Freddie Mac and Fannie Mae were placed under the conservatorship of the Federal Housing Finance Agency (FHFA). Under the plan of conservatorship, the FHFA has assumed control of, and generally has the power to direct, the operations of Freddie Mac and Fannie Mae, and is empowered to exercise all powers collectively held by their respective shareholders, directors and officers, including the power to: (1) take over the assets of and operate Freddie Mac and Fannie Mae with all the powers of the shareholders, the directors, and the officers of Freddie Mac and Fannie Mae and conduct all business of Freddie Mac and Fannie Mae; (2) collect all obligations and money due to Freddie Mac and Fannie Mae; (3) perform all functions of Freddie Mac and Fannie Mae which are consistent with the conservator's appointment; (4) preserve and conserve the assets and property of Freddie Mac and Fannie Mae; and (5) contract for assistance in fulfilling any function, activity, action or duty of the conservator. In addition, in connection with the actions taken by the FHFA, the U.S. Treasury Department (Treasury) entered into certain preferred stock purchase agreements with each of Freddie Mac and Fannie Mae which established the Treasury as the holder of a new class of senior preferred stock in each of Freddie Mac and Fannie Mae, which stock was issued in connection with financial contributions from the Treasury to Freddie Mac and Fannie Mae.

The conditions attached to the financial contribution made by the Treasury to Freddie Mac and Fannie Mae and the issuance of this senior preferred stock placed significant restrictions on the activities of Freddie Mac and Fannie Mae. Freddie Mac and Fannie Mae must obtain the consent of the Treasury to, among other things: (i) make any payment to purchase or redeem its capital stock or pay any dividend other than in respect of the senior preferred stock issued to the Treasury, (ii) issue capital stock of any kind, (iii) terminate the conservatorship of the FHFA except in connection with a receivership, or (iv) increase its debt beyond certain specified levels. In addition, significant restrictions were placed on the maximum size of each of Freddie Mac's and Fannie Mae's respective portfolios of mortgages and mortgage-backed securities, and the purchase agreements entered into by Freddie Mac and Fannie Mae provide that the maximum size of their portfolios of these assets must decrease by a specified percentage each year. The future status and role of Freddie Mac and Fannie Mae could be impacted by (among other things): the actions taken and restrictions placed on Freddie Mac and Fannie Mae by the FHFA in its role as conservator; the restrictions placed on Freddie Mac's and Fannie Mae's operations and activities as a result of the senior preferred stock investment made by the Treasury; market responses to developments at Freddie Mac and Fannie Mae; and future legislative and regulatory action that alters the operations, ownership, structure and/or mission of these institutions, each of which may, in turn, impact the value of, and cash flows on, any mortgage-backed securities guaranteed by Freddie Mac and Fannie Mae, including any such mortgage-backed securities held by the Fund.

As a result of the economic recession that commenced in the United States in 2008, there is a heightened risk that the receivables and loans underlying the asset-backed securities purchased by the Fund may suffer greater levels of default than was historically experienced.

Non-mortgage asset-backed securities involve certain risks that are not presented by mortgage-backed securities. Primarily, these securities do not have the benefit of the same security interest in the underlying collateral. Credit card receivables generally are unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which have given debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and

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technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. Therefore, there is a possibility that recoveries on repossessed collateral may not, in some cases, be able to support payments on these securities.

Certain private mortgage pools are organized in such a way that the SEC staff considers them to be closed-end investment companies. The Fund's investment in such pools may be constrained by federal statute, which restricts investments in the shares of other investment companies.

In addition, privately issued mortgage-backed securities (as well as other types of asset-backed securities) do not have the backing of any U.S. government agency, instrumentality or sponsored enterprise. The seller or servicer of the underlying mortgage obligations generally will make representations and warranties to certificate-holders as to certain characteristics of the mortgage loans and as to the accuracy of certain information furnished to the trustee in respect of each such mortgage loan. Upon a breach of any representation or warranty that materially and adversely affects the interests of the related certificate-holders in a mortgage loan, the seller or servicer generally will be obligated either to cure the breach in all material respects, to repurchase the mortgage loan or, if the related agreement so provides, to substitute in its place a mortgage loan pursuant to the conditions set forth therein. Such a repurchase or substitution obligation may constitute the sole remedy available to the related certificate-holders or the trustee for the material breach of any such representation or warranty by the seller or servicer. To provide additional investor protection, some mortgage-backed securities may have various types of credit enhancements, reserve funds, subordination provisions or other features.

*Collateralized Debt Obligations (CDOs).* Asset-backed securities acquired by the Funds may also include CDOs. A CDO is a security backed by a pool of bonds, loans and other debt obligations. CDOs include collateralized bond obligations (CBOs) and collateralized loan obligations (CLOs) and other similarly structured securities.

A CBO is a trust or other special purpose entity (SPE) that 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 Funds 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 cash flows 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.

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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 investments. However, an active dealer market may exist for CDOs that qualify under the Rule 144A "safe harbor" from the registration requirements of the Securities Act of 1933, as amended (1933 Act) for re-sales of certain securities to qualified institutional buyers, and such CDOs may be characterized by the Fund as liquid investments. In addition to the normal risks associated with fixed-income securities and asset-backed securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (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 or default.

**PUBLIC BANK LOANS.** The Fixed-Income Fund may invest in public bank loans. Public bank loans are privately negotiated loans for which information about the issuer has been made publicly available. Public loans are made by banks or other financial institutions, and may be rated investment grade or below investment grade. Public bank loans, however, are not registered under the 1933 Act and are not publicly traded, and purchasers, such as the Fund, may not be entitled to rely on protections of federal securities laws, including anti-fraud provisions. Bank loans usually are second lien loans normally lower in priority of payment to senior loans, but have seniority in a company's capital structure to other claims, such as subordinated corporate bonds or publicly-issued equity so that in the event of bankruptcy or liquidation, the company is required to pay down these second lien loans prior to such other lower-ranked claims on their assets. Bank loans normally pay floating rates that reset frequently, and as a result, protect investors from increases in interest rates. Bank loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the bank loans.

Bank loans generally are negotiated between a borrower and several financial institutional lenders represented by one or more lenders acting as agent of all the lenders. The agent is responsible for negotiating the loan agreement that establishes the terms and conditions of the loan and the rights of the borrower and the lenders, monitoring any collateral, and collecting principal and interest on the loan. By investing in a loan, the Fund becomes a member of a syndicate of lenders. Certain bank loans are illiquid, meaning the Fund may not be able to sell them quickly at a fair price. Illiquid investments are also difficult to value. To the extent a bank loan has been deemed illiquid, it will be subject to the Fund's restrictions on illiquid investments. The secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. Bank loans are subject to the risk of default. Default in the payment of interest or principal on a loan will result in a reduction of income to the Fund, a reduction in the value of the loan, and a potential decrease in the Fund's net asset value (NAV). The risk of default will increase in the event of an economic downturn or a substantial increase in interest rates. Bank loans are subject to the risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments. As discussed above, however, because bank loans reside higher in the capital structure than high yield bonds, default losses have been historically lower in the bank loan market. Bank loans that are rated below investment grade share the same risks of other below investment grade securities.

**BORROWINGS.** The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments in an effort to increase the Funds' investment returns. Reverse repurchase agreements may be considered to be a type of borrowing.

When the Funds invest borrowing proceeds in other securities, the Funds will be at risk for any fluctuations in the market value of the securities in which the proceeds are invested. Like other leveraging risks, this makes the value of an investment in the Funds more volatile and increases the Funds' overall investment exposure. In addition, if the Funds' return on its investment of the borrowing proceeds does not equal or exceed the interest that the Funds are obligated to pay under the terms of a borrowing, engaging in these transactions will lower the Funds' return.

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The Funds 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 borrowing obligations. This could adversely affect a Fund's strategy and result in lower returns. Interest on any borrowings will be a Fund expense and will reduce the value of the Fund's shares. The Funds may borrow on a secured or on an unsecured basis. If a Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. During the term of the borrowing, the Fund will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, the Fund may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the Fund's strategy and result in lower returns. The Fund would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the Fund. In the event of a default by the lender, there may be delays, costs and risks of loss involved in the Fund's exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

**BONDS.** The Funds may invest a portion of their assets in bonds. A bond is an interest-bearing security issued by a company, governmental unit or, in some cases, a non-U.S. entity. The issuer of a bond has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond's face value) periodically or on a specified maturity date; provided, however, a zero coupon bond pays no interest to its holder during its life. The value of a zero coupon bond to a Fund consists of the difference between such bond's face value at the time of maturity and the price for which it was acquired, which may be an amount significantly less than its face value (sometimes referred to as a "deep discount" price).

An issuer may have the right to redeem or "call" a bond before maturity, in which case the investor may have to reinvest the proceeds at lower market rates. Most bonds bear interest income at a "coupon" rate that is fixed for the life of the bond. The value of a fixed rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Accordingly, a fixed rate bond's yield (income as a percent of the bond's current value) may differ from its coupon rate as its value rises or falls. Fixed rate bonds generally are also subject to inflation risk, which is the risk that the value of the bond or income from the bond will be worth less in the future as inflation decreases the value of money. This could mean that, as inflation increases, the "real" value of the assets of a Fund holding fixed rate bonds can decline, as can the value of the Fund's distributions. Other types of bonds bear income at an interest rate that is adjusted periodically. Because of their adjustable interest rates, the value of "floating-rate" or "variable-rate" bonds fluctuates much less in response to market interest rate movements than the value of fixed rate bonds. A Fund may treat some of these bonds as having a shorter maturity for purposes of calculating the weighted average maturity of its investment portfolio. Bonds may be senior or subordinated obligations. Senior obligations generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated obligations. Bonds may be unsecured (backed only by the issuer's general creditworthiness) or secured (also backed by specified collateral).

The investment return of corporate bonds reflects interest on the bond and changes in the market value of the bond. The market value of a corporate bond may be affected by the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by such a security.

**BRADY BONDS.** The Funds may invest in certain debt obligations, customarily referred to as "Brady Bonds." Brady Bonds are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with a debt restructuring. Brady Bonds have been issued since 1989 and are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds and thus are subject to the risk of default by the issuer. Brady Bonds may be fully or partially collateralized or uncollateralized and issued in various currencies (although most are U.S. dollar-denominated), and they are actively traded in the over-the-counter secondary market.

U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in-full as to principal due at maturity by U.S. Treasury zero coupon obligations, which have the same maturity as the Brady Bonds. Certain interest payments on these Brady Bonds may be collateralized by cash or securities in an amount that, in the case of fixed rate bonds, is typically equal to between 12 and 18 months of rolling interest payments or, in the case of floating rate bonds, initially is typically equal to between 12 and 18 months rolling interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter with the balance of interest accruals in each case being uncollateralized.

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Payment of interest and (except in the case of principal collateralized Brady Bonds) principal on Brady Bonds with no or limited collateral depends on the willingness and ability of the foreign government to make payment. In the event of a default on collateralized Brady Bonds for which obligations are accelerated, the collateral for the payment of principal will not be distributed to investors, nor will such obligations be sold and the proceeds distributed. The collateral will be held by the collateral agent to the scheduled maturity of the defaulted Brady Bonds, which will continue to be outstanding, at which time the face amount of the collateral will equal the principal payments that would have then been due on the Brady Bonds in the normal course.

*Restructured Investments*. Included among the issuers of emerging country debt securities are entities organized and operated solely for the purpose of restructuring the investment characteristics of various securities. These entities are often organized by investment banking firms which receive fees in connection with establishing each entity and arranging for the placement of its securities. This type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, or specified instruments, such as Brady Bonds, and the issuance by the entity of one or more classes of securities (Restructured Investments) backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued Restructured Investments to create securities with different investment characteristics such as varying maturities, payment priorities or investment rate provisions. Because Restructured Investments of the type in which the Funds may invest typically involve no credit enhancement, their credit risk will generally be equivalent to that of the underlying instruments.

Based upon current market conditions, the Funds would not intend to purchase Brady Bonds that, at the time of investment, are in default as to payment. However, in light of the residual risk of Brady Bonds and, among other factors, the history of default with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds, investments in Brady Bonds are to be viewed as speculative. A substantial portion of the Brady Bonds and other sovereign debt securities in which the Funds invests are likely to be acquired at a discount, which involves certain additional considerations.

Sovereign obligors in developing and emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions.

These obligors have in the past experienced substantial difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness. Restructuring arrangements have included, among other things, reducing and rescheduling interest and principal payments by negotiating new or amended credit agreements or converting outstanding principal and unpaid interest to Brady Bonds and obtaining new credit to finance interest payments. Holders of certain foreign sovereign debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the Brady Bonds and other foreign sovereign debt securities in which the Funds may invest will not be subject to similar restructuring arrangements or to requests for new credit, which may adversely affect the Funds' holdings. Furthermore, certain participants in the secondary market for such debt may be directly involved in negotiating the terms of these arrangements and may therefore have access to information not available to other market participants.

The Funds are permitted to invest in a class of Restructured Investments that is either subordinated or unsubordinated to the right of payment of another class. Subordinated Restructured Investments typically have higher yields and present greater risks than unsubordinated Restructured Investments. Although the Funds' purchases of subordinated Restructured Investments would have a similar economic effect to that of borrowing against the underlying securities, such purchases will not be deemed to be borrowing for purposes of the limitations placed on the extent of the Funds' assets that may be used for borrowing.

Certain issuers of Restructured Investments may be deemed to be "investment companies" as defined in the Act. As a result, the International Equity and Fixed-Income Funds' investments in these Restructured Investments may be limited by the restrictions contained in the Act. Restructured Investments are typically sold in private placement transactions, and there currently is no active trading market for most Restructured Investments.

**COMMERCIAL PAPER, BANKERS' ACCEPTANCES, CERTIFICATES OF DEPOSIT, TIME DEPOSITS AND BANK NOTES.** To the extent consistent with their respective investment objectives and strategies, each Fund may invest in commercial paper. Commercial paper represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite

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period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate.

Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties that vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party. Bank notes generally rank junior to deposit liabilities of banks and pari passu with other senior, unsecured obligations of the bank. Bank notes are classified as "other borrowings" on a bank's balance sheet, while deposit notes and certificates of deposit are classified as deposits. Bank notes are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other insurer. Deposit notes are insured by the FDIC only to the extent of $250,000 per depositor per bank.

Each Fund may invest a portion of its assets in the obligations of foreign banks and foreign branches of domestic banks. Such obligations include Eurodollar Certificates of Deposit (ECDs), which are U.S. dollar-denominated certificates of deposit issued by offices of foreign and domestic banks located outside the United States; Eurodollar Time Deposits (ETDs), which are U.S. dollar-denominated deposits in a foreign branch of a U.S. bank or a foreign bank; Canadian Time Deposits (CTDs), which are essentially the same as ETDs except they are issued by Canadian offices of major Canadian banks; Schedule Bs, which are obligations issued by Canadian branches of foreign or domestic banks; Yankee Certificates of Deposit (Yankee CDs), which are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a foreign bank and held in the United States; and Yankee Bankers' Acceptances (Yankee BAs), which are U.S. dollar-denominated bankers' acceptances issued by a U.S. branch of a foreign bank and held in the United States.

Commercial paper purchased by certain Funds may include asset-backed commercial paper. Asset-backed commercial paper is issued by a SPE that is organized to issue the commercial paper and to purchase trade receivables or other financial assets. The credit quality of asset-backed commercial paper depends primarily on the quality of these assets and the level of any additional credit support.

Because the Funds may hold investments in non-U.S. bank obligations, an investment in the Funds involves certain additional risks. Such investment risks include future political and economic developments, the possible imposition of non-U.S. withholding taxes on interest income payable on such obligations held by the Funds, the possible seizure or nationalization of non-U.S. deposits and the possible establishment of exchange controls or other non-U.S. governmental laws or restrictions applicable to the payment of the principal of and interest on certificates of deposit or fixed time deposits that might affect adversely such payment on such obligations held by the Funds. Additionally, there may be less public information available about non-U.S. entities. Non-U.S. issuers may be subject to less governmental regulation and supervision than U.S. issuers. Non-U.S. issuers also generally are not bound by uniform accounting, auditing and financial reporting requirements comparable to those applicable to U.S. issuers. **[See "FOREIGN INVESTMENTS" below.]**

**CONVERTIBLE SECURITIES.** To the extent consistent with their respective investment objectives and strategies, the Funds may invest in convertible securities. Convertible securities are generally bonds, debentures, notes, preferred stock or other securities or investments that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio or predetermined price (the conversion price). A convertible security is designed to provide current income and also the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases in the market price of the underlying common stock. A convertible security may be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party, which may have an adverse effect on the Fund's ability to achieve its investment objectives. Convertible securities have general characteristics similar to both debt and equity securities.

Convertible securities entitle the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible securities mature or are redeemed, converted or exchanged. Prior to conversion, convertible securities have characteristics similar to ordinary debt securities in that they normally provide a stable stream of income with generally higher yields than those of common stock of the same or similar issuers. However, there can be no assurance of current income because the issuers of the convertible securities may default on their

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obligations. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed-income security. To the extent that the Funds invest in convertible securities with credit ratings below investment grade, such securities may have a higher likelihood of default, although this may be somewhat offset by the convertibility feature.

In selecting convertible securities, the Investment Adviser and Sub-Advisers may consider, among other factors: an evaluation of the creditworthiness of the issuers of the securities; the interest or dividend income generated by the securities; the potential for capital appreciation of the securities and the underlying common stocks; the prices of the securities relative to other comparable securities and to the underlying common stocks; whether the securities are entitled to the benefits of sinking funds or other protective conditions; diversification of portfolio securities as to issuers; and whether the securities are rated by a rating agency and, if so, the ratings assigned.

The value of convertible securities is a function of their investment value (determined by yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and their conversion value (their worth, at market value, if converted into the underlying common stock). The investment value of convertible securities is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and by the credit standing of the issuer and other factors. The conversion value of convertible securities is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible securities is governed principally by their investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible securities will be increasingly influenced by their conversion value. Conversion value fluctuates directly with the price of the underlying common stock, and will therefore be subject to risks relating to the activities of the issuer and general market and economic conditions. Depending upon the relationship of the conversion price to the market value of the underlying securities, a convertible security may trade more like an equity security than a debt instrument. In addition, convertible securities generally sell at a premium over their conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding fixed-income securities.

If, because of a low price of the common stock, the conversion value is substantially below the investment value of the convertible security, the price of the convertible security is governed principally by its investment value. Generally, if the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the value of the security will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an income-producing security.

In general, investments in lower quality convertible securities are subject to a significant risk of a change in the credit rating or financial condition of the issuing entity. Investments in convertible securities of medium or lower quality also are likely to be subject to greater market fluctuation and to greater risk of loss of income and principal due to default than investments of higher quality fixed-income securities. Such lower quality securities generally tend to reflect short-term corporate and market developments to a greater extent than higher quality securities, which react more to fluctuations in the general level of interest rates. A Fund that invests in convertible securities generally will seek to reduce risk to the investor by diversification, credit analysis and attention to current developments in trends of both the economy and financial markets. However, while diversification reduces the effect on a Fund of any single investment, it does not reduce the overall risk of investing in lower quality securities.

Contingent convertible securities (CoCos) are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. CoCos are subject to credit, interest rate and market risks associated with fixed income and equity securities generally, along with risks typically applicable to convertible securities. Some additional risks associated with CoCos include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss absorption risk. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution's discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subordinated instruments. CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the Funds, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's underlying equity securities following a conversion event (i.e., a "trigger"), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market value will fluctuate based on unpredictable factors. The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In certain circumstances, CoCos may be automatically written down to zero, thereby cancelling the securities, and investors (including a Fund) could lose the entire value of their investment even as the issuer remains in business. If such an event occurs, an investor may not have any rights to repayment of the principal amount of the securities that has not become due. Additionally, an investor may not be able to collect interest payments or dividends on such securities.

**CORPORATE DEBT SECURITIES.** The Funds may invest in corporate debt securities (corporate bonds, debentures, notes and similar corporate debt instruments). The Funds may also invest in hybrid corporate debt, including Tier I and Tier II bank capital securities and bank trust preferred securities.

Corporate debt securities are taxable debt obligations issued by corporations, are subject to the risk of the issuer's inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to factors such as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. The market value of a debt security generally reacts inversely to interest rate changes. When prevailing interest rates decline, the price of the debt obligation usually rises, and when prevailing interest rates rise, the price usually declines.

**CUSTODIAL RECEIPTS FOR TREASURY SECURITIES.** To the extent consistent with their respective investment objectives and strategies, the Funds may acquire U.S. government obligations and their unmatured interest coupons that have been separated (stripped) by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. government obligations, the holder will resell the stripped securities in custodial receipt programs with a number of different names, such as TIGRs (Treasury Income Growth Receipts) and CATS (Certificates of Accrual on Treasury Securities). The stripped coupons are sold separately from the underlying principal, which usually is sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (*i.e.*, unregistered securities which are ostensibly owned by the bearer or holder), in trust on behalf of the owners.

Counsel to the underwriters of these certificates or other evidences of ownership of U.S. Treasury securities have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S. government obligations for federal tax purposes. The Trust is unaware of any binding legislative, judicial or administrative authority on this issue.

**CUSTODIAL RISK.** There are risks involved in dealing with the custodians or brokers who hold a Fund's investments or settle a Fund's trades. It is possible that, in the event of the insolvency or bankruptcy of a custodian or broker, a Fund would be delayed or prevented from recovering its assets from the custodian or broker, or its estate, and may have only a general unsecured claim against the custodian or broker for those assets. In recent insolvencies of brokers or other financial institutions, the ability of certain customers to recover their assets from the insolvent's estate has been delayed, limited, or prevented, often unpredictably, and there is no assurance that any assets held by a Fund with a custodian or broker will be readily recoverable by the Fund. In addition, there may be limited recourse against non-U.S. sub-custodians in those situations in which a Fund invests in markets where

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custodial and/or settlement systems and regulations are not fully developed, including emerging markets, and the assets of the Fund have been entrusted to such sub-custodians.

**CYBERSECURITY RISK.** 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 Funds 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 Funds 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 Funds' 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 Funds' websites (*i.e.*, efforts to make network services unavailable to intended users). In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Funds' systems.

Cybersecurity incidents affecting the Investment Adviser, a Sub-Adviser, other service providers (including, but not limited to, the distributor, administrator, custodian, sub-custodians, transfer agent and financial intermediaries) or the Funds' shareholders have the ability to cause disruptions and impact business operations, potentially resulting in financial losses to both the Funds and their shareholders, interference with the Funds' ability to calculate their NAVs, impediments to trading, the inability of Fund shareholders to transact business and the Funds 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 Funds invest, counterparties with which the Funds engage 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 Investment Adviser has 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 Funds cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Funds or their shareholders. The Funds and their shareholders could be negatively impacted as a result.

**DERIVATIVES**. Each Fund may invest in derivatives for hedging and non-hedging purposes. A Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as a part of a strategy to reduce risk, such as interest rate risk, currency risk, and price risk. Derivatives allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than transactions in other types of instruments. When a Fund invests in a derivative for non-hedging purposes, the Fund may be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. Hedging is a strategy in which a derivative is used to offset the risks associated with other Fund holdings. Losses on the other investment may be substantially reduced by gains on a derivative that reacts in an opposite manner to market movements. Hedging also involves correlation risk, *i.e.* the risk that changes in the value of the derivative may not match those of the holdings being hedged as expected by a Fund, in which case any losses on the holdings being hedged may not be reduced or may be increased. The inability to close options and futures positions also could have an adverse impact on a Fund's ability to hedge effectively its portfolio. There may also be a risk of loss by a Fund of margin deposits or collateral in the event of bankruptcy of a broker with whom the Fund has an open position in an option, swap, a futures contract or a related option. The value of derivatives is determined from an underlying contract, index security, currency, commodity, interest rate or other asset, or any combination thereof, including futures, options (*e.g.*, put and calls), options on futures, and swaps.

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Certain derivatives involve leverage, that is, the amount invested may be smaller than the full economic exposure of the derivative instrument and the Fund could lose more than it invested. The leverage involved in these derivative transactions may result in a Fund's net asset value being more sensitive to changes in the value of its investments.

The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, Commodity Futures Trading Commission (CFTC) and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which the Funds engage in derivative transactions, may limit or prevent a Fund from using or limit a Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect a Fund's ability to achieve its investment objective. The Investment Adviser will continue to monitor developments in the area, particularly to the extent regulatory changes affect the Funds' ability to enter into desired swap agreements. New requirements, even if not directly applicable to a Fund, may increase the cost of the Fund's investments and cost of doing business.

**Commodity Exchange Act Exclusions:**

With respect to the Funds, the Adviser has claimed an exclusion from the definition of "commodity pool operator" (CPO) under the CEA and the rules of the Commodity Futures Trading Commission (CFTC) and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, the Adviser is relying upon a related exclusion from the definition of "commodity trading advisor" (CTA) under the CEA and the rules of the CFTC with respect to the Funds. The terms of the CPO exclusion require the Funds, among other things, to adhere to certain limits on their investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable forwards, as further described below. Because the Adviser and the Funds intend to comply with the terms of the CPO exclusion, the Funds may, in the future, need to adjust their investment strategies, consistent with their investment objectives, to limit their investments in these types of instruments. The Funds are not intended as vehicles for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved the Adviser's reliance on these exclusions, or the Funds, their investment strategies, their prospectuses or this SAI.

Generally, the exclusion from CPO regulation on which the Adviser relies requires the Funds to meet one of the following tests for their commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish the Fund's positions in commodity interests may not exceed 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of each Fund's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, each Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Fund can no longer satisfy these requirements, the Adviser would withdraw its notice claiming an exclusion from the definition of a CPO, and the Adviser would be subject to registration and regulation as a CPO with respect to the Fund, in accordance with the CFTC rules that allow for substituted compliance with CFTC disclosure and shareholder reporting requirements based on the Adviser's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to the Fund, a Fund may incur additional compliance and other expenses.

**Types of Derivatives:**

**Swaps.** The Funds may engage in certain strategies involving swaps to attempt to manage the risk of their investments or, in certain circumstances, for investment purposes (e.g., as a substitute for investing in securities).

Generally, swap agreements are contracts between a Fund and another party (the counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded over-the-counter (OTC) between the two parties (for an uncleared swap) or, in some instances, must be transacted through a futures commission merchant (FCM) and

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cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with its counterparty to exchange the returns (or differentials in returns) and/or cash flows earned or realized on a particular asset such as an equity or debt security, commodity, currency, interest rate or index, calculated with respect to a "notional amount." The notional amount is the set amount selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular foreign currency, or a "basket" of securities representing a particular index. Swap agreements can also be based on credit and other events. In some cases, such as cross currency swaps, the swap agreement may require delivery (exchange) of the entire notional value of one designated currency for another designated currency.

*Comprehensive swaps regulation*. The Dodd-Frank Act and related regulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements in swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

**Commonly used swap agreements include:**

**Credit Default Swaps and Total Return Swaps.** The Funds may enter into a credit default swap or a total return swap for hedging purposes or to seek to increase total return of the Fund; however, it is expected that the Funds will enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio or to protect against any increase in the price of securities it anticipates purchasing at a later date. These transactions are intended to be used as a hedge and not as a speculative investment. Credit default swaps and total return swaps are typically governed by the standard terms and conditions of an ISDA Master Agreement.

A credit default swap involves a protection buyer and a protection seller. The Funds may be either a protection buyer or seller. The protection buyer in a credit default swap makes periodic premium payments to the protection seller during the swap term in exchange for the protection seller agreeing to make certain defined payments to the protection buyer in the event certain defined credit events occur with respect to a particular security, issuer or basket of securities, such as an issuer's failure to make timely payments of interest or principal on its debt obligations, bankruptcy or restructuring. A total return swap involves a total return receiver and a total return payor. The Funds may either be a total return receiver or payor. Generally, the total return payor sells to the total return receiver an amount equal to all cash flows and price appreciation on a defined security or asset payable at periodic times during the swap term (i.e., credit risk) in return for a periodic payment from the total return receiver based on designated index (e.g., the London Interbank Offered Rate (LIBOR) and spread plus the amount of any price depreciation on the reference security or asset. The total return payor does not need to own the underlying security or asset to enter into a total return swap. The final payment at the end of the swap term includes final settlement of the current market price of the underlying reference security or asset, and payment by the applicable party for any appreciation or depreciation in value. Usually, collateral must be posted by the total return receiver to secure the periodic interest-based and market price depreciation payments depending on the credit quality of the underlying reference security and creditworthiness of the total return receiver, and the collateral amount is marked-to-market daily equal to the market price of the underlying reference security or asset between periodic payment dates.

In both credit default swaps and total return swaps, the same general risks inherent to derivative transactions are present; however, the use of credit default swaps and total return swaps can involve greater risks than if the Funds had invested in the reference obligation directly since, in addition to general market risks, credit default swaps and total return swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Funds will enter into credit default swap or a total return swap only with counterparties that the Investment Adviser or Sub-Advisers determine meet certain standards of creditworthiness. In a credit default swap, a buyer generally also will lose its premium and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received

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by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Funds' obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). Additionally, the Fund that is a party to a credit default swap or total return swap is subject to the risk of imperfect correlation between the performance and price of the underlying reference security or asset, and the general performance of the designated interest rate or index which is the basis for the periodic payment.

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap agreement requires an understanding not only of the referenced obligation, reference rate, or index, but also of the swap agreement itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

The Funds' exposure under a credit default swap may be considered leverage and as such be subject to the restrictions on leveraged derivatives.

**Currency Swaps.** To the extent consistent with their respective investment objectives and strategies, the Funds may enter into currency swap transactions for hedging purposes. The Funds may also enter into currency swap transactions to gain exposure to certain countries or currencies. These instruments are privately negotiated over-the-counter derivative products. A great deal of flexibility is possible in the way these instruments are structured. Currency swaps involve the exchange of the rights of the Fund and another party to make or receive payments in specific currencies. **[See also INTEREST RATE SWAPS, CURRENCY SWAPS, TOTAL RATE OF RETURN SWAPS, CREDIT SWAPS AND INTEREST RATE FLOORS, CAPS AND COLLARS]**

Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These actions could result in losses to a Fund if it is unable to deliver or receive a specified currency or funds in settlement of obligations, including swap transaction obligations. These actions could also have an adverse effect on a Fund's swap transactions or cause a Fund's hedging positions to be rendered useless, resulting a full currency exposure as well as incurring unnecessary transaction costs.

Currency swaps usually involve the delivery of the entire principal amount of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

The Funds will not enter into a currency swap unless the unsecured commercial paper, senior debt or the claims-paying ability of the other party thereto is rated either A or A-1 or better by S&P Global Inc.'s Ratings Services (S&P) or Fitch Ratings (Fitch), or A or Prime-1 or better by Moody's Investor Services, Inc. (Moody's) or a comparable rating from another organization that is recognized as a nationally recognized statistical rating organization (NRSRO) or, if unrated by such rating organization, is determined to be of comparable quality by the Investment Adviser or Sub-Advisers. If there is a default by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction. The use of currency swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Investment Adviser or Sub-Advisers are incorrect in their forecasts of currency exchange rates the investment performance of a Fund would be less favorable than it would have been if this investment technique were not used.

**Equity Swaps (Domestic Equity Fund and International Equity Fund).** The Funds may enter into equity swap contracts to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Equity swaps also may be used for hedging purposes, in anticipation of the purchase of securities or for liquidity management purposes. The Funds may also enter into equity swap contracts for hedging purposes and to gain exposure to certain countries or currencies. The counterparty to an equity swap contract will typically be a bank, investment banking firm or broker/dealer. Equity swap contracts may be structured in different ways. For example, a counterparty may agree to pay a Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on

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those stocks. In these cases, the Funds may agree to pay to the counterparty the amount, if any, by which that notional amount would have decreased in value had it been invested in the stocks. Therefore, the return to the Funds on any equity swap contract should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Funds on the notional amount. In other cases, the counterparty and a Fund may each agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

A Fund will enter into equity swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any.

The Funds will not enter into any swap transactions unless the unsecured commercial paper, senior debt or claims-paying ability of the other party is rated either A, or A-1 or better by S&P, or Fitch; or A or Prime-1 or better by Moody's, or has received a comparable rating from another organization that is recognized as an NRSRO. If there is a default by the other party to such a transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction.

The use of equity swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Investment Adviser or a Sub-Adviser is incorrect in its forecasts of market values, the investment performance of a Fund would be less favorable than it would have been if this investment technique were not used.

**Options.** To the extent consistent with its investment objective and strategies, each Fund may buy put options and buy call options and write covered call and secured put options. Such options may relate to particular securities, foreign and domestic stock indices, financial instruments, foreign currencies or the yield differential between two securities (yield curve options) and may or may not be listed on a domestic or foreign securities exchange or issued by the Options Clearing Corporation. A call option for a particular security or currency gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security at the stated exercise price prior to the expiration of the option, regardless of the market price of the security or currency. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security or currency gives the purchaser the right to sell the security or currency at the stated exercise price prior to the expiration date of the option, regardless of the market price of the security or currency. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple.

Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. The Funds will write call options only if they are "covered." In the case of a call option on a security or currency, the option is "covered" if a Fund owns the security or currency underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, liquid assets in such amount are segregated) upon conversion or exchange of other securities held by it. For a call option on an index, the option is covered if a Fund maintains with its custodian a portfolio of securities substantially replicating the index, or liquid assets equal to the contract value. A call option also is covered if a Fund holds a call on the same security, currency or index as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the exercise price of the call written provided the Fund segregates liquid assets in the amount of the difference.

All put options written by a Fund would be covered, which means that such Fund will segregate cash or liquid assets with a value at least equal to the exercise price of the put option or will use the other methods described in the next sentence. A put option also is covered if a Fund holds a put option on the same security or currency as the option written where the exercise price of the option held is (i) equal to or higher than the exercise price of the

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option written, or (ii) less than the exercise price of the option written provided the Fund segregates liquid assets in the amount of the difference.

With respect to yield curve options, a call (or put) option is covered if a Fund holds another call (or put) option on the spread between the same two securities and segregates liquid assets sufficient to cover the Fund's net liability under the two options. Therefore, the Fund's liability for such a covered option generally is limited to the difference between the amount of the Fund's liability under the option written by the Fund less the value of the option held by the Fund. Yield curve options also may be covered in such other manner as may be in accordance with the requirements of the counterparty with which the option is traded and applicable laws and regulations.

A Fund's obligation to sell subject to a covered call option written by it, or to purchase a security or currency subject to a secured put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying security or currency, exercise price and expiration date) as the option previously written. Such a purchase does not result in the ownership of an option. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying security or currency or to permit the writing of a new option containing different terms on such underlying security. The cost of such a liquidation purchase plus transaction costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer, unable to effect a closing purchase transaction, will not be able to sell the underlying security or currency (in the case of a covered call option) or liquidate the segregated assets (in the case of a secured put option) until the option expires or the optioned security or currency is delivered upon exercise with the result that the writer in such circumstances will be subject to the risk of market decline or appreciation in the instrument during such period.

When a Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When a Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund's statement of assets and liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the deferred credit related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

There are several risks associated with transactions in certain options. For example, there are significant differences between the securities, currency and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

*Writing Covered Options*. Each Fund may write (sell) covered call and put options on any securities in which it may invest or on any securities index consisting of securities in which it may invest. A Fund may write such options on securities that are listed on national domestic securities exchanges or foreign securities exchanges or

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traded in the over-the-counter market. A call option written by a Fund obligates the Fund to sell specified securities to the holder of the option at a specified price if the option is exercised on or before the expiration date. Depending upon the type of call option, the purchaser of a call option either (i) has the right to any appreciation in the value of the security over a fixed price (exercise price) on a certain date in the future (expiration date) or, (ii) has the right to any appreciation in the value of the security over the exercise price at any time prior to the expiration of the option. If the purchaser does not exercise the option, a Fund pays the purchaser the difference between the price of the security and the exercise price of the option. The premium, the exercise price and the market value of the security determine the gain or loss realized by a Fund as the seller of the call option. Each Fund can also repurchase a call option prior to the expiration date, ending its obligation. In this case, the cost of entering into closing purchase transactions will determine the gain or loss realized by a Fund. All call options written by a Fund are covered, which means that the Fund will own the securities subject to the option so long as the option is outstanding or the Fund will use the other methods described below. A Fund's purpose in writing covered call options is to realize greater income than would be realized on portfolio securities transactions alone. However, a Fund may forego the opportunity to profit from an increase in the market price of the underlying security.

A put option written by a Fund obligates it to purchase specified securities from the option holder at a specified price if the option is exercised on or before the expiration date. All put options written by a Fund would be covered, which means that a Fund will segregate cash or liquid assets with a value at least equal to the exercise price of the put option (less any margin on deposit) or will use the other methods described below. The purpose of writing such options is to generate additional income for a Fund. However, in return for the option premium, a Fund accepts the risk that it may be required to purchase the underlying securities at a price in excess of the securities' market value at the time of purchase.

In the case of a call option, the option is "covered" if a Fund owns the instrument underlying the call or has an absolute and immediate right to acquire that instrument without additional cash consideration (or, if additional cash consideration is required, liquid assets in such amount are segregated) upon conversion or exchange of other instruments held by it. A call option is also covered if a Fund holds a call on the same instrument as the option written where the exercise price of the option held is (i) equal to or less than the exercise price of the option written, or (ii) greater than the exercise price of the option written provided a Fund segregates liquid assets in the amount of the difference. A put option is covered if a Fund holds a put on the same security as the option written where the exercise price of the option held is (i) equal to or higher than the exercise price of the option written, or (ii) less than the exercise price of the option written provided a Fund segregates liquid assets in the amount of the difference. Each Fund may also cover call options on securities by segregating cash or liquid assets, as permitted by applicable law, with a value, when added to any margin on deposit, that is equal to the market value of the securities in the case of a call option. Segregated cash or liquid assets may be quoted or denominated in any currency.

Each Fund may terminate its obligations under an exchange-traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an offsetting transaction with the counterparty to such option. Such purchases are referred to as "closing purchase transactions."

Each Fund may also write (sell) covered call and put options on any securities index consisting of securities in which it may invest. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

Each Fund may cover call options on a securities index by owning securities whose price changes are expected to be similar to those of the underlying index or by having an absolute and immediate right to acquire such securities without additional cash consideration (or if additional cash consideration is required, liquid assets in such amount are segregated) upon conversion or exchange of other securities held by it. Each Fund may also cover call and put options on a securities index by segregating cash or liquid assets, as permitted by applicable law, with a value, when added to any margin on deposit, that is equal to the market value of the underlying securities in the case of a call option or the exercise price in the case of a put option or by owning offsetting options as described above.

The writing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of options to seek to increase total return involves the risk of loss if the Investment Adviser or Sub-Advisers are incorrect in their expectation of fluctuations in securities prices or interest rates. The successful use of options for hedging purposes or to gain

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exposure to certain countries or currencies also depends in part on the ability of the Investment Adviser and Sub-Adviser to predict future price fluctuations and the degree of correlation between the options and securities markets. If the Investment Adviser or Sub-Advisers are incorrect in their expectation of changes in securities prices or determination of the correlation between the securities indices on which options are written and purchased and the securities in a Fund's investment portfolio, the investment performance of the Fund will be less favorable than it would have been in the absence of such options transactions. The writing of options could increase a Fund's portfolio turnover rate and, therefore, associated brokerage commissions or spreads.

*Purchasing Options*. Each Fund may purchase put and call options on any securities in which it may invest or on any securities index consisting of securities in which it may invest. In addition, a Fund may enter into closing sale transactions in order to realize gains or minimize losses on options it had purchased.

A Fund may purchase call options in anticipation of an increase, or put options in anticipation of a decrease (protective puts), in the market value of securities of the type in which it may invest. The purchase of a call option would entitle the Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund would ordinarily realize a gain on the purchase of a call option if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise the Fund would realize either no gain or a loss on the purchase of the call option. The purchase of a put option would entitle a Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of a Fund's securities. Put options may also be purchased by the Fund for the purpose of affirmatively benefiting from a decline in the price of securities that it does not own. Each Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of put options may be offset by countervailing changes in the value of the underlying portfolio securities.

Each Fund may purchase put and call options on securities indices for the same purposes as it may purchase options on securities. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

*Writing and Purchasing Currency Call and Put Options*. Each Fund may write covered put and call options and purchase put and call options on foreign currencies in an attempt to protect against declines in the U.S. dollar value of foreign portfolio securities and against increases in the U.S. dollar cost of foreign securities to be acquired. Each Fund may also use options on currency to cross-hedge, which involves writing or purchasing options on one currency to seek to hedge against changes in exchange rates for a different currency with a pattern of correlation. As with other kinds of option transactions, however, the writing of an option on foreign currency will constitute only a partial hedge, up to the amount of the premium received. If an option that a Fund has written is exercised, it could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The purchase of an option on foreign currency may constitute an effective hedge against exchange rate fluctuations; however, in the event of exchange rate movements adverse to a Fund's position, it may forfeit the entire amount of the premium plus related transaction costs. Options on foreign currencies may be traded on U.S. and foreign exchanges or over-the-counter. In addition, each Fund may purchase call options on currency to seek to increase total return.

A currency call option written by a Fund obligates it to sell specified currency to the holder of the option at a specified price if the option is exercised at any time before the expiration date. A currency put option written by the Fund obligates it to purchase specified currency from the option holder at a specified price if the option is exercised at any time before the expiration date. The writing of currency options involves a risk that the fund will, upon exercise of the option, be required to sell currency subject to a call at a price that is less than the currency's market value or be required to purchase currency subject to a put at a price that exceeds the currency's market value. Written put and call options on foreign currencies may be covered in a manner similar to written put and call options on securities and securities indices described under "Options on Securities and Securities Indices—Writing Covered Options".

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Each Fund may terminate its obligations under a written call or put option by purchasing an option identical to the one written. Such purchases are referred to as "closing purchase transactions." Each Fund may enter into closing sale transactions in order to realize gains or minimize losses on purchased options.

Each Fund may purchase call options on foreign currency in anticipation of an increase in the U.S. dollar value of currency in which securities to be acquired by the Fund are denominated or quoted. The purchase of a call option would entitle a Fund, in return for the premium paid, to purchase specified currency at a specified price during the option period. Each Fund would ordinarily realize a gain if, during the option period, the value of such currency exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

Each Fund may purchase put options in anticipation of a decline in the U.S. dollar value of currency in which securities in its portfolio are denominated or quoted (protective puts). The purchase of a put option would entitle a Fund, in exchange for the premium paid, to sell specified currency at a specified price during the option period. The purchase of protective puts is usually designed to offset or hedge against a decline in the U.S. dollar value of a Fund's portfolio securities due to currency exchange rate fluctuations. Each Fund would ordinarily realize a gain if, during the option period, the value of the underlying currency decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying currency.

In addition to using options for the hedging purposes described above, each Fund may use options on currency to gain exposure to certain countries or currencies. Each Fund may write (sell) covered put and call options on any currency in an attempt to realize greater income than would be realized on portfolio securities transactions alone. However, in writing covered call options for additional income, a Fund may forgo the opportunity to profit from an increase in the market value of the underlying currency. Also, when writing put options, a Fund accepts in return for the option premium, the risk that it may be required to purchase the underlying currency at a price in excess of the currency's market value at the time of purchase.

Each Fund may purchase call options to seek to increase total return in anticipation of an increase in the market value of a currency. Each Fund would ordinarily realize a gain if, during the option period, the value of such currency exceeded the sum of the exercise price, the premium paid and transaction costs. Otherwise a Fund would realize either no gain or a loss on the purchase of the call option. Put options may be purchased by a Fund for the purpose of benefiting from a decline in the value of currencies which they do not own. Each Fund would ordinarily realize a gain if, during the option period, the value of the underlying currency decreased below the exercise price sufficiently to more than cover the premium and transaction costs. Otherwise, a Fund would realize either no gain or a loss on the purchase of the put option.

*Special Risks Associated with Options on Currency*. An exchange-traded option position may be closed out only on an options exchange that provides a secondary market for an option of the same series. Although the Funds will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option or at any particular time. For some options, no secondary market on an exchange may exist. In such event, it might not be possible to effect closing transactions in particular options, with the result that the Fund would have to exercise its options in order to realize any profit and would incur transaction costs upon the sale of underlying securities pursuant to the exercise of its options. If a Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying currency (or security quoted or denominated in that currency), or dispose of the segregated assets, until the option expires or it delivers the underlying currency upon exercise.

There is no assurance that higher than-anticipated trading activity or other unforeseen events might not, at times, render certain of the facilities of the Options Clearing Corporation inadequate, and thereby result in the institution by an exchange of special procedures which may interfere with the timely execution of customers' orders.

The Funds may purchase and write over-the-counter options to the extent consistent with their limitation on illiquid investments. Trading in over-the-counter options is subject to the risk that the other party will be unable or unwilling to close out options purchased or written by the Fund.

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The amount of the premiums that a Fund may pay or receive, may be adversely affected as new or existing institutions, including other investment companies, engage in or increase their option purchasing and writing activities.

*Yield Curve Options*. The Funds may enter into options on the yield "spread" or differential between two securities. These transactions are 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.

The Fund may purchase or write yield curve options for the same purposes as other options on securities. For example, the Fund may purchase a call option on the yield spread between two securities if the Fund owns one of the securities and anticipates purchasing the other security and wants to hedge against an adverse change in the yield spread between the two securities. The Funds may also purchase or write yield curve options in an effort to increase current income if, in the judgment of the Investment Adviser or Sub-Advisers, the Fund will be able to 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 a risk of loss even if the yield of one of the underlying securities remains constant, or if the spread moves in a direction or to an extent which was not anticipated.

Yield curve options written by the Funds will be "covered." A call (or put) option is covered if the Fund holds another call (or put) option on the spread between the same two securities and segregates cash or liquid assets sufficient to cover the Fund's net liability under the two options. Therefore, the Fund's liability for such a covered option is generally limited to the difference between the amount of the Fund's liability under the option written by the Fund less the value of the option held by the Fund. Yield curve options may also be covered in such other manner as may be in accordance with the requirements of the counterparty with which the option is traded and applicable laws and regulations. Yield curve options are traded over-the-counter, and established trading markets for these options may not exist.

*Risks Associated with Options Transactions*. There is no assurance that a liquid secondary market on a domestic or foreign options exchange will exist for any particular exchange-traded option or at any particular time. If the Fund is unable to effect a closing purchase transaction with respect to covered options it has written, it will not be able to sell the underlying securities or dispose of assets held in a segregated account until the options expire or are exercised. Similarly, if the Fund is unable to effect a closing sale transaction with respect to options it has purchased, it will have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities.

Reasons for the absence of a liquid secondary market on an exchange may include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

There can be no assurance that higher trading activity, order flow or other unforeseen events might not, at times, render certain of the facilities of the Options Clearing Corporation or various exchanges inadequate. Such events have, in the past, resulted in the institution by an exchange of special procedures, such as trading rotations, restrictions on certain types of orders or trading halts or suspensions with respect to one or more options. These special procedures may limit liquidity.

The Funds may purchase and sell both options that are traded on U.S. and foreign exchanges and options that are traded over-the-counter with broker-dealers and other types of institutions that make markets in these options. The ability to terminate over-the-counter options is more limited than with exchange-traded options and

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may involve the risk that the broker-dealers or financial institutions participating in such transactions will not fulfill their obligations.

Transactions by the Funds in options will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded governing the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert regardless of whether the options are written or purchased on the same or different exchanges, boards of trade or other trading facilities or are held in one or more accounts or through one or more brokers. Thus, the number of options that the Funds may write or purchase may be affected by options written or purchased by other investment advisory clients of the Investment Adviser or Sub-Advisers. An exchange, board of trade or other trading facility may order the liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions.

The writing and purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of options to seek to increase total return involves the risk of loss if the Investment Adviser or Sub-Advisers are incorrect in their expectation of fluctuations in securities prices or interest rates. The successful use of options for hedging purposes also depends in part on the ability of the Investment Adviser and Sub-Advisers to manage further price fluctuations and the degree of correlation between the options and securities (or currency) markets. If the Investment Adviser or Sub-Advisers are incorrect in their expectation of changes in securities prices or determination of the correlation between the securities or securities indices on which options are written and purchased and the securities in a Fund's investment portfolio, the Fund may incur losses that it would not otherwise incur. The writing of options could increase a Fund's portfolio turnover rate and, therefore, associated brokerage commissions or spreads.

**Warrants.** The Funds may purchase warrants and similar rights, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. The Funds will generally only purchase these securities if they are acquired along with investments in debt or convertible securities. The prices of warrants do not necessarily correlate with the prices of the underlying shares. The purchase of warrants involves the risk that Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not exercised prior to the warrant's expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

**Futures Contracts and Related Options.** The Funds may invest in futures contracts and may purchase and sell call and put options on futures contracts for hedging purposes, in anticipation of the purchase of securities, for liquidity management purposes, or to gain exposure to certain countries and currencies. A futures contract is a standard binding agreement to buy or sell a specified amount of a specified security, currency or commodity (or delivery of a cash settlement price, in the case of certain futures such as an index future, Eurodollar Future or volatility future) for a specified price at a designated date, time and place (collectively, futures contracts). A "sale" of a futures contract means the acquisition of a contractual obligation to deliver the underlying instrument or asset called for by the contract at a specified price on a specified date. A "purchase" of a futures contract means the acquisition of a contractual obligation to acquire the underlying instrument or asset called for by the contract at a specified price on a specified date.

When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the market value of its portfolio securities that might otherwise result from a market decline or currency exchange fluctuations. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines, occurring prior to sales of securities, in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchase of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings.

Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on or subject to the rules of a foreign board of trade. Neither the National Futures Association (NFA) nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs. For these

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reasons, persons who trade foreign futures or foreign options contracts may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC regulations and the rules of the NFA and any domestic exchange, including the right to use reparations proceedings before the CFTC and arbitration proceedings provided them by the NFA or any domestic futures exchange. In particular, a Fund's investments in foreign futures or foreign options transactions may not be provided the same protections in respect of transactions on U.S. futures exchanges. In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon may be affected by any variance in the foreign exchange rate between the time an order is placed and the time it is liquidated, offset or exercised.

**Forward Foreign Currency Contracts**. In order to protect against a possible loss on investments resulting from a decline or appreciation in the value of a particular foreign currency against the U.S. dollar or another foreign currency or for other reasons, the Funds are authorized to enter into forward foreign currency contracts. These contracts involve an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract. Forward foreign currency contracts do not eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of exchange for a future point in time.

When entering into a contract for the purchase or sale of a security, the Funds may enter into a forward foreign currency contract for the amount of the purchase or sale price to protect against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.S. dollar or other foreign currency.

When the Investment Adviser or Sub-Advisers anticipate that a particular foreign currency may decline relative to the U.S. dollar or other leading currencies, in order to reduce risk, the Fund may enter into a forward contract to sell, for a fixed amount, the amount of foreign currency approximating the value of some or all of the Fund's securities denominated in such foreign currency. Similarly, when the securities held by the Funds create a short position in a foreign currency, a Fund may enter into a forward contract to buy, for a fixed amount, an amount of foreign currency approximating the short position. With respect to any forward foreign currency contract, it generally will not be possible to match precisely the amount covered by that contract and the value of the securities involved due to the changes in the values of such securities resulting from market movements between the date the forward contract is entered into and the date it matures. In addition, while forward contracts may offer protection from losses resulting from declines or appreciation in the value of a particular foreign currency, they also limit potential gains, which might result from changes in the value of such currency. The Funds also may incur costs in connection with forward foreign currency contracts and conversions of foreign currencies and U.S. dollars.

In addition, to the extent consistent with its investment objective and strategies, the Funds may purchase or sell forward foreign currency contracts to seek to increase total return or for cross-hedging purposes and may engage in cross-hedging by using forward contracts in one currency to hedge against fluctuations in the value of securities denominated in a different currency if the investment management team believes that there is a pattern of correlation between the two currencies. The Funds may also purchase or sell forward foreign currency contracts to gain exposure to certain countries or currencies.

Liquid assets equal to the amount of a Fund's assets that could be required to consummate forward contracts will be segregated except to the extent the contracts are otherwise "covered." The segregated assets will be valued at market or fair value. If the market or fair value of such assets declines, additional liquid assets will be segregated daily so that the value of the segregated assets will equal the amount of such commitments by the Fund. A forward contract to sell a foreign currency is "covered" if a Fund owns the currency (or securities denominated in the currency) underlying the contract, or holds a forward contract (or call option) permitting the Fund to buy the same currency at a price that is (i) no higher than the Fund's price to sell the currency or (ii) greater than the Fund's price to sell the currency provided the Fund segregates liquid assets in the amount of the difference. A forward contract to buy a foreign currency is "covered" if a Fund holds a forward contract (or call option) permitting the Fund to sell the same currency at a price that is (i) as high as or higher than the Fund's price to buy the currency or (ii) lower than the Fund's price to buy the currency provided the Fund segregates liquid assets in the amount of the difference.

**Interest Rate Swaps, Currency Swaps, Total Rate of Return Swaps, Credit Swaps and Interest Rate Floors, Caps and Collars.** To the extent consistent with its investment objective and strategies, the Funds may enter into interest rate, currency swaps, total rate of return and credit swap transactions and transactions involving interest rate floors, caps and collars for hedging purposes and to seek total return purposes. These instruments are privately negotiated over-the-counter derivative products. A great deal of flexibility is possible in the way these

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instruments are structured. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. The purchase of an interest rate floor or cap entitles the purchaser to receive payments of interest on a notional principal amount from the seller, to the extent the specified index falls below (floor) or exceeds (cap) a predetermined interest rate. An interest rate collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates.

Total rate of return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Credit swaps are contracts involving the receipt of floating or fixed rate payments in exchange for assuming potential credit losses of an underlying security. Credit swaps give one party to a transaction the right to dispose of or acquire an asset (or group of assets), or, in the case of credit default swaps, the right to receive or make a payment from the other party, upon the occurrence of specific credit events.

Some transactions, such as interest rate swaps and total rate of return swaps are entered into on a net basis; *i.e.*, the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. If the other party to such a transaction defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. In contrast, other transactions involve the payment of the gross amount owed. For example, currency swaps usually involve the delivery of the entire principal amount of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

Credit default swaps are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed-upon) value of a referenced debt obligation in the event of a default by the issuer of the debt obligation. The use of credit default swaps may be limited by the Fund's limitations on illiquid investments.

When used for hedging purposes, the Fund would be the buyer of a credit default swap contract. In that case, the Fund would be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or non-U.S. issuer, on the debt obligation. In return, the Fund would pay to 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 have spent the stream of payments and received no benefit from the contract. Credit default swaps involve the risk that the investment may expire worthless and would generate income only in the event of an actual default by the issuer of the underlying obligation (as opposed to 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.

When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to investment exposure on the notional amount of the swap.

In addition to the risks applicable to derivatives generally, credit default swaps involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

If there is a default by the other party to such transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction.

The use of interest rate, total rate of return and credit swaps, as well as interest rate caps, floors and collars, is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Investment Adviser and Sub-Advisers are incorrect in their forecasts of market values and interest rates, the investment performance of a Fund would be less favorable than it would have been if these investment techniques were not used. In addition, these transactions can involve greater risks than if a Fund had invested in the reference obligation directly because, in addition to general market risk, swaps are subject to illiquidity risk, counterparty risk, credit risk and pricing risk. Because they are two party contracts and because they may have terms of greater than seven (7) days, swap transactions may be considered to be illiquid. Moreover, a

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Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. Many swaps are complex and often valued subjectively. Swaps may be subject to pricing or "basis" risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments which are traded in the interbank market. The Investment Adviser and Sub-Advisers, under the supervision of the Board, are responsible for determining and monitoring the liquidity of a Fund's transactions in swaps, caps, floors and collars.

**EURODOLLAR CERTIFICATES OF DEPOSIT (ECDS), EURODOLLAR TIME DEPOSITS (ETDS) AND YANKEE CERTIFICATES OF DEPOSIT (YCDS).** The Funds may purchase ECDs, ETDs, and YCDs. ECDs are U.S. dollar denominated certificates of deposit issued by foreign branches of domestic banks. ETDs are U.S. dollar denominated deposits in foreign banks or foreign branches of U.S. banks. YCDs are U.S. dollar denominated certificates of deposit issued by U.S. branches of foreign banks.

Different risks than those associated with the obligations of domestic banks may exist for ECDs, ETDs and YCDs because the banks issuing these instruments, or their domestic or foreign branches, are not necessarily subject to the same regulatory requirements that apply to domestic banks, such as loan limitations, examinations and reserve, accounting, auditing, recordkeeping and public reporting requirements.

**EXCHANGE-TRADED NOTES.** The Funds may invest in exchange-traded notes (ETNs). ETNs are senior, unsecured, unsubordinated debt securities that trade on exchanges and whose returns are linked to a market index or other benchmark, minus applicable fees. ETNs are unsecured debt obligations of the issuer—typically a bank or another financial institution. They differ from traditional bonds in certain ways. For example, unlike traditional bonds, ETNs typically do not pay any interest payments to investors or provide principal protection. Instead, the issuer promises to pay the holder of the ETN an amount determined by the performance of the underlying index or benchmark on the ETN's maturity date (typically 10, 30 or in some cases even 40 years from issuance), minus any specified fees. The performance of an ETN over long periods can differ significantly from the performance of the underlying index or benchmark. Some ETNs are callable at the issuer's discretion. In addition, unlike traditional bonds, ETNs trade on exchanges throughout the day at prices determined by the market, similar to stocks or exchange-traded funds. But unlike exchange-traded funds (ETFs), ETNs do not buy or hold assets to replicate or approximate the performance of the underlying index. The secondary market price of an ETN may differ significantly from its indicative value as calculated by the issuer. As a result, there may be times when an ETN trades at a premium or discount to its market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid, and thus they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form. When a Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN.

The issuer of an ETN may engage in trading activity that is at odds with the interests of investors who hold the ETNs.

ETNs carry various risks, including credit risk, market risk and liquidity risk. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When a Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. A decision to sell ETN holdings may be limited by the availability of a secondary market. In addition, the absence of an active secondary market for ETNs could make it difficult to dispose of the ETNs. Although ETNs are traded on an exchange, an active trading market may not develop. A decision by a Fund to sell ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing, and there can be no assurance that a secondary market will exist for an ETN. A Fund could suffer a loss if the issuer defaults on an ETN.

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ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service (IRS) will accept, or a court will uphold, how ETNs are characterized or treated for tax purposes. Further, the timing and character of income and gains derived from ETNs is under consideration by the U.S. Treasury and the IRS and may also be affected by future legislation.

An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid, and thus they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form.

The market value of ETNs may differ from their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN trades at a premium or discount to its market benchmark or strategy.

**EXCHANGE-TRADED FUNDS**. Subject to the limitations on investments in investment company securities and their own investment objectives, the Funds may invest in securities of ETFs. Generally, ETFs hold portfolios of securities, commodities and/or currencies that are designed to replicate, as closely as possible before expenses, the performance of a specified market index. The performance results of ETFs will not replicate exactly the performance of the pertinent index due to transaction and other expenses, including fees to service providers, borne by ETFs. Furthermore, there can be no assurance that the portfolio of securities, commodities and/or currencies purchased by an ETF will replicate a particular index. Some ETFs are actively managed and instead of replicating, they seek to outperform a particular index or basket or price of a commodity or currency. The Funds may invest in ETFs that are currently operational and that may be developed in the future. ETFs usually trade on stock exchanges and generally bear certain operational expenses. To the extent a Fund invests in securities of ETFs, the Fund must bear these expenses in addition to the expenses of its own operation.

Only Authorized Participants (APs) may engage in creation or redemption transactions directly with ETFs. ETF shares are sold to and redeemed by APs at net asset value only in large blocks called creation units and redemption units, respectively. Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for ETF shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to an ETF and no other AP is able to step forward to create or redeem units of an ETF, an ETF's shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts and/or delisting. ETF shares may be purchased and sold by all other investors in secondary market trading on national securities exchanges, which allows investors to purchase and sell ETF shares at their market price throughout the day.

Investments in ETFs are subject to a variety of risks, including all of the risks of a direct investment in the underlying securities that the ETF holds. For example, the general level of stock prices may decline, thereby adversely affecting the value of the underlying investments of the ETF and, consequently, the value of the ETF. In addition, the market value of the ETF shares may differ from their net asset value because the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying securities. Also, ETFs that track particular indexes typically will be unable to match the performance of the index exactly due to the ETF's operating expenses and transaction costs.

Unless permitted by the 1940 Act or an order or rule issued by the SEC, a Fund's investments in unaffiliated ETFs that are structured as investment companies as defined in the 1940 Act are subject to the percentage limitations of the Act regarding investments in other investment companies. See "INVESTMENT COMPANY" below for a description rule 12d1-4 promulgated by the SEC that allows a fund or ETF to acquire the securities of another fund in excess of the limitations imposed by Section 12 of the 1940 Act without obtaining an exemptive order from the SEC subject to certain limitations and conditions.

**FIXED INCOME SECURITIES.** The Funds may invest in debt securities. The Funds may invest in debt securities with broad credit ratings that may or may not be investment grade. Debt securities are subject to market and credit risk. Lower rated debt securities may include obligations that are in default or that face the risk of default with respect to principal or interest. Such securities are sometimes referred to as "junk bonds." Investment grade

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bonds are rated at least Baa3 by Moody's or BBB- by S&P or Fitch, the equivalent by another NRSRO or, if unrated, of equal quality in the opinion of the Investment Adviser and Sub-Advisers. Fixed-income securities rated below Baa3 by Moody's or BBB- by S&P or Fitch are considered lower quality and are regarded as having significant speculative characteristics. If the security is rated by all the above NRSROs, the middle rating shall apply. If only two ratings exist, the lower rating shall be used. The Adviser may rely to some extent on credit ratings by NRSROs in evaluating the credit risk of securities selected for the Funds' portfolios. Credit ratings evaluate the expectation that scheduled interest and principal payments will be made in a timely manner. They do not reflect any judgment of market risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. Rating organizations might not change their credit rating of an issuer in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations. The Funds' Adviser internally assigns ratings to unrated securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of NRSROs. There can be no assurance, nor is it intended, that the Funds' Adviser's credit analysis process is consistent or comparable with the credit analysis process used by a NRSRO. Please see "Description of Securities Ratings" in Appendix A. Investments in medium and lower quality securities present special risk considerations. Medium quality securities, although considered investment grade, also are considered to have speculative characteristics. Lower quality securities are considered predominantly speculative by traditional investment standards. In some cases, these lower quality obligations may be highly speculative and have poor prospects for reaching investment grade standard. While any investment carries some risk, certain risks associated with lower quality securities are different than those for investment-grade securities. The risk of loss through default is greater because lower quality securities usually are unsecured and are often subordinate to an issuer's other obligations.

*High Yield Risk*.** The Fixed-Income Fund will invest in high risk, high yield bonds. The Investment Adviser and Sub-Advisers consider non- investment grade debt securities (commonly referred to as "junk bonds") to be those rated below BBB by S&P or Fitch, or Baa by Moody's. Analysis of the creditworthiness of issuers of non-investment grade securities may be more complex than for issuers of other investment grade securities, and the ability of the Fund to achieve its investment objectives may be more dependent on credit analysis than would be the case if the Fund was investing only in investment grade securities. The Investment Adviser and Sub-Advisers may use ratings to assist in investment decisions. Ratings of debt securities represent a rating agency's opinion regarding their quality and are not a guarantee of quality. Rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer's current financial condition may be better or worse than a rating indicates. Please see "Description of Securities Ratings" in Appendix A.

Non-investment grade securities involve greater risks, including credit and liquidity risk, than securities in higher rating categories. The capacity of junk bonds to pay interest and repay principal is considered speculative. While junk bonds may provide an opportunity for greater income and gains, they are subject to greater risks than higher-rated debt securities. The prices of and yields on junk bonds may fluctuate to a greater extent than those of higher-rated debt securities. Issuers of non-investment grade debt generally have higher financial leverage and are smaller, as measured by total revenues and total market value, than issuers of investment grade debt. This higher leverage and smaller issuer size makes non-investment grade securities more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of non-investment grade securities may be less sensitive to interest rate changes than investment grade securities, but more sensitive to economic downturns, individual corporate developments, and price fluctuations. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a sharper decline in the prices of non-investment grade securities because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. Consequently, the market price of these securities may be quite volatile and may result in wider fluctuations of the Fund's NAV per share.

If the issuer of non-investment grade securities defaults, the Fund may incur additional expenses to seek financial recovery. A holder's risk of loss from default is significantly greater for lower quality securities than is the case for holders of other debt securities because such securities generally are unsecured and are often subordinated to the rights of other creditors of the issuers of such securities. Investment by the Fund in defaulted securities poses additional risk of loss should nonpayment of principal and interest continue in respect of such securities. Even if such securities are held to maturity, recovery by the Fund of its initial investment and any anticipated income or appreciation will be uncertain. The Fund also may incur additional expenses in seeking recovery on defaulted securities. If an issuer of a security defaults, the Fund may incur additional expenses to seek recovery. In addition,

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periods of economic uncertainty would likely result in increased volatility for the market prices of lower quality securities as well as the Fund's NAV. In general, both the prices and yields of lower quality securities will fluctuate.

In addition, the markets in which non-investment grade securities are traded are more limited than those for higher rated securities. The existence of limited markets for particular securities may diminish the Fund's ability to sell the securities at fair value either to meet redemption requests or to respond to changes in the economy or in the financial markets and could adversely affect and cause fluctuations in the daily NAV of the Fund's shares.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of non- investment grade securities, especially in a thinly traded market. In certain circumstances, it may be difficult to determine a security's fair value due to a lack of reliable objective information. Such instances occur where there is not an established secondary market for the security or the security is lightly traded. As a result, the Fund's valuation of a security and the price it is actually able to obtain when it sells the security could differ.

**FOREIGN INVESTMENTS—GENERAL.** To the extent consistent with its respective investment objective and strategies, the Funds may invest in foreign securities, including bonds and other fixed-income securities of foreign issuers.

The International Equity Fund intends to invest a substantial portion of its assets in foreign issuers. The Funds consider various factors when determining whether a company is in a particular country or region/continent, including whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The issuer is organized under the laws of the country or a country within the geographic region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The issuer maintains its principal place of business in that country or region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The securities are traded principally in the country or region; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region, or has at least 50% of its assets in that country or region.

Foreign fixed-income securities may include Eurodollar convertible securities, which are fixed-income securities that are issued in U.S. dollars outside the United States and are convertible into or exchangeable for equity securities of the same or a different issuer.

Investment in foreign securities involves special risks. These include market risk, interest rate risk and the risks of investing in securities of foreign issuers and of companies whose securities are principally traded outside the United States on foreign exchanges or foreign over-the-counter markets and in investments denominated in foreign currencies. Market risk involves the possibility that security prices will decline over short or even extended periods. The markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices. These cycles will affect the value of a Fund to the extent that it invests in foreign securities. The holdings of the Funds, to the extent that they invest in fixed-income securities, will be sensitive to changes in interest rates and the interest rate environment. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes. In addition, the performance of investments in securities denominated in a foreign currency will depend on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events which could otherwise affect the value of a foreign security (such as a change in the political climate or an issuer's credit quality), appreciation in the value of the foreign currency generally can be expected to increase the value of a foreign currency-denominated security in terms of U.S. dollars. A rise in foreign interest rates or decline in the value of the foreign currency relative to the U.S. dollar generally can be expected to depress the value of a foreign currency-denominated security.

There are other risks and costs involved in investing in foreign securities which are in addition to the usual risks inherent in domestic investments. Investment in foreign securities involves higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or the adoption of other governmental restrictions might adversely affect an investment in foreign securities.

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Additionally, foreign banks and foreign branches of domestic banks are subject to less stringent reserve requirements, and to different accounting, auditing and recordkeeping requirements. Also, the legal remedies for investors may be more limited than the remedies available in the United States. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline. For example, the decline in the U.S. subprime mortgage market quickly spread throughout global credit markets, triggering a liquidity crisis that affected fixed-income and equity markets around the world.

Many European Union (EU) member states have experienced, and may continue to experience, severe economic and financial difficulties, including recessions, large public debt, government debt restructuring and credit rating downgrades, causing some member states to depend on assistance from the European Central Bank and other governments or institutions. Economic recovery has been challenged by high unemployment, budget deficits, and weaknesses in sovereign debt issued by certain EU member states, causing dependence on governmental and institutional assistance. The uncertain effects of these difficulties could affect the value and liquidity of certain of the Fund's investments.

To address budget deficits and public debt concerns, some European countries have imposed strict austerity measures and comprehensive financial and labor market reforms. Continued assistance for EU member states could depend on a country's implementation of reforms or attainment of a level of economic performance. Failure by one or more EU member states to reach those objectives, or a resulting loss of assistance, could result in a deeper or prolonged economic downturn, which could have a significant adverse effect on the value and liquidity of investments in European countries. In addition, by adopting the euro, an EU member state relinquishes control of its own monetary policy and is subject to the fiscal and monetary controls of the European Monetary Union, and a member state may be limited from implementing its own economic policies. Adjusting to a unified monetary system has resulted in the loss of exchange rate flexibility and, to some degree, the loss of economic sovereignty. A member state also could voluntarily abandon or be forced out of the euro. The effects of such events are difficult to predict but would likely have a negative impact on the rest of the Eurozone and global markets, including adversely impacted market values of Eurozone and other securities and currencies, redenomination of certain securities into less valuable local currencies, and more volatile and illiquid markets.

Furthermore, the United Kingdom's (UK) departure from the EU, known as "Brexit," has affected the value and exchange rate of the euro and may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the UK. Brexit may have adverse effects on asset valuations and the renegotiation of current trade agreements, as well as an increase in financial regulation of UK banks. Any market disruption in the EU and globally as a result of Brexit may have a negative effect on the value of the Fund's investments. Additionally, the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU.

Although a Fund may invest in securities denominated in foreign currencies, its portfolio securities and other assets are valued in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time causing, together with other factors, a Fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad. To the extent that a Fund's total assets, adjusted to reflect a Fund's net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, a Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

Dividends and interest payable on a Fund's foreign portfolio securities may be subject to foreign withholding taxes. To the extent such taxes are not offset by credits or deductions allowed to investors under U.S. federal income tax law, they may reduce the net return to the shareholders. The Funds' income and, in some cases, capital gains from foreign stocks and securities will be subject to applicable taxation in certain of the countries in which they invest, and treaties between the United States and such countries may not be available in some cases to reduce the otherwise applicable tax rates. See "Taxation of the Funds" later in this SAI.

A Fund also is subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency. In addition, through the use of forward currency contracts with other instruments, the respective net currency positions of the International and Fixed-Income Funds may expose them to risks independent of their securities positions. Although the net long and short foreign currency exposure of the

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International and Fixed-Income Funds will not exceed their respective total asset values, to the extent that the Fund is fully invested in foreign securities while also maintaining currency positions, it may be exposed to greater risk than it would have if it did not maintain the currency positions.

Investors should understand that the expense ratios of the International Equity and Fixed-Income Funds can be expected to be higher than those funds investing primarily in domestic securities. The costs attributable to investing abroad usually are higher for several reasons, such as the higher cost of investment research, higher costs of custody of foreign securities, higher commissions paid on comparable transactions on foreign markets and additional costs arising from delays in settlements of transactions involving foreign securities.

The International Equity Fund's and Fixed-Income Fund's foreign securities are generally held outside the United States in the primary market for the securities in the custody of certain eligible foreign banks and trust companies, as permitted under the 1940 Act (foreign sub-custodians). Settlement practices for foreign securities may differ from those in the United States. Some countries have limited governmental oversight and regulation of industry practices, stock exchanges, depositories, registrars, brokers and listed companies, which increases the risk of corruption and fraud and the possibility of losses to the Funds. In particular, under certain circumstances, foreign securities may settle on a delayed delivery basis, meaning that the Funds may be required to make payment for securities before the Funds have actually received delivery of the securities or deliver securities prior to the receipt of payment. Typically, in these cases, the Funds will receive evidence of ownership in accordance with the generally accepted settlement practices in the local market entitling the Funds to deliver payment at a future date, but there is a risk that the security will not be delivered to the Funds or that payment will not be received, although the Funds and their foreign sub-custodians take reasonable precautions to mitigate this risk.

Foreign markets also have different clearance and settlement procedures, and 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. Such delays in settlement could result in temporary periods when a portion of the assets of a Fund remain uninvested and no return is earned on such assets. The inability of a Fund to make intended security purchases or sales due to settlement problems could result in missed attractive investment opportunities, losses to the Fund due to subsequent declines in value of the portfolio securities or, if the Fund has entered into a contract to sell the securities, possible liability to the purchaser. Losses can also result from lost, stolen or counterfeit securities; defaults by brokers and banks; failures or defects of the settlement system; or poor and improper record keeping by registrars and issuers.

Share blocking refers to a practice in certain foreign markets under which an issuer's securities are blocked from trading at the custodian or sub- custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders takes place. The blocking period can last up to several weeks. Share blocking may prevent the International Equity Fund and Fixed-Income Fund from buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country.

**FOREIGN INVESTMENTS—EMERGING AND FRONTIER MARKETS.** The Funds may invest their assets in countries with emerging economies or securities markets. Emerging and frontier market countries are generally located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristics of more developed countries.

In general, the securities markets of emerging and frontier countries are less liquid, subject to greater price volatility and have a smaller market capitalization than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the United States. In particular, the assets and profits appearing on the financial statements of emerging and frontier country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging and frontier country issuers than is available about issuers in the United States.

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Emerging and frontier country securities markets are typically marked by a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of such securities by a limited number of investors. The markets for securities in certain emerging and frontier countries are in the earliest stages of their development. Even the markets for relatively widely traded securities in emerging and frontier countries may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of emerging and frontier country securities may also affect a Fund's ability to accurately value its portfolio securities or to acquire or dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.

Certain emerging and frontier market countries may have antiquated legal systems, which may adversely impact the Funds. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging and frontier market countries. Similarly, the rights of investors in emerging and frontier market companies may be more limited than those of shareholders in U.S. corporations. In addition, the systems of corporate governance to which issuers in certain emerging and frontier countries are subject may be less advanced than the systems to which issuers located in more developed countries are subject, and therefore, shareholders of such issuers may not receive many of the protections available to shareholders of issuers located in more developed countries. These risks may be heightened in Russia.

The United States and the EU, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada (collectively, "Sanctioning Bodies"), have imposed economic sanctions, which consist of asset freezes and sectorial sanctions on certain Russian individuals and Russian corporate entities. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions could also impair the ability of the International Equity and Fixed-Income Funds to buy, sell, receive or deliver securities affected by the sanctions. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities and could negatively affect the Funds.

Transaction costs, including brokerage commissions or dealer mark-ups, in emerging and frontier countries may be higher than in developed securities markets. In addition, existing laws and regulations are often inconsistently applied. As legal systems in emerging and frontier countries develop, foreign investors may be adversely affected by new or amended laws and regulations. In circumstances where adequate laws exist, it may not be possible to obtain swift and equitable enforcement of the law.

Certain emerging and frontier countries may restrict or control foreign investments in their securities markets. These restrictions may limit a Fund's investment in those countries and may increase the expenses of the Fund. Certain emerging and frontier countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer's outstanding securities or a specific class of securities which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. In addition, the repatriation of both investment income and capital from emerging and frontier countries may be subject to restrictions which require governmental consents or prohibit repatriation entirely for a period of time. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the operation of the International Equity Fund and Fixed-Income Fund. Custodial and/or settlement systems in emerging and frontier countries may not be fully developed. To the extent the Funds invest in emerging countries, Fund assets that are traded in such markets and which have been entrusted to sub-custodians in these markets may be exposed to risks for which the sub-custodian will have no liability.

Emerging and frontier countries may be subject to a substantially greater degree of economic, political and social instability and disruption than more developed countries. This instability may result from, among other things, the following: (i) authoritarian governments or military involvement in political and economic decision making, including changes or attempted changes in governments through extra-constitutional means; (ii) social

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unrest associated with demands for improved political, economic or social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection or conflict; and (vi) the absence of developed legal structures governing foreign private investments and private property. Such economic, political and social instability could disrupt the principal financial markets in which the International Equity Fund and Fixed-Income Fund may invest and adversely affect the value of the Funds' assets. A Fund's investments can also be adversely affected by any increase in taxes or by political, economic or diplomatic developments.

The economies of emerging and frontier countries may suffer from unfavorable growth of gross domestic product, rates of inflation and hyperinflation, capital reinvestment, resources, self-sufficiency and balance of payments. Many emerging and frontier countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment and sharply eroding the value of outstanding financial assets in those countries. Other emerging and frontier countries, on the other hand, have recently experienced deflationary pressures and are in economic recessions. The economies of many emerging and frontier countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. In addition, the economies of some emerging and frontier countries are vulnerable to weakness in world prices for their commodity exports.

Risks related to currencies and corporate actions are also greater in emerging and frontier countries than in developed countries. For example, some emerging and frontier countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain emerging and frontier countries may experience sudden and large adjustments in their currency, which can have a disruptive and adverse effect on foreign investors. Some emerging and frontier countries have a higher risk of currency devaluations, and some of these countries may experience sustained periods of high inflation or rapid changes in inflation rates which can have negative effects on a country's economy and securities markets. There may be no significant foreign exchange market for certain currencies making it difficult for the International Equity Fund and Fixed-Income Fund to engage in foreign currency transactions designed to protect the value of the Funds' investments denominated in such currencies. Some emerging and frontier countries may impose restrictions on the free conversion of their currencies into foreign currencies, including the U.S. dollar. Corporate action procedures in emerging and frontier countries may be less reliable and have limited or no involvement by the depositories and central banks. Lack of standard practices and payment systems can lead to significant delays in payment.

Companies in emerging and frontier countries are subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries and, as a result, the nature and quality of such information may vary. Information about such companies may be less available and reliable and, therefore, the ability to conduct adequate due diligence in developing or emerging markets may be limited which can impede the International Equity Fund's and Fixed Income Fund's ability to evaluate such companies. In addition, certain developing or emerging market countries may impose material limitations on Public Company Accounting Oversight Board ("PCAOB") inspection, investigation and enforcement capabilities which can hinder the PCAOB's ability to engage in independent oversight or inspection of accounting firms located in or operating in certain developing or emerging markets. There is no guarantee that the quality of financial reporting or the audits conducted by audit firms of developing or emerging market issuers meet PCAOB standards.

Many emerging and frontier countries are highly dependent on foreign loans for their operations. There have been moratoria on, and refinancing of, repayments with respect to these loans. Some of the refinancings have imposed restrictions and conditions on the economies of such nations that have adversely affected their economic growth.

Frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

*Chinese companies*. Investments in companies located or operating in China, including Hong Kong, Macau and Taiwan, involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets in China; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms;

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complex geopolitical tensions; military conflicts, either internal or with other countries; assertions of human rights violations by certain nations; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of China; and China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within China may impact the other countries in the region. For example, changes to their political and economic relationships with China could adverse impact the Fund's investments in Hong Kong and Taiwan. The Chinese government has a longstanding, complex dispute with Taiwan regarding sovereignty of Taiwan that has, at times, included threats of military invasion and military action off the coast of Taiwan. There can be no assurance that the Chinese government will not take political, economic or military actions in the future. Any military conflict between China and Taiwan could adversely impact Chinese and Taiwanese issuers as well as other issuers both in and outside those regions and could adversely impact the economies of China and other Asian countries, disrupt supply chains, make certain investments in China impractical or impossible, and severely affect global economies and markets. There have also been tensions between the Chinese government and many people in Hong Kong who, since Hong Kong's reversion to Chinese sovereignty in 1997 as a special administrative region of the People's Republic of China, view China as tightening control over Hong Kong's semi-autonomous liberal political, economic, legal and social framework. Recent protests and unrest have further increased tensions. Due to the interconnected nature of the Hong Kong and Chinese economies, instability in Hong Kong may cause uncertainty in the Chinese and Hong Kong markets.

China, including Hong Kong, is designated as a "foreign adversary" of the United States under U.S regulations, a designation that subjects certain transactions involving information and communication technology to heightened scrutiny and the potential that such transactions may be prohibited. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the United States, may negatively impact the value and liquidity of such securities held by a Fund. Further, from time to time, certain companies in which a Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance or require a Fund to sell (or conversely, prevent a Fund from purchasing or selling) the securities of the company.

Additionally, developing countries, such as those in China, may subject the Fund's investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Chinese taxes that may apply to a Fund's investments include income tax or withholding tax on dividends, interest or gains earned by the Fund, business tax and stamp duty. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for a Fund. Additionally, the PCAOB has historically had difficulties in inspecting audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies. Such issues with respect to the PCAOB inspections may impose significant additional risks associated with investments in China, including the risks that the audits may be less reliable, the information about the Chinese securities may be less reliable or complete, or a U.S.-listed Chinese issuer may be delisted if the PCAOB is unable to inspect the accounting firm for the issuer.

*Risks of Investing in Chinese Variable Entities.* Many Chinese companies have created a special structure, which is based in China, known as a variable interest entity (VIE) as a means to circumvent limits on direct foreign ownership of equity in Chinese operating companies in certain sectors, such as internet, media, education and telecommunications, imposed by the Chinese government. Typically, in such an arrangement, a China-based operating company establishes an offshore "holding" company in another jurisdiction that likely does not have the same disclosure, reporting, and governance requirements as the United States. The holding company issues shares, i.e., is "listed", on a foreign exchange such as the New York Stock Exchange or the Hong Kong Stock Exchange. The listed holding company enters into service and other contracts with the China-based operating company, typically through the China-based VIE. The VIE must be owned by Chinese nationals (and/or other Chinese companies), which often are the VIE's founders, in order to obtain the licenses and/or assets required to operate in the restricted or prohibited sector in China. The operations and financial position of the VIE are included in consolidated financial statements of the listed holding company. Foreign investors, including mutual funds and ETFs

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(such as the Fund), hold stock in the listed holding company rather than directly in the China-based operating company.

The VIE structure allows foreign shareholders to exert a degree of control and obtain economic benefits arising from the operating company but without formal legal ownership because the listed holding company's control over the operating company is predicated entirely on contracts with the VIE. The listed holding company is distinct from the underlying operating company, and an investment in the listed holding company represents exposure to a company that maintains service contracts with the operating company, not equity ownership.

Investments in companies that use VIEs may pose additional risks because the investment is made through the listed holding company's service and other contractual arrangements with the underlying Chinese operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. The contractual arrangements between the VIE and the operating company may not be as effective in providing operational control as direct equity ownership. The Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law. While VIEs are a longstanding industry practice, well known to Chinese officials and regulators, VIEs historically have not been formally recognized under Chinese law. Effective March 31, 2023, the China Securities Regulatory Commission (CSRC) released new rules and implementing guidelines that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create VIEs more difficult and costly. Further, while the rules and implementing guidelines do not prohibit the use of VIE structures, this does not serve as a formal endorsement. There is a risk that the Chinese government may cease to tolerate VIEs at any time, and any guidance or further rulemaking prohibiting or restricting these structures by the Chinese government, generally or with respect to specific industries, would likely cause impacted VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Fund's returns and net asset value. The future of the VIE structure generally and with respect to certain industries remains uncertain.

The Chinese government previously placed restrictions on China-based companies raising capital offshore in certain sectors, including through VIEs, and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure. It is uncertain whether Chinese officials or regulators will withdraw their acceptance of the VIE structure, generally, or with respect to certain industries, or whether any new laws, rules or regulations relating to VIE structures will be adopted and what impact such laws may have on foreign investors. There is a risk that China might prohibit the existence of VIEs or sever their ability to transmit economic and governance rights to foreign individuals and entities; if so, the market value of any associated portfolio holdings would likely suffer substantial, detrimental, and possibly permanent loss.

Chinese companies, including those listed on U.S. exchanges, are generally not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about VIEs may be less reliable or complete. Foreign companies with securities listed on U.S. exchanges, including those that utilize VIEs, may be delisted if they do not meet the requirements of the listing exchange, the Public Company Accounting Oversight Board (PCAOB), and the U.S. government, which could significantly decrease the liquidity and value of such securities. Actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the liquidity and value of such securities.

**FOREIGN INVESTMENTS—LIQUIDITY AND TRADING VOLUME RISKS.** The Funds' investments in foreign securities may be subject to the liquidity and trading volume risks associated with international investing. Due to market conditions, including uncertainty regarding the price of a security, it may be difficult for a Fund to buy or sell foreign portfolio securities at a desirable time or price, which could result in investment losses. This risk of portfolio illiquidity is heightened with respect to small- and mid-cap securities, generally, and foreign small- and mid-cap securities in particular. A Fund may have to lower the selling price, liquidate other investments, or forego another, more appealing investment opportunity as a result of illiquidity in the markets.

The Investment Adviser and Sub-Advisers will fair value in good faith any securities it deems to be illiquid under consistently applied procedures established by the Trust's Board. Market conditions are always changing and vary by country and industry sector, and investing in international markets involves unique risks. Although it is difficult to accurately assess trends in trading volumes in foreign markets, because some amount of activity has

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migrated to alternative trading venues, a reduction in trading volumes may pose challenges to a Fund. This is particularly so for funds that focus on small- and mid-cap companies, which usually have lower trading volumes and take sizeable positions in portfolio companies. As a result of lower trading volumes, it may take longer to buy or sell the securities of such companies, which can exacerbate a Fund's exposure to volatile markets. A Fund may also be limited in its ability to execute favorable trades in foreign portfolio securities in response to changes in company prices and fundamentals. If a Fund is forced to sell securities to meet redemption requests or other cash needs, or in the case of an event affecting liquidity in a particular market or markets, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. As a Fund grows in size, these considerations take on increasing significance and may adversely impact performance.

**FOREIGN INVESTMENTS—SOVEREIGN DEBT.** To the extent consistent with their investment objectives and strategies, the Funds may invest in foreign debt, including the securities of foreign governments. Several risks exist concerning such investments, including the risk that foreign governments may default on their obligations, may not respect the integrity of such debt, may attempt to renegotiate the debt at a lower rate, and may not honor investments by U.S. entities or citizens.

The cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates that are adjusted based upon international interest rates. The ability to service external debt will also depend on the level of the relevant government's international currency reserves and its access to foreign exchange. Currency devaluations may affect the ability of a sovereign obligor to obtain sufficient foreign exchange to service its external debt.

As a result of the foregoing or other factors, a governmental obligor may default on its obligations. If such an event occurs, a Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.

*High Yield Foreign Debt Securities*. The Funds may purchase high yield foreign sovereign debt securities. Investing in fixed and floating rate high yield foreign sovereign debt securities will expose a Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. The ability of a foreign sovereign obligor to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. Countries such as those in which the Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate or trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors that may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other international agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its 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, which may further impair the obligor's ability or willingness to timely service its debts.

**FOREIGN INVESTMENTS— RISKS RELATED TO ARMED CONFLICT.** As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, has the potential to adversely impact Fund investments. Such conflicts, and other corresponding

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events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors. The timing and duration of such conflicts, resulting sanctions, related events and other implications cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

**Risks Related to Russian Invasion of Ukraine.** The extent and duration of Russia's military invasion of Ukraine, initiated in February 2022, and the broad-ranging economic sanctions levied against Russia by the United States, the EU, the UK, and other countries, remain unknown, but these events could have a significant adverse impact on Europe's overall economy. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in Europe and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known.

**FORWARD COMMITMENTS, WHEN-ISSUED SECURITIES AND DELAYED-DELIVERY TRANSACTIONS.** To the extent consistent with its respective objective and strategies, the Funds may purchase securities on a when-issued basis or purchase or sell securities on a forward commitment (sometimes called delayed delivery) basis. These transactions involve a commitment by a Fund to purchase or sell securities at a future date. The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. Forward commitments also include TBA synthetic securities, which are contracts for the purchase or sale of mortgage-backed securities to be delivered at a future agreed upon date, whereby the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade.

When-issued purchases and forward commitment transactions normally are negotiated directly with the other party.

A Fund will purchase securities on a when-issued basis or purchase or sell securities on a forward commitment basis only with the intention of completing the transaction and actually purchasing or selling the securities. If deemed advisable as a matter of investment strategy, however, a Fund may dispose of or negotiate a commitment after entering into it. A Fund also may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. A Fund may realize a capital gain or loss in connection with these transactions.

Securities purchased on a when-issued or delayed delivery basis and held by a Fund are subject to changes in market value based upon the public's perception of changes in the level of interest rates. Generally, the value of such securities will fluctuate inversely to changes in interest rates – i.e., they will appreciate in value when interest rates decline and decrease in value when interest rates rise. Therefore, if in order to achieve higher interest income a Fund remains substantially fully invested at the same time that it has purchased securities on a "when-issued" or "delayed delivery" basis, there will be a greater possibility of fluctuation in the Fund's NAV. When a Fund engages in a when-issued or delayed delivery transaction, it relies on the other counterparty to deliver the security. If the other party defaults, a Fund might suffer a loss or miss an opportunity to obtain the security at an advantageous price. When payment for when-issued or delayed delivery securities is due, a Fund will meet its obligations from then- available cash flow, the sale of segregated securities, the sale of other securities or, and although it would not normally expect to do so, from the sale of the when-issued or delayed delivery securities themselves (which may have a market value greater or less than the Fund's payment obligation). The sale of securities to meet such obligations may result in more significant distributions of short-term capital gains to investors, which are taxed to individuals as ordinary income.

Many forward commitments, when-issued and delayed delivery transactions, including TBAs, are also subject to the risk that a counterparty may become bankrupt or otherwise fail to perform its obligations due to financial difficulties, including marking payments or fulfilling delivery obligations to a Fund. A Fund may obtain no or only limited recovery in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Counterparty risk may be mitigated by the exchange of variation margin between the counterparties on a regular basis as the market value of the deliverable security fluctuates.

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When a Fund purchases securities on a when-issued, delayed-delivery or forward commitment basis, the Fund will segregate liquid assets having a value (determined daily) at least equal to the amount of the Fund's purchase commitments until three (3) days prior to the settlement date, or will otherwise cover its position. These procedures are designed to ensure that the Fund will maintain sufficient assets at all times to cover its obligations under when-issued purchases, forward commitments and delayed-delivery transactions. For purposes of determining a Fund's average dollar-weighted maturity, the maturity of when-issued, delayed-delivery or forward commitment securities will be calculated from the commitment date.

Investment in these types of securities may increase the possibility that a Fund will incur short-term gains subject to federal taxation or short-term losses if the Fund must engage in portfolio transactions in order to honor its commitment. In the case of a purchase transaction, the delayed delivery securities, which will not begin to accrue interest or dividends until the settlement date, will be recorded as an asset of a Fund and will be subject to the risk of market fluctuation. The purchase price of the delayed delivery securities is a liability of a Fund until settlement. Recently finalized rules of the Financial Industry Regulatory Authority (FINRA) include mandatory margin requirements for the TBA market that require a Fund to post collateral in connection with its TBA transactions. A Fund or the counterparty will make payments throughout the term of the transaction as collateral values fluctuate to maintain full collateralization for the term of the transaction. Collateral will be marked-to-market every business day. If the counterparty defaults on the transaction or declares bankruptcy or insolvency, a Fund might incur expenses in enforcing its rights, or the Fund might experience delay and costs in recovering collateral or may suffer a loss if the value of the collateral declines.

**ILLIQUID OR RESTRICTED INVESTMENTS.** The Funds may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Funds may purchase commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act and securities that are not registered under the 1933 Act but can be sold to "qualified institutional buyers" in accordance with Rule 144A under the 1933 Act. Section 4(a)(2) paper is restricted as to disposition under the federal securities laws, and generally is sold to investors who agree that they are purchasing the paper for investment and not with a view to public distribution. Any resale by the purchaser must be in an exempt transaction. Section 4(a)(2) paper is normally resold to other investors through or with the assistance of the issuer or investment dealers who make a market in Section 4(a)(2) paper, thus providing liquidity. Commercial paper issued pursuant to Section 4(a)(2) of the 1944 Act and Rule 144A securities will not be considered illiquid so long as the Fund reasonably expects such investment can be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, using information obtained after reasonable inquiry and taking into account relevant market, trading, and investment-specific considerations. There can be no assurance that a liquid trading market will exist at any time for any particular Rule 144A security.

**INFLATION-INDEXED SECURITIES.** The Funds may invest in inflation-indexed securities, which are fixed-income securities whose value is periodically adjusted according to the rate of inflation. Two structures are common: the U.S. Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the security; most other issuers pay out the Consumer Price Index (CPI) accruals as part of a semiannual coupon.

Inflation-indexed securities issued by the U.S. Treasury have varying maturities and pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed and will fluctuate. The Fund also may invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal amount.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

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While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the CPI for All Urban Consumers (CPI-U), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

The taxation of inflation-indexed Treasury securities is similar to the taxation of conventional bonds. Both interest payments and the difference between original principal and the inflation-adjusted principal will be treated as interest income subject to taxation. Interest payments are taxable when received or accrued. The inflation adjustment to the principal is subject to tax in the year the adjustment is made, not at maturity of the security when the cash from the repayment of principal is received. If an upward adjustment has been made (which typically should happen), investors in non- tax-advantaged accounts will pay taxes on this amount currently.

Decreases in the indexed principal can be deducted only from current or previous interest payments reported as income. Inflation-indexed Treasury securities therefore have a potential cash flow mismatch to an investor, because investors must pay taxes on the inflation-adjusted principal before the repayment of principal is received. It is possible that, particularly for high income tax bracket investors, inflation-indexed Treasury securities would not generate enough income in a given year to cover the tax liability they could create. This is similar to the current tax treatment for zero-coupon bonds and other discount securities. If inflation-indexed Treasury securities are sold prior to maturity, capital losses or gains are realized in the same manner as traditional bonds. The Fixed-Income Fund, however, distributes income on a monthly basis; and the Domestic Equity Fund and International Equity Fund each distribute income on an annual basis. Fund investors will receive dividends that represent both the interest payments and the principal adjustments of the inflation-indexed securities held in the Fund.

**INITIAL PUBLIC OFFERINGS (IPOS).** The Funds may at times have the opportunity to invest in securities offered in initial public offerings (IPOs). IPOs of securities issued by unseasoned companies with little or no operating history are risky and their prices are highly volatile, but they can result in very large gains in their initial trading. Attractive IPOs are often oversubscribed and may not be available to the Funds at all times, and the Funds may not always invest in IPOs offered to them. Investments in IPOs may have a substantial beneficial effect on the Funds' investment performance. The Funds' investment returns earned during a period of substantial investment in IPOs may not be sustained during other periods when the Funds make more-limited, or no, investments in IPOs. The Funds may lose money on an investment in securities offered in an IPO. There can be no assurance that the Funds will have the opportunity to invest in IPOs that are made available to other clients of the Investment Adviser or a Sub-Adviser.

The Funds may participate in IPO holding. IPO holding is the practice of participating in an IPO with the intent of holding the security for investment purposes. Because an IPO is an equity security that is new to the public market, the value of IPOs may fluctuate dramatically. Therefore, IPOs have greater risks than other equity investments. Because of the cyclical nature of the IPO market, from time to time there may not be any IPOs in which a Fund can participate. Even when a Fund requests to participate in an IPO, there is no guarantee that the Funds will receive an allotment of shares in an IPO sufficient to satisfy the Funds' desired participation. Due to the volatility of IPOs, these investments can have a significant impact on performance, which may be positive or negative.

The Funds may participate in IPO trading. IPO trading is the practice of participating in an IPO with the intent of immediately selling the security in the secondary market. Engaging in this strategy could result in active and frequent trading. Use of this strategy could increase a Fund's portfolio turnover and the possibility of realized capital gain. This is not a tax-efficient strategy. From time to time, it may not be possible to pursue an IPO trading strategy effectively because of a limited supply of "hot" IPOs. In addition, this practice may result in losses if a Fund purchases a security in an IPO and there is insufficient demand for the security in the after-market of the IPO. Due to the volatility of IPOs, these investments can have a significant impact on performance, which may be positive or negative.

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**INVESTMENT COMPANIES.** With respect to the investments of the Funds in the securities of other affiliated and unaffiliated investment companies, such investments will be limited so that, as determined after a purchase is made, either: (a) not more than 3% of the total outstanding stock of such investment company will be owned by a Fund, the Trust as a whole and its affiliated persons (as defined in the 1940 Act); or (b) (i) not more than 5% of the value of the total assets of a Fund will be invested in the securities of any one investment company, not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group, and (ii) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. These limits will not apply to the investment of securities lending collateral by the Funds in certain investment portfolios advised by USBAM. In addition, these limits will not apply to the investment of uninvested cash balances in shares of registered or unregistered money market funds whether affiliated or unaffiliated. The foregoing exemption, however, only applies to an unregistered money market fund that (i) limits its investments to those in which a money market fund may invest under Rule 2a-7 of the 1940 Act, and (ii) undertakes to comply with all the other provisions of Rule 2a-7.

When a Fund purchases shares of another investment company, the Fund will indirectly bear its proportionate share of the advisory fees and other operating expenses of such investment company and will be subject to the risks associated with the portfolio investments of the underlying investment company.

Investments by the Funds in other investment companies, including ETFs, are subject to the limitations of the 1940 Act, including rule 12d1-4 under the 1940 Act (Rule 12d1-4) which became effective January 19, 2021. Rule 12d1-4 allows a fund or ETF to acquire the securities of another fund in excess of the limitations imposed by Section 12 of the 1940 Act without obtaining an exemptive order from the SEC subject to certain limitations and conditions. Prior to a fund acquiring securities of another fund that exceed the limits of Section 12(d)(1) of the 1940 Act, the acquiring fund must enter into a Fund of Funds Agreement with the acquired fund. Rule 12d1-4 outlines the requirements of the Fund of Funds Agreements and specifies the responsibilities of the Board related to "fund of funds" arrangements. In addition, other unaffiliated investment companies may impose other investment limitations or redemption restrictions in a Fund of Funds Agreement which may also limit the Fund's flexibility with respect to making investments in those unaffiliated investment companies.

Rule 12d1-4 also is designed to limit the use of complex fund structures. Under Rule 12d1-4, an acquired fund is prohibited from purchasing or otherwise acquiring the securities of another investment company or private fund if, immediately after the purchase, the securities of investment companies and private funds owned by the acquired fund have an aggregate value in excess of 10% of the value of the acquired fund's total assets, subject to certain limited exceptions. Accordingly, to the extent a Fund's shares are sold to other investment companies in reliance on Rule 12d1-4, the Fund will be limited in the amount it could invest in other investment companies and private funds.

Certain investment companies whose securities are purchased by the Funds may not be obligated to redeem such securities in an amount exceeding 1% of the investment company's total outstanding securities during any period of less than thirty (30) days. Therefore, such securities that exceed this amount may be illiquid.

If required by the 1940 Act, each Fund expects to vote the shares of other investment companies that are held by it in the same proportion as the vote of all other holders of such securities.

A Fund may adhere to other limitations with respect to its investments in securities issued by other investment companies if required or permitted by the SEC or deemed to be in the best interests of the Trust.

**LIQUIDITY RISK.** Liquidity risk means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund**.** Liquidity risk may be caused by unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing a Fund's ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Funds would like or difficult to value. The Funds may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on portfolio management or performance. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Funds with principal investment strategies that

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involve investments in securities of companies with smaller market capitalizations, foreign securities, derivatives or securities with potential market and/or credit risk tend to have the greatest exposure to liquidity risk.

**LITIGATION RISK.** From time to time, a Fund may pursue or be involved as a named party in litigation arising in connection with its role or status as a shareholder, bondholder, lender or holder of portfolio investments, its own activities, or other circumstances. Litigation that affects a Fund's portfolio investments may result in the reduced value of such investments or higher portfolio turnover if the Fund determines to sell such investments. Litigation could result in significant expenses, reputational damage, increased insurance premiums, adverse judgment liabilities, settlement liabilities, injunctions, diversions of Fund resources, disruptions to Fund operations and/or other similar adverse consequences, any of which may increase the expenses incurred by a Fund or adversely affect the value of the Fund's shares.

**LOAN PARTICIPATIONS.** The Funds may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. These investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (lender) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

**MARGIN TRANSACTIONS.** Securities may be purchased on margin only to obtain such short-term credits as are necessary for the clearance of purchases and sales of securities.

**MARKET RISK.** This is the risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual issuers, real or perceived general economic or political conditions, changes in the general outlook for revenues or corporate earnings, inflation, changes in interest or currency rates, changes in trade regulation or economic sanctions, lack of liquidity in the bond markets, volatility in the equities market, regional or global instability and uncertainty, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, political or social developments, or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in the markets may negatively affect many issuers, which could adversely affect a Fund. These risks may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide and therefore could adversely affect the value of a Fund's investments.

Securities markets may experience great short-term volatility and may fall sharply at times. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market. The value of a Fund's investments may also go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Price changes may be temporary or last for extended periods. The value of your investment could decline over short periods due to fluctuation in a Fund's NAV in response to market movements, and over longer periods during market downturns.

**MASTER LIMITED PARTNERSHIPS (MLPs).** The Funds may invest in MLPs to the extent consistent with their respective investment objectives and strategies. An MLP generally has two classes of partners, the general partner and the limited partners. The general partner normally controls the MLP through an equity interest plus units that are subordinated to the common (publicly traded) units for an initial period and then only

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converting to common if certain financial tests are met. As a motivation for the general partner to successfully manage the MLP and increase cash flows, the terms of most MLPs typically provide that the general partner receives a large portion of the net income as distributions reach higher target levels. As cash flow grows, the general partner receives greater interest in the incremental income compared to the interest of limited partners. The general partner's incentive compensation typically increases to up to 50% of incremental income. Nevertheless, the aggregate amount distributed to limited partners will increase as MLP distributions reach higher target levels. Given this incentive structure, the general partner has an incentive to streamline operations and undertake acquisitions and growth projects in order to increase distributions to all partners.

MLP common units represent an equity ownership interest in a partnership, providing limited voting rights and entitling the holder to a share of the company's success through distributions and/or capital appreciation. Unlike shareholders of a corporation, common unit holders do not elect directors annually and generally have the right to vote only on certain significant events, such as mergers, a sale of substantially all of the assets, removal of the general partner or material amendments to the partnership agreement. MLPs are required by their partnership agreements to distribute a large percentage of their current operating earnings. Common unit holders generally have first right to a minimum quarterly distribution prior to distributions to the convertible subordinated unit holders or general partner (including incentive distributions). Common unit holders typically have arrearage rights if the minimum quarterly distribution is not met. In the event of liquidation, MLP common unit holders have first right to the partnership's remaining assets after bondholders, other debt holders, and preferred unit holders have been paid in full. MLP common units trade on a national securities exchange or over-the-counter. Some limited liability companies (LLCs) may be treated as MLPs for federal income tax purposes. Similar to MLPs, LLCs typically do not pay federal income tax at the entity level, subject to the application of certain partnership audit rules, and are required by their operating agreements to distribute a large percentage of their current operating earnings. In contrast to MLPs, LLCs have no general partner and there are no incentives that entitle management or other unit holders to increased percentages of cash distributions as distributions reach higher target levels. In addition, LLC common unit holders typically have voting rights with respect to the LLC, whereas MLP common units have limited voting rights. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment toward MLPs or a MLP's business sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities can also be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

MLP convertible subordinated units are typically issued by MLPs to founders, corporate general partners of MLPs, entities that sell assets to the MLP, and institutional investors, and may be purchased in direct placements from such persons. The purpose of the convertible subordinated units is to increase the likelihood that during the subordination period there will be available cash to be distributed to common unit holders. Convertible subordinated units generally are not entitled to distributions until holders of common units have received specified minimum quarterly distributions, plus any arrearages, and may receive less in distributions upon liquidation. Convertible subordinated unit holders generally are entitled to a minimum quarterly distribution prior to the payment of incentive distributions to the general partner, but are not entitled to arrearage rights. Therefore, they generally entail greater risk than MLP common units. They are generally convertible automatically into the senior common units of the same issuer at a one-to-one ratio upon the passage of time or their satisfaction of certain financial tests. These units do not trade on a national exchange or over-the- counter, and there is no active market for convertible subordinated units. The value of a convertible security is a function of its worth if converted into the underlying common units. Convertible subordinated units generally have similar voting rights to MLP common units. Because convertible subordinated units generally convert to common units on a one-to-one ratio, the price that the Fund could be expected to pay upon the purchase or to realize upon resale is generally tied to the common unit price less a discount. The size of the discount varies depending on a variety of factors including the likelihood of conversion, and the length of time remaining to conversion, and the size of the block purchased.

MLP I-Shares represent an indirect investment in MLP I-units. I-units are equity securities issued to affiliates of MLPs, typically a limited liability company, that own an interest in and manage the MLP. The issuer has management rights but is not entitled to incentive distributions. The I-Share issuer's assets consist exclusively of MLP I-units. Distributions by MLPs to I-unit holders are made in the form of additional I-units, generally equal in amount to the cash received by common unit holders of MLPs. Distributions to I-Shareholders are made in the form of additional I-Shares, generally equal in amount to the I-units received by the I-Share issuer. The issuer of the

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I-Share is taxed as a corporation for federal income tax purposes; however, the MLP does not allocate income or loss to the I-Share issuer. Accordingly, investors receive a Form 1099, are not allocated their proportionate share of income of the MLPs and are not subject to state income tax filing obligations. The price of I-Shares and their volatility tend to be correlated to the price of common units, although the price correlation is not precise.

**MORTGAGE DOLLAR ROLLS.** To the extent consistent with its investment objective and strategies, the Funds may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical, securities on a specified future date. The Funds give up the right to receive principal and interest paid on the securities sold. However, the Funds would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Funds. The Funds will hold and maintain in a segregated account until the settlement date cash or liquid assets in an amount equal to the forward purchase price. The benefits derived from the use of mortgage dollar rolls may depend upon the Investment Adviser's or a Sub-Adviser's ability to correctly predict mortgage prepayments and interest rates. There is no assurance that mortgage dollar rolls can be successfully employed.

For financial reporting and tax purposes, the Funds propose to treat mortgage dollar rolls as two separate transactions; one transaction involving the purchase of a security and a separate transaction involving a sale. The Fund currently does not intend to enter into mortgage dollar rolls that are accounted for as a financing.

Mortgage dollar rolls involve certain risks, including the following: if the broker-dealer to whom the Funds sell the security becomes insolvent, a Fund's right to purchase or repurchase the mortgage-related securities subject to the mortgage dollar roll may be restricted. Also, the instrument that the Funds are required to repurchase may be worth less than an instrument which the Fund originally held. Successful use of mortgage dollar rolls will depend upon the Investment Adviser's or a Sub-Adviser's ability to manage the Fund's interest rate and mortgage prepayments exposure. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed. The use of this technique may diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls.

**MORTGAGE-RELATED SECURITIES.** The Funds may invest in mortgage-related securities. Mortgage-related securities represent an interest in a pool of, or are secured by, mortgage loans. The Funds may invest in mortgage-related securities issued or guaranteed by (i) U.S. Government agencies or instrumentalities such as the Government National Mortgage Association (GNMA or Ginnie Mae), FNMA and the FHLMC or (ii) other issuers, including private companies.

Many mortgage-related securities provide regular payments which consist of interest and, in most cases, principal. In contrast, other forms of debt securities normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. In effect, payments on many mortgage-related securities are a "pass-through" of the payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities.

Besides the scheduled repayment of principal, repayments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans. If property owners make unscheduled prepayments of their mortgage loans, these prepayments will typically result in early payment of the applicable mortgage-related securities. The occurrence of mortgage prepayments is affected by a variety of factors including the level of interest rates, general economic conditions, the location and age of the mortgage, and other social and demographic conditions. During periods of falling interest rates, the rate of mortgage prepayments tends to increase, thereby tending to decrease the life of mortgage-related securities.

During periods of rising interest rates, the rate of mortgage prepayments usually decreases, thereby tending to increase the life of mortgage-related securities.

Because of the possibility of prepayments (and due to scheduled repayments of principal), mortgage-related securities are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. Prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities,

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although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of a Fund.

Stripped mortgage-related securities are usually structured with two classes that receive different portions of the interest and principal distributions on a pool of mortgage loans. The yield to maturity on an interest only (IO) class of stripped mortgage-related securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments may have a measurable adverse effect on a Fund's yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal only securities (POs) tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated.

The secondary market for stripped mortgage-related securities may be more volatile and less liquid than that for other mortgage-related securities, potentially limiting a Fund's ability to buy or sell those securities at any particular time.

Non-prime mortgage loans, which include mid-prime and subprime mortgages, typically are made to less creditworthy borrowers and have a higher risk of default than conventional mortgage loans. Therefore, mortgage-related securities backed by non-prime mortgage loans may suffer significantly greater declines in value due to defaults.

**MUNICIPAL SECURITIES.** Municipal securities are typically debt obligations of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, issued to obtain funds for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets and water and sewer works. Municipal securities generally pay interest free from federal income tax and from state personal income taxes, if any, for residents of that state. Generally, for all municipal securities, the issuer pays a fixed, floating or variable rate of interest, and must repay the amount borrowed (principal) at maturity. Municipal securities generally are classified as general or revenue obligations.

The value of the municipal securities may be highly sensitive to events affecting the fiscal stability of the municipalities, agencies, authorities and other instrumentalities that issue securities. In particular, economic, legislative, regulatory or political developments affecting the ability of the issuers to pay interest or repay principal may significantly affect the value of a Fund's investments. These developments can include or arise from, for example, insolvency of an issuer, uncertainties related to the tax status of municipal securities, tax base erosion, state or federal constitutional limits on tax increases or other actions, budget deficits and other financial difficulties, or changes in the credit ratings assigned to municipal issuers.

There could be a limited market for certain municipal securities, and a Fund could face illiquidity risks. Information about the financial condition of an issuer of municipal bonds may not be as extensive as that which is made available by corporations for their publicly-traded securities. The absence or inaccuracy of such information may impact the investment manager's evaluation of credit and valuation risk.

From time to time, proposals have been introduced before Congress to restrict or eliminate the federal income tax exemption for interest on municipal bonds. Also, from time to time, proposals have been introduced before state and local legislatures to restrict or eliminate the state and local income tax exemption for interest on municipal bonds. Similar proposals may be introduced in the future.

Issuers of general obligation bonds include states, counties, cities, towns and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads. The basic security behind general obligation bonds is the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.

The full faith, credit and taxing power of the issuer do not secure revenue bonds. Instead, the principal security for a revenue bond generally is the net revenue derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise tax or other specific revenue source. Revenue bonds are issued to

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finance a wide variety of capital projects, including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. The principal security behind these bonds may vary. For example, housing finance authorities have a wide range of security, including partially or fully insured mortgages, rent subsidized and/or collateralized mortgages, and/or the net revenues from housing or other public projects. Many bonds provide additional security in the form of a debt service reserve fund that may be used to make principal and interest payments. Some authorities have further security in the form of state assurances (although without obligation) to make up deficiencies in the debt service reserve fund. As a result, an investment in revenue obligations is subject to greater risk of delay or non-payment if revenue does not accrue as expected or if other conditions are not met for reasons outside the control of a Fund. Conversely, if revenue accrues more quickly than anticipated, the Fund may receive payment before expected and have difficulty re-investing the proceeds on equally favorable terms.

**NATURAL DISASTER/EPIDEMIC RISK.** Natural or environmental disasters such as earthquakes, wildfires, floods, hurricanes, tsunamis, other severe weather-related phenomena, and widespread disease including pandemics and epidemics, can be highly disruptive to economies and markets, sometimes severely so, and can adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve their investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

**OPERATIONAL RISK.** The Investment Adviser, Sub-Advisers and other Fund service providers may experience disruptions or operating errors, such as processing errors or human errors, inadequate or failed internal or external processes, systems or technology failures, or other disruptive events, that could negatively impact the Funds. While service providers are required to have appropriate operational risk management policies and procedures, their methods of operational risk management may differ from those of the Funds in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Investment Adviser, through its monitoring and oversight of the Sub-Advisers and other service providers, seeks to ensure that service providers take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors. However, it is not possible for the Investment Adviser, Sub-Advisers or other Fund service providers to identify all of the operational risks that may affect a Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

**PARTICIPATION CERTIFICATES.** The Funds may purchase participation certificates, also known as participation notes. Participation certificates are issued by banks or broker-dealers and are designed to replicate the performance of foreign companies or foreign securities markets and can be used by a Fund as an alternative means to access the securities market of a country. Participation certificates offer a return linked to a particular underlying equity, debt, index or currency; however, the performance results of participation certificates will not replicate exactly the performance of the foreign companies or foreign securities markets that they seek to replicate due to transaction costs and other expenses. Investments in participation certificates involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. Participation certificates are subject to counterparty risk, which is the risk that the broker- dealer or bank that issues them will not fulfill its contractual obligation to complete the transaction with the Funds. Participation certificates constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, the counterparty, and the Funds rely on the creditworthiness of such counterparty and have no rights under a participation certificate against the issuer of the underlying security. The holder of a participation certificate generally will be entitled to receive from the issuing bank or broker-dealer any dividends paid in connection with the underlying security; however, the holder of the participation certificate does not have voting rights, as the holder would if it owned the underlying security directly.

Participation certificates may be traded OTC or may be listed on an exchange. Participation certificates that are not listed on an exchange may be illiquid and therefore subject to the Fund's percentage limitation applicable to illiquid investments. Due to liquidity and transfer restrictions, the secondary markets on which unlisted participation certificates are traded may be less liquid than the markets for other securities, which may lead to the absence of readily available market quotations for securities in a Fund's portfolio. Consequently, it may nevertheless be more difficult for the Fund to accurately assign a daily value to such securities.

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**PREFERRED STOCKS.** The Funds may invest in preferred stocks. Preferred stock, unlike common stock, generally confers a stated dividend rate payable from the corporation's earnings. Such preferred stock dividends may be cumulative or noncumulative, fixed, participating, auction rate or other. If interest rates rise, a fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline either absolutely or relative to alternative investments. Preferred stock may have mandatory sinking fund provisions, as well as provisions that allow the issuer to redeem or call the stock. The right to payment of preferred stock is generally subordinate to rights associated with a corporation's debt securities.

**PRIVATIZATIONS.** Privatizations are foreign government programs for selling all or part of the interests in government-owned or controlled enterprises. The ability of a U.S. entity to participate in privatizations in certain foreign countries may be limited by local law or the terms on which the International Equity Fund and Fixed-Income Fund may be permitted to participate may be less advantageous than those applicable for local investors. There can be no assurance that foreign governments will continue to sell their interests in companies currently owned or controlled by them or that privatization programs will be successful.

**REAL ESTATE INVESTMENT TRUSTS (REITs).** Each Fund may invest in REITs. REITs are pooled investment vehicles which invest primarily in real estate or real estate related loans. 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. Equity REITs may further be categorized by the type of real estate securities they own, such as apartment properties, retail shopping centers, office and industrial properties, hotels, healthcare facilities, manufactured housing and mixed property types.

Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Hybrid REITs combine the characteristics of both equity and mortgage REITs. Like regulated investment companies such as the Funds, REITs are not taxed on income distributed to shareholders provided they comply with certain requirements under the Code. A Fund will indirectly bear its proportionate share of any expenses paid by REITs in which it invests in addition to the expenses paid by the Fund.

Investing in REITs involves certain unique risks. Equity REITs may be affected by changes in the value of the underlying property owned by such REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified (except to the extent the Code requires), and are subject to the risks of financing projects. REITs are subject to heavy cash flow dependency, default by borrowers, self-liquidation, and the possibilities of failing to qualify for the exemption from tax for distributed income under the Code and failing to maintain their exemptions from the 1940 Act. REITs (especially mortgage REITs) are also subject to interest rate risks. Investing in REITs also involves risks similar to those associated with investing in small capitalization companies. That is, they may have limited financial resources, may trade less frequently and in a limited volume and may be subject to abrupt or erratic price movements in comparison to larger capitalization companies. To the extent that assets underlying a REIT are concentrated geographically, by property type or in certain other respects such as location, these risks may be heightened.

In addition, the value of such securities may fluctuate in response to the market's perception of the creditworthiness of the issuers of mortgage- related securities owned by a Fund. Because investments in mortgage-related securities are interest sensitive, the ability of the issuer to reinvest or to reinvest favorably in underlying mortgages may be limited by government regulation or tax policy. For example, action by the Board of Governors of the Federal Reserve System to limit the growth of the nation's money supply may cause interest rates to rise and thereby reduce the volume of new residential mortgages. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantees and/or insurance, there is no assurance that private guarantors or insurers will be able to meet their obligation.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed rate 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. In contrast, as interest rates on adjustable rate mortgage (ARM) loans are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.

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The REIT investments of a Fund often may not provide complete tax information to the Fund until after the calendar year-end. Consequently, because of the delay, it may be necessary for the Fund to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Also, under current provisions of the Code, distributions attributable to operating income of REITs in which the Fund invests are not eligible for favorable tax treatment as long-term capital gains and will be taxable to you as ordinary income.

**REPURCHASE AGREEMENTS.** Each Fund may agree to purchase portfolio securities from domestic and foreign financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price (repurchase agreements). Repurchase agreements are considered to be loans under the 1940 Act. Although the securities subject to a repurchase agreement may bear maturities exceeding one year, settlement for the repurchase agreement will never be more than one year after the Fund's acquisition of the securities and normally will be within a shorter period of time. Securities subject to repurchase agreements normally are held either by the Trust's custodian or sub-custodian (if any), or in the Federal Reserve/Treasury Book-Entry System.

The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Default by the seller would, however, expose a Fund to possible loss because of adverse market action or delay in connection with the disposition of the underlying obligations. In addition, in the event of a bankruptcy, the Fund could suffer additional losses if a court determines that the Fund's interest in the collateral is unenforceable. If the Funds enter into a repurchase agreement involving securities the Funds could not purchase directly, and the counterparty defaults, the Funds may become the holder of securities that they could not purchase. Apart from the risks associated with bankruptcy or insolvency proceedings, there is also the risk that the seller may fail to repurchase the security. If the market value of the securities subject to the repurchase agreement becomes less than the repurchase price (including accrued interest), generally, the seller of the securities will be required to deliver additional securities so that the market value of all securities subject to the repurchase agreement equals or exceeds the repurchase price. If a Fund enters into a repurchase agreement with a foreign financial institution, it may be subject to the same risks associated with foreign investments (see "Foreign Investments—General" above).

**REVERSE REPURCHASE AGREEMENTS.** Each Fund may borrow funds by selling portfolio securities to financial institutions such as banks and broker/dealers and agreeing to repurchase them at a mutually specified date and price (reverse repurchase agreements). The Funds may use the proceeds of reverse repurchase agreements to purchase other securities either maturing, or under an agreement to resell, on a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price. The Funds will pay interest on amounts obtained pursuant to a reverse repurchase agreement.

**RISKS RELATED TO SMALL AND MID-CAP COMPANY SECURITIES.** To the extent consistent with their respective investment objectives and strategies, the Funds may invest in small and mid-cap company securities. The Sub-Advisers may believe that smaller and mid-cap companies may provide greater growth potential than larger, more mature firms. Investing in the securities of such companies involves greater risk, portfolio price volatility and cost. Securities of such issuers may lack sufficient market liquidity to enable the Funds to effect sales at an advantageous time or without a substantial drop in price. Small and mid-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies and may have a greater sensitivity to changing economic conditions. Smaller and mid-cap companies also face a greater risk of business failure. As a result, their performance can be more volatile, which could increase the volatility of the Funds' portfolios. Generally, the smaller the company size, the greater these risks.

The values of small and mid-cap company stocks will frequently fluctuate independently of the values of larger company stocks. Small and mid-cap company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. You should, therefore, expect that the NAV of the Funds' shares will be more volatile than, and may fluctuate independently of, broad stock market indices such as the S&P's 500® Index (S&P 500 Index).

The additional costs associated with the acquisition of small and mid-cap company stocks include brokerage costs, market impact costs (that is, the increase in market prices which may result when a Fund purchases thinly traded stock) and the effect of the "bid-ask" spread in small and mid-cap company stocks. These costs will be borne by all shareholders and may negatively impact investment performance.

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**SHORT SALES.** The Funds may engage in short sales, which are transactions in which a Fund sells securities borrowed from others with the expectation that the price of the security will fall before the Fund must purchase the security to return it to the lender. The Funds may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that a Fund does not own declines in value. The Funds will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 30% of the value of their total assets. However, the Funds may make short sales "against the box" without being subject to this limitation. In this type of short sale, a Fund owns at least an equal amount of the securities sold short or other securities convertible into or exchangeable without further consideration for securities of the same issue as the securities sold short.

**SHORT SALES AGAINST-THE-BOX.** The Funds engage in short sales "against-the-box." In a short sale, the seller sells a borrowed security and has a corresponding obligation to the lender to deliver the identical security. The seller does not immediately return the securities sold and is said to have a short position in those securities until delivery occurs. While a short sale is made by selling a security the seller does not own, a short sale is "against-the-box" to the extent that the seller contemporaneously owns or has the right to obtain, at no added cost, securities identical to those sold short. It may be entered into by a Fund, for example, to lock in a sales price for a security the Fund does not wish to sell immediately. If a Fund sells securities short against-the-box, it may protect itself from loss if the price of the security declines in the future, but will lose the opportunity to profit on such securities if the price rises.

**SPECIAL PURPOSE ACQUISITION COMPANIES.** A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition or merger opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with an unaffiliated company to be identified subsequent to the SPAC's IPO. SPACs are often used as a vehicle to transition a company from private to publicly traded. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a suitable transaction. Some SPACs may pursue acquisitions or mergers only within certain industries or regions, which may further increase the volatility of their securities' prices. In addition to purchasing publicly traded SPAC securities, a Fund may invest in SPACs through additional financings via securities offerings that are exempt from registration under the federal securities laws (restricted securities). No public market will exist for these restricted securities unless and until they are registered for resale with the SEC, and such securities may be considered illiquid and/or be subject to restrictions on resale. It may also be difficult to value restricted securities issued by SPACs.

An investment in a SPAC is subject to a variety of risks, including that: a significant portion of the funds raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; an attractive acquisition or merger target may not be identified and the SPAC will be required to return any remaining invested funds to shareholders; attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; an investment in a SPAC may be diluted by subsequent public or private offerings of securities in the SPAC or by other investors exercising existing rights to purchase securities of the SPAC; SPAC sponsors generally purchase interests in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market; no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC security's value; and the values of investments in SPACs may

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be highly volatile and may depreciate significantly over time. In addition, recent regulations promulgated by the SEC impose additional disclosure obligations and other requirements on SPACs and may impact the ability of a SPAC to conduct its operations.

**SPECIAL SITUATIONS.** The Funds may invest in special situations. Carefully selected investments in joint ventures, cooperatives, partnerships, private placements, unlisted securities, and other similar vehicles (collectively, "special situations") could enhance a Fund's capital appreciation potential. These investments are generally illiquid and subject to the same risks and limitations associated with illiquid investments, as described above. Due to foreign ownership restrictions, the Funds may invest periodically in illiquid investments which are or become illiquid due to restrictions on foreign ownership imposed by foreign governments. Such investments may be more difficult to price and trade.

**SPECIALIZED OWNERSHIP VEHICLES.** Specialized ownership vehicles pool investors' funds for investment primarily in income- producing real estate or real estate related loans or interests. Such specialized ownership vehicles in which a Fund may invest include property unit trusts, REITs and other similar specialized investment vehicles. Investments in such specialized ownership vehicles may have favorable or unfavorable legal, regulatory or tax implications for the Fund and, to the extent such vehicles are structured similarly to investment funds, a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly the expenses of the specialized ownership vehicle.

**STANDBY COMMITMENTS.** The Funds may enter into standby commitments with respect to municipal instruments held by it. Under a standby commitment, a dealer agrees to purchase at a Fund's option a specified municipal instrument. Standby commitments may be exercisable by the Fund at any time before the maturity of the underlying municipal instruments and may be sold, transferred or assigned only with the instruments involved.

The Funds expect that standby commitments generally will be available without the payment of any direct or indirect consideration. However, if necessary or advisable, the Funds may pay for a standby commitment either separately in cash or by paying a higher price for municipal instruments which are acquired subject to the commitment (thus reducing the yield to maturity otherwise available for the same securities). The total amount paid in either manner for outstanding standby commitments held by a Fund will not exceed 1/2 of 1% of the value of the Fund's total assets calculated immediately after each standby commitment is acquired.

The Funds intend to enter into standby commitments only with dealers, banks and broker-dealers which, in the Investment Adviser's and Sub- Advisers' opinions, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate portfolio liquidity and does not intend to exercise its rights thereunder for trading purposes. The acquisition of a standby commitment will not affect the valuation of the underlying municipal instrument. The actual standby commitment will be valued at zero in determining NAV. Accordingly, where the Fund pays directly or indirectly for a standby commitment, the Fund's costs will be reflected as an unrealized loss for the period during which the commitment is held by the Fund and will be reflected in realized gain or loss when the commitment is exercised or expires.

**STRIPPED SECURITIES.** To the extent consistent with its respective investment objective and strategies, each Fund may purchase stripped securities. The Treasury Department has facilitated transfers of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on Treasury securities through the Federal Reserve book-entry record-keeping system. The Federal Reserve program as established by the Treasury Department is known as "Separate Trading of Registered Interest and Principal of Securities" (STRIPS). A Fund may purchase securities registered in the STRIPS program. Under the STRIPS program, the Fund will be able to have its beneficial ownership of zero coupon securities recorded directly in the book-entry record-keeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

Other types of stripped securities may be purchased by a Fund, including stripped mortgage-backed securities (SMBS). SMBS usually are structured with two or more classes that receive different proportions of the interest and principal distributions from a pool of mortgage-backed obligations. A common type of SMBS will have one class receiving all of the interest, while the other class receives all of the principal. However, in some instances, one class will receive some of the interest and most of the principal while the other class will receive most of the interest and the remainder of the principal. If the underlying obligations experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully its initial investment in these securities. The market

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value of the class consisting entirely of principal payments generally is extremely volatile in response to changes in interest rates. The yields on a class of SMBS that receives all or most of the interest generally are higher than prevailing market yields on other mortgage-backed obligations because their cash flow patterns also are volatile and there is a risk that the initial investment will not be recouped fully. SMBS issued by the U.S. government (or a U.S. government agency, instrumentality or sponsored enterprise) may be considered liquid under the Funds' guidelines if the Fund reasonably expects such SMBS can be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

**STRUCTURED SECURITIES.** A Fund may purchase structured securities both for hedging purposes and to gain exposure to certain countries and currencies. These fixed-income instruments are structured to recast the investment characteristics of the underlying security or reference asset. If the issuer is a unit investment trust or other special purpose vehicle, the structuring will typically involve the deposit with or purchase by such issuer of specified instruments (such as commercial bank loans or securities) and/or the execution of various derivative transactions, and the issuance by that entity of one or more classes of securities (structured securities) backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments. Investments in these securities may be structured as a class that is either subordinated or unsubordinated to the right of payment of another class.

Subordinated structured securities typically have higher rates of return and present greater risks than unsubordinated structured products.

A Fund's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. For investments in structured securities that do not have a credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. These securities generally are exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments. Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying security or reference asset. Structured securities may also be more volatile, less liquid, and more difficult to price accurately than less complex securities or more traditional debt securities.

**SUPRANATIONAL ENTITY OBLIGATIONS.** The Funds may purchase obligations of supranational entities, including supranational banks. Supranational entities are entities established through the joint participation of several governments, including the Asian Development Bank, the Inter-American Development Bank, the International Bank for Reconstruction and Development (or "World Bank"), the African Development Bank, the European Economic Community, the European Investment Bank and the Nordic Investment Bank. The governmental members, or "stockholders," usually make initial capital contributions to the supranational entity and, in many cases, are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments.

**TEMPORARY DEFENSIVE POSITIONS.** From time to time, a Fund may invest up to 100% of its assets in investments that may be inconsistent with the Fund's principal investment strategies for temporary defensive purposes in anticipation of, or in response to, adverse market, economic, political or other conditions. Temporary defensive positions may be taken, for example, to preserve capital or if a Fund is unable to pursue its investment strategies or acquire the types of securities in which it normally invests. Temporary defensive positions will be in high-quality fixed income securities, cash or cash equivalents. These positions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)commercial paper, bank certificates of deposit, bankers' acceptances and time deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)repurchase agreements; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)uninvested cash, some or all of which may be held in a non-interest bearing demand deposit account at a Fund's affiliated custodian. The Investment Adviser and Sub-Advisers have discretion in determining: (i) whether taking a temporary defensive position is appropriate for a Fund at a particular time, and (ii) the types of instruments that a Fund will hold in taking a temporary defensive position.

When taking a temporary defensive position, a Fund may not achieve its investment objective.

**TRADING RISK.** In order to engage in certain transactions on behalf of a Fund, the Investment Adviser and/or a Sub-Adviser will be subject to (or cause a Fund to become subject to) the rules, terms and/or conditions of any venues through which it trades securities, derivatives or other instruments. This includes, but is not limited to, where the Investment Adviser, a Sub-Adviser and/or a Fund may be required to comply with the rules of certain exchanges, execution platforms, trading facilities, clearinghouses and other venues, or may be required to consent to the jurisdiction of any such venues. The rules, terms and/or conditions of any such venue may result in the Investment Adviser, a Sub-Adviser and/or a Fund being subject to, among other things, margin requirements, additional fees and other charges, disciplinary procedures, reporting and recordkeeping, position limits and other restrictions on trading, settlement risks and other related conditions on trading set out by such venues.

**TREASURY INFLATION PROTECTED SECURITIES.** The Funds may purchase Treasury Inflation Protected Securities (TIPS), a type of inflation-indexed Treasury security. TIPS provide for semiannual payments of interest and a payment of principal at maturity which are adjusted for changes in the CPI-U.

Each semiannual payment of interest will be determined by multiplying a single fixed rate of interest by the inflation-adjusted principal amount of the security for the date of the interest payment. Thus, although the interest rate will be fixed, the amount of each interest payment will vary with changes in the principal of the security as adjusted for inflation and deflation.

TIPS also provide for an additional payment (a "minimum guarantee payment") at maturity if the security's inflation-adjusted principal amount for the maturity date is less than the security's principal amount at issuance. The amount of the additional payment will equal the excess of the security's principal amount at issuance over the security's inflation-adjusted principal amount for the maturity date.

**U.S. GOVERNMENT OBLIGATIONS.** Examples of the types of U.S. government obligations that may be acquired by the Funds include U.S. Treasury Bills, Treasury Notes and Treasury Bonds and the obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks and the Maritime Administration.

Securities guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises also are deemed to include (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or by any agency, instrumentality or sponsored enterprise thereof, and (ii) participations in loans made to foreign governments or their agencies that are so guaranteed.

To the extent consistent with their respective investment objectives and strategies, the Funds may invest in a variety of U.S. Treasury obligations and obligations issued by or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Not all U.S. government obligations carry the same credit support. No assurance can be given that the U.S. government would provide financial support to its agencies, instrumentalities or sponsored enterprises if it were not obligated to do so by law. There is no assurance that these commitments will be undertaken or complied with in the future. In addition, the secondary market for certain participations in loans made to foreign governments or their agencies may be limited. In the absence of a suitable secondary market, such participations are generally considered illiquid.

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, 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. REGISTERED SECURITIES OF NON-U.S. ISSUERS.** The Funds may purchase publicly traded common stocks of non-U.S. corporations.

Investing in U.S. registered, dollar-denominated, securities issued by non-U.S. issuers involves some risks and considerations not typically associated with investing in U.S. companies. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, and potential restrictions of the flow of international capital. Non-U.S. companies may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.

**VALUATION RISK.** In certain circumstances, a Fund's securities may be valued using techniques other than market quotations. The value established for a security may be different from what would be produced through the use of another methodology or if the value had been priced using market quotations. Securities that are valued using methods other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

To the extent that the investments held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which a Fund's shares trade is open, there are likely to be deviations between the current price of such investment and the last quoted price for the investment (*i.e.*, a Fund's quote from the closed foreign market). When market quotations are not readily available for Fund investments, those investments are fair valued by the Investment Adviser. There are multiple methods that can be used to fair value a portfolio investment, and such methods may involve more subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations.

In addition, there is no assurance that a Fund could sell a security for the value established for it at any time, and it is possible that the Fund could incur a loss if a security is sold for less than its established value. Purchases or redemptions of Fund shares made on days when a Fund is holding fair valued investments may result in receiving a greater or lesser number of shares, or higher or lower redemption proceeds, than would have been received if a Fund did not hold fair valued investments or if the Investment Adviser had used a different methodology to fair value those investments. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**VALUE-STYLE INVESTING RISK.** A value stock may not increase in price if other investors fail to recognize the company's value and bid up the price, or the markets favor faster-growing companies. Cyclical stocks in which the Fund may invest tend to lose value more quickly in periods of anticipated economic downturns than non-cyclical stocks. Companies that may be considered out of favor, particularly companies emerging from bankruptcy, may tend to lose value more quickly in periods of anticipated economic downturns, may have difficulty retaining customers and suppliers and, during economic downturns, may have difficulty paying their debt obligations or finding additional financing.

**VARIABLE AND FLOATING RATE INSTRUMENTS.** Variable and floating rate instruments have interest rates that periodically are adjusted either at set intervals or that float at a margin in relation to a generally recognized index rate. These instruments include long-term variable and floating rate bonds (sometimes referred to as "put bonds") where a Fund obtains at the time of purchase the right to put the bond back to the issuer or a third party at par at a specified date and also includes leveraged inverse floating rate instruments (inverse floaters).

Movements in the relevant index or benchmark on which adjustments are based will affect the interest paid on these securities and, therefore, the current income earned by a Fund and the securities' market value. The degree of volatility in the market value of the variable rate securities held by the Fund will generally increase along with the length of time between adjustments, the degree of volatility in the applicable index, benchmark or base lending rate and whether the index, benchmark or base lending rate to which it resets or floats approximates short-term or other prevailing interest rates. It will also be a function of the maximum increase or decrease of the interest rate adjustment on any one adjustment date, in any one year, and over the life of the security. These maximum increases and decreases are typically referred to as "caps" and "floors," respectively.

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During periods when short-term interest rates move within the caps and floors of the security held by a Fund, the interest rate of such security will reset to prevailing rates within a short period. As a result, the fluctuation in market value of the variable rate security held by the Fund is generally expected to be limited.

In periods of substantial short-term volatility in interest rates, the market value of such debt securities may fluctuate more substantially if the caps and/or floors prevent the interest rates from adjusting to the full extent of the movements in the market rates during any one adjustment period or over the term of the security. In the event of dramatic increases in interest rates, any lifetime caps on these securities may prevent the securities from adjusting to prevailing rates over the term of the security. In either the case of caps or floors, the market value of the securities may be reduced which could negatively impact the Fund's performance.

The income earned by a Fund and distributed to shareholders will generally increase or decrease along with movements in the relevant index, benchmark or base lending rate. Thus the Fund's income will be more unpredictable than the income earned on similar investments with a fixed rate of interest.

With respect to the variable and floating rate instruments that may be acquired by the Funds, the Investment Adviser or Sub-Advisers will consider the earning power, cash flows and other liquidity ratios of the issuers and guarantors of such instruments and, if the instruments are subject to demand features, will monitor their financial status and ability to meet payment on demand. Where necessary to ensure that a variable or floating rate instrument meets the Funds' quality requirements, the issuer's obligation to pay the principal of the instrument will be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend.

Variable and floating rate instruments that may be purchased by the Funds include variable amount master demand notes, which permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. Variable and floating rate instruments also include leveraged inverse floaters. The price of inverse floaters is expected to decline when interest rates rise and increase when interest rates decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. An inverse 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 inverse floaters is associated with greater volatility in their market values. Accordingly, the duration of an inverse floater may exceed its stated final maturity. The Funds may deem the maturity of variable and floating rate instruments to be less than their stated maturities based on their variable and floating rate features and/or their put features. Unrated variable and floating rate instruments will be determined by the Investment Adviser or Sub-Advisers to be of comparable quality at the time of purchase to rated instruments which may be purchased by the Funds.

Variable and floating rate instruments including inverse floaters held by a Fund will be subject to the Fund's limitation on illiquid investments, absent a reliable trading market, when the Fund may not demand payment of the principal amount within seven (7) days. Because there is no active secondary market for certain variable and floating rate instruments, they may be more difficult to sell if the issuer defaults on its payment obligations or during periods when the Fund is not entitled to exercise its demand rights. As a result, the Fund could suffer a loss with respect to these instruments.

**YIELDS AND RATINGS.** The yields on certain obligations, including the instruments in which the Funds may invest, are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, financial condition of the issuer, size of the offering, maturity of the obligation and ratings of the issue. The ratings of S&P, Dominion, Moody's and Fitch represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. For a more complete discussion of ratings, see Appendix A to this SAI.

Subject to the limitations stated in the Prospectus, if a security held by a Fund undergoes a rating revision, the Fund may continue to hold the security if the Sub-Advisers determine such retention is warranted.

**ZERO COUPON AND CAPITAL APPRECIATION BONDS AND PAY-IN-KIND SECURITIES.** To the extent consistent with their respective investment objectives and strategies, the Funds may invest in zero coupon bonds, capital appreciation bonds and pay-in-kind (PIK) securities. Zero coupon and capital appreciation bonds are debt securities issued or sold at a discount from their face value and which do not entitle the holder to any periodic payment of interest prior to maturity or a specified date. The original issue discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. These securities also may take the form of debt securities that have been

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stripped of their unmatured interest coupons, the coupons themselves or receipts or certificates representing interests in such stripped debt obligations or coupons. The market prices of zero coupon bonds, capital appreciation bonds and PIK securities generally are more volatile than the market prices of interest bearing securities and are likely to respond to a greater degree to changes in interest rates than interest bearing securities having similar maturities and credit quality.

PIK securities may be debt obligations or preferred shares that provide the issuer with the option of paying interest or dividends on such obligations in cash or in the form of additional securities rather than cash. Similar to zero coupon bonds, PIK securities are designed to give an issuer flexibility in managing cash flow. PIK securities that are debt securities can either be senior or subordinated debt and generally trade flat (*i.e.*, without accrued interest). The trading price of PIK debt securities generally reflects the market value of the underlying debt plus an amount representing accrued interest since the last interest payment.

Zero coupon bonds, capital appreciation bonds and PIK securities involve the additional risk that, unlike securities that periodically pay interest to maturity, a Fund will realize no cash until a specified future payment date unless a portion of such securities is sold and, if the issuer of such securities defaults, the Fund may obtain no return at all on its investment. In addition, even though such securities do not provide for the payment of current interest in cash, the Fund is nonetheless required to accrue income on such investments for each taxable year and generally is required to distribute such accrued amounts (net of deductible expenses, if any) to avoid being subject to tax. Because no cash generally is received at the time of the accrual, a Fund may be required to liquidate other portfolio securities to obtain sufficient cash to satisfy federal tax distribution requirements applicable to the Fund.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Restrictions**. The investment objective of each Fund is not a fundamental policy and may be changed without a shareholder vote, provided that shareholders will be given written notice of such change. Each Fund has adopted certain fundamental investment restrictions that cannot be changed without the vote of a majority of the Fund's outstanding voting securities, as defined in the 1940 Act. Under the 1940 Act, the vote of a majority of the outstanding securities means the vote, at a meeting of shareholders, of (i) 67% or more of the voting securities present at the meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy, or (ii) of more than 50% of the outstanding voting securities, whichever is less. If a percentage restriction or policy is met at the time of an investment or transaction, a later change in percentage resulting from a change in the values of investments or the value of the Fund's total assets or resulting from corporate actions such as a reorganization, merger, liquidation or otherwise, unless otherwise stated in the Prospectus, will not constitute a deviation from the restriction or policy, and the Fund will not be required to sell securities due to subsequent changes in the value of securities it owns or such corporate actions.

Under the Funds' fundamental investment restrictions, each Fund (unless otherwise stated) may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)issue senior securities, borrow money or pledge its assets, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)underwrite the securities of other issuers (except that the Fund 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 1933 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)purchase or sell real estate or interests in real estate, unless acquired as a result of ownership of securities or other instruments (except that the Fund may purchase and sell securities which are secured by real estate and securities of companies that invest, deal or otherwise engage in real estate or interests therein, including REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)make personal loans or loans of its assets to persons who control or are under common control with the Fund, other than to the extent permitted by 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued (except for the lending of the Fund's portfolio securities, repurchase agreements and purchases of debt securities, loans or loan participations consistent with the investment policies of the Fund);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)invest 25% or more of the Fund's total assets in any particular industry or group of industries. The foregoing does not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or repurchase agreements thereon, or tax-exempt obligations issued

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by governments or political subdivisions of governments. In complying with this restriction, the Fund will not consider a bank-issued guaranty or financial guaranty insurance as a separate security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)purchase or sell commodities, except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust's Board of Trustees (Board) has adopted Policies on Disclosure of Portfolio Holdings for each Fund (Disclosure Policies) with respect to disclosure of information about the portfolio holdings of a Fund and other funds managed by the Investment Adviser. The Disclosure Policies are intended to ensure compliance by the Investment Adviser and the Fund with the applicable restrictions of the federal securities laws, including the 1940 Act. It is the policy of the Investment Adviser and the Fund to prevent the selective disclosure of non-public information concerning each Fund.

The Board and the Investment Adviser considered each of the circumstances under which a Fund's portfolio holdings may be disclosed to different categories of persons under the Disclosure Policies. The Investment Adviser and the Board also considered actual and potential material conflicts that could arise in such circumstances between the interests of a Fund's shareholders, on the one hand, and those of the Investment Adviser and its affiliates, on the other hand. After giving due consideration to such matters and after the exercise of their fiduciary duties, the Investment Adviser and the Board determined that each Fund has a legitimate business purpose for disclosing portfolio holdings to the persons described in each of the circumstances set forth in the Disclosure Policies. The Investment Adviser and the Board reserve the right to amend the Disclosure Policies at any time and from time to time without prior notice in their sole discretion.

No compensation or other consideration is received by the Funds, the Investment Adviser or any affiliated party in regard to this disclosure. "Consideration" includes any agreement to maintain assets in a Fund or in other investment companies or accounts managed by the Investment Adviser or by any affiliated person of the Investment Adviser.

*General Policy*. Portfolio holdings may be disclosed by each Fund on a selective or complete basis only by an officer of the Fund or an employee of a service provider who has received authorization from a member of the Investment Adviser's compliance department (Authorizing Officer) where it is determined that (i) there is a legitimate business purpose for the information; (ii) recipients are subject to a duty of confidentiality, including a duty not to trade on the nonpublic information; and (iii) disclosure is in the best interests of Fund shareholders. Prior to authorizing the disclosure of portfolio holdings information, an Authorizing Officer shall attempt to uncover any apparent conflict between the interests of Fund shareholders on the one hand and those of the entity seeking to disclose such information on the other. For example, an Authorizing Officer may inquire as to whether a portfolio manager of the Fund has entered into any special arrangements to share confidential portfolio holdings information in exchange for a substantial investment in the Fund or other products managed by the portfolio manager. The Authorizing Officer shall resolve any real or potential conflicts between shareholders and affiliated persons of each Fund that arise as a result of a request for portfolio holdings information in the best interests of shareholders.

*Recipients of Information*. Portfolio holdings information for each Fund may be made available more frequently and prior to its public availability in accordance with the provisions of the Disclosure Policies to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)*Unaffiliated Service Providers*. Various firms, such as pricing services, proxy voting services, financial printers, pricing information vendors, third parties that deliver analytical, statistical, or consulting services, and other unaffiliated third parties that provide services and may require portfolio holdings information to provide services to a Fund (collectively, "Unaffiliated Service Providers"). The Funds have determined that selective and complete disclosure of holdings information to such Unaffiliated Service Providers fulfills a legitimate business purpose and is in the best interest of shareholders, as it allows the Unaffiliated Service Providers to facilitate the day-to-day operations of the Funds. The frequency with which portfolio holdings may be disclosed to an Unaffiliated Service Provider, and the length of the lag, if any, between the date of the information and the date on which the information is disclosed to the Unaffiliated Service Provider, shall be determined based on the facts and circumstances surrounding the disclosure, including, without limitation, the nature of the portfolio holdings information to be disclosed, the risk of harm to a Fund and its shareholders, and the legitimate business purposes served by such

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disclosure. The frequency of disclosure to an Unaffiliated Service Provider may be as frequent as daily, with no lag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)*Ratings and Rankings Agencies*. Organizations that publish ratings and/or rankings of the Funds (collectively, "Ratings and Rankings Agencies"). The Funds have determined that selective and complete disclosure of holdings information to Ratings and Rankings Agencies fulfills a legitimate business purpose and is in the best interest of shareholders, as it provides existing and potential shareholders with an independent basis for evaluating the Fund in comparison to other mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)*Fund Affiliates and Fiduciaries*. Various firms, such as (1) service providers and their affiliates (in their capacities as service providers) and the distributor to the Fund; and (2) an accounting firm, an auditing firm, or outside legal counsel retained by the service providers, their affiliates, or the Funds (collectively, "Fund Affiliates and Fiduciaries"). The Funds have determined that selective and complete disclosure of holdings information to such Fund Affiliates and Fiduciaries fulfills a legitimate business purpose and is in the best interest of shareholders, as it allows the Fund Affiliates and Fiduciaries to facilitate the day-to-day operations of the Funds and/or provide other valuable services within the scope of their official duties and responsibilities, subject to such persons' continuing legal duty of confidentiality and legal duty not to trade on the basis of any material nonpublic information, as such duties are imposed under the Code of Ethics, by agreement, or under applicable laws, rules, and regulations. The frequency with which portfolio holdings may be disclosed to Fund Affiliates and Fiduciaries, and the length of the lag, if any, between the date of the information and the date on which the information is disclosed to the Fund Affiliates and Fiduciaries, shall be determined based on the facts and circumstances surrounding the disclosure, including, without limitation, the nature of the portfolio holdings information to be disclosed, the risk of harm to a Fund and its shareholders, and the legitimate business purposes served by such disclosure. The frequency of disclosure to Fund Affiliates and Fiduciaries may be as frequent as daily, with no lag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)*As Required by Law*. Any party as required by applicable laws, rules, and regulations. Examples of such required disclosures include, but are not limited to, disclosure of Fund portfolio holdings (1) in a filing or submission with the SEC or another regulatory body, (2) upon the request of the SEC or another regulatory body, (3) in connection with a lawsuit, or (4) as required by court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)*Waiver*. Any other party, for a legitimate business purpose, upon waiver or exception, with the consent of the Funds' officers, which will be disclosed to the Board no later than its next regularly scheduled quarterly meeting.

**MANAGEMENT OF THE TRUST**

*Leadership Structure and Trustees and Officers*

The Board is responsible for the oversight of the Funds' management and operations. The Chair of the Board is not considered an "interested person" of the Trust (an "Independent Trustee"), as that term is defined in the 1940 Act. The Board believes that the current leadership structure, with independent trustees filling all but one position on the Board, with an independent trustee serving as Board chair, and with the Board committees comprised only of independent trustees is appropriate and allows for independent oversight of the Funds. The Trustees are experienced individuals who meet periodically throughout the year to oversee the Funds' activities.

Any vacancy on the Board may be filled by the remaining Trustees of the Board, except to the extent the 1940 Act requires the election of Trustees by the shareholders. There are four Trustees on the Board, a majority of whom are Independent Trustees. To the extent permitted by the 1940 Act and other applicable law, the Board may delegate any of its rights, powers and authority to any person, including without limitation, the officers of the Funds, the Investment Adviser or any committee of the Board. Trustees will not contribute to the capital of a Fund in their capacity as Trustees, but may purchase Fund shares, subject to the eligibility requirements described in the Prospectus.

The Board appoints officers who are responsible for the Trust's day-to-day business decisions.

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Additional information about each Trustee of the Trust is set forth below. The address of each Independent Trustee of the Trust is c/o U.S. Bancorp Asset Management, Inc., 213 Market Street, Harrisburg, PA 17101.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Year of Birth** | **Position(s) held with Trust** | **Term of Office\* and Length of Time Served** | **Principal Occupation and Relevant Experience During Past Five Years** | **Number of Funds in Fund Complex Overseen by Trustee** | **Other Directorships Held by Trustee** |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Bruce Aronow<br>Year of birth: 1965 | Trustee, Chair of the Board and Chair of the Audit Committee | Since November 2017 | Chief Executive Officer, eLocalUSA LLC (advertising) (2008 – Present). | 3 | Trustee, Copeland Trust (2010 - Present). |
| Robert Bernstein<br>Year of birth: 1954 | Trustee | Since November 2017 | Founder, Managing Member, PRISM Global Advisors, LLC, family office / financial advisory firm (2004 - Present); ERISA Fiduciary Expert Witness, Nichols, Kaster, Attorneys at Law, Minneapolis, MN (2020 - Present); Chairman, Avatar Buddy, Inc, GenAI tech platform (2024 - Present); Co-founder, Senior Managing Director, Chief Investment Strategist, Envestnet Retirement Solutions (retired, 2009 - 2020) | 3 | Co-founder, Board Chairman, Treasurer, Guitars Over Guns Organization, (2010 - Present); Board Member, Fay Financial, Inc. (mortgage servicer) (2012 – Present); Advisory Board, Stanford Global Projects Center (2020 - Present); Trustee, FON Advisors (defense industry private equity and consulting firm) (2024-Present) |
| Carmen A. Heredia- Lopez<br>Year of birth: 1970 | Trustee and Chair of the Nominating and Governance Committee | Since November 2017 | Chief Investment Officer of Illinois Student Assistance Commission (2018 – Present). | 3 | Trustee, Catholic United Investment Trust (2015 – Present); Board Member, Julia Center (2021 - present); and Board Member, LEAP Together (2021-present). |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John Spagnola<sup>1</sup><br>1735 Market Street, <br>43rd Floor<br>Philadelphia, PA 19103 <br>Year of birth: 1957 | Trustee | Since November 2017 | Managing Director, U.S. Bancorp Asset Management, Inc. (2003 – Present). | 3 | Advisory Board, St. Rose of Lima Parish (2008 – Present); Director, Magee Rehabilitation Hospital (2008 – Present); Investment Committee, Thomas Jefferson Health System (2018 – present). |

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<sup>\*</sup> Each Trustee shall hold office until such Trustee's death, resignation, removal, retirement or inability otherwise to serve. The Board has adopted a retirement policy for each Independent Trustee which requires each Independent Trustee to retire at the age of 75, however, the policy provides for limited term extensions.

<sup>1</sup> Mr. Spagnola is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because Mr. Spagnola is a Managing Director of U.S. Bancorp Asset Management, Inc., the Investment Adviser.

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The following lists the principal officers of the Trust, as well as their mailing addresses and year of birth, positions with the Trust and length of time served, and present and principal occupations:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Year of Birth** | **Position(s) held with Trust** | **Term of Office**<sup>1</sup> **and Length of Time Served** | **Principal Occupation During Past Five Years** |
| Valentine James Link, Jr.<br>U.S. Bancorp Asset Management, Inc.<br>1735 Market Street, 43rd Floor<br>Philadelphia, PA 19103<br>Year of birth: 1962 | President | President since November 2023; Vice President, May 2019 - November 2023 | Managing Director, U.S. Bancorp Asset Management, Inc.<sup>2</sup> (2006 - present). |
| Patrick Carmody<br>U.S. Bancorp Asset Management, Inc.<br>213 Market Street<br>Harrisburg, PA 17101<br>Year of birth: 1989 | Treasurer | Treasurer Since September 2025; Assistant Treasurer, November 2023 - September 2025 | Senior Mutual Fund Administrator, U.S. Bancorp Asset Management, Inc.<sup>2</sup> (2018 - present). |
| Kathryn Narla<br>U.S. Bancorp Asset Management, Inc.<br>1735 Market Street, 43rd Floor<br>Philadelphia, PA 19103<br>Year of birth: 1992 | Secretary | Since November 2023 | Senior Corporate Counsel, U.S. Bancorp Asset Management, Inc.<sup>2</sup> (2022 – present); Litigation Associate, Morgan, Lewis & Bockius LLP (2017 - 2022). |
| Loretta Best<br>U.S. Bancorp Asset Management, Inc.<br>1735 Market Street, 43rd Floor<br>Philadelphia, PA 19103<br>Year of birth: 1969 | Assistant Secretary | Since September 2024 | Senior Corporate Counsel, U.S. Bancorp Asset Management, Inc.<sup>2</sup> (2023 - present); General Counsel & Chief Compliance Officer, Radcliffe Capital Management, L.P. (2014 - 2023).  |
| Leo Karwejna<br>U.S. Bancorp Asset Management, Inc.<br>213 Market Street<br>Harrisburg, PA, 17101-2141<br>Year of birth: 1976 | Chief Compliance Officer | Since November 2017 | Managing Director, U.S. Bancorp Asset Management, Inc.<sup>2</sup> (2011 - present). |

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<sup>1</sup> The officers of the Trust each serve at the pleasure of the Board.

<sup>2</sup> Includes periods of employment with PFMAM prior to PFMAM's consolidation with USBAM in October 2024 and USBAM's acquisition of PFMAM in December 2021.

<u>Trustee Experience</u>:

Mr. Bruce M. Aronow has more than 21 years of experience in the financial services industry, including serving as a partner at one of the largest accounting firms in the U.S. and as Managing Partner of an investment management firm with approximately $20 billion in assets under management. Mr. Aronow also served as the Chief Financial Officer of The Managers Funds. Mr. Aronow currently holds an inactive Certified Public Accountant designation. Mr. Aronow's background in investment management and accounting, his leadership skills as a chief financial officer, and his experience with other mutual funds bring context and insight to Board discussions and decision-making regarding the Trust's operations and dialogue with the Funds' auditors. Mr. Aronow has been a member and Chair of the Board of Trustees of the Trust since November 2017 and Chair of the Audit Committee since November 2017.

Mr. Robert J. Bernstein has more than 40 years of experience in the investment management industry, including serving as CEO/CIO within two institutional financial service firms. Mr. Bernstein is a co-founder and was Chief Investment Strategist of Envestnet Retirement Solutions. Mr. Bernstein was responsible for all investment related strategies, including the oversight of all Managed Accounts, Collective Trusts and unitized model portfolios within the advisor-sold DC retirement division of Envestnet, Inc. Mr. Bernstein retired in January 2020 from Envestnet Retirement Solutions. Mr. Bernstein is also a Board member of Fay Financial, Inc. and Fay Services, Inc.; Chairman and Treasurer, Guitars Over Guns Organization, Inc. Mr. Bernstein's background with the investment management industry and his leadership skills as a CEO and financial executive contribute to the Board's oversight responsibilities regarding the Adviser and other service providers, as well as general discussion regarding Trust operations and growth. Mr. Bernstein has been a member of the Board of Trustees of the Trust since November 2017.

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Ms. Carmen A. Heredia-Lopez has more than 21 years of experience in the investment management industry, including serving as a Chief Investment Officer of a large U.S. city pension fund and Director of Investments for a large philanthropic foundation. Ms. Heredia-Lopez currently holds a Chartered Financial Analyst designation, served on the Board of Directors for Prospanica (fka National Society of Hispanic MBAs) and currently serves on the Board of Trustees of the Catholic United Investment Trust, the Julia Center and LEAP Together. Ms. Heredia-Lopez's background with the investment management industry, her leadership skills as a financial executive, and her experience overseeing multi-asset class investment portfolios bring practical knowledge to Board discussions regarding the operations of the Funds and the Trust. Ms. Heredia-Lopez has been a member of the Board of Trustees of the Trust since November 2017 and Chair of the Nominating and Governance Committee since November 2017.

Mr. John Spagnola has more than 31 years of experience in the financial services industry, including serving as a partner and Managing Director of USBAM's Multi-Asset Class Management practice (also known as outsourced chief investment officer (OCIO)). Mr. Spagnola is also a member of USBAM's Multi-Asset Class Investment Committee. He currently serves on the Board of Directors of Magee Rehabilitation in Philadelphia and the William Buckley Foundation at Yale University. Mr. Spagnola's background with the investment management industry and the Investment Adviser is helpful to the Board in understanding the Funds' operations and in carrying out its oversight responsibilities with respect to the Adviser. Mr. Spagnola has been a member of the Board of Trustees of the Trust since November 2017.

Risk oversight is a part of the Board's general oversight of the Funds and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Investment Adviser, Sub-Advisers and other service providers (depending on the nature of the risk), which carry out the Funds' investment management and business affairs. The Investment Adviser, Sub-Advisers and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that may give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they occur. The Investment Adviser, Sub-Advisers and other service providers have their own independent interests in risk management, and their policies and methods of risk management will depend on their functions and business models.

The Audit Committee, in addition to its risk management responsibilities, plays an important role in the Board's risk oversight. Working with the Funds' independent registered accountants, the Audit Committee seeks to ensure that the Funds' annual audit scope includes risk-based considerations, such that the auditors consider the risks potentially impacting the audit findings as well as risks to the Funds' financial position and operations.

The Board also oversees the Funds' performance metrics, and regularly confers with the Investment Adviser on performance-related issues.

The Trust's Chief Compliance Officer (CCO) reports to the Board at least quarterly regarding compliance risk issues. In addition to providing quarterly reports, the CCO provides an annual report to the Board in accordance with the Funds' compliance policies and procedures. The CCO regularly discusses relevant compliance risk issues affecting the Funds during meetings with the Independent Trustees and counsel. The CCO updates the Board on the application of the Funds' compliance policies and procedures and discusses how they mitigate risk. The CCO also reports to the Board immediately regarding any problems associated with the Funds' compliance policies and procedures that could expose (or that might have the potential to expose) the Funds to significant risk. The CCO's quarterly and annual reports include reports on the Sub-Advisers' compliance and risk issues.

*Standing Board Committees*

The Board has established two standing committees in connection with its governance of the Trust: Audit and Nominating and Governance.

The Audit Committee consists of each Independent Trustee, with Mr. Aronow serving as the Chair. The Audit Committee oversees the Trust's accounting and financial reporting processes, including its internal controls over financial reporting. The Audit Committee also oversees or assists Board oversight of the Trust's compliance and legal and regulatory requirements that relate to the Trust's accounting and financial reporting, and internal control over financial reporting and independent audits. In performing its responsibilities, the Audit Committee selects and recommends annually to the entire Board an independent registered public accounting firm to audit and provide its opinion on the Trust's financial statements for the ensuing year, and reviews with the firm the scope and

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results of each audit. The Audit Committee meets on a regular basis, including at least twice annually with the Trust's independent auditors. During the most recent fiscal year, the Audit Committee met two times.

The Nominating and Governance Committee consists of each Independent Trustee, with Ms. Heredia-Lopez serving as the Chair. The functions performed by the Nominating and Governance Committee include, among other things, selecting and nominating candidates to serve as Independent Trustees, reviewing and making recommendations regarding Trustee compensation, and reviewing and making recommendations regarding Board governance practices and procedures. During the most recent fiscal year, the Nominating and Governance Committee met two times.

As stated above, each Trustee holds office until the occurrence of certain events. The Nominating and Governance Committee will consider nominee proposals properly submitted by a shareholder. In order to submit properly a nominee recommendation for the Nominating and Governance Committee's consideration: (i) the shareholder must submit any such recommendation in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust; (ii) the recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than sixty (60) calendar days nor more than ninety (90) calendar days prior to the date of the Board or shareholder meeting at which the nominee candidate would be considered for election; (iii) the recommendation must include: (1) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder, and the names and addresses of at least three professional references; (B) the number of all shares of the Trust (including the series and class, if applicable) owned of record or beneficially by the candidate, the date such shares were acquired and the investment intent of such acquisition(s), as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (Exchange Act) (or the corresponding provisions of any applicable regulation or rule subsequently adopted by the SEC or any successor agency with jurisdiction related to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder or any other applicable law or regulation; and (E) whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust (as defined in the 1940 Act) and, if not an "interested person," information regarding the candidate that will be sufficient, in the discretion of the Board or the Committee, for the Board to make such determination; (2) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (3) the recommending shareholder's name as it appears on the Trust's books; (4) the number of all shares of the Trust (including the series and class, if applicable) owned beneficially and of record by the recommending shareholder; (5) a complete description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder, and (6) a brief description of the candidate's relevant background and experience for membership on the Board, such as qualification as an audit committee financial expert. The Nominating and Governance Committee may require the recommending shareholder to furnish other information as the Committee may reasonably require or deem necessary to verify any information furnished or to determine the eligibility of the candidate to serve as a Trustee of the Trust or to satisfy applicable law.

*Trustee Compensation*

Independent Trustees are compensated on a calendar year basis. Any Trustee who is deemed to be an "interested person" (as defined in the 1940 Act) of the Funds does not receive compensation from the Funds for his or her service as a Trustee.

Each Independent Trustee receives for his or her services to the Trust, a $66,250 annual base retainer, $5,500 for each quarterly board meeting, $5,500 for each special board meeting held in-person, and $2,000 for each special board meeting not held in person (includes the Pre-15(c) meeting and other meetings that are one hour or less). The Chair of the Board also receives an additional $16,500 annual retainer. Prior to January 1, 2025, each Independent Trustee received for his or her services to the Trust, a $61,750 annual base retainer, $5,500 for each quarterly meeting, $5,500 for each special board meeting held in-person, and $2,000 for each special board meeting not held in-person (included the Pre-15(c) meeting and other meetings that were one hour or less) and the Chair of the Board received an additional $16,000 annual retainer. The Independent Trustees are reimbursed for travel and

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other out-of-pocket expenses in connection with meeting attendance. The Trust's officers are not compensated by the Trust.

The table below shows the compensation paid to each Trustee for the fiscal year ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Independent Trustee** | **Aggregate Compensation from the Trust** | **Pension or Retirements Benefits Accrued as Part of Trust Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust & Fund Complex Paid to Trustees** |
| Bruce Aronow | $105500 | $0 | $0 | $105500 |
| Robert Bernstein | $89125 | $0 | $0 | $89125 |
| Carmen Heredia-Lopez | $89125 | $0 | $0 | $89125 |

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*Trustee Ownership of Fund Shares*

The following table sets forth, for each Trustee, the aggregate dollar range of equity securities owned of the Funds and of all funds in the Fund Complex overseen by each Trustee as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of** <br>**Equity Securities in Each Fund** | **Dollar Range of** <br>**Equity Securities in Each Fund** | **Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustees in Family of Investment Companies** |
| **Independent Trustees** | | | |
| Bruce Aronow | Domestic Equity Fund | None | None |
| | International Equity Fund | None | |
| | Fixed-Income Fund | None | |
| Robert Bernstein | Domestic Equity Fund | None | None |
| | International Equity Fund | None | |
| | Fixed-Income Fund | None | |
| Carmen Heredia-Lopez | Domestic Equity Fund | None | None |
| | International Equity Fund | None | |
| | Fixed-Income Fund | None | |
| **Interested Trustee** | | | |
| John Spagnola | Domestic Equity Fund | None | None |
| | International Equity Fund | None | |
| | Fixed-Income Fund | None | |

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**PROXY VOTING POLICY**

The Trust has adopted proxy voting policies and procedures pursuant to which the Board may delegate the voting of proxies for each Fund's portfolio securities to the Investment Adviser/Sub-Advisers pursuant to the Trust's proxy voting guidelines. Under these guidelines, the Investment Adviser/Sub-Advisers will vote proxies related to each Fund's portfolio of securities in the best interests of the Fund and its shareholders. A copy of the Investment Adviser's and each Sub-Adviser's proxy voting policy, or summaries of such policy, are attached as Appendix B to this SAI. Information about how each Fund voted proxies relating to securities held in a Fund's portfolio will be available after August 31 of each year upon request (1) by calling 1-800-527-5412 and (2) on the SEC's website at www.sec.gov.

**CODES OF ETHICS**

The Investment Adviser, each Sub-Adviser, the Distributor, and the Trust have each adopted a code of ethics (the Trust's code being referred to herein as the Code of Ethics) under Rule 17j-1 of the 1940 Act. The Code of Ethics, by relying on the codes of the underlying service providers, permits personnel of the Funds' Investment

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Adviser, Sub-Advisers, Distributor and officers, subject to the provisions of the relevant code of ethics, to invest in securities, including securities that may be purchased or held by the Investment Adviser or the Trust. Under the relevant code of ethics, all employees or officers who are deemed to be access persons (persons who have interaction with funds or accounts managed by the Investment Adviser, Sub-Advisers or Distributor as part of their job function) must pre-clear certain personal securities transactions. Each code of ethics is designed to ensure that employees conduct their personal securities transactions in a manner that does not create an actual or potential conflict of interest to the business or fiduciary responsibilities of the Trust's service providers or officers. In addition, the Code of Ethics establishes standards prohibiting the trading in or recommending of securities based on material, nonpublic information or the divulgence of such information to others.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of any class of any of the Funds. A control person is one who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a Fund or acknowledges the existence of such control. A control person can have a significant impact on the outcome of a shareholder vote. As of January 2, 2026, the shareholders indicated below were considered to be either a control person or principal shareholder of the Funds.

**First American Multi-Manager Domestic Equity Fund**

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Shares** | **% Ownership** | **Type of Ownership** |
| US Bank NA <br>FBO City of Sunnyvale OPEB Trust<br>650 W. Olive Ave<br>Sunnyvale, CA 94086 | 55953029.566 | 58.01 | Record |
| C/O Principal Financial <br>FBO University of Idaho Strategic Initiative Fund<br>One Freedom Valley Drive <br>Oaks, PA 19456 | 32945276.875 | 34.16 | Record |

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**First American Multi-Manager International Equity Fund**

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Shares** | **% Ownership** | **Type of Ownership** |
| US Bank NA <br>FBO City of Sunnyvale OPEB Trust<br>650 W. Olive Ave<br>Sunnyvale, CA 94086 | 38030014.083 | 48.39 | Record |
| SEI Private Trust Co. <br>C/O M&T Bank<br>FBO Dauphin County<br>1 Freedom Valley Drive <br>Oaks, PA 19456 | 25001745.469 | 31.81 | Record |
| MAC & CO<br>FBO Northampton County<br>500 Grant Street Room 151-1010<br>Pittsburgh, PA 15258 | 12508235.155 | 15.92 | Record |

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**First American Multi-Manager Fixed-Income Fund**

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Shares** | **% Ownership** | **Type of Ownership** |
| US Bank NA <br>FBO City of Sunnyvale OPEB Trust<br>650 W. Olive Ave<br>Sunnyvale, CA 94086 | 102777563.252 | 56.92 | Record |
| SEI Private Trust Co. <br>C/O M&T Bank<br>FBO Dauphin County<br>1 Freedom Valley Drive <br>Oaks, PA 19456 | 48932840.582 | 27.10 | Record |
| MAC & CO<br>FBO Northampton County<br>500 Grant Street Room 151-1010<br>Pittsburgh, PA 15258 | 22535745.702 | 12.48 | Record |

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As of December 31, 2025, the Trust's Trustees and officers do not beneficially own any of the outstanding shares of each Fund.

**INVESTMENT ADVISER**

U.S. Bancorp Asset Management, Inc. (USBAM) serves as the Funds' investment adviser pursuant to an Advisory Agreement dated December 7, 2021, which was assumed from PFMAM by USBAM on October 1, 2024 (Advisory Agreement). The Investment Adviser is a subsidiary of U.S. Bank National Association. The Investment Adviser is located at 800 Nicollet Mall, Minneapolis, Minnesota 55402-0213.

The Investment Adviser is responsible for managing the investment and reinvestment of the Funds' assets and administering its affairs, consistent with the provisions of the Trust Agreement, as amended and restated from time to time, and the investment policies adopted by the Board. The Investment Adviser is also responsible for overseeing, monitoring and reviewing the Sub-Advisers and their performance and their compliance with the applicable Fund's investment policies and restrictions. The Investment Adviser has overall responsibility for the management and investment of the assets and responsibility for all advisory services furnished by any Sub-Adviser and supervises each Sub-Adviser in its performance of its duties for the applicable Fund. In addition, the Adviser is responsible for the day-to-day investment management of a portion of the Fixed-Income Fund's assets using a core fixed-income strategy.

**INVESTMENT SUB-ADVISERS**

Subject to the oversight of the Trust's Board and the supervision of the Investment Adviser, the Sub-Advisers manage the investment and reinvestment of assets of the applicable Fund in accordance with such investment strategies and within such guidelines and limitations as the Investment Adviser and Sub-Adviser agree from time to time. The Sub-Advisers formulate and implement a continuous investment program for the portion of the applicable Fund's assets allocated to the Sub-Adviser by the Investment Manager from time to time (Sub-Advised Portion), which may consist of all, a portion, or none of the Fund's assets. The Sub-Advisers also determine the securities, cash and other financial instruments to be purchased, retained or sold for the Sub-Advised Portion in a manner consistent with (i) the Fund's investment strategy, (ii) the investment policies and restrictions of the Fund as set forth in the Fund's prospectus and statement of additional information, (iii) the Trust Agreement as may be amended or supplemented from time to time and (iv) any written instructions or policies which the Board or the Investment Adviser may deliver to the Sub-Adviser. The Investment Adviser oversees, monitors and reviews the Sub-Advisers and their performance and their compliance with the applicable Fund's investment policies and restrictions.

Because each Sub-Adviser manages its portion of a Fund independently from the others, the same security may be held in two or more different portions of a Fund or may be acquired for one portion at a time when a Sub-Adviser of another portion deems it appropriate to dispose of the security from that other portion. Similarly, under some market conditions, one or more of the Sub-Advisers may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another Sub-Adviser or Sub-Advisers believe continued exposure to the broader securities market is appropriate. Because each Sub-Adviser directs the trading for its allocated portion of Fund assets and does not aggregate its transactions with those of the other Sub-Advisers, the

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Fund may incur higher brokerage costs than would be the case if a single adviser or Sub-Adviser were managing the Fund.

The current Sub-Advisers to the Funds are set forth below.

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Sub-Advisers</u>** |
| First American Multi-Manager Domestic Equity Fund | Aristotle Atlantic Partners, LLC |
| First American Multi-Manager Domestic Equity Fund | Osterweis Capital Management, LLC |
| First American Multi-Manager Domestic Equity Fund | Putnam Investment Management, LLC |
| First American Multi-Manager International Equity Fund | Acadian Asset Management LLC |
| First American Multi-Manager International Equity Fund | Aristotle Capital Management, LLC |
| First American Multi-Manager International Equity Fund | Ninety One North America, Inc. |
| First American Multi-Manager International Equity Fund | Pzena Investment Management, LLC |
| First American Multi-Manager International Equity Fund | WCM Investment Management, LLC |
| First American Multi-Manager Fixed-Income Fund | Brown Brothers Harriman Credit Partners, LLC |
| First American Multi-Manager Fixed-Income Fund | PGIM, Inc. |
| First American Multi-Manager Fixed-Income Fund | PineBridge Investments LLC |
| First American Multi-Manager Fixed-Income Fund | Teachers Advisors, LLC |

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The ownership and control information for each Sub-Adviser, if applicable, is set forth below.

Acadian Asset Management LLC (Acadian), 260 Franklin Street, Boston, MA 02110, serves as a Sub-Adviser to a portion of the First American Multi-Manager International Equity Fund. As of September 30, 2025, Acadian had approximately $166 billion in assets under management.

Aristotle Atlantic Partners, LLC (Aristotle Atlantic), 50 Central Avenue, Suite 750, Sarasota, Florida 34236 serves as a Sub-Adviser to portion of the First American Multi-Manager Domestic Equity Fund. Aristotle Atlantic is independently owned. As of September 30, 2025, Aristotle Atlantic had $3.09 billion in assets under management.

Aristotle Capital Management, LLC (Aristotle Capital), 11100 Santa Monica Boulevard, Suite 1700, Los Angeles, California 90025, serves as a Sub-Adviser to a portion of the First American Multi-Manager International Equity Fund and is primarily owned by Richard Hollander, Chairman of the Board and Howard Gleicher, Chief Executive Officer and Chief Investment Officer. As of September 30, 2025, Aristotle Capital had approximately $53.38 billion in assets under management.

Brown Brothers Harriman Credit Partners, LLC (BBH Credit Partners or BBH Sub-adviser), 140 Broadway, New York, New York 10005, serves as a Sub-Adviser to a portion of the First American Multi-Manager Fixed-Income Fund. BBH Credit Partners is a majority owned subsidiary of Brown Brothers Harriman & Co. (BBH&Co.). BBH Credit Partners began operations on January 1, 2026. BBH&Co., through a separately identifiable department, previously served as a sub-adviser to a portion of the First American Multi-Manager Fixed-Income Fund until January 1, 2026. As of September 30, 2025, BBH&Co. had approximately $103.5 billion in assets under management.

Ninety One North America, Inc. (Ninety One NA), with a principal office located at 65 East 55th Street, 30th floor, New York, NY 10022 serves as a Subadvisor to the First American Multi-Manager International Equity Fund. Ninety One NA is registered as an investment adviser under the Advisors Act. Ninety One NA is a wholly-owned indirect subsidiary of Ninety One plc. Ninety One is a publicly listed company operating as a dual-listed company (DLC) under a DLC structure. The DLC structure comprises Ninety One plc, a public limited company incorporated in the United Kingdom and listed on the London Stock Exchange (LSE), with a secondary listing on the Johannesburg Stock Exchanges (JSE) and Ninety One Limited, a public company incorporated in South Africa, listed on the JSE. Ninety One had approximately $204.8 billion in assets under management as of September 30, 2025.

Osterweis Capital Management, LLC (OCM), One Maritime Plaza, Suite 800, San Francisco, CA 94111, serves as a Sub-Adviser to portion of the First American Multi-Manager Domestic Equity Fund. OCM is independently owned and, as of September 30, 2025, had approximately $7.9 billion in assets under management.

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PGIM, Inc. (PGIM), 655 Broad Street, Newark, New Jersey 07102, serves as a Sub-Adviser to a portion of the First American Multi-Manager Fixed-Income Fund. PGIM is an indirect wholly-owned subsidiary of Prudential Financial, Inc., a publicly held company. Prudential Financial, Inc. is not affiliated in any manner with Prudential plc, a company headquartered in the United Kingdom. PGIM had approximately $ trillion in assets under management as of September 30, 2025.

PineBridge Investments LLC (PineBridge), 65 E 55th Street, 10th Floor, New York, New York 10022, serves as a Sub-Adviser to a portion of the First American Multi-Manager Fixed-Income Fund. PineBridge is a wholly-owned subsidiary of MetLife Investment Management, LLC, the institutional asset management business of MetLife, Inc. PineBridge had approximately $215.1 billion in assets under management as of September 30, 2025.

Putnam Investment Management, LLC, 100 Federal Street, Boston, MA 02110, serves as a Sub-Adviser to a portion of First American Multi-Manager Domestic Equity Fund. Putnam Investment Management, LLC is an indirect wholly-owned subsidiary of Franklin Resources, Inc., a publicly held company. Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of September 30, 2025, Franklin Templeton's asset management operations had aggregate assets under management of approximately $1.7 trillion.

Pzena Investment Management, LLC (Pzena), 320 Park Avenue, 8th Floor, New York, New York 10022, serves as a Sub-Adviser to a portion of the First American Multi-Manager International Equity Fund. Pzena is 100% privately owned by its employee members and certain other partners, including former employees. Pzena had approximately $80.1 billion in assets under management as of September 30, 2025.

Teachers Advisors, LLC (TAL), 730 Third Avenue, 5th Floor, New York, New York 10017, serves as a Sub-Adviser to a portion of the First American Multi-Manager Fixed-Income Fund. TAL is also known as "Nuveen" for marketing purposes, and is an indirect wholly-owned subsidiary of Nuveen, the asset management division of Teachers Insurance and Annuity Association of America. TAL had approximately $407.7 billion in assets under management as of September 30, 2025.

WCM Investment Management, LLC (WCM), 281 Brooks Street, Laguna Beach, California, 92651 serves as a Sub-Adviser to a portion of the First American Multi-Manager International Equity Fund. WCM had approximately $121.3 billion in assets under management as of September 30, 2025.

**INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS**

The Advisory Agreement and each Sub-Advisory Agreement has an initial term of two (2) years and following the initial term they will continue from year to year provided that such continuance is approved by a vote of a majority of the Trust's Board of Trustees who are not parties to the Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval (or on reliance on SEC relief from the in-person requirement) and either the vote of (a) a majority of the outstanding voting securities of the Fund, as defined in the 1940 Act, or (b) a majority of the Board as a whole. The Advisory Agreement may be terminated by the Investment Adviser or a Fund without penalty upon sixty (60) days' notice, provided that termination by the Trust is approved by vote of a majority of the Board in office at the time or by vote of a majority of the outstanding voting securities of the Fund (as defined by the 1940 Act), and will terminate automatically upon its assignment (as defined in the 1940 Act). Under the Advisory Agreement, the Investment Adviser is responsible for overseeing, monitoring and reviewing the Sub-Advisers and their performance and their compliance with the applicable Fund's investment policies and restrictions; and makes recommendations to the Board of Trustees about the hiring, termination and replacement of the Sub-Advisers.

The Advisory Agreement and each Sub-Advisory Agreement provide that generally in selecting brokers or dealers to place orders for transactions, the Investment Adviser or Sub-Adviser shall seek to obtain best execution in accordance with applicable regulatory requirements. A Sub-Adviser may negotiate with and assign to a broker a commission which may exceed the commission which another broker would have charged for effecting the transaction if the Sub-Adviser determines in good faith that the amount of commission charged was reasonable in relation to the value of brokerage and/or research services (as defined in Section 28(e)) provided by such broker, viewed in terms either of the Fund or Sub- Adviser's overall responsibilities to Sub-Adviser's discretionary accounts.

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Under the Advisory Agreement, the Funds pay a monthly fee calculated at the following annual rates:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisory Fee</u>** |
| First American Multi-Manager Domestic Equity Fund | 29 basis points of the Fund's average daily net assets |
| First American Multi-Manager International Equity Fund | 50 basis points of the Fund's average daily net assets |
| First American Multi-Manager Fixed-Income Fund | 40 basis points of the Fund's average daily net assets |

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Each Fund is responsible for paying all of its own expenses.

For the fiscal years indicated below, the amount of advisory fees paid by each of the Funds and the amount of advisory fees waived, expenses reimbursed and/or expenses recouped by the Investment Adviser were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**<u>2023</u>** | &nbsp;&nbsp;&nbsp;**<u>2023</u>** | &nbsp;&nbsp;&nbsp;**<u>2023</u>** |
| **Fund** | &nbsp;&nbsp;&nbsp;**Gross Advisory Fee** | &nbsp;&nbsp;&nbsp;**Expenses Recouped** | &nbsp;&nbsp;&nbsp;**Net Advisory Fees After Recoupment** |
| First American Multi-Manager Domestic Equity Fund | $2686235 | $26259 | $2712, 494 |
| First American Multi-Manager International Equity Fund | $3512026 | $1210 | $3513236 |
| First American Multi-Manager Fixed-Income Fund | $4210706 | $0 | $4210706 |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**<u>2024</u>** | &nbsp;&nbsp;&nbsp;**<u>2024</u>** | &nbsp;&nbsp;&nbsp;**<u>2024</u>** |
| **Fund** | &nbsp;&nbsp;&nbsp;**Gross Advisory Fee** | &nbsp;&nbsp;&nbsp;**Expenses Recouped** | &nbsp;&nbsp;&nbsp;**Net Advisory Fees After Recoupment** |
| First American Multi-Manager Domestic Equity Fund | $3088566 | $0 | $3088566 |
| First American Multi-Manager International Equity Fund | $4090693 | $0 | $4090693 |
| First American Multi-Manager Fixed-Income Fund | $5231911 | $0 | $5231911 |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**<u>2025</u>** | &nbsp;&nbsp;&nbsp;**<u>2025</u>** | &nbsp;&nbsp;&nbsp;**<u>2025</u>** |
| **Fund** | &nbsp;&nbsp;&nbsp;**Gross Advisory Fee** | &nbsp;&nbsp;&nbsp;**Expenses Recouped** | &nbsp;&nbsp;&nbsp;**Net Advisory Fees After Recoupment** |
| First American Multi-Manager Domestic Equity Fund | $3393871 | $0 | $3393871 |
| First American Multi-Manager International Equity Fund | $4250950 | $0 | $4250950 |
| First American Multi-Manager Fixed-Income Fund | $6134407 | $0 | $6134407 |

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The Investment Adviser pays the Sub-Advisers out of its management fees. For the fiscal years indicated below, the aggregate amount of sub-advisory fees paid by the Investment Adviser for each Fund was as follows:

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| | | |
|:---|:---|:---|
|  | **2023** | **2023** |
| <br>**Fund** | &nbsp;&nbsp;**Gross Sub-Advisory**<br>**Fees** | &nbsp;&nbsp;**Sub-Advisory Fees as a Percentage of**<br>**the Fund's Net Assets** |
| First American Multi-Manager Domestic Equity Fund | $1405479 | 0.15% |
| First American Multi-Manager International Equity Fund | $2171935 | 0.31% |
| First American Multi-Manager Fixed-Income Fund | $2013867 | 0.19% |

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---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
| <br>**Fund** | &nbsp;&nbsp;**Gross Sub-Advisory**<br>**Fees** | &nbsp;&nbsp;**Sub-Advisory Fees as a Percentage of**<br>**the Fund's Net Assets** |
| First American Multi-Manager Domestic Equity Fund | $931373 | 0.09% |
| First American Multi-Manager International Equity Fund | $2465640 | 0.30% |
| First American Multi-Manager Fixed-Income Fund | $2397380 | 0.18% |

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---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
| <br>**Fund** | &nbsp;&nbsp;**Gross Sub-Advisory**<br>**Fees** | &nbsp;&nbsp;**Sub-Advisory Fees as a Percentage of**<br>**the Fund's Net Assets** |
| First American Multi-Manager Domestic Equity Fund | $1043965 | 0.09% |
| First American Multi-Manager International Equity Fund | $2615248 | 0.31% |
| First American Multi-Manager Fixed-Income Fund | $2889995 | 0.19% |

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**ADDITIONAL PORTFOLIO MANAGER INFORMATION**

The following section provides information regarding each portfolio manager's compensation, other accounts managed, material conflicts of interests, and any ownership of securities in the Funds for which they sub-advise. Each portfolio manager or team member is referred to as a portfolio manager below. The portfolio managers are shown together in this section only for ease in presenting the information and should not be viewed for purposes of comparing the portfolio managers or their firms against one another. Each firm is a separate entity that may employ different compensation structures and may have different management requirements, and each portfolio manager may be affected by different conflicts of interest.

**Other Accounts Managed by the Portfolio Managers**

In addition to the Funds, the table below identifies, for the portfolio managers, as of September 30, 2025 unless otherwise noted, the number of accounts for which each portfolio manager has day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. Asset amounts are approximate and have been rounded.

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<u>U.S. Bancorp Asset Management, Inc. (All Funds)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in billions)** | **Number of Accounts** | **Total Assets (in billions)** | **Number of Accounts** | **Total Assets (in billions)** |
| John Spagnola | 0 | $0 | 0 | $0 | 782 | $32.1 |
| Surya Pisapati | 0 | $0 | 0 | $0 | 782 | $32.1 |
| Kenneth Schiebel | 0 | $0 | 0 | $0 | 1178 | $247.5 |
| Patrick Mahoney | 0 | $0 | 0 | $0 | 782 | $32.1 |
| James Palmer | 6 | $178.4 | 0 | $0 | 1 | $5.1 |

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<u>U.S. Bancorp Asset Management, Inc. (</u><u>Fixed-Income Fund</u><u>)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in billions)** |
| Greg Haendel | 0 | $0 | 1 | $188.00 | 51 | $8.312 |
| Jason Sharpe | 0 | $0 | 1 | $188.00 | 51 | $8.312 |
| Philip Levy | 0 | $0 | 1 | $188.00 | 51 | $8.312 |

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<u>Acadian Asset Management LLC (International Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Brendan O. Bradley | 12 | $9918 | 96 | $43014 | 222 | $112300 |
| Fanesca Young | 12 | $9918 | 96 | $43014 | 222 | $112300 |

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<u>Aristotle Atlantic Partners, LLC (Domestic Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Owen Fitzpatrick | 2 | $780.3 | 2 | $606.9 | 349 | $1578.1 |
| Thomas Hynes | 2 | $780.3 | 2 | $606.9 | 349 | $1578.1 |
| Brendan O'Neill | 2 | $780.3 | 2 | $606.9 | 349 | $1578.1 |

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<u>Aristotle Capital Management, LLC (International Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Howard Gleicher | 3 | $4967.9 | 20 | $9355.9 | 1311 | $23656.7 |
| Sean Thorpe | 3 | $694.6 | 3 | $704.8 | 159 | $4358.4 |
| Geoffrey Stewart | 3 | $694.6 | 3 | $704.8 | 159 | $4358.4 |

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<u>Brown Brothers Harriman Credit Partners, LLC (Fixed-Income Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Andrew Hofer | 4 | $20016 | 6 | $4795 | 156 | $28953 |
| Neil Hohmann | 4 | $12043 | 7 | $5042 | 156 | $28953 |
| Chris Ling | 0 | $0 | 3 | $816 | 41 | $5767 |

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<u>Ninety One North America, Inc. (International Equity Fund)</u> 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies**<sup>\*</sup> | **Registered Investment**<br>**Companies**<sup>\*</sup> | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts**<sup>\*</sup> | **Other Accounts**<sup>\*</sup> |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Ben Lambert | 0 | $0 | 6 | $4106 | 5 | $2173 |
| Adam Child | 0 | $0 | 2 | $1318 | 3 | $514 |

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<u>Osterweis Capital Management, LLC (Domestic Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies**<sup>\*</sup> | **Registered Investment**<br>**Companies**<sup>\*</sup> | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts**<sup>\*</sup> | **Other Accounts**<sup>\*</sup> |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| James L. Callinan | 1 | $317 | 0 | $0 | 3 | $67 |
| Bryan Wong | 1 | $317 | 0 | $0 | 3 | $67 |
| Matt Unger | 1 | $317 | 0 | $0 | 3 | $67 |

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<u>PGIM, Inc. (Fixed-Income Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Richard Piccirillo<sup>\*</sup> | 49 | $114953 | 24 | $47675 | 149 | $121144 |
| Gregory Peters<sup>\*</sup> | 49 | $114953 | 24 | $47675 | 149 | $121144 |
| Matthew Angelucci | 48 | $112792 | 26 | $38952 | 196 | $153800 |
| Tyler Thorn<sup>\*\*</sup> | 40 | $106486 | 21 | $34672 | 109 | $98338 |

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<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp;Does not reflect performance-based fee accounts of 8 other accounts with assets of $6,099 million and 1 other pooled account with assets of $73 million.

<sup>\*\*</sup>&nbsp;&nbsp;&nbsp;&nbsp;Does not reflect performance-based fee accounts of 3 other accounts with assets of $1,545 million and 1 other pooled account with assets of $73 million.

<u>PineBridge Investments LLC (Fixed-Income Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Robert Vanden Assem | 6 | $1801.47 | 11 | $3187.49 | 18 | $6141.93 |
| Dana Burns | 3 | $1322.81 | 4 | $496 | 16 | $5475.95 |

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<u>Putnam Investment Management, LLC (Domestic Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Arthur Yeager | 2 | $6159.1 | 0 | $0.0 | 1 | $0.2 |
| Walter Scully | 2 | $6159.1 | 0 | $0.0 | 1 | $0.2 |

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<u>Pzena Investment Management, LLC (International Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Rakesh Bordia<sup>\*</sup> | 18 | $11876 | 36 | $5396 | 41 | $10978 |
| Caroline Cai<sup>\*\*</sup> | 18 | $11876 | 63 | $30169 | 57 | $16219 |
| Allison Fisch<sup>\*</sup> | 18 | $11876 | 36 | $5396 | 40 | $10977 |
| Akhil Subramanian<sup>\*</sup> | 6 | $3521 | 18 | $2262 | 18 | $6806 |

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<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp;Does not reflect performance-based fee accounts of 1 registered investment company with assets of $338 million and 1 other pooled account with assets of $457 million.

<sup>\*\*</sup>&nbsp;&nbsp;&nbsp;&nbsp;Does not reflect performance-based fee accounts of 2 registered investment companies with assets of $2,209 million and 4 other pooled accounts with assets of $884 million.

<u>Teachers Advisors, LLC (Fixed-Income Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** |
| Stephen Liberatore | 11 | $31005.71 | 6 | $851.82 | 21 | $4376.03 |
| Jessica Zarzycki | 10 | $30461.63 | 6 | $851.82 | 17 | $4026.61 |

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<u>WCM Investment Management, LLC (International Equity Fund)</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)** | **Number of Accounts** | **Total Assets (in millions)**  |
| Sanjay Ayer | 26 | $35881.32 | 34 | $17943.40 | 521 | $62514.49 |
| Paul R. Black | 19 | $32830.41 | 22 | $14215.33 | 507 | $61802.90 |
| Michael B. Trigg | 23 | $35001.49 | 28 | $15314.73 | 509 | $61811.23 |
| Jon Tringale | 19 | $32830.41 | 22 | $14215.33 | 507 | $61802.90 |

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**Material Conflicts of Interest**

Actual or apparent material conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account or in other circumstances. Portfolio managers of each of the following Sub-Advisers who manage other investment accounts in addition to one or more of the Funds may be presented with the potential conflicts described below.

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<u>U.S. BANCORP ASSET MANAGEMENT, INC.</u>

<u>(Adviser to the Funds)</u>

USBAM's portfolio managers are often responsible for managing other accounts, including separate accounts and other pooled investment vehicles. A Fund's portfolio manager may manage a separate account or other pooled investment vehicle that may have a materially higher or lower fee arrangement with USBAM than the Fund. The side-by-side management of these accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. In addition, while portfolio managers generally only manage accounts with similar investment strategies, it is possible, due to varying investment restrictions among accounts and, for other reasons, that certain investments could be made for some accounts and not others or conflicting investment positions could be taken among accounts. USBAM has a responsibility to manage all client accounts in a fair and equitable manner. To address any concern that USBAM may have an incentive to favor certain investment opportunities for a performance-based account, USBAM follows written procedures designed to allocate trades on an equitable basis considering the investment objectives of the account and without regard to <u>whether</u> an account has a performance-based fee. The policies and procedures are designed to ensure that accounts with the same objectives and permitted investments receive a fair allocation of trades over time. In addition, as a means of limiting conflicts of interest, USBAM and the Trust have adopted policies consistent with the 1940 Act under which cross-trades may be effected between the Funds and another client account. USBAM conducts periodic reviews of trades for consistency with these policies.

USBAM will give advice to and make investment decisions for the Trust as it believes is in the best interest of the Trust. Advice given to the Trust or investment decisions made for the Trust may differ from, and may conflict with, advice given or investment decisions made for USBAM or its affiliates or other funds or accounts managed by USBAM or its affiliates. For example, other funds or accounts managed by USBAM may sell short securities of an issuer in which the Trust has taken, or will take, a long position in the same securities. The subsequent purchase may result in an increase of the price of the underlying position in the short sale exposure of the Trust and such increase in price would be to the Trust's detriment. Conflicts may also arise because portfolio decisions regarding the Trust may benefit USBAM or its affiliates or another account or fund managed by USBAM or its affiliates. For example, the sale of a long position or establishment of a short position by the Trust may impair the price of the same security sold short by (and therefore benefit) another account or fund managed by USBAM or its affiliates, and the purchase of a security or covering a short position in a security by the Trust may increase the price of the same security held by (and therefore benefit) another account or fund managed by USBAM or its affiliates. Actions taken with respect to USBAM and its affiliates' other funds or accounts managed by them may adversely impact the Funds, and actions taken by the Funds may benefit USBAM or its affiliates or its other funds or accounts.

To the extent permitted by applicable law, USBAM may make payments to authorized dealers and other financial intermediaries (Intermediaries) from time to time to promote the Funds. These payments may be made out of USBAM's assets, or amounts payable to USBAM rather than as a separately identifiable charge to the Funds. These payments may compensate Intermediaries for, among other things: marketing the Funds; access to the Intermediaries' registered representatives or salespersons, including at conferences and other meetings; assistance in training and education of personnel; marketing support; and/or other specified services intended to assist in the distribution and marketing of the Funds. The payments may also, to the extent permitted by applicable regulations, contribute to various non-cash and cash incentive arrangements to promote certain products, as well as sponsor various educational programs, sales contests and/or for sub-accounting, administrative and/or shareholder processing services that are in addition to the fees paid for these services for such products.

<u>ACADIAN ASSET MANGEMENT LLC</u>

*<u>Sub-Adviser to the International Equity Fund</u>*

A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the subject Fund, which may have different investment guidelines and objectives. In addition to the subject Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the subject Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the subject Fund the Other Accounts. The Other Accounts may have similar investment objectives or strategies

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as the subject Fund, may track the same benchmarks or indexes as the subject Fund tracks, and may sell securities that are eligible to be held, sold or purchased by the subject Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the subject Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the subject Fund.

To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

<u>ARISTOTLE ATLANTIC PARTNERS, LLC</u>

*<u>Sub-Adviser to the Domestic Equity Fund</u>*

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. Additionally, differing fee arrangements increase the risk that higher fee-paying accounts may receive priority over other accounts during the allocation process.

Aristotle Atlantic mitigates these risks by implementing procedures, such as establishing a trade rotation process, blocking trades, maintaining proper written records with respect to allocations, and allocating at average price. These procedures are designed and implemented to ensure that all clients are treated fairly and equally, and to prevent this conflict from influencing the allocation of investment opportunities among clients.

Aristotle Atlantic acknowledges its responsibility for identifying material conflicts of interest related to voting proxies. In order to ensure that Aristotle Atlantic is aware of the facts necessary to identify conflicts, senior management of Aristotle Atlantic must disclose to the CCO any personal conflicts such as officer or director positions held by them, their spouses or close relatives, in any portfolio company. Conflicts based on business relationships with Aristotle Atlantic or any affiliate of Aristotle Atlantic will be considered only to the extent that Aristotle Atlantic has actual knowledge of such relationships. If a conflict may exist which cannot be otherwise addressed by the CIO, Aristotle Atlantic may choose one of several options including: (1) "echo" or "mirror" voting the proxies in the same proportion as the votes of other proxy holders that are not Aristotle Atlantic clients; (2) if possible, erecting information barriers around the person or persons making the voting decision sufficient to insulate the decision from the conflict; or (3) if agreed upon in writing with the client, forwarding the proxies to affected clients and allowing them to vote their own proxies.

<u>ARISTOTLE CAPITAL MANAGEMENT, LLC</u>

*<u>Sub-Adviser to the International Equity Fund</u>*

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. Additionally, differing fee arrangements increase the risk that higher fee-paying accounts may receive priority over other accounts during the allocation process. Aristotle Capital mitigates these risks by implementing procedures, such as establishing a trade rotation process, blocking trades, maintaining proper written records with respect to allocations, and allocating at average price. These procedures are designed and implemented to ensure that all clients are treated fairly and equally, and to prevent this conflict from influencing the allocation of investment opportunities among clients.

Aristotle Capital acknowledges its responsibility for identifying material conflicts of interest related to voting proxies. In order to ensure that Aristotle Capital is aware of the facts necessary to identify conflicts, senior management of Aristotle Capital must disclose to the CCO any personal conflicts such as officer or director positions held by them, their spouses or close relatives, in any portfolio company. Conflicts based on business relationships with Aristotle Capital or any affiliate of Aristotle Capital will be considered only to the extent that Aristotle Capital has actual knowledge of such relationships. If a conflict may exist which cannot be otherwise addressed by the CIO, Aristotle Capital may choose one of several options including: (1) "echo" or "mirror" voting the proxies in the same proportion as the votes of other proxy holders that are not Aristotle Capital clients; (2) if possible, erecting information barriers around the person or persons making the voting decision sufficient to insulate

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the decision from the conflict; or (3) if agreed upon in writing with the client, forwarding the proxies to affected clients and allowing them to vote their own proxies.

<u>BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC</u>

*<u>Sub-Adviser to the Fixed-Income Fund</u>*

Brown Brothers Harriman Credit Partners, LLC ("BBHCP") provides discretionary investment advisory services to corporations, institutions and individual investors throughout the world. BBHCP, which is registered with the SEC as an investment adviser, acts as a sub-adviser to the Fund and provides investment advisory services to the Fund as well as other registered fund products, private funds and separately managed accounts. As a result, in the ordinary course of its businesses, BBHCP may engage in activities in which its interests or the interests of its clients may conflict with or be adverse to the interests of the Fund.

BBHCP seeks to meet its fiduciary obligation with respect to all investment management clients, including the Fund. BBHCP has adopted and implemented policies and procedures that seek to manage conflicts of interest. Pursuant to such policies and procedures, BBHCP monitors a variety of areas, including compliance with fund investment guidelines, review of allocation decisions and compliance with its Code of Ethics Policy. With respect to the allocation of investment opportunities, BBHCP has adopted and implemented policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. BBHCP has structured the portfolio managers' compensation in a manner it believes is reasonably designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts.

*Other Clients and Allocation of Investment Opportunities*. BBHCP manages funds and accounts of clients other than the Fund (Other Clients). In general, BBHCP faces conflicts of interest when it renders investment advisory services to different clients and, from time to time, provides dissimilar investment advice to different clients. Investment decisions will not necessarily be made in parallel among the Fund and BBHCP's Other Clients. Investments made by the Fund do not, and are not intended to, replicate the investments, or the investment methods and strategies of Other Clients managed by BBHCP. Accordingly, such Other Clients managed by BBHCP may produce results that are materially different from those experienced by the Fund. Certain other conflicts of interest may arise in connection with a portfolio manager's management of the Fund's investments, on the one hand, and the investments of other funds or accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various funds or accounts managed by BBHCP could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, the investment methods and strategies that BBHCP utilizes in managing the Fund are utilized by BBHCP in managing investments for Other Clients. From time to time, BBHCP establishes, sponsors and is affiliated with other investment pools and accounts which engage in the same or similar businesses as the Fund using the same or similar investment strategies. To the extent that the same investment opportunities might be desirable for more than one account or fund, possible conflicts could arise in determining how to allocate them because BBHCP may have an incentive to allocate investment opportunities to certain accounts or funds. For example, BBHCP may act as adviser to private funds with investment strategies similar to the Fund. Those private funds may pay BBHCP a performance fee in addition to the stated investment advisory fee. In such cases, BBHCP may have an incentive to allocate certain investment opportunities to the private fund rather than the Fund in order to increase the private fund's performance and thus improve BBHCP's chances of receiving the performance fee. However, BBHCP has implemented policies and procedures designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities, and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Nevertheless, access to investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons. Actual or potential conflicts of interest may also arise when a portfolio manager has management responsibilities to multiple accounts or funds, resulting in unequal commitment of time and attention to the portfolio management of the funds or accounts.

*Aggregation*. Potential conflicts of interest also arise with the aggregation of trade orders. Purchases and sales of securities for the Fund may be aggregated with orders for other BBHCP client accounts. BBHCP, however, is not required to aggregate orders if portfolio management decisions for different accounts are made separately, or if it is determined that aggregating is not practicable, or in cases involving client direction. Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities

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purchased or sold. When this occurs, the various prices may be averaged, and the Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection with an aggregated order. Allocations of aggregated trades, particularly trade orders that were only partially filled due to limited availability, raise a potential conflict of interest because BBHCP has an incentive to allocate trades to certain accounts or funds.

This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. BBHCP and the Fund have adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate the conflicts of interest described below. Additional information about potential conflicts of interest regarding the Sub-Adviser is set forth in the Sub-Adviser's Form ADV. A copy of Part 1 and Part 2A of the Sub-Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

<u>NINETY ONE NORTH AMERICA, INC.</u> 

*<u>Sub-Adviser to the International Equity Fund</u>*

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

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

To address such conflicts, Ninety One has established a variety of policies and procedures whose goals are to facilitate the fair allocation of investment opportunities. At all times, Ninety One seeks to treat all of its clients in a fair and equitable manner and will act in a manner that Ninety One believes to be in the best interests of clients. Ninety One seeks to ensure that potential or actual conflicts of interest are appropriately resolved, taking into consideration the overriding best interests of its clients. Mr. Lambert and Mr. Child manage multiple accounts for Ninety One, including the Fund. In addition, Mr. Lambert and Mr. Child serve as portfolio managers of certain private investment funds and client accounts that are managed by affiliates of Ninety One. As such, Mr. Lambert and Mr. Child will not devote their full business time to the Fund, but will devote such time as he, in his sole discretion, deems necessary to carry out his role effectively. Mr. Lambert and Mr. Child will make decisions for each account based on the investment objectives, policies, practices and other relevant investment considerations that he believes is applicable to such accounts.

Mr. Lambert and Mr. Child may on occasion give advice or take action with respect to certain accounts that differs from the advice given or action taken with respect to the Fund (especially where the investment policies differ). Thus, it is possible that the transactions and portfolio strategies Mr. Lambert and Mr. Child may use for various accounts may conflict and affect the prices and availability of the securities and other financial instruments in which the Fund invests. In circumstances where conflicts occur, Ninety One seeks to implement policies to minimize such conflicts and ensure that decisions are made that are fair and equitable to all the accounts involved, in light of the circumstances prevailing at the time and its applicable fiduciary duties.

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

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<u>OSTERWEIS CAPITAL MANAGEMENT, LLC</u>

*<u>Sub-Adviser to the Domestic Equity Fund</u>*

*Potential conflicts of interest:* Messrs. Callinan, Wong and Unger manage one other investment company and a small number of individual accounts. Actual or apparent material conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account or in other circumstances. Portfolio managers may be presented with potential conflicts of interests in the allocation of investment opportunities, the allocation of their time and investment ideas and the allocation of aggregated orders among the Fund's account and other accounts managed by the portfolio managers, including among any affiliated client accounts or any accounts in which the portfolio managers may have personal investments. As noted above, some portfolio managers are members of Osterweis Capital Management, LLC, and therefore are entitled to earnings proportionate to their respective ownership interests therein. OCM believes such inherent conflicts of interest in managing assets for various clients are controlled and mitigated by OCM's Trade Allocation Policy, Code of Ethics, and other compliance policies and procedures to which the portfolio managers are subject.

<u>PGIM, INC.</u>

*<u>Sub-Adviser to the Fixed-Income Fund</u>*

*Potential Conflicts of Interest.* Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of its business. PGIM Fixed Income strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM Fixed Income conducts annual conflict of interest reviews. However, it is not possible to identify every potential conflict that can arise. When actual or potential conflicts of interest are identified, PGIM Fixed Income seeks to address such conflicts through one or more of the following methods:

-elimination of the conflict;

-disclosure of the conflict; or

-management of the conflict through the adoption of appropriate policies, procedures or other mitigants.

PGIM Fixed Income follows the policies of Prudential Financial, Inc. on business ethics, personal securities trading, and information barriers. PGIM Fixed Income has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM Fixed Income cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict arises or could potentially arise.

*Side-by-Side Management of Accounts and Related Conflicts of Interest.* PGIM Fixed Income's side-by-side management of multiple accounts can create conflicts of interest. Examples are detailed below, followed by a discussion of how PGIM Fixed Income addresses these conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Performance Fees* - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates have an incentive to favor accounts for which PGIM Fixed Income or an affiliate receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Affiliated accounts* - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income could be considered to have a financial incentive to prefer accounts of affiliates over others. Additionally, at times, PGIM Fixed Income's affiliates provide initial funding or otherwise invest in vehicles managed by it, for example by providing "seed capital" for a fund or account. Managing "seeded" accounts alongside "non-seeded" accounts creates an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product and possibly earn a higher return for our affiliate. Additionally, PGIM Fixed Income's affiliated investment advisers from time to time allocate their asset allocation clients' assets to PGIM Fixed Income. PGIM Fixed Income has an incentive to favor accounts used by its affiliates for their asset allocation clients to receive more assets from its affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Larger accounts/higher fee strategies* - larger accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income's strategies have higher fees than others. As a result, a portfolio manager could have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income (or which it believes would generate more revenue in the future).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Long only and long/short accounts* - PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. As a result, there are times when PGIM Fixed Income sells a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. Conversely, purchases for long only accounts could have a negative impact on the short positions in long/short accounts. Consequently, PGIM Fixed Income has conflicts of interest in determining the timing and direction of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities of the same kind or class* - PGIM Fixed Income sometimes buys or sells, or direct or recommend that a client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that may be different. Although such pricing differences could appear as preferences for one client over another, PGIM Fixed Income's trade execution in each case is driven by its consideration of a variety of factors consistent with its duty to seek best execution. There are times when PGIM Fixed Income executes trades in securities of the same kind or class in one direction for an account and in the opposite direction for another account, or it determines not to trade securities in one or more accounts while trading for others. While such trades (or a decision not to trade) could appear inconsistent in how PGIM Fixed Income views or treats a security for one client versus another, they generally result from differences in investment strategy, portfolio composition or client direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment at different levels of an issuer's capital structure*— There are times when PGIM Fixed Income invests client assets in the same issuer, but at different levels in the issuer's capital structure. This could occur, for instance, when a client holds private securities or loans of an issuer and other clients hold publicly traded securities of the same issuer. Additionally, PGIM Fixed Income may invest client assets in a class or tranche of securities of a securitized finance vehicle (such as a collateralized loan obligation, asset-backed security or mortgage-backed security) while simultaneously investing one or more clients in different classes or tranches of securities within the same vehicle. These different securities can have varying voting rights, dividend or repayment priorities, rights in bankruptcy, or other features that conflict with one another. In some cases, particularly with private securitized products and asset-based finance investments where clients own all or a significant portion of the outstanding securities or obligations PGIM Fixed Income has input regarding the characteristics and the relative rights and priorities of the various classes or tranches.

When PGIM Fixed Income invests client assets in different levels of an issuer's capital structure, it is permitted to take actions with respect to the assets held by one client (including affiliated clients) that are potentially adverse to other clients, for example, by foreclosing on loans or by putting an issuer into default. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, PGIM Fixed Income could find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict. In these situations, decisions over proxy voting, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default or the terms of any workout) or other actions or inactions can result in conflicts of interest. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including potential conflicts over proposed waivers and amendments to debt covenants). For example, a senior bond holder or lender might prefer a liquidation of the issuer in which it could be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders or junior bond holders. There will be times where PGIM Fixed Income refrains from taking certain actions (including participating in workouts and restructurings) or making investments on behalf of certain clients or where PGIM Fixed Income determine to sell investments for certain clients, in each case in order to mitigate conflicts of interest or legal, regulatory or other risks to PGIM Fixed Income This could potentially disadvantage the clients on whose behalf the actions are not taken, investments are not made, or investments are sold. Conversely, in other cases, PGIM Fixed Income will not refrain from taking such actions or making

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investments on behalf of some clients (including affiliated clients), which could potentially disadvantage other clients. Any of the foregoing (or similar) conflicts of interest will be resolved or managed on a case-by-case basis (including, where determined to be required, by escalating matters to, and seeking direction and guidance from, senior management). Any such resolution will take into consideration the interests of the relevant clients, the circumstances giving rise to the conflict and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Financial interests of investment professionals* - PGIM Fixed Income investment professionals from time to time invest in certain investment vehicles that it manages, including exchange-traded funds (ETFs), mutual funds, private funds and (through a retirement plan) collective investment trusts. PGIM Fixed Income may also provide financing to facilitate the investment by its investment professional in certain of its private funds. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income's long-term incentive plan and targeted long-term incentive plan is affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals have financial interests in accounts managed by PGIM Fixed Income and/or that are related to the performance of certain client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-discretionary/limited discretion accounts* - PGIM Fixed Income provides non-discretionary and limited discretion investment advice to some clients and manages others on a fully discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. Furthermore, a non-discretionary/limited discretion client may not be able to participate in trades if there is a delay in receiving such client's direction or consent. In some cases, when such a client requests additional information prior to giving its direction or consent, PGIM Fixed Income is prohibited from sharing information because, for example, the information is non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Co-Investments* - From time to time, PGIM Fixed Income offers certain entities ("Co-Investors") co-investment opportunities, in which these Co-Investors will be offered the opportunity to participate directly in certain investments that PGIM Fixed Income is making for their clients (including funds that they manage). Co-investment opportunities may be offered to current clients, investors in PGIM Fixed Income funds or other third parties. Except to the extent a client or investor has entered into an agreement pursuant to which PGIM Fixed Income has granted such client or investor a right with respect to co-investment opportunities, clients and investors should be aware that they have no such right and should not expect that they will be offered any co-investment opportunities.

Generally, PGIM Fixed Income's decision to grant co-investment rights will be based on the expectation of a commercial benefit to PGIM Fixed Income from a potential Co-Investor, such as increased management fees or other compensation resulting from a continued, increased or future investment in funds or accounts PGIM Fixed Income manages by such potential Co-Investor. Other factors PGIM Fixed Income may consider in deciding whether or not to grant co-investment rights may include: (i) whether a potential Co-Investor has demonstrated, or has the potential to demonstrate, a long-term and/or continuing commitment to the potential success of its firm or products; (ii) their assessment of a potential Co-Investor's ability to timely execute and fund co-investment opportunities; (iii) whether a potential Co-Investor has a history of successfully participating in co-investment programs; and (iv) the overall strategic value to PGIM Fixed Income of offering a co-investment opportunity to such potential Co-Investor.

PGIM Fixed Income may grant co-investment opportunities to Co-Investors on terms and conditions that are more favorable than those of its other clients and investors. For example, such terms may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Management fees and/or incentive compensation (including carried interest) that is reduced or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Rights to participate in follow-on investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ With respect to investments held by Co-investors, rights to be notified of sales of the same or similar investments by their other clients and rights to participate alongside such clients in the sale of investments held by Co-investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Co-investment opportunities will be offered to Co-Investors irrespective of whether the available investment opportunity exceeds the aggregate appetite of PGIM Fixed Income's other client accounts for such investment. Accordingly, the participation of a Co-Investor will, under some circumstances, reduce the amount of the investment opportunity available to PGIM Fixed Income's other clients. This presents a conflict of interest in allocating investment opportunities because PGIM Fixed Income can be considered to have the incentive to allocate a greater portion of an investment opportunity to a Co-Investor than they otherwise would because of the potential commercial benefit to them from the co-investment relationship.

*How PGIM Fixed Income Addresses These Conflicts of Interest.* PGIM Fixed Income has developed policies and procedures reasonably designed to address the conflicts of interest with respect to its different types of side-by-side management described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each quarter, one or both of PGIM Fixed Income's co-chief investment officers hold a series of meetings with the senior portfolio manager and team responsible for the management of each of PGIM Fixed Income's investment strategies. During these meetings, they review and discuss the investment performance and performance attribution for client accounts managed in the strategy. These meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of the compliance group, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In keeping with PGIM Fixed Income's fiduciary obligations, its policy with respect to trade allocation is to treat all of its client accounts fairly and equitably over time. PGIM Fixed Income's trade management oversight committee, which generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm compliance with the trade allocation policy. In addition, the compliance and investment risk management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes such data as the: number of new issues allocated in the strategy; size of new issue allocations to each portfolio in the strategy; profitability of new issue transactions; portfolio turnover; and metrics related to large trade activity, which includes block trades. The results of these analyses are reviewed and discussed at PGIM Fixed Income's trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income's side-by-side management and trading so that it may assess and improve its processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PGIM Fixed Income has procedures that specifically address conflicts related to its side-by-side management of certain long/short and long only portfolios. These procedures are designed to address potential conflicts that could arise from differing positions across accounts, including situations where one account holds a long position in a security while another holds a short position. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts.

*Conflicts Related to PGIM Fixed Income's Affiliations.* As a business unit of PGIM, Inc., an indirect wholly-owned subsidiary of Prudential Financial, Inc., PGIM Fixed Income is part of a diversified, global financial services organization. PGIM Fixed Income is affiliated with many types of U.S. and non-U.S. financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts Related to Investment of Client Assets in Affiliated Funds. PGIM Fixed Income invests client assets in funds that it manages or sub-advises for one or more affiliates. In choosing to invest client assets in such affiliated funds, PGIM Fixed Income could be considered to have a financial incentive to prefer investing client assets in such funds instead of in funds, investments or products managed or sponsored by parties that are not affiliated with PGIM Fixed Income. Investments in affiliated funds may, for example, benefit PGIM Fixed Income and/or its affiliates through increasing assets under management and/or fees. Under certain conditions, PGIM Fixed Income may offset, rebate or otherwise reduce its fees or other compensation with respect to investments in affiliated funds; however, this offset, reduction or rebate, if available, will not necessarily eliminate conflicts, as PGIM Fixed Income could nevertheless be considered to have a financial incentive to favor investing client assets in affiliated funds (because, for example, the fee applicable to the affiliated fund is higher than the amount of any fee waiver, investing in such funds would

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increase assets under management of such funds or could be viewed as being undertaken solely for the purposes of supporting the commercial growth of PGIM Fixed Income or its affiliates' funds, products or lines of business). Further, if PGIM Fixed Income's affiliates provide initial funding to or otherwise invest in affiliated funds, PGIM Fixed Income is incentivized to invest client assets in such funds in order to facilitate the redemption of all or part of its affiliates' interest in such affiliated fund. PGIM Fixed Income also invests cash collateral from securities lending transactions in some of these funds. These investments benefit PGIM Fixed Income and/or its affiliate through increasing assets under management and/or fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conflicts Related to Referral Fees to Affiliates*. From time to time, PGIM Fixed Income has arrangements where PGIM Fixed Income compensates affiliated parties for client referrals. PGIM Fixed Income also has arrangements with an affiliated entity or person which provide for payments to an affiliate if certain investments by others are made in certain of PGIM Fixed Income's products or if PGIM Fixed Income establishes certain other advisory relationships. These investments benefit both PGIM Fixed Income and its affiliates through increasing assets under management and fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Conflicts Related to Co-investment by Affiliates*. PGIM Fixed Income affiliates provide initial funding to or otherwise invest in certain vehicles it manages. When certain of its affiliates provide "seed capital" or other capital for a fund, they generally do so with the intention of redeeming all or part of their interest at a future point in time or when they deem that sufficient additional capital has been invested in that fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may be more liquid at the time of the affiliate's redemption than it is at times when other investors may wish to withdraw all or part of their interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In addition, a consequence of any withdrawal of a significant amount, including by an affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ PGIM Fixed Income could also face a conflict if the interests of an affiliated investor in a fund it manages diverge from those of the fund or other investors. For example, PGIM Fixed Income affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM Fixed Income manages. PGIM Fixed Income may provide assistance in connection with this hedging activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Insurance Affiliate General Accounts*. Because of the substantial size of the general accounts of PGIM Fixed Income's affiliated insurance companies (the "Insurance Affiliates"), trading by these general accounts, including PGIM Fixed Income's trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM Fixed Income does not expect that the general accounts of affiliated insurers will execute transactions that will move a market frequently, and generally only in response to unusual market or issuer events, the execution of these transactions could have an adverse effect on transactions for or positions held by other clients.

PGIM Fixed Income believes that the conflicts related to its affiliations described above are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management, including of long only and long/short accounts.

*Conflicts Related to Financial Interests and the Financial Interests of Affiliates.* 

Prudential Financial, the general accounts of the Insurance Affiliates, PGIM Fixed Income and other affiliates of PGIM at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Fixed Income on behalf of PGIM Fixed Income's client accounts. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PGIM Fixed Income's affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PGIM Fixed Income's affiliates hold public and private debt and equity securities of a large number of issuers. PGIM Fixed Income invests in some of the same issuers for other client accounts. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Affiliated accounts have held and can in the future hold the senior debt of an issuer whose subordinated debt is held by PGIM Fixed Income's clients or hold secured debt of an issuer whose public unsecured debt is held in client accounts. See "Investment at different levels of an issuer's capital structure" above for additional information regarding conflicts of interest resulting from investment at different levels of an issuer's capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ To the extent permitted by applicable law, PGIM Fixed Income can also invest client assets in offerings of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM Fixed Income's interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing policy to address this conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Certain of PGIM Fixed Income's affiliates' directors or officers are directors or officers of issuers in which PGIM Fixed Income invests from time to time. These issuers could also be service providers to PGIM Fixed Income or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ PGIM Fixed Incomes has an internal arrangement outlining the respective areas of investment focus of its business and the business of an asset management affiliate. This arrangement aims to streamline sourcing and provide clarity by specifying the types of investments that each affiliate may pursue in areas of potential overlap (for instance, certain segments of the private credit market). As a result of this arrangement, there will be certain potentially beneficial investment opportunities that PGIM Fixed Income will decline to pursue for its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In addition, PGIM Fixed Income can invest client assets in securities backed by commercial mortgage loans that were originated or are serviced by an affiliate.

In general, conflicts related to the financial interests described above are addressed by the fact that PGIM Fixed Income makes investment decisions for each client independently considering the best economic interests of such client, under the circumstances.

*Conflicts Arising Out of Legal and Regulatory Restrictions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At times, PGIM Fixed Income is restricted by law, regulation, executive order, contract or other constraints as to how much, if any, of a particular security it can purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of its relationship with Prudential Financial and other affiliates. For example, PGIM Fixed Income does not purchase securities issued by Prudential Financial or other affiliates for client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In certain instances, PGIM Fixed Income's ability to buy or sell or transact for one or more client accounts will be constrained as a result of its voluntary or involuntary receipt of material, non-public information (MNPI), various insider trading laws and related legal requirements. For example, PGIM Fixed Income would generally be unable to invest in, divest securities of or share investment analyses regarding companies or other securities is for which it possesses MNPI, and such inability (which could last for an uncertain period of time until the information is no longer deemed material or non-public) can result in it being unable to buy, sell or transact for one or more client accounts or to take other actions that would otherwise be to the benefit of one or more clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ PGIM Fixed Income faces conflicts of interest in determining whether to accept MNPI. For example, PGIM Fixed Income has sought with respect to the management of investments in certain loans for clients, to retain the ability to purchase and sell other securities in the borrower's capital structure by remaining "public" on the loan. In such cases, PGIM Fixed Income will seek to avoid receiving MNPI about the borrowers to which an account can or expects to lend or has lent (through assignments, participations or otherwise), which could place an account at an information disadvantage relative to other accounts and lenders. Conversely, PGIM Fixed Income has chosen to receive MNPI about certain borrowers/issuers for its clients that invest in bank loans, securities, or private debt instruments, which has restricted its ability to trade in other securities of the borrowers/issuers for its clients that invest in corporate bonds or other public securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ PGIM Fixed Income's holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. These aggregated holdings are centrally tracked and PGIM Fixed Income or Prudential Financial can choose to restrict purchases, sell existing positions, or otherwise restrict, forgo, or limit the exercise of rights to avoid crossing such thresholds because of the potential consequences to PGIM Fixed Income or Prudential Financial if such thresholds are exceeded. In some cases, these restrictions or sales could have an adverse impact on client account performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Legal and regulatory constraints may limit certain client accounts from participating in specific investment transactions with others. Consequently, PGIM Fixed Income might allocate these opportunities in a manner that excludes some accounts, even if they could benefit. While this could impact the performance of affected accounts and create a conflict of interest, PGIM Fixed Income is committed to its allocation policy which is to seek to distribute investment opportunities fairly and equitably over time.

*Conflicts Related to Investment Consultants.* Many of PGIM Fixed Income's clients and prospective clients retain investment consultants (including discretionary investment managers and OCIO providers) to advise them on the selection and review of investment managers (including with respect to the selection of investment funds). PGIM Fixed Income has dealings with these investment consultants in their roles as discretionary managers or non-discretionary advisers to their clients. PGIM Fixed Income also has independent business relationships with investment consultants.

PGIM Fixed Income provides investment consultants with information about accounts that it manages for the consultant's clients (and similarly, PGIM Fixed Income provides information about funds in which such clients are invested), in each case pursuant to authorization from the clients. PGIM Fixed Income also provides information regarding its investment strategies to investment consultants, who use that information in connection with searches that they conduct for their clients. PGIM Fixed Income often responds to requests for proposals in connection with those searches.

Other interactions PGIM Fixed Income has with investment consultants include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it provides advisory services to the proprietary accounts of investment consultants and/or their affiliates, and advisory services to funds offered by investment consultants and/or their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ it invites investment consultants to events or other entertainment hosted by PGIM Fixed Income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ it purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it sometimes pays for the opportunity to participate in conferences organized by investment consultants.

PGIM Fixed Income will provide clients with information about its relationship with the client's investment consultant upon request. In general, PGIM Fixed Income relies on the investment consultant to make the appropriate disclosure to its clients of any conflict that the investment consultant believes to exist due to its business relationships with PGIM Fixed Income.

A client's relationship with an investment consultant could result in restrictions in the eligible securities or trading counterparties for the client's account. For example, accounts of certain clients (including clients that are subject to ERISA) can be restricted from investing in securities issued by the client's consultant or its affiliates and from trading with, or participating in transactions involving, counterparties that are affiliated with the investment consultant. In some cases, these restrictions could have a material impact on account performance.

*Conflicts Related to Service Providers.* PGIM Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that PGIM Fixed Income manages or subadvises. Some service providers provide services to PGIM Fixed Income or one of PGIM Fixed Income's funds while also providing services to other PGIM units, other PGIM-advised funds, or affiliates of PGIM, and negotiate rates in the context of the overall relationship. PGIM Fixed Income can benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income will be able to obtain

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or maintain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM Fixed Income will know of such negotiated fee rates.

*Conflicts Related to Valuation and Fees.* When client accounts hold illiquid or difficult to value investments, PGIM Fixed Income faces a conflict of interest when it makes recommendations regarding the value of such investments since its fees are generally based on the value of assets under management. PGIM Fixed Income could be viewed as having an incentive to provide higher valuations. PGIM Fixed Income has valuation policies and procedures that it believes mitigate this conflict effectively and enable it to value client assets fairly and in a manner that is consistent with the client's best interests. This conflict generally does not exist and is further mitigated or eliminated in circumstances where fees are calculated from custodian and/or administrator pricing and not PGIM Fixed Income's internal valuations.

*Conflicts Related to Securities Lending and Reverse Repurchase Fees.* In certain cases, when PGIM Fixed Income manages a client account and also serves as securities lending agent and/or engages in reverse repurchase transactions for the account, PGIM Fixed Income is compensated for its securities lending and reverse repurchase services by receiving a portion of the proceeds generated from the securities lending and reverse repurchase activities of the account. In cases where PGIM Fixed Income is compensated in this manner, it could be considered to have an incentive to invest in securities that would generate higher securities lending and reverse repurchase returns, even if these investments were not otherwise in the best interest of the client account. In addition, if PGIM Fixed Income is acting as securities lending agent and providing reverse repurchase services for the same client, PGIM Fixed Income may be incented to select the option that generates higher proceeds for itself.

*Conflicts Related to Long-Term Compensation.* As a result of the long-term incentive plan (and any future carried interest grants) and targeted long-term incentive plan, PGIM Fixed Income's portfolio managers from time to time have financial interests related to the investment performance of some, but not all, of the accounts they manage. For example, the performance of some client accounts is not reflected in the calculation of changes in the value of participation interests under PGIM Fixed Income's long-term incentive plan. This may be because the composite representing the strategy in which the account is managed is not one of the composites included in the calculation or because the account is excluded from a specified composite due to guideline restrictions or other factors. In addition, the performance of only a small number of its investment strategies is covered under PGIM Fixed Income's targeted long-term incentive plan. Further, for certain PGIM Fixed Income investment professionals, participation interests in the targeted long-term incentive plan constitute a significant percentage of their total long-term compensation. To address potential conflicts related to these financial interests, PGIM Fixed Income has procedures, including trade allocation and supervisory review procedures, designed to confirm that each of its client accounts is managed in a manner that is consistent with PGIM Fixed Income's fiduciary obligations, as well as with the account's investment objectives, investment strategies and restrictions. For example, one or both of PGIM Fixed Income's co-chief investment officers review performance among similarly managed accounts on a quarterly basis during a series of meetings with the senior portfolio manager and team responsible for the management of each investment strategy. These quarterly investment strategy review meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of the compliance group, among others.

*Conflicts Related to the Offer and Sale of Securities.* Certain of PGIM Fixed Income's employees offer and sell securities of, and interests in, commingled funds that it manages. Employees offer and sell securities in connection with their roles as registered representatives of an affiliated broker-dealer, officers of an affiliated trust company, agents of the Insurance Affiliates, approved persons of an affiliated investment adviser or other roles related to such commingled funds. There is an incentive for PGIM Fixed Income's employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to it. In addition, such sales could result in increased compensation to the employee.

*Conflicts Related to Employee/Investment Professional Trading.* Personal trading by PGIM Fixed Income employees creates a conflict when they are trading the same securities or types of securities as PGIM Fixed Income trades on behalf of its clients. This conflict is mitigated by PGIM Fixed Income's personal trading standards and procedures.

*Conflicts Related to Outside Business Activity*. From time to time, certain of PGIM Fixed Income employees or officers engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income's personal conflicts of interest and outside

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business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer.

<u>PINEBRIDGE INVESTMENTS LLC</u>

*<u>Sub-Adviser to the Fixed-Income Fund</u>*

PineBridge recognizes that it may be subject to a conflict of interest with respect to allocations of investment opportunities and transactions among its clients. To mitigate these conflicts, PineBridge's policies and procedures seek to provide that investment decisions are made in accordance with the fiduciary duties owed to such accounts and without consideration of PineBridge's economic, investment or other financial interests. Personal securities transactions by an employee may raise a potential conflict of interest when an employee trades in a security that is considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client, in that the employee may be able to personally benefit from prior knowledge of transactions for a client by trading in a personal account. PineBridge has policies to address potential conflicts of interest when its employees buy or sell securities also bought or sold for clients. Under certain circumstances, conflicts may arise in cases where different clients of PineBridge invest in different parts of a single issuer's capital structure, including circumstances in which one or more PineBridge clients may own private securities or obligations of an issuer and other PineBridge clients may own public securities of the same issuer. Such conflicts of interest will be discussed and resolved on a case-by-case basis and will take into consideration the interest of the relevant clients, the circumstances giving rise to the conflict, and applicable regulations. For a more detailed discussion of conflicts of interest, please refer to PineBridge Investment LLC's Form ADV Part 2.

<u>PUTNAM INVESTMENT MANAGEMENT, LLC</u>

*<u>Sub-Adviser to the Domestic Equity Fund</u>*

*Potential Conflicts of Interest*. Like other investment professionals with multiple clients, the Portfolio Managers, Arthur Yeager and Walter Scully, may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The paragraphs below describe some of these potential conflicts, which Putnam believes are faced by investment professionals at most major financial firms. As described below, Putnam has adopted compliance policies and procedures that attempt to address certain of these potential conflicts.

The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading of other accounts could be used to benefit higher-fee accounts (front-running).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.

Putnam attempts to address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example, under Putnam's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All trading must be effected through Putnam's trading desks and normal queues and procedures must be followed (i.e., no special treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Front running is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio Managers may not be guaranteed or specifically allocated any portion of a performance fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of these policies, Putnam has also implemented trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts) are being favored over time.

Potential conflicts of interest may also arise when the Portfolio Managers have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited exceptions, Putnam Management's investment professionals do not have the opportunity to invest in client accounts, other than the Putnam funds. However, in the ordinary course of business, Putnam or related persons may from time to time establish "pilot" or "incubator" accounts for the purpose of testing proposed investment strategies and products prior to offering them to clients. These pilot accounts may be in the form of registered investment companies, private funds such as partnerships or separate accounts established by Putnam or an affiliate. Putnam or an affiliate supplies the funding for these accounts. Putnam employees, including the Portfolio Managers, may also invest in certain pilot accounts. Putnam, and to the extent applicable, the Portfolio Managers will benefit from the favorable investment performance of those funds and accounts. Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. Putnam's policy is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation — neither favoring nor disfavoring them except as is legally required. For example, pilot accounts are normally included in Putnam's daily block trades to the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).

A potential conflict of interest may arise when the fund and other accounts purchase or sell the same securities. On occasions when the Portfolio Managers consider the purchase or sale of a security to be in the best interests of the Fund as well as other accounts, Putnam's trading desk may, to the extent permitted by applicable laws and regulations and where practicable, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another in allocating the securities purchased or sold — for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account. Putnam's trade allocation policies generally provide that each day's transactions in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such accounts (including the Fund) in a manner which in Putnam's opinion is equitable to each account and in accordance with the amount being purchased or sold by each account. However, accounts advised or sub-advised by Putnam Investment Limited (PIL) will only place trades at an execution-only commission rate, whereas other Putnam accounts may pay an additional amount for research and other products and services (a "bundled" or "full service" rate). Putnam may aggregate trades in PIL accounts with other Putnam accounts that pay a bundled rate as long as all participating accounts pay the same execution rate. To the extent that non-PIL accounts pay a bundled rate, the PIL and other Putnam accounts would not be paying the same total commission rate. Certain other exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of Putnam's trade oversight procedures in an attempt to ensure fairness over time across accounts.

"Cross trades," in which one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay, or if such trades result in more attractive investments being allocated to higher-fee accounts. Putnam has adopted compliance procedures that provide that any transactions between the Fund and another Putnam-advised account are to be made at an independent current market price, as required by law.

Another potential conflict of interest may arise based on the different goals and strategies of the Fund and other accounts. For example, another account may have a shorter-term investment horizon or different goals, policies or restrictions than the fund. Depending on goals or other factors, the Portfolio Managers may give advice and make decisions for another account that may differ from advice given, or the timing or nature of decisions made, with respect to the Fund. In addition, investment decisions are the product of many factors in addition to basic

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suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio Managers when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts. As noted above, Putnam has implemented trade oversight and review procedures to monitor whether any account is systematically favored over time.

Under federal securities laws, a short sale of a security by another client of Putnam or its affiliates (other than another registered investment company) within five business days prior to a public offering of the same securities (the timing of which is generally not known to Putnam in advance) may prohibit the Fund from participating in the public offering, which could cause the Fund to miss an otherwise favorable investment opportunity or to pay a higher price for the securities in the secondary markets.

The Portfolio Managers may also face other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the Fund and other accounts.

<u>PZENA</u>

*<u>Sub-Adviser to the International Equity Fund</u>*

In Pzena's view, conflicts of interest may arise in managing the fund's portfolio investments, on the one hand, and the portfolios of Pzena's other clients and/or accounts (together "Accounts"), on the other. Set forth below is a brief description of some of the material conflicts that may arise and Pzena's policy or procedure for handling such conflicts.

Although Pzena has designed such procedures to prevent and address conflicts, there is no guarantee that these procedures will detect every situation in which a conflict could arise.

The management of multiple Accounts inherently carries the risk that there may be competing interests for the portfolio management team's time and attention. Pzena seeks to minimize this by using one investment approach (i.e., classic value investing), and by managing all Accounts on a strategy-specific basis. If the portfolio management team identifies a limited investment opportunity that may be suitable for more than one Account, the fund may not be able to take full advantage of that opportunity; however, Pzena has adopted procedures for allocating portfolio transactions across Accounts so that each Account is treated fairly. With respect to partial fills for an order, depending on the size of the execution, Pzena may choose to allocate the executed shares on a pro-rata basis, or on a random basis. As with all trade allocations each Account generally receives pro-rata allocations of any new issue or IPO security that is appropriate for its investment objective. Permissible reasons for excluding an Account from an otherwise acceptable IPO or new issue investment include the Account having FINRA restricted person status, lack of available cash to make the purchase, a client-imposed trading prohibition on IPOs or on the business of the issuer, and brokerage restrictions.

With respect to securities transactions for the Accounts, Pzena determines which broker to use to execute each order, consistent with its duty to seek best execution. Pzena will bunch or aggregate like orders when it believes doing so will be beneficial to the Accounts. However, with respect to certain Accounts, Pzena may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Pzena may place separate, non-simultaneous, transactions for the fund and another Account, which may temporarily impact the market price of the security or the execution of the transaction to the detriment of one or the other.

Conflicts of interest may arise when members of the portfolio management team transact personally in securities investments made or to be made for the fund or other Accounts. To address this, Pzena has adopted a written Code of Business Conduct and Ethics designed to prevent and detect personal trading activities that may interfere or conflict with client interests (including fund shareholders' interests) or its current investment strategy. The Code of Business Conduct and Ethics generally requires that most transactions in securities by Pzena's Access Persons and certain related persons, whether or not such securities are purchased or sold on behalf of the Accounts, be cleared prior to execution by appropriate approving parties and compliance personnel. Securities transactions for Access Persons' personal accounts also are subject to ongoing reporting requirements and annual and quarterly certification requirements. In addition, no Access Person shall be permitted to effect a short-term trade (i.e., to

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purchase and subsequently sell within 60 calendar days, or to sell and subsequently purchase, within 60 calendar days) of non-exempt securities. Finally, orders for proprietary accounts (i.e., accounts of Pzena's principals, affiliates or employees or their immediate family that are managed by Pzena) are subject to written trade allocation procedures designed to ensure fair treatment of client accounts.

Proxy voting for Accounts' securities holdings may also pose certain conflicts. A potential material conflict of interest could exist in the following situations: (i) Pzena manages any pension or other assets affiliated with a publicly traded company, and also holds that company's or an affiliated company's securities in one or more client portfolios; (ii) Pzena has a client relationship with an individual who is a corporate director, or a candidate for a corporate directorship of a public company whose securities are in one or more client portfolios; or (iii) A Pzena officer, director or employee, or an immediate family member thereof is a corporate director, or a candidate for a corporate directorship of a public company whose securities are in one or more client portfolios. For purposes hereof, an immediate family member is generally defined as a spouse, child, parent, or sibling. Our proxy voting policies provide for various methods of dealing with these and any other conflict scenarios subsequently identified by the firm.

Pzena manages some Accounts under performance-based fee arrangements. Pzena recognizes that this type of incentive compensation creates the risk for potential conflicts of interest. This structure may create inherent pressure to allocate investments having a greater potential for higher returns to accounts of those clients paying a performance fee. To prevent conflicts of interest associated with managing accounts with different compensation structures, Pzena generally requires portfolio decisions to be made on a product-specific basis. Pzena also requires pre-allocation of all client orders based on specific fee-neutral criteria. Additionally, Pzena requires average pricing of all aggregated orders. Finally, Pzena has adopted a policy prohibiting portfolio managers (and all employees) from placing the investment interests of one client or a group of clients with the same investment objectives above the investment interests of any other client or group of clients with the same or similar investment objectives. These measures help Pzena mitigate some of the conflicts that its management of private investment companies would otherwise present. Investment personnel of the firm or its affiliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conflicts of interest from such involvement would be monitored for compliance with the firm's Code of Ethics.

<u>TEACHERS ADVISORS, LLC</u>

*<u>Sub-Adviser to the Fixed-Income Fund</u>*

Portfolio managers of Teachers Advisors, LLC (TAL) may also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for the parent company of TAL, Teachers Insurance and Annuity Association of America (TIAA), its affiliated investment advisers, or other client or proprietary accounts (collectively, TAL Accounts), which may raise potential conflicts of interest. TAL has put in place policies and procedures designed to mitigate any such conflicts. Additionally, TIAA or its affiliates may be involved in certain investment opportunities that have the effect of restricting or limiting Fund participation in such investment opportunities. Such conflicts and mitigating policies and procedures include the following:

*TIAA.* TIAA or its affiliates sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, the Fixed-Income Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to a TAL Account's investments and/or the internal policies of TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when TAL will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of TIAA or its affiliates may also limit the investment strategies and rights of the Fixed-Income Fund. For example, in certain circumstances where the Fixed-Income Fund invests in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by TIAA or its affiliates for the Fixed-Income Fund and TAL Accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of TAL, on behalf of the Fixed-Income Fund or TAL Accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, TAL, on behalf of the Fixed-Income

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Fund or TAL Accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when TAL, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

*Conflicting Positions.* Investment decisions made for the Fixed-Income Fund may differ from, and may conflict with, investment decisions made by TAL or any of its affiliated investment advisers, for TAL Accounts due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if a TAL Account were to sell a significant position in a security while the Fixed-Income Fund maintained its position in that security, the market price of such security could decrease and adversely impact the Fixed-Income Fund's performance. In the case of a short sale, the selling TAL Account would benefit from any decrease in price. Conflicts may also arise in cases where the Fixed-Income Fund or TAL Accounts are invested in different parts of an issuer's capital structure. In negotiating the terms and conditions of any such investments, TAL (or, in the case of a TAL Account, an affiliated investment adviser) may find that the interests of the debt-holding Fund (or TAL Account) and the equity-holding TAL Account (or the Fixed-Income Fund) may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt-holding Funds (or TAL Accounts) may be better served by a liquidation of an issuer in which they could be paid in full, while equity-holding TAL Accounts (or the Fixed-Income Fund) might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer's senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be the Fixed-Income Fund (or a TAL Account). Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis pursuant to policies and procedures designed to mitigate any such conflicts. Any such discussions will factor in the interests of the relevant parties and applicable laws and regulations. TAL may seek to avoid such conflicts, and, as a result, TAL may choose not to make such investments on behalf of the Fixed-Income Fund, which may adversely affect the Fixed-Income Fund's performance if similarly attractive opportunities are not available or identified.

*Allocation of Investment Opportunities.* Even where TAL Accounts have similar investment mandates as the Fixed-Income Fund, TAL may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more TAL Accounts, but not for the Fixed-Income Fund, or are appropriate for the Fixed-Income Fund but in different amounts, terms or timing than is appropriate for a TAL Account. As a result, the amount, terms or timing of an investment by the Fixed-Income Fund may differ from, and performance may be lower than, investments and performance of a TAL Account.

*Aggregation and Allocation of Orders.* TAL may aggregate orders of the Fixed-Income Fund and TAL Accounts, in each case consistent with TAL's policy to seek best execution for all orders. Although aggregating orders is a common means of reducing transaction costs for participating TAL Accounts and the Fixed-Income Fund, TAL may be perceived as causing the Fixed-Income Fund or TAL Account to participate in an aggregated transaction in order to increase TAL's overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for TAL to disproportionately allocate securities expected to increase in value to certain TAL Accounts at the expense of the Fixed-Income Fund. In addition, the Fixed-Income Fund may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.

TAL has adopted procedures designed to mitigate the foregoing conflicts of interest by treating the Fixed-Income Fund and TAL Account it sub- advises or advises fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, TAL's trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that the Fixed-Income Fund and TAL Accounts are being treated fairly and equitably over time.

<u>WCM INVESTMENT MANAGEMENT, LLC</u>

*<u>Sub-Adviser to the International Equity Fund</u>*

The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. The firm seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a

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particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. The separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The firm seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While WCM has adopted a code of ethics which we believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

In addition, WCM has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**Conflicts Associated with Sub-Advisers**

The Sub-Advisers have interests and relationships that may create conflicts of interest related to their management of the assets of the Funds allocated to such Sub-Advisers. Such conflicts of interest may be similar to, different from or supplement those conflicts described herein relating to USBAM. For example, because USBAM primarily acts as a manager of advisers with respect to the Funds while the Sub-Advisers engage in direct trading strategies for the assets allocated to them, the Sub-Advisers may have potential conflicts of interest related to the investment of client assets in securities and other instruments that may not apply to USBAM unless USBAM is directly managing a portion of the assets of a Fund, or may apply to USBAM in a different or more limited manner. Such conflicts may relate to the Sub-Advisers' trading and investment practices, including their selection of broker-dealers, soft-dollar arrangements, aggregation of orders for multiple clients or netting of orders for the same client and the investment of client assets in companies in which they have an interest.

A Sub-Adviser may manage or advise multiple accounts (Sub-Adviser's Accounts) that have investment objectives that are similar to those of the Funds and that may make investments or sell investments in the same securities or other instruments, sectors or strategies as the Funds. This creates potential conflicts, particularly in circumstances where the availability of such investment opportunities is limited (*e.g.*, in local and emerging markets, high yield securities, fixed income securities, regulated industries, small capitalization securities, investments in MLPs in the oil and gas industry and initial public offerings/new issues), where the liquidity of such investment opportunities is limited or where a Sub-Adviser limits the number of clients whose assets it manages. The Sub-Advisers have established policies with respect to the Sub-Adviser's Accounts to mitigate these conflicts.

The Sub-Advisers do not receive performance-based compensation for their investment management activities on behalf of the Funds. However, a Sub-Adviser may simultaneously manage Sub-Adviser's Accounts for which the Sub-Adviser receives a higher rate of fees or other compensation (including performance-based fees or allocations) than it receives from a Fund. The simultaneous management of Sub-Adviser's Accounts that pay higher fees or other compensation and the Funds creates a conflict of interest as a Sub-Adviser may have an incentive to favor Sub-Adviser's Accounts with the potential to receive higher fees to the detriment of a Fund. For instance, a Sub-Adviser may be faced with a conflict of interest when allocating scarce investment opportunities given the possibly greater fees from Accounts that pay performance-based fees. Certain of the Sub- Advisers may engage in transactions with affiliated brokers as governed by Rule 17e-1 under the 1940 Act. Sub-Advisers may also utilize soft dollars as described under "Investment Advisory Agreement and Sub-Advisory Agreements" above. The Sub-Advisers have adopted policies and procedures that they believe will mitigate the conflicts that may arise from their respective brokerage practices.

To address these potential conflicts, each Sub-Adviser has developed policies and procedures that provide that personnel making portfolio decisions for the Sub-Adviser's Accounts will make purchase and sale decisions for,

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and allocate investment opportunities among, the Sub-Adviser's Accounts (including the Funds) consistent with the Sub-Adviser's fiduciary obligations.

Additional information about potential conflicts of interest regarding the Sub-Advisers is set forth in each Sub-Adviser's Form ADV, which prospective shareholders should review prior to purchasing Fund shares. A copy of Part 1 and Part 2A of Each Sub-Adviser and USBAM's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

**Portfolio Manager Compensation Structure and Methods**

***Investment Adviser (All Funds):*** The Investment Adviser compensates the Funds' portfolio managers through a base salary and an annual bonus. The bonus is determined based on the profitability of the Investment Adviser; each business unit's contribution to the overall profitability of the Investment Adviser; and each individual's contribution to the business unit's success, which includes an assessment of qualitative and quantitative performance of client accounts. Portfolio managers that serve as managing directors are expected to purchase additional stock in the Investment Adviser as part of the bonus process.

***Acadian Asset Management, LLC (International Equity Fund):*** Compensation structure varies among professionals, although the basic package involves a generous base salary, strong bonus potential, profit sharing participation, various benefits, and, among the majority of senior investment professionals and certain other key employees, equity interest in the firm as part of the Acadian Key Employee Limited Partnership. Compensation is highly incentive-driven, with Acadian often paying in excess of 100% of base pay for performance bonuses. Bonuses are tied directly to the individual's contribution and performance during the year, with members of the investment team evaluated on such factors as their contributions to the investment process, account retention, asset growth, and overall firm performance. Since portfolio management in our equity strategies is a team approach, investment team members' compensation is not linked to the performance of specific accounts but rather to the individual's overall contribution to the success of the team and the firm's profitability. This helps to ensure an "even playing field" as investment team members are strongly incentivized to strive for the best possible portfolio performance for all clients rather than only for select accounts.

***Aristotle Atlantic Partners, LLC (Domestic Equity Fund):*** All investment professionals are compensated by competitive base salaries and are eligible to receive an annual bonus that reflects an individual's team contribution to company objectives. (Market indices are not used in determining an employee's annual bonus.) Each portfolio manager at Aristotle Atlantic is an equity partner of the firm and receives a portion of the overall profits of Aristotle Atlantic as part of his ownership interest. Aristotle Atlantic's culture is driven by a collegial and collaborative atmosphere that inspires teamwork and does not foster a "zero sum" environment where individual analysts are perceived to be in competition with one another.

***Aristotle Capital Management, LLC (International Equity Fund):*** All investment professionals are compensated by competitive base salaries and are eligible to receive an annual bonus that reflects an individual's team contribution to company objectives. (Market indices are not used in determining an employee's annual bonus.) Each portfolio manager at Aristotle Capital is an equity partner of the firm and receives a portion of the overall profits of Aristotle Capital as part of his ownership interest. Aristotle Capital's culture is driven by a collegial and collaborative atmosphere that inspires teamwork and does not foster a "zero sum" environment where individual analysts are perceived to be in competition with one another.

***Brown Brothers Harriman Credit Partners, LLC (Fixed-Income Fund):*** Mr. Hohmann is a Partner of BBH&Co. and Portfolio Manager of BBH Credit Partners. As a Partner, most of his compensation is linked directly to the profits of BBH&Co. through a working interest in BBH&Co.'s profits and a return on capital invested in BBH&Co. Mr. Hohmann's working interest is set at the beginning of each calendar year by BBH&Co.'s Executive Committee based on his overall contribution to BBH&Co., including the investment performance and profitability of the Funds and other funds and accounts that he manages and co-manage. Mr. Hohmann has also invested capital in BBH&Co. and receives an annual return on his invested capital that fluctuates each year based on the overall profits of BBH&Co. Mr. Hohmann is also paid a salary.

Messrs. Hofer and Ling are Portfolio Managers of BBH Credit Partners. They receive a fixed base salary that is based on individual experience and performance and which is consistent with the salaries paid to other Portfolio Managers of BBH Credit Partners. In addition, they receive incentive compensation (Incentive Compensation) which includes an annual bonus (Annual Bonus), a share in BBH Credit Partners profits and participation in a profit-sharing plan that applies to all BBH Credit Partners employees. The Annual Bonus is based

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on their performance, the investment performance of their respective Funds and other portfolios co-managed by Mr. Hofer and Mr. Ling, and their leadership, collaboration, and communication skills, A portion of the Incentive Compensation is awarded through participation in a long term incentive plan that vests over time, and the remainder is paid in cash.

***Ninety One North America, Inc. (International Equity Fund):*** The allocated portion of the Fund's portfolio managed by Ninety One is managed on a team basis. The portfolio managers who are primarily responsible for the day-to-day management of Ninety One's allocated portion of the Fund's portfolio are Mr. Ben Lambert and Mr. Adam Child.

*Compensation.* The structure for investment professionals typically includes fixed pay, pension contributions (where relevant), employee benefits and may also include annual discretionary variable compensation, which can include both cash and deferred elements.

<u>Fixed pay, pension contributions, and employee benefits</u>

Fixed remuneration (including salaries) is reviewed annually and designed to reflect the relative skills and experience of, and contribution made, by each employee.

Employee benefits include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Life and permanent health insurances and medical cover, which vary according to local market norms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer pension contributions (where relevant) are based on annual salary only and not on other fixed remuneration, bonuses or the value of other benefits. No discretionary pension benefits are paid.

<u>Discretionary annual variable compensation</u>

Ninety One operates an annual discretionary cash bonus scheme and an annual discretionary deferred bonus scheme. The primary determinant of the variable compensation pool available for distribution is Ninety One's own annual profit. Given our business is oriented towards meeting the long-term objectives of our clients, there are no significant fluctuations in profit levels (and therefore bonus pools) year on year. The pool is divided between the business divisions based on considerations of both financial and non-financial performance.

Currently, all Ninety One employees are eligible to be considered for a cash bonus payment under the scheme. Any payments made under the scheme are at the discretion of Ninety One and based on a number of qualitative and quantitative factors including multi-year performance and non-financial metrics such as compliance and risk awareness.

Where Ninety One's financial performance is subdued or negative, total variable remuneration would be contracted in line with weaker financial results, taking into account both current remuneration and potential reductions in payouts of amounts previously earned. Ninety One's total variable remuneration should therefore not limit its ability to strengthen its capital base as it is paid out of profits. This structure has been a key contributor to the long-term success of Ninety One and encourages our employees to behave like owners. Ninety One believes in aligning the long-term interests of clients, shareholders, and employees.

<u>Deferred bonus scheme</u>

Participation in the deferred bonus scheme is determined on an annual basis at the discretion of Ninety One Remuneration Committee based on the roles of individual employees. The purpose of the deferred bonus scheme is to retain key employees, provide better alignment of the interests with both clients and Ninety One, and to manage potential, currently unknown, future risks.

The conditions for participation in the deferred bonus scheme are determined annually based on the remuneration requirements. This will take into consideration local market remuneration practices and compliance with relevant regulations.

The deferred bonus awards are made in the form of a combination of investments into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment funds managed by Ninety One, with specific allocations (normally 50%) for portfolio managers and analysts into the funds for which they are responsible; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listed shares in Ninety One (normally allocations of at least 25%).

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The deferral period is just over three years and awards are only paid out under specific listed conditions. The awards do not accrue to the employee until the end of the deferral period. For deferrals into investment funds, these awards remain both assets and liabilities on the balance sheet of Ninety One until that time.

Employees forfeit their allocations if they resign or their employment terminates prior to the vesting date unless discretion is otherwise exercised by Ninety One. Any sums deferred would be subject to forfeiture in the event of serious compliance or risk breach, or termination for gross misconduct prior to the end of the deferral period.

<u>Ninety One Equity Participation Programme</u>

In August 2013, key employees of Ninety One acquired a 15% stake in the business, ultimately through a trust structure in which each participant owns a portion of the underlying trust assets. This structure locks in key talent and aligns employees' interests with the interests of the firm as a whole, our shareholders, and our clients. As of March 31, 2025, the stake has increased to approximately 31%.

***Osterweis Capital Management, LLC (Domestic Equity Fund)*:** OCM Portfolio Manager's individual compensation has been structured to promote a focus on the long-term, rather than the short-term and to align the portfolio management team's interests with those of fund shareholders. Investment professionals are compensated with a base salary, year-end bonuses, and equity. Bonuses are awarded on a discretionary basis to reflect each professional's recent job performance and the overall health of the firm. Equity is awarded based on each professional's contribution to long-term performance. Compensation is not specifically based on assets under management.

Messrs. Callinan, Wong, and Unger are Members of Osterweis Capital Management, LLC, ("OCM") and therefore entitled earnings proportionate to their ownership interests. Their compensation also includes fixed salaries that are determined after considering appropriate industry standards. Their salaries are not based on the performance of the fund or OCM's overall assets. They may also receive discretionary bonuses that are not fixed. Their discretionary bonuses are determined by a subjective evaluation of, for example but without limitation to, their contribution to the performance of the Fund and other accounts that they manage, their contributions to the quality of research and investment ideas generated by OCM, and the overall financial condition of the OCM. They also participate in a retirement plan.

***PGIM, Inc. (Fixed-Income Fund):* Compensation**. The base salary of an investment professional in the PGIM Fixed Income unit of PGIM is primarily based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. PGIM Fixed Income is allocated an overall incentive pool based on the investment and financial performance of the business. Incentive compensation for investment professionals, including the annual cash bonus, the long-term equity grant and grants under PGIM Fixed Income's long-term incentive plans, is primarily based on such person's contribution to PGIM Fixed Income's goal of providing investment performance to clients consistent with portfolio objectives, guidelines, risk parameters, and its compliance risk management and other policies, as well as market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an investment professional's qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not solely based on the performance of, or value of assets in, any single account or group of client accounts.

The PGIM Fixed Income unit within PGIM Limited (PGIM Fixed Income (U.K.)) has adopted a remuneration policy in relation to activities conducted through the entities authorized and regulated by the FCA in the United Kingdom. The remuneration policy is intended to be compliant with the United Kingdom's Investment Firms Prudential Regime (IFPR) and governs the remuneration of PGIM Fixed Income (U.K.) staff and "material risk takers" of PGIM Fixed Income (U.K.) including those that are based outside the United Kingdom.

An investment professional's annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of PGIM Fixed Income's operating income and the percentage used to calculate the pool may be refined by factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of investment professionals receiving a bonus and related peer group compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial metrics of the business relative to those of appropriate peer groups; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment performance of portfolios: relative to appropriate peer groups; and/or as measured against relevant investment indices.

Long-term compensation consists of Prudential Financial, Inc. restricted stock and grants under the long-term incentive plan and targeted long-term incentive plan. The long-term incentive plan is intended to align compensation with investment performance. The targeted long-term incentive plan is intended to align the interests of certain of PGIM Fixed Income's investment professionals with the performance of the particular alternative investment strategies or commingled investment vehicles they manage. Grants under the long-term incentive plan and targeted long-term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For the long-term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based on the performance of investment composites representing a number of PGIM Fixed Income's investment strategies. With respect to targeted long-term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based (as applicable) on the performance of either a composite of particular alternative investment strategies or a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. In addition, PGIM Fixed Income may, in the future, grant carried interest awards which would allow certain investment professionals to receive a portion of the carried interest or other performance-related remuneration related to an investment vehicle or mandate. The CEO of PGIM Fixed Income also receives performance shares which represent the right to receive shares of Prudential Financial, Inc. common stock conditioned upon, and subject to, the achievement of specified financial performance goals by Prudential Financial, Inc. Each of the restricted stock, grants under the long-term incentive plans, and performance shares is subject to vesting requirements.

***PineBridge Investments LLC (Fixed-Income Fund)*:** PineBridge's compensation program by role is competitively aligned with industry standards. PineBridge's Board of Directors maintains a Compensation Subcommittee to review its programs. This is also one of the main tasks of the Firm's Governance Committee.

Portfolio managers, analysts, and traders are evaluated on the pre-tax performance of the securities and portfolios they manage and/or trade compared to relevant index and peer group benchmarks and is consistent with market levels for the retention of superior investment professionals. While performance is reported quarterly, a full-year performance review is completed as part of the annual bonus process. The investment professionals receive an annual bonus that is determined by the co-heads based on evaluation of their contribution to performance, contribution to teamwork, as well as the overall portfolio/team performance. PineBridge has worked hard to assure that Team members' bonus compensation is in line with industry standards. The Team is paid through a combination of cash and deferred compensation. Several senior members of the Team have equity ownership in the firm, which advances their alignment with the products to one with the longer-term performance of the company.

***Putnam (Domestic Equity Fund):* Compensation.** The Investment Manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually, and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

**Base salary.** Each portfolio manager is paid a base salary.

**Annual bonus.** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash and restricted shares of Franklin Resources, Inc. ("Resources") stock and mutual fund shares. The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the Investment Manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the Investment Manager and/or other officers of the Investment Manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment performance.* Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-investment performance.* The more qualitative contributions of the portfolio manager to the Investment Manager's business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Responsibilities.* The characteristics and complexity of funds managed by the portfolio manager are factored in the Investment Manager's appraisal.

**Additional long-term equity-based compensation.** Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

**Benefits.** Portfolio managers also participate in benefit plans and programs available generally to all employees of the Investment Manager.

***Pzena Investment Management, LLC (International Equity Fund):*** Pzena's investment team's compensation plan is designed to reward superior performers. The system has three elements: base salary, discretionary bonus, and, as appropriate, equity ownership. All members of Pzena's investment team are considered analysts with certain individuals having portfolio management responsibilities.

Pzena's stated objective regarding compensation is that superior performers should expect to receive compensation (base salary and discretionary bonus) on the high end of market rates based on their role and experience as measured by one of the asset management industry's largest compensation surveys. Base pay is in line with industry averages and is complemented by a discretionary bonus based on a blend of quantitative and qualitative measures of the analysts' and portfolio managers' bodies of work. The quantitative measure reflects the scope of responsibilities and productivity (e.g., number of companies under coverage, number of new businesses researched). The qualitative measure reflects the quality of investment analysis and decision-making. Pzena's investment decision-making process is driven by their focus on the question, "Would we buy the entire business at the current price?" Thus, Pzena's long-term investment outcomes reflect whether they correctly identified the key drivers that influence a company's earnings power, and whether they omitted anything that "should" have been known. Pzena's focus in assessing the team is on the quality of the analysis and not on the stock price performance. As value investors, some of Pzena's investments inevitably will work out to the downside; hence, they want to separate the outcomes from the quality of the decision-making. Long term, Pzena's portfolio-level performance reflects the quality of decision-making at the security level.

All of Pzena's long-tenured investment team members are equity owners. They believe this aligns the long-term interests of their clients with that of the investment team. Consideration for ownership typically requires a period of employment of five years at the firm.

***Teachers Advisers, LLC (Fixed-Income Fund):*** Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

*Base salary*. A portfolio manager's base salary is determined based upon an analysis of the portfolio manager's general performance, experience and market levels of base pay for such position.

*Cash bonus*. A portfolio manager is eligible to receive an annual cash bonus that is based on variables including: risk-adjusted investment performance relative to benchmark generally measured over certain periods, ranking versus peer funds generally measured over certain periods, and management and peer reviews.

*Long-term performance award*. A portfolio manager is eligible to receive a long-term performance award that vests over time. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

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*Profits interest plan*. Portfolio managers are eligible to receive profits interests in TAL and certain affiliates, which vest over time and entitle their holders to a percentage of the firms' annual profits. Profits interests are allocated to each portfolio manager based on such person's overall contribution.

***WCM Investment Management, LLC (International Equity Fund):*** Compensation for all WCM portfolio management personnel consists of both a salary and a bonus component. Salary levels are based on the individual's degree of industry tenure, experience, and responsibilities at WCM. The bonus component is discretionary based on the portfolio manager's individual performance and the overall performance of WCM, taking into account both qualitative and quantitative performance measures in the management of their funds and other responsibilities. Bonuses are calculated based on a combination of factors, including, assets under management and company profitability. Portfolio managers may also receive long-term incentive bonus in the form of shares of WCM. Employees are also eligible to participate in a 401(k) program which has a company match that includes a contribution based on the profitability of WCM.

**Disclosure of Securities Ownership**

As of September 30, 2025, unless provided otherwise, the table below provides beneficial ownership of shares of the portfolio managers of the Funds. Please note that the table provides a dollar range of a portfolio manager's holdings in each Fund (None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or each $1,000,000).

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| | | |
|:---|:---|:---|
| **<u>Portfolio Manager</u>** | **<u>Name of Fund</u>** | **Dollar Range** <br>**Of Equity** <br>**Securities In the Funds Managed by the** <br>**Portfolio Manager** |
| John Spagnola (USBAM) | First American Multi-Manager Domestic Equity Fund | None |
| | First American Multi-Manager International Equity Fund | None |
| | First American Multi-Manager Fixed-Income Fund | None |
| Surya Pisapati (USBAM) | First American Multi-Manager Domestic Equity Fund | None |
| | First American Multi-Manager International Equity Fund | None |
| | First American Multi-Manager Fixed-Income Fund | None |
| Kenneth Schiebel (USBAM) | First American Multi-Manager Domestic Equity Fund | None |
| | First American Multi-Manager International Equity Fund | None |
| | First American Multi-Manager Fixed-Income Fund | None |
| Patrick Mahoney (USBAM) | First American Multi-Manager Domestic Equity Fund | None |
| | First American Multi-Manager International Equity Fund | None |
| | First American Multi-Manager Fixed-Income Fund | None |
| James Palmer (USBAM) | First American Multi-Manager Domestic Equity Fund | None |
| | First American Multi-Manager International Equity Fund | None |
| | First American Multi-Manager Fixed-Income Fund | None |
| Greg Haendel (USBAM) | First American Multi-Manager Fixed-Income Fund | None |

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| | | |
|:---|:---|:---|
| **<u>Portfolio Manager</u>** | **<u>Name of Fund</u>** | **Dollar Range** <br>**Of Equity** <br>**Securities In the Funds Managed by the** <br>**Portfolio Manager** |
| Jason Sharpe (USBAM) | First American Multi-Manager Fixed-Income Fund | None |
| Philip Levy (USBAM) | First American Multi-Manager Fixed-Income Fund | None |
| James L. Callinan (Osterweis) | First American Multi-Manager Domestic Equity Fund | None |
| Bryan Wong (Osterweis) | First American Multi-Manager Domestic Equity Fund | None |
| Matt Unger (Osterweis) | First American Multi-Manager Domestic Equity Fund | None |
| Arthur Yeager (Putnam) | First American Multi-Manager Domestic Equity Fund | None |
| Walter Scully (Putnam) | First American Multi-Manager Domestic Equity Fund | None |
| Geoffrey S. Stewart (Aristotle) | First American Multi-Manager International Equity Fund | None |
| Sean M. Thorpe (Aristotle) | First American Multi-Manager International Equity Fund | None |
| Ben Lambert (Ninety One) | First American Multi-Manager International Equity Fund | None |
| Adam Child (Ninety One) | First American Multi-Manager International Equity Fund | None |
| Rakesh Bordia (Pzena) | First American Multi-Manager International Equity Fund | None |
| Caroline Cai (Pzena) | First American Multi-Manager International Equity Fund | None |
| Allison Fisch (Pzena) | First American Multi-Manager International Equity Fund | None |
| Akhil Subramanian (Pzena) | First American Multi-Manager International Equity Fund | None |
| Sanjay Ayer (WCM) | First American Multi-Manager International Equity Fund | None |
| Paul R. Black (WCM) | First American Multi-Manager International Equity Fund | None |
| Michael B. Trigg (WCM) | First American Multi-Manager International Equity Fund | None |
| Jon Tringale (WCM) | First American Multi-Manager International Equity Fund | None |
| Neil Hohmann (BBH) | First American Multi-Manager Fixed-Income Fund | None |
| Andrew Hofer (BBH) | First American Multi-Manager Fixed-Income Fund | None |
| Chris Ling (BBH) | First American Multi-Manager Fixed-Income Fund | None |
| Robert A. Vanden Assem (PineBridge) | First American Multi-Manager Fixed-Income Fund | None |
| Dana G. Burns (PineBridge) | First American Multi-Manager Fixed-Income Fund | None |
| Richard Piccirillo (PGIM) | First American Multi-Manager Fixed-Income Fund | None |
| Gregory Peters (PGIM) | First American Multi-Manager Fixed-Income Fund | None |

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| | | |
|:---|:---|:---|
| **<u>Portfolio Manager</u>** | **<u>Name of Fund</u>** | **Dollar Range** <br>**Of Equity** <br>**Securities In the Funds Managed by the** <br>**Portfolio Manager** |
| Matthew Angelucci (PGIM) | First American Multi-Manager Fixed-Income Fund | None |
| Tyler Thorn (PGIM) | First American Multi-Manager Fixed-Income Fund | None |
| Stephen M. Liberatore (Teachers) | First American Multi-Manager Fixed-Income Fund | None |
| Jessica Zarzycki (Teachers) | First American Multi-Manager Fixed-Income Fund | None |

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**ADMINISTRATOR, TRANSFER AGENT AND CUSTODIAN**

<u>Administrator</u>

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (Fund Services or Transfer Agent), serves as administrator, transfer agent, and index receipt agent for the Funds. Fund Services' principal address is 615 East Michigan Street, Milwaukee, Wisconsin 53202. Pursuant to Fund Servicing Agreements, Fund Services provides the Trust with administrative and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. In this capacity, Fund Services does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund Shares. As compensation for the administration and accounting services, the Funds pay Fund Services a fee based on each Fund's average daily net assets, subject to a minimum annual fee. Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The table below shows the fees paid to Fund Services for fund accounting services and fund administration services, and to State Street, the Funds' previous administrator and fund accountant, for the last three fiscal years ended September 30.

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| | | | |
|:---|:---|:---|:---|
| **<u>Name of Fund</u>** | **<u>2023</u>**<sup>1</sup> | **<u>2024</u>**<sup>23</sup> | **<u>2025</u>** |
| First American Multi-Manager Domestic Equity Fund | $198053 | $202381 | $182330 |
| First American Multi-Manager International Equity Fund | $172032 | $231644 | $181858 |
| First American Multi-Manager Fixed-Income Fund | $433804 | $526294 | $542944 |

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<sup>1</sup> Fees paid to State Street.

<sup>2</sup> Fees paid to State Street for the period October 1, 2023 through October 9, 2023.

<sup>3</sup> Fees paid to Fund Services for the period October 10, 2023 through September 30, 2024.

<u>Transfer Agent</u>

Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's transfer agent pursuant to a Transfer Agency and Shareholder Servicing Agreement between Fund Services and the Funds dated October 10, 2023. Pursuant to the Transfer Agency and Shareholder Servicing Agreement, the Funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum per share class fee. These fees are charged to each Fund based on the number of accounts within the Fund. The Fund reimburses Fund Services for out-of-pocket expenses incurred in providing transfer agent services.

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<u>Custodian</u>

U.S. Bank National Association (Custodian), whose principal business address is 1555 North Rivercenter Drive, Suite 302, Milwaukee, WI 53212, provides custody services to the Funds pursuant to a custody agreement.

The Custodian may maintain custody of such assets with U.S. and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies), subject to policies and procedures approved by the Board. Assets of the Funds are not held by the Investment Adviser or commingled with the assets of other accounts, except to the extent that securities may be held in the name of the Custodian, sub-custodian or foreign custodians in a securities depository, clearing agency or omnibus customer account. The Board has appointed U.S Bank National Association as the Funds' foreign custody manager. U.S Bank National Association is authorized to select one or more foreign or domestic banks or trust companies to serve as sub-custodian on behalf of the Funds, subject to the oversight of the Board. The Board has also delegated the responsibility of selecting, contracting with and monitoring foreign sub-custodians to the Investment Adviser.

**DISTRIBUTOR**

The Trust, on behalf of the Funds, has entered into a Distribution Agreement with the Distributor, with principal offices at 60 Livingston Avenue, EP-MN-WN3C, Saint Paul, MN 55107. The Distributor, an affiliate of USBAM, offers shares of each Fund on a continuous basis.

The Distributor furnishes the services of its personnel to carry out its obligations under the Distribution Agreement at its own expense and without additional cost to the Funds. Under the Distribution Agreement, the Distributor is responsible for using its best efforts to promote the sale of shares, but is not obligated to sell any certain number of shares.

The Distribution Agreement provides that, unless sooner terminated, it will continue in effect for two (2) years initially and thereafter shall continue from year to year, subject to annual approval (i) by a vote of (a) a majority of the outstanding voting securities of each Fund, or (b) the Board, and (ii) by a vote of a majority of the members of the Board who are not parties to the Distribution Agreement or interested persons of any parties to the Distribution Agreement (other than as members of the Board), cast in person at a meeting called for the purpose of voting on the Agreement.

The Distribution Agreement may be terminated by any Fund at any time, without the payment of any penalty, (i) by a vote of the Board or by vote of a majority of the outstanding shares of the Trust or a Fund on 90 days' written notice to the Distributor; or (ii) by the Distributor on ninety (90) days' written notice to the Trust. The Distribution Agreement will automatically terminate in the event of its assignment.

The Distributor or an affiliate may compensate, or upon direction make payments for certain retirement plan expenses to, intermediaries, including retirement plan sponsors, administrators, and service providers (including affiliates of the Distributor). A number of factors are considered in determining whether to pay these additional amounts. Such factors may include, without limitation, the level or type of services provided by the intermediary, the level or expected level of assets or sales of shares, and other factors. In addition to such payments, the Distributor or an affiliate may offer other incentives such as sponsorship of educational or client seminars relating to current products and issues, payments or reimbursements for travel and related expenses associated with due diligence trips that an intermediary may undertake in order to explore possible business relationships with affiliates of the Distributor, and/or payments of costs and expenses associated with attendance at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary. As permitted by SEC and Financial Industry Regulatory Authority (FINRA) rules and other applicable laws and regulations, the Distributor or an affiliate may pay or allow other incentives or payments to intermediaries.

An affiliate of a Fund may also make payments and reimbursements from its own resources to certain intermediaries for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. The Distributor or an affiliate may also make payments to banks, broker-dealers and other service providers (who may be affiliated with the Distributor) for distribution-related activities and/or shareholder services. If you have purchased shares of the Fund through an investment professional, please speak with your investment professional to learn more about any payments his or her firm may receive from the Investment Adviser, the Distributor and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase.

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Any of the payments described in this section may represent a premium over payments made by other fund families. Investment professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.

The Funds may enter into distribution agreements, shareholder servicing agreements or administrative agreements (Agreements) with certain financial institutions (Service Organizations) to perform certain distribution, shareholder servicing, administrative and accounting services for their customers (Customers) who are beneficial owners of shares of the Funds. A Service Organization (for example, a mutual fund supermarket) includes any broker-dealer, bank (including bank trust departments), registered investment adviser, financial planner, retirement plan administrator and any other institutions having a selling, administration or any similar agreement with the Funds and/or the Investment Adviser. A Service Organization may charge a Customer one or more of the following types of fees, as agreed upon by the Service Organization and the Customer, with respect to the cash management or other services provided by the Service Organization: (1) account fees (a fixed amount per month or per year); (2) transaction fees (a fixed amount per transaction processed); (3) compensating balance requirements (a minimum dollar amount a Customer must maintain in order to obtain the services offered); or (4) account maintenance fees (a periodic charge based upon the percentage of assets in the account or of the dividend paid on those assets). A Customer of a Service Organization should read the Prospectus and SAI in conjunction with the service agreements and other literature describing the services and related fees that will be provided by the Service Organization to its Customers prior to any purchase of shares. No preference will be shown in the selection of Fund portfolio investments for the services of Service Organizations.

**DISTRIBUTION AND SHAREHOLDER SERVICE PLANS**

Each Fund has adopted a Distribution and Shareholder Services Plan (collectively, the "Plans"), pursuant to Rule 12b--1 under the 1940 Act, with respect to its Advisor Class and Class R. Because of the Plans, long-term shareholders may pay more than the economic equivalent of the maximum sales charge permitted by FINRA. However, no Rule 12b-1 plan fee is currently charged to the Funds, and there are no current plans in place to impose a Rule 12b-1 plan fee.

In the event Rule 12b-1 plan fees are charged in the future, under the Plans, each Fund may pay an aggregate amount on an annual basis not to exceed 0.25% and 0.50% of the value of the Fund's average daily net assets attributable to the Advisor Class and Class R, respectively, for services provided under the Plans. The fee may be paid to Service Organizations and/or others for providing services primarily intended to result in the sale of Advisor Class and Class R shares as well as certain shareholder servicing, administrative and accounting services to their customers or clients who beneficially own Advisor Class and Class R.

Services under the Plans include the distribution of shares, the processing of shareholder transactions, other shareholder services not covered by each Fund's transfer agent, advertisement, printing costs and website costs.

The Plans are compensation plans, which provide for the payment of a specified fee without regard to the actual expense incurred by the Distributor. If the Plans were terminated by the Board and successor plans were adopted, each Fund would cease to make payments under the Plans and the Distributor would be unable to recover any unreimbursed expenses. The Plans are intended to benefit each Fund, among other things, by increasing their respective assets through sales and marketing and retaining existing assets by providing shareholder services both of which will help maintain and potentially reduce a Fund's expense ratio.

The Plans will continue in effect for so long as their continuance is specifically approved at least annually by the Board, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of such Plans. The Plans may be terminated at any time, without penalty, by vote of a majority of the Trustees or by a vote of a majority of the outstanding voting shares of the Fund that have invested pursuant to such Plans. No Plans may be amended to increase materially the annual percentage limitation of average net assets which may be spent for the services described therein without approval of the shareholders of the Fund. Material amendments of the Plans must also be approved by the Trustees as provided in Rule 12b-1.

No interested person of the Funds or any Independent Board member has any direct or indirect financial interest in the operation of the Plans except to the extent that the Distributor and certain of its employees may be deemed to have such an interest as a result of receiving a portion of the amounts expended under the Plans.

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As stated in the Prospectus, the Investment Adviser may, at its own expense and out of its own legitimate profits, provide additional cash payments to financial intermediaries that distribute shares of the Funds. These payments, sometimes referred to as "revenue sharing," do not change the price paid by investors to purchase a Fund's shares or the amount the Fund receives as proceeds from such sales. However, these payments, which are in addition to Rule 12b-1 fees, may create an incentive for your financial intermediary to sell and recommend certain investment products, including the Funds, over other products for which it may receive less compensation. You may contact your financial intermediary if you want information regarding the payments it receives.

The Investment Adviser or the Distributor may compensate certain dealers that satisfy certain criteria established from time to time by the Investment Adviser or the Distributor relating to the level or type of services provided by the dealer, the sale or expected sale of significant amounts of Fund shares, or other factors.

*Distribution Fees Paid Under the 12b-1 Distribution Plan*

Because Advisor Class and Class R shares have not commenced operations as of the date of this SAI, no distribution and service fees and expenses were paid to the Distributor for the last three fiscal years ended September 30 with respect to the Advisor Class and Class R of any Fund.

**BROKERAGE TRANSACTIONS**

The Advisory Agreement and each Sub-Advisory Agreement authorizes the Investment Adviser and each Sub-Adviser to select the brokers or dealers that will execute the purchases and sales of investment securities for the Funds. A Fund may incur expenses in connection with its transactions. When selecting brokers and dealers to effect these transactions on behalf of the Funds, the Investment Adviser and each Sub-Adviser will seek best execution, taking into account factors such as, but not limited to, price, size of order, difficulty of execution and the operational facilities of the broker or dealer.

Transactions on stock exchanges typically involve the payment of negotiated brokerage commissions. On exchanges on which commissions are negotiated, the cost of transactions may vary among different brokers. In assessing the best overall terms available for any transaction, the Investment Adviser and Sub-Advisers are to consider all factors they deem relevant, including, but not limited to, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Investment Adviser and Sub-Advisers may consider the brokerage and research services provided to the Funds and/or other accounts over which the Investment Adviser or Sub-Advisers, or an affiliate exercises investment discretion. A broker or dealer providing brokerage and/or research services may receive a higher commission than another broker or dealer would receive for the same transaction. These brokerage and research services may include but are not limited to, furnishing of advice, either directly or through publications or writings, as to the value of securities, the advisability of investing in securities and the availability of securities or purchasers or sellers of securities.

The Sub-Advisers also may obtain economic statistics, forecasting services, industry and company analyses, portfolio strategies, quantitative data, quotation services, order management systems for certain purposes, certain news services, credit rating services, testing services, execution services, market information systems, consulting services from economists and political analysts and computer software or on-line data feeds. These services and products may disproportionately benefit other accounts. For example, research or other services paid for through the Funds' commissions may not be used in managing the Funds. In addition, other accounts may receive the benefit, including disproportionate benefits, of economies of scale or price discounts in connection with products or services that may be provided to the Funds and to such other accounts. To the extent that the Sub-Advisers use soft dollars, they will not have to pay for those products or services themselves. The Adviser and Sub-Advisers may receive research that is bundled with the trade execution, clearing, and/or settlement services provided by a particular broker-dealer. In that event, the research will effectively be paid for by client commissions that will also be used to pay for execution, clearing and settlement services provided by the broker-dealer and the research will not be paid for by the Sub-Advisers.

The Sub-Advisers and their affiliates may also receive products and services that provide both research and non-research benefits to them "mixed-use items). The research portion of mixed-use items may be paid for with soft dollars. When paying for the research portion of mixed-use items with soft dollars, the Sub-Advisers must make a good faith allocation between the cost of the research portion and the cost of the non-research portion of the mixed-

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use items. The Sub-Advisers, as the case may be, will pay for the non-research portion of the mixed-use items with hard dollars.

Supplemental research information so received is in addition to, and not in lieu of, services required to be performed by the Sub-Advisers and does not reduce the advisory fees payable to the Investment Adviser by the Funds or the Sub-Advisory fees paid by the Investment Adviser to the Sub-Advisers. The Trustees will periodically review the commissions paid by the Funds to consider whether the commissions paid over representative periods of time appear to be reasonable in relation to the benefits inuring to the Funds. It is possible that certain of the supplemental research or other services received will primarily benefit one or more other investment companies or other accounts. Conversely, a Fund may be the primary beneficiary of the research or services received as a result of portfolio transactions effected for such other account or investment company.

Transactions on U.S. stock exchanges, and increasingly equity securities traded OTC, involve the payment of negotiated brokerage commissions and the cost of transactions may vary among different brokers. OTC transactions in equity securities also may involve the payment of negotiated commissions to brokers. Transactions on foreign stock exchanges involve payment for brokerage commissions, which generally are fixed by applicable regulatory bodies. Many OTC issues, including corporate debt and government securities, are often traded on a "net" basis (*i.e.*, without commission) through dealers, or otherwise involve transactions directly with the issuer of an instrument. With respect to over-the-counter transactions, the Investment Adviser and Sub-Advisers will normally deal directly with dealers who make a market in the instruments involved except in those circumstances where more favorable prices and execution are available elsewhere. The cost of foreign and domestic securities purchased from underwriters includes an underwriting commission or concession, and the prices at which securities are purchased from and sold to dealers include a dealer's mark-up or mark-down.

Transactions between the Funds and their Sub-Advisers and certain of the Sub-Advisers' affiliates are exempted from Section 17(a) of the 1940 Act if the following conditions are met: (1) a Sub-Adviser or its affiliate is not, and is not an affiliated person of, an Investment Adviser responsible for providing advice with respect to the portion of a Fund for which the transaction is entered into, or of any promoter, underwriter, officer, director, member of an advisory board, or employee of the Fund and (2) the advisory contracts of the Sub-Adviser that is (or whose affiliated person is) entering into the transaction, and any Sub-Adviser that is advising the Fund (or portion of the Fund) entering into the transaction: (i) prohibit them from consulting with each other concerning transactions for the Fund in securities or other assets; and (ii) if both such Sub-Advisers are responsible for providing investment advice to the Fund, limit the Sub-Advisers' responsibility in providing advice with respect to a discrete portion of the Fund's portfolio. The Funds may participate, if and when practicable, in bidding for the purchase of portfolio securities directly from an issuer in order to take advantage of the lower purchase price available to members of a bidding group. The Funds will engage in this practice, however, only when the Investment Adviser or Sub-Advisers, as the case may be, believe such practice to be in a Fund's interests.

On occasions when the Investment Adviser or Sub-Advisers deem the purchase or sale of a security to be in the best interests of a Fund as well as other fiduciary or agency accounts managed by the Investment Adviser or Sub-Adviser, the Advisory Agreement and each Sub-Advisory Agreement provide that the Investment Adviser and Sub-Advisers, respectively, to the extent permitted by applicable laws and regulations, may aggregate the securities to be sold or purchased for the Funds with those to be sold or purchased for such other accounts in order to obtain the best net price and execution. In such an event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Investment Adviser and Sub-Advisers in the manner they consider to be most equitable and consistent with their obligations to the Fund and its respective other accounts involved. In some instances, this procedure may adversely affect the size of the position obtainable for a Fund or the amount of the securities that are able to be sold for a Fund. To the extent that the execution and price available from more than one broker or dealer are believed to be comparable, the Advisory Agreement and each Sub-Advisory Agreement permit the Investment Adviser and Sub-Advisers, respectively, at their discretion but subject to applicable law, to select the executing broker or dealer on the basis of the Investment Adviser's or Sub- Adviser's opinion of the reliability and quality of the broker or dealer.

Other accounts managed by the Investment Adviser or a Sub-Adviser may own, from time to time, some of the same investments as a Fund. Investment decisions for a Fund are made independently from those of other accounts managed by the Investment Adviser and Sub-Advisers; however, from time to time, the same investment decision may be made for multiple Investment Adviser or Sub-Adviser accounts.

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Each Fund's specific portfolio composition will be influenced by a number of factors, including, but not limited to, a Fund's investment guidelines, the Fund's specific terms and conditions and the investment judgment of the portfolio manager. The Investment Adviser and Sub-Advisers manage other accounts with investment mandates that may overlap or conflict with the investment strategies pursued by a Fund, as both the Fund and the accounts may be eligible to participate in the same investment opportunities. Additionally, interests in certain investments are generally offered in private offerings and it is not uncommon for such investments to become closed or limited with respect to new investments due to size constraints or other considerations. Moreover, each Fund or the other accounts managed by the Investment Adviser and Sub-Advisers may not be eligible or appropriate investors in all potential investments. As a result of these and other factors, a Fund may be precluded from making a specific investment or may reallocate existing investments among the other accounts managed by the Investment Adviser and Sub-Advisers. These decisions will be made by the Investment Adviser and Sub-Advisers taking into consideration the respective diversification guidelines, investment objectives, existing investments, liquidity, contractual commitments or regulatory obligations and other considerations applicable to the Fund and the other accounts managed by the Investment Adviser and Sub-Advisers. However, there likely will be circumstances where a Fund is unable to participate, in whole or in part, in certain investments to the extent it would participate absent allocation of an investment opportunity among a Fund and the other accounts managed by the Investment Adviser and Sub-Advisers. In addition, it is likely that a Fund's portfolio and those of other accounts managed by the Investment Adviser and Sub-Advisers will have differences in the specific investments held in their portfolios even when their investment objectives are the same or similar. Such differences may be magnified by the particular approach utilized by accounts managed by the Investment Adviser and Sub-Advisers in their selection of investments. These and other distinctions will result in differences in portfolio performance between a Fund and the other accounts managed by the Investment Adviser and Sub-Advisers.

When two or more accounts managed by the Investment Adviser and the Sub-Advisers seek to purchase or sell the same securities, the securities actually purchased or sold will be allocated among a Fund and such other accounts on a good faith equitable basis, usually on a pro rata basis, by the Investment Adviser or the applicable Sub-Adviser in its discretion and in accordance with the various investment objectives of the accounts managed by the Investment Adviser and Sub-Advisers. Such allocations are based upon the written procedures of the Investment Adviser and Sub-Advisers, which have been reviewed and approved by the Board. In some cases, this system may adversely affect the price or size of the position obtainable for a Fund. In other cases, however, the ability of a Fund to participate in volume transactions may produce better execution for the Fund. This advantage, when combined with the other benefits available due to the Investment Adviser's and the Sub-Advisers' organizations, outweighs any disadvantages that may be said to exist from exposure to simultaneous transactions.

The Funds may invest a portion of their assets outside the United States and anticipate that their brokerage transactions involving non-U.S. securities of companies domiciled in countries other than the United States will be conducted primarily on the principal exchanges of such countries. Although the Funds each seek the best net results in effecting its portfolio transactions, transactions on non-U.S. exchanges may be subject to fixed commissions that are higher than commissions on transactions on U.S. exchanges.

No trades will be executed with the Investment Adviser, a Sub-Adviser, its affiliates, officers or employees acting as principal or agent for others, although such entities and persons may be trading contemporaneously in the same or similar securities, except that the Investment Adviser or a Sub- Adviser may effect cross-trades provided that they are conducted at market price and absent any commission.

The table below shows information on brokerage commissions paid by each Fund for the last three fiscal years ended September 30, all of which were paid to entities that are not affiliated with the Funds or the Investment Adviser or Sub-Advisers.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **<u>2023</u>** | **<u>2024</u>** | **<u>2025</u>** |
| First American Multi-Manager Domestic Equity Fund | $121165 | $240674 | $406929 |
| First American Multi-Manager International Equity Fund | $422921 | $639886 | $580222 |
| First American Multi-Manager Fixed-Income Fund | $58996 | $50933 | $34282 |

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**Affiliated Brokers.** During the fiscal year or period ended September 30, 2025, the Funds did not pay any commissions to any affiliated brokers.

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**Directed Brokerage (Research Services)**. The table below shows the dollar amount of brokerage commissions paid to firms that provided research and brokerage services and the approximate dollar amount of transactions involved during the fiscal year ended September 30, 2025. Funds that are not listed paid no brokerage commissions to firms that provided such services.

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| | | |
|:---|:---|:---|
| **Fund** | **Commissions Paid to Firms for Brokerage and Research Services** | **Total Amount of Transactions to Firms for Brokerage and<br>Research Services** |
| First American Multi-Manager Domestic Equity Fund | $304701.12 | $750854537.16 |
| First American Multi-Manager International Equity Fund | $221787.81 | $476190556.91 |
| First American Multi-Manager Fixed-Income Fund | $— | $— |

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**Regular Broker Dealers**. Each Fund is required to identify the securities of its regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies held by the Fund as of the close of their most recent fiscal year and state the value of such holdings. As of September 30, 2025, the Funds held securities of the following regular brokers or dealers:

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Name of Broker or Dealer** | **Aggregate Value of<br>Holdings as of**<br> September 30, 2025 |
| First American Multi-Manager Domestic Equity Fund | Bank of America Corp. | $3340504 |
|  | Citigroup, Inc. | $1548180 |
|  | Goldman Sachs Group, Inc. (The) | $2233762 |
|  | Jefferies Financial Group, Inc. | $252390 |
|  | JPMorgan Chase & Co. | $6366639 |
|  | Morgan Stanley | $384524 |
|  | Raymond James Financial, Inc. | $1373551 |
| First American Multi-Manager International Equity Fund | ABN AMRO Bank NV | $159738 |
|  | Banco BTG Pactual SA | $2306263 |
|  | Banco Santander | $4722030 |
|  | Barclays PLC | $4313053 |
|  | BNP Paribas SA | $1917700 |
|  | Deutsche Bank AG | $791535 |
|  | Mizuho Financial Group, Inc. | $4290846 |
|  | Societe Generale SA | $3720213 |
|  | UBS Group AG | $3981820 |
| First American Multi-Manager Fixed-Income Fund | Bank of America Corp. | $5586393 |
|  | Barclays PLC | $1772191 |
|  | The Goldman Sachs Group, Inc. | $4983486 |
|  | JP Morgan Chase & Co. | $3207220 |

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**Portfolio Turnover.** Portfolio turnover rates for the fiscal years ended September 30, 2024 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **2024** | **2025** |
| Domestic Equity Fund<sup>(1)</sup> | 103% | 40% |
| International Equity Fund<sup>(1)</sup> | 105% | 70% |
| Fixed-Income Fund | 103% | 76% |

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<sup>(1)</sup> Portfolio turnover rate for the year ended September 30, 2025 declined relative to 2024, primarily due to 2024 turnover rates being higher than normal from changes in exchange-traded funds in which a significant portion of the Funds were invested.

A Fund's annual portfolio turnover rate will not be a factor preventing a sale or purchase when the Investment Adviser believes investment considerations warrant such sale or purchase. Although certain Funds will use an indexing approach for a portion of its respective Portfolio, such Funds may engage in a substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a limiting factor when the Investment Adviser considers whether to purchase or sell securities for a Fund only to the extent that the Investment Adviser will consider the impact of transaction costs on a Fund's tracking error. Portfolio turnover may vary greatly from year to year as well as within a particular year. Higher portfolio turnover (over 100%) results in increased Fund costs, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of securities and on the reinvestment in other securities. The sale of a Fund's securities may result in the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund's performance.

**VALUATION AND DETERMINATION OF NET ASSET VALUE**

The NAV of a Fund is the value of a single share. The NAV is computed by adding the value of the Fund's investments, cash, and other assets, subtracting the Fund's liabilities, and dividing the result by the number of shares of that class that are outstanding.

Each Fund's shares are valued as of a particular time (Valuation Time) on each day that the New York Stock Exchange (NYSE) is open for trading. The Valuation Time is ordinarily at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The Valuation Time may be changed in case of an emergency or if the NYSE closes other than at a time of 4:00 p.m. Eastern time. As of the date of this SAI, the NYSE is scheduled to be open Monday through Friday throughout the year except for days closed to recognize New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

As permitted under Rule 2a-5, the Board designated U.S. Bancorp Asset Management, Inc., the Investment Adviser of the Funds, to serve as the Funds' valuation designee. The Investment Adviser, as valuation designee, carries out its day-to-day fair value responsibilities required under Rule 2a-5 through its Valuation Committee (VC). The VC provides administration and oversight of the Funds' valuation policy and the Adviser's valuation procedures (together, the "Valuation Policy and Procedures"), which have been approved by the Board.

Shares of open-end investment companies held by the Funds are valued at the open-end investment companies' NAVs (the prospectuses for such investment companies contain information on those investment companies' fair valuation procedures and the effects of fair valuation).

Generally, other portfolio securities and assets held by the Funds are valued as follows:

Most equity securities are valued at the last quoted sale price or official closing price as reported by a third-party pricing vendor on the primary market or exchange on which the security is principally traded. If the security has not traded on such date, securities are valued at the last quoted bid price or may be valued using the last available price.

Fixed income securities are valued at the quoted bid for such securities.

Short-term debt obligations with sixty (60) days or less remaining to maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to the applicable Fund if acquired within sixty (60) days of maturity or, if already held by a Fund on the 60th day, based on the value determined on the 61st day.

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Options which are traded on exchanges are valued at their mean price as of the close of such exchanges and as reported by the pricing service. Futures which are traded on exchanges are valued at their settle price as of the close of such exchanges and as reported by the pricing service. If an options or futures exchange closes later than 3:00 p.m. Central time, the options or futures traded on it are valued based on the mean between the most recent bid and asked prices as of 3:00 p.m. Central time.

Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer.

The Funds have engaged a fund accountant and pricing agent (Accounting Services Provider) to calculate, under the Investment Adviser's oversight, each Fund's daily NAV on each Valuation Date. On each Valuation Date, the Accounting Services Provider will price all the securities and other assets (Securities) held by the Funds by obtaining market quotations and valuations from (i) sources that receive their prices directly from the primary exchange in which the security is listed (each, an Independent Pricing Source); (ii) third-party vendors selected by the Investment Adviser (Approved Vendors); and (iii) the Valuation Committee and other sources in accordance with the Approved Vendors and the Valuation Policy and Procedures.

When market quotations are not readily available or where the Investment Adviser believes the security's last price may not reflect its actual fair market value, the security or asset is valued at fair value. The fair values of one or more assets may not be the prices at which those assets are ultimately sold. In such circumstances, the Valuation Committee of the Investment Adviser, after consulting with the applicable Sub-Adviser, will consider appropriate factors relevant to the value of the security to determine such security's fair value.

**TAXATION OF THE FUNDS**

The following is a summary of certain additional tax considerations generally affecting a Fund (sometimes referred to as "the Fund") and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "Taxation of the Funds" section is based on the Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

*This is for general information only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.*

***Taxation of the Fund***. The Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "fund") under Subchapter M of the Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Fund must satisfy the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution Requirement — the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Requirement — the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,

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gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships (QPTPs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset Diversification Test — the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the IRS with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, the Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance.

The Fund may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If the Fund uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Fund shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If the IRS determines that the Fund's allocation is improper and that the Fund has under-distributed its income and gain for any taxable year, the Fund may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a regulated investment company the effect of which is described in the following paragraph.

If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more.

Moreover, the Board reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Portfolio turnover.* For investors that hold their Fund shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short- term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See, "Taxation of Fund Distributions - Distributions of capital gains" below. For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by the Fund may cause such investors to be subject to increased U.S. withholding taxes. See, "Non-U.S. Investors — Capital gain dividends" and " — Interest-related dividends and short- term capital gain dividends" below.

*Capital loss carryovers*. The capital losses of the Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital

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loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of the Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years.

The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund. An ownership change generally results when shareholders owning 5% or more of the Fund increase their aggregate holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Fund's shareholders could result from an ownership change. The Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond the Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change. Additionally, if the Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of late year losses.* The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see "Taxation of Fund Distributions - Distributions of capital gains" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year (post-October capital losses), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company (PFIC) for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence.

*Undistributed capital gains*. The Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Fund currently intends to distribute net capital gains. If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal excise tax*. To avoid a 4% non-deductible excise tax, the Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year , and (3) any prior year undistributed ordinary income and capital gain net income. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year that is after the beginning of the Fund's taxable year.

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Also, the Fund will defer any "specified gain" or "specified loss" that would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Fund having to pay an excise tax.

*Foreign income tax*. Investment income received by the Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The U.S. has entered into tax treaties with many foreign countries that entitle the Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Fund on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Fund's assets to be invested in various countries is not known. Under certain circumstances, the Fund may elect to pass-through foreign taxes paid by the Fund to shareholders, although it reserves the right not to do so. If the Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received. See, "Taxation of Fund Distributions – Pass-through of foreign tax credits".

***Taxation of Fund Distributions*.** The Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (or of another fund). The Fund will send you information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of net investment income*. The Fund receives ordinary income generally in the form of dividends and/or interest on its investments. The Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Fund's earnings and profits. In the case of a Fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the headings, "Qualified dividend income for individuals" and "Dividends-received deduction for corporations."

*Distributions of capital gains.* The Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gain realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of capital.* Distributions by the Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons including, among others, the Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity REITs (see, "Tax Treatment of Portfolio Transactions-Investments in U.S. REITs" below).

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*Qualified dividend income for individuals.* Ordinary income dividends reported by the Fund to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the U.S., or (ii) are eligible for benefits under certain income tax treaties with the U.S. that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the U.S. Both the Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, the Fund must hold the stock for at least sixty-one (61) days during the 121-day period beginning sixty (60) days before the stock becomes ex-dividend. Similarly, investors must hold their Fund shares for at least sixty-one (61) days during the 121-day period beginning sixty (60) days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Qualified REIT dividends*. Under the Tax Cuts and Jobs Act "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). A Fund may choose to report the special character of "qualified REIT dividends" to a shareholder, provided both the Fund and a shareholder meet certain holding period requirements with respect to their shares. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the RIC shares were held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend. The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses.

Dividends-received deduction for corporations. For corporate shareholders, a portion of the dividends paid by the Fund may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Fund that so qualifies will be reported by the Fund to shareholders each year and cannot exceed the gross amount of dividends received by the Fund from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Fund and the investor. Specifically, the amount that the Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally forty-six (46) days during a 91-day period beginning forty-five (45) days before the stock becomes ex-dividend. Similarly, if your Fund shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your shares may also be reduced or eliminated. Income derived by the Fund from investments in derivatives, fixed income and foreign securities generally is not eligible for this treatment.

*Impact of realized but undistributed income and gains, and net unrealized appreciation of portfolio securities*. At the time of your purchase of shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. The Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass through of foreign tax credits*. If more than 50% of the Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be

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unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Fund due to certain limitations that may apply. The Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Fund. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass through of foreign tax credits to shareholders. See, "Tax Treatment of Portfolio Transactions – Securities lending" below.

*Tax credit bonds*. If the Fund holds, directly or indirectly, one or more "tax credit bonds" (including build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their proportionate share of those offsetting tax credits. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Code. (Under the TCJA, the build America bonds, clean renewable energy bonds and certain other qualified bonds may no longer be issued after December 31, 2017.) Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

*U.S. government securities.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, commercial paper and federal agency-backed obligations (e.g., Ginnie Mae or Fannie Mae obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends declared in December and paid in January*. Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

*Medicare tax.* A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

***Sales, Exchanges and Redemptions of Fund Shares*.** Sales, exchanges and redemptions (including redemptions in kind) of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the IRS requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

*Tax basis information*. The Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Fund (referred to as "covered shares") and that are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Fund through a tax-advantaged retirement account, such as a 401(k) plan or an individual retirement account.

When required to report cost basis, the Fund will calculate it using the Fund's default method, unless you instruct the Fund to use a different calculation method. For additional information regarding the Fund's available

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cost basis reporting methods, including its default method, please contact the Fund. If you hold your Fund shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

The IRS permits the use of several methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices, and the entire position is not sold at one time. The Fund does not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Fund if you intend to utilize a method other than the Fund's default method for covered shares. If you do not notify the Fund of your elected cost basis method upon the initial purchase into your account, the default method will be applied to your covered shares.

The Fund will compute and report the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Code and Treasury regulations for purposes of reporting these amounts to you and the IRS. However, the Fund is not required to, and in many cases the Fund does not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore, shareholders should carefully review the cost basis information provided by the Fund.

*Wash sales*. All or a portion of any loss that you realize on a redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within thirty (30) days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

*Redemptions at a loss within six months of purchase*. Any loss incurred on a redemption or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

*Deferral of basis*. If a shareholder (a) incurs a sales load in acquiring shares of the Fund, (b) disposes of such shares less than ninety-one (91) days after they are acquired, and (c) subsequently acquires shares of the Fund or another fund by January 31 of the calendar year following the calendar year in which the disposition of the original shares occurred at a reduced sales load pursuant to a right to reinvest at such reduced sales load acquired in connection with the acquisition of the shares disposed of, then the sales load on the shares disposed of (to the extent of the reduction in the sales load on the shares subsequently acquired) shall not be taken into account in determining gain or loss on the shares disposed of, but shall be treated as incurred on the acquisition of the shares subsequently acquired. The wash sale rules may also limit the amount of loss that may be taken into account on disposition after such adjustment.

*Conversion of shares into shares of the same Fund.* The conversion or exchange of shares of one class into another class of the same Fund is not taxable for federal income tax purposes. However, shareholders should consult their tax advisors regarding the state and local tax consequences of a conversion or exchange of shares.

*Reportable transactions.* Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

***Tax Treatment of Portfolio Transactions***. Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Strategies and Risks" for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In general*. In general, gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss

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treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses.

*Certain fixed income investments*. Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued during the period of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt obligation (such as a zero-coupon security or payment-in-kind security) that was originally issued at a discount, the fund generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a fund's investment in such securities may cause the fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in debt obligations that are at risk of or in default present tax issues for a fund*. Tax rules are not entirely clear about issues such as whether and to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, futures, forward contracts, swap agreements and hedging transactions*. In general, option premiums received by a fund are not immediately included in the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a fund is exercised and the fund sells or delivers the underlying stock, the fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the fund minus (b) the fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put option written by it, the fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short- term gain or loss depending on whether the premium income received by the fund is greater or less than the amount paid by the fund (if any) in terminating the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a fund as well as listed non-equity options written or purchased by the fund on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Code (section 1256 contracts). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses (60/40), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a fund's transactions in other derivatives instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivatives instruments are in some

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cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a fund-level tax.

Certain of a fund's investments in derivatives and foreign currency-denominated instruments, and the fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign currency transactions*. A fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a fund's ordinary income distributions to you, and may cause some or all of the fund's previously distributed income to be classified as a return of capital. In certain cases, a fund may make an election to treat such gain or loss as capital.

*PFIC investments*. A fund may invest in securities of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment- type income. When investing in PFIC securities, a fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, a fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the fund to make a mark-to-market election. If a fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature of interest may be imposed on a fund in respect of deferred taxes arising from such distributions or gains.

*Investments in U.S. REITs.* A U.S. REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the U.S. REIT's current and accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to a fund will be treated as long-term capital gains by the fund and, in turn, may be distributed by the fund to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity U.S. REIT's cash flow may exceed its taxable income. The equity U.S. REIT, and in turn a fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable income of the U.S. REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the U.S. REIT's current and accumulated earnings and profits. Also, see, "Tax Treatment of Portfolio Transactions — Investment in taxable mortgage pools (excess inclusion income)" and "Non-U.S. Investors — Investment in U.S. real property" below with respect to certain other tax aspects of investing in U.S. REITs.

*Investment in non-U.S. REITs*. While non-U.S. REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a fund in a non-U.S. REIT may subject the fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the

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real estate acquired by the non-U.S. REIT is located. A fund's pro rata share of any such taxes will reduce the fund's return on its investment. A fund's investment in a non-U.S. REIT may be considered an investment in a PFIC, as discussed above in "PFIC investments." Additionally, foreign withholding taxes on distributions from the non-U.S. REIT may be reduced or eliminated under certain tax treaties, as discussed above in "Taxation of the Fund — Foreign income tax." Also, a fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-U.S. REIT under rules similar to those in the U.S., which tax foreign persons on gain realized from dispositions of interests in U.S. real estate*.*

*Investment in taxable mortgage pools (excess inclusion income).* Under a Notice issued by the IRS, the Code and Treasury regulations to be issued, a portion of a fund's income from a U.S. REIT that is attributable to the REIT's residual interest in a REMIC or equity interests in a "taxable mortgage pool" (referred to in the Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income (UBTI) to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a fund will not allocate to shareholders excess inclusion income. These rules are potentially applicable to a fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a U.S. REIT. It is unlikely that these rules will apply to a fund that has a non- REIT strategy.

*Investments in partnerships and QPTPs*. For purposes of the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the fund. While the rules are not entirely clear with respect to a fund investing in a partnership outside a master feeder structure, for purposes of testing whether a fund satisfies the Asset Diversification Test, the fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of the Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a fund from an interest in a QPTP will be treated as qualifying income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a fund to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Investments in convertible securities*. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a

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mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

*Investments in securities of uncertain tax character.* A fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a fund, it could affect the timing or character of income recognized by the fund, requiring the fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

***Backup Withholding***. By law, the Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide your correct social security or taxpayer identification number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that this number is correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that you are not subject to backup withholding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that you are a U.S. person (including a U.S. resident alien).

The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

***Non-U.S. Investors***. Non-U.S. investors (shareholders who, as to the U.S., are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In general*. The U.S. imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends paid to you by the Fund, subject to certain exemptions described below. However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Capital gain dividends*. In general, capital gain dividends reported by the Fund to shareholders as paid from its net long-term capital gains, other than long-term capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you are a nonresident alien individual present in the U.S. for a period or periods aggregating one hundred eighty-three (183) days or more during the calendar year.

*Interest-related dividends and short-term capital gain dividends*. Generally, dividends reported by the Fund to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S. withholding tax. "Qualified interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. Similarly, short-term capital gain dividends reported by the Fund to shareholders as paid from its net short-term capital gains, other than short-term capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you were a nonresident alien individual present in the U.S. for a period or periods aggregating one hundred eighty-three (183) days or more during the calendar year. The Fund reserves the right to not report interest-related dividends or short-term capital gain dividends. Additionally, the Fund's reporting of interest-related

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dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

*Net investment income from dividends on stock and foreign source interest income continue to be subject to withholding tax; foreign tax credits*. Ordinary dividends paid by the Fund to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax. Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income resulting from an election to pass through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income effectively connected with a U.S. trade or business*. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

*Investment in U.S. real property.* The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) makes non-U.S. persons subject to U.S. tax on disposition of a U.S. real property interest (USRPI) as if he or she were a U.S. person. Such gain is sometimes referred to as FIRPTA gain. The Fund may invest in equity securities of corporations that invest in USRPI, including U.S. REITs, which may trigger FIRPTA gain to the Fund's non-U.S. shareholders. The Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs, USRPIs and other U.S. real property holding corporations (USRPHC). If a RIC is a qualified investment entity and the non-U.S. shareholder owns more than 5% of a class of Fund shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the non-U.S. shareholder is treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. withholding tax at the corporate income tax rate (unless reduced by future regulations), and requiring the non-U.S. shareholder to file a nonresident U.S. income tax return. In addition, even if the non-U.S. shareholder does not own more than 5% of a class of Fund shares, but the Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

Because the Fund expects to invest less than 50% of its assets at all times, directly or indirectly, in U.S. real property interests, the Fund expects that neither gain on the sale or redemption of Fund shares nor Fund dividends and distributions would be subject to FIRPTA reporting and tax withholding.

*U.S. estate tax*. Transfers by gift of shares of the Fund by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Fund shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate. The transfer certificate will identify the property (i.e., Fund shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, the Fund may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual evidencing that decedent's U.S. situs assets are below this threshold amount.

*U.S. tax certification rules*. Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the U.S. and the shareholder's country of residence. In general, if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the U.S. has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

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The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act (FATCA)*. Under FATCA, the Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions (FFI) or nonfinancial foreign entities (NFFE). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it meets certification requirements described below. The U.S. Treasury has negotiated intergovernmental agreements (IGA) with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a U.S. tax compliance agreement with the IRS under section 1471(b) of the Code (FFI agreement) under which it agrees to verify, report and disclose certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the U.S. accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the U.S. and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information to the Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.

Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding the impact of these requirements on their investment in the Fund. The requirements imposed by FATCA are different from, and in addition to, the U.S. tax certification rules to avoid backup withholding described above. Shareholders are urged to consult their tax advisors regarding the application of these requirements to their own situation.

***Effect of Future Legislation; Local Tax Considerations***. The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Fund.

**DESCRIPTION OF SHARES**

The Trust has three series, each of which consists of three classes. Each Fund currently only offers Institutional Class shares. As permitted by Delaware law, the Board may create additional classes of the Funds and may create additional series (and classes thereof) of the Trust and offer shares of these series and classes under the Trust at any time without the vote of shareholders.

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All shares of a series shall represent an equal proportionate interest in the assets held with respect to that series (subject to the liabilities held with respect to that series and such rights and preferences as may have been established and designated with respect to classes of shares of such series), and each share of a series shall be equal to each other share of that series.

Shares are voted in the aggregate and not by series or class, except in matters where a separate vote is required by the 1940 Act, or when the matters affect only the interest of a particular series or class. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each full share owned and fractional votes for fractional shares owned.

The Trust does not normally hold annual meetings of shareholders. Meetings of shareholders may be called at any time by the Board, by the Chair of the Board or by the president of the Trust for the purpose of taking action upon any matter deemed by the Board to be necessary or desirable. To the extent permitted by the 1940 Act, a meeting of the Shareholders for the purpose of electing Trustees may also be called by the Chair of the Board, or shall be called by the president or any vice president of the Trust upon written request of shareholders holding, in the aggregate, not less than 10% of the shares. Shareholders requesting such meeting shall pay the Trust the reasonably estimated cost of preparing and mailing the notice of the meeting. No meeting shall be called upon the request of shareholders to consider any matter which is substantially the same as a matter voted upon at any meeting of shareholders held during the preceding twelve months, unless requested by the holders of a majority of all shares entitled to be voted at such meeting.

Interests in the Funds are represented by shares of beneficial interest, each with no par value per share. Each share of a Fund is entitled to such dividends and distributions out of the assets belonging to the Fund, as may be declared by the Board. The Board has the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series without materially changing the proportionate beneficial interest of the shares of that series in the assets belonging to that series or materially affecting the rights of shares of any other series. In case of the liquidation of a series, the holders of shares of the series being liquidated are entitled to receive a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series (or class thereof) are borne by that series (or class). Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by, or under the direction of, the Board to all applicable series (and classes thereof) in such manner and on such basis as the Board in its sole discretion deems fair and equitable. No shareholder is liable to further calls for the payment of any sum of money or assessment whatsoever with respect to the Trust or any series of the Trust without his or her express consent.

Each Fund reserves the right to waive the minimum initial investment in the Fund.

Each Fund reserves the right, if conditions exist which make cash payments undesirable, to honor any redemption or repurchase order with respect to shares of the Fund by making payment in whole or in part in readily marketable securities chosen by the Fund and valued as they are for purposes of computing the Fund's NAV (redemption-in-kind). If payment is made in securities, a shareholder may incur transaction expenses in converting these securities to cash.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Ernst & Young LLP serves as the independent registered public accounting firm to the Funds, providing services which include: (1) auditing the annual financial statements of the Funds in accordance with standards of the Public Company Accounting Oversight Board (United States); (2) assistance and consultation in connection with SEC filings; and (3) review of the annual federal income tax returns filed on behalf of the Funds. The principal business address of Ernst & Young LLP is 2005 Market Street, Suite 700, Philadelphia, Pennsylvania 19103.

**FUND COUNSEL**

Stradley Ronon Stevens & Young, LLP serves as fund counsel to the Trust. The principal business address for Stradley Ronon Stevens & Young LLP is 2005 Market Street, Suite 2600, Philadelphia, Pennsylvania 19103.

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**FINANCIAL STATEMENTS**

The audited financial statements, including the financial highlights, for the fiscal year ended September 30, 2025 for the Funds as included in the Trust's Form N-CSR and filed electronically with the SEC on December 5, 2025, are incorporated herein by reference and made part of this SAI. The Trust's Form N-CSR may be obtained, upon request and without charge by calling 1-800-527-5412 or through the Trust's website at www.firstamericanfunds.com. The portions of such <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001696729/000113322825013301/pmmst-efp18770_ncsr.htm)</u> that are not specifically listed above are not incorporated by reference into this SAI and are not a part of this Registration Statement.

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**APPENDIX A**

**DESCRIPTION OF SECURITIES RATINGS**

**This section includes all rating agencies used by the Administrator or the Funds' Sub-Advisers for monitoring compliance requirements.** 

**<u>Short-Term Credit Ratings</u>**

An ***S&P Global Ratings*** short-term 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 considered short-term in the relevant market. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

"A-1"—A short-term obligation rated "A-1" is rated in the highest category and indicates that 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 commitments 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 commitments 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 the capacity of the obligor to meet its financial commitments 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 which 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 that would result in an 'SD' or 'D' issuer rating and is dependent upon favorable business, financial, and economic and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

"SD" and "D"— An obligor is rated 'SD' (selective default) or 'D' if S&P Global Ratings considers there to be a default on one or more of its financial obligations, whether long- or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms. A 'D' rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An 'SD' rating is assigned when S&P Global Ratings believes that the obligor has selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered to 'D' or 'SD' if it is conducting a distressed debt restructuring.

Local Currency and Foreign Currency Risks—S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from its local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.

***Moody's Investors Service (Moody's)*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both the likelihood of a default or impairment on contractual financial obligations and expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1"—Issuers rated Prime-1 have a superior ability to repay short-term debt obligations.

"P-2"—Issuers rated Prime-2 have a strong ability to repay short-term debt obligations.

"P-3"—Issuers rated Prime-3 have an acceptable ability to repay short-term obligations.

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"NP"—Issuers rated Not Prime do not fall within any of the Prime rating categories.

***Fitch, Inc. / Fitch Ratings Ltd. (Fitch)*** short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short- term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. The following summarizes the rating categories used by Fitch for short-term obligations:

"F1"—Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

"F2"—Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.

"F3"—Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate.

"B"—Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

"C"—Securities possess high short-term default risk. Default is a real possibility.

"RD"—Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

"D"—Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

The ***DBRS® Ratings Limited (DBRS)*** short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the sub-categories "(high)", "(middle)", and "(low)".

The following summarizes the ratings used by DBRS for commercial paper and short-term debt:

"R-1 (high)"—Short-term debt rated "R-1 (high)" is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

"R-1 (middle)"—Short-term debt rated "R-1 (middle)" is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from "R-1 (high)" by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

"R-1 (low)"— Short-term debt rated "R-1 (low)" is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

"R-2 (high)"—Short-term debt rated "R-2 (high)" is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

"R-2 (middle)"—Short-term debt rated "R-2 (middle)" is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

"R-2 (low)"—Short-term debt rated "R-2 (low)" is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

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"R-3"—Short-term debt rated "R-3" is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short- term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

"R-4"—Short-term debt rated "R-4" is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

"R-5"—Short-term debt rated "R-5" is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

"D"—Short-term debt rated "D" is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to "D" may occur. DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Long-Term Credit Ratings</u>**

The following summarizes the ratings used by ***S&P Global Ratings*** for long-term issues:

"AAA"—An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments 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 commitments 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 commitments 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 commitments on the obligation.

"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.

"BB"—An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

"B"—An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

"CCC"—An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

"CC"—An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

"C"—An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

"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 (5) business days in the absence of a stated grace period or within the earlier of the stated grace period or thirty (30) calendar days. The "D" rating also will be used

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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.

Plus (+) or minus (-)—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.

Local Currency and Foreign Currency Risks—S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.

***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of one year or more, and reflect both on the likelihood of default on contractually promised payments and the expected financial loss suffered in the event of default. The following summarizes the ratings used by Moody's for long-term debt:

"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.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "hyb" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

The following summarizes long-term ratings used by ***Fitch***:

"AAA"—Securities considered to be of the highest credit quality. "AAA" ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

"AA"—Securities considered to be of very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

"A"—Securities considered to be of high credit quality. "A" ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

"BBB"—Securities considered to be of good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

"BB"—Securities considered to be speculative. "BB" ratings indicate that there is an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

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"B"—Securities considered to be highly speculative. "B" ratings indicate that material default credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however capacity for continued payment is vulnerable to deterioration in the business and economic environment.

"CCC"— A "CCC" rating indicates that substantial credit risk is present. Default is a real possibility.

"CC"—A "CC" rating indicates very high levels of credit risk. Default of some kind appears probable.

"C"—A "C" rating indicates near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include: the issuer has entered into a grace or cure period following non-payment of a material financial obligation; the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; the formal announcement by the issuer or their agent of a distressed debt exchange; a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

"RD" —A "RD" rating indicates that an issuer in Fitch's opinion has experienced: an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and has not otherwise ceased operating. This would include: the selective payment default on a specific class or currency of debt; the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations.

"D" —A 'D' rating indicates an issuer in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business. Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange. In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice. Defaulted obligations typically are not assigned "RD" or "D" ratings, but are instead rated in the "CCC" to "C" rating categories, depending upon their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" ratings and ratings below the "CCC" category.

The ***DBRS*** long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued. Ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims. All rating categories other than AAA and D also contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category. The following summarizes the ratings used by DBRS for long-term debt:

"AAA"—Long-term debt rated "AAA" is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

"AA"—Long-term debt rated "AA" is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from "AAA" only to a small degree. Unlikely to be significantly vulnerable to future events.

"A"—Long-term debt rated "A" is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than "AA." May be vulnerable to future events, but qualifying negative factors are considered manageable.

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"BBB"—Long-term debt rated "BBB" is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

"BB"—Long-term debt rated "BB" is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

"B"—Long-term debt rated "B" is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

"CCC", "CC" and "C"—Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although "CC" and "C" ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the "CCC" to "B" range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the "C" category.

"D"—A security rated "D" is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to "D" may occur. DBRS Morningstar may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Municipal Note Ratings</u>**

An ***S&P Global Ratings*** U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

—Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

—Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. Municipal Short-Term Note rating symbols are as follows:

"SP-1"—A municipal note rated "SP-1" exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

"SP-2"—A municipal note rated "SP-2" exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

"SP-3"—A municipal note rated "SP-3" exhibits a speculative capacity to pay principal and interest.

"D" – A "D" is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

***Moody's*** uses the Municipal Investment Grade (MIG) scale to rate U.S. municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels—"MIG-1" through "MIG-3" while speculative grade short-term obligations are designated "SG". The following summarizes the ratings used by Moody's for short-term municipal obligations:

"MIG-1"—This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

"MIG-2"—This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

"MIG-3"— This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

"SG"—This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. "NR"—Is assigned to an unrated issuer, obligation and/or program.

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In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand (demand feature). The second element uses a rating from a variation of the MIG rating scale called the Variable Municipal Investment Grade (VMIG) scale. VMIG ratings of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty assessment) of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime.

"VMIG-1"—This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

"VMIG-2"—This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

"VMIG-3"—This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

"SG"—This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

"NR"—Is assigned to an unrated issuer, obligation and/or program.

\* For variable rate demand bonds (VRDBs) supported with conditional liquidity support, short-term ratings transition down at higher long- term ratings to reflect the risk of termination of liquidity support as a result of a downgrade below investment grade. VMIG ratings of VRDBs with unconditional liquidity support reflect the short-term debt rating (or counterparty assessment) of the liquidity support provider with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. VMIG ratings of VRDBs with unconditional liquidity support reflect the short-term debt rating (or counterparty assessment) of the liquidity support provider with VMIG 1 corresponding to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime.

**<u>About Credit Ratings</u>**

An ***S&P Global Ratings*** 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 (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

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. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address nonstandard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating.

***Fitch's*** credit ratings related to issuers are an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Fitch credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. Fitch's credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-

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national) and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

Credit ratings provided by ***DBRS*** are forward-looking opinions about credit risk which reflect the creditworthiness of an issuer, rated entity, and/or security. Credit ratings are not statements of fact. They include subjective considerations and involve expectations for future performance that cannot be guaranteed. To the extent that future events and economic conditions do not match expectations, credit ratings assigned to issuers and/or securities can change. Credit ratings are also based on approved and applicable methodologies, models and criteria (Methodologies), which are periodically updated and when material changes are deemed necessary for a wide variety of potential reasons, this may also lead to rating changes.

Credit ratings typically provide an opinion on the risk that investors may not be repaid in accordance with the terms under which the obligation was issued. In some cases, credit ratings may also include consideration for the relative ranking of claims and recovery, should default occur. Credit ratings are meant to provide opinions on relative measures of risk and are not based on expectations of any specific default probability, nor are they meant to predict such.

The data and information on which DBRS bases its opinions is not audited or verified by DBRS, although DBRS conducts a reasonableness review of information received and relied upon in accordance with its Methodologies and policies. DBRS uses rating symbols as a concise method of expressing its opinion to the market.

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**APPENDIX B**

**<u>U.S. Bancorp Asset Management, Inc.</u>**

**Proxy Voting Policy and Procedures**

***Background***

Investment advisors registered with the SEC who exercise voting authority with respect to client securities are required by Rule 206(4)-6 of the Advisers Act to: (A) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, and which must include how an advisor addresses material conflicts that may arise between an advisor's interests and those of its clients; (b) disclose to clients how they may obtain information from the advisor with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisor's proxy voting activities when the advisor does have proxy voting authority.

The Company also serves as investment advisor to clients which are governed by the Employee Retirement Income Security Act of 1974, as amended (ERISA). The U.S. Department of Labor (DOL) has provided guidance in Interpretive Bulletin 94-2, summarizing the DOL's previous statements about the proxy voting duties of ERISA fiduciaries. According to the DOL, the fiduciary act of managing ERISA plan assets includes the voting of proxies and that investment advisors have a presumptive duty to vote proxies relating to the plan assets they manage. The Bulletin also confirms that a named fiduciary of an ERISA plan may choose not to delegate proxy voting authority to the investment advisor for a plan's assets and may reserve such authority to itself.

***Policy***

The securities on which the firm currently provides discretionary investment advice are fixed income securities, mutual funds, certain unregistered funds and a registered Investment Company. Many of the Funds are authorized to invest in money market funds. Certain fixed income separately managed accounts and the RIC are authorized to invest in Exchange Traded Funds (ETF) or mutual funds. As a result, the Company from time to time receives proxies to vote on behalf of such discretionary clients, and also occasionally receives consent requests related to changes in the terms of fixed income securities.

**Non-ERISA Clients** - With respect to clients which are not subject to ERISA, the Company serves either as a discretionary investment manager or as a non-discretionary investment consultant. For non-discretionary accounts, the Company would not vote any proxies for any securities held by the plan. For discretionary accounts, where the Company exercises discretionary investment services, the Company will not vote proxies unless contracted to do so or it is stated in the Investment Policy.

**ERISA Clients** - With respect to clients which are subject to ERISA, the Company serves either as a discretionary investment manager or as a non-discretionary pension or investment consultant. For non-discretionary accounts, the Company would not vote any proxies for any securities held by the plan. For discretionary accounts, the Company does not vote proxies unless contracted to do so or it is stated in the Investment Policy.

**Tender Offers, Corporate Actions, etc.** All corporation actions, tender offers, and other material events carried out by a company that materially impacts it stakeholders should be sent to the Investment Services Group for processing.

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| | | | |
|:---|:---|:---|:---|
| **PROXY VOTING** | | | |
| **Client Type** | **Discretionary** | **Non-Discretionary** | **Send Request to:** |
| ERISA (OCIO) – ETFs and Mutual Funds | Customarily will not vote, unless contracted to do so or stated in the IPS | Will not vote as no control over assets | OCIO Trading Team (Tyler Braun) |
| Non-ERISA (OCIO) – ETFs and Mutual Funds | Customarily will not vote, unless contracted to do so or stated in the IPS | Will not vote as no control over assets | OCIO Trading Team (Tyler Braun) |

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| | | | |
|:---|:---|:---|:---|
| **PROXY VOTING** | | | |
| **Client Type** | **Discretionary** | **Non-Discretionary** | **Send Request to:** |
| Fixed Income Securities | Customarily will not vote, unless contracted to do so or stated in the IPS | Will not vote as no control over assets | Investment Services Group (ISG does not vote proxies) Will forward to appropriate PM. ISG transmit notice to custodian bank. (John Mitchell/Lori Cain) and backup by Settlements Team. |
| Equity (does not trade equity securities) | No Proxy Voting | No Proxy Voting | N/A |
| **TENDER OFFERS, CORPORATE ACTIONS, ETC.** | **TENDER OFFERS, CORPORATE ACTIONS, ETC.** | **TENDER OFFERS, CORPORATE ACTIONS, ETC.** | |
| All Client Accounts | | | Investment Services Group (John Mitchell/Lori Cain) and backup by the Settlements Team. |

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***Conflicts of Interest***

In the event a conflict of interest arises for shares held by a discretionary client, ERISA plan client or by the RIC, it is escalated for review and resolution by the Chief Investment and Chief Compliance Officers.

***Procedures***

The Company has adopted the following Proxy Voting Procedure in light of the limited proxies which it may receive on behalf of its clients. This policy is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the Company receives a proxy notice with respect to a fixed-income security, it should be forwarded to the Investment Services Group (ISG) for disposition. If the proxy or consent relates to a mutual fund or ETF the request should be forwarded to the OCIO Trading Team for disposition. USBAM does not utilize the services of a 3<sup>rd</sup> party proxy service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The appropriate departments (ISG or OCIO Trading Team) will verify that the proxy or consent request is not in connection with securities held by a client which is a plan governed by ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ISG reviews all notices for fixed income separately managed accounts, identifies the accounts the notice relates to, and then forwards to the applicable portfolio manager for review. The portfolio manager will not make an election if contracted to do so or if stated in the IPS. If the portfolio is a discretionary account, the portfolio manager will make the election and return the notice to the Investment Services Group. The Company does not vote for non-discretionary clients. ISG transmits the notice to the applicable custodian bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ OCIO Trading Team - If the proxy is in connection with securities held by an ERISA plan client or non-ERISA client the OCIO Trading Team will review and provide disposition and will only vote if contracted to do so or if stated in the IPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A log is maintained by ISG of all fixed-income security proxy notices received which includes all pertinent details as well as the election made by the portfolio manager. **Please refer to Exhibit A for a complete list of all relevant proxy fields required to be recorded**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A log is maintained by the OCIO Trading Team of all mutual fund or ETF proxy notices received which includes all the pertinent details as well as election made by the OCIO Trading Team. **Please refer to Exhibit A for a complete list of all relevant proxy fields required to be recorded.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Form ADV Part 2A delivered to the client,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company summarizes its proxy voting policy and provides information as to its availability and how to obtain a copy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2019, the SEC provided guidance to assist Investment Advisers in fulfilling their proxy voting responsibilities and to the extent they rely on voting advice from proxy advisory firms, they must take reasonable steps to ensure the use of that advice is consistent with their fiduciary duties. As Investment Adviser to the USBAM Multi-Manager Series Trust (the Trust):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ USBAM conducts a review of all sub-adviser proxy policies and their use of 3<sup>rd</sup> party providers and prepares a report which is presented to the Board of Trustees at the next scheduled meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ annually, USBAM will request certifications from all sub-advisers to the Trust that their proxy voting practices are consistent with SEC guidance.

***Oversight***

The Chief Compliance Officer provides oversight of its policies and procedures as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer will review and approve any correspondence related to the Company's Proxy Voting policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer is responsible for ensuring that a summary of the Company's proxy voting policies and procedures is disclosed in the Company's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Voting policy is reviewed on an annual basis.

***New Reporting Regulation for Form N-PX effective 7/1/2024:***

**Enhanced Reporting of Proxy Votes by Registered Management Investment Companies, Reporting** 

**of Executive Compensation votes by Institutional Investment Managers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Securities and Exchange Commission (Commission) is adopting amendments to Form N-PX under the Investment Company Act of 1940 to enhance the information mutual funds, exchange-traded funds (ETF's) and certain other funds currently report about their proxy votes and to make that information easier to analyze. The Commission also is adopting rule and form amendments under the Securities Exchange Act of 1934 (Exchange Act) that would require an institutional manager subject to the Exchange Act to report on Form N-PX how it voted proxies relating to executive compensation matters, as required by the Exchange Act. The reporting requirements for institutional investment managers complete implementation of those requirements added by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule is effective July 1, 2024. See implementation timeline below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment manager is required to report a say-on-pay vote for a security only if the manager: (1) has the power to vote or direct the voting of a security; and (2) "exercises" this power to influence a voting decision for the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additionally, there is a requirement for managers that do not have any proxy votes to report for the reporting period to file a notice report to this effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timeline – All funds are required to report their proxy voting records, and managers will be required to report say-on-pay votes, annually on Form N-PX no later than August 31 of each year for the most recent 12-month period ending June 30<sup>th</sup>. First filing under new regulation requirements effective July 1, 2024, for the time period July 1, 2023 – June 30, 2024.

**EXHIBIT A**

Proxy Records

Disclose the information required or permitted by Item 1 in the order presented in

paragraphs (a) through (o) listed below:

1. Voting Record

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the reporting person is a Fund (MMST), disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the Fund was entitled to vote, including securities on loan for purposes of this form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the reporting person is an Institutional Manager, disclose the following information for each shareholder vote pursuant to Section 14A(a) and (b) of the Exchange Act over which the Institutional Manager exercised voting power as defined in Rule 14Ad-1(d) under the Exchange Act. Please note, an Institutional Manager needs only to report proxy how it voted proxies relating to executive compensation matters/say-on-pay votes, at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The name of the issuer of the security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.ISIN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.FIGI (optional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Shareholder Meeting Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.An identification of the matter voted on

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.All categories applicable to the matter voted on from the following list of categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Director elections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Section 14A say-on-pay votes (examples: Section 14A executive compensation, Section 14A executive compensation vote frequency, Section 14A extraordinary transaction executive compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Audit-related (examples: auditor ratification, auditor rotation)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Investment company matters (examples: new or changed investment management agreement, assignment of investment management agreement, business development company approval of restricted securities or asset coverage ratio change; closed-end investment company issuance of shares below net asset value)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Shareholder rights and defenses (examples: adoption or modification of a shareholder rights plan, control share acquisition provisions, fair price provisions, board classification, cumulative voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Extraordinary transactions (examples: merger, asset sale, liquidation, buyout, joint venture, going private, spinoff, delisting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Capital structure (examples: security issuance, stock split, reverse stock split, dividend buyback, tracking stock, adjustment to par value, authorization of additional stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Compensation (examples: board compensation, executive compensation (other than Section 14A say-on-pay), board or executive anti-hedging, board or executive anti-pledging compensation clawback, 10b5-1 plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Corporate governance (examples: term limits, board committee issues, size of board, articles of incorporation or bylaws, codes of ethics approval to adjourn, acceptance of minutes, proxy access);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Environment or climate (examples: greenhouse gas (GHG) emissions, transition planning or reporting, biodiversity or ecosystem risk, chemical footprint, renewable energy or energy efficiency, water issues, waste or pollution, deforestation or land use, say-on-climate, environmental justice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Human rights or human capital/workforce (examples: workforce-related mandatory arbitration, supply chain exposure to human rights risks, outsourcing or outsourcing workplace sexual harassment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Diversity, equity, and inclusion (examples: board diversity, pay gap);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.Other social issues (examples: lobbying, political or charitable activities, data privacy, responsible tax policies, consumer protection): or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.Oher (along with a brief description)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.For reports filed by Funds, disclosure whether the matter was proposed by the issuer or by a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The number of shares that were voted with the number zero (0) entered if no shares were voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.The number of shares that the reporting person loaned and did not recall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.How the shares in paragraph (i) were voted (e.g., for or against proposal, or abstain; for or withhold regarding election of directors) and if the votes were cast in multiple manners (e.g., for and against), the number of shares voted in each manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Whether the votes disclosed in paragraph (k) represented votes for or against management's recommendation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.If applicable, identify each Institutional Manager on whose behalf this Form N-PX report is being files (other than the reporting peon filing the report) that exercised voting power over the security by entering the number assigned to the Institutional Manager on the Summary Page;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.If applicable, identify the Series that was eligible to vote the security b providing the Series identification number listed on the Summary Page and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.Any other information the reporting person would like to provide about the matter or how it voted.

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**<u>ACADIAN ASSET MANAGEMENT LLC</u>**

**Proxy Voting Policy**

**Policy** 

Whether Acadian will have proxy voting responsibility on behalf of a separate account client is subject to negotiation as part of the overall investment management agreement executed with each client. We will have voting responsibility for all Acadian branded funds.

Should a separate account client desire that Acadian vote proxies on their behalf, Acadian will accept such authority and agree with the client as part of the investment management agreement whether votes should be cast in accordance with Acadian's proxy voting policy or in accordance with a client specific proxy voting policy. Should the client wish to retain voting responsibility themselves, Acadian would have no further involvement in the voting process but would remain available to provide reasonable assistance to the client as needed.

Acadian utilizes the services of Institutional Shareholder Services (ISS), an unaffiliated proxy firm, to help manage the proxy voting process and to research and vote proxies. Acadian has adopted the ISS voting policies for use when contractually directed by the client to votes proxies on their behalf in accordance with our proxy voting policy. We review the ISS policies at least annually and believe that they are reasonably designed to ensure that we vote proxies in the best interest of clients and that our voting decisions are insulated from any potential material conflicts of interest.

Should a client contractually direct Acadian to vote proxies on their behalf in accordance with Client specific voting policies and procedures, we will still utilize the services of ISS to cast the votes in accordance with the client's instructions.

When voting proxies on behalf of our clients, Acadian assumes a fiduciary responsibility to vote in our clients' best interests. In addition, with respect to benefit plans under the Employee Retirement Income Securities Act (ERISA), Acadian acknowledges its responsibility as a fiduciary to vote proxies prudently and solely in the best interest of plan participants and beneficiaries. So that it may fulfill these fiduciary responsibilities to clients, Acadian has adopted and implemented these written policies and procedures reasonably designed to ensure that it votes proxies in the best interest of clients.

**Procedures** 

*Proxy Voting Guidelines* 

Acadian acknowledges it has a duty of care to its clients that requires it to monitor corporate events and vote client proxies when instructed by the client to do so. To assist in this effort, Acadian has retained ISS to research and vote its proxies. ISS provides proxy-voting analysis and votes proxies in accordance with predetermined guidelines. Relying on ISS to vote proxies is intended to help ensure that Acadian votes in the best interest of its clients and insulates Acadian's voting decisions from any potential material conflicts of interest. Acadian will also accept specific written proxy voting instructions from a client and communicate those instructions to ISS to implement when voting proxies involving that client's portfolio.

In specific instances where ISS will not vote a proxy, will not provide a voting recommendation, or other instances where there is an unusual cost or requirement related to a proxy vote, Acadian's Head of Core Strategies Securities Operations will coordinate with members of our investment team to conduct an analysis to determine whether the costs related to the vote outweigh the potential benefit to our client. If we determine, in our discretion, that it is in the best of interest of our client not to participate in the vote Acadian will not participate in the vote on behalf of our client. If we determine that a vote would be in the best interest of our client, Acadian will provide voting direction back to ISS and ensure the vote is cast as they instruct.

Unless contrary instructions are received from a client, Acadian has instructed ISS to not vote proxies in so-called "share blocking" markets. Share-blocking markets are markets where proxy voters have their securities blocked from trading during the period of the annual meeting. The period of blocking typically lasts from a few days to two weeks. During the period, any portfolio holdings in these markets cannot be sold without a formal recall. The recall process can take time, and in some cases, cannot be accomplished at all. This makes a client's portfolio vulnerable to a scenario where a stock is dropping in attractiveness but cannot be sold because it has been blocked. Shareholders who do not vote are not subject to the blocking procedure.

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Acadian also reserves the right to override ISS vote recommendations under certain circumstances. Acadian will only do so if they believe that voting contrary to the ISS recommendation is in the best interest of clients. The reasons for any overrides and for voting against the ISS recommendation will be documented.

*Conflicts of Interest* 

Occasions may arise during the voting process in which the best interest of our clients conflict with Acadian's interests. In these situations, ISS will continue to follow the same predetermined guidelines as formally agreed upon between Acadian and ISS before such conflict of interest existed. Conflicts of interest generally include (i) business relationships where Acadian has a substantial business relationship with, or is actively soliciting business from, a company soliciting proxies, or (ii) personal or family relationships whereby an employee of Acadian has a family member or other personal relationship that is affiliated with a company soliciting proxies, such as a spouse who serves as a director of a public company. A conflict could also exist if a substantial business relationship exists with a proponent or opponent of a particular initiative.

If Acadian learns that a conflict of interest exists, the Head of Core Strategies Securities Operations will work with our compliance and investment team as needed to document (i) the details of the conflict of interest, (ii) whether or not the conflict is material, and (iii) procedures to ensure that Acadian makes proxy voting decisions based on the best interests of clients. If Acadian determines that a material conflict exists, it will defer to ISS to vote the proxy in accordance with the predetermined voting policy.

*Voting Policies* 

Acadian has adopted the proxy voting policies developed by ISS, summaries of which can be found at http://www.issgovernance.com/policy and which are deemed to be incorporated herein. The policies have been developed based on ISS' independent, objective analysis of leading corporate governance practices and their support of long-term shareholder value. Acadian may change its proxy voting policy from time to time without providing notice of changes to clients.

*Voting Process* 

Acadian's Head of Core Strategies Securities Operations acts as coordinator with ISS including ensuring proxies Acadian is responsible to vote are forwarded to ISS, overseeing that ISS is voting assigned client accounts and maintaining appropriate authorization and voting records.

After ISS is notified by the custodian of a proxy that requires voting and/or after ISS cross references their database with a routine download of Acadian holdings and determines a proxy requires voting, ISS will review the proxy and make a voting proposal based on the recommendations provided by their research group. Any electronic proxy votes will be communicated to the proxy solicitor by ISS Global Proxy Distribution Service and Broadridge's Proxy Edge Distribution Service, while non-electronic ballots, or paper ballots, will be faxed, telephoned or sent via Internet. ISS assumes responsibility for the proxies to be transmitted for voting in a timely fashion and maintains a record of the vote, which is provided to Acadian on a monthly basis. Proxy voting records specific to a client's account are available to each client upon request.

*Proxy Voting Record* 

Acadian will maintain a record containing the following information regarding the voting of proxies: (i) the name of the issuer, (ii) the exchange ticker symbol, (iii) the CUSIP number, (iv) the shareholder meeting date, (v) a brief description of the matter brought to vote; (vi) whether the proposal was submitted by management or a shareholder, (vii) how Acadian/ ISS voted the proxy (for, against, abstained) and (viii) whether the proxy was voted for or against management.

*Obtaining a Voting Proxy Report* 

Clients may request a copy of these policies and procedures and/or a report on how their individual securities were voted by contacting Acadian at 617-850-3500 or by email at compliance-reporting@acadian-asset.com.

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**<u>ARISTOTLE ATLANTIC PARTNERS, INC.</u>**

**Proxy Voting Policies & Procedures**

**(supported by Aristotle Capital Management, LLC**<sup>1</sup>**)**

**As of 10/3/2023**

**Introduction**

Aristotle Atlantic Partners, LLC (Aristotle Atlantic), in compliance with the principles of Rule 204-2 of the Advisers Act, has adopted and implemented policies and procedures for voting proxies in the best interest of clients, to describe the procedures to clients, and to tell clients how they may obtain information about how Aristotle Atlantic has actually voted their proxies. While decisions about how to vote must be determined on a case-by-case basis, Aristotle Atlantic's general policies and procedures for voting proxies are set forth below.

**Proxy Voting Policies and Procedures**

Aristotle Atlantic believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. Unless otherwise directed by the client, Aristotle Atlantic will vote proxies and will vote such proxies in the manner that, in its opinion, serves the best interests of the clients in accordance with this policy.

The following details Aristotle Atlantic's philosophy and practice regarding the voting of proxies.

**Voting Guidelines**

Aristotle Atlantic has adopted guidelines for certain types of matters to assist the Portfolio Managers in the review and voting of proxies on a case-by-case basis. These guidelines are set forth below:

**1.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors and Similar Matters**

In an uncontested election, Aristotle Atlantic will generally vote in favor of management's proposed directors. In a contested election, Aristotle Atlantic will evaluate proposed directors on a case-by-case basis. With respect to proposals regarding the structure of a company's board of directors, Aristotle Atlantic will review any contested proposal on its merits.

Notwithstanding the foregoing, Aristotle Atlantic expects to **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit directors' liability and broaden directors' indemnification rights;

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt or continue the use of a classified board structure; 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;&nbsp;&nbsp;&nbsp;&nbsp;• Add special interest directors to the board of directors (e.g., efforts to expand the board of directors to control the outcome of a particular decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.**&nbsp;&nbsp;&nbsp;&nbsp;**Audit Committee Approvals**

<sup>1</sup> Aristotle Capital Management, LLC (Aristotle Capital), is a registered investment adviser and affiliate of Aristotle Atlantic. As such, Aristotle Capital provides certain administrative, marketing, distribution and back office support for Aristotle Atlantic. Certain personnel listed in this Manual are Aristotle Capital employees and Access Persons of Aristotle Atlantic. Certain personnel titles are referring to titles at Aristotle Capital.

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Aristotle Atlantic generally supports proposals that help ensure that a company's auditors are independent and capable of delivering a fair and accurate opinion of a company's finances. Aristotle Atlantic will generally vote to ratify management's recommendation and selection of auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.**&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Rights**

Aristotle Atlantic may consider all proposals that will have a material effect on shareholder rights on a case-by-case basis.

Notwithstanding the foregoing, Aristotle Atlantic expects to generally **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt confidential voting and independent tabulation of voting results; 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;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder approval of poison pills;

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt super-majority voting requirements; 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;&nbsp;&nbsp;&nbsp;&nbsp;• Unreasonably restrict the rights of shareholders to call special meetings, amend the bylaws or act by written consent.

**2.**&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Takeover Measures, Corporate Restructurings and Similar Matters**

Aristotle Atlantic may review any proposal to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation, mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the company. These effects may include, without limitation, the economic and financial impact the proposal may have on the company, and the market impact that the proposal may have on the company's stock.

Notwithstanding the foregoing, Aristotle Atlantic expects to generally **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibit the payment of greenmail (i.e., the purchase by the company of its own shares to prevent a hostile takeover);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt fair price requirements (i.e., requirements that all shareholders be paid the same price in a tender offer or takeover context), unless the Portfolio Managers deem them sufficiently limited in scope; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder approval of "poison pills."

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt classified boards of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reincorporate a company where the primary purpose appears to the Portfolio Managers to be the creation of takeover defenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require a company to consider the non-financial effects of mergers or acquisitions.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Capital Structure Proposals**

Aristotle Atlantic will seek to evaluate capital structure proposals on their own merits on a case- by-case basis.

Notwithstanding the foregoing, Aristotle Atlantic expects to generally **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eliminate preemptive rights.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Compensation**

Aristotle Atlantic generally supports proposals that encourage the disclosure of a company's compensation policies. In addition, Aristotle Atlantic generally supports proposals that fairly compensate executives, particularly those proposals that link executive compensation to performance. Aristotle Atlantic may consider any contested proposal related to a company's compensation policies on a case-by-case basis.

Notwithstanding the foregoing, Aristotle Atlantic expects to generally **<u>support</u>** proposals to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholders' approval of golden parachutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt golden parachutes that do not exceed 1 to 3 times the base compensation of the applicable executives.

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt measures that appear to the Portfolio Managers to arbitrarily limit executive or employee benefits.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Stock Option Plans and Share Issuances**

Aristotle Atlantic evaluates proposed stock option plans and share issuances on a case-by-case basis. In reviewing proposals regarding stock option plans and issuances, Aristotle Atlantic may consider, without limitation, the potential dilutive effect on shareholders and the potential short and long-term economic effects on the company. We believe that stock option plans do not necessarily align the interest of executives and outside directors with those of shareholders. We believe that well thought out cash compensation plans can achieve these objectives without diluting shareholders ownership. We will review these proposals on a case-by- case basis to determine that shareholders' interests are being represented. We certainly are in favor of management, directors and employees owning stock, but prefer that the shares are purchased in the open market.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Responsibility and Social Issues**

Aristotle Atlantic generally believes that ordinary business matters (including, without limitation, positions on corporate responsibility and social issues) are primarily the responsibility of a company's management that should be addressed solely by the company's management. These types of proposals, often initiated by shareholders, may request that the company disclose or amend certain business practices.

Aristotle Atlantic will consider proposals involving corporate responsibility and social issues on a case-by-case basis.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Conflicts**

In cases where Aristotle Atlantic is aware of a conflict between the interests of a client(s) and the interests of Aristotle Atlantic or an affiliated person of Aristotle Atlantic (e.g., a portfolio holding is a client or an affiliate of a client of Aristotle Atlantic), the Aristotle Atlantic will take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)vote matters that are specifically covered by this proxy voting policy (e.g., matters where Aristotle Atlantic's vote is strictly in accordance with this policy and not in its discretion) in accordance with this policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for other matters, contact the client for instructions with respect to how to vote the proxy.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Proxy Voting Policy**

Upon receiving a written request from a client, Aristotle Atlantic will provide a copy of this policy within a reasonable amount of time. If approved by the client, this policy and any requested records may be provided electronically.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping**

Aristotle Atlantic shall keep the following records for a period of at least five years, the first two in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A copy of this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Proxy statements received regarding client securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Records of votes cast on behalf of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Any documents prepared by Aristotle Atlantic that were material to making a decision how to vote, or that memorialized the basis for the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Records of client requests for proxy voting information.

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Aristotle Atlantic may rely on proxy statements filed on the SEC EDGAR system instead of keeping its own copies, and may rely on proxy statements and records of proxy votes cast by Aristotle Atlantic that are maintained with a third party such as a proxy voting service, provided that Aristotle Atlantic has obtained an undertaking from the third party to provide a copy of the documents promptly upon request.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Proxy Voting for Accounts Subject to ERISA**

Department of Labor (DOL) provided investment managers the following guidance about their ERISA responsibilities, when voting proxies:

Where the authority to manage plan assets has been delegated to an investment manager, only the investment manager has authority to vote proxies, except when the named fiduciary has reserved to itself or to another named fiduciary (as authorized by the plan document) the right to direct a plan trustee regarding the voting of proxies<sup>2</sup>.

DOL has also indicated that an adviser with a duty to vote proxies has an obligation to take reasonable steps under the circumstances to ensure that it receives the proxies. Appropriate steps include informing the plan sponsor and its trustees, bank custodian or broker-dealer custodian of the requirement that all proxies be forwarded to the adviser and making periodic reviews during the proxy season, including follow-up letters and phone calls if necessary. When voting proxies, an investment manager must consider proxies as a plan asset and act solely in accordance with the economic interest of the plan and its participants and beneficiaries<sup>3</sup>.

DOL has also indicated that the adviser must consider any costs involved when voting proxies for plan assets. Adviser should evaluate material facts that form the basis for any particular voting decision or other exercise of shareholder right. Aristotle Atlantic may decide, after a facts and circumstances analysis, to refrain from voting if it is determined that a plan client would incur unreasonable costs.

DOL has also indicated that the adviser must exercise prudence and diligence in the selection and monitoring of persons, if any, selected to advise or otherwise assist with exercises of shareholder rights. Aristotle Atlantic has contracted with ISS to provide proxy voting support and periodically reviews ISS guidelines as part of vendor oversight.

DOL has also indicated that the adviser must properly document votes and that the named fiduciary has a duty to monitor the proxy voting process of the adviser. Advisers should be prepared to issue proxy voting reports to clients. Records of "solicitation" activities by issuers (or others) should be maintained. Records should reflect a verification of each proxy to each share in each account. Records should be maintained in such a manner that it is easy to backtrack. Copies of each executed ballot should be maintained. Aristotle Atlantic has access to proxy voting records through ISS and can issue copies of proxy voting reports to clients upon request. Aristotle Atlantic maintains a log of solicitations it receives from issuers or others.

<sup>2</sup> Interpretive Bulletin 94-2, July 28, 1994.

<sup>3</sup> Department of Labor ERISA Rule 404a-1(e)(2)(ii).

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<u>ARISTOTLE CAPITAL MANAGEMENT, LLC</u>

**Proxy Voting Policies & Procedures**

**Introduction**

Aristotle Capital Management, LLC (Aristotle Capital), in compliance with the principles of Rule 204-2 of the Advisers Act, has adopted and implemented policies and procedures for voting proxies in the best interest of clients, to describe the procedures to clients, and to tell clients how they may obtain information about how Aristotle Capital has actually voted their proxies. While decisions about how to vote must be determined on a case-by-case basis, Aristotle Capital's general policies and procedures for voting proxies are set forth below.

**Proxy Voting Policies and Procedures**

Aristotle Capital believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. Unless otherwise directed by the client, Aristotle Capital will vote proxies and will vote such proxies in the manner that, in its opinion, serves the best interests of the clients in accordance with this policy.

The following details Aristotle Capital's philosophy and practice regarding the voting of proxies.

**Voting Guidelines**

Aristotle Capital has adopted guidelines for certain types of matters to assist the CIO or designee in the review and voting of proxies on a case-by-case basis. These guidelines are set forth below:

**1.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors and Similar Matters**

In an uncontested election, Aristotle Capital will generally vote in favor of management's proposed directors. In a contested election, Aristotle Capital will evaluate proposed directors on a case-by-case basis. With respect to proposals regarding the structure of a company's board of directors, Aristotle Capital will review any contested proposal on its merits.

Notwithstanding the foregoing, Aristotle Capital expects to **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit directors' liability and broaden directors' indemnification rights;

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt or continue the use of a classified board structure; 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;&nbsp;&nbsp;&nbsp;&nbsp;• Add special interest directors to the board of directors (e.g., efforts to expand the board of directors to control the outcome of a particular decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee Approvals**

Aristotle Capital generally supports proposals that help ensure that a company's auditors are independent and capable of delivering a fair and accurate opinion of a company's finances. Aristotle Capital will generally vote to ratify management's recommendation and selection of auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Rights**

Aristotle Capital may consider all proposals that will have a material effect on shareholder rights on a case-by-case basis.

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Notwithstanding the foregoing, Aristotle Capital expects to generally **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt confidential voting and independent tabulation of voting results; 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;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder approval of poison pills;

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt super-majority voting requirements; 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;&nbsp;&nbsp;&nbsp;&nbsp;• Unnecessarily restrict the rights of shareholders to call special meetings, amend the bylaws or act by written consent.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Anti-Takeover Measures, Corporate Restructurings and Similar Matters**

Aristotle Capital may review any proposal to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation, mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the company. These effects may include, without limitation, the economic and financial impact the proposal may have on the company, and the market impact that the proposal may have on the company's stock.

Notwithstanding the foregoing, Aristotle Capital expects to generally **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibit the payment of greenmail (i.e., the purchase by the company of its own shares to prevent a hostile takeover);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt fair price requirements (i.e., requirements that all shareholders be paid the same price in a tender offer or takeover context), unless the CIO deems them sufficiently limited in scope; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholder approval of "poison pills."

And expects to generally **<u>vote against</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt classified boards of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reincorporate a company where the primary purpose appears to the CIO to be the creation of takeover defenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require a company to consider the non-financial effects of mergers or acquisitions.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Capital Structure Proposals**

Aristotle Capital will seek to evaluate capital structure proposals on their own merits on a case- by-case basis.

Notwithstanding the foregoing, Aristotle Capital expects to generally support proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eliminate preemptive rights.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Compensation**

Aristotle Capital generally supports proposals that encourage the disclosure of a company's compensation policies. In addition, Aristotle Capital generally supports proposals that fairly compensate executives, particularly those proposals that link executive compensation to performance. Aristotle Capital may consider any contested proposal related to a company's compensation policies on a case-by-case basis.

Notwithstanding the foregoing, Aristotle Capital expects to generally **<u>support</u>** proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require shareholders' approval of golden parachutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt golden parachutes that do not exceed 1 to 3 times the base compensation of the applicable executives.

And expects to generally vote against proposals to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt measures that appear to the CIO to arbitrarily limit executive or employee benefits.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Stock Option Plans and Share Issuances**

Aristotle Capital evaluates proposed stock option plans and share issuances on a case-by-case basis. In reviewing proposals regarding stock option plans and issuances, Aristotle Capital may consider, without limitation, the

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potential dilutive effect on shareholders and the potential short and long-term economic effects on the company. We believe that stock option plans do not necessarily align the interest of executives and outside directors with those of shareholders. We believe that well thought out cash compensation plans can achieve these objectives without diluting shareholders ownership. We will review these proposals on a case-by- case basis to determine that shareholders' interests are being represented. We are in favor of management, directors and employees owning stock, but prefer that the shares are purchased in the open market.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Responsibility and Social Issues**

Aristotle Capital generally believes that ordinary business matters (including, without limitation, positions on corporate responsibility and social issues) are primarily the responsibility of a company's management that should be addressed solely by the company's management. These types of proposals, often initiated by shareholders, may request that the company disclose or amend certain business practices.

Aristotle Capital will consider proposals involving corporate responsibility and social issues on a case-by-case basis.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Conflicts**

In cases where Aristotle Capital is aware of a conflict between the interests of a client(s) and the interests of Aristotle Capital or an affiliated person of Aristotle Capital (e.g., a portfolio holding is a client or an affiliate of a client of Aristotle Capital), the Aristotle Capital will take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)vote matters that are specifically covered by this proxy voting policy (e.g., matters where Aristotle Capital's vote is strictly in accordance with this policy and not in its discretion) in accordance with this policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for other matters, contact the client for instructions with respect to how to vote the proxy.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Proxy Voting Policy**

Upon receiving a written request from a client, Aristotle Capital will provide a copy of this policy within a reasonable amount of time. If approved by the client, this policy and any requested records may be provided electronically.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping**

Aristotle Capital shall keep the following records for a period of at least five years, the first two in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A copy of this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Proxy statements received regarding client securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Records of votes cast on behalf of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Any documents prepared by Aristotle Capital that were material to making a decision how to vote, or that memorialized the basis for the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Records of client requests for proxy voting information.

Aristotle Capital may rely on proxy statements filed on the SEC EDGAR system instead of keeping its own copies, and may rely on proxy statements and records of proxy votes cast by Aristotle Capital that are maintained with a third party such as a proxy voting service, provided that Aristotle Capital has obtained an undertaking from the third party to provide a copy of the documents promptly upon request.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Proxy Voting for Accounts Subject to ERISA**

Department of Labor (DOL) provided investment managers the following guidance about their ERISA responsibilities, when voting proxies:

Where the authority to manage plan assets has been delegated to an investment manager, only the investment manager has authority to vote proxies, except when the named fiduciary has reserved to itself or to another named fiduciary (as authorized by the plan document) the right to direct a plan trustee regarding the voting of proxies.<sup>4</sup>

<sup>4</sup> Interpretive Bulletin 94-2, July 28, 1994.

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DOL has also indicated that an adviser with a duty to vote proxies has an obligation to take reasonable steps under the circumstances to ensure that it receives the proxies. Appropriate steps include informing the plan sponsor and its trustees, bank custodian or broker-dealer custodian of the requirement that all proxies be forwarded to the adviser and making periodic reviews during the proxy season, including follow-up letters and phone calls if necessary. When voting proxies, an investment manager must consider proxies as a plan asset and act solely in accordance with the economic interest of the plan and its participants and beneficiaries.<sup>5</sup>

DOL has also indicated that the adviser must consider any costs involved when voting proxies for plan assets. Adviser should evaluate material facts that form the basis for any particular voting decision or other exercise of shareholder right. Aristotle Capital may decide, after a facts and circumstances analysis, to refrain from voting if it is determined that a plan client would incur unreasonable costs.

DOL has also indicated that the adviser must exercise prudence and diligence in the selection and monitoring of persons, if any, selected to advise or otherwise assist with exercises of shareholder rights. Aristotle Capital has contracted with ISS to provide proxy voting support and periodically reviews ISS guidelines as part of vendor oversight.

DOL has also indicated that the adviser must properly document votes and that the named fiduciary has a duty to monitor the proxy voting process of the adviser. Advisers should be prepared to issue proxy voting reports to clients. Records of "solicitation" activities by issuers (or others) should be maintained. Records should reflect a verification of each proxy to each share in each account. Records should be maintained in such a manner that it is easy to backtrack. Copies of each executed ballot should be maintained. Aristotle Capital has access to proxy voting records through ISS and can issue copies of proxy voting reports to clients upon request. Aristotle Capital maintains a log of solicitations it receives from issuers or others.

<sup>5</sup> Department of Labor ERISA Rule 404a-1(e)(2)(ii).

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**<u>BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC</u>**

Brown Brothers Harriman Credit Partners, LLC (the "Adviser"), a subsidiary of Brown Brothers Harriman & Co., has adopted the proxy voting policies of its Capital Partners Line of Business.

**Proxy Voting Policies**

**Executive Summary**

In accordance with applicable rules and regulations, Brown Brothers Harriman & Co.'s ("BBH") Capital Partners ("CP") Line of Business ("LOB") may vote proxies and corporate actions, such as mergers and spin-offs, on behalf of investment advisory clients for whom it exercises investment discretion pursuant to an advisory contract and where BBH has been designated under such contract, or otherwise, to vote the client's proxies. The CP LOB provides services to individual and institutional clients, proprietary private and registered funds, as well as Advisory and Sub-advisory services to third-parties (collectively, "Client(s)").

BBH may also vote proxies and corporate actions for investment advisory clients holding nondiscretionary accounts where BBH has been designated to vote proxies on their behalf pursuant to a written agreement. In connection with this voting authority, BBH acts as a fiduciary, which means that BBH owes its clients<sup>1</sup> the duties of loyalty, care, impartiality and objectivity.

The Proxy and Corporate Action Voting Policy (the "Policy") is designed to help CP meet its regulatory requirements and fiduciary duties with respect to exercising shareholder voting rights on behalf of discretionary accounts.

**Policy Statement**

BBH considers this voting responsibility to be a critical component of its investment management function. The purpose of this Policy is to provide guidelines on BBH's exercise of this responsibility. BBH's primary goals in voting proxies are to ensure that (i) the best interests of its clients are represented in an independent manner free of conflicts of interest and (ii) BBH's professional investment expertise is brought to bear on proxy and corporate action issues as necessary. In doing so, BBH strives to make decisions that maximize shareholder value with respect to companies in which it invests on behalf of clients.

**Definitions**

"Issuer" shall mean any issuer of a security held who is soliciting a vote by Proxy.

"Corporate Action" shall mean events called by the issuer of publicly traded securities that may affect the price or capitalization of the security and/or the rights of the holder of the security.

With respect to the BBH Partner Funds, the SID has delegated proxy voting responsibilities to the sub- adviser.

As a general matter, BBH's position is that it is appropriate to vote all proxies for the same security in the same manner across the various investment strategies that it offers. A hallmark of BBH's investment management philosophy is that it focuses on individual security selection – what is often referred to as a "bottom-up" investment approach. As such, BBH portfolio managers and research analysts perform extensive and detailed reviews on individual securities and their issuers before determining that a particular investment is suitable for investment. Matters raised by issuers through the proxy or corporate action process are considered by BBH to be important inputs in the investment analysis process and are factored in determining whether a security should be included or retained. As such, BBH's position is that, under normal circumstances, voting proxies or corporate actions consistently across various strategies and client accounts is the most effective manner in which to impact a particular proxy proposal on behalf of its clients and an integral part of its investment process. BBH may vary from this general approach based on specific fund or client guidelines. Additionally, there may be instances in which it is appropriate for portfolio managers of different strategies to take a different view on the same proxy. In such cases, the issue shall be escalated to CP senior management for evaluation of the rationale for such differing views. The CP

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<sup>1</sup> CP's clients may invest in different investment strategies through different investment vehicles (registered funds, private funds, separately managed accounts). To the extent that BBH retains a third-party investment sub-adviser for any of its strategies or products, it shall be the responsibility of the sub-adviser to vote proxies consistently with all applicable legal and regulatory

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requirements. BBH shall review sub-adviser proxy voting practices as part of its oversight function, but sub-advisers shall not be subject to this policy.

Partner will review the portfolio managers' rationale to determine that such a request is in the best interests of the Fund. After that evaluation, if a split vote is deemed appropriate, the basis for <u>both</u> votes shall be documented as per the Proxy Voting Procedures.

**I.&nbsp;&nbsp;&nbsp;&nbsp;Proxy Advisory Firms.** BBH may engage a third-party proxy advisory firm ("PA Firm") to assist it in exercising its voting responsibilities<sup>2</sup>. The engagement of a PA Firm is intended to provide BBH with supplemental resources to allow BBH to perform its voting responsibilities more efficiently. BBH may adopt the guidelines of a PA Firm to assist it in such implementation. In doing so, BBH will analyze such guidelines to ensure that they address the following issues:

• Issuers' procedures for the election of Directors (including the Board and Committee Chairs)

• Issuers' requirements for governance structures and Committee composition and function (including

Nominating, Audit, Compensation and Governance Committees)

• Company positions relating to 'Say on Pay' proposals, including responsiveness to shareholder concerns to

such proposals

• Standards to determine independence and affiliation (Section 952 of Dodd-Frank Act)

• Percentage of Independent Directors sitting on Boards and Committees

• Process for determining performance of Directors and for taking action relative to underperforming

Directors

• Diversity of Boards and Committees (by professional background, skills, experience, gender, etc.)

• Oversight of Environmental and Social Issues

• Process for determining and addressing conflicts of interest

• Size of Boards

• Election frequency (e.g.- annual vs, staggered terms)

• Responsiveness to shareholder concerns, including exclusion of shareholder proposals and

special meeting rights granted to shareholders

• Transparency in financial reporting

• Auditor independence and ratification

• Alignment of executive compensation with long-term goals

• Director indemnification and insurance provisions

**II.&nbsp;&nbsp;&nbsp;&nbsp;Proxy Advisory Firm Due Diligence.** On behalf of BBH, CP shall perform annual due diligence on PA Firms that it engages using a questionnaire-based approach, with follow-up meetings as deemed necessary. Issues to be evaluated as part of the due diligence will include:

• Capability and expertise of PA firm staff

• Adequacy of staffing

• Whether the PA Firm has a process in place to identify and disclose potential or actual conflicts of interest

• Adequacy of technology resources and information security and data protection capabilities

• The manner in which the PA firm interacts with issuers

• Whether the PA firm utilizes peer group sampling in analyzing particular proxy proposals

• Adequacy of policies and procedures, including Codes of Ethics and personal trading policies

• Adequacy of procedures for protection of non-public information (whether received from clients or issuers)

• Error correction procedures

• Procedures for informing clients of additional material information that may be communicated by issuers

after the filing of a preliminary proxy statement but before the filing of a definitive proxy statement

• Approach to dealing with factually incorrect or incomplete information received from issuers

• Methods of communicating changes to the PA Firm's guidelines to BBH

• A description of the PA Firm's compliance with the amendments to Rule 14a under the Securities Act of

1934

**III.&nbsp;&nbsp;&nbsp;&nbsp;Exceptions Process: Departures from Proxy Agent Recommendations**

To the extent that BBH has reviewed and accepted the Proxy Policy Guidelines of the PA Firm (the "Proxy Guidelines") in order to assist it in voting proxies in the best interests of its Clients, BBH shall maintain a procedure

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**______________________________**

<sup>2</sup> Corporate actions for fixed income securities shall be evaluated and addressed by the applicable BBH portfolio management team and not by a proxy advisory firm.

to provide for the review of the PA Firm's recommendations and to allow BBH to vary from such recommendations and to cast votes accordingly. For each Proxy proposal in connection with any securities on the "Approved List" of securities or its "Approved for Customization List" of securities, BBH will review the proxy to determine whether the particular facts and circumstances warrant considering a variance from the PA Firm's recommendation for the vote at issue.

If proxies are to be voted other than in accordance with the recommendations of the Proxy Agent ("Proxy Voting Exception(s)"), the Proxy Voting Exception process described in the Proxy Voting Procedures will be followed.

**IV.&nbsp;&nbsp;&nbsp;&nbsp;Processing of Proxy Votes by the Proxy Operations Group**

The Proxy Operations group within BBH ("Proxy Operations") shall be the primary address at BBH for the receipt of CP Proxy solicitation materials. The votes will be processed by Proxy Operations in accordance with the requirements of this policy and associated procedures and cast in accordance with this Policy and the Proxy Voting Procedures. BBH will not vote matters not solicited by proxy.

**V.&nbsp;&nbsp;&nbsp;&nbsp;Processing Corporate Actions for Fixed Income Securities**

Decisions relating to fixed income corporate actions shall be taken by the applicable Portfolio Manager in accordance with the Fixed Income Corporate Actions Procedures.

**VI.&nbsp;&nbsp;&nbsp;&nbsp;Oversight by an Appropriate Oversight Committee**

A senior manager or their designee will provide, at least annually, a report to an oversight committee describing the operation and effectiveness of the proxy voting process. The objective of this annual report is to determine whether the proxy voting controls have been implemented in a manner that has enabled BBH to vote proxies in the best interest of its clients and consistently with BBH's investment advisory responsibilities.

**VII.&nbsp;&nbsp;&nbsp;&nbsp;Material Conflicts of Interest**

There may be instances in which BBH's interests' conflict, or appear to conflict, with client interests. BBH's duty is to vote proxies in the best interests of the clients. BBH votes portfolio proxies without regard to any other business relationship between BBH and the company to which the portfolio votes proxies.

BBH generally seeks to avoid such material conflicts of interest by maintaining separate investment decision making processes to prevent the sharing of business objectives with respect to proposed or actual actions regarding portfolio proxy voting decisions. In addition, BBH may employ the following procedures to further minimize any potential conflict of interest, as long as the course of action is consistent with the best interests for the client, and, if applicable, the company's shareholders:

• If the proposal for a company is specifically addressed in the Proxy Guidelines, BBH will vote proxies in

accordance with the Proxy Guidelines. If the proposal for the company is not specifically addressed in the Proxy Guidelines, or if the Proxy Guidelines provide discretion to BBH on how to vote (i.e., on a case-by-case basis), BBH will vote in accordance with its proxy voting agent's general recommended guidelines on the proposal provided that BBH has reasonably determined there is no conflict of interest on the part of the proxy voting agent.

• With respect to proposals of a company where an analyst has requested that BBH vote other than in

accordance with the recommendations of the Proxy Agent, BBH may determine that such a request is in the best interests of the client (and, if applicable, its shareholders) and does not pose an actual material conflict of interest. In making its determination, the Portfolio Manager may consider, among other things, whether the analyst is aware of the business relationship with the company.

If none of the previous procedures provides an appropriate voting recommendation, BBH may retain an independent fiduciary to advise BBH on how to vote the proposal; or BBH may determine that voting on the particular proposal is impracticable and/or is outweighed by the cost of voting and direct BBH to abstain from voting.

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**VIII.&nbsp;&nbsp;&nbsp;&nbsp;Proxy Reporting Requirements**

Effective July 1st, 2024, BBH ("institutional manager") will file an annual report on Form NP-X no later than August 31<sup>st</sup> of each year, containing the institutional manager's proxy voting record pertaining to executive compensation ("say-on-pay votes") pursuant to Rule 14Ad-1 under the Securities Exchange Act of 1934 ("1934 Act").

With respect to BBH Trust, please refer to the BBH Trust Proxy and Corporate Action Voting Policies and Procedures for details on the proxy reporting requirements.

**IX.&nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping**

Proxy Operations is responsible for maintaining appropriate proxy voting records and supporting documentation regarding the proxy voting controls process in accordance with the record keeping requirements set forth in the Proxy Voting Procedures.

**X.&nbsp;&nbsp;&nbsp;&nbsp;Client Disclosure**

As described in the Client Disclosure Document, upon Client written request, BBH shall disclose to Clients for whom it is exercising client's voting rights its Proxy and Corporate Action voting record as well as its policies and procedures for voting clients' Proxies.

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**<u>NINETY ONE NORTH AMERICA, INC.</u>**

**Proxy Voting Policy**

Rule 204(4)-6 of the rules promulgated by the Advisers Act requires an adviser that exercises voting authority over advisory client proxies to adopt written policies reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, to disclose to clients information about those policies and procedures and to disclose to clients how they may obtain information on how the adviser has voted their proxies.

Ninety One NA utilizes the proxy voting services of Ninety One UK . The objective of Ninety One UK's Stewardship Policy and Proxy Voting Guidelines (Proxy Policy) imputed to Ninety One NA is to inform the business, clients and the companies in which it invests how it votes with respect to all resolutions placed before it and provide a guide for how Ninety One NA is likely to vote on certain issues. The Proxy Policy will be implemented on an "apply or explain" basis with all departures from the Proxy Policy being comprehensively explained to clients. The Proxy Policy will apply across all geographic domains and may be amended from time to time to ensure that it remains relevant in a constantly changing world and consistent. The Proxy Policy describes the policies and procedures in place to reasonably ensure that Ninety One NA's proxies are voted in the best interests of its clients and also describes how material conflicts of interests involving proxy voting are addressed.

With respect to ERISA clients, the Department of Labor takes the position that proxy voting decisions are "fiduciary" decisions subject to ERISA's standards. These standards generally require fiduciaries to act prudently and to discharge their duties solely in the interests of participants and beneficiaries. When applicable, Ninety One NA will exercise the authority to vote proxies appurtenant to the securities acquired on behalf of an ERISA client except to the extent that such authority is restricted by such client's IMA with Ninety One NA.

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**Osterweis Capital Management, LLC**

**PROXY VOTING** 

**POLICIES AND PROCEDURES**

**I. <u>POLICY</u>**

Osterweis Capital Management, LLC ("OCM") acts as discretionary investment adviser for various clients, including clients governed by the Employee Retirement Income Security Act of 1974 ("ERISA") and registered open-end investment companies ("mutual funds"). OCM's authority to vote proxies or act with respect to other actions requiring shareholder votes is established through the delegation of discretionary authority under its investment advisory contracts. Therefore, unless a client (including a "named fiduciary" under ERISA) specifically reserves the right, in writing, to vote its own proxies or to take shareholder action with respect to other actions, OCM will vote all proxies and act on all other actions in a timely manner as part of its full discretionary authority over client assets in accordance with these Policies and Procedures. Corporate actions that require shareholder votes may include, for example and without limitation, tender offers or exchanges, bankruptcy proceedings, and class actions.

When voting proxies or acting with respect to corporate actions for clients, OCM's utmost concern is that all decisions be made solely in the best interest of the client (and for ERISA accounts, plan beneficiaries and participants, in accordance with the letter and spirit of ERISA). OCM will act in a prudent and diligent manner intended to enhance the economic value of the assets of the client's account.

**II. <u>PURPOSE</u>**

The purpose of these Policies and Procedures is to memorialize the procedures and policies adopted by OCM to enable it to comply with its fiduciary responsibilities to clients and the requirements of Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act"). These Policies and Procedures also reflect the fiduciary standards and responsibilities set forth by the Department of Labor for ERISA accounts.

**III. &nbsp;&nbsp;&nbsp;&nbsp;<u>PROCEDURES</u>**

The Chief Compliance Officer is ultimately responsible for ensuring that all proxies received by OCM are voted in a timely manner and in a manner consistent with what OCM considers to be each client's best interest.

OCM currently utilizes the services of a third-party proxy voting service, Institutional Shareholder Services (the "Service"), to assist in the development of proxy voting guidelines (see attached Appendix 1 for OCM's current proxy voting guidelines, "Guidelines") and to track and vote proxies according to these Guidelines. The Service generally implements OCM's proxy voting process by collecting the proxy voting materials, reconciling ballot discrepancies, causing votes to be cast, tracking missing proxies and providing record keeping and reporting services. At least annually the Service will review the Guidelines and revise them if necessary.

Although most proxy proposals can be voted in accordance with the Guidelines, we recognize that some proposals require special consideration and OCM will make a decision on a case-by-case basis in these situations. Where such a case-by-case determination is required, the Service will bring these ballot questions to the attention of OCM's Compliance Department, which will consult with the Chief Investment Officer and/or a relevant Portfolio Manager to determine the appropriate action on the matter. Portfolio Managers may also independently identify ballots of particular importance to shareholder value and review the Service's vote recommendations in advance of the meeting date. Such occasions serve as a check on the validity of the Service's policies and procedures insofar as any failure by the Guidelines or the Service's recommendations to comport with shareholder interests may signal an unresolved conflict or unexpected change within the capacity and competency of the Service. When needed, OCM shall vote clients' shares differently than the Service's recommendation. Such overrides shall be monitored by the Compliance department, as a material increase in their frequency may signal that the Service's policies and procedures no longer comport with our clients' best interests.

At least annually, a member of OCM's Vendor Oversight Committee (or their designee) shall review the performance of the Service. The review shall typically be certified by the Chief Compliance Officer and shall consider whether the Service; continues to exhibit the capacity and professional competency to successfully address OCM's business needs (satisfying, among other things, the fiduciary duties described above), has undergone any

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material changes that may create new conflicts of interest, has experienced any material errors in the past year, and whether the Services continues to have appropriate Disaster Recovery and Cybersecurity policies.

Additionally, the Chief Compliance Officer or his/her designee shall conduct periodic reviews (typically by sampling) of proxy votes cast by the Service in order to verify that such votes are indeed being cast in a manner that complies with these Policies and Procedures. All OCM employees who interact with the Service are under an ongoing obligation to escalate to the CCO or another member of the Vendor Oversight Committee any signs of material weakness or errors noted in the Service's day-to-day performance.

Separately, the Chief Compliance Officer has a supervisory responsibility to ensure that all corporate action notices or requests received by OCM that require shareholder action are addressed in a timely manner and consistent action is taken across all similarly situated client accounts.

A.<u>Conflicts of Interest</u>

Where a proxy proposal raises a material conflict between OCM's interests and a client's interest, including a mutual fund client, OCM will resolve such a conflict in the manner described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Vote in Accordance with the Guidelines.</u> To the extent that the matter to be voted on is covered specifically by the Guidelines (which, if the client is a mutual fund, OCM will have previously disclosed to the mutual fund's Board of Trustees or Board of Directors), OCM will vote in accordance with the Guidelines. Proxies that are specifically covered by the Guidelines are automatically voted by the Service in accordance with the Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Obtain Consent of Clients.</u> To the extent that OCM has discretion to make a case-by-case decision under the Guidelines with respect to the proposal in question, OCM will disclose the conflict to the relevant clients and obtain their consent to the proposed vote prior to voting the securities. The disclosure to the client will include sufficient detail regarding the matter to be voted on and the nature of OCM's conflict that the client would be able to make an informed decision regarding the vote. If a client does not respond to such a conflict disclosure request or denies the request, OCM will abstain from voting the securities held by that client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Client Directive to Use an Independent Third Party.</u> Alternatively, a client may, in writing, specifically direct OCM to forward all proxy matters in which OCM has a conflict of interest regarding the client's securities to an identified independent third party for review and recommendation. Where such independent third party's recommendations are received on a timely basis, OCM will vote all such proxies in accordance with such third party's recommendation. If the third party's recommendations are not received in a timely manner, OCM will abstain from voting the securities held by that client's account.

Where proxies are automatically voted by the Service in accordance with the Guidelines, OCM will not have made a pre-vote conflict of interest determination. Where the proxy proposal has been forwarded by the Service to the Compliance Department in accordance with the Guidelines, the matter shall be reviewed for conflicts of interest as part of the overall vote review process. All material conflict of interest so identified by OCM will be addressed as described above in this Section III.A.

B.<u>Limitations</u>

In certain circumstances, in accordance with a client's investment advisory contract (or other written directive) or where OCM has determined that it is in the client's best interest, OCM will not vote proxies received. The following are certain circumstances where OCM may limit its role in voting proxies:

&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>Client Maintains Proxy Voting Authority:</u> Where client specifies in writing that it will maintain the authority to vote proxies itself or that it has delegated the right to vote proxies to a third party, OCM will not vote the securities and will direct the relevant custodian to send the proxy material directly to the client or specified third party. If any proxy material is received by OCM or the Service, it will promptly be forwarded to the client or specified third party.

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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;2.<u>Terminated Account:</u> Once a client account has been terminated with OCM in accordance with its investment advisory agreement, OCM will not vote any proxies received after the termination. However, the client may specify in writing that proxies should be directed to the client (or a specified third party) for action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Limited Value:</u> If OCM determines that the value of a client's economic interest or the value of the portfolio holding is indeterminable or insignificant, OCM may abstain from voting a client's proxies. OCM also will not vote proxies received for securities which are no longer held by the client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Accommodation Security Positions.</u> In certain instances, a client account may contain certain securities that OCM does not actively manage, but that are maintained in the account at the client's request (designated as "Accommodation Positions"). With respect to such securities for which OCM has proxy voting authority, OCM will vote in accordance with its Guidelines unless the position requires a case-by-case analysis, in which case OCM may abstain from voting. The client may also direct OCM to take an action with respect to a particular matter. Such direction must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Securities Lending Programs:</u> When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. However, where OCM determines that a proxy vote (or other shareholder action) is materially important to the client's account, OCM may recall the security for purposes of voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Unjustifiable Costs:</u> In certain circumstances, after doing a cost-benefit analysis, OCM may abstain from voting where the cost of voting a client's proxy would exceed any anticipated benefits to the client of the proxy proposal.

**VI. &nbsp;&nbsp;&nbsp;&nbsp;<u>RECORD KEEPING</u>**

In accordance with Rule 204-2 under the Advisers Act, OCM will maintain for the time periods set forth in the Rule (i) these proxy voting procedures and policies, and all amendments thereto; (ii) all proxy statements received regarding client securities (provided however, that OCM may rely on the proxy statement filed on EDGAR as its records); (iii) a record of all votes cast on behalf of clients; (iv) records of all client requests for proxy voting information; (v) any documents prepared by OCM that were material to making a decision how to vote or that memorialized the basis for the decision; and (vi) all records relating to requests made to clients regarding conflicts of interest in voting the proxy. Since OCM utilizes resources of the Service to maintain certain of these records, OCM has received a written undertaking from the Service to provide a copy of all such records promptly upon request by OCM.

OCM will describe in its Part 2a of Form ADV (or other brochure fulfilling the requirement of Rule 204-3) its proxy voting policies and procedures and will inform clients how they may obtain information on how OCM and the Service voted proxies with respect to the clients' portfolio securities. Clients may obtain information on how their securities were voted or a copy of OCM's Policies and Procedures by written request addressed to OCM. OCM will coordinate with the relevant mutual fund service providers to assist in the provision of all information required to be filed by such mutual funds on Form N-PX.

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**<u>PGIM, INC.</u>**

**Proxy Voting Policy**

*In General*

We accept the authority to vote securities held in our clients' accounts when our clients wish to provide us with this authority. Our investment management agreements with our clients will generally specify whether or not we have the authority to vote proxies on their behalf. We do not receive a significant number of proxies since we primarily invest client assets in debt instruments. Proxy voting is reviewed by our trade management oversight committee.

*Our Proxy Voting Policy and Procedures*

Our policy is to vote proxies in the best economic interest of our clients. In the case of pooled accounts, our policy is to vote proxies in the best economic interest of the pooled account.

Our proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect our judgment of how to further the best economic interest of our clients through the shareholder or debt-holder voting process. We generally vote with management on routine matters such as the appointment of accountants or the election of directors. From time to time, ballot issues arise that are not addressed by our policy or circumstances may suggest a vote not in accordance with our established guidelines. In these cases, voting decisions are made on a case-by-case basis by the applicable portfolio manager taking into consideration the potential economic impact of the proposal.

Not all ballots are received by us in advance of voting deadlines, but when ballots are received in a timely fashion, we strive to meet our voting obligations. We cannot, however, guarantee that every proxy will be voted prior to its deadline.

With respect to non-U.S. holdings, we take into account additional restrictions in some countries that might impair our ability to trade those securities or have other potentially adverse economic consequences. We generally vote non-U.S. securities on a best efforts basis if we determine that voting is in the best economic interest of our clients.

*Client Direction of Voting*

We will use our best efforts to implement any written client voting instructions with respect to a specific solicitation where appropriate.

*Conflicts of Interest in the Voting Process*

Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted may also be a client of ours. When we identify an actual or potential material conflict of interest between our firm and our clients with respect to proxy voting, the matter is presented to senior management who will resolve such issue in consultation with the compliance and legal departments.

*Accounts for Which We Do Not Vote Securities*

Some of our clients elect to retain voting authority for themselves. If a client has a question about a particular solicitation, the client may contact its account management representative and we will try to address the client's question. Unless we otherwise agree, we will not, however, disclose how we intend to vote on an issue for other clients' accounts.

*How to Obtain Information Regarding Proxy Voting*

Any client may obtain a copy of our proxy voting policy, guidelines and procedures, as well as the proxy voting records for that client's securities, by contacting the account management representative responsible for the client's account.

*Securities Lending and Proxies*

Clients that participate in our securities lending program should be aware that when securities are on loan, they cannot be voted by us. Under certain circumstances, we may not recall loaned securities in order to vote, including if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we deem the benefit of exercising the vote to be outweighed by the economic benefit of keeping the securities on loan or the administrative burden of calling them back;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is impracticable to obtain the return of the securities from the borrower in time to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not aware of a pending vote.

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**<u>PINEBRIDGE INVESTMENTS LLC</u>**

**Proxy Voting Policy**

**I. &nbsp;&nbsp;&nbsp;&nbsp;Introduction**

Proxy voting is an important right of shareholders, such as PineBridge Clients, for which PineBridge must take reasonable care and diligence to ensure such rights are properly and timely exercised. PineBridge, as a fiduciary for its Clients, must vote proxies in their best interest. We believe considering forward looking improvement in ESG issues is in the economic interest of our Clients. Please refer to the PineBridge Stewardship and Engagement Policy for details on how PineBridge interacts with companies, entities or other market participants on Environmental, Social and Governance (ESG) issues.

**II. &nbsp;&nbsp;&nbsp;&nbsp;Policy Statement**

Proxy Procedures

As a registered investment adviser that votes (or delegates the voting of) securities held in Client portfolios, PineBridge has implemented proxy voting procedures that are reasonably designed to help ensure that a) PineBridge votes proxies in the best interest of its Clients; b) describes its proxy voting procedures to its Clients, and c) discloses to Clients how they may obtain information on how PineBridge voted their proxies. These procedures are designed to help enable PineBridge to manage material conflicts of interest. While PineBridge must disclose its votes upon request to Clients, no public disclosure is required. (Note that disclosure is required for any mutual funds advised by PineBridge, on Form N-PX.)

Record-Keeping

PineBridge must retain (i) these proxy voting policies and procedures; (ii) proxy statements received regarding Client securities; (iii) records of votes it casts on behalf of Clients; (iv) records of Client requests for proxy voting information, and; (v) any documents prepared by PineBridge that were material to making a decision how to vote, or that memorialized the basis for the decision. PineBridge may rely on proxy statements filed on EDGAR instead of keeping its own copies and rely on proxy statements and records of proxy votes cast by PineBridge that are maintained by contract with a third-party proxy voting service or other third party.

Proxies of Shares of Non-U.S. Corporations

PineBridge has implemented general voting policies with respect to non-U.S. shares owned by Clients. However, although U.S. companies must give shareholders at least 20 days' advance notice to vote proxies, some non-U.S. companies may provide considerably shorter notice or none at all. PineBridge is not required to "rush" voting decisions in order to meet an impractical deadline, and as a result, PineBridge or PineBridge affiliates' regional designees under certain circumstances may not vote certain proxies. In addition, certain non-U.S. regulations impose additional costs to a Portfolio that votes proxies, and PineBridge will take that into consideration when determining whether or not to vote.

In the case of a material conflict between the interests of PineBridge and those of its Clients, PineBridge will take steps to address such conflicts (which may include consulting with counsel) and will attempt to resolve all conflicts in the Client's best interest.

**III. &nbsp;&nbsp;&nbsp;&nbsp;Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance is responsible for ensuring that the PineBridge ADV includes the appropriate language summarizing PineBridge's proxy voting procedures and for updating the summary in the ADV whenever the procedures are updated. Compliance is also responsible for consulting with Legal to ensure that PineBridge's proxy voting policy is kept up to date and in a form appropriate for transmission to Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Client or potential Client requests a copy of the Proxy Voting Policy from Client Relations or Sales, Compliance should be contacted for the most recent version, or it may be obtained from the intranet. Client Relations will send to such Client a copy of the current version of the voting procedures within 7 days and will ensure that Compliance receives a log of each Client's request and the action taken.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Client requests access to the records of how PineBridge voted its proxies, the Client should be assured that this will be provided, and Operations should be consulted. Operations has access to these proxy voting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PineBridge has established a Stewardship Committee (Committee), which is responsible for defining and monitoring PineBridge's proxy voting strategy and process. The Committee is comprised of members of senior management, portfolio management, Compliance, Legal, Product and Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Committee conducts an annual review of the proxy voting guidelines for domestic and non-U.S. Portfolios. Guidelines are reviewed to ensure that the interests of PineBridge's Clients are best served.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issues not addressed in the voting guidelines are determined on a case-by-case basis with input from the Committee and portfolio managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PineBridge has engaged a third-party vendor to administer proxy voting on its behalf. The vendor receives, in a majority of cases, proxies directly from the Client's custodian and votes them based on PineBridge' s voting guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In circumstances where PineBridge receives proxies directly, these proxies must be sent to the vendor promptly. The vendor then votes them in accordance with PineBridge's voting guidelines. The vendor maintains a listing of all votes cast on behalf of PineBridge Clients.

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March 28, 2025

**Putnam Investments**

<u>Proxy Voting Procedures</u>

*<u>Introduction and Summary</u>*

Many of Putnam's investment management clients have delegated to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of proxies can be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in the best interests of its clients as investors. In Putnam's view, strong corporate governance policies, most notably oversight by an independent board of qualified directors, best serve investors' interests. Putnam will vote proxies and maintain records of voting of shares for which Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.

Putnam's voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors' active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam's view, outweigh their investment merits.<sup>1</sup>

This memorandum sets forth Putnam's policies for voting proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual Funds and Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by The Putnam Advisory Company, LLC, Putnam Investments Limited and Putnam Fiduciary Trust Company, LLC. In addition, the policies include US mutual funds and other accounts sub-advised by Putnam Investment Management, LLC.<sup>2</sup>

*<u>Proxy Committee</u>*

Putnam has a Proxy Committee composed of senior professionals, including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies. Specifically, the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered to be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Considers special proxy issues as they may from time to time arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Must approve all vote overrides recommended by investment professionals.

**<u>Proxy Voting Administration</u>**

The Putnam Sustainability Strategy group administers Putnam's proxy voting through a Proxy Voting Team. The Proxy Voting Team has the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Annually prepares the Proxy Voting Guidelines and distributes them to the Proxy Committee for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Coordinates the Proxy Committee's review of any new or unusual proxy issues and serves as Secretary thereto.

______________________________________

<sup>1</sup> Effective January 27, 2023, the Board of Trustees of the Putnam Mutual Funds delegated proxy voting authority to Putnam Investment Management, LLC, the investment manager to the Putnam Mutual Funds.

<sup>2</sup> The Putnam Proxy Voting Procedures and Guidelines will apply also to certain funds and institutional and other accounts managed by Franklin Advisers, Inc. ("FAV") but formerly managed or sub-advised by one of the Putnam adviser entities identified above, pursuant to sub-advisory agreements in effect from time to time between FAV and the relevant Putnam entity(ies).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Manages the process of referring issues to portfolio managers for voting instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Oversees the work of any third-party vendor hired to process proxy votes (as of the date of these procedures Putnam has engaged Institutional Shareholder Services (ISS) to process proxy votes) and the process of setting up the voting process with ISS and custodial banks for new clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Coordinates responses to investment professionals' questions on proxy issues and proxy policies, including forwarding specialized proxy research from ISS and other vendors and forwards information to investment professionals prepared by other areas at Putnam.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset Allocation ("GAA") team within Franklin Templeton Investment Solutions described in more detail in the Proxy Referral section below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Maintains required records of proxy votes on behalf of the appropriate Putnam client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Prepares and distributes reports required by Putnam clients.

*<u>Proxy Voting Guidelines</u>*

Putnam maintains written voting guidelines ("Guidelines") setting forth voting positions determined by the Proxy Committee on those issues believed most likely to arise day to day. The Guidelines may call for votes to be cast normally in favor of or opposed to a matter or may deem the matter an item to be referred to investment professionals on a case-by-case basis. A copy of the Guidelines is attached to this memorandum as Exhibit A.

In light of our views on the importance of issuer governance and investor engagement, which we believe are applicable across our various strategies and clients, regardless of a specific portfolio's investment objective, Putnam will vote all proxies in accordance with the Guidelines, subject to two exceptions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.If the portfolio managers of client accounts holding the stock of a company with a proxy vote believe that following the Guidelines in any specific case would not be in the clients' best interests, they may request the Proxy Voting Team not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee acting on the Proxy Committee's behalf) prior to implementing the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment Division and the Legal and Compliance Department.

*<u>Other</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Putnam may elect not to vote when the security is no longer held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Putnam will **<u>abstain</u>** on items that require case-by-case review when a vote recommendation from the appropriate investment professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection with a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed lending agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam's securities lending procedures. Due to differences in non-U.S. markets, Putnam does not currently seek to recall non-U.S. securities on loan. In addition, where Putnam does not administer a client's securities lending program, this recall policy does not apply, since Putnam generally does not have information on loan details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled security may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its control and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or custodial error.

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*<u>Proxy Voting Referrals</u>*

Under the Guidelines, certain proxy matters will be referred to Portfolio Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and the Director of Equity Research for the Putnam Equity group). The Analyst will be required to make the affirmation and disclosures identified in (3) below. Normally specific referral items will be referred to the portfolio team leader (or another member of the portfolio team he or she designates) whose accounts hold the greatest number of shares of the issuer of the proxies through the Proxy Referral Administration Database. The referral request contains (1) a field that will be used by the portfolio team leader or member for recommending a vote on each referral item, (2) a field for describing any contacts relating to the proxy referral item the portfolio team may have had with any Franklin Templeton employee outside Putnam Equity or with any person other than a proxy solicitor acting in the normal course of proxy solicitation, and (3) a field for portfolio managers to affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to Compliance any potential conflicts of interest relevant to their vote recommendation.

Putnam may vote any referred items on securities held solely in accounts managed by the GAA team within Franklin Templeton Investment Solutions (and not held by any other investment product team) in accordance with the recommendation of Putnam's third- party proxy voting service provider. The Proxy Voting Team will first give the relevant portfolio manager(s) on the GAA team the opportunity to review the referred items and vote on them. If the portfolio manager(s) on the GAA team do not decide to make any active voting decision on any of the referred items, the items will be voted in accordance with the service provider's recommendation. If the security is also held by other investment teams at Putnam Equity, the items will be referred to the largest holder who is not a member of the GAA team.

The portfolio team leader or members who have been requested to provide a recommendation on a proxy referral item will complete the referral request. Upon receiving each completed referral request from the applicable Portfolio Manager or Analyst, the Proxy Voting Team will review the completed request for accuracy and completeness, and will follow up with investment personnel as appropriate.

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

A potential conflict of interest may arise when voting proxies of an issuer which has a significant business relationship with Putnam. For example, Putnam could manage a defined benefit or defined contribution pension plan for the issuer. Putnam's policy is to vote proxies based solely on the investment merits of the proposal. In order to guard against conflicts, the following procedures have been adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability Strategy group. None of these individuals or groups reports to Franklin Templeton's marketing businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting the Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate investment- related information to investment professionals except for Putnam's restrictions on dissemination of material, non-public information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances of conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships (i.e., conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure Form (attached as Exhibit B and C) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Putnam's Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee's behalf).

*<u>Recordkeeping</u>*

The Putnam Equity Sustainability Strategy Group will retain copies of the following books and records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A copy of each proxy statement received with respect to securities in client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Records of each vote cast for each client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Written reports to clients on proxy voting and all client requests for information and Putnam's response.

All records will be maintained for seven years. A proxy vendor may on Putnam's behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.

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<u>Exhibit A to Proxy Procedures</u>

**Putnam Investments Proxy Voting Guidelines**

The proxy voting guidelines below summarize Putnam's positions on various issues of concern to investors and indicate how client portfolio securities will be voted on proposals dealing with a particular issue. The proxy voting service is instructed to vote all proxies relating to client portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Voting Team.

Putnam's voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors' active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam's view, outweigh their investment merits.

These proxy voting policies are intended to be decision-making guidelines. The guidelines are not exhaustive and do not include all potential voting issues. In addition, as contemplated by and subject to Putnam's Proxy Voting Procedures, because proxy issues and the circumstances of individual companies are so varied, portfolio teams may recommend votes that may vary from the general policy choices set forth in the guidelines.

The following guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals which have been approved and

recommended by a company's board of directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations pertaining to non-US issuers.

**I. Board-Approved Proposals**

Proxies will be voted **<u>for</u>** board-approved proposals, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Matters Relating to the Board of Directors</u>**

***Uncontested Election of Directors***

The board of directors has the important role of overseeing management and its performance on behalf of shareholders. When evaluating a company's board, Putnam may consider the diversity of professional backgrounds and personal characteristics. Putnam believes that companies generally benefit from diversity on the board, including diversity with respect to gender, ethnicity, race, skills, perspectives and experience.

Proxies will be voted for the election of the company's nominees **<u>for</u>** directors (and/or subsidiary directors) and **<u>for</u>** board-approved proposals on other matters relating to the board of directors (provided that such nominees and other matters have been approved by an independent nominating committee), except as follows:

⮚Putnam will **<u>withhold votes</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have a majority of independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have nominating, audit and compensation committees composed solely of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board has more than <u>15</u> members or fewer than <u>five</u> members, absent special circumstances.

⮚Putnam may refrain from withholding votes from the board due to insufficient key committee independence due to director resignation, change in board structure, or other specific circumstances, provided that the company has stated (for example in an 8-K), or it can otherwise be determined, that the board will address committee composition to ensure compliance with the applicable corporate governance code in a timely manner after the shareholder meeting and the company has a history of appropriate board independence.

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Unless otherwise indicated, for the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation committees, an independent director is a director who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g., no material business relationships with the company and no present or recent employment relationship with the company (including employment of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or other compensatory fee (excluding immaterial fees for transactional services as defined by the NYSE Corporate Governance rules) from the company other than in his or her capacity as a member of the board of directors or any board committee. Putnam believes that the receipt of such compensation for services other than service as a director raises significant independence issues.

⮚Putnam will **<u>withhold votes</u>** from any nominee for director who is considered an independent director by the company and who has received compensation within the last three years from the company for the provision of professional services (e.g., investment banking, consulting, legal or financial advisory fees).

⮚Putnam will **<u>withhold votes</u>** from any nominee for director who attends fewer than 75% of board and committee meetings. Putnam may refrain from withholding votes on a case-by-case basis if a valid reason for the absence exists, such as illness, personal emergency, potential conflict of interest, etc.

⮚Putnam will **<u>withhold votes</u>** from any incumbent nominee for director who served on a board that has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of the votes actually cast on the matter at its previous two annual meetings, or

⮚Putnam will **<u>withhold votes</u>** from any incumbent nominee for director who served on a board that adopted, renewed, or made a material adverse modification to a shareholder rights plan (commonly referred to as a "poison pill") without shareholder approval during the current or prior calendar year. (This is applicable to any type of poison pill, for example, advance-warning type pill, EGM pill, and Trust Defense Plans in Japan.)

Putnam will refrain from opposing the board members who served at the time of the adoption of the poison pill if the duration is one year or less, if the plan contains other suitable restrictions; or if the company publicly discloses convincing rationale for its adoption and seeks shareholder approval of future renewals of the poison pill. (Suitable restrictions could include but are not limited to, a higher threshold for passive investors. Convincing rationale could include circumstances such as, but not limited to, extreme market disruption or conditions, stock volatility, substantial merger, active investor interest, or takeover attempts.)

⮚Putnam will vote on a **case-by-case** basis and may consider voting against the Nominating Committee Chair if there is a lack of evidence of board diversity.

Putnam is concerned about over-committed directors. In some cases, directors may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors with substantially full-time employment) who serve on more than a few outside boards.

⮚Putnam will vote **<u>against</u>** any non-executive nominee for director who serves on more than four (4) public company boards, except where Putnam would otherwise be withholding votes for the entire board of directors. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board. Generally, Putnam will withhold support from directors serving on more than four unaffiliated public company boards, although an exception may be made in the case of a director who represents an investing firm with the sole purpose of managing a portfolio of investments that includes the company.

⮚Putnam will **<u>withhold votes</u>** from any nominee for director who serves as an executive officer of any public company ("home company") while serving on more than two (2) public company boards other than the home company board. (Putnam will withhold votes from the nominee at each company where Putnam client portfolios own shares.) In addition, if Putnam client portfolios are shareholders of the executive's home company, Putnam will withhold votes from members of the company's governance committee. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board.

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⮚Putnam will **<u>withhold votes</u>** from any nominee for director of a public company (Company A) who is employed as a senior executive of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred to as an "interlocking directorate").

Board independence depends not only on its members' individual relationships, but also the board's overall attitude toward management. Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing shareholder value. Putnam may withhold votes on a case-by-case basis from some or all directors that, through their lack of independence, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated a disregard for the interest of shareholders.

Note: Designation of executive director is based on company disclosure.

⮚Putnam will vote **<u>against</u>** proposals that provide that a director may be removed only for cause. Putnam will generally vote **<u>for</u>** proposals that permit the removal of directors with or without cause.

⮚Putnam will vote **<u>against</u>** proposals authorizing a board to fill a director vacancy without shareholder approval.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on subsidiary director nominees if Putnam will be voting against the nominees of the parent company's board.

⮚Putnam will vote on a **<u>case-by-case</u>** basis for director nominees, including nominees for positions on Supervisory Boards or Supervisory Committees, or similar board entities (depending on board structure), for (re)election when cumulative voting applies.

⮚Putnam will vote **<u>for</u>** proposals to approve annual directors' fees, except that Putnam will vote on a **<u>case-by-case</u>** basis if Putnam's independent proxy voting service has recommended a vote against such proposal. Additionally, Putnam will vote **<u>for</u>** proposals to approve the grant of equity awards to directors, except that Putnam will consider these proposals on a **<u>case-by-case</u>** basis if Putnam's proxy service provider is recommending a vote against the proposal.

***Classified Boards***

⮚Putnam will vote **<u>against</u>** proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this structure.

***Ratification of Auditors***

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals to ratify the selection of independent auditors if there is evidence that the audit firm's independence or the integrity of an audit is compromised. (Otherwise, Putnam will vote **<u>for</u>**.)

***Contested Elections of Directors***

⮚Putnam will vote on a **<u>case-by-case</u>** basis in contested elections of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>B. Executive Compensation</u>**

Putnam will vote on a **<u>case-by-case</u>** basis on board-approved proposals relating to executive compensation, except as follows:

⮚Putnam will vote **<u>for</u>** stock option and restricted stock plans that will result in an average annual dilution of 1.67% or less (based on the disclosed term of the plan and including all equity-based plans), except where Putnam would otherwise be withholding votes for the entire board of directors in which case Putnam will evaluate the plans on a **<u>case-by-case</u>** basis.

⮚Putnam will vote **<u>against</u>** stock option and restricted stock plans that will result in an average annual dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity plans).

⮚Putnam will vote **<u>against</u>** any stock option or restricted stock plan where the company's actual grants of stock options and restricted stock under all equity- based compensation plans during the prior three (3) fiscal years have resulted in an average annual dilution of greater than 1.67%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additionally, if the annualized dilution cannot be calculated, Putnam will vote **<u>for</u>** plans where the Total Potential Dilution is 5% or less. If the annualized dilution cannot be calculated and the Total

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Potential Dilution exceeds 5%, then Putnam will vote **<u>against</u>**. Note: Such plans must first pass all of Putnam's other screens.

⮚Putnam will vote proposals to issue equity grants to executives on a **<u>case-by-case</u>** basis.

⮚Putnam will vote **<u>against</u>** stock option plans that permit replacing or repricing of underwater options (and **<u>against</u>** any proposal to authorize such replacement or repricing of underwater options).

⮚Putnam will vote **<u>against</u>** stock option plans that permit issuance of options with an exercise price below the stock's current market price.

⮚Putnam will vote **<u>against</u>** stock option plans/ restricted stock plans with evergreen features providing for automatic share replenishment.

⮚Putnam will vote **<u>for</u>** bonus plans under which payments are treated as performance-based compensation that is deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, except as follows:

Vote on a case-by-case basis on such proposals if any of the following circumstances exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount per employee under the plan is unlimited, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maximum award pool is undisclosed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incentive bonus plan's performance criteria are undisclosed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the independent proxy voting service recommends a vote against.

⮚Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on-Pay).

⮚Putnam will generally vote **<u>for</u>** advisory votes on executive compensation (Say- on-Pay). However, Putnam will vote **<u>against</u>** an advisory vote if the company fails to effectively link executive compensation to company performance according to benchmarking performed by the independent proxy voting service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putnam will review the proposal on a **<u>case-by-case</u>** basis if there is no recommendation of the independent proxy voting service

⮚Putnam will vote on a **<u>case-by-case</u>** basis on severance agreements (e.g., golden and tin parachutes)

⮚Putnam will **<u>withhold</u>** votes from members of a Board of Directors which has approved compensation arrangements Putnam's investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election.

⮚Putnam will vote **<u>for</u>** employee stock purchase plans that have the following features: (1) the shares purchased under the plan are acquired for no less than 85% of their market value, (2) the offering period under the plan is 27 months or less, and (3) dilution is 10% or less.

⮚Putnam will vote **<u>for</u>** Non-qualified Employee Stock Purchase Plans with all the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5 percent or more of beneficial ownership of the company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No discount on the stock price on the date of purchase since there is a company matching contribution.

Putnam will vote **<u>against</u>** Non-qualified Employee Stock Purchase Plans when any of the plan features do not meet the above criteria.

Putnam may vote against executive compensation proposals on a **<u>case-by-case</u>** basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of executive compensation. In voting on proposals relating to executive compensation, Putnam will consider whether the proposal has been approved by an independent compensation committee of the board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. <u>Capitalization</u>**

Putnam will vote on a **<u>case-by-case</u>** basis on board-approved proposals involving changes to a company's capitalization, except as follows:

⮚Putnam will vote **<u>for</u>** proposals relating to the authorization of additional common stock, except that Putnam will evaluate such proposals on a **<u>case-by-case</u>** basis if (i) they relate to a specific transaction or to common stock with special voting rights, (ii) the company has a non-shareholder approved poison pill in place, or (iii) the company has had sizeable stock placements to insiders within the past three years at prices substantially below market value without shareholder approval.

⮚Putnam will vote **<u>for</u>** proposals to effect stock splits (excluding reverse stock splits.)

⮚Putnam will vote **<u>for</u>** proposals authorizing share repurchase programs, except that Putnam will vote on a **<u>case-by-case</u>** basis if there are concerns that there may be abusive practices related to the share repurchase programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. <u>Acquisitions, Mergers, Reorganizations and Other Transactions</u>**

Putnam will vote on a **<u>case-by-case</u>** basis on business transactions such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. <u>Anti-Takeover Measures</u>**

Putnam will vote **<u>against</u>** board-approved proposals to adopt anti-takeover measures such as supermajority voting provisions, issuance of blank check preferred stock, the creation of a separate class of stock with disparate voting rights, control share acquisition provisions, targeted share placements, and ability to make greenmail payments, except as follows:

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals to ratify or approve shareholder rights plans;

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals to adopt fair price provisions.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals to issue blank check preferred stock in the case of REITs (only).

⮚Putnam will generally vote for proposals that enable or expand shareholders' ability to take action by written consent.

⮚Putnam will vote on a case-by-case basis on proposals to increase shares of an existing class of stock with disparate voting rights from another share class.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on **shareholder or board-approved** proposals to eliminate supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).

⮚Putnam will vote on a **<u>case-by-case</u>** basis on **board-approved** proposals to adopt supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals to issue blank check preferred stock if appropriate "*de-clawed*" language is present. Specifically, appropriate *de-clawed* language will include cases where the Company states (i.e., through 8-K, proxy statement or other public disclosure) it will not use the preferred stock for anti-takeover purposes, or in order to implement a shareholder rights plan, or discloses a commitment to submit any future issuances of preferred stock to be used in a shareholder rights plan/anti-takeover purpose to a shareholder vote prior to its adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. <u>Other Business Matters</u>**

Putnam will vote **<u>for</u>** board-approved proposals approving routine business matters such as changing the company's name and procedural matters relating to the shareholder meeting, except as follows:

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals to amend a company's charter or bylaws (except for charter amendments necessary or to effect stock splits, to change a company's name, to authorize additional

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shares of common stock or other matters which are considered routine (for example, director age or term limits), technical in nature, fall within Putnam's guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing rules, have little or no economic impact or will not negatively impact shareholder rights).

⮚Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders' best interest. We may vote **<u>against</u>** the entire bundled proposal if we would normally vote against any of the items if presented individually. In these cases, we will review the bundled proposal on a **<u>case-by-case</u>** basis.

⮚Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented in person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a **<u>case-by-case</u>** basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market or exchange requirements.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals seeking to change a company's state of incorporation. However, Putnam will vote **<u>for</u>** mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware.

⮚Putnam will vote **<u>against</u>** authorization to transact other unidentified, substantive business at the meeting.

⮚Putnam will vote **<u>against</u>** proposals where there is a lack of information to make an informed voting decision.

⮚Putnam will vote as follows on proposals to adjourn shareholder meetings:

If Putnam is withholding support for the board of the company at the meeting, any proposal to adjourn should be referred for **<u>case-by-case</u>** analysis.

If Putnam is not withholding support for the board, Putnam will vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such circumstances, the proposal to adjourn should also be referred to Putnam for **<u>case-by-case</u>** analysis.

⮚Putnam will vote **<u>against</u>** management proposals to adopt a specific state's courts, or a specific U.S. district court as the exclusive forum for certain disputes, except that Putnam will vote for proposals adopting the State of Delaware, or the Delaware Chancery Court, as the exclusive forum, for corporate law matters for issuers incorporated in Delaware. Requiring shareholders to bring actions solely in one state may discourage the pursuit of derivative claims by increasing their difficulty and cost. However, Putnam's guideline recognizes the expertise of the Delaware state court system in handling disputes involving Delaware corporations. In addition, Putnam will withhold votes from the chair of the Nominating/Governance committee if a company amends its Bylaws, or takes other actions, to adopt a specific state's courts (other than Delaware courts, for issuers incorporated in Delaware) or a specific U.S. district court as the exclusive forum for certain disputes without shareholder approval.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on management proposals seeking to adopt a bylaw amendment allowing the company to shift legal fees and costs to unsuccessful plaintiffs in intra-corporate litigation (fee-shifting bylaw). Additionally, Putnam will vote **<u>against</u>** the Chair of the Nominating/Governance committee if a company adopts a fee-shifting bylaw amendment without shareholder approval.

⮚Putnam will support management/shareholder proxy access proposals as long as the proposals align with the following principles for a shareholder (or up to 20 shareholders together as a group) to receive proxy access:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The required minimum aggregate ownership of the Company's outstanding common stock is no greater than 3%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The required minimum holding period for the shareholder proponent(s) is no greater than two years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The shareholder(s) are permitted to nominate at least 20% of director candidates for election to the board.

Proposals requesting shares be held for 3 years will be reviewed on a **<u>case-by-case</u>** basis. Putnam will vote **<u>against</u>** proposals requesting shares be held for more than three years. Proposals that meet Putnam's stated criteria and include other requirements relating to issues such as, but not limited to, shares on loan or compensation agreements with nominees, will be reviewed on a **<u>case-by-case</u>** basis.

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Additionally, shareholder proposals seeking an amendment to a company's proxy access policy which include any one of the supported criteria under Putnam's guidelines, for example, a 2-year holding period for shareholders, will be reviewed on a **<u>case-by-case</u>** basis.

⮚Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership requirement in such proposals is at least **15%** of the company's outstanding common stock and not more than **25%.**

In general, Putnam will vote **<u>for</u>** management or shareholder proposals to reduce the ownership requirement below a company's existing threshold, as long as the new threshold is at least **15%** and not greater than **25%** of the company's outstanding common stock.

Putnam will vote **<u>against</u>** any proposal with an ownership requirement exceeding **25%** of the company's common stock or an ownership requirement that is less than **15%** of the company's outstanding common stock.

In cases where there are competing management and shareholder proposals giving shareholders the right to call a special meeting, Putnam will generally vote for the proposal which has the lower minimum shareholder ownership threshold, as long as that threshold is within Putnam's recommended minimum/maximum thresholds. If only one of the competing proposals has a threshold that falls within Putnam's threshold range, Putnam will normally support that proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote **<u>against</u>** both proposals if neither proposal has a requisite ownership level between **15%** and **25%** of the company's outstanding common stock.

⮚Putnam will generally vote **<u>for</u>** management or shareholder proposals to allow a company to hold virtual-only or hybrid shareholder meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal does not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the company has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and meaningfully communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether there have been concerns about the company's previous meeting practices.

Disclosure should address the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of shareholders to ask questions during the meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• including time guidelines for shareholder questions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rules around what types of questions are allowed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• and rules for how questions and comments will be recognized and disclosed to meeting participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the manner in which appropriate questions received during the meeting will be addressed by the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• procedures, if any, for posting appropriate questions received during the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting and the company's answers on the investor page of their website as soon as is practical after the meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical and logistical issues related to accessing the virtual meeting platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting

Putnam may vote against proposals that do not meet these criteria.

Additionally, Putnam may vote **<u>against</u>** the Chair of the Governance Committee when the board is planning to hold a virtual-only shareholder meeting and the company has not provided sufficient disclosure (as noted above) or shareholder access to the meeting.

⮚Putnam will vote **<u>for</u>** proposals to approve a company's board-approved climate transition action plan ("say on climate" proposals in which the company's board proposes that shareholders indicate their support for the company's plan), unless the proxy voting service has recommended a vote against the proposal, in which case Putnam will vote on a **<u>case-by-case</u>** basis on the proposal.

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⮚Putnam will vote on a **<u>case-by-cas</u>**e basis on board-approved proposals that conflict with shareholder proposals.

**II. Shareholder Proposals**

Shareholder proposals are non-binding votes that are often opposed by management. Some proposals relate to matters that are financially immaterial to the company's business, while others may be impracticable or costly for a company to implement. At the same time, well-crafted shareholder proposals may serve the purpose of raising issues that are material to a company's business for management's consideration and response. Putnam seeks to weigh the costs of different types of proposals against their expected financial benefits. More specifically:

Putnam will vote **<u>in accordance with the recommendation of the company's board of directors</u>** on all shareholder proposals, except as follows:

⮚Putnam will vote **<u>for</u>** shareholder proposals that are consistent with Putnam's proxy voting guidelines for board-approved proposals.

⮚Putnam will vote **<u>for</u>** shareholder proposals to declassify a board, absent special circumstances which would indicate that shareholder interests are better served by a classified board structure.

⮚Putnam will vote **<u>for</u>** shareholder proposals to require shareholder approval of shareholder rights plans.

⮚Putnam will vote **<u>for</u>** shareholder proposals asking that director nominees receive support from holders of a majority of votes cast or a majority of shares outstanding of the company in order to be (re) elected.

⮚Putnam will review on a **<u>case-by-case basis</u>**, shareholder proposals requesting that the board adopt a policy whereby, in the event of a significant restatement of financial results or significant extraordinary write-off, the board will recoup, to the fullest extent practicable, for the benefit of the company, all performance- based bonuses or awards that were made to senior executives based on having met or exceeded specific performance targets to the extent that the specified performance targets were not met.

⮚Putnam will vote **<u>for</u>** shareholder proposals urging the board to seek shareholder approval of any future supplemental executive retirement plan ("SERP"), or individual retirement arrangement, for senior executives that provides credit for additional years of service not actually worked, preferential benefit formulas not provided under the company's tax-qualified retirement plans, accelerated vesting of retirement benefits or retirement perquisites and fringe benefits that are not generally offered to other company employees. (Implementation of this policy shall not breach any existing employment agreement or vested benefit.)

⮚Putnam will vote **<u>for</u>** shareholder proposals requiring companies to report on their executive retirement benefits. (Deferred compensation, split-dollar life insurance, SERPs and pension benefits)

⮚Putnam will vote **<u>for</u>** shareholder proposals requesting that a company establish a pay-for-superior-performance standard whereby the company discloses defined financial and/or stock price performance criteria (along with the detailed list of comparative peer group) to allow shareholders to sufficiently determine the pay and performance correlation established in the company's performance-based equity program. In addition, no multi-year award should be paid out unless the company's performance exceeds, during the current CEO's tenure (three or more years), its peer median or mean performance on selected financial and stock price performance criteria.

⮚Putnam will vote **<u>for</u>** shareholder proposals urging the board to disclose in a separate report to shareholders, the Company's relationships with its executive compensation consultants or firms. Specifically, the report should identify the entity that retained each consultant (the company, the board or the compensation committee) and the types of services provided by the consultant in the past five years (non-compensation-related services to the company or to senior management and a list of all public company clients where the Company's executives serve as a director.)

⮚Putnam will vote **<u>for</u>** shareholder proposals requiring companies to accelerate vesting of equity awards under management severance agreements only if both of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company undergoes a change in control, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the change in control results in the termination of employment for the person receiving the severance payment.

⮚Putnam will vote **<u>for</u>** shareholder proposals requiring that the chair's position be filled by an independent director (separate chair/CEO). However, Putnam will vote on a **<u>case-by-case</u>** basis on such proposals when the company's board has a lead-independent director (or already has an independent or separate chair) and Putnam is supporting the nominees for the board of directors.

⮚Putnam will vote **<u>for</u>** shareholder proposals seeking the submission of golden coffins to a shareholder vote or the elimination of the practice altogether.

⮚Putnam will vote **<u>for</u>** shareholder proposals seeking a policy that forbids any director who receives more than 25% withhold votes cast (based on for and withhold votes) from serving on any key board committee for two years and asking the board to find replacement directors for the committees if need be.

⮚Putnam will vote **<u>for</u>** shareholder proposals urging the board to seek shareholder approval of severance agreements (e.g., golden and tin parachutes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• However, Putnam will vote **<u>against</u>** such proposals when the company has a policy that minimally requires shareholder approval of severance agreements for executives that provides for cash severance benefits exceeding 2.99 times the sum of the executive's base salary plus target annual non-equity incentive plan bonus opportunity.

Putnam will vote on a **<u>case-by-case</u>** basis on approving such compensation arrangements.

⮚Putnam will vote **<u>for</u>** shareholder proposals requiring companies to make cash payments under management severance agreements only if both of the following conditions are met: the company undergoes a change in control, and the change in control results in the termination of employment for the person receiving the severance payment.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on shareholder proposals to limit a company's ability to make excise tax gross-up payments under management severance agreements as well as proposals to limit income or other tax gross-up payments.

⮚Putnam will vote in accordance with the recommendation of the company's board of directors on shareholder proposals regarding corporate political spending, unless Putnam is voting against the directors, in which case the proposal would be reviewed on a **<u>case-by-case</u>** basis.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on shareholder proposals that conflict with board-approved proposals.

**Environmental and Social**

⮚Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value creation. Companies should evaluate the potential risks to their business operations that are directly related to environmental and social factors (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account (1) the relevance and materiality of the proposal to the company's business, (2) whether the proposal is well crafted (e.g., whether it references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal.

Putnam may support well-crafted and well-targeted proposals that request additional reporting or disclosure on a company's plans to mitigate risk to the company related to the following issues and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions, renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and development, safety, labor rights, supply chain management, privacy and data security.

In addition, Putnam will consider proposals related to Artificial Intelligence ("AI") on a case-by-case basis.

Putnam will consider factors such as (i) the industry in which the company operates, (ii) the company's current level of disclosure, (iii) the company's level of oversight, (iv) the company's management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also be considered.

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Putnam will consider the recommendation of its third-party proxy service provider and may consider other factors such as third-party evaluations of ESG performance.

Additionally, Putnam may vote on a **case-by-case** basis on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more reasons to warrant a vote FOR.

**III. Voting Shares of Non-US Issuers**

Many non-US jurisdictions impose material burdens on voting proxies. There are three primary types of limits as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Share blocking. Shares must be frozen for certain periods of time to vote via proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Share re-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client for the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized to deliver this information or sign the relevant documents.

Putnam's policy is to weigh the benefits to clients from voting in these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in a client's interest to freeze shares simply to participate in a non- contested routine meeting. More specifically, Putnam will normally not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections and major corporate transactions) where directed by portfolio managers.

Putnam recognizes that the laws governing non-US issuers will vary significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these guidelines mechanically to non-US issuers. However, Putnam believes that shareholders of all companies are protected by the existence of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non-US issuers **<u>in accordance with the foregoing guidelines where applicable</u>**, except as follows:

⮚Putnam will vote **<u>for</u>** shareholder proposals calling for a majority of the directors to be independent of management.

⮚Putnam will vote **<u>for</u>** shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals relating to (1) the issuance of common stock in excess of 20% of a company's outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess of 100% of a company's outstanding common stock where shareholders have preemptive rights.

⮚Putnam will vote **<u>for</u>** proposals to authorize share repurchase programs that are recommended for approval by Putnam's proxy voting service provider, otherwise Putnam will vote **<u>against</u>** such proposals; except that Putnam will vote on a **<u>case-by-case</u>** basis if there are concerns that there may be abusive practices related to the share repurchase programs.

⮚Putnam will vote **<u>against</u>** authorizations to repurchase shares or issue shares or convertible debt instruments with or without preemptive rights when such authorization can be used as a takeover defense without shareholder approval. Putnam will not apply this policy to a company with a shareholder who controls more than 50% of its voting rights.

⮚Putnam will generally vote **<u>for</u>** proposals that include debt issuances, however substantive/non-routine proposals, and proposals that fall outside of normal market practice or reasonable standards, will be reviewed on a **<u>case-by-case</u>** basis.

⮚Putnam will vote **<u>for</u>** board-approved routine, market-practice proposals. These proposals are limited to (1) those issues that will have little or no economic impact, such as technical, editorial, or mandatory regulatory compliance items, (2) those issues that will not adversely affect and/or which clearly improve shareholder rights/values, and which do not violate Putnam's proxy voting guidelines, or (3) those issues that do not seek to

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deviate from existing laws or regulations. Examples include but are not limited to, related party transactions (non-strategic), profit-and-loss transfer agreements (Germany), authority to increase paid-in capital (Taiwan). Should any unusual circumstances be identified concerning a normally routine issue, such proposals will be referred back to Putnam for internal review.

⮚Putnam will generally vote **<u>for</u>** proposals regarding amendments seeking to expand business lines or to amend the corporate purpose, provided the proposal would not include a significant or material departure from the company's current business, and/or will provide the company with greater flexibility in the performance of its activities.

⮚Putnam will normally vote **<u>for</u>** management proposals concerning allocation of income and the distribution of dividends. However, Putnam portfolio teams will override this guideline when they conclude that the proposals are outside the market norms (i.e., those seen as consistently and unusually small or large compared to market practices).

⮚Putnam will generally vote **<u>for</u>** proposals seeking to adjust the par value of common stock. However, non-routine, substantive proposals will be reviewed on a **<u>case-by-case</u>** basis.

⮚Putnam will vote against proposals that would authorize the company to reduce the notice period for calling special or extraordinary general meetings to less than 21-Days.

⮚Putnam will generally vote **<u>for</u>** proposals relating to transfer of reserves/increase of reserves (i.e., France, Japan). However, Putnam will vote on a case-by-case basis if the proposal falls outside of normal market practice.

⮚Putnam will generally vote **<u>for</u>** proposals to increase the maximum variable pay ratio. However, Putnam will vote on a **<u>case-by-case basis</u>** if we are voting against a company's remuneration report or if the proposal seeks an increase in excess of 200%.

⮚Putnam will review stock option plans on a **<u>case-by-case basis</u>** which allow for the options exercise price to be reduced by dividend payments (if the plan would normally pass Putnam's Guidelines).

⮚Putnam will generally vote **<u>for</u>** requests to provide loan guarantees however, Putnam will vote on a case-by-case basis if the total amount of guarantees is in excess of 100% of the company's audited net assets.

⮚Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding) where a company's executive compensation is linked directly with the performance of the business and executive. Putnam will generally support compensation proposals which incorporate a mix of reasonable salary and performance based short- and long-term incentives. Companies should demonstrate that their remuneration policies are designed and managed to incentivize and retain executives while growing the company's long-term shareholder value.

Generally, Putnam will vote **<u>against</u>** remuneration report/policy proposals (i.e., advisory/binding) in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disconnect between pay and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No performance metrics disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No relative performance metrics utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single performance metric was used and it was an absolute measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance goals were lowered when management failed or was unlikely to meet original goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long Term Incentive Plan is subject to retesting (e.g., Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service contracts longer than 12 months (e.g., United Kingdom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allows vesting below median for relative performance metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ex-gratia / non-contractual payments have been made (e.g., United Kingdom and Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contains provisions to automatically vest upon change-of-control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other poor compensation practices or structures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pension provisions for new executives is not at the same level as the majority of the wider workforce; pension provisions for incumbent executives are not set to decrease over time (United Kingdom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposed CEO salary increases are not justifiably appropriate in comparison to wider workforce or rationale for exception increases is not fully disclosed (United Kingdom).

⮚Putnam will vote on a **<u>case-by-case</u>** basis on bonus payments to executive directors or senior management; however, Putnam will vote **<u>against</u>** payments that include outsiders or independent statutory auditors.

**<u>Matters Relating to Board of Directors</u>**

**<u>Uncontested Board Elections</u>**

***Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan and Thailand***

⮚Putnam will vote **against** the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than one-third of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit, compensation and nominating committees each composed of a majority of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the chair of the audit, compensation or nominating committee is not an independent director.

Commentary: Companies listed in China (or dual-listed in China and Hong Kong) often have a separate supervisory committee in addition to a standard board of directors containing audit, compensation, and nominating committees. The supervisory committee provides oversight of the financial affairs of the company and supervises members of the board and management, while the board of directors makes decisions related to the company's business and investment strategies. The supervisory committee normally comprises employee representatives and shareholder representatives. Shareholder representatives are elected by shareholders of the company while employee representatives are elected by the company's staff. Shareholder representatives may be independent or may be affiliated with the company or its substantial shareholders.

Current laws and regulations neither provide a basis for evaluation of supervisor independence nor do they require a supervisor to be independent.

⮚Putnam will generally vote in favor of nominees to the Supervisory Committee.

***Australia***

⮚Putnam will vote **<u>against</u>** the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than a majority of the directors are independent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed solely of non- executive directors, a majority of whom, including the chair of the committee (who should not be the board chair), should be independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established nominating and compensation committees each composed of a majority of independent, non-executive directors, with an independent chair.

***Brazil***

⮚Putnam will vote **<u>against</u>** proposals requesting cumulative voting unless there are more candidates than number of seats available, in which case vote for.

⮚Putnam will vote **<u>for</u>** proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire slate of nominees. Putnam will vote against such proposals if Putnam is not supporting the entire slate.

⮚Putnam will **<u>abstain</u>** on individual director allocation proposals if Putnam is voting for the proportional allocation of cumulative votes. Putnam will vote on a **<u>case-by-case</u>** basis on individual director allocation proposals if Putnam is voting against the proportional allocation of votes.

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⮚Putnam will vote **<u>for</u>** proposals to cumulate votes of common and preferred shareholders if the nominees are known and Putnam is supporting the applicable nominees; Putnam will vote **<u>against</u>** such proposals if Putnam is not supporting the known nominees, or if the nominees are unknown.

⮚Putnam will generally vote **<u>against</u>** proposals seeking the recasting of votes for amended slate (as new candidates could be included in the amended slate without prior disclosure to shareholders).

⮚Putnam will vote **<u>against</u>** proposals regarding instructions if meeting is held on second call if election of directors is part of the recasting as the slate can be amended without (prior) disclosure to shareholders.

⮚Putnam will vote **<u>against</u>** proposals regarding the casting of minority votes to the candidate with largest number of votes.

***Canada***

Canadian corporate governance requirements mirror corporate governance reforms that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters relating to the board of directors of Canadian issuers **<u>in accordance with the guidelines applicable to U.S. issuers</u>**.

<u>Commentary</u>: Like the UK's Combined Code on Corporate Governance, the policies on corporate governance issued by Canadian securities regulators embody the "comply and explain" approach to corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.

***Continental Europe (ex-Germany)***

⮚Putnam will vote **<u>against</u>** the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than a majority of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

<u>Commentary</u>: An "independent director" under the European Commission's guidelines is one who is free of any business, family or other relationship, with the company, its controlling shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A "non-executive director" is one who is not engaged in the daily management of the company.

In France, Employee Representatives are employed by the company and represent rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected by the company's shareholders (via general meeting).

***Germany***

⮚For companies subject to "co-determination," Putnam will vote **<u>for</u>** the election of nominees to the supervisory board, except:

⮚Putnam will vote **<u>against</u>** the Supervisory Board if:

⮚the board has not established an audit committee comprising an Independent chair.

⮚the audit committee chair serves as board chair.

⮚the board contains more than two former management board members.

⮚Putnam will vote against the election of a former member of the company's managerial board to chair of the supervisory board.

<u>Commentary</u>: German corporate governance is characterized by a two-tier board system - a managerial board composed of the company's executive officers, and a supervisory board. The supervisory board appoints the members of the managerial board.

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Shareholders elect members of the supervisory board, except that in the case of companies with a large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.

***Israel***

***<u>Non-Controlled Banks</u>***: Director elections at Non-Controlled banks are overseen by the Supervisor of the Banks and nominees for election as "other" (non-external) directors and external directors (under Companies Law and Directive 301) are put forward by an external and independent committee. As such,

⮚Putnam's guidelines regarding board Nominating Committees will not apply.

⮚Putnam will vote on a **<u>case-by-case</u>** on nominees when there are more nominees than seats available.

***Italy***

Election of directors and statutory auditors:

⮚Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (**<u>for</u>** or **<u>against</u>**) if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support the shareholder slate of nominees that is recommended for approval by Putnam's service provider.

⮚Putnam will vote **<u>against</u>** the entire list of director nominees if the list is bundled as one proposal and if Putnam would otherwise be voting against any one director nominee.

⮚Putnam will generally vote **<u>for</u>** the majority shareholder supported list of statutory auditor nominees.

Note: Pursuant to Italian law, directors and statutory auditors are elected through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of share capital.

⮚Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.)

***Japan***

⮚For companies that have established a U.S.-style corporate governance structure, Putnam will **<u>withhold votes</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have a majority of outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established nominating and compensation committees composed of a majority of outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed of a majority of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two independent directors for companies with a controlling shareholder.

⮚For companies that have established a statutory auditor board structure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putnam will **<u>withhold</u> <u>votes</u>** from the appointment of members of a company's board of statutory auditors if a majority of the members of the board of statutory auditors is not independent.

⮚or companies that have established a statutory auditor board structure, Putnam will **withhold votes** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two outside directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two independent directors for companies with a controlling shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putnam will vote **against** any statutory auditor nominee who attends fewer than 75% of board and committee meeting without valid reasons for the absences (i.e., illness, personal emergency, etc.)

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(Note that Corporate Law requires disclosure of outsiders' attendance but not that of insiders, who are presumed to have no more important time commitments.)

⮚For companies that have established an audit committee board structure (one-tier / one committee), Putnam will **<u>withhold votes</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two independent directors for companies with a controlling shareholder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed of a majority of independent directors.

**Election of Executive Director and Election of Supervisory Director - REIT**

REITs have a unique two-tier board structure with generally one or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal to, the number of executive directors. Shareholders are asked to vote on both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.

⮚Putnam will generally vote for the election of Executive Director.

⮚Putnam will generally vote for the election of Supervisory Directors.

<u>Commentary</u>:

**Definition of outside director and independent director:**

The Japanese Companies Act focuses on two director classifications: Insider or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities, of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are met. An outside director is designated as an "independent" director based on the Tokyo Stock Exchange listing rules. An outside director is "independent" if that person can make decisions completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other business relationship; familial relationship with current director or executive; etc.).

The guidelines have incorporated these definitions in applying the board independence standards above.

***Korea***

Putnam will **<u>withhold votes</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors or less than a majority of directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board has not established a nominating committee with at least half of the members being outside directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are independent directors.

<u>Commentary</u>: For purposes of these guidelines, an "outside director" is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act, i.e., no employment relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the company's largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside director.

⮚Putnam will generally vote **<u>for</u>** proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients of the grants include non- executives; the proposal would have a negative impact on

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shareholders, or the proposal appear to be outside of normal market practice, in which case Putnam will vote **<u>against</u>**.

***Malaysia***

⮚Putnam will vote **<u>against</u>** the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee with all members being independent directors, including the committee chair,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent, including the committee chair; the board chair should not serve as a member of the nomination committee, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a compensation committee with all members being non-executive directors, a majority of whom are independent; the board chair should not serve as a member of the remuneration committee.

***Nordic Markets – Finland, Norway, Sweden***

⮚Putnam will vote against the entire board of directors if:

**<u>Board Independence:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have a majority of directors independent from the company and management. (Sweden, Finland, Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have at least two directors independent from the company and its major shareholders holding > 10% of the Company's share capital. (Sweden, Finland, Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An executive director is a member of the board. (Norway)

**<u>Audit Committee:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee does not consist of a majority of directors independent from the company and management. (Sweden, Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee does not have at least one director independent from the company and its major shareholders holding > 10% of the Company's share capital. (Sweden, Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee is not majority independent. (Norway)

**<u>Remuneration Committee:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not fully independent of the company, excluding the chair. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not majority independent of the company. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee does not consist fully of non-executive directors. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not fully independent of management. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not majority independent from the company and its major shareholders holding > 50% of the Company's share capital. (Sweden, Finland, Norway)

**<u>Board Nomination Committee:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nomination committee does not consist of a majority of directors independent from the company. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An executive is a member of the nomination committee. (Finland)

**<u>External Nomination Committee</u>**: Vote against the establishment of the nomination committee and its guidelines when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee is not majority independent of the company and management. (Sweden)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee does not have at least one director not affiliated to largest shareholder on the committee. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee does not meet best practice based on ISS analysis. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee is not majority independent of the board and management. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee has more than one member of the board of the directors sitting on the committee. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is insufficient disclosure provided for new nominees. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An executive is a member of the committee. (Norway)

***Russia***

⮚Putnam will vote on a case-by-case basis for the election of nominees to the board of directors.

<u>Commentary</u>: In Russia, director elections are handled through a cumulative voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in "regular" voting, shareholders may not give more than one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.

***Singapore***

⮚Putnam will vote **<u>against</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a board with an independent director serving as chair, fewer than one-third of the directors are independent directors; or, in the case of a board not chaired by an independent director, fewer than half of the directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit and compensation committees, each with an independent director serving as chair, with at least a majority of the members being independent directors, and with all of the directors being non-executive directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a nominating committee, with an independent director serving as chair, and with at least a majority of the members being independent directors.

***United Kingdom, Ireland***

<u>Commentary</u>:

**Application of guidelines**: Although the Combined Code has adopted the "comply and explain" approach to corporate governance, Putnam believes that the guidelines discussed above with respect to board independence standards are integral to the protection of investors in UK companies. As a result, these guidelines will be applied in a prescriptive manner.

**Definition of independence**: For the purposes of these guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that Putnam does not view service on the board for more than nine years as affecting a director's independence.

**Smaller companies**: A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.

⮚Putnam will **<u>withhold votes</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board, excluding the Non-Executive Chair, is not comprised of at least half independent non-executive directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a Nomination committee composed of a majority of independent non-executive directors, excluding the Non-Executive Chair, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies, as defined by the Combined Code, two directors) and (2) solely

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of independent non-executive directors. The company chair may be a member of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit committee of large or small companies.

***All other jurisdictions***

⮚In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards:

⮚Putnam will vote against the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than a majority of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

**Additional Commentary regarding all Non-US jurisdictions:**

Whether a director is considered "independent" or not will be determined by reference to local corporate law or listing standards.

Some jurisdictions may legally require or allow companies to have a certain number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board. Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have a legal right to nominate shareholder representatives.

Shareholders are required to approve the election of shareholder representatives to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on the board or its committees.

⮚Putnam will **not include** employee or employee shareholder representatives in the independence calculation of the board or key committees, nor in the calculation of the size of the board.

⮚Putnam will **include** shareholder representatives in the independence calculation of the board and key committees, and in the calculation of the size of the board.

⮚Putnam will generally support shareholder or employee representatives if included in the agenda Putnam will vote on a **<u>case-by-case</u>** basis when there are more candidates than seats. Additionally, Putnam will vote **<u>against</u>** such nominees when there is insufficient information disclosed.

⮚Putnam Investments' policies regarding the provision of professional services and transactional relationship with regard to directors will apply.

⮚Putnam will vote **for** independent nominees for alternate director, unless such nominees do not meet Putnam's individual director standards.

**Shareholder nominated directors/self-nominated directors**

⮚Putnam will vote **<u>against</u>** shareholder nominees if Putnam supports the board of directors.

⮚Putnam will vote on a **<u>case-by case</u>** basis if Putnam will be voting against the current board.

⮚Putnam will vote on a **<u>case-by-case</u>** basis if the proposal regarding a self- nominated/shareholder nominated director nominee would add an additional seat to the board if the nominee is approved.

**<u>Other Business Matters</u>**

***Japan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Article Amendments**

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⮚The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit, nominating, and compensation committees). Putnam will vote **<u>for</u>** proposals to amend a company's articles of incorporation to adopt the U.S.-Style "Board with Committees" structure. However, the independence of the outside directors is critical to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees at such companies, and will vote **<u>against</u>** the amendment where Putnam believes the board lacks the necessary level of independence from the company or a substantial shareholder.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on granting the board the authority to repurchase shares at its discretion.

⮚Putnam will vote **<u>against</u>** amendments to delete a requirement directing the company to reduce authorized capital by the number of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will have greater leeway to issue new shares (for example as a private placement or a takeover defense).

⮚Putnam will vote **<u>against</u>** proposals to authorize appointment of special directors. Under the new Corporate Law, companies are allowed to appoint, from among their directors, "special directors" who will be authorized to make decisions regarding the purchase or sale of important assets and major borrowing or lending, on condition that the board has at least six directors, including at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives, so in effect companies may use this mechanism to bypass outsiders.

⮚Putnam will generally vote **<u>for</u>** proposals to create new class of shares or to conduct a share consolidation of outstanding shares to squeeze out minority shareholders.

⮚Putnam will vote **<u>against</u>** proposals seeking to enable companies to establish specific rules governing the exercise of shareholder rights. (Note: Such as, shareholders' right to submit shareholder proposals or call special meetings.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compensation Related Matters**

⮚Putnam will vote **<u>against</u>** option plans which allow the grant of options to suppliers, customers, and other outsiders.

⮚Putnam will vote **<u>against</u>** stock option grants to independent internal statutory auditors. The granting of stock options to internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore accounting problems, which could affect the stock price over the long term.

⮚Putnam will vote **<u>against</u>** the payment of retirement bonuses to directors and statutory auditors when one or more of the individuals to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote **<u>against</u>** payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement bonus proposals are all-or-nothing, meaning that split votes against individual payments cannot be made. If any one individual does not meet Putnam's criteria, Putnam will vote **<u>against</u>** the entire bundled item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Other Business Matters**

⮚Putnam votes **<u>for</u>** mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions are routine.

⮚Putnam will vote **<u>for</u>** the acquisition if it is between parent and wholly-owned subsidiary.

⮚Putnam will vote **<u>for</u>** the formation of a holding company, if routine. Holding companies are once again legal in Japan and a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders' ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.

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⮚Putnam will vote **<u>against</u>** proposals that authorize the board to vary the AGM record date.

⮚Putnam will vote **<u>for</u>** proposals to abolish the retirement bonus system.

⮚Putnam will vote **<u>for</u>** board-approved director/officer indemnification proposals.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on private placements (Third-party share issuances). Where Putnam views the share issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote **<u>for</u>**. When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices, or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote **<u>against</u>**.

⮚Putnam will generally vote **<u>against</u>** shareholder rights plans (poison pills). However, if all of the following criteria are met, Putnam will evaluate such poison pills on a **<u>case-by-case</u>** basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The poison pill must have a duration of no more than three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The trigger threshold must be no less than 20 percent of issued capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The company must have no other types of takeover defenses in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam's' definition of independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.At least 20 percent, and no fewer than two, of the directors must meet Putnam's definition of independence. These independent directors must also meet Putnam's guidelines on board meeting attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The directors must stand for reelection on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The company must release its proxy materials no less than three weeks before the meeting date.

⮚Putnam will vote **<u>against</u>** proposals to allow the board to decide on income allocation without shareholder vote.

⮚Putnam will vote **<u>against</u>** proposals to limit the liability of External Audit Firms ("Accounting Auditors").

⮚Putnam will vote **<u>against</u>** proposals seeking a reduction in board size that eliminates all vacant seats.

⮚Putnam may generally vote **<u>against</u>** proposals seeking an increase in authorized capital that leaves the company with as little as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and rationale for the increase.

⮚Putnam will vote **<u>for</u>** corporate split agreement and transfer of sales operations to newly created wholly-owned subsidiaries where the transaction is a purely internal one which does not affect shareholders' ownership interests in the various operations. All other proposals will be referred back to Putnam for **<u>case-by-case</u>** review. These reorganizations usually accompany the switch to a holding company structure, but may be used in other contexts.

***United Kingdom***

⮚Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will generally vote **<u>for</u>** 'Save-As-You-Earn' schemes in the U.K which allow for no more than a 20% purchase discount, and which otherwise comply with U.K. law and Putnam standards.

***France***

⮚Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam will generally vote **<u>for</u>** employee share purchase schemes in France that allow for no greater than a 30% purchase discount, or 40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam standards.

⮚Putnam will generally vote **<u>for</u>** the Remuneration Report (established based on SRD II), however Putnam will vote on a **<u>case-by-case</u>** basis when Putnam is voting against both the ex-Post Remuneration Report (CEO)

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and ex-Ante Remuneration Policy (CEO, or proposal including CEO remuneration package) in the current year, and Putnam's third party service provider(s) is recommending a vote against.

***Canada***

⮚Putnam will generally vote **<u>for</u>** Advance Notice provisions for submitting director nominations not less than 30 days prior to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less than 30 days prior to the meeting date, Putnam will vote on a **<u>case-by-case</u>** basis. Putnam will also vote on a **<u>case-by-case</u>** basis if the company's policy expressly prohibits the commencement of a new notice period in the event the originally scheduled meeting is adjourned or postponed.

***Hong Kong***

⮚Putnam will vote **<u>for</u>** proposals to approve a general mandate permitting the company to engage in non-pro rata share issuances of up to 20% of total equity in a year if the company's board meets Putnam's independence standards; if the company's board does not meet Putnam's independence standards, then Putnam will vote against these proposals.

Additionally, Putnam will vote **<u>for</u>** proposals to approve the reissuance of shares acquired by the company under a share repurchase program, provided that: (1) Putnam supported (or would have supported, in accordance with these guidelines) the share repurchase program, (2) the reissued shares represent no more than 10% of the company's outstanding shares (measured immediately before the reissuance), and (3) the reissued shares are sold for no less than 85% of current market value.

This policy supplements policies regarding share issuances as stated above under section III. Voting Shares of Non-US Issuers.

***Taiwan***

⮚Putnam will vote **<u>against</u>** proposals to release the board of directors from the non- compete restrictions specified in Taiwanese Company Law. However, Putnam will vote for such proposals if the directors are engaged in activities with a wholly- owned subsidiary of the company.

**Australia**

⮚Putnam will vote **<u>for</u>** proposals to carve out, from the general cap on non-pro rata share issues of 15% of total equity in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month period, if the company's board meets Putnam's independence standards; if the company's board does not meet Putnam's independence standards, then Putnam will vote against these proposals.

⮚Putnam will vote **<u>for</u>** proposals renewing partial takeover provisions.

⮚Putnam will vote on a **<u>case-by-case</u>** basis on Board-Spill proposals.

***Turkey***

⮚Putnam will vote on a **<u>case-by-case</u>** basis on proposals involving related party transactions. However, Putnam will vote **<u>against</u>** when such proposals do not provide information on the specific transaction(s) to be entered into with the board members or executives.

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**<u>Exhibit B to Proxy Procedures</u>**

<u>PUTNAM INVESTMENTS</u> 

<u>PROXY VOTING CONFLICT</u>

<u>OF INTEREST DISCLOSURE FORM</u>

1. *Company name:* 

2. *Date of Meeting:* 

3. *Referral Item(s)*:

4. *Description of Putnam's Business Relationship with Issuer of Proxy which may give rise to a conflict of interest:* 

5. *Describe procedures used to address any conflict of interest*: <u>Investment professional who was solicited to provide a recommendation was advised that the recommendation must be provided without regard to any client or other business relationship between Putnam and the company. In addition, Putnam has made arrangements that, unless authorized by Putnam's Legal and Compliance Department, contacts from outside parties, except for representatives of the issuing company, with respect to referral items will be handled by Putnam's Legal and Compliance Department to prevent any influence on the investment process. In the case of contact between Putnam investment professionals and representatives of issuing companies, any such contact will be documented and included in the proxy voting files.</u>

6. *Describe any contacts from parties outside Putnam Management (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional's recommendation*:

CERTIFICATION

The undersigned officer of Putnam Investments certifies that, to the best of his or her knowledge, any recommendation of an investment professional provided under circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration.

Name:

Proxy Voting Team

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**<u>Exhibit C to Proxy Procedures</u>**

<u>PUTNAM INVESTMENTS</u> 

<u>PROXY VOTING CONFLICT</u>

<u>OF INTEREST DISCLOSURE FORM</u>

1. *Company name:* 

2. *Date of Meeting:* 

3. *Referral Item(s):* 

4. *Description of Putnam's Business Relationship with Issuer of Proxy which may give rise to a conflict of interest:* <u>None</u> 

5. *Describe procedures used to address any conflict of interest*: <u>N/A</u> 

6. Describe any contacts from parties outside Putnam Management (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional's recommendation:

<u>None</u> 

CERTIFICATION

The undersigned officer of Putnam Investments certifies that, to the best of his or her knowledge, any recommendation of an investment professional provided under circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration.

Name:

Proxy Voting Team

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**Pzena Proxy Voting Guidelines** 

<u>INTRODUCTION</u>

As a registered investment adviser and fiduciary, Pzena exercises our responsibility, where applicable, to vote in a manner that, in our judgement, is solely in the client's best interest and will maximize long-term shareholder value. The following policies and procedures have been established to ensure decision making is consistent with Pzena's fiduciary responsibilities and applicable regulations under the Investment Company Act, Advisers Act and ERISA.

<u>GENERAL APPROACH</u>

Each proxy that comes to Pzena to be voted shall be evaluated per the prudent process described below, in terms of what is in the best interest of our clients. We deem the best interest of clients to be solely that which maximizes shareholder value and yields the best economic results (e.g., higher stock prices, long-term financial health, and stability). We will not subordinate the interests of our clients to any non-pecuniary interests nor will we promote non-pecuniary benefits or goals unrelated to our clients' long-term financial interests.

Pzena's standard Investment Advisory Agreement provides that until notified by the client to the contrary, Pzena shall have the right to vote all proxies for securities held in that client's account. Where Pzena has voting responsibility on behalf of a client, and absent any client-specific instructions, we generally follow the Voting Guidelines ("Guidelines") set forth below. These Guidelines, however, are not intended as rigid rules and do not cover all possible proxy topics. Each proxy issue will be considered individually and Pzena reserves the right to evaluate each proxy vote on a case-by-case basis, as long as voting decisions reflect what is in the best interest of our clients.

To the extent that, in voting proxies for an account subject to ERISA, Pzena determines that ERISA would require voting a proxy in a manner different from these Guidelines, Pzena may override these Guidelines as necessary in order to comply with ERISA. Additionally, because clients, including ERISA clients, do not pay any additional fees or expenses specifically related to our proxy voting, there is not a need to consider the costs related to proxy voting impacting the value of an investment or investment performance.

In those instances where Pzena does not have proxy voting responsibility, we shall forward any proxy materials to the client or to such other person as the client designates.

<u>Proxy Voting Limitations</u>

While, subject to the considerations discussed above, Pzena uses our best efforts to vote proxies, in certain circumstances it may be impractical or impossible to do so. Such instances include but are not limited to share blocking, securities lending, if Pzena concludes that abstention is in our clients' economic interests and/or the value of the portfolio holding is indeterminable or insignificant.

<u>VOTING GUIDELINES</u>

The following Guidelines summarize Pzena's positions on various issues of concern to investors and give an indication of how portfolio securities generally will be voted. These Guidelines are not exhaustive and do not cover all potential voting issues or the intricacies that may surround individual proxy votes. Actual proxy votes may also differ from the Guidelines presented, as we will evaluate each individual proxy on its own merit.

It is also worth noting that Pzena considers the reputation, experience and competence of a company's management and board when it researches and evaluates the merits of investing in a particular security. In general, Pzena has confidence in the abilities and motives of the board and management of the companies in which we invest.

1)ROUTINE BUSINESS

Pzena will typically vote in accordance with the board and management on the items below and other routine issues when adequate information on the proposal is provided.

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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;i.Change in date and place of annual meeting (if not associated with a takeover);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Change in company name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Approval of financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Reincorporation (unless to prevent takeover attempts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Stock splits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Amend bylaws/articles of association to bring in line with changes in local laws and regulations.

Pzena will oppose vague, overly broad, open-ended, or general "other business" proposals for which insufficient detail or explanation is provided or risks or consequences of a vote in favor cannot be ascertained.

2)CAPITAL STRUCTURE

***Stock Issuance*** 

Pzena will consider on a case-by-case basis all proposals to increase the issuance of common stock, considering company-specific factors that include, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Past board performance (use of authorized shares during the prior three years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Stated purpose for the increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Risks to shareholders of not approving the request; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Potential dilutive impact.

Pzena will generally vote for such proposals (without preemptive rights) up to a maximum of 20% more than currently issued capital over a specified period, while taking into account management's prior use of these preemptive rights. Pzena will, however, vote against such proposals if restrictions on discounts are inadequate (i.e., discount limit is not stated or is in excess of 10% of the market price) and/or the limit on the number of times the mandate may be refreshed is not in line with local market practices.

3)AUDIT SERVICES

Pzena is likely to support the approval of auditors unless,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Independence is compromised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Non-audit ("other") fees are greater than the sum of the audit fees<sup>6</sup>, audit-related fees<sup>7</sup> and permissible tax fees<sup>8</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.There is reason to believe the independent auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Serious concerns about accounting practices are identified, such as fraud, misapplication of Generally Accepted Accounting Principles ("GAAP") and material weaknesses identified in Section 404 disclosures of the Sarbanes-Oxley Act of 2002.

Pzena will also apply a case-by-case assessment to shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services), taking into account whether the non-audit fees are excessive (per the formula above) and whether the company has policies and procedures in place to limit non-audit services or otherwise prevent conflicts of interest.

<sup>6</sup> Audit fees shall mean fees for statutory audits, comfort letters, attest services, consents, and review of filings with the SEC

<sup>7</sup> Audit-related fees shall mean fees for employee benefit plan audits, due diligence related to M&A, audits in connection with acquisitions, internal control reviews, consultation on financial accounting and reporting standards

<sup>8</sup> Tax fees shall mean fees for tax compliance (tax returns, claims for refunds and tax payment planning) and tax consultation and planning (assistance with tax audits and appeals, tax advice relating to M&A, employee benefit plans and requests for rulings or technical advice from taxing authorities)

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4)COMPENSATION

Pzena supports reasonable incentive programs designed to attract and retain key talent. Pzena typically supports management's discretion to set compensation for executive officers, so long as the plan aligns management and shareholder interests. Pzena evaluates each plan in detail to assess whether the plan provides adequate incentive to reward long-term performance and the impact on shareholder value (e.g. dilution).

***Say on Pay***

Pzena prefers a shareholder vote on compensation plans to provide a mechanism to register discontent with the plan itself or management team performance. As long as such proposals are non-binding and worded in a generic manner (unrestrictive to actual company plans), Pzena will support them. In evaluating these proposals, Pzena will generally consider, at minimum: company performance, pay practices relative to industry peers, potentially problematic pay practices and/or past unresponsive behavior.

Circumstances where Pzena may oppose these proposals include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Restricts the company's ability to hire new, suitable management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Restricts an otherwise responsible management team in some other way harmful to the company.

***Pay for Performance***

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

Pzena will generally support plans under which 50% or more of the shares awarded to top executives are tied to performance goals. Maintaining appropriate pay-for-performance alignment means executive pay practices must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. Our evaluation of this issue will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; equity-based plan costs; and dilution.

***Incentive Options***

Pzena is generally supportive of incentive options that provide the appropriate degree of pay-for-performance alignment (as per the above) and are therefore in shareholder best interest. Pzena will vote on a case-by-case basis depending on certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa.

However, the following would generally cause Pzena to vote against a management incentive arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The proposed plan is in excess of 10% of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The 3-year average burn rate has been substantially above industry norms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The new plan replaces an existing plan before the existing plan's termination date and some other terms of the new plan are likely to be adverse to the maximization of investment returns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The proposed plan resets options, or similarly compensates executives, for declines in a company's stock price. This includes circumstances where a plan calls for exchanging a lower number of options with lower strike prices for an existing larger volume of options with high strike prices, even when the option valuations might be considered the same total value. However, this would not include instances where such a plan seeks to retain key executives who have been undercompensated in the past.

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***Golden Parachutes / Severance Agreements***

Pzena will vote on a case-by-case basis, considering at minimum existing change-in-control arrangements maintained with named executive officers and new or extended arrangements.

Pzena will generally vote against such proposals if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The proposed arrangement is excessive or not reasonable in light of similar arrangements for other executives in the company or in the company's industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The proposed parachute or severance arrangement is considerably more financially attractive than continued employment. Although Pzena will apply a case-by-case analysis of this issue, as a general rule, a proposed severance arrangement which is three or more times greater than the affected executive's then-current compensation shall be voted against; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The triggering mechanism in the proposed arrangement is solely within the recipient's control (e.g., resignation).

***Tax Deductibility***

Votes to amend existing plans to increase shares reserved and to qualify for tax deductibility under the provisions of Section 162(m) should be considered on a case-by-case basis, considering the overall impact of the amendment(s).

5)BOARD

***Director Elections***

Pzena generally will evaluate director nominees individually and as a group based on our assessment of record and reputation, business knowledge and background, shareholder value mindedness, accessibility, corporate governance abilities, time commitment, attention and awareness, independence, and character. Pzena will apply a case-by-case approach to determine whether to vote for or against directors nominated by outside parties whose interests may conflict with our interests as shareholders, regardless of whether management agrees with the nomination.

***Board Independence***

Pzena will generally withhold votes from or vote against any insiders and affiliated outsiders on boards that are not at least majority independent. Pzena also prefers companies to have audit committees composed of entirely independent directors.

Pzena may vote in favor of any such directors in exceptional circumstances where the company has shown significant improvement.

***Board Size***

Pzena believes there is no optimal size or composition that fits every company. However, Pzena prefers that the number of directors cannot be altered significantly without shareholder approval; otherwise, potentially allowing the size of the board to be used as an anti-takeover defense.

***Board Tenure***

Pzena believes that any restrictions on a director's tenure, such as a mandatory retirement age or length of service limits, could harm shareholder interests by forcing experienced and knowledgeable directors off the board. However, Pzena prefers that boards do not have more than 50% of members serving for longer than ten years to avoid board entrenchment and 'group-think'.

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***Chairman/CEO***

Pzena will evaluate and vote proposals to separate the Chairman and CEO positions in a company on a case-by-case basis based on our assessment of the strength of the company's governing structure, the independence of the board and compliance with local listing requirements, among other factors. When the positions of Chairman and CEO are combined, Pzena prefers that the company has a lead independent director to provide some independent oversight.

***Cumulative Voting***

Pzena will generally vote against proposals to establish cumulative voting, as this leads to misaligned voting and economic interest in a company. Pzena will, however, vote in favor of proposals for cumulative voting at controlled companies where insider voting power is greater than 50%.

***Director Over-Boarding***

Pzena will vote such proposals on a case-by-case basis but prefers that directors do not sit on more than three additional boards. In evaluating these proposals Pzena will consider, at minimum, management tenure, director business expertise and director performance.

***Classified Boards***

Pzena generally opposes classified boards because this makes a change in board control more difficult and hence may reduce the accountability of the board to shareholders. However, these proposals will be evaluated on a case-by-case basis and will consider, at minimum, company and director performance.

***Board Diversity***

Pzena is generally supportive of a diverse board (age, experience, race, gender etc.) that is representative of its customers and stakeholders. That said, Pzena does not believe in board quotas or any restrictions on director tenure that could harm shareholder interests by preventing qualified board candidates from being nominated or forcing experienced or knowledgeable directors off the board.

6)SHAREHOLDER RIGHTS

In general Pzena does not support any proposals designed to limit shareholder rights; below we have outlined some of the issues we consider most important.

***Special Meetings***

Pzena generally supports proposals enabling shareholders to call a special meeting of a company so long as at least a 15% threshold with a one-year holding period is necessary for shareholders to do so. However, on a case-by-case basis, a 10% threshold may be deemed more appropriate should particular circumstances warrant; for example, in instances where executive compensation or governance has been an issue for a company.

***One Share, One Vote***

Pzena is generally opposed to proposals to create dual-class capitalization structures as these provide disparate voting rights to different groups of shareholders with similar economic investments. However, Pzena will review proposals to eliminate a dual-class structure on a case-by-case basis, considering, at minimum, management's prior record.

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***Supermajority***

Pzena does not support supermajority voting provisions with respect to corporate governance issues unless it would be in the best interest of shareholders. In general, vesting a minority with veto power over shareholder decisions could deter tender offers and hence adversely affect shareholder value.

***Proxy Access***

Pzena will assess these proposals on a case-by-case basis, but generally supports proxy access proposals that include an ownership level and holding period of at least 3% for three years or 10% for one year.

7)SOCIAL/ENVIRONMENTAL

Pzena will consider environmental and social proposals on their own merits and make a case-by-case assessment. Pzena will consider supporting proposals that address material issues if we believe they will protect and/or enhance the long-term value of the company.

While Pzena is generally supportive of resolutions seeking additional ESG disclosures, such proposals will be evaluated on a case-by-case basis, taking into consideration whether the requested disclosure is material, incremental and of reasonable cost to the business.

8)ANTI-TAKEOVER

Pzena generally supports anti-takeover measures that are in the best interest of shareholders and does not support anti-takeover measures such as poison pills that entrench management and/or thwart maximization of investment returns.

<u>ROLES & RESPONSIBILITIES</u>

<u>Role of ISS</u>

Pzena has engaged Institutional Shareholder Services ("ISS") to provide a proxy analysis with research and a vote recommendation for each shareholder meeting of the companies in our client portfolios. In engaging and continuing to engage ISS, Pzena has determined that, where applicable, ISS proxy voting guidelines are consistent with ERISA's fiduciary duties including that the votes are made in the best interest of our clients, focus on yielding the best economic results for our clients. ISS also votes, records and generates a voting activity report for our clients, and assists us with recordkeeping and the mechanics of voting. In no circumstance shall ISS have the authority to vote proxies except in accordance with standing or specific instructions given to it by Pzena. Pzena retains responsibility for instructing ISS how to vote, and we still apply our own Guidelines as set forth herein. Pzena does not utilize pre-population or automated voting except as a safeguard mechanism designed to ensure that, in the unlikely event that we fail to submit vote instructions for a particular proxy, our shares will still get voted. If Pzena does not issue instructions for a particular vote, the default is for ISS to mark the ballots in accordance with our Guidelines (when they specifically cover the item being voted on), and to refer all other items back to Pzena for instruction (when there is no Pzena policy covering the vote).

When voting a proxy for a security that Pzena's Research team does not cover, we will vote in accordance with our Guidelines (when they specifically cover the item being voted on) and defer to ISS's recommendations on all other items.

Pzena has also engaged ISS to assist in meeting the annual Form N-PX filing requirement for Advisers finalized by the SEC to take effect for the 2024 reporting cycle (see Regulatory Reporting).

Periodically, Pzena's Vendor Management Committee conducts a due diligence review of ISS, through which it reviews and evaluates certain key policies and procedures submitted to us by ISS. Pzena's Proxy Coordinator reconciles votable holdings against the ISS portal sharecount before each meeting. Pzena also samples and reviews proxy votes when testing our Proxy Voting Policy, as part of our regular compliance testing procedures. Further,

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Pzena reviews ISS' procedures for receiving additional information from issuers after a proxy has been sent, incorporating that information into its recommendations, and sending that information and/or updated recommendations to Pzena.

<u>Role of Analyst</u>

The analyst who is responsible for covering the company also votes the associated proxies since they have first-hand in-depth knowledge of the company. In evaluating proxy issues, the analyst will utilize a variety of sources to help come to a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Information gathered through in-depth research and ongoing company analyses performed by our investment team in making buy, sell and hold decisions for our client portfolios. This process includes regular external engagements with senior management of portfolio companies and internal discussions with Portfolio Managers ("PMs") and the Chief Investment Officer ("CIO"), as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.ISS reports to help identify and flag factual issues of relevance and importance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Information from other sources, including the management of a company presenting a proposal, shareholder groups, and other independent proxy research services; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Where applicable, any specific guidelines designated in writing by a client.

<u>Proxy Voting Committee</u>

To help make sure that Pzena votes client proxies in accordance with our fiduciary obligation to maximize shareholder value, we have established a Proxy Voting Committee ("the Committee") which is responsible for overseeing the Guidelines. The Committee consists of representatives from Legal, Compliance, Research, and Operations, including our Chief Compliance Officer ("CCO"), Director of Research ("DOR"), and at least one PM (who represents the interests of all Pzena's portfolio managers and is responsible for obtaining and expressing their opinions at committee meetings). The Committee will meet at least once annually and as often as necessary to oversee our approach to proxy voting.

The DOR is responsible for monitoring the analyst's compliance with the Guidelines, the CCO is responsible for monitoring overall compliance with these procedures and an internally-designated "Proxy Coordinator" is responsible for day-to-day proxy voting activities.

<u>CONFLICTS OF INTEREST</u>

Pzena is sensitive to conflicts of interest that may arise in the proxy voting process. Pzena believes that application of the Guidelines should, in most cases, adequately address any potential conflicts of interest. However, if an actual or potential material conflict of interest has been identified, Pzena has put in place a variety of different mitigation strategies as outlined below.

A potential material conflict of interest could exist in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Pzena manages any pension or other assets affiliated with a publicly traded company, and also holds that company's or an affiliated company's securities in one or more client portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Pzena has a client relationship with an individual who is a corporate director, or a candidate for a corporate directorship of a public company whose securities are in one or more client portfolios; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.A Pzena officer, director or employee, or an immediate family member thereof is a corporate director, or a candidate for a corporate directorship of a public company whose securities are in one or more client portfolios. For purposes hereof, an immediate family member is generally defined as a spouse, child, parent, or sibling.

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If a potential material conflict of interest exists, the following procedures will be followed:

&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.If our proposed vote is consistent with the Guidelines, above, we will vote in accordance with our proposed vote;

&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.If our proposed vote is inconsistent with or not covered by our Guidelines, but is consistent with the recommendations of ISS, we will vote in accordance with ISS recommendations; 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;iii.If our proposed vote is inconsistent with or not covered by our Guidelines, and is inconsistent with the recommendations of ISS, the CCO and the DOR (or their respective designees) (the "Conflicts Committee") will review the potential conflict and determine whether the potential conflict is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.If the Conflicts Committee determines that the potential conflict is not material, we will vote in accordance with the proposed vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.If the Conflicts Committee determines the potential conflict is material, the Conflicts Committee will review the proposed vote, the analysis and rationale for the vote recommendation, the recommendations of ISS and any other information the Conflicts Committee may deem necessary in order to determine whether the proposed vote is reasonable and not influenced by any material conflicts of interest. The Conflicts Committee may seek to interview the research analysts or portfolio managers or any other party it may deem necessary for making its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.If the Conflicts Committee determines the proposed vote is reasonable and not influenced by any conflicts of interest, we will vote in accordance with our proposed vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.If the Conflicts Committee cannot determine that the proposed vote is reasonable and not influenced by any conflict of interest, the Conflicts Committee will determine the best course of action in the best interest of the clients, which may include deferring to the ISS recommendation or notifying each client who holds the relevant securities of the potential conflict, to seek such client's voting instruction.

On an annual basis, we will review and assess the conflicts policies and Code of Conduct that ISS posts on its website for sufficiency in addressing potential conflict of interest, self-dealing and improper influence issues that may affect voting recommendations by ISS. Pzena will also periodically review samples of ISS' recommendations for voting proxies, after the vote has occurred, to ensure that ISS' recommendations are consistent with ISS' proxy voting guidelines, as applicable. Pzena's analysts also incorporate information regarding ISS' potential conflicts of interest into their process when evaluating and voting proxies, and on a annual basis, our DOR reviews an updated list of ISS' significant client relationships.

<u>Other Situations</u>

***Client Conflict***

Where Pzena manages the assets of a proponent of a shareholder proposal for a company whose securities are in one or more client portfolios, the following guidance should be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The identity of the proponent of a shareholder proposal shall not be given any substantive weight (either positive or negative) and shall not otherwise influence an analyst's determination whether a vote for or against a proposal is in the best interest of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Where Pzena determines that it is in the best interest of our clients to vote against that proposal, a designated member of Pzena's client service team will notify the client-proponent and give that client the option to direct Pzena in writing to vote the client's proxy differently than it is voting the proxies of our other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.If the proponent of a shareholder proposal is a Pzena client whose assets under management with Pzena constitute 30% or more of Pzena's total assets under management, and Pzena has determined that it is in the best interest of our clients to vote

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for that proposal, Pzena will disclose its intention to vote for such proposal to each additional client who also holds the securities of the company soliciting the vote on such proposal and for whom Pzena has authority to vote proxies. If a client does not object to the vote within three business days of delivery of such disclosure, Pzena will be free to vote such client's proxy as stated in such disclosure.

***Analyst Conflict***

If the analyst voting the proxy also beneficially owns shares of the company in his/her personal trading accounts, they must notify the Proxy Coordinator and the DOR must sign off on the analyst's votes for that company. It is the responsibility of each analyst to disclose such personal interest and obtain such approval. Any other owner, partner, officer, director, or employee of Pzena who has a personal or financial interest in the outcome of the vote is prohibited from attempting to influence the proxy voting decision of Pzena personnel responsible for voting client securities.

<u>VOTING PROCEDURES</u>

If an analyst desires to vote contrary to the Guidelines set forth in this proxy voting policy or the written proxy voting policy designated by a specific client, the analyst will discuss the vote with the CIO, and/or DOR and/or a PM for the strategy in which the security is held. The CIO, DOR and/or the PM, shall, in turn, determine how to vote the proxy based on the analyst's recommendation and the long-term economic impact such vote will have on the securities held in client portfolios. If the CIO, DOR and/or the PM agree with the analyst's recommendation and determine that a contrary vote is advisable the analyst will provide written documentation of the reasons for the vote.

***Vote Processing***

It is understood that Pzena's and ISS' ability to commence voting proxies for new or transferred accounts is dependent upon the actions of custodian's and banks in updating their records and forwarding proxies. Pzena will not be liable for any action or inaction by any Custodian or bank with respect to proxy ballots and voting.

***Client Communication***

Pzena will include a copy of these proxy voting policies and procedures, as they may be amended from time to time, in each new account pack sent to prospective clients. We also will update our ADV disclosures regarding these policies and procedures to reflect any material additions or other changes to them, as needed. Such ADV disclosures will include an explanation of how to request copies of these policies and procedures as well as any other disclosures required by Rule 206(4)-6 of the Advisers Act.

***Return Proxies***

The CCO, Proxy Coordinator, or designee shall send or cause to be sent (or otherwise communicate) all votes to the company or companies soliciting the proxies within the applicable time period designated for return of such votes, unless not possible to do so due to late receipt or other exigent circumstances.

<u>CORPORATE ACTIONS</u>

Pzena is responsible for monitoring both mandatory (e.g. calls, cash dividends, exchanges, mergers, spin-offs, stock dividends and stock splits) and voluntary (e.g. rights offerings, exchange offerings, and tender offers) corporate actions. Operations personnel will ensure that all corporate actions received are promptly reviewed and recorded in Pzena's portfolio accounting system, and properly executed by the custodian banks for all eligible portfolios. On a daily basis, a file of Pzena's security database is sent to a third-party service, Vantage, via an automated upload which then provides corporate action information for securities included in the file. This information is received and acted upon by the Operations personnel responsible for corporate action processing. In addition, Pzena receives details on voluntary and mandatory corporate actions from the custodian banks via email or online system and all available data is used to properly understand each corporate event.

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***Voluntary Corporate Actions*** 

The Portfolio Management team is responsible for providing guidance to Operations on the course of action to be taken for each voluntary corporate action received in accordance with the standards described above for proxy voting, including, but not limited to, acting in the best interest of clients to maximize long-term shareholder value and yield the best economic results. In some instances, if consistent with such standards, the Portfolio Management team may maintain standing instructions on particular event types. As appropriate, Legal and Compliance may be consulted to determine whether certain clients may participate in certain corporate actions. Operations personnel will then notify each custodian bank, either through an online interface, via email, or with a signed faxed document of the election selected. Once all necessary information is received and the corporate action has been vetted, the event is processed in the portfolio accounting system and filed electronically. A log of holdings information related to the corporate action is maintained for each portfolio in order to confirm accuracy of processing.

<u>CLASS ACTIONS</u>

Pzena shall not have any responsibility to initiate, consider or participate in any bankruptcy, class action or other litigation against or involving any issue of securities held in or formerly held in a client account or to advise or take any action on behalf of a client or former client with respect to any such actions or litigation.

<u>RECORD KEEPING</u> 

Pzena or ISS, on Pzena's behalf, maintains (i) copies of the proxy materials received by Pzena for client securities; (ii) records of proxies that were not received and what actions were taken to obtain them; (iii) votes cast on behalf of clients by account; (iv) records of any correspondence made regarding specific proxies and the voting thereof; (v) client requests for proxy voting information (including reports to mutual fund clients for whom Pzena has proxy voting authority containing information they need to satisfy their annual reporting obligations under Rule 30b-1-4 and to complete Form N-PX); (vi) documents prepared by Pzena to inform and/or memorialize a voting decision, including these policies and procedures and any documentation related to a material conflict of interest; and (vii) records of any deviations from broad Guidelines. Such records will be maintained for a minimum of six years.

<u>POLICY REVIEW</u>

The Proxy Voting Committee reviews these Voting Guidelines and procedures at least annually and makes such changes as it deems appropriate, considering current trends and developments in corporate governance and related issues, as well as operational issues facing Pzena and applicable regulations under the Investment Company Act, Advisers Act and ERISA.

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**Nuveen proxy voting guidelines**

**Nuveen Proxy Voting Policy**

**Policy Purpose and Statement**

Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. In certain cases, the Advisers may engage with Portfolio Companies as part of their process to make informed vote decisions and generally consider various factors including insights gained through engagement where that occurs. While the Advisers may generally share their views on a particular topic, these are not for the purpose of changing control of the issuer.

When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Advisers, vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients.

**Policy Statement**

Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and articulating Nuveen's position on the Portfolio Company's behavior in an effort to enhance long-term shareholder value. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").

**Applicability**

This Policy applies to Nuveen associates acting on behalf of Nuveen Asse Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), each an "Adviser" and collectively reerred to as the "Advisers"

**Enforcement**

As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

**Terms and Definitions**

Advisory Personnel includes the Adviser's portfolio managers and research analysts.

Proxy Voting Guidelines (the ''Guidelines'') are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

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Portfolio Company refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

**Policy Requirements**

Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies. Portfolio Companies may obtain information on how many shares the Advisers hold through regulatory filings and in public reports.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

**Roles and Responsibilities**

Nuveen Proxy Voting Committee

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of the CREF Funds and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

**Advisers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest

**Nuveen Stewardship Group**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Performs day-to-day administration of the Advisers' proxy voting processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:

aInput from Advisory Personnel

bThird party research

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cSpecific Portfolio Company context, including environmental, social and governance practices, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Performs Form N-PX filings in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or committees thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Performs an annual vote reconciliation for review by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Arranges the annual service provider due diligence of proxy voting vendors, including a review of the service provider's potential conflicts of interests, and presents the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Creates and retains certain records in accordance with Nuveen's Record Management program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain records as required under applicable regulation.

**Nuveen Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Seeks to ensure proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Assesses regulatory developments, pronouncements and guidance notes in coordination with Legal partners to determine policy and process implications. Shares assessment results with the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen's Records Management program.

**Nuveen Legal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Provides legal guidance as requested.

**Governance**

Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

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Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Related Documents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Policy Statement on Responsible Investing

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| | |
|:---|:---|
| Policy Adoption Date | February 3, 2020 |
| Effective Date of Current Policy/Last Date Review | September 22, 2025 |
| Governance | NEFI Compliance Committee |
| Policy Owner | Nuveen Proxy Voting Committee |
| Policy Leader | Nuveen Compliance |

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**Nuveen Proxy Voting Conflicts of Interest Policy and Procedures**

**Policy Purpose and Statement**

Proxy voting by investment advisers is subject to U.S. Securities and Exchange Commission ("SEC") rules and regulations and, for accounts subject to ERISA, U.S. Department of Labor ("DOL") requirements. These rules and regulations require policies and procedures reasonably designed to ensure proxies are voted in the best interest of clients and that such procedures set forth how the adviser addresses material conflicts that may arise between the Adviser's interests and those of its clients. The purpose of this Proxy Voting Conflicts of Interest Policy and Procedures ("Policy") is to describe how the Advisers monitor and address the risks associated with Material Conflicts of Interest arising out of business and personal relationships that could affect proxy voting decisions.

Nuveen's Stewardship Group is responsible for providing vote recommendations, based on the Nuveen Proxy Voting Guidelines (the "Guidelines"), to the Advisers and for administering the voting of proxies on behalf of the Advisers. When determining how to vote proxies, the Nuveen Stewardship Group adheres to the Guidelines, which are reasonably designed to ensure that the Advisers vote proxies in the best interests of the Advisers' clients.

Advisers may face certain potential Material Conflicts of Interest when voting proxies. The procedures set forth below have been reasonably designed to identify, monitor, and address potential Material Conflicts of Interest to ensure that the Advisers' voting decisions are based on the best interest of their clients and are not the product of a conflict.

**Policy Statement**

The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

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**Applicability**

This Policy applies to Nuveen ("Nuveen") associates acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), each an "Adviser" and collectively referred to as the "Advisers"

**Enforcement**

As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

**Terms and Definitions**

Advisory Personnel includes the Adviser's portfolio managers and research analysts.

***Conflicts Watch List ("Watch List")*** refers to a list maintained by the Stewardship Group based on the following:

1. The positions and relationships of the following categories of individuals are evaluated to assist in identifying a potential Material Conflict with a Portfolio Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The TIAA CEO,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The Nuveen Executive Management Team and the Nuveen Extended Leadership Team,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The Stewardship Group members who provide proxy voting recommendations on behalf of the Advisers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Advisory Personnel, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Household Members of the parties listed above in Nos. 1(i) – 1(iv).

The following criteria constitute a potential Material Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any individual identified above in 1(i) – 1(v) who serves on a Portfolio Company's board of directors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any individual identified above in 1(v) who serves as a senior executive<sup>9</sup> of a Portfolio Company.

2. In addition, the following circumstances have been determined to constitute a potential Material Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Voting proxies for funds sponsored by any Adviser and/or a Nuveen Affiliated Entity (i.e., registered investment funds and other funds that require proxy voting) held in client accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Voting proxies for Portfolio Companies that are direct advisory clients of the Advisers and/or the Nuveen Affiliated Entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Voting proxies for Portfolio Companies that have a material distribution relationship2 with regard to the products or strategies of the Advisers and/or the Nuveen Affiliated Entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Voting proxies for Portfolio Companies that are institutional investment consultants with which the Advisers and/or the Nuveen Affiliated Entities have engaged for any material business opportunit<sup>10</sup>y and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Any other circumstance where the Stewardship Group, the Nuveen Proxy Voting Committee (the "Committee"), the Advisers, Nuveen Legal or Nuveen Compliance are aware of in which the Adviser's duty to serve its clients' interests could be materially compromised.

In addition, certain conflicts may arise when a Proxy Service Provider or their affiliate(s), have determined and/or disclosed that a relationship exists with i) a Portfolio Company ii) an entity acting as a primary shareholder proponent with respect to a Portfolio Company or iii) another party. Such

<sup>9</sup> Senior executives are defined as "C-suite" positions such as CEO, CFO, COO, CAO, CMO, CIO, CTO, etc.

<sup>10</sup> Such criteria are defined in a separate standard operating procedure.

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relationships include, but are not limited to, the products and services provided to, and the revenue obtained from, such Portfolio

Company or its affiliates. The Proxy Service Provider is required to disclose such relationships to the Advisers, and the Stewardship Group reviews and evaluates the Proxy Service Provider's disclosed conflicts of interest and associated controls annually and reports its assessment to the Committee.

***Household Member*** includes any of the following who reside or are expected to reside in your household for at least 90 days a year: i) spouse or Domestic Partner, ii) sibling, iii) child, stepchild, grandchild, parent, grandparent, stepparent, and in-laws (mother, father, son, daughter, brother, sister).

***Domestic Partner*** is defined as an individual who is neither a relative of, or legally married to, a Nuveen associate but shares a residence and is in a mutual commitment similar to marriage with such Nuveen associate.

***Material Conflicts of Interest ("Material Conflict")*** A conflict of interest that reasonably could have the potential to influence a recommendation based on the criteria described in this Policy.

***Nuveen Affiliated Entities*** refers to TIAA and entities that are under common control with the Advisers and that provide investment advisory services. TIAA and the Advisers will undertake reasonable efforts to identify and manage any potential TIAA-related conflicts of interest.

***Portfolio Company*** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

***Proxy Service Provider(s)*** refers to any independent third-party vendor(s) who provides proxy voting administrative, research and/or recordkeeping services to Nuveen.

***Proxy Voting Guidelines (the "Guidelines'')*** are a set of pre-determined principles setting forth the manner in which the Advisers generally intend to vote on specific voting categories and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

***Proxy Voting Conflicts of Interest Escalation Form ("Escalation Form")*** Used in limited circumstances as described below to formally document certain requests to deviate from the Guidelines, the rationale supporting the request, and the ultimate resolution.

**Policy Requirements**

The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

The Stewardship Group and Advisory Personnel are prohibited from being influenced in their proxy voting decisions by any individual outside the established proxy voting process. The Stewardship Group

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and Advisory Personnel are required to report to Nuveen Compliance any individuals or parties seeking to influence proxy votes outside the established proxy voting process.

The Stewardship Group generally seeks to vote proxies in adherence to the Guidelines. In the event that a potential Material Conflict has been identified, the Committee, the Stewardship Group, Advisory Personnel and Nuveen Compliance are required to comply with the following:

Proxies are generally voted in accordance with the Guidelines. In instances where a proxy is issued by a Portfolio Company on the Watch List, and the Stewardship Group's vote direction is in support of company management and either contrary to the Guidelines or the Guidelines require a case-by-case review, then the Stewardship Group vote recommendation is evaluated using established criteria<sup>11</sup> to determine whether a potential conflict exists. In instances where it is determined a potential conflict exists, the vote direction shall default to the recommendation of an independent third-party Proxy Service Provider based on such provider's benchmark policy. To the extent the Stewardship Group believes there is a justification to vote contrary to the Proxy Service Provider's benchmark recommendation in such an instance, then such requests are evaluated and mitigated pursuant to an Escalation Form review process as described in the Roles and Responsibilities section below. In all cases votes are intended to be in line with the Guidelines and in the best interests of clients.

The Advisers are required to adhere to the baseline standards and guiding principles governing client and personal conflicts as outlined in the TIAA Conflicts of Interest Policy to assist in identifying, escalating and addressing proxy voting conflicts in a timely manner.

**Roles and Responsibilities**

Nuveen Proxy Voting Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Annually, review and approve the criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Review and approve the Policy annually, or more frequently as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Review Escalation Forms as described above to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Review Stewardship Group Material Conflicts reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Review and consider any other matters involving the Advisers' proxy voting activities that are brought to the Committee.

Nuveen Stewardship Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Promptly disclose Stewardship Group members' Material Conflicts to Nuveen Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Stewardship Group members must recuse themselves from all decisions related to proxy voting for the Portfolio Company seeking the proxy for which they personally have disclosed, or are required to disclose, a Material Conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Compile, administer and update the Watch List promptly based on the Watch List criteria described herein as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Evaluate vote recommendations for Portfolio Companies on the Watch List, based on established criteria to determine whether a vote shall default to the third-party Proxy Service Provider, or whether an Escalation Form is required.

<sup>11</sup> Such criteria are defined in a separate standard operating procedure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.In instances where an Escalation Form is required as described above, the Stewardship Group reviews and processes the Form, which is then routed to Committee members for prompt approval (including the approval response deadline). Committee members review the form to determine whether a Material Conflict exists and whether the recommendation rationale is clearly articulated and reasonable relative to the existing conflict. A majority vote is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Provide Nuveen Compliance with established reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Prepare Material Conflicts reporting to the Committee and other parties, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Retain Escalation Forms and responses thereto and all other relevant documentation in conformance with Nuveen's Record Management program.

Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Promptly disclose Material Conflicts to Nuveen Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Provide input and/or vote recommendations to the Stewardship Group upon request. Advisory Personnel are prohibited from providing the Stewardship Group with input and/or recommendations for any Portfolio Company for which they have disclosed, or are required to disclose, a Material Conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.From time to time as part of the Adviser's normal course of business, Advisory Personnel may initiate an action to override the Guidelines for a particular proposal. For a proxy vote issued by a Portfolio Company on the Watch List, if Advisory Personnel request a vote against the Guidelines and in favor of Portfolio Company management, then the request will be evaluated by the Stewardship Group in accordance with their established criteria and processes described above. To the extent an Escalation Form is required, the Committee reviews the Escalation Form to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.

Nuveen Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Determine criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Determine parties responsible for collection of, and providing identified Material Conflicts to, the Stewardship Group for inclusion on the Watch List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Perform periodic reviews of votes where Material Conflicts have been identified to determine whether the votes were cast in accordance with this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Develop and maintain, in consultation with the Stewardship Group, standard operating procedures to support the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Perform periodic monitoring to determine adherence to the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Administer training to the Advisers and the Stewardship Group, as applicable, to ensure applicable associates understand Material Conflicts and disclosure responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Assist the Committee with the annual review of this Policy.

Nuveen Legal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Provide legal guidance as requested.

**Governance**

Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

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Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate. Related Documents Nuveen Proxy Voting Committee Charter Nuveen Proxy Voting Guidelines Nuveen Proxy Voting Policy Nuveen Policy Statement on Responsible Investing

**Related Documents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Policy Statement on Responsible Investing

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| | |
|:---|:---|
| Policy Adoption | February 3, 2020 |
| Effective Date of Current Version/Last Date Review | September 22, 2025 |
| Governance | NEFI Compliance Committee |
| Policy Owner | Nuveen Proxy Voting Committee |
| Policy Leader | Nuveen Compliance |

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**<u>WCM INVESTMENT MANAGEMENT, LLC</u>**

**Proxy Voting Policy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Proxy Voting Procedures** 

WCM accepts responsibility for voting proxies whenever requested by a Client or as required by law. Each Client's investment management agreement should specify whether WCM is to vote proxies relating to securities held for the Client's account. If the agreement is silent as to the proxy voting and no instructions from the client are on file, WCM will assume responsibility of proxy voting.

In cases in which WCM has proxy voting authority for securities held by its advisory clients, WCM will ensure securities are voted for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the general antifraud provisions of the Advisers Act, the Proxy Voting Rule, ***Rule 206(4)-6***, and for ERISA accounts, the DOL's Proxy Voting Rule, as well as with WCM's fiduciary duties under federal and state law to act in the best interests of its clients. Even when WCM has proxy voting authority, a Client may request that WCM vote in a certain manner. Any such instructions shall be provided to WCM, in writing or electronic communication, saved in the Client files and communicated to the Portfolio Associate and Proxy Admin.

***<u>Special Rules for ERISA.</u>*** 

Unless <u>proxy voting responsibility</u> has been expressly reserved by the plan, trust document, or investment management agreement, and is being exercised by another "named fiduciary" for an ERISA Plan Client, WCM, as the investment manager for the account, has the exclusive authority to vote proxies or exercise other shareholder relating to securities held for the Plan's account. The interests or desires of plan sponsors should not be considered. In addition, if a "named fiduciary" for the plan has provided WCM with written proxy voting guidelines, those guidelines must be followed, unless the guidelines, or the results of following the guidelines, would be contrary to the economic interests of the plan's participants or beneficiaries, imprudent or otherwise contrary to ERISA.

Investors in WCM Private Funds which are deemed to hold "plan assets" under ERISA accept WCM's investment policy statement and a proxy voting policy before they are allowed to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Role of the Independent Proxy Adviser</u>**

WCM utilizes the proxy voting recommendations of Glass Lewis (our "Proxy Adviser"). The purpose of the Proxy Advisers proxy research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance, create shareholder value and maintain a proper tone at the top. Because the Proxy Adviser is not in the business of providing consulting services to public companies, it can focus solely on the best interests of investors. The Proxy Adviser's approach to corporate governance is to look at each company individually and determine what is in the best interests of the shareholders of each particular company. Research on proxies covers more than just corporate governance – the Proxy Adviser analyzes accounting, executive compensation, compliance with regulation and law, risks and risk disclosure, litigation and other matters that reflect on the quality of board oversight and company transparency.

The voting recommendations of the Proxy Adviser are strongly considered; however, the final determination for voting in the best economic interest of the clients is the responsibility of the relevant strategy Investment Strategy Group (ISG). When a decision is reached to vote contrary to the recommendation of the Proxy Adviser, the ISG will address any potential conflicts of interest (as described in this policy) and proceed accordingly. They will maintain documentation to support the decision, which will be reviewed by the Compliance Team.

WCM will take reasonable steps under the circumstances to make sure that all proxies are received and for those that WCM has determined should be voted, are voted in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Role of the Portfolio Associate.</u>**

The Portfolio Associate is responsible for the onboarding and maintenance of Client accounts. For each Client, the Portfolio Associate:

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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;a.Determines whether WCM is vested with proxy voting responsibility or whether voting is reserved to the Client or delegated to another designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Instructs registered owners of record (*e.g.* the Client, Trustee or Custodian) that receive proxy materials from the issuer or its information agent to send proxies electronically directly to Broadridge/ProxyEdge, a third party service provider, to: (1) provide notification of impending votes; (2) vote proxies based on the Proxy Adviser and/or WCM recommendations; and (3) maintain records of such votes electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Assigns the appropriate proxy voting guidelines based on a Client's Investment Policy Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Reports proxy voting record to Client, as requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Role of the Proxy Admin.</u>**

The Proxy Admin circulates proxy ballot information and administers the proxy vote execution process. The Proxy Admin:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Monitors the integrity of the data feed between the Client's registered owner of record and Broadridge/Proxy Edge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Executes votes based on the recommendation of the Proxy Adviser or ISG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Ensures all votes are cast in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Role of the ISG and Analysts</u>**

With the support of the Analysts, and in consideration of the voting recommendation of the Proxy Adviser, the Investment Strategy Group (ISG) is responsible for review of the Proxy Adviser policy and final vote determination. The ISG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Annually, reviews the policy of the Proxy Adviser to ensure voting recommendations are based on a Client's best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reviews the ballot voting recommendations of the Proxy Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Investigates ballot voting issues during the normal course of research, company visits, or discussions with company representatives.

If the ISG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Agrees with the voting recommendation of the Proxy Adviser, no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Disagrees with the voting recommendation of the Proxy Adviser, they will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deal with conflicts of interest, as described below;

1)Provide updated voting instructions to the Proxy Admin;

2)Document the rationale for the decision, which is provided to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Certain Proxy Votes May Not Be Cast</u>**

In some cases, WCM may determine that it is in the best interests of our clients to abstain from voting certain proxies. WCM will abstain from voting in the event any of the following conditions are met with regard to a proxy proposal:

&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.Neither the Proxy Adviser' recommendation nor specific client instructions cover an issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.In circumstances where, in WCM's judgment, the costs of voting the proxy exceed the expected benefits to the Client.

In addition, WCM will only seek to vote proxies for securities on loan when such a vote is deemed to have a material impact on the account. In such cases, materiality is determined and documented by the ISG.

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Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting (share blocking). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). WCM believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, WCM generally will not vote those proxies subject to "share blocking."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Identifying and Dealing with Material Conflicts of Interest between WCM and Proxy Issuer</u>**

WCM believes the use of the Proxy Adviser's independent guidelines helps to mitigate proxy voting related conflicts between the firm and its clients. Notwithstanding WCM may choose to vote a proxy against the recommendation of the Proxy Adviser, if WCM believes such vote is in the best economic interest of its clients. Such a decision will be made and documented by the ISG. Because WCM retains this authority, it creates a potential conflict of interest between WCM and the proxy issuer. As a result, WCM may not overrule the Proxy Adviser's recommendation with respect to a proxy unless the following steps are taken by the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The CCO must determine whether WCM has a <u>conflict of interest with respect to the issuer</u> that is the subject of the proxy. The CCO will use the following standards to identify issuers with which WCM may have a conflict of interest.

1)*Significant Business Relationships* – The CCO will determine whether WCM may have a significant business relationship with the issuer, such as, for example, where WCM manages a pension plan. For this purpose, a "significant business relationship" is one that: (i) represents 1% or $1,000,000 of WCM's revenues for the fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (ii) may not directly involve revenue to WCM but is otherwise determined by the CCO to be significant to WCM.

2)*Significant Personal/Family Relationships* – the CCO will determine whether any supervised persons who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how WCM votes proxies. To identify any such relationships, the CCO shall obtain information about any significant personal/family relationship between any employee of WCM who is involved in the proxy voting process (e.g., ISG members) and senior supervised persons of issuers for which WCM may vote proxies.

&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.If the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO shall determine whether the <u>conflict is "material" to any specific proposal</u> included within the proxy. The CCO shall determine whether a proposal is material as follows:

1)*Routine Proxy Proposals* – Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for WCM, unless the ISG has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities, and approval of an annual report/financial statements.

2)*Non-Routine Proxy Proposals* – Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for WCM, unless the CCO determines that WCM's conflict is unrelated to the proposal in question (see 3. below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a

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change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans, retirement plans, profit sharing or other special remuneration plans).

3)*Determining that a Non-Routine Proposal is Not Material* – As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the CCO may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of interest. To make this determination, the CCO must conclude that a proposal is not directly related to WCM's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The CCO shall record in writing the basis for any such determination.

&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.For any proposal where the CCO determines that <u>WCM has a material conflict of interest</u>, WCM may vote a proxy regarding that proposal in any of the following manners:

1)*Obtain Client Consent or Direction*– If the CCO approves the proposal to overrule the recommendation of the Proxy Adviser, WCM shall fully disclose to each client holding the security at issue the nature of the conflict and obtain the client's consent to how WCM will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted).

2)*Use the Proxy Adviser' Recommendation* – Vote in accordance with the Proxy Adviser' recommendation.

&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.For any proposal where the CCO determines that <u>WCM does not have a material conflict of interest</u>, the ISG may overrule the Proxy Adviser's recommendation if the ISG reasonably determines that doing so is in the best interests of WCM's clients. If the ISG decides to overrule the Proxy Adviser's recommendation, the ISG will maintain documentation to support their decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Dealing with Material Conflicts of Interest between a Client and the Proxy Adviser or Proxy Issuer</u>**

If WCM is notified by a client regarding a conflict of interest between them and the Proxy Adviser or the proxy issuer, The CCO will evaluate the circumstances and either:

&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.elevate the decision to the ISG who will make a determination as to what would be in the Client's best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.if practical, seek a waiver from the Client of the conflict; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.if agreed upon in writing with the Clients, forward the proxies to affected Clients allowing them to vote their own proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Maintenance of Proxy Voting Records</u>**

As required by <u>Rule 204-2</u> under the Advisers Act, and for ERISA accounts, <u>the DOL's Proxy Voting Rule</u>, WCM will maintain or procure the maintenance of the following records relating to proxy voting for a period of at least five years:

&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.a copy of these Proxy Policies, as they may be amended from time to time;

&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.copies of proxy statements received regarding Client securities;

&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.a record of each proxy vote cast on behalf of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.each written Client request for information on how WCM voted proxies on behalf of the Client and each written response by WCM to oral or written Client requests for this information.

As permitted by <u>Rule 204-2(c)</u>, electronic proxy statements and the record of each vote cast on behalf of each Client account will be maintained by ProxyEdge. WCM shall obtain and maintain an

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undertaking from ProxyEdge to provide it with copies of proxy voting records and other documents relating to its Clients' votes promptly upon request. WCM and ProxyEdge may rely on the SEC's EDGAR system to keep records of certain proxy statements if the proxy statements are maintained by issuers on that system (e.g., large U.S.-based issuers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Disclosure</u>**

WCM will provide all Clients a summary of these Proxy Policies, either directly or by delivery to the Client of a copy of its Form ADV, Part 2A containing such a summary, and information on how to obtain a copy of the full text of these Proxy Policies and a record of how WCM has voted the Client's proxies. Upon receipt of a Client's request for more information, WCM will provide to the Client a copy of these Proxy Policies and/or in accordance with the Client's stated requirements, how the Client's proxies were voted during the period requested. Such periodic reports will not be made available to third parties absent the express written request of the Client. However, to the extent that WCM serves as a sub-adviser to another adviser to a Client, WCM will be deemed to be authorized to provide proxy voting records on such Client accounts to such other adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>Oversight of the Proxy Adviser</u>**

Prior to adopting the proxy guidelines and recommendations of a Proxy adviser, WCM will exercise prudence and diligence to determine that the guidelines for proxy recommendations are consistent with WCM's fiduciary obligations. Each year, Compliance, in conjunction with input from the Proxy Admin, the ISG and others as determined by the CCO, will review WCM's relationship with, and services provided by the Proxy Adviser. To facilitate this review, WCM will request information from the Proxy Adviser in consideration of the Proxy Adviser processes, policies and procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analyze and formulate voting recommendations on the matters for which WCM is responsible for voting and to disclose its information sources and methods used to develop such voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that it has complete and accurate information about issuers when making recommendations and to provide its clients and issuers timely opportunities to provide input on certain matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resolve any identified material deficiencies in the completeness or accuracy of information about issuers for whom voting recommendations are made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify, resolve, and disclose actual and potential conflicts of interest associated with its recommendations;

Additionally, WCM will review the Proxy Adviser's proposed changes to its proxy voting guidelines to ensure alignment with the ISG's expectations. The Proxy Adviser typically distributes proposed changes to its guidelines annually; therefore, WCM's review of these proposed changes will typically coincide with the Proxy Adviser' schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Limitations on Proxy Voting</u>** 

In certain circumstances, additional information from Clients, such as residency declarations, limited power of attorneys or similar details, may be necessary for WCM to exercise its proxy voting authority in compliance with jurisdictional or regulatory requirements. If such information is not provided by the Client, WCM reserves the right to abstain from voting proxies for that Client without further notice.

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**PART C – OTHER INFORMATION**

**ITEM 28. EXHIBITS**

---

| | |
|:---|:---|
| (a)(1) | <u>[Certificate of Trust is incorporated herein by reference to the initial registration statement, filed on August 22, 2017](https://www.sec.gov/Archives/edgar/data/1696729/000114420417044589/v472450_ex99-a.htm)</u>. |
| (a)(2) | <u>[Agreement and Declaration of Trust is incorporated herein by reference to the initial registration statement, filed on August 22, 2017](https://www.sec.gov/Archives/edgar/data/1696729/000114420417044589/v472450_ex99-a1.htm)</u>. |
| (a)(3) | <u>[Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exa3-amendandrestateddecla.htm)[, is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exa3-amendandrestateddecla.htm)[incorporated herein by reference to Post](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exa3-amendandrestateddecla.htm)[-Effective Amendment](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exa3-amendandrestateddecla.htm)[No. 11 to the Trust's registration statement filed on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exa3-amendandrestateddecla.htm)</u> |
| (b) | <u>[By-Laws of the Registrant is incorporated herein by reference to the initial registration statement, filed on August 22, 2017](https://www.sec.gov/Archives/edgar/data/1696729/000114420417044589/v472450_ex99-b.htm).</u> |
| (c) | <u>[See Articles III, V, VI, VIII and X of the Registrant's Agreement and Declaration of Trust, which is incorporated herein by reference to the initial registration statement, filed on August 22, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417044589/v472450_ex99-a1.htm)</u> |
|  | <u>[See Articles II, VI, VII and VIII of the Registrant's By-Laws, which is incorporated herein by reference to the initial registration statement, filed on August 22, 2017](https://www.sec.gov/Archives/edgar/data/1696729/000114420417044589/v472450_ex99-b.htm)</u>. |
| (d)(1) | <u>[Investment Management Agreement between Registrant and PFM Asset Management LLC ("PFMAM") is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Trust's registration statement filed on December 28, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417065677/tv481911_ex99-d1.htm)</u> |
| (d)(2) | <u>[Investment Management Agreement between Registrant and PFM Asset Management LLC ("PFMAM") dated December 7, 2021 is incorporated herein by reference to Post-Effective Amendment No. 7 to the Trust's registration statement filed on January 28, 2022.](https://www.sec.gov/Archives/edgar/data/1696729/000110465922008893/tm223916d1_ex99-d2.htm)</u> |
| (d)(3) | <u>[Novation of](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[Investment Management Agreement between Registrant and PFM Asset Management LLC ("PFMAM") dated](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[O](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[ctober 1, 2024](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[incorporated herein](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[by reference to Post](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[-Effective Ame](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[ndment](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[No. 11 t](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[o the Trust'](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[s registrat](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)[ion statement filed on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd3-novationofinvestmentm.htm)</u> |
| (d)(4) | <u>[Form of Subadvisory Agreement between the Registrant and the Sub-Advisers on behalf of each Fund is incorporated herein by reference to the initial registration statement, filed on August 22, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417044589/v472450_ex99-d2.htm)</u> |
| (d)(5) | <u>[Form of Novation of Subadvisory Agreement between Registrant and the Sub-Advisers on behalf of each Fund](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)[is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)[incorporated herein](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)[by reference](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)[to Post-Effective Amendment No. 11 to the Trust's registration statement filed on January 28](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)[, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exd4-formofnovationofsubad.htm)</u> |
| (e)(1) | <u>[D](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[istribution Agreement between Registrant and U.S. Bancorp Investments](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[Inc.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[(the "Distributor"), dated October 1, 2024](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[incorporated herein by reference to Post-Effective Amendment No. 11 to the Trust's registration statemen](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[t filed on Jan](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)[uary 28, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exe1-distributionagreement.htm)</u> |
| (f) | Not applicable. |
| (g) | <u>[Custod](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[y](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[Agreement between Registrant and](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[U.S.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[Bank](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[National Association](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[is incorporated herein by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[10](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[to the Trust's registration statement filed on](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[January 29, 2024](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)[.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmcustodyagreement-fullye.htm)</u> |
| (h)(1) | <u>[Fund](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[Administration](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[Servicing](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[Agreement between Registrant and](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[U.S. Ban](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[corp Fund Serv](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[ices, LLC](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[as ame](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[n](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[ded](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 10 to the Trust's registration statement filed on January 29, 2024.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmadministrationagreement.htm)</u> |
| (h)(2) | <u>[Transfer Agen](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[t](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[Servic](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[ing](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[Agreement between Registrant and](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[U.S. Ban](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[corp Fund Services, LLC](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)[is incorporated herein by reference to Post-Effective Amendment No. 10 to the Trust's registration statement filed on January 29, 2024.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmtaagreement-fullyexecut.htm)</u> |
| (h)(3) | <u>[Fund](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmaccountingagreement-ful.htm)[Accounting](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmaccountingagreement-ful.htm)[Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmaccountingagreement-ful.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmaccountingagreement-ful.htm)[is incorporated herein by reference to Post-Effective Amendment No. 10 to the Trust's registration statement filed on January 29, 2024.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/pfmaccountingagreement-ful.htm)</u> |
| (i)(1) | <u>[Share Issuance Opinion of Counsel, is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Trust's registration statement filed on December 28, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417065677/tv481911_ex99-i1.htm)</u> |
| (i)(2) | <u>[Consent of Counsel](pfmmmstconsent12626.htm)</u>, is **filed herewith**. |
| (j) | <u>[Consent of independent registered public accounting firm](pfmmulti-managerseriestrus.htm)</u>, is **filed herewith**. |
| (k) | Not applicable. |
| (l) | <u>[Purchase Agreement/Initial Capital Agreement, is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Trust's registration statement filed on December 28, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417065677/tv481911_ex99-l.htm)</u> |

---

------

---

| | |
|:---|:---|
| (m) | <u>[Distribution and Shareholder Services Plans pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), are incorporated herein by reference to Pre-Effective Amendment No. 1 to the Trust's registration statement filed on December 28, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417065677/tv481911_ex99-m.htm)</u> |
| (n) | <u>[Multi-Class Plans pursuant to Rule 18f-3 under the 1940 Act, is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Trust's registration statement filed on December 28, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417065677/tv481911_ex99-n.htm)</u> |
| (o) | Reserved. |
| (p)(1) | <u>[Code of Ethics for the Registrant, is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Trust's registration statement filed on December 28, 2017.](https://www.sec.gov/Archives/edgar/data/1696729/000114420417065677/tv481911_ex99-p1.htm)</u> |
| (p)(2) | <u>[Code of Ethics for the Adviser](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[to Post-Effective Amendment No. 11](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[to the Trust's regi](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[stration](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)[statement filed on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbam-advisorcoe.htm)</u> |
| (p)(3) | <u>[Code of Ethics for the](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbi-distributorcoe.htm)[Di](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbi-distributorcoe.htm)[stributor](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbi-distributorcoe.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbi-distributorcoe.htm)[is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbi-distributorcoe.htm)[incorporated herein by reference to Post-Effective Amendment No. 11 to the Trust's registration statement filed on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/usbi-distributorcoe.htm)</u> |
| (p)(4) | <u>[Code of Ethics for Acadian Asset Management LLC](acadiancodeofethics-januar.htm)</u>, is **filed herewith**. |
| (p)(5) | <u>[Code of Ethics for Aristotle Atlantic Partners, LLC, is incorporated herein by reference to Post-Effective Amendment No. 7 to the Trust's registration statement filed on January 28, 2022.](https://www.sec.gov/Archives/edgar/data/1696729/000110465922008893/tm223916d1_ex99-p4.htm)</u> |
| (p)(6) | <u>[Code of Ethics for Aristotle Capital Management, LLC](aristotle_codeofethicsx111.htm)</u>, is **filed herewith**. |
| (p)(7) | <u>[Code of Ethics for Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/bbhcodeofethicsandprofessi.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/bbhcodeofethicsandprofessi.htm)[is incorporated herein by reference to Post-Effective Amendment No. 10 to the Trust's registration statement filed on January 29, 2024.](https://www.sec.gov/Archives/edgar/data/1696729/000089418924000723/bbhcodeofethicsandprofessi.htm)</u> |
| (p)(8) | <u>[Code of Ethics for Ninety One North America, Inc.](ninetyonenauscodeofethicsf.htm)</u>, is **filed herewith**. |
| (p)(9) | <u>[C](osterweiscodeofethics-2023.htm)[ode of Ethics for Osterweis Capital Management, LLC](osterweiscodeofethics-2023.htm)</u>, is **filed herewith.**  |
| (p)(10) | <u>[Code of Ethics for PGIM, Inc.](pgiminvestmentadvisercodeo.htm)</u>, is **filed herewith.**  |
| (p)(11) | <u>[Code of Ethics for PineBridge Investments LLC](pinebridgeglobalcodeofethi.htm)</u>, is **filed herewith.**  |
| (p)(12) | <u>[Code of Ethics of](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)[Putnam Investment Management, LLC](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)[, is](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)[incorporated herein by reference to Post-Effective Am](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)[endment N](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)[o. 11 to the Trust's registration statement](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)[filed on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1696729/000089418925000552/exp13-putnamcoe.htm)</u> |
| (p)(13) | <u>[Code of Ethics for](pzenacodeofbusinessconduct.htm)[Pzena Investment Management, LLC,](pzenacodeofbusinessconduct.htm)</u> **is filed herewith.**  |
| (p)(14) | <u>[Code of Ethics for Teachers Advisors, LLC](nuveencodeofethics-america.htm)</u>, is **filed herewith**. |
| (p)(15) | <u>[Code of Ethics for WCM Investment Management LLC](wcmcodeofethicsjune2025.htm)</u>, is **filed herewith.**  |
| (q) | <u>[Power of Attorney](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[for Bruce](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[Ar](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[onow](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[, Robert Bernstein, and Carmen Heredia-L](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[opez](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[,](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[dated Januar](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[y 17, 2020](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[, is incorporated herein by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[4](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[t](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[o the Trust's registration statement filed on](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[January 28, 2020](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)[.](https://www.sec.gov/Archives/edgar/data/1696729/000110465920007721/tm205623d1_ex99-q.htm)</u> |
| EX-101.INS | XBRL Instance Document |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT**

No person is directly or indirectly controlled by or under common control with the Registrant.

Additionally, see the "Control Persons and Principal Holders of Securities" section of the Statement of Additional Information ("SAI") for a list of shareholders who own more than 5% of a specific fund's outstanding shares and such information is incorporated by reference to this Item.

**ITEM 30. INDEMNIFICATION**

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Agreement and Declaration of Trust ("Declaration of Trust"), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

------

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

The Declaration of Trust provides that any person who is or was a Trustee, officer, employee or other agent, including the underwriter, of such Trust shall be liable to the Trust and its shareholders only for (1) any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, or (2) the person's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person (such conduct referred to herein as Disqualifying Conduct) and for nothing else. Except in these instances and to the fullest extent that limitations of liability of agents are permitted by the DSTA, these Agents (as defined in the Declaration of Trust) shall not be responsible or liable for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter. Moreover, except and to the extent provided in these instances, none of these Agents, when acting in their respective capacity as such, shall be personally liable to any other person, other than such Trust or its shareholders, for any act, omission or obligation of the Trust or any trustee thereof.

The Trust shall indemnify, out of its property, to the fullest extent permitted under applicable law, any of the persons who was or is a party or is threatened to be made a party to any Proceeding (as defined in the Declaration of Trust) because the person is or was an Agent of the Trust. These persons shall be indemnified against any Expenses (as defined in the Declaration of Trust), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with the Proceeding if the person acted in good faith or, in the case of a criminal proceeding, had no reasonable cause to believe that the conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not of itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful. There shall nonetheless be no indemnification for a person's own Disqualifying Conduct.

Pursuant to Rule 484 under the Securities Act of 1933, as amended, the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER**

Any other business, profession, vocation or employment of a substantial nature in which each director or principal officer of the investment adviser and each investment sub-adviser is or has been, at any time during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee are as follows:

***U.S. Bancorp Asset Management, Inc.***

U.S. Bancorp Asset Management, Inc. ("USBAM") serves as the investment adviser for each series of the Trust, and performs investment advisory services for the Trust, institutional investors and individual investors.

See the information concerning USBAM set forth in the Prospectus and SAI of this Registration Statement.

USBAM is registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The list required by this Item 31 of directors, officers or partners of USBAM, together with any information as to any business, profession, vocation or employment of a substantial nature engaged in by such directors, officers or

------

partners during the past two years, is incorporated herein by reference from Schedules B and D of Forms ADV filed by USBAM (CRD# 111912/SEC# 801-60125) pursuant to the Advisers Act.

***Acadian Asset Management LLC***

Acadian Asset Management LLC ("Acadian") is an investment adviser registered with the United States Securities and Exchange Commission. ((IARD No. 106609; SEC File No. 801-28078). Acadian's principal business address is 260 Franklin Street, Boston, Massachusetts 02110. Acadian's Board of Managers is comprised of 6 individuals. Of these 6 individuals, 3 are employed by Acadian and have no substantial business activities outside of their employment with Acadian. The remaining 3 members of the Board of Managers are employed with Acadian's parent company, BrightSphere Affiliate Holdings LLC, and have substantial business activities outside their relationship with Acadian. With respect to Acadian, the response to this Item is incorporated by reference to Acadian Form ADV on file with the SEC.

***Aristotle Atlantic Partners, LLC***

Aristotle Atlantic Partners, LLC ("Aristotle Atlantic") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager International Equity Fund. The principal business address of Aristotle Atlantic is 50 Central Ave, Suite 750, Sarasota, Florida 34236. With respect to Aristotle Atlantic, the response to this Item is incorporated by reference to Aristotle Atlantic's Form ADV on file with the SEC.

***Aristotle Capital Management, LLC***

Aristotle Capital Management, LLC ("Aristotle Capital") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager International Equity Fund. The principal business address of Aristotle Capital is 11100 Santa Monica Blvd, Suite 1700, Los Angeles, California, 90025. With respect to Aristotle Capital, the response to this Item is incorporated by reference to Aristotle Capital's Form ADV on file with the SEC.

***Brown Brothers Harriman & Co.***

Brown Brothers Harriman & Co. ("Brown Brothers") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager Fixed-Income Fund. The principal business address of Brown Brothers is 140 Broadway, New York, New York, 10005. With respect to Brown Brothers, the response to this Item is incorporated by reference to Brown Brother's Form ADV on file with the SEC.

***Ninety One North America, Inc.***

Ninety One North America, Inc. ("Ninety One"), serves as a Subadvisor to the First American Multi-Manager International Equity Fund. The principal business address of Ninety One is 65 East 55th Street, 30th floor, New York, NY 10022.With respect to Ninety One, the response to this Item is incorporated by reference to Ninety One's Form ADV on file with the SEC.

***Osterweis Capital Management, LLC***

Osterweis Capital Management, LLC (OCM), serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager Domestic Equity Fund. The principal business address of PMAM is One Maritime Plaza, Suite 800, San Francisco, CA 94111. With respect to OCM, the response to this Item is incorporated by reference to OCM's Form ADV on file with the SEC.

***PGIM, Inc.***

PGIM Inc. ("PGIM") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager Fixed-Income Fund. The principal business address of PGIM is 655 Broad Street, Newark, New Jersey, 07102. With respect to PGIM, the response to this Item is incorporated by reference to PGIM's Form ADV on file with the SEC.

***PineBridge Investments LLC***

PineBridge Investments LLC ("PineBridge") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager Fixed- Income Fund. The principal business address of PineBridge is Park Avenue Tower, 65 E 55th Street, New York, NY 10022. With respect to PineBridge, the response to this Item is incorporated by reference to PineBridge's Form ADV on file with the SEC.

------

***Putnam Investment Management, LLC***

Putnam Investment Management, LLC ("Putnam") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager Domestic Equity Fund. The principal business address of Putnam is 100 Federal Street, Boston Massachusetts 02110. With respect to Putnam, the response to this Item is incorporated by reference to Putnam's Form ADV on file with the SEC.

***Pzena Investment Management, LLC***

Pzena Investment Management, LLC ("Pzena") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager International Equity Fund. The principal business address of Pzena is 320 Park Avenue, 8th Floor, New York, New York 10022. With respect to Pzena, the resoinse to this Item is incorporated by reference to Pzena's Form ADV on file with the SEC.

***Teachers Advisors, LLC***

Teachers Advisors, LLC ("Teachers Advisors") serves as an investment sub-adviser for the Registrant with respect to First American Multi-Manager Fixed-Income Fund. The principal business address of Teachers Advisors is 730 Third Avenue, 5th Floor, New York, New York, 10017. With respect to Teachers Advisors, the response to this Item is incorporated by reference to Teachers Advisors' Form ADV on file with the SEC.

***WCM Investment Management LLC***

WCM Investment Management LLC ("WCM"), serves as a Sub-Adviser to a portion of the First American Multi-Manager International Equity Fund. The principal business address of WCM is 281 Brooks Street, Laguna Beach, California, 92651.

The Adviser's and Sub-Advisers' respective Form ADVs may be obtained, free of charge, at the SEC's website at <u>www.adviserinfo.sec.gov.</u>

**ITEM 32. PRINCIPAL UNDERWRITERS**

(a)U.S. Bancorp Investments, Inc., with principal offices at 60 Livingston Avenue, Saint Paul, Minnesota 55107 serves as the Trust's principal underwriter and also serves as the principal underwriter. U.S. Bancorp Investments, Inc. currently does not serve as the principal underwriter for any other investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

(b)To the best of Registrant's knowledge, the following is a list of the executive officers, directors and partners of U.S. Bancorp Investments, Inc. (none of the persons set forth below holds a position or office with Registrant):

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| | |
|:---|:---|
| **Name** | **Position with Underwriter** |
| Stephen Steiner<br>60 Livingston Avenue<br>St. Paul, MN 55107 | CEO, COO, Senior Vice President and<br>Director  |
| Shannon Clark<br>60 Livingston Avenue<br>St. Paul, MN 55107 | CFO and Director |
| Matthew McCarthy<br>800 Nicollet Mall<br>Minneapolis, MN 55402 | Chief Legal Officer |
| Jeffrey Walter<br>428 W. Riverside Avenue<br>Spokane, WA 99201 | Chief Compliance Officer |
| Masood Ahmad<br>60 Livingston Avenue<br>St. Paul, MN 55107 | Senior Vice President, Operations Manager |

---

------

---

| | |
|:---|:---|
| **Name** | **Position with Underwriter** |
| Joel Floum<br>60 Livingston Avenue<br>St. Paul, MN 55107 | Director |
| Beth Lawlor<br>60 Livingston Avenue<br>St. Paul, MN 55107 | Director |
| Michael Poell<br>60 Livingston Avenue<br>St. Paul, MN 55107 | Senior Vice President, Compliance Manager<br>and Director |
| James Whang<br>60 Livingston Avenue<br>St. Paul, MN 55107 | Director |
| U.S. Bancorp<br>800 Nicollet Mall<br>Minneapolis, MN 55402 | Parent Corporation |

---

(c)Not applicable.

**ITEM 33. LOCATION OF ACCOUNTS AND RECORDS**

The books, accounts and other documents required by Section 31(a) under the 1940 Act and the rules promulgated thereunder are maintained as follows:

**U.S. Bancorp Asset Management, Inc.**

800 Nicollet Mall,

Minneapolis, Minnesota 55402-0213

(records relating to its function as investment adviser)

**U.S Bank, N.A.**

Custody Operations

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

(records relating to its function as custodian)

**U.S. Bancorp Fund Services, LLC**

615 East Michigan Street, 3rd Floor

Milwaukee, Wisconsin 53202

(records relating to its function as administrator, fund accountant and transfer agent)

**U.S. Bancorp Investments, Inc.**

60 Livingston Avenue

Saint Paul, Minnesota 55107

(records relating to its function as principal underwriter)

**State Street Bank and Trust Company**

One Lincoln Street,

Boston Massachusetts 02111

(records relating to its function as the Funds' previous administrator, fund accountant and transfer agent)

**ITEM 34. MANAGEMENT SERVICES**

Not applicable.

------

**ITEM 35. UNDERTAKINGS**

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described in response to Item 30, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Harrisburg and Commonwealth of Pennsylvania, on the 27<sup>th</sup> day of January, 2026.

**PFM Multi-Manager Series Trust** 

<u>/s/ Valentine James Link, Jr.</u>

Valentine James Link, Jr.

President of the Trust

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| <br>By: Bruce Aronow\* | Trustee | January 27, 2026 |
| Bruce Aronow |  |  |
| By: Robert Bernstein\* | Trustee | January 27, 2026 |
| Robert Bernstein |  |  |
| By: Carmen Heredia-Lopez\* | Trustee | January 27, 2026 |
| Carmen Heredia-Lopez |  |  |
| By: /s/ John Spagnola | Trustee | January 27, 2026 |
| John Spagnola |  |  |
| By: /s/ Patrick Carmody | Treasurer and Principal Financial Officer | January 27, 2026 |
| Patrick Carmody |  |  |
| \*By: /s/ Valentine James Link, Jr. | President and Principal Executive Officer | January 27, 2026 |
| Valentine James Link, Jr.\*\* |  |  |

---

\*\*Attorney-in-fact pursuant to power of attorney.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (i)(2) | <u>[Consent of Counsel](pfmmmstconsent12626.htm)</u> |
| (j) | <u>[Consent of independent registered public accounting firm](pfmmulti-managerseriestrus.htm)</u> |
| (p)(4) | <u>[Code of Ethics for Acadian Asset Management LLC](acadiancodeofethics-januar.htm)</u> |
| (p)(6) | <u>[Code of Ethics for Aristotle Capital Management, LLC](aristotle_codeofethicsx111.htm)</u> |
| (p)(8) | <u>[Code of Ethics for Ninety One North America, Inc.](ninetyonenauscodeofethicsf.htm)</u> |
| (p)(9) | <u>[Code of Ethics for Osterweis Capital Management, LLC](osterweiscodeofethics-2023.htm)</u> |
| (p)(10) | <u>[Code of Ethics for PGIM, Inc.](pgiminvestmentadvisercodeo.htm)</u> |
| (p)(11) | <u>[Code of Ethics for PineBridge Investments LLC](pinebridgeglobalcodeofethi.htm)</u> |
| (p)(13) | <u>[Code of Ethics for Pzena Investment Management, LLC](pzenacodeofbusinessconduct.htm)</u> |
| (p)(14) | <u>[Code of Ethics for Teachers Advisors, LLC](nuveencodeofethics-america.htm)</u> |
| (p)(15) | <u>[Code of Ethics for WCM Investment Management LLC](wcmcodeofethicsjune2025.htm)</u> |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

## Ex-99.(I)(2)

**CONSENT OF COUNSEL**

We hereby consent to the use of our name and to the reference to our Firm under the caption "Fund Counsel" in the Statement of Additional Information that is included in Post-Effective Amendment No. 12/13 to the Registration Statement on Form N-1A under the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended, of PFM Multi-Manager Series Trust. This consent does not constitute a consent under Section 7 of the 1933 Act and in consenting to the use of our name and the reference to our Firm under such caption we have not certified any part of the Registration Statement and do not otherwise come within the categories of persons whose consent is required under Section 7 or the rules and regulations of the U.S. Securities and Exchange Commission thereunder.

Stradley Ronon Stevens & Young, LLP

By: <u>/s/Jonathan M. Kopcsik&nbsp;&nbsp;&nbsp;&nbsp;</u>

Jonathan M. Kopcsik

Philadelphia, Pennsylvania

January 26, 2026

## Ex-99.(J)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated January 28, 2026, and each included in this Post-Effective Amendment No. 12 to the Registration Statement (Form N-1A, File No. 333-220096) of PFM Multi-Manager Series Trust (the "Registration Statement").

We also consent to the incorporation by reference of our report dated November 26, 2025 with respect to the financial statements and financial highlights of PFM Multi-Manager Series Trust (comprising the First American Multi-Manager Domestic Equity Fund, First American Multi-Manager International Equity Fund, and First American Multi-Manager Fixed-Income Fund) included in the Annual Report (Form N-CSR) for the year ended September 30, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

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

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

January 27, 2026

## Ex-99.(P)(9)

\*J.ScottColemanandJ.StephenMacLellanaredirectorsofOCM whoarenotinvolvedintheday-to-day

operations of OCM.They are not employees of OCM and, in the ordinary course of business, they do not have

knowledge of securities that are being actively purchased or sold by OCM on behalf of its clients. Thesedirectors

areconsideredtobe"IndependentDirectors"andarenotsubject tocertainprovisionsof this Code.

<sup>1</sup>"Federalsecuritieslaws" meanstheSecuritiesActof1933(the"1933Act"),theSecuritiesExchangeActof 1934

(the "1934 Act"), the Investment Company Act, the Advisers Act, Title V of Gramm-Leach-Bliley Act ("GLB Act"),

any rules adopted by the SEC under these statutes, the Bank Secrecy Act as it applies to investment companies and

investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

-1 -<br>

**Codeof Ethics**

**INCLUDINGPERSONALTRADINGPOLICIESANDCOMPLIANCE** 

**PROCEDURES, INSIDERTRADINGANDCONFIDENTIAL INFORMATIONPOLICIES**

*(asamended2023)*

**OSTERWEISCAPITALMANAGEMENT,INC.** 

**OSTERWEIS CAPITAL MANAGEMENT, LLC**

Osterweis Capital Management, Inc. and Osterweis Capital Management, LLC (together,

"OCM" or the "Company"), each registered as an investment adviser with the U.S.

Securities and Exchange Commission (the "SEC"), have adopted this Code of Ethics

("Code") pursuant to Rule 204A-1 of the Investment Advisers Act of 1940, as amended

("AdvisersAct")andRule17j-1promulgatedundertheInvestment CompanyActof1940,

as amended (Investment Company Act).OCM has adopted the Code to underscore the

high value the firm places on the principles of honesty, integrity and professionalism.

OCMhasadoptedthepoliciesandproceduressetforthinthisCodeofEthics(the

"Code") which govern the activities of each officer, director, partner, employee,

shareholder and member of OCM (collectively, the "Employees")\*.

**PurposeoftheCode**

Rule204A-1undertheAdvisersrequiresSECregisteredinvestmentadviserstoestablish,

maintain and enforce a written code of ethics that, at a minimum, sets the standard of

business conduct that OCM requires of its Employees, requires Employees to comply

with applicable federal securities laws,<sup>1</sup>and sets forth provisions regarding personal

securities transactions by Employees.

Under Rules 17j-1 of the Investment Company Act and 204A of the Advisers Act, OCM

must establish, maintain and enforce written policies and procedures reasonably

designed to prevent the misuse of material, non-public information.Accordingly, OCM

and each of its Employees are prohibited from purchasing or selling any publicly traded

stock, bond, option or other security on the basis of material, nonpublic information

("Insider Trading").In addition, OCM and each of its Employees has a fiduciary

obligation to the Company's clients to protect the confidentiality of all proprietary,

sensitiveorotherconfidentialinformationcommunicatedtoOCMorsuchEmployeesby

its clients.Finally, because OCM and each of its Employees is a fiduciary to OCM's

clients, OCM and its Employees must also maintain the highest ethical standards and

refrainfromengaginginactivitiesthatmaycreateactualorapparent conflictsbetween

their interests and the interests of OCM's clients.

- 2 -<br>

To ensure that Insider Trading laws are not violated, that client confidences are

maintainedandthatconflictsofinterestareavoided,OCMhasadoptedthepoliciesand

procedures set forth in this Code.This Code is intended to articulate OCM's policies,

educate Employees about the issues and OCM's policies, establish procedures for

complying with those policies, monitor compliance with such policies and procedures,

and ensure, to the extent feasible, that OCM satisfies its obligations in this area.By

doing so, OCM hopes that the high ethical standards and reputation of OCM are

maintained.

In addition, Rule 17j-1 of the Investment Company Act requires that every investment

adviser to an investment company adopt a written code of ethics.Because OCM is the

investment adviser to the Osterweis Funds, each a series of Professionally Managed

Portfolios ("PMP"), a registered investment company, OCM has adopted such

requirements in this Code.OCM is required to report to the Board of Trustees of PMP

regardinganymaterialcomplianceviolationsofthisCodebyAccessPersons(asdefined

below).

As a fiduciary to OCM's clients, each Employee must avoid actual and apparent conflicts

of interest with OCM's clients.<u>Such conflicts of interest could arise if securities are</u>

<u>bought or sold for personal accounts in a manner that would significantly compete with</u>

<u>the</u><u>purchase</u><u>or</u><u>sale</u><u>of securities</u><u>for</u><u>client</u><u>accounts,</u><u>or</u><u>if</u><u>securities</u><u>are</u><u>bought</u><u>or</u><u>sold</u><u>for</u>

<u>client accounts in a manner that is advantageous to such personal accounts.</u><u>In addition,</u>

<u>the SEC has determined that it is a conflict of interest for an investment adviser's</u>

<u>employees</u><u>to</u><u>personally</u><u>take</u><u>advantage of</u><u>a</u><u>limited</u><u>investment</u><u>opportunity</u><u>without</u><u>first</u>

<u>considering</u><u>whether</u><u>the</u><u>investment</u><u>is</u><u>appropriate</u><u>for</u><u>any</u><u>of</u><u>OCM's</u><u>clients.</u><u>If</u><u>so,</u><u>OCM's</u>

<u>employees are first obligated to make such limited opportunity available to OCM's</u>

<u>clients.</u>More information describing such conflicts of interest and the compliance

procedures for avoiding such conflicts of interest are set forth below.

Fraudulent activities by Employees are prohibited. Specifically, any Employee, in

connectionwiththepurchaseorsale, directlyorindirectly,bysuchEmployeeofa

"SecurityHeldortobeAcquired"(definedbelow)byanOCMclient,includingthe

Reportable Funds, may not:

a) Employanydevice,schemeorartificetodefraudtheReportableFundsorOCM's

clients;

b) Makeanyuntruestatementofamaterialfact totheReportableFundsorOCM's

clientsoromittostateamaterialfactnecessaryinordertomakethestatements

made to the Reportable Funds or OCM's clients, in light of the circumstances

under which they are made, not misleading;

c) Engageinanyact,practiceorcourseofbusinessthatoperatesorwouldoperateas

a fraud or deceit on the Reportable Funds or OCM's clients; or

d) EngageinanymanipulativepracticewithrespecttotheReportableFundsor

- 3 -<br>

OCM'sclients.

If you have any questions regarding this Code, please contact the Chief Compliance

Officer.IntheabsenceoftheChiefComplianceOfficer,theChiefOperatingOfficeracts

as the alternate Chief Compliance Officer.

**I.<u>Definitions</u>**

ForpurposesofthisCode:

**"Access Person"** means any Employee who, in connection which his or her regular

functions or duties, makes, participates in, or obtains information regarding, the

purchaseorsaleofReportableSecuritiesby aReportableFund,orwhosefunctionrelates

to the making of any recommendations with respect to such purchases or sales.At the

present time, OCM applies the Access Person designation to all Employees rather than

attempting to distinguish only those who technically meet this definition.The Chief

Compliance Officer shall notify each person who becomes an Access Person of the

reportingobligationsunderthis Code atthetimesuchpersonbecomesanAccessPerson.

*Note: Interns, temporary staff and other non-employees who may be granted access to* 

*OCM's office space from time to time shall be precluded from meeting the definition of* 

*Access Person by means of limitations on their duties and network access rights. Any* 

*exception to this practice must be approved by the CCO.*

**"Automatedinvestmentplan"**meansaprograminwhichregularperiodicpurchases

(or withdrawals) aremade automatically in (or from) investment accounts in accordance

with a predetermined schedule and allocation.An automatic investment plan includes a

dividend reinvestment plan.

**"Beneficialownership"**isinterpretedinthesamemannerasit wouldbeunderRule

16a-1(a)(2) in determining whether a person has beneficial ownership of a security for

purposes of Section 16 of the 1934 Act.However, any report filed under this Code may

state that the report is not to be construed as an admission that the person making the

reporthasanydirectorindirectbeneficialownershipinthesecuritytowhichthereport

relates.

"**Confidential information"** means any non-public information concerning OCM's

activities or developed by OCM or received by OCM under an express or implied

agreementorunderstandingtheinformationwillbetreatedinconfidenceorusedonly

for a limited purpose, regardless of whether or not it would be considered to be

important by investors.Examples of confidential information include stocks

recommendedforpurchaseorsaleforclientaccounts,detailsoffinancialtransactions,

and identity and terms of customer accounts.

**"Exempt ETF"** means an Exchange Traded Fund that seeks to mimic the investment

performance of a major market or commodity.Determination as to whether an

Exchange Traded Fund is an Exempt ETF is subjective but Employees may rely on the

followingguidance:AnyETFwhichseekstotracktheperformance(includingmultiple

- 4 -<br>

or inverse performance) of a major US market or index (for example but without

limitation: the Nasdaq-100, DJIA, S&P (100, 250, midcap-400 or 500), any non-US

marketoranymajorcommoditymarket(USornon-US),shallgenerallybeconsidered

an Exempt ETF.

**"Fund"**meansaninvestmentcompanyregisteredundertheInvestmentCompanyAct.

**"IndependentDirectors"**meansJ.ScottColemanandJ.StephenMacLellan,

directors of OCM.

**"Initial Public Offering (IPO)"** means an offering of securities registered under the

1933Act,theissuerof which,immediatelybeforetheregistration,wasnotsubjecttothe

reporting requirements of Sections 13 or 15(d) of the 1934 Act.

"**Insider information**" means material, nonpublicinformation (i.e. information which

is not available to investors generally) that a reasonable investor would consider to be

important in deciding whether to buy, sell or retain a security (e.g., stock; bond; option)

including,forexample,non-publicinformationrelatingtoapendingmerger,acquisition,

disposition, joint venture, contract award or termination, major lawsuit or claim,

earnings announcement or change in dividend policy, significant product development,

orthegainorlossofasignificantcustomerorsupplier.Anynon-publicinformationmay

be insider information regardless of whether it is developed internally or obtained from

others(e.g.,theissuer,currentorprospectivecustomers,suppliersorbusinesspartners).

Information is considered non-public until it is available to investors generally.

**"LimitedOffering"**meansanofferingthatisexemptfromregistrationunderthe1933

Act pursuant to Sections 4(a)(2) or 4(a)(5) or pursuant to Rule 504, 505 or 506. This

generally includes all private placements, limited partnerships (including hedge funds)

and any other non-public stock or warrants.

**"Misappropriation"** is a basis for insider trading liability that is established when

tradingoccursbasedonmaterial,nonpublicinformationthatwasmisappropriatedfrom

anotherperson.Thistheorycanandhasbeenusedtoreachavarietyof individualswho

are not traditional or temporary insiders.

**"Option"** means a contract whereby one party (the buyer) has the right, but not the

obligation, to exercise a feature of the contract (the option) on or before a future date

(theexercisedateorexpiry).Theotherparty(theseller)hastheobligationtohonorthe

specified feature of the contract.

**"Personal Account"** means any account through which Reportable Securities can be

traded and in which the Employee has a direct or pecuniary interest or for which such

Employee influences or controls the investment decisions (other than accounts of OCM

clients).Such an account established for the benefit of the following will be presumed to

be a Personal Account unless the Employee and the Chief Compliance Officer agree

otherwise in writing: (i) an Employee of OCM; (ii) the spouse of an Employee; (iii) any

childunder theageof21ofanEmployee,whetherornotresidingwiththeEmployee;(iv)

any other family member of the Employee residing in the same household with the

Employee or to whose financial support the Employee makes a significant contribution;

<sup>2</sup>"Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interestor

participationinanyprofit-sharingagreement,collateral-trustcertificate,preorganizationcertificateorsubscription,

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 thevaluethereof),oranyput,

call,straddle,option,orprivilegeenteredintoonanationalsecuritiesexchangerelating 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, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

- 5 -<br>

and (v) any other account in which the Employee has a beneficial interest (e.g. joint

accounts,trusteeaccounts,partnerships,investmentclubsorcloselyheldcorporationsin

which the Employee has a material beneficial interest).

**"Publicly Traded Securities"** are any equity or debt instruments traded on an

exchange,throughNASDAQorthroughthe"PinkSheets,"anyoptiontopurchaseorsell

such equity or debt instrument, index stock or bond group options that include such

equity or debt instrument, futures contracts on stock or bond groups that include such

equity or debt instrument, and any option on such futures contracts.Publicly Traded

Securities also includes securities traded on foreign security exchanges, shares of

registered closed-end investment companies (other than Exempt ETFs (see definition

above)), unit trusts, partnership and similar interests, notes, warrants, or fixed income

instruments, and bonds and debt obligations issued by foreign governments, states, or

municipalities.

**"Non-covered Securities"** are **not** considered Publicly Traded Securities for the

purpose of this Code and therefore do not require pre-clearance. These are: securities

issued by open-end Funds (other than Reportable Funds), Exempt ETFs, U.S. treasury

bonds, notes and bills, U.S. savings bonds and other instruments issued by the U.S.

government, debt instruments issued by a banking institution, such as bankers'

acceptancesandcertificatesofdeposit,commercialpaperandotherhigh-qualityshort-

term debt instruments, U.S. and foreign currency, cryptocurrency, real estate, and any

non-securitized assets (e.g. see exclusions to the definition of "Reportable Security"

below).

**"Purchaseorsaleofasecurity"**includes,amongotherthings,thewritingofan

option to purchase or sell a security.

**"ReportableFund"**means(i)anyfundforwhichOCMservesasinvestmentadviseror

sub-adviser or (ii) any fund whose investment adviser or principal underwriter controls

OCM, is controlled by OCM, or is under common control with OCM.Currently, the

Osterweis Funds are the only Reportable Funds.Reportable Funds are also considered

Reportable Securities.

**"ReportableSecurity"**meansasecurityasdefinedinSection202(a)(18)ofthe

Advisers Act<sup>2</sup>, except that it does <u>not</u> include:

a) directobligationsoftheGovernmentoftheUnitedStates;

b) bankers'acceptances,bankcertificatesofdeposit,commercialpaperandhigh-

quality short-term debt instruments (including repurchase agreements);

c) sharesissuedbymoneymarket funds;

d) sharesissuedbyopen-endfundsotherthanReportableFunds;

- 6 -<br>

e) sharesissuedbyunitinvestmenttruststhatareinvestedexclusivelyinoneor

more open-end funds, none of which are Reportable Funds;

f) ownershipinterestsinOCM;

g) participationinterests inOCM's401(k)plan;

h) personalloans(i.e.privateinvestmentsnotevidencedbyanytransferable

Security); or

i) realproperty.

**"Security Held or to be Acquired"** includes: (i) any Reportable Security which,

withinthemost recent 15 days: (a) isorhasbeenheldbytheReportableFunds;or(b) is

being or has been considered by the Reportable Funds or OCM for purchase by the

Reportable Funds; and (ii) any option to purchase or sell, and any security convertible

intoorexchangeablefor,aReportableSecuritydescribedinparagraphs(a)or(b)above.

"**Tipping**" is disclosing material, nonpublic information about a company or its

securities to a third party, when such disclosure is not made strictly for corporate

purposes. The disclosure may be by an insider of the company, by one who has

misappropriatedtheinformationfromthecompanyinquestionorfromanotherperson

or company, or by anyone who received information traceable to an insider or one who

has misappropriated the information. Those who disclose the information are called

"tippers"; those who receive the information are called "tippees." If an Employee trades

on the basis of tipped information, they may incur criminal and civil liability, even if

Employee receives the information second or third hand, or more remotely, if the other

requirements for a finding of liability are present. The same legal standards apply to

remote tippees. In addition, if an Employee tips information to others, the Employee

may be liable for any profits gained or losses avoided by a tippee, *even if Employee did* 

*not trade*. If someone tips information to Employee, Employee shall not disclose the

information to anyone except as required and with approval of the CCO. The Employee

and OCM may be liable if *anyone* trades on material, nonpublic information received

from or through the Employee.

**II.<u>Insider</u> <u>Trading</u>**

It is unlawful to engage in "Insider Trading."This means, in general, that no "insider"

may (i) purchase or sell a security on the basis of material, nonpublic information; (ii)

communicate material, nonpublic information to another where the communication

leads to, or is intended to lead to, a purchase or sale of securities or (iii) knowingly

assisting someoneengagedintheseactivities.AlthoughtheInsider Tradingprohibitions

extend to the activities of its Employees, OCM does not have an investment banking

divisionoraffiliateanditisanticipatedthatEmployeeswillnotroutinelyreceive"insider

information."However, in order to educate OCM's Employees, more information

describing "Insider Trading" is set forth below,

andthepenaltiesfortradingusingsuchinsiderinformationarealsodescribedbelow.In

the event an OCM Employee comes into possession of insider information, compliance

procedures regarding the use and treatment of the information are set forth below.

- 7 -<br>

**A.InsiderTradingDefined**

The term "Insider Trading" is generally used to refer to (i) a person's use of

material,nonpublicinformationinconnectionwithtransactionsinsecuritiesand

(ii)certaincommunicationsofmaterial,nonpublicinformation.

ThelawsconcerningInsiderTradinggenerallyprohibit:

• Thepurchaseorsaleofsecuritiesbyaninsider,onthebasisofmaterial,

nonpublic information;

• Thepurchaseorsaleofsecuritiesbyanon-insider,onthebasisofmaterial,

nonpublic information where the information was disclosed to the non-

insiderinviolationofaninsider'sdutytokeeptheinformationconfidential

or was misappropriated; or

• The communication of material, nonpublic information in violation of a

confidentialityobligationwheretheinformationleadstoapurchaseorsale

of securities (see "Tipping" definition above).

**Who isanInsider?**

The concept of "insider" is broad.It generally includes officers, directors,

partners,employeesandcontrollingshareholdersofacompanyorotherentity.In

addition, a person can be considered a "temporary insider" of a company or other

entity if he or she enters into a confidential relationship in the conduct of the

company's or entity's affairs and, as a result, is given access to information that is

intended to be used solely for such company's or entity's purposes.A temporary

insider can include, among others, an entity's attorneys, accountants, consultants,

investment bankers, commercial bankers and the employees of such

organizations.In order for a person to be considered a temporary insider of a

particular entity, the entity must expect that the person receiving the information

keep the information confidential and the relationship between the entity and the

person must at least imply such a duty.Analysts are usually not considered

insiders of the entities that they follow, although if an analyst is given confidential

information by an entity's representative in a manner in which the analyst knows

or should know to be a breach of that representative's duties to the entity, the

analyst may become a temporary insider. <u>Similarly, any OCM employee could be</u>

<u>deemed a temporary insider if he or she comes into possession of material non-</u>

<u>public information about a publicly traded entity</u>.

**WhatisMaterialInformation?**

Trading on the basis of insider information is not a basis for liability unless the

information is "material."Material information is generally defined as

informationthatareasonableinvestorwouldlikelyconsiderimportantinmaking

hisorher investmentdecision,orinformation thatisreasonablycertaintohave a

- 8 -<br>

substantial effect on the price of a company's securities.Information that should

beconsideredmaterial includes, but is not limitedto; dividendchanges, earnings

estimates, changes in previously released earnings estimates, significant merger

or acquisition proposals or agreements, major litigation, liquidity problems and

extraordinarymanagementdevelopments.Materialinformationdoesnothaveto

relate to a company's business, it can be significant market information.For

example,areporterfor<u>The</u><u>Wall</u><u>Street</u><u>Journal</u>wasfoundcriminallyliablefor

disclosing to others the dates on which reports on various companies would

appear in <u>The Wall Street Journal</u> and whether or not those reports would be

favorable.

**WhatisNonpublicInformation?**

Information is nonpublic unless it has been effectively communicated to the

marketplace.Forinformationtobeconsideredpublic,onemustbeabletopoint

tosomefacttoshowthattheinformationhasbeengenerallydisseminatedtothe

public.Forexample,informationfoundontheinternet in areport filedwiththe

SEC or appearing in *Dow Jones, Reuters Economic Services, The Wall Street* 

*Journal* or another publication of general circulation is considered public.

**Whatis"TradingontheBasisof"MaterialNonpublic Information?**

Generally, a purchase or sale of a security is made "on the basis of" material

nonpublic information about that security or issuer if the person making the

purchase or sale was aware of the material nonpublic information when the

person made the purchase or sale. Additionally, all information relating to the

OCM's activities, including investment analyses, investment recommendations,

andproposed and actual tradesforOCM or client accounts,isproprietarytoOCM

andmustbekeptconfidential,except asnecessaryforanEmployeetoperformhis

orherdutiesforOCM.Suchinformationshouldbetreatedas material,nonpublic

information; that is, Employees must not trade on it for personal accounts and,

without the prior approval of the CCO, must not disclose it to anyone inside or

outsideOCMwhodoesnotneedtheinformationinthecourseofOCM'sbusiness..

**B.PenaltiesforInsider Trading**

Penalties for trading on or communicating material nonpublic information are

severe, both for the individuals involved in the unlawful conduct and for their

employers.A person can be subject to some or all of the penalties set forth below

evenifheorshedoesnotpersonallybenefitfromtheviolation.Penaltiesinclude:

• civilinjunctions;

• disgorgementofprofits;

• jailsentencesofupto20years;criminalfine ofupto$5millionforan

individual or $25 million for an entity (in addition to civil penalties

based on the profit gained or the loss avoided);

• fines for the person who committed the violation of up to three times

theprofitgainedorlossavoided(perviolation,orillegaltrade),whether

or not the person actually benefited from the violation; and

- 9 -<br>

• fines for the employer or other controlling person of the person who

committed the violation of up to the greater of $1,000,000 or three

timestheamountoftheprofitgainedorlossavoided(perviolation,or

illegal trade).

Inaddition,anyviolationoftheproceduressetforthinthisCodecan be expected to

resultinserioussanctionsbyOCM,includingdismissaloftheperson(s) involved.

**C.PolicyStatementRegardingInsiderTrading**

OCM expects that each of its Employees will obey the law and not trade on the

basis of material, nonpublic information.In addition, OCM discourages its

Employeesfromseekingorknowinglyobtainingmaterial,nonpublicinformation.

It is also preferable for OCM Employees to refrain from serving as an officer or

director of any company that issues publicly traded securities if such an

opportunity arises.Service by an OCM Employee in such outside positions is

subject to prior written approval by OCM.Such approval may be conditioned on

the Employee's adherence to additional procedures.

**D.ProcedurestoPreventInsiderTrading**

As indicated above, because OCM does not have an investment banking division

or affiliate and because OCM does not currently have any Employees serving as

officers or directors of any company having publicly traded securities, OCM does

notanticipatethatitsEmployeeswillroutinelybeinreceiptofmaterial,nonpublic

information.From time to time, however, an Employee may receive such

information.If any Employee receives information which may constitute

nonpublic information material to publicly traded securities, the Employee (i)

<u>should not</u> buy or sell such securities, including options or other securities

convertible into or exchangeable for such securities, for a Personal Account or a

client account, (ii) <u>should not</u> communicate such information to any other person

(other than the Chief Compliance Officer) and (iii) <u>should</u> discuss promptly such

information with the Chief Compliance Officer.Under no circumstances should

information that may constitute material, nonpublic information be shared with

any person(s) not employed by OCM, including family members and friends.

ItisgoodpracticeforeachEmployeewhoroutinelycontactsissuersoranalyststo

identify him- or herself as being associated with OCM, an investment

management firm.

**III.<u>Other</u><u>Confidential</u><u>Information</u>**

CertaininformationobtainedbyOCMthatdoesnotconstitute"insider"informationstill

constitutes confidential information that must be protected by OCM and its Employees.

Complianceproceduresregardingtheuseandtreatmentofthatconfidentialinformation

are set forth below as well as in OCM's Privacy Policy.

**A.ConfidentialInformation Defined**

- 10 <br>

Asnotedabove,evenif OCManditsEmployeesdonotreceivematerial,nonpublic

information (i.e., "insider information"), such persons may receive other

confidential or sensitive information from or about OCM's clients and will receive

confidential or proprietary information about OCM's affairs.Confidential

Informationmaybeinwritten,audio,videoorcomputerreadableform,ormaybe

receivedthroughconversationsinwhichanEmployeeisapartyorhasoverheard.

Such Confidential Information may include, among other things, information

entrusted to OCM by a client, including his or her name and related financial

information,thenamesofsecurities OCMintendstobuyorsell,and newproduct

information or business plans.In general, any information privately given to an

Employee, that if publicly known, would be likely to (i) affect the price of any

security in the portfolio of any client of OCM or (ii) embarrass or harm a client or

OCM should be considered Confidential Information.

Giventhebreadthoftheabove,<u>all</u>informationthatanEmployeeobtainsthrough

OCM during the normal course of his or her duties should be considered

confidential unless the Employee knows that information is specifically available

to the public.

**B.PolicyStatementRegardingUseandTreatmentofConfidential** 

**Information**

All confidential information, whatever the source, may be used only in the

performanceof theEmployee's duties with OCM.Confidential Information may

notbeusedforanypersonalpurpose,includingthepurchaseorsaleofsecurities

for a personal or proprietary account.

**C.ProceduresRegardingUseandTreatmentofConfidential** 

**Information**

Employees of OCM have an obligation to be aware of, and sensitive to their

treatment of Confidential Information.To safeguard this information, OCM

adoptedaConsumerandCustomerPrivacyPolicyStatementandCompliance

Procedures (the "Privacy Policies and Procedures").Generally, the Privacy

Policies and Procedures require the following:

• PrecautionsmustbetakentoavoidstoringConfidentialInformationinplain

view in public areas of OCM's facilities, including the reception areas,

conference rooms and kitchens, and employees must remove Confidential

Information from these areas where it may be seen by visitors or other third

parties.

• Visitorsmustbeescortedinandout oftheofficebyOCM employees.

• Particular care must be exercised when Confidential Information must be

discussedinpublicplaces,suchasrestaurants,elevators,taxicabs,trainsor

airplanes.

- 11 <br>

• Under no circumstances may Confidential Information be shared with any

person,includinganyspouseorotherfamilymember,whoisnotanemployee

of OCM and who does not have a reason relating to such employee's

responsibilities within OCM to know that information.

**IV.<u>Conflicts</u><u>of</u><u>Interest</u><u>Involving</u><u>Personal</u><u>Trading</u>**

**A.FiduciaryDutytoAvoidConflictsofInterestBetweenOCM** 

**Client and Personal Trading**

Asnotedabove,becauseOCMandeachofitsEmployeesisafiduciarytoOCM's

clients, such persons must avoid actual and apparent conflicts of interest with

OCM's clients.<u>Clients' interests have precedence over the personal interests of</u>

<u>OCM and its Employees.</u><u>If a potential conflict arises, OCM and the Employee</u>

<u>must resolve the matter in the client's favor</u>.

An actual or apparent conflict of interest could arise when both an Employee and

OCM,onbehalfofaclient,engageinatransactioninvolvingthesamesecurity.In

such cases, transactions for client accounts must be given precedence over

transactions in Employees' personal accounts.

Conflicts of interest may arise when an Employee becomes aware of limited

investment opportunities, such as private placements, Initial Public Offerings,

limited partnerships or any other non-public stock or warrant.Because of the

inherent potential for conflict, such investment opportunities demand extreme

careandaresubjecttocloserscrutinyinthepre-approvalproceduresdiscussed

below.

**B.PersonalAccountExemptions**

If an Employee certifies in writing that (a) the certifying Employee does not

influence the investment decisions for any specified account of such spouse, child

or dependent person and (b) the person or persons making the investment

decisions for such account do not make such decisions, in whole or in part, upon

information that the certifying Employee has provided, the Chief Compliance

Officermay,inhisorherdiscretion,determinethatsuchanaccountisnotsubject

to the Code.

Similarly, if an Employee certifies in writing that trading in an account in which

he has direct or indirect beneficial ownership is handled by someone other than

the Employee, such as a third party who exercises complete investment discretion

in managing the account, the Chief Compliance Officer, may determine that such

accountisnotsubjecttothepre-clearancerequirementsoftheCodesetoutbelow.

Written verification from the third party involved in the management of the

account may also be required in certain circumstances.Securities held or traded

in an excepted account are nonetheless required to be included in the Employee's

initial, annual and quarterly reports unless otherwise agreed upon in writing by

the Chief Compliance Officer.Any actual or apparent conflict of interest in the

- 12 <br>

trading in the Employee's excepted accounts may render theseaccounts subject to

all of the provisions of the Code.

The other examples of conflict of interests, including but not limited to, are

knowingly purchasing or selling securities for Employee's personal accounts,

directly or indirectly, in a way that adversely affects transactions in client

accounts;usingknowledgeofsecuritiestransactionsbyaclientaccounttoprofit

personally, directly or indirectly, by the market effect of such transactions; and

giving to any person information not generally available to the public about

contemplated, proposed or current purchases or sales of securities by or for a

clientaccount,excepttotheextentnecessarytoeffectsuchtransactionsorwith

the approval of the CCO.

Without the prior approval of the Compliance department, no Employee may

execute a transaction in a security for Employee's personal account if the

Employee is aware or should be aware that an order for a client account for the

same security, same way, remains unexecuted or OCM is considering same-way

tradesinthesecurityforclientaccounts.Transactionsinoptions,derivativesor

convertibleinstrumentsforaEmployeeaccountthatarerelatedtoatransaction

in an underlying security for a client account ("inter-market front running") are

subject to the same restrictions.

**C.PolicyStatementRegardingTradingforPersonalAccounts**

OCM recognizes that the personal investment transactions of its Employees and

members of their immediate families demand the application of a strict code of

ethics.Consequently,OCMrequiresthatallpersonalinvestmenttransactionsbe

carriedout in amanner that will not endanger theinterest of any client or create

any apparent or actual conflict of interest between OCM Employees and OCM's

clients.To this end, OCM has adopted the procedures set forth below.

**D.ProceduresRegardingTradingforPersonalAccounts**

**Pre-Clearance:**OCMrequirespre-clearanceofallvolitionalpurchasesandsales

of Publicly Traded Securities (other than Reportable Funds), IPOs and Limited

Offerings in the Personal Accounts of its Employees (other than the Independent

Directors).Thispre-clearanceisintendedtoprotectbothOCManditsEmployees

from even the appearance of impropriety with respect to transactions in an

Employee's Personal Account.OCM reserves the right to require an Employee to

reverse,cancelorfreeze,attheEmployee'sexpense, anytransactionorpositionin

a security including limited investment opportunities any time if OCM believes

such transaction or position might violate OCM's policies and procedures and

code of ethics rules or appears improper.Except as required to enforce OCM's

policies and procedures or to participate in any investigation concerning

violations of applicable law, OCM will keep all such information confidential.

- 13 <br>

*<u>If</u><u>you</u><u>have</u><u>any</u><u>doubt</u><u>as</u><u>to</u><u>whether</u><u>the</u><u>pre-clearance</u><u>requirement</u><u>applies</u><u>to</u><u>a</u>*

*<u>particular security, please check with the Chief Compliance Officer before</u>*

*<u>entering into that transaction.</u>*

The pre-clearance requirement is satisfied by completing the appropriate pre-

clearanceprocess.Theweb-basedComplySciportal,athird-partyservicehosted

by Compliance Science, is to be used for the pre-clearance of trades and other

reportingpursuanttothisCodewheneverpossible.IfComplyScicannotbeused,

then a hardcopy form (the Personal Trade Pre-Clearance Form (**Exhibit 2.1**)) is

to be used instead (with the exception of investments in Limited Offerings and

Initial Public Offerings ("IPOs"), which require completion of the Limited

InvestmentOpportunityPre-ClearanceForm(**Exhibit2.2**)oritsweb-based

equivalent available via ComplySci).

Employeesareencouragedtomakeandretainacopyofeachapprovedpre-

clearance request for their own personal records.

Employeesmaydelegatethesubmissionoftheirpersonalpre-clearancerequests

to other OCM staff, but are personally responsible for the accuracy of these

requests and should therefore review such requests either before approval or as

soon thereafter as practicable.

Employeesshouldknowthatpre-clearanceisnotautomaticallygrantedforevery

trade.Trades for Personal Accounts preferably should be consistent with

recommendations and actions that OCM has taken on behalf of its clients.

Transactionsincomplexderivativeswhoseunderlyingsecuritiesareheldinclient

accounts will generally not be approved.

As part of the pre-clearance process, each Employee, other than the Independent

Directors,wishingtobuyorsellaPubliclyTradedSecurityforaPersonalAccount

must confirm that he or she is not in receipt of any material nonpublic

information (i.e., "insider information") concerning the security or its issuer.

Duly-submitted pre-clearance requests may be approved by any member of the

Compliance department, except that a member of the Compliance department

maynotapprovepre-clearancerequestsforhisorherownPersonalAccount(s).

Approvalofapre-clearancerequestmeansthat,tothebestofanOCM's

knowledge:

• ThesecurityisnotcurrentlyheldinanyOCMclientaccount

(ignoring unmanaged positions).

**-or-**

• The security may be held in one or more client account(s) but OCM

hasnot tradedthesecurityforclientsthat day,hasnointent totrade

the security for clients in the immediate future and the requested

tradeisunlikelytocreateanymaterialconflictwithclients'interests.

- 14 <br>

Pre-clearancerequestsshouldbedelivereddirectlytotheCompliancedepartment

by the Employee, either via ComplySci or in hardcopy form. OCM will treat the

pre-clearance process as Confidential Information and will not disclose this

information except as required by law or appropriate business purposes, and

employees must do the same with respect to approvals or denials of any request

for pre-clearance.

**Watchlist:**OCM'sComplianceDepartmentmaintainsmultipleWatchlists,which

contain the names of all equity securities currently held in discretionary accounts,

equity securities currently under consideration, or for which OCM is presently

restricted due to MNPI (Materially Non-Public Information) concerns.Employee

trades in such securities are subject to additional pre-clearance requirements as well

as a 60-day minimum holding period (described below).Employees is responsible

for obtaining additional approvals from the Trading and Portfolio Management staff

responsible for investment decisions regarding that particular security.In general,

Compliance staff will withhold their approval if the security is on a Watchlist because

it is under consideration for purchase, the Trader will withhold their approval if

orders for the security have been executed that day or remain open at the time of the

request, and the Portfolio Manager and Portfolio Assistant will each withhold their

approvals if, based on information currently available, they are aware of any intent to

trade the security for clients in the immediatefuture,orifheorshebelievesthetrade

createsamaterial conflictwith clients' interests.

**Minimum Holding Period:** Employee-owned securities that are on OCM's

Watchlist may not be sold within 60 days of being purchased by the Employee

without specific approval from OCM's Chief Compliance Officer.It is the duty of

the Employee to verify that they have satisfied this requirement prior to pre-

clearing a sell of a Watchlist security. Furthermore, OCM employees are

encouragedtoavoid,undernormal circumstances, anyshort-termtrading intheir

Personal Accounts as this may create additional conflicts of interest with

employmentatOCM.Moreover,noEmployeesmayengageinanytradingactivity

with respect to a security, or an option, derivative or convertible instrument

related to that security, while that security is restricted or on the Watch List.

**Process for Pre-Clearance of Limited Investment Opportunities** 

**(Exhibit 2.2):** As discussed above, when an Employee intends to effect a

transaction that is a Limited Offering (e.g., a private placement, limited

partnership (including hedge funds) or any other non-public stock or warrant) or

an IPO (each, a "Limited Investment Opportunity"), the Employee must consider

whether or not theplannedinvestment is onethat is appropriatefor any of OCM's

clients.Generally, OCM employs arisk-averseinvestment strategy that wouldnot

include most Limited Investment Opportunities.However, if the clients' account

investmentstrategyandrestrictionsdonotprohibittheacquisitionofthesecurity,

the Limited Investment Opportunity <u>may</u> be an appropriate investment for the

client.Therefore,theEmployeemustcompleteaLimitedInvestmentOpportunity

Pre-Clearance Request and allow the CCO, or in his absence a member of the

Compliance Committee to determine whether it is appropriate to approve the

request. Employees should be aware that completion of the Limited Investment

Opportunity Pre-Clearance Request serves as confirmation that the Employee has

- 15 <br>

already consideredthe interestsof OCM'sclients.Approval must bereceivedprior

to executing an investment in a Limited Offering or IPO.

**Execution of Trades:** The Personal Trade Pre-Clearance process must be

completedon the day theEmployeeintends to initiateatransaction andthetrade

must be executed on that day. If for some reason an Employee cannot initiate

trade instructions on that date, or the trade cannot be executed on that date, a

new request must be submitted and the appropriate authorization must be

obtainedonthedaytheEmployeenextproposestoinitiatethetrade.Thedateon

whichthe<u>Limited</u><u>Investment</u><u>Opportunity</u><u>Request</u>iscompletedwillgenerallybe

considered to be the trade date. However, in many cases, the trade date may not

have been established by the issuer or seller of the Limited Offering or IPO at the

timethetrade isinitiated.The Employeeshouldthenindicatethat thetrade date

will be the date on which the seller or issuer finalizes the trade.As long as the

LimitedInvestmentOpportunityRequestiscompletedpriortotheclosingdateof

the transaction, the Employee will be considered to be in compliance with this

Code. This is also the case in the event that an Employee is the seller of a security

originally purchased by such Employee in a Limited Investment Opportunity,

such as a Limited Offering. Any preclearance approval may be cancelled by the

ComplianceDepartment at any timeby notifying theEmployeeand documenting

the cancellation.

**E.ExceptionstothePre-clearanceRequirements**

InadditiontoinvestmentsinNon-coveredSecuritiesandReportableFunds,the

following types of investments are not required to be pre-cleared, however, it

should be noted that the transactions below are not exempt from all periodic

reporting requirements.

**Non-VolitionalTransactions:**Thepre-clearancerequirementsdonotapplyto

transactions as to which an Employee does not exercise investment discretion at

the time of the transaction.For example, if a security owned by an Employee is

called by the issuer of that security, the resulting transaction does not have to be

pre-cleared and the security may be delivered without pre-clearance.Similarly, if

awrittenoptionisexercisedagainstanEmployee,thenthestockmaybedelivered

pursuant to that option without pre-clearing the transaction.However, if it is

necessary to purchase securities in order to deliver them, the purchase of the

securities must be pre-cleared.In the event the rules of an exchange provide for

automatic exercise or liquidation of an in-the-money derivative instrument upon

expiration, the exercise or liquidation of that position by the exchange does not

require pre-clearance.**All non-volitional transactions are required to be** 

**reported on the Employee's Quarterly Transaction Report and, if** 

**necessary, the Annual Holdings Report.**

**Automated Investment Plans:** Purchases that are part of an established

periodicautomatedinvestmentplandonothavetobepre-cleared,butReportable

Securities so acquired must still be reported on an Employee's Quarterly

Transaction Report and on his or her Annual Holdings Report.

- 16 <br>

**Tender Offers:** Tendering shares pursuant to a public tender offer is subject to

special rules. If the tender offer is for 100% of the outstanding shares of a

particular class, pre-clearance is not required with respect to securities of that

class.If the tender offer is for less than 100% of the outstanding shares of a

particular class, pre-clearance is required.(OCM may be participating in the

transaction on behalf of client accounts and an employee's participation could

reducethenumberofsharesabletobetenderedonbehalfofaclient.)**Ineither** 

**case, tender offers must be reported on an Employee's Quarterly** 

**Transaction Report and, if necessary, the Annual Holdings Report.**

**F.ReportsofPersonalTransactions(forAllReportable Securities)**

**SubmissionofReports:**InorderforOCMtomonitorcompliancewiththis

Code,eachEmployeeshallsubmit,orshallcausetobesubmitted,totheChief

Compliance Officer the following reports in electronic form (generally via

ComplySci) or in hardcopy equivalent:

**Notification of Personal Accounts:** Existing Employees shall disclose any

newly-openedPersonalAccountsnolaterthantheduedateoftheirnextQuarterly

Transaction Report.New Employee shall submit to the Chief Compliance Officer

a complete and accurate Initial Holdings Report (See Exhibit 3) within 10 days of

becoming an Employee. The information in the Initial Holdings Report must be

current as of a date no more than 45 days prior to the person becoming an

Employee. The Initial Holdings Report must include all Reportable Securities,

including Limited Offerings, the Employee had any beneficial ownership of upon

commencement of employment by OCM.

TheInitialHoldingsReportmustcontain,ataminimum,thefollowing

information:

1. Thenameand,asapplicable,type,tickersymbolorCUSIPnumberofeach

Reportable Security.

2. ThenumberofsharesorprincipalamountofeachReportableSecurity.

3. Thenameofanybroker,dealer,bankorReportableFund'stransferagent

at which the Employee maintains an account in which any Reportable

Securities are held.

4. Employee'ssignatureandthedatetheInitial HoldingsReportisbeing

submitted.

**DuplicateConfirmationsandAccountStatements:**EachEmployeeshall

authorize the brokerage firm or other firm where such Employee's Personal

Accounts are maintained to send to OCM's Compliance department duplicate

confirmations of all transactions in all Reportable Securities effected for such

Employee's Personal Accounts. A sample letter to be used for this purpose is

attached hereto as Exhibit 4. Such records should be transmitted electronically

directly to ComplySci whenever possible.

Alternatively, each Employee shall cause all of his or her brokers or other

custodianstosubmitatleastquarterlyaccountstatementsforeachofhisorher

- 17 <br>

PersonalAccountstoOCM.Theaccountstatementsshallbesentelectronically,

directly by the broker or other custodian to the Compliance department,

regardless of whether any trading activity took place in the Personal Account

during the quarter.

**Quarterly Transaction Reports:** Each Employee must submit Quarterly

Transactions Reports on ComplySci (or using Exhibit 5) within 30 days of each

calendar quarter's end for all transactions during the quarter in Reportable

Securities.TheQuarterlyTransactionReportsmustcontain,ataminimum,the

following information:

1. Thetrade dateofthetransactionandthenameoftheReportable Security.

2. As applicable, the ticker symbol or CUSIP number, interest rate and

maturitydate,numberofsharesandprincipalamountofeachReportable

Security.

3. Thenatureofthetransaction(i.e.,purchase,saleorothertypeof

acquisition or disposition).

4. ThepriceoftheReportableSecurityatwhich thetransactionwas effected.

5. Thenameofthebroker,dealer,bankortransferagentwithorthrough

which the transaction was effected, as applicable.

6. A list of any Personal Account(s) opened during the quarter, indicating

account number, title date the account was established and the name of

thebroker,dealerorbankwithwhomtheEmployeeopenedthePersonal

Account.

7. ThesignatureoftheEmployee(oritselectronicequivalent)andthedate

the report is being submitted.

If an Employee's outside activity and brokerage report statement should become

inaccurateorincompleteatanytime,suchEmployeeshallpromptlysubmittothe

Chief Compliance Officer a report correcting all inaccurate or incomplete

information.

**Annual Holdings Report:** Each Employee shall submit a complete and

accurateAnnualHoldingsReportonComplySco(orusingExhibit6).TheAnnual

Holdings Report is due by February 1stof each year and the information in the

Annual Holdings Report must be current as of a date no more than 45 days prior

to the date of the Annual Holdings Report is submitted.At a minimum, the

Annual Holdings Report must contain the same information as required in the

Initial Holdings Report.

**Review and Retention of Reports, Reporting of Violations:** The Chief

Compliance Officer, or his designee, shall compare the transactions reported

against the preclearance records that were prepared during the period to

determinewhetheranyviolationsofOCM'spoliciesoroftheapplicablesecurities

laws took place.If any discrepancies are identified, the Chief Compliance Officer

or his designee shall promptly contact such Employee to resolve the discrepancy.

Upon discovering a violation of these procedures, OCM may impose such

sanctions as it deems appropriate, including additional training, a memorandum

of censure or suspension, or termination of the employment of the violator.

- 18 <br>

Insofar as warranted by the facts and circumstances surrounding the violation,

OCM may require the Employee's profits (or their tax benefit in the case of a loss)

to be disgorged and/or compensation be made to affected client account(s).All

violations of these procedures and any sanctions imposed with respect thereto

shall be reported periodically to the board of any investment company client of

OCM (unless otherwise instructed by such board).OCM shall retain all

documentsrequiredtobesubmittedbyEmployeesunderthisprovision,including

all duplicate confirmations and any documents referred to or incorporated

therein, as part of the books and records required by the Advisers Act and

Investment Company Act, as amended, and the rules thereunder. The Chief

Compliance Officer's Personal Account reports shall be reviewed by the Chief

Operating Officer or another member of the Compliance Department staff.

- 19 <br>

**V.Registration,LicensingandTesting Requirements**

Each Employee shouldcheckwiththeCCOto ensurethatheorshe hascomplied

withanyapplicableregistration,licensingandtestingrequirementsrequiredasa

result of such Employee's duties and position.These requirements may arise

under the Advisers Act, the Investment Company Act, the 1933 Act, the 1934Act,

the Employee Retirement Income Security Act of 1974, state broker-dealer and

investment adviser statutes, rules and regulations adopted by the SEC, the

Department of Labor and state and other regulatory authorities. Employees are

responsible for immediately informing the CCO about any situation that may

result in affecting the registration, licensing or testing requirements.

**VI.<u>Record</u><u>Maintenance</u>**

TheChiefComplianceOfficer,orherdesignee,shallmaintainorcausetobe

maintained in a readily accessible place the following records:

1. AcopyofallCodesofEthicsadoptedbythefirmthathavebeenin

effect during the past five years;

2. ArecordofanyviolationofthisCodeandanyactionthatwastakenasa

result of such violation for a period of five years from the end of the

fiscal year in which the violation occurred;

3. ArecordofcompliancecertificationsforeachAccessPersonforthelast

five years;

4. AcopyofallreportsmadepursuanttoAdvisersActRule204A-1and

Rule 17j-1 of the Investment Company Act;

5. A copy of each report made by an Access Person, as required by this

Code,includinganyinformationprovidedinlieuofthereports,forat

least five years after the end of the fiscal year in which the report is

made or the information provided;

6. Alistofallpersonswhoare,orwithintheprecedingfiveyearshave

been, Access Persons or who are or were responsible for reviewing

reports submitted by Access Persons.

7. AcopyofeachreportprovidedtotheBoardof theReportableFunds

pursuanttothisCode,foratleastfiveyearsaftertheendofthefiscal

year in which it is made; and

8. A record of any decision, and the reasons supporting the decision, to

approvetheacquisitionbyAccessPersonsofIPOsorLimitedOfferings,

for at least five years after the end of the fiscal year in which the

approval is granted.

**VII.<u>Conclusion</u>**

**A.ImportanceofAdherencetoProcedures**

- 20 <br>

ItisveryimportantthatallEmployeesadherestrictlytothisCode.Anyviolations

of such policies and procedures may result in serious sanctions, including

dismissal from OCM.

**B.Circulation/CertificationofReceiptofCodeand Amendments**

This Code shall be circulated to all Employees either in electronic or hardcopy

form, and each Employee shall be asked to certify that he or she has received and

agrees to follow the Code.Each Employee will also be asked to certify to the

receiptofanyamendmentstothisCodeassuchamendmentsaremadefromtime

to time.

**C.Reportsto BoardoftheReportableFunds**

On at least an annual basis, the Chief Compliance Officer shall prepare a written

report describing any issues arising under the Code, including information about

anymaterialCodeviolationsbyAccessPersonsandanysanctionsimposeddueto

suchviolations,andsubmittheinformationtotheBoardoftheReportableFunds

via the Funds' Chief Compliance Officer (unless otherwise instructed).On an

annual basis, OCM shall certify to the Board of the Reportable Funds that it has

adopted procedures reasonably necessary to prevent its Access Persons from

violating the Code of Ethics. Typically, the timing and format of all such reports

shall be subject to the discretion of the Board of the Reportable Funds.

**D.Questions**

AnyquestionsregardingOCM'spoliciesorprocedureswithrespecttothisCode

should be referred to the Chief Compliance Officer.

## Ex-99.(P)(10)

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

revised 01/31/2025

**INVESTMENT ADVISER CODE OF ETHICS**

INTRODUCTION

Rule 204A-1 under the Advisers Act requires each federally registered investment adviser to

adopt a written code of ethics (the "Code") designed to prevent fraud by reinforcing the

principles that govern the conduct of investment advisory firms and their personnel. In addition,

the Code must set forth specific requirements relating to personal securities trading activity

including reporting transactions and holdings.

Generally, the Code applies to directors, officers and employees acting in an investment

advisory capacity who are known as Supervised Persons and, in some cases, also as Access

Persons of the adviser. Supervised Persons covered by more than one code of ethics meeting

the requirements of Rule 204A-1 will be subject to the code of the primary entity with which the

Supervised Person is associated. Employees identified as Supervised and Access Persons

must comply with the Code. Compliance is responsible for notifying each individual who is

subject to the Code. Supervised Persons must be provided and must acknowledge receipt of

this Code and any amendments to the Code. They must also comply with the federal securities

laws.

GENERAL ETHICAL STANDARDS

Prudential holds its employees to the highest ethical standards. Maintaining high standards

requires a total commitment to sound ethical principles and Prudential's values. It also requires

nurturing a business culture that supports decisions and actions based on what is right, not

simply what is expedient.

It is the responsibility of management to make the Company's ethical standards clear. At every

level, employees must set the right example in their daily conduct. Prudential expects

employees to be honest and forthright and to use good judgment. We expect them to deal fairly

with customers, suppliers, competitors, and one another. We expect them to avoid taking unfair

advantage of others through manipulation, concealment, abuse of confidential information or

misrepresentation. Moreover, employees must understand the expectations of the Company

and apply these guidelines to analogous situations or seek guidance if they have questions

about conduct in given circumstances.

It is each employee's responsibility to ensure that we:

Nurture a company culture that is highly moral and make decisions based on what is

right.

Build lasting customer relationships by offering only those products and services that are

appropriate to customers' needs and provide fair value.

Maintain an environment where employees conduct themselves with courage, integrity,

honesty and fair dealing at all times.

Ensure no individual's personal success or business group's bottom line is more

important than preserving the name and goodwill of Prudential.

Regularly monitor and work to improve our ethical work environment.

Because Ethics is not a science, there may be gray areas. We encourage individuals to ask for

help in making the right decisions. Business Management, Business Ethics Officers, and our

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

revised 01/31/2025

Human Resources, Law and Compliance and Enterprise Ethics professionals are all available

for guidance at any time.

INVESTMENT ADVISER FIDUCIARY STANDARDS

Investment advisers are fiduciaries for clients. Fiduciary status may exist under contract;

common law; state law; or federal laws, such as the Investment Advisers Act of 1940, the

Investment Company Act of 1940 and ERISA.

Whenever a Prudential adviser acts in a fiduciary capacity, it will endeavor to consistently put

the client's interest ahead of the firm's interests. It will disclose actual and potential meaningful

conflicts of interest. It will manage actual conflicts in accordance with applicable legal

standards. If applicable legal standards do not permit management of a conflict, the adviser will

avoid the conflict. Adviser personnel will not engage in fraudulent, deceptive or manipulative

conduct. Advisers will act with appropriate care, skill and diligence.

Advisory personnel are required to know when an adviser is acting as a fiduciary with respect to

the work they are doing. In such cases, advisory personnel are expected to comply with all

fiduciary standards applicable to the firm in performing their duties. In addition, they must also

put the client's interest ahead of their own personal interest. An employee's fiduciary duty is a

personal obligation. While advisory personnel may rely upon subordinates to perform many

tasks that are part of their responsibilities, they are personally responsible for fiduciary

obligations even if carried out through subordinates. Employees should be aware that failure to

adhere to the standards under this Code might lead to disciplinary action up to and including

termination of employment.

OTHER IMPORTANT POLICIES

This Code complements other important Prudential Policies that address ethics and conflicts,

such as:

• Prudential'sCode of Conduct – Making the Right Choices - applies to all Prudential

employees, including those affiliated with an investment adviser.

• Code of Ethics – Personal Investing Standards. All investment advisory personnel are

subject to the Code of Ethics – Personal Investing Standards and must comply with all

requirements therein unless otherwise notified by Compliance.

• Global Insider Trading Policy. All employees of Prudential are subject to the Global

Insider Trading Policy and must comply with applicable requirements.

• Insider Trading and Information Barrier Standards. All Supervised and Access Persons

receive training on their obligations and must comply with any information barrier

restrictions applicable to their business unit or job function.

• **Compliance Policies and Procedures** – all investment advisory personnel must comply

with their applicable business unit policies and procedures.

REPORTING VIOLATIONS OF THE CODE

Failure to comply with any of the requirements (or report potential violations) of this Code and

the other important policies listed above may result in violations of securities laws and

regulations. Prudential takes such violations very seriously. Any potential violation of the

provisions of this Code will be investigated by Law & Compliance. If a determination is made

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

revised 01/31/2025

that a violation has occurred, we may impose appropriate sanctions, up to and including

termination of employment or referral to regulatory, civil, or criminal authorities.

To report suspected violations, you should contact Compliance. If you feel uncomfortable

reporting directly to Compliance, you may also report suspected violations to our Ethics Help

Line (1-800-752-70241) or Website https://prudential.ethicspoint.com. Prudential will not tolerate

any discrimination, harassment, or retaliation against anyone who makes a good faith report or

assists in an investigation.

You may voluntarily communicate with or provide information to government agencies regarding

potential violations of the law without providing notice to, or obtaining approval, from Prudential.

Nothing in these Standards is intended to, or should be interpreted, to preclude anyone from

exercising these rights.

## Ex-99.(P)(11)

---

| |
|:---|
| ![image_1.jpg](image_1.jpg) |
| PineBridgeCodeofEthics |
| TheinformationcontainedhereinisthepropertyofPineBridgeInvestmentsandmaynotbe <br>copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in <br>any form or by any means (electronic, mechanical, reprographic, recording or otherwise) <br>without the prior written permission of PineBridge Investments.<br>|

---

Effective:January 2025

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

---

| | |
|:---|:---|
| Definitions and Abbreviations | 3 |
| I. Introduction | 6 |
| II. Fiduciary Duties | 9 |
| III. Code of Conduct | 11 |
| IV. Insider Trading | 16 |
| V. Personal Securities Transactions | 21 |
| VI. Outside Business Activities | 31 |
| VII. Gifts & Entertainment | 34 |
| VIII.Political & Charitable Contributions | 37 |
| Appendix A: Exempt Transactions | 39 |
| Appendix B: Acknowledgement & Waiver Letter | 40 |

---

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![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

DefinitionsandAbbreviations

**Access Person**:For the purpose of this Code, all employees and Non-Executive Directors of PineBridge are

consideredAccessPersons.AccessPersonsmayalsoincludeconsultants,temporaryworkers,andinterns,(each

a"ContingentWorker")whohavedirectorindirectaccesstosensitiveinformation.Sensitiveinformationincludes,

but is not limited to, client or trade (PineBridge or personal) information, non-public information per the Insider

Trading Policy set out within this Code, litigation-related and any information that the Contingent Worker's direct

supervisorreasonablybelievesshouldbedetermined tobe sensitive. It istheresponsibilityoftheemployee with

direct supervision of a Contingent Worker to (1) determine whether the Contingent Worker has direct or indirect

access to sensitive information; and (2) notify the Compliance Department and Human Resources upon the hire

and termination of a Contingent Worker.

*Note: For purposes of this Code, a prohibition or requirement applicable to any Access Person applies*

*also to transactions in Securities or Related Securities for any account for which the Access Person or a*

*Household Member has control and/or Beneficial Ownership.*

**Beneficial Ownership**:A direct or indirect Pecuniary Interest in the securities or shares that an Access Person

has. An Access Person is presumed to have a Beneficial Ownership interest in any Security held, individually or

jointly, by the Access Person and/or a Household Member.

*Note:Access Persons should consult the Compliance Department if in doubt as to whether he/she has*

*Beneficial Ownership of Securities*.

**Client**:An entity that has signed an agreement with PineBridge for the provision of discretionary or non-

discretionary investment management services.

**Closed-End Fund**:Type of fund that has a fixed number of shares usually listed on a major stock exchange.

Unlike open-ended mutual funds, closed-end funds do not issue and redeem shares on a continuous basis.

**Consultant**:AnindividualororganizationprovidingprofessionalservicestoPineBridgeInvestmentsforafee.

**Cryptocurrency:**A digital currency in which encryption techniques are used to regulate the generation of units

ofcurrency andverify thetransfer offunds, operating independently of acentralbank.Examples include Bitcoin,

Ethereum, Ripple, NEO and Litecoin.

**De Minimis Amount**:Gifts from any single individual representing an organization that in aggregate do not

exceed $50 in value in a calendar month.

**Disinterested Director/Non-Employee Investment Committee Personnel**:A director of any Fund managed

by PineBridge who is not in the position to influence the operations of a Client.Disinterested Directors are not

subject to the requirements of this Code.

**Entertainment**:An event where a business contact, counterparty or vendor is present with the employee and

where business matters can be discussed.

**Exchange Traded Funds (ETF)**:A fund that typically tracks an index, but can be traded like a stock.An ETF

holdsassetssuchasstocks,commoditiesorbonds,and tradesclosetoitsnetassetvalue overthe courseofa

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**PineBridgeCodeofEthics**<br>

trading day. Because ETFs are traded on stock exchanges, they can be bought and sold at any time during the

day (unlike most mutual funds).

**Fund**:Registered open-end and closed-end investment companies or commingled vehicles advised or sub-

advised by PineBridge.

**Gift**:Anything of value that is received and/or offered from/to a business contact, vendor, counterparty or

regulatory body.

**Household Member**:A member of an Access Person's family and/or legal dependent that shares the same

residence as the Access Person.

**Investment Personnel**:Any employee entrusted with the direct responsibility and authority, either alone or as

part of a co-manager team or group, to make investment decisions affecting a Client's investment plans and

interests, as well as other personnel, such as research analysts, trading personnel, individuals who provide

information or advice to portfolio managers and those individuals who execute portfolio manager decisions.

**Manager**:Anyemployeewhohasoneormoreotheremployeeswhoreporttohimorher.

**Non-ExecutiveDirector:**Any person appointed as aNon-ExecutiveDirector of PineBridgeInvestments, L.P. or

a member company.

**PecuniaryInterest**:Theopportunitytoprofitdirectlyorindirectlyorshareinanyprofitderivedfromatransaction

in a security.

**PineBridgeorthe"Firm"**:MembercompanyofPineBridgeInvestments,L.P.

**Private Placement**:The sale of a bond or other security directly to a limited number of investors in a private

offering (e.g. hedge fund and private equity fund).

**Related Security**:Any instrument related in value to that Security, including, but not limited to, any option or

warrant to purchase or sell that Security, and any Security convertible into or exchangeable for the Security.

**Robo-Adviser:**A type of managed account or financial adviser that provides financial advice or investment

management, primarily online, with moderate to minimal human intervention. Robo-Advisors generally use

algorithms to provide an automated portfolio management service based on a client's risk tolerance and time

horizon.TheaccountholderataqualifyingRobo-Adviserdoesnotgenerallyhavetheabilitytodirectthepurchase

or sale of any individual investments within the account. Typically, investment options will be limited to ETFs,

mutual funds or other Exempt Securities. Examples include Betterment, Wealthfront, Acorns, MarketRiders,

Creditease's Toumi RA, and Algebra.

**Securities**:AnyREIT,note,stock(includingADRs),treasurystock,securityfuture,bond,debenture,evidenceof

indebtedness,certificateofinterestorparticipationinanyprofit-sharingagreement,collateral-trustcertificate,pre-

organization certificate or subscription, transferable share, investment contract, voting-trust certificate, futures

contractsandoptionstradedonacommoditiesexchange,including:currencyfutures;fractionalundividedinterest

in oil, gas, or other mineral rights; any put, call, straddle, option or privilege on any securityor on any group or

index of securities (including any interest therein or based on the value thereof); or any put, call, straddle, option

or privilege entered into on anationalsecurities exchange relating to foreign currency or; in general, any interest

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**PineBridgeCodeofEthics**<br>

or instrument commonly knownas asecurity or any certificateof interest or participation in, temporary or interim

certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any security.

*ForthepurposesoftheCode,pleasenotethefollowing:*

-*Commodities<u>are</u><u>not</u>consideredSecurities.*

-*FuturesandoptionsonanygrouporindexofSecurities<u>are</u>consideredSecurities.*

**StarCompliance**:AwebbasedapplicationusedbyAccessPersonstosubmitallnecessaryforms/reportsunder

therequirementsofthisCode.AccessPersonsmust,wheneverpossible,useStarCompliancetocomplywiththe

reporting requirements of this Code.However, in cases where an Access Person does not have access to the

system, the Access Person must receive approval from the Compliance Department prior to submitting any

required forms/reports manually.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

I.Introduction

***A.Purpose***

PineBridgebelievesthatindividualinvestmentactivitiesbyits officersandemployeesshouldnotbeprohibitedor

discouraged.Nonetheless,thenatureoftheFirm'sfiduciaryobligationsnecessarilyrequiressomerestrictionson

the investment activities of Access Persons and their Household Members.

Access Persons are agents of PineBridge.In managing assets for the Firm's Clients, Access Persons have a

fiduciary responsibility to treat the Firm's Clients fairly.This duty requires a course of conduct, consistent with

other statutory obligations, that seeks to be prudent and in the Client's best interest.

ThisCodeofEthics(the"Code")isintendedtoaddressthreefundamentalprinciplesthatmustguidethepersonal

investment activities of Access Persons in light of his or her fiduciary duties:

**1. PlacetheinterestsoftheFirm'sClientsfirst.**Asfiduciaries,AccessPersonsmustavoidserving

personal interests ahead of the interests of the Firm's Clients.

**2. Avoidtakinginappropriateadvantageofone'spositionasanAccessPerson.**

**3. Conductpersonalinvesting activities insuchawayastoavoid eventheappearanceofaconflict** 

**of interest with investment activities undertaken for the Firm's Clients.**

ThisCode,alongwithotherPineBridgepoliciesandprocedures,isdesignedtobeconsistentwiththeethicaland

professionalprincipalsofconductasidentifiedintheCFAInstitute'sAssetManagerCodeofProfessionalConduct

for which the Firm has claimed compliance.

This Code has been adopted pursuant to applicable regulations, which require that every registered investment

company and registered investment adviser adopt a code of ethics regarding personal investment activities of

persons having access to information about portfolio transactions of the Firm's Clients.In addition, investment

advisers must keep certain records regarding personal investment activities of Access Persons and make them

available for regulatory inspection.

***B.CompliancewiththisCode***

CompliancewiththisCodeandtheapplicablesecuritieslawsisaconditionofemploymentorcontractforservices.

A violation of this Code may be cause for disciplinary action by PineBridge, including termination of employment

orservicecontract.Otherdisciplinaryactionsmayinclude exceptions,warnings,disgorgementoftradingprofits,

and periods of "probation" during which all personal investment activities (except for specifically approved

liquidation of current positions) are prohibited.

Meeting our responsibilities enables our business to succeed and grow, today and in the future. Each of us is

expected to:

1. UnderstandandactaccordingtothisCodeandtheFirm'spolicies,applicablelawsandregulations.

2. Seekguidancefrommanagement,compliancepersonnelortheFirm'slegalcounselwhenyouhave

questions.

3. Promptlyreportconcernsabout possible violationsof thisCode orapplicablelawsand regulationsto

management.

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**PineBridgeCodeofEthics**<br>

4. Participateintrainingtokeepup-to-dateoncurrentstandardsandexpectations.AllAccessPersons,with

the exception of Non-Executive Directors, will receive an electronic mail requiring completion of Code of

Ethics training.

Noreason,includingthedesiretomeetbusinessgoals,caneverbeanexcuseforviolatinglawsorregulations.

**Manager/Supervisor Responsibility:**It is the responsibility of the employee with direct supervision of a

Contingent Worker to: (1) determine whether the Contingent Worker has direct or indirect access to sensitive

information;and(2)tonotifytheComplianceDepartmentandHumanResourcesuponthehireandterminationof

a Contingent Worker.

EachManagerisexpectedtofulfillthefollowingadditionalresponsibilities:

1. Serveasarolemodelforthehighestethicalstandardsandcreateand sustainacultureoftrust,honesty,

integrity and respect.

2. Be a resource for Access Persons. Ensure that they are aware of, understand, and know how to apply

this Code and the Firm's policies, applicable laws and regulations in their daily work.

3. SeekassistancefromotherManagersortheFirm'slegalcounsel,complianceofficersorhumanresource

professionals when unsure of the best response to any given situation.

4. Be proactive. Take reasonable actions to prevent and identify misconduct. Report situations that might

impact the ability of Access Persons to act ethically on behalf of PineBridge.

Any transactions that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to the Firm's

Clients will be subject to scrutiny regardless of technical compliance with the Code.

**This Code shall be superseded by local regulatory practices as applicable. Each regional compliance**

**officer shall communicate such exceptions to all Access Persons in their respective region.**

**AccessPersonsarerequiredtoreportanyviolationsofthisCodetotheChief ComplianceOfficer(or his**

**or her designee).Most concerns can be resolved by talking to and working with management, Human**

**Resources and/or Compliance. If further review and inquiry are required, the Chief Compliance Officer**

**and/orotherapplicablepartieswillpromptlyinvestigateanyreporteditems.AccessPersonswillnotface**

**retaliation if he/she reports violations of thisCode.Retaliation itself constitutesaviolation of thisCode.**

**In addition, Access Persons may ask questions, raise concerns or report instances of non-compliance**

**with this Code, PineBridge policies or applicable laws and regulations by contacting their regional**

**compliance officer.**

***Note:TotheextentthatAccessPersonsareawayfromworkonextendedleaveandwillbeaccessingthe***

***Firm's email or computer systems, the Access Person is required to comply with the requirements***

***outlined in the Code.Special arrangements regarding submission of pre-clearance requests should be***

***cleared with the Compliance Department prior to the commencement of leave.***

**1. CertificateofCompliance**

AccessPersonswillreceiveacopyofthisCodeandanyamendmentsastheyaremade.Newhiresare

required to certify that they have received a copy of the Code and that they understand its contents. All

AccessPersonsare required to certify their receiptand understanding of amendments to the Code.In

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**PineBridgeCodeofEthics**<br>

addition, all Access Persons other than Non-Executive Directors, must make annual certifications within 30 days of

the calendar year-end using StarCompliance.

**2. CodeViolations**

Forthepurposeofthispolicy,violationsmayinclude,butarenotlimitedto,thefailureto:(a)pre-clearatrade,(b)

file a certification within established timeframes, (c) disclose a brokerage account, (d) complete any required

training in the specified time period and (e) report a gift, entertainment, political contribution, or outside business

activityinaccordancewiththeCode.ViolatorsoftheCodemaybereportedtoseniormanagementandtheBoard

of PineBridge Investments, L.P. and/or its subsidiaries.The Global Chief Compliance Officer and regional

complianceofficershavetheabilitytoconsidertheapplicationoftheCodeonacase-by-casebasisincluding the

abilitytograntwaivers,exceptions,orwarningsasdeemedappropriate,ontheassumptionthatthereissufficient

reason and any instances are appropriately documented.

• **FirstViolation**–Followingassessmentofallrelevantfacts,theComplianceDepartmentmayissueaviolation

memototheAccessPerson,withacopysenttohis orherdirectsupervisorand/ortheseniormanagerofhis

or her business group.If deemed sufficiently serious, Human Resources may be consulted.

• **SecondViolation**–TheAccessPersonshallreceiveadisciplinarymemofromtheComplianceDepartment,

with a copy sent to his or her direct supervisor, the senior manager of his or her business group, and the

GlobalChiefComplianceOfficer.Usingtheirdiscretion,CompliancemaychoosetoincludetheRegionalHead

of Human Resources and the Regional Chief Executive Officer ("CEO"). The Access Person will be required

tomeetwithaComplianceOfficertodiscusstheimportanceofcomplyingwiththispolicyandmayberequired

to complete additional training.An offending Access Person may be excluded from the bonus pool for a

second violation at the discretion of PineBridge senior management.

• **Third Violation** – In addition to the disciplinary actions applicable to second violations, the Access Person

shallbesubjecttodisciplinaryand/ormonetarysanctionsincludingbutnotlimitedtothefollowing:suspension

of trading privileges, disgorgement of trading profits and/or termination of employment or service contract.

The sanction shall be at the discretion of the senior manager of the Access Person's business group, the

Global Chief Compliance Officer and the Firm's CEO.

Please note that any violation of the Insider Trading Policy included in this Code may lead to immediate

termination.

CompliancewillretireaCodeofEthicsviolationfromanAccessPerson'srecordfollowingtwo(2)yearsofactivity

without incurring any new violations.

Certain countries may have procedures for handling violations that differ from those discussed above.In those

countries, PineBridge will follow the local procedures, which may be more stringent than those included in this

Code.

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**PineBridgeCodeofEthics**<br>

II.FiduciaryDuties

***A.FraudulentPractices***

If an Access Person purchases or sells, directly or indirectly, a Security or commodity, which is held or is to be

acquired by a Client, the Access Person may not:

(1)employanydevice,schemeorartificetodefraudaClient;

(2)make any untrue statement of a material fact or omit to state to a Client a material fact which

makes the statement misleading;

(3)engage in any act, practice or course of business which would operate as a fraud or deceit upon

aClient; or

(4)engageinanymanipulativepracticewithrespecttosuch Client.

***B.ConflictsofInterest***

Your position at PineBridge cannot be used for inappropriate personal gain or advantage to you or a member of

yourfamily.Anysituationthatcreates,orevenappearstocreate,aconflictofinterestbetween personalinterests

andtheinterestsofPineBridgeand/oraClientmustbeavoided inthefirstinstanceorifavoidanceisnotpossible

the senior manager of the Access Person's business group and relevant compliance officer need to determine

what steps should be taken to manage the conflict of interest and initiate any disclosures, for example to clients,

whichmaybedeemednecessary.Potentialconflictsofinterestshouldbereportedtomanagement,whowillwork

with the compliance officer assigned to your business to determine how best to handle the situation.

**CorporateOpportunities**

AccessPersonsareprohibitedfromtakingforthemselvesordirectingtoathirdparty abusinessopportunity that

is discovered through the use of PineBridge corporate property, information or position, unless PineBridge has

alreadybeenofferedanddeclinedtheopportunity.AccessPersonsareprohibitedfromusingcorporateproperty,

information or position for personal gain to the exclusion of PineBridge and from competing with PineBridge.

**PersonalRelationships**

Immediate family members, members of your household and individuals with whom you have a close personal

relationship should never improperly influence business decisions.

***C.DispensingInformation***

Access Persons must obtain prior written approval from the Compliance Department before dispensing any

reports,recommendationsorotherinformationconcerningsecuritiesholdingsorsecuritiestransactionsforClients

to anyone, other than the Clients themselves.No approval is needed if such persons have a business need for

this information as a part of their normal duties and activities.Access Persons may disclose this information if:

(1)thereisapublicreportcontainingthesameinformation;

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**PineBridgeCodeofEthics**<br>

(2)the informationis dispensedin accordance withcompliance procedures established toprevent

conflicts of interest between PineBridge and a Client; or

(3)the information is reported to directors or trustees of a Client or to an administrator or other

fiduciary ofaClientandifthesepersonsreceivetheinformationinthecourseofcarryingouttheir

fiduciaryduties.

*Note:Theabove doesnot applytocertaininformation thatisrequiredtobedispensedby registered* 

*investment companies.*

<sup>1</sup>Partiessuchasagentsandconsultants,whorepresentPineBridgetothepublic.

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**PineBridgeCodeofEthics**<br>

III.CodeofConduct

ThissectionoftheCodediscussesgeneralstandardsofconductthatmustbefollowed.Any AccessPersonwho

has knowledge of, or in good faith suspects, a violation of any of these laws, regulations or policies must report

them promptly to the compliance officer assigned to your business.

***A.AccessPersonPrivacy***

PineBridgerespectsthepersonalinformationandpropertyof AccessPersons.Accesstopersonalinformationor

Access Persons property is only authorized for appropriate personnel with a legitimate reason to access such

information or property. Nonetheless, from time to time, PineBridge may access and monitor Access Person

internet usage and communications. Subject to local laws, Access Persons shall have no expectation of privacy

with regard to workplace communication or use of PineBridge information technology resources.

***B.CustomerPrivacyandDataSecurity***

PineBridgeClientsexpectustocarefullyhandleandsafeguardthebusinessandpersonalinformationtheyshare

withus.AccessPersonsmustnevercompromiseaPineBridgeClient'strustbydisclosingprivateinformationother

than to those with a legitimate business need to know.

Theclassificationof information aspersonalinformation orbusiness data maydifferbycountry. AccessPersons

who handle customer information are responsible for knowing and complying with applicable information privacy

andinformationsecuritylaws.InallcasesAccessPersonsmustmaintainappropriatephysical,administrativeand

technical safeguards for personal information and business data.

AccessPersonsmustbeespeciallyvigilantinfollowinglaws,regulationsandpolicieswhentransferringpersonal

information and business data across country borders. Access persons should raise any questions about

information privacy and/or data security they have to their manager, Legal, or Compliance.

***C.RelationswithBusinessPartners***

The Firm's business partners<sup>1</sup>serve as extensions of PineBridge.When working on behalf of PineBridge,

business partners are expected to adhere to the spirit of the Code, and to any applicable contractual provisions.

Access Persons must ensure that business partners do not exploit their relationship with PineBridge or use the

Firm's name in connection with any fraudulent, unethical or dishonest transaction.

***D.FairDealing***

PineBridge seeks competitive advantages only through legal and ethical business practices.Access Persons

must conduct business in a fair manner with customers, service providers, suppliers and competitors.Access

Persons must not disparage competitors or their products and services.Improperly taking advantage of anyone

throughmanipulation,concealment,abuse of privilegedinformation, intentionalmisrepresentation of facts or any

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**PineBridgeCodeofEthics**<br>

other unfair practice is not tolerated. (Please also refer to the Firm's Global Anti-Corruption Policy for additional

information.)

***E.AntitrustandFairCompetition***

PineBridgecompetesvigorouslyandfairlyaroundtheworld.PineBridgeseekstomaintainandgrowitsbusiness

throughsuperiorproductsandservices,notthroughimproperoranti-competitivepractices.PineBridgestrivesto

understand and comply with global competition and anti-trust laws.These laws are complex.Access Persons

whoare unsure ofappropriatepracticesshouldconsultwith the compliance officerassigned totheirbusinessfor

additional information and clarification.

Thefollowingguidelineswillhelpensurefairbusinessconductandappropriatecompetition.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

Do:

• ObtaininformationabouttheFirm'scompetitorsonlyfromlawfulandappropriatesources.

• Commentoncompetitorsortheirproductsorservicesbasedonlyonfactualinformation.

Donot:

• Agree formally or informally with a competitor to fix prices or other terms of sale, rig bids, set production

or sales levels, or allocate customers, markets, or territories.

• Discussany of the followingwith a competitor: prices, bids, customersales,commissions, termsof sale,

profits,margins,costs,production,inventories,supplies,marketingplansorothercompetitivelysensitive

information.

• Attend meetings with competitors at which competitively sensitive information, including the subjects

mentioned in the above two bullets, is discussed.

• AgreewithothersoutsideofPineBridgeastowhichsuppliersorcustomerstodobusinesswith.

• Makeunsubstantiatedoruntruthfulcomparisonstocompetitorsortheirproductsorservices.

***F.SafeguardingPineBridgeResources***

To best serve our customers and shareholders, it is vital that Access Persons demonstrate proper care and use

of our resources.

**1. PhysicalProperty**

The Firm's property, including real estate, equipment and supplies, must be protected from misuse,

damage, theft or other improper handling.

Generally,theFirm'spropertyismeantsolelyfortheFirm'sbusiness,thoughincidentalpersonaluse,

such as local telephone calls, appropriately limited personal use of email, minor photocopying or

computer use is permitted.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

**2. IntellectualProperty**

The Firm's intellectual property consists of any business ideas or information that PineBridge owns,

such as unique products and methodologies. PineBridge protects its intellectual property through

patents, trademarks and copyrights. Access Persons are required to safeguard the confidential

information and trade secrets belonging to PineBridge and its business partners.

**3. Funds**

TheFirm'sfundsaretobeusedresponsiblyandsolelyfortheFirm'sbusiness.Corporatecreditcards

issued to employees for payment of business expenses may not be used for personal expenses.

AccessPersonshavearesponsibilitytosafeguardPineBridgefundsfrommisuseortheftandensure

that PineBridge receives good value when spending the Firm's funds. You should only seek

reimbursement for actual, reasonable and authorized business expenses.

**4. InformationTechnologySystems**

TheFirm'sinformationtechnologysystemsincludecomputers,networkingresources,emailsystems,

telephone,voicesystemsandothercomputer-processedinformation.Eachofushasaresponsibility

to protect these systems and the data resident on these systems, from improper access, damage or

theft.

Subjecttoapplicablelocallaws,PineBridgemayhavetherighttoreviewallelectronicmailandother

electronic informationtodeterminecompliancewiththis Code, laws, regulations or the Firm's policy.

Electronic information in this context includes without limitation, emails, instant messages, and

voicemailssentorreceivedfromtheFirm'scomputer,Blackberryorotherhandheldelectronicdevice,

or work station or to/from a PineBridge email address.All may be subject to review.

The electronic mail and messaging systems are the Firm's property and are intended for business

purposes.Occasional,incidental,appropriatepersonaluseof these systemsmay bepermittedifthe

use does not interfere with any employee's work performance, have undue impact on the operation

of the email system, or violate any other PineBridge policy, guideline, or standard.

Email messages and any other communications sent or received using the Firm's information

technology systems are not to be used to create, store, or transmit information that is hostile,

malicious,unlawful,sexuallyexplicit,discriminatory,harassing,profane,abusiveorderogatory.These

systems also are not to be used to intentionally access web sites, which contain illegal, sexually

explicit or discriminatory content.

***G.MoneyLaunderingPrevention***

PineBridge is committed to meeting its responsibilities to help prevent money laundering and terrorist financing.

These responsibilities generally include identifying clients, monitoring client activity and reporting suspicious or

unusualactivityconsistent with applicablelaws.AccessPersons arerequiredto familiarizethemselveswith and

abide by anti-money laundering programs established by PineBridge and its business units. Suspicious activity

reportingrequirementsaretimesensitive.AccessPersonsshouldcontacttheirmanagerorthecomplianceofficer

responsible for money laundering prevention as soon as they have a concern that an activity may be unusual or

suspicious. (Please also refer to the Firm's anti-money laundering policies for additional information.)

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

***H.EconomicSanctions***

IncompliancewithU.S.andother applicableeconomicsanctionsprograms, AccessPersons areprohibitedfrom

conducting business with or benefiting designated governments, individuals and entities (such as suspected

terrorists and narcotics traffickers), as well as individuals and entities that are located in, have certain dealings

withorarenationalsoragentsofparticularcountries.Todetermineifagovernment,individualorentityissubject

totheseprohibitions,consultwithamemberoftheComplianceDepartment.(PleasealsorefertotheFirm'sGlobal

Economic Sanctions Policy for additional information.)

***I.CommunicatingwithRegulatorsandOtherGovernmentOfficials***

Inquiries from regulators, outside the normal course of the Firm's regulatory relationships, must be reported

immediately to the regional compliance officer before a response is made.Financial reporting related inquiries

mayberespondedtobyauthorizedmembersoftheFinanceDepartment.Responsestoregulatorsmustcontain

complete,factualandaccurateinformation.Duringaregulatoryinspectionorexamination,documentsmustnever

be concealed, destroyed or altered, nor should lies or misleading statements be made to regulators.Requests

from auditors are subject to the same standards.

***J.GovernmentBusiness***

Doingbusinesswithgovernmentsmaypresentdifferentrisksthanbusinessinthecommercialmarketplace.Laws

relatingtocontractswithinternational,federal,stateandlocalagenciesgenerallyaremorestringentandcomplex.

Certain conduct and practices that might be acceptable in the commercial setting are prohibited in the public

sector.Youshouldthereforeconsultwithmanagement,orthecomplianceofficerassignedtoyourbusinessbefore

you make any decision about doing business with government entities.

***K.FormerGovernmentOfficials***

PineBridge is committed to compliance with all laws and regulations applicable to any Access Person who has

previously worked in government.Many jurisdictions have laws and regulations in place that are designed to

prohibit former government officials from taking improper advantage of his or her previous position.Any Access

Personwhohas servedas agovernment official,in any capacity,mustbeawareofandcomply with all laws and

regulations applicable to former government officials.

***L.Anti-corruptionandBribery***

PineBridge is committed to compliance with all applicable laws and regulations designed to prevent violations

of the Foreign Corrupt Practices Act ("FCPA") and other U.S. and international anti-bribery laws.

Access Persons must never use improper means to influence another's business judgment. No PineBridge

employee,agent,orindependentcontractormayprovidebribesorotherimproperbenefits,financialorotherwise,

toanotherpersoninordertoobtainorretainbusiness,bringabouttheimproperperformanceofarelevantfunction

or activity, or an unfair advantage in any business interaction that involves PineBridge, our customers, or

employees.Applicable laws, regulations and government agencies define improper benefits very broadly and

continuetoexpandthedefinition(e.g.thehiringofchildrenofforeigngovernmentofficials).Paymentsorpromises

topaysomethingofvaluetoobtainorretain businessorotherwisesecureanimproperadvantagemustneverbe

made to a governmentofficial or employee, or other public officials whohold legislative, administrativeor judicial

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

positions. Government officials may include senior management of enterprises that are controlled or owned in

whole or in part by a government.

Anti-corruptionlawsalsoprohibitthecreationofinaccurateorfalsebooksandrecordsandtheyrequirecompanies

todevelopandmaintainadequatecontrolsregardingcorporateassetsandaccounting.AllPineBridgeemployees

and officers are required to familiarize themselves with and comply with all applicable PineBridge policies and

procedures. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

***M.WhistleblowerProtectionPolicy***

PineBridge must adhere to all applicable laws and regulations.The support of all Access Persons is needed to

assistPineBridgeinachievingcompliancewithapplicablelawsandregulations.IfanyAccessPersonreasonably

believes that a policy, practice, or activity of PineBridge, or of another individual or entity with which PineBridge

hasabusinessrelationship isinviolationofanapplicablelaworregulation,areportmustbefiled bythat Access

PersonwiththeComplianceDepartment.PineBridgewillseektoprotecttheidentityoftheindividualsmakingthe

reportandAccessPersonsmayremainanonymous.AccessPersonsmaysubmitsuchreportsviathePineBridge

Speak Up Program, which offers both phone and web reporting methods.The PineBridge Speak Up Programis

available on the PineBridge Intranet homepage <u>here</u>(Source > Employee > PineBridge Speak Up Program).

A report submitted through the PineBridge Speak Up Program will be reviewed by the Firm's Global Chief

ComplianceOfficer("CCO").TheGlobalCCOisresponsibleforconductingarevieworinvestigationofthereport.

The Global CCO may utilize all resources available to him in conducting the review or investigation including

consultationwiththeGeneralCounseloranothermemberoftheFirm'sLegalDepartment,orifdeemednecessary,

retain independent outside advisors or consultants.

PineBridgewillnotretaliate againstan AccessPerson who,ingoodfaithandwithreasonablebelief, hasmadea

report with the Compliance Department or lawfully provided information to or assisted the Securities Exchange

Commission ("SEC") or any other relevant regulator concerning some practice of PineBridge, or of another

individualorentitywithwhomPineBridgehasabusinessrelationship,onthebasisofareasonablebeliefthatthe

practice is in violation of an applicable law or regulatory requirement.Although internalreporting is encouraged,

no one may take any action to impede an individual from communicating with the SEC or other regulatory body

about a possible securities law violation.In addition, certain individuals reporting such practices (subject to

restrictionsandrequirements)maybeeligibleforareward.Forfurtherinformation,pleasecontacttheCompliance

Department.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

IV.InsiderTrading

Insider trading refers to the buying and selling of a security, in breach of a fiduciary duty or other relationship of

trust and confidence, while in possession of material, non-public information about the security. Please refer to

thePineBridgeGlobalInformationBarriersCompliancePolicyforamoredetaileddescriptionoftheFirm'sInsider

Trading Policy. Insider trading laws generally prohibit:

(1)Tradingbyaninsider,whileinpossessionofmaterial,non-publicinformation;

(2)Trading by a non-insider, while in possession of material, non-public information, where the information

was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

(3)Communicatingmaterial,non-publicinformationtoothersinbreachofafiduciaryduty.

***A.MaterialInformation***

Material information generally is information that an investor would consider important in making his or her

investment decision or information that is reasonably certain to have a substantial effect on the price of a

company's securities.Material information does not have to relate directly to a company's business.

Informationisconsideredmaterialifitrelatestomatterssuchas:

(1)dividendorearningsexpectations;

(2)write-downsorwrite-offsofassets;

(3)proposals or agreements involving a joint venture, merger, acquisition, divestiture or leveraged buy-

out;

(4)criminalindictments,civillitigationorgovernmentinvestigations;

(5)substantialchangesinaccountingmethods;

(6)majorlitigationdevelopments;

(7)bankruptcyorinsolvency;or

(8)publicofferingsorprivatesalesofdebtorequitysecurities.

*Note:Theabovelistofexamplesisnon-exhaustive.PleasecontacttheLegalorComplianceDepartment* 

*with any questions regarding the materiality of information.*

Information provided by a company can be material because of its expected effect on a particular class of the

company'ssecurities,allofthecompany'ssecurities,thesecuritiesofanothercompanyorthesecuritiesofseveral

companies.This policy applies to all types of securities, as well as any option related to that security.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

***B.Non-publicInformation***

Non-publicinformationisinformationthathasnotgenerallybeenmadeavailabletoinvestors.Informationreceived

incircumstancesindicatingthatitisnotyetingeneralcirculationorwheretherecipientknowsorshouldknowthat

the information could only have been provided by an insider is also considered non-public information.

Fornon-publicinformationtobecomepublic,itmustbedisseminatedthroughrecognizedchannelsofdistribution

designedtoreachthesecuritiesmarketplace. Oncetheinformationhasbeendistributed,itisnolongerconsidered

non-public.Disclosureinanationalbusinessandfinancialwireservice(e.g.,DowJones,BloombergorReuters),

a national news service (AP), a national newspaper (e.g., *The Wall Street Journal* or *The New York Times*), or a

publicly disseminated disclosure document (a proxy statement or prospectus) constitutes public information.

*Note:Generally,informationisconsiderednon-publicuntil24hoursafterpublicdisclosure.*

**1. InformationProvidedinConfidence**

Occasionally,oneormoreAccessPersonsmaybecometemporaryinsidersbecauseofafiduciary(a

person or entity to whom property is entrusted for the benefit of another) or commercial relationship.

As an insider, PineBridge has a fiduciary responsibility not to breach the trust of the party that has

communicated the material, non-public information by misusing that information.The fiduciary duty

arises because PineBridge has entered or has been invited to enter into a commercial relationship

with the client or prospective client and has been given access to confidential information solely for

the corporate purposes of that client.The obligation remains regardless of whether PineBridge

ultimately participates in the transaction.

**2. InformationDisclosedinBreachofDuty**

Evenwherethereisnoexpectationofconfidentiality,apersonmaybecomeaninsideruponreceiving

material, non-public information in circumstances where (i) a person knows, or should know, that a

corporate insider or tipper is disclosing information in breach of the fiduciary duty he/she owes the

corporationanditsshareholdersand(ii)thecorporateinsiderortipperisreceivingapersonalbenefit,

directlyorindirectly,fromthedisclosureoftheinformation.Aprohibitedpersonalbenefitcouldinclude

a present or future monetary gain, a benefit to one's reputation, an expectation of quid pro quo from

therecipientortherecipient'semployerbyagiftoftheinsideinformation.Thedefinitionofaprohibited

personalbenefitcontinuestobelitigatedinthecourtsandtheregulatorsseektoexpandthedefinition.

A person may, depending on the circumstances, also become an insider when he/she obtains

material, non-public information by happenstance.This includes information derived from social

institutions, business gatherings, overheard conversations, misplaced documents and tips from

insiders or other third parties.

***C.GuidanceonInsiderTrading***

Any Access Person who is uncertain as to whether the information he/she possesses is material, non-public

information should take the following steps immediately:

(1)ReportthemattertotheComplianceDepartment;

(2)Refrainfrompurchasingorsellingthesecuritiesonbehalfofoneselforothers,includingClients

managed by the Access Person; and

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

(3)RefrainfromcommunicatingtheinformationinsideoroutsideofPineBridge,otherthantothe

Compliance Department.

TheComplianceDepartmentwillinstructtheAccessPersononhowtoproceed.

***D.PenaltiesforInsiderTrading***

The penalties for insider trading are severe, both for individuals involved in such unlawful conduct and their

employers.A person can be subject to civil and/or criminal penalties even if he/she does not benefit personally

from the violation.

***E.ProcedurestoImplementthePolicyagainstInsiderTrading***

**1. TradingRestrictionsandReportingRequirements**

a) No Access Person who possesses material, non-public information relating to PineBridge or any

ofitsaffiliatesorsubsidiaries,maybuyorsellanysecuritiesofPineBridgeorengageinanyother

action to take advantage of, or pass on to others, such information.

b) No Access Person who obtains material, non-public information which relates to any other

company or entity in circumstances in which such person is deemed to be an insider or is

otherwise subject to restrictions under the securities laws, may buy or sell securities of that

company or otherwise take advantage of, or pass on to others, such information.

c) AccessPersonsshallsubmitreportsconcerningeachSecuritiestransactionandshouldverify

their personal ownership of such Securities.

d) Access Persons should not discuss any potentially material, non-public information concerning

PineBridgeorothercompaniesexceptasspecificallyrequiredintheperformanceoftheirduties.

**2. InformationBarrierPolicy**

Information barriers are designed to restrict the flow of inside information and to prevent Access

Persons on the public side (e.g., trading desks) from gaining access to material, non-public

information, which came from the private side.

**a.Cross-BarrierProcedures**

A "cross-barrier communication" is a communication between an Access Person on the public

side and Access Person on the private side.The communication can be in the form of a

conversation, an email, a memo, a research report or any other communication of an Access

Person's opinion about the value of a security.

Access Persons are permitted to have cross-barrier communications regarding (a) investments

generally, which communications do not relate to any specific issuer (e.g. industry related

investmentcommunications)and(b)communicationswhichareissuerspecific,butwhichinvolve

onlypublicinformation(LegalorComplianceshouldbeconsultedpriortotheseconversationsto

determineifsuchcommunication shouldbemonitoredbytheLegalorComplianceDepartment).

AccessPersonson the privatesideoftheinformation barrierare prohibitedfrom communicating

non-publicinformation(includingimpressionsorinformationderivedfromnon-publicinformation)

<sup>2</sup>Certain issuers on the Restricted List that have been added by the Leveraged Finance team may not restrict thetradingofleveragedloansforthe

issuerinquestion.Theissuersforwhomthis istruewillbedesignatedas such on the Restricted List.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

regardinganissuerofpublicsecuritiestoanyAccessPersononthepublicsideoftheinformation

barrier unless the communication is notified in advance and monitored by the Compliance

Department and the public side has agreed to receive the information prior to the information

being communicated.

The Access Person who was brought across the barrier must maintain the confidentiality of the

information received at all times and may use it only for the business purposes for which it was

disclosed.

**b.TheWatchList**

The Watch List is a highly confidential list of companies about which PineBridge may have

received or may expect to receive material, non-public information.The contents of the Watch

List and any related restrictions imposed by the Compliance Department are extremely

confidential therefore access to the Watch List is strictly limited and tightly controlled.

***i.<u>Placement</u><u>of</u><u>Securities</u><u>On/Off</u><u>the</u><u>Watch</u><u>List</u>***

A company normally will be placed on the Watch List when PineBridge has received or

expects to receive material, non-public information concerning that company.This

usuallyoccurswhenPineBridgeis involvedinanassignmentortransactionthat hasnot

been publicly announcedor when PineBridgeotherwisedetermines that there is a need

to monitor the trading activity in such company.

AcompanywillberemovedfromtheWatchListattherequestofthepersonwhoinitiated

placementonthelist,usuallywhenthecompany'sinvolvementinthetransactionrelating

tothecompanyhasended.CompaniesalsomayberemovedfromtheWatchListwhen

they are moved to the Restricted List.

***ii.<u>Implementation</u><u>and</u><u>Monitoring</u>***

The person who initially places a company on the Watch List is responsible for notifying

the Compliance Department when it should be removed.The Compliance Department

maintains the Watch List.In addition, the Compliance Department monitors trading

activity in any company on the Watch List.

**c.TheRestrictedList**

TheRestrictedListisaconfidentiallistofcompaniesthataresubjecttorestrictionsintrading.

RestrictionsapplytotradingforAdvisoryClients,proprietaryaccounts,andtradingforAccess

Person and related accounts.<sup>2</sup>Companies on the Restricted List are to be kept confidential

and are not to be disclosed to anyone outside of PineBridge.

***i.<u>Placement</u><u>of</u><u>Securities</u><u>On/Off</u><u>the</u><u>Restricted</u><u>List</u>***

The placement of a company on the Restricted List generally restricts all trading in the

securitiesofthatcompany.Since acompany maybe placedontheRestricted Listfora

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

numberofreasons,noinferencesshouldbedrawnconcerningacompanyoritssecurities

due to its inclusion on such list.

A company will be removed from the Restricted List at the request of the person who

initiatedplacementonthelist,usuallywhenthecompany'sinvolvementinthetransaction

relating to the company has ended.

For public companies in which an Access Person (other than a Non-Executive Director)

sits on the Board of Directors or acts in a similar capacity, the relevant issuer will be

placed on the Restricted List upon notification to Compliance.Access Persons (other

thanNon-ExecutiveDirectors) arerequiredtoreporttheir"outsidebusinessactivities"or

"relatedboardlevelactivities"inStarCompliance(see"OutsideBusinessActivities"within

this Code).

***ii.<u>Implementation</u><u>and</u><u>Monitoring</u>***

The Compliance Department is responsible for placing or removing a Security from the

Restricted List and has the ultimate responsibility for maintaining the Restricted List.

**3. Confidentiality**

In carrying out business activities, Access Persons often learn confidential or proprietary information about

PineBridge,itscustomers,suppliersand/orthirdparties.AccessPersonsmustmaintaintheconfidentialityof

all information entrusted to them, except where disclosure is authorized or legally required.

***F.Anti-FraudandAnti-Manipulation***

InconnectionwiththepurchaseorsaleofanySecurities,AccessPersonsshallnot,directlyorindirectly,(i)employ

any device, scheme or artifice to defraud, (ii) make any untrue statement of a material fact or omit to state a

material fact, (iii) engage in any act, practiceor course of business whichwould operate as a fraud or deceit, (iv)

engage in any manipulative practice, or (v) trade ahead of or in conflict with an investment recommendation.

V.PersonalSecuritiesTransactions

The key purpose of this policy is to ensure that conflicts of interest between Access Persons and Clients arising

fromthepersonalsecuritiestransactionsofAccessPersonsarelimited.Themaindriverforthepotentialconflict

of interest is the differential of information available to employees and Clients.

***A.TradinginGeneral***

Access Persons may not knowingly engage in the purchase or sale of a Security or Related Security (other than

an Exempt Security, as explained below) of which they have Beneficial Ownership (other than an Exempt

Transaction, as explained in Appendix A) and which, within seven (7) calendar days before and after the

transaction (also known as the "Blackout Period"):

(1)isbeingconsideredforpurchaseorsalebyaClient,or

(2)isbeingpurchasedorsoldbyaClient.

<sup>3</sup>Whentheultimateparentcompanyforanissuer isagovernmententity,tradinginonestate-ownedentitydoes not prohibit trading

in all other state-owned entities controlled by that government.

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**PineBridgeCodeofEthics**<br>

TheBlackoutPeriodrestrictionappliesonanissuer-levelbasis,suchthatanemployee isprohibitedfromplacing

an equity trade where the Firm is placing a fixed-income trade in the same issuer<sup>3</sup>. In certain circumstances, the

ComplianceDepartment may provideanexceptiontoanAccess Personthatpermits the Access Persontotrade

withinseven(7) calendar days ofaClient transaction.IfanAccess Personhas been unableto receive approval

forapre-clearancerequestfor30calendardays(byreceivingatleastonepre-clearancedenialperweekoverthe

30 days) due to Advisory Client transactions, the Access Person may contact the Compliance Department and

the Compliance Department will undertake an analysis (which may include factors such as prior exceptions

granted, the Access Person's group and its relation to the Security in question, and the Firm's current and prior

tradingoftheSecurity),andmayattempttodesignateadayonwhichtheAccessPersonmaytransact.Suchan

exception may only be given when closing a position (either in part or in full) and will typically be in instances

where PineBridge has not transacted on the prior business day.

*S&P500ExemptiontotheBlackout Period:*

TheBlackoutPerioddoesnotapplytoSecuritiesintheS&P500IndexwherethequantityofSecuritiesrequested

for pre-clearance is 500 shares or fewer for the period described above as the Blackout Period.

**1. ExemptSecurities**

ExemptSecuritiesareSecuritiesthatdonothavetobepre-clearedorreportedtotheCompliance

Department and are not subject to the short-term trading limitation requirement of this Code.

ThefollowingareExemptSecurities:

i.SecuritiesthataredirectobligationsoftheU.S.andforeigngovernments.

ii.Bankers' acceptances, bank certificates of deposit, commercial paper, money market

fundsandcertainhighqualitydebtinstruments(e.g.,structurednotes/depositsincluding

currency linked notes, interest rate linked notes and index-linked notes), including

repurchase agreements. ADRs do not fall into this category;

*Note:Highqualitydebtinstrumentsareinterpretedtomeananyinstrumentthat*

*is rated in one of the two highest rating categories by a Nationally Recognized*

*Statistical Rating Organization.*

iii.Shares of unaffiliated registered open-end investment companies (e.g. open-end non-

affiliated mutual funds), annuities, or other commingled vehicles.

Exchange Traded Funds ("ETFs"), options on ETFs and closed-end funds (including

business development companies) do not require pre-clearance in StarCompliance, but

accounts holding these instruments are not exempt from reporting under the Code and

must be disclosed in StarCompliance.

Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated

mutual funds, certain 529 Plans investing in only Exempt Securities, as well as 401(k)

plans investing in only Exempt Securities, such as the PineBridge 401(k) plan) are not

required to be reported in StarCompliance.

<sup>4</sup>PineBridgeemployeesinTaiwan donotrequirepre-clearanceforaffiliatedfundpurchases.Taiwanemployees caninvest in

PineBridgeFunds via aPineBridgeomnibus account, provided they haveopened aPineBridgebrokerageaccount before

investing. These transactions will be kept in the Taiwan fund administration system and meet compliance requirements.

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**PineBridgeCodeofEthics**<br>

AffiliatedFunds<sup>4</sup>areconsideredNon-Exemptandthusrequirepre-clearancepriorto

transacting. The <u>Current List</u>of Affiliated funds is available on SOURCE (excluding

affiliated fund purchases in the PineBridge 401(k) plan).

iv.Any transactions and/or holdings in Securities in a blind trust over which an Access

Personhasnodirectorindirectinfluence,controlorknowledge.AnAccessPersonmust

notifytheComplianceDepartmentoftheestablishmentofsuch blindtrustaspartoftheir

initial certifications on StarCompliance or of any opening of such blind trust thereafter.

Documentation must be provided to the Compliance Department as evidence that the

Access Person has no direct or indirect influence, control or knowledge of the

transactions.

v.Investmentlinkedinsurancepolicies.

vi.Compulsory savings plans for the retirement of residents (e.g. mandatory provident

fund/occupationalretirementschemesinHongKong,centralprovidentfundinSingapore,

or equivalent in other jurisdictions).

*Note1:Inadditiontotheabove,therearecertaintransactionsdesignatedbythe*

*ComplianceDepartmentasExempt("ExemptTransactions"),whicharenot*

*requiredtobepre-cleared,butarerequiredtobereportedtoCompliance.These*

*transactions are discussed in Appendix A.*

**2. CircumstancesRequiringPre-clearance**

All Access Persons must obtain pre-clearance via StarCompliance and/or from the Compliance

Department prior to purchasing or selling a Security that is neither an Exempt Security nor can be

bought or sold in an Exempt Transaction.

**a.Pre-clearance Approval:**Once received, pre-clearance approval is valid for the same day and

thenexttradingdaythroughthemarketcloseinwhichthesecurityisbeingtraded(**the"Approval**

**Period")**.Forexample,ifaHongKongbasedemployeereceivestradingapproval forasecurity

traded on the Hong Kong exchange on Friday that approval is valid for Friday and Monday, up

until the Hong Kong market close on Monday. If an approval is received after trading hours, the

approval remains valid only for the next trading day.For example, if a Hong Kong based

employee receives trading approval for a security traded on the Hong Kong exchange after the

Hong Kong market close on a Friday, the approval is still only valid for Friday and through

Monday's market close.

When determining the length of the approval period for securities traded on a foreign market,

employeesmustlooktothelocalmarkettimeinwhichthesecurityisbeingtraded andthenapply

thepre-approvalrules.Fortheavoidanceofdoubt,anapprovalreceivedbyanAccessPersonin

Asia relating to any transactions in US Securities is dependent on the US market in which the

security is being traded. For example, if a Hong Kong employee receives trading approval for a

security traded on a US exchange on Monday 10:00am (CHST), then the approval expires on

Monday 4:30pm (EST), which is Tuesday 4:30am (CHST). Looking to the US Market, the trade

<sup>5</sup>ExemptionstotheFirm'spolicyonIPOsmaybegrantedprovidedthatPineBridgefollowslocalregulatory

requirements and the Compliance Department provides prior approval.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

wasapprovedonSundayat10:00pm(EST)(thedaytheapprovalisgranted)andisvalidthrough

Monday's market close local time.

To avoid confusion, the trade request approval generated from the system will contain a "Local

ExpiryDate/Time",indicatingtheendoftheApprovalPeriod. Anorderthatisnotexecutedwithin

the Approval Period must be re-submitted for pre-clearance approval.Approval for a private

placement purchase or initial public offerings ("IPOs") is valid until the closing of the private

placement transaction or IPO period.

AccessPersonswishingtoenteralimitorderforaSecuritythatisneitheranExemptSecuritynor

can be bought or sold in an Exempt Transaction are only permitted to enter limit orders that are

good for the day they are entered ("Day Order").**Access Persons may not enter limit orders**

**with durations exceeding a day (e.g., good-til-cancelled, stop loss) for transactions other**

**thanExemptSecuritiesorSecuritiesthatcanbeboughtorsoldinanExemptTransaction.**

**b.Procedures for Approval:**Access Persons must request pre-clearance electronically, using

StarCompliance.Pre-clearance approval is granted if the purchase or sale complies with this

Code and the foregoing restrictions.

Non-Executive Directors are not subject to the pre-clearance requirement referred to above

unlessatthetimeofthetransaction,knewor,intheordinarycourseoffulfillingtheNon-Executive

Director'sofficialdutiesasadirectorofPineBridge,shouldhaveknownthat:(a)PineBridge

engaged in a transaction in the same security within the last seven (7) calendar days or is

engaging or going to engage in a transaction in the same security within the next seven (7)

calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a

transaction in the same security or is considering a transaction in the same security within the

nextseven(7)calendardays.Inaddition,thefollowingrequirementsofthisPolicy,SectionsV.A.3,

4, 5 and 7 do not apply to Non-Executive Directors.

**3. InitialPublicOfferings**<sup>5</sup>

The purchase of equity Securities in IPOs by Access Persons can create an appearance that such

personnel have taken inappropriate advantage of their positions for personal benefit.Accordingly,

Access Persons who are Investment Personnel are prohibited from purchasing an IPO.All other

Access Persons must obtain pre-clearance from the Compliance Department prior to participating in

an IPO.

**4. PrivatePlacements**

AccessPersonsmustobtainpriorapprovalthroughStarCompliancefromtheComplianceDepartment

before acquiring BeneficialOwnership ofany Securities offered inaPrivate Placement (other than a

Private Placement sponsored by PineBridge).Access persons may be requested to supply to

Compliance copies of any private placement memorandum, subscription documents, offer sheets,

term sheets or other written documentation pertaining to the deal.Approval will be given only if it is

determined that the investment opportunity should not be reserved for Advisory Clients and that the

opportunity to invest has not been offered to the Access Person by virtue of his or her position.

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**PineBridgeCodeofEthics**<br>

Access Persons must disclose investments in a Private Placement if an investment in the issuer of

the Private Placement is being considered for a Client and the Access Person is involved in the

decision making process.A decision to make such an investment must be independently reviewed

bytheAccessPerson'smanageroraManagingDirectorwhodoesnothaveBeneficialOwnershipof

any Securities of the issuer.

The Private Placement must be reported in StarCompliance and confirmation of the purchase must

beprovidedtotheComplianceDepartmentoncecomplete.InvestmentsbyAccessPersonsinPrivate

Placements sponsored by PineBridge are required to be reported in StarCompliance.

**5. Short-TermTrading**

AccessPersonsareprohibitedfrom:

• RealizingprofitsfromsellingaSecurityfewerthan30calendardaysafterthepurchaseofthe

position (i.e. trade date + 30 days).

• Realizingprofitsfromclosingashortpositionwithin30calendardaysofopeningtheposition

(i.e. trade date + 30 days).

• Realizing a profit on a put or call option (whether through expiration or through automatic

execution) fewer than 30 calendar days after the purchase or sale of the underlying position

(i.e. trade date + 30 days).

• To clarify with an example, if a trade is executed on January 1st, it cannot be sold at a profit

until February 1st. If that position is sold on January 31th or earlier, it will be considered a

violation.

A last-in, first-out ("LIFO") methodology will be applied to a series of Securities purchases for

determining compliance with this holding rule. (Note: gains are calculated differently under this rule

than they would be for tax purposes.)

Thereareafewexceptionstothisprohibition:(1)ExemptSecurities;(2)ETFsthattrackanindex;

(3) futures and options on ETFs; (4) redemption of funds with a cooling off period; (5) non-volitional

margin calls (employees receiving margin calls that result in hardship should contact their local

Compliance Department); (6) hardship exemptions, which may be approved by the Compliance

Departmentinextremecircumstances;and(7)anyotherspecialexemptionapprovedbyCompliance

<u>prior</u> to the profit being realized.Hardship exemptions and special exemptions must be approved in

advance of trading.Please contact the Compliance Department with any questions.

The Compliance Department will monitor short-term trading and address any abuses of short-term

tradingprofits onacase-by-casebasis.Ifanabuse is discovered, Access Persons may berequired

to disgorge any profits realized on personal trades executed within 30 days.Day trading by Access

Persons is strictly prohibited.

Personal trading in unusually high frequency is discouraged.The Compliance Department may

contact any Access Person and/or his or her supervisor deemed to be trading with excessive

frequency. This principal applies to Exempt Securities as well.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

**6. MarketTiming**

Market Timing is the short-term trading in and out of predominantly US registered investment

companies,generallythosethatarefocusedonnon-USinvestmentsusinginformationthatispublicly

known, but notyet reflected intheshareprice.Furthermore, moresophisticated markettimershave

takenadvantageofdisparitiesbetweenthelastquotedpriceofaFund'sunderlyingportfoliosecurities

andpotentiallyinaccuratefairvaluationofthosesecurities.MarkettimingbyAccessPersonsisstrictly

prohibitedwhetherornotthemarkettimingrelatestoproductsadvisedorsub-advisedbyPineBridge.

**7. GiftingofSecurities/Inheritance**

The gifting of Securities or receiving of securities from an inheritance is permitted without pre-

clearance.Nonetheless, these Securities must be disclosed in StarCompliance and reported.

**8. Cryptocurrency**

Cryptocurrencyisadigitalcurrencyinwhichencryption techniquesareusedto regulatethegeneration

of units of currency and verify the transfer of funds, operating independently of a central bank. Also

referred to as digital currencies, alternative currencies and virtual currencies, cryptocurrencies

generally utilize blockchain technologies, which is a distributed ledger system. There are more than

1500 cryptocurrencies and popular examples include Bitcoin, Ethereum, Ripple, Litecoin, and NEO.

PineBridge does not currently trade in cryptocurrencies for its Clients. Because there is no potential

conflict with Client trading, Access Persons are permitted to trade in cryptocurrency without

preapprovaltoComplianceandwithoutdisclosingtheirtradingaccountssubjecttothecomplianceof

local laws and regulations. However, trading in cryptocurrencies is highly speculative and includes a

highriskofloss.Additionally,theregulatorylandscapeconcerningcryptocurrenciesisstillinitsinfancy

andsome nationsand financialregulatorsmaylimit orrestricttrading and actions that are perceived

as criminal in nature (including money laundering). Any Access Person choosing to trade in

cryptocurrenciesshouldproceedwithcaution,especiallytomeetfitandpropercriteriawhichincludes

financialsoundness.Alsotheyshould ensuretheyare complyingwithanylocallawsandregulations

adhering to all other sections of the Code, including high frequency or day-trading.

*Note 1: Although Cryptocurrencies do not generally trade on regulated exchanges,*

*AccessPersonsstillneedtoobtainpre-approvalpriortotradingderivativeproducts(e.g.*

*futures) where the underlying instrument is a cryptocurrency. For example, the Chicago*

*Mercantile Exchange ("CME") currently offers trading on Bitcoin futures. If an Access*

*Person wanted to trade in the Bitcoin future on the CME,they would need to obtainpre-*

*approval and comply with the Code.*

***B.Reporting***

**1. DisclosureofHoldingsandAccounts**

Access Persons must disclose via the "Initial Holdings Report" or through direct registration in

StarCompliance to the Compliance Department, whether they have a direct or indirect Beneficial

Ownership and/or control of any Securities or affiliated fund accounts within 10 calendar days of

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

commencementofemployment(suchinformationmustbecurrentasofadatenomorethan45days

prior to employment).

If an Access Person subsequently opens a new account of which he/she has Beneficial Ownership

and/orcontrol(whetherornotthisaccountholdsreportableSecurities),theAccessPersonmustnotify

the Compliance Department via StarCompliance within 10 calendar days following the opening of

suchaccount.Securitiesheldincertificateformthatarenotheldinstreetnamemustalsobereported

to the Compliance Department via StarCompliance.Accounts that only have the ability to invest in

ExemptSecurities(suchas unaffiliated mutualfunds, 529 Plans investing in only ExemptSecurities,

and 401(k) Plans investing in only Exempt Securities) as defined in the Exempt Securities section

above are not required to be reported.All reports submitted to the Compliance Department will be

treated as confidential. Accounts at qualifying Robo-Advisers are not required to be disclosed in

StarCompliance if the Robo-Advisers investment options are pre-selected by the Robo-Adviser and

theAccessPersonisnotabletopickindividualstocksand/orfundstoinvestin.Examplesofqualifying

Robo-Advisers include, but are not limited to, Betterment, Wealthfront, Acorns, MarketRiders,

Creditease'sToumiRA,andAlgebra.IfthereisaquestionregardingwhetheraRobo-Adviserqualifies

under the Code, please consult Compliance.

AnyAccessPersonwhofailstoreporthisorherholdingsortheopeningofanewbrokerageaccount

in accordance with this Code shall be deemed to be in violation of this Code.

*Note 1: An account withno holdings, and wherethe AccessPersonhas no intent touse*

*theaccountgoingforward,* ***muststillbereported****totheComplianceDepartmentandis*

*stillsubjecttothisCode.ByreportingtheaccounttoCompliance,anysubsequentactivity*

*in such accounts will be reported.*

**AnnualHoldingsReport**

AccessPersonsmustprovideandcertifyonanannualbasis,areportoftheiraccountsandbeneficial

holdingswithin30daysafterthecalendaryearend.Theinformationmustbecurrentasofadateno

more than 45 days prior to the submission of the report.

**2. TransactionsforAccessPersons**

Access Persons must arrange for the Compliance Department to be provided all transactions

electronically in an account that is Beneficially Owned and/or controlled by such Access Person.In

orderfortheAccessPersontoarrangethedeliveryofelectronicdata,theAccessPersonmustnotify

the Compliance Department of the broker-dealer(s) from which the Compliance Department will

request the setup of the electronic transactional feed. The <u>Approved E-feedable Brokers</u>list is

available on SOURCE. Access Persons must arrange for the Compliance Department to receive

transaction data through electronic delivery directly from the broker-dealer.

*NOTE: For Access Persons located in Asia and EMEA where, due to regulatory requirements or*

*market practice, electronic feeds of transactions are unavailable, Access Persons are required to*

*provide the Compliance Department on a timely basis with duplicate copies of confirmations for all*

*transactions and periodic broker statements in relation to account(s) that are Beneficially Owned*

*and/or controlled by such Access Person.*

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

*Note1:****ElectronicBrokerFeeds***

*AccessPersonsemployedbyPineBridgeentitiesintheAmericas,andHouseholdMembersofthose*

*AccessPersons, mustmaintainpersonalsecurities accountsinwhichtheyhave abeneficial interest*

*at brokerage firms that are able to provide the transaction data electronically to PineBridge.If an*

*AmericasAccessPersonmaintainsanaccount(s)priortojoiningPineBridgewithbrokeragefirmsthat*

*do not provide data electronically to PineBridge, he/she will be asked to move the account(s) to a*

*brokerage firm that does within 60 days of employment. The Approved Brokers list is available on*

*SOURCE.AccessPersonsoutsideoftheAmericasshouldalsoendeavortoprovidetransactiondata*

*throughelectronicdeliverywherepossible.IfanAccessPersonoutsideoftheAmericasmaintainsan*

*account at a broker where electronic feeds are available, the Access Person must enable the*

*electronic feed to be delivered to StarCompliance. For certain brokers, this may require additional*

*action by the Access Person. This requirement applies to all accounts, even if an account has no*

*holdings or trading activity.*

*Note2:****Non-Discretionary/ManagedAccounts****,inwhichanAccessPersondoesNOThavetrading*

*discretion and the account is managed by a third party and who executes trades and manages an*

*accountonbehalfoftheAccessPerson,****arerequiredtobereported.****Transactionsinsuchaccounts*

*donotrequirepre-clearanceandare notsubjecttothe Blackout Periodor Short-TermTradingrules,*

*however reporting is still required.Therefore, for such discretionary / managed accounts, Access*

*PersonsmustensuretheyprovideduplicateconfirmationsandstatementstotheCompliance*

*Department,orforAccessPersonslocatedintheAmericas,brokeragefirmsthatprovidetransaction*

*data electronically to PineBridge must be used (per Note 1 above). Accounts at Robo-Advisers are*

*not subject to reporting, subject to the compliance of local laws and regulations.*

**QuarterlyTransactionsCertification–ForAccessPersonsLocatedOutsideoftheAmericas**

Access Persons who are located outside of the Americas are required, within 30 days after the

calendarquarter,tocompleteareportofalltransactionsinSecuritiesofwhichtheAccessPersonhad

Beneficial Ownership and/or control (except for those Securities classified as Exempt Securities).

Access Persons who are located outside of the Americas must complete the report even if no

reportable transactions occurred during the quarter.

**ExceptionstoReportingRequirements**

A Non-Executive Director is not subject to the reporting requirements of B.1 or B.2 above; however,

a quarterly report under B.2 is required if the Non-Executive Director, at the time of the transaction,

knewor,intheordinarycourseoffulfillingtheNon-ExecutiveDirector'sofficialdutiesasadirectorof

PineBridge, should have known that: (a) PineBridge engaged in a transaction in the same security

withinthelastseven(7)calendardaysorisengagingorgoingtoengageinatransactioninthesame

security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7)

calendar days considered a transaction in the same security or is considering a transaction in the

same security within the next seven (7) calendar days.

***C.Exceptions***

Compliancemaygrantexceptionstotheaboverulesattheirdiscretion.Anysuchexceptionswillbe

approved by the Chief Compliance Officer and communicated to the relevant employee.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

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| | | | |
|:---|:---|:---|:---|
| **Transactions& SecuritiesMatrix** | **Transactions& SecuritiesMatrix** | **Transactions& SecuritiesMatrix** | **Transactions& SecuritiesMatrix** |
| **Type/Description** | **Pre-clearance** <br>**Required?**<br>| **Reporting** <br>**Required**<br>| **AdditionalInformation** |
| **TransactioninNon-**<br>**Exempt Security** <br>(e.g. common stock)<br>| | | |
| **TransactioninanExempt** <br>**Security**<br>(e.g.unaffiliatedmutual <br>fund)<br>| X | X | |
| **ExemptTransaction**<br>(e.g.ETF)<br>| X | | |
| **TransactionsinAffiliated** <br>**Funds**<br>| | | |
| **Transactions in** <br>**PineBridgeSponsored** <br>**Funds**<br>| X | | |
| **TransactionsinIPOs** | | | **Investment Personnel** are <br>prohibitedfrompurchasinganIPO.<br>|
| **PrivatePlacements** | | | **Pre-clearance:** Submit request <br>through StarCompliance Module <br>**Reporting:** Signed subscription/<br>dealdocumentsmust be provided <br>through the StarCompliance <br>system or via email to <br><u>StarCompliance@pinebridge.com</u>.<br>|

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**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| **BrokerageAccountsMatrix** | **BrokerageAccountsMatrix** | **BrokerageAccountsMatrix** | **BrokerageAccountsMatrix** | **BrokerageAccountsMatrix** |
| **Type/Description** | **Reporting** <br>**Required**<br>| **E-feed** <br>**Connection** <br>**Available?**<br>| **PaperBroker** <br>**Statementssent** <br>**toLocal** <br>**Compliance** <br>**Department?**<br>| **AdditionalInformation** |
| **ActiveBrokerage** <br>**Account for** <br>**Access Person** <br>**located <u>in the</u>**<br>**<u>Americas</u>**<br>|  |  | X | **Active Brokerage Account at** <br>**Non-E-FeedBrokerthatCannot** <br>**be Transferred:** Certain<br>accounts may not be able to <br>switch brokers (e.g. a <br>compensation plan); if this is the <br>case,reportingisrequiredbyway <br>of arranging for copies (paper or <br>pdf) of broker statements to be <br>sent to StarCompliance with the<br>coordinationoflocalCompliance <br>Department.<br>|
| **Active Brokerage** <br>**Account for** <br>**Access Person** <br>**located<u>outside</u><u>the</u>**<br>**<u>Americas</u>**<br>|  |  |  | **Possible e-feed connection:** If<br>the Non-U.S. Employee has an<br>account at an e-feed broker, the<br>Employee must authorize the e-<br>feed connection. If not, duplicate<br>copies (paper or pdf) of<br>statements must be sent to your<br>local Compliance department.<br>|
| **Active Brokerage** <br>**Accountsthatonly** <br>**invest in Exempt** <br>**Securities**<br>(e.g.several 529 <br>plans,several401K <br>plans, qualifying <br>Robo-Advisers)<br>| X | X | X | **Requirements:**An account <br>holding only Exempt Securities, <br>and where the Access Person<br>has no ability to invest in non-<br>Exempt securities, does not have <br>to be reported. *Accounts at* <br>*qualifying Robo-Advisers are not* <br>*subjecttoreporting,subjecttothe*<br>*complianceoflocallawsand* <br>*regulations.*<br>|
| **InactiveBrokerage** <br>**Account**<br>|  |  |  | **Requirements**:Anaccountwith <br>no holdings, and where the <br>Access Person has no intent to <br>use the account going forward, <br>must be reported.<br>|

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**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

VI.OutsideBusinessActivities

"<u>Outside</u><u>business</u><u>activities</u>"includeserviceasanemployee,consultant,boardmember,partner,officer,director,

owner or trustee of an organization that is not an affiliate of PineBridge.

Given the nature of the Firm's business, the Firm's duties to its clients and equity owners, and the role of

investment and financial advisory professionals generally, Access Persons who engage in outside business

activities may face numerous and significant potential conflicts of interest.Prior to pursuing any such outside

business activities, Access Persons (other than Non-Executive Directors) must:

• receive approval from the Access Person's supervising Managing Director or department head if the

outside business activity includes service on a board or similar body;

• complete a declaration under the Outside Activity section found on <u>StarCompliance within 30 calendar</u>

<u>days</u>, which will be reviewed and approved or disapproved (as appropriate) by the Compliance

Department and the Access Person's supervisor;

• if the outside business activity includes service on a board of directors or similar body, obtain the

Acknowledgment and Waiver Letter described below if required; and

• receive approval from your Supervising Managing Director for a presentation, talk, or service on a panel

in which you are offered an honorarium.

Hiring managers must obtain information regarding Outside Business Activities from potential new hires prior to

extendinganoffertoproactivelyidentifyanypotentialconflictsofinterest.Aninitialdisclosureofoutsidebusiness

activities must be made to the Compliance Department at the commencement of employment.

*Note:IftheBoardpositionisforapubliccompany(i.e.,thecompanyislistedonanexchange),Compliance*

*must be notified <u>prior to</u> such appointment.Public companies that have an Access Person as a Board*

*member will be added to the Restricted List until the Access Person no longer serves in a capacity in*

*which MNPI could be obtained.*

<u>General</u><u>Guidelines</u>

Whenengagedinanapprovedoutsidebusinessactivity,AccessPersonsmust:

• when a potential conflict of interest may arise, always make decisions in the best interest of PineBridge

and our customers – not to advance personal interest;

• remain aware of how personal activities can lead to potential conflicts, such as taking a second job with

or making an investment in a PineBridge customer, vendor or competitor;

• discusswithyourmanageranysituationthatcouldbeperceivedasapotentialconflictofinterest;and

• proactivelyaddresssituationsthatmayputyourinterestsorthoseofafamilymemberorfriendinpotential

conflict with PineBridge or its customers.

<u>Service</u><u>on</u><u>Outside</u><u>Boards</u>

<sup>6</sup>"PublicOfficial"includesotherrelatedpositionsinagovernmentcapacitythatmaycauseorappeartocausea

conflict of interest with PineBridge.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

TheComplianceDepartmentwilldetermine procedurestopreventthemisuseofmaterial,non-publicinformation,

which may be acquired through service on the board of a company, as well as other procedures or investment

restrictions, which may be required to prevent actual or potential conflicts of interest.

In certain circumstances, the corporation or other entity in which the board governs must provide the Access

Person with written assurances (an "<u>Acknowledgment and Waiver Letter</u>") regarding potential conflicts that may

arise from time to time.The Acknowledgement and Waiver Letter should include an acknowledgement by the

company that potential conflicts may exist, that the Access Person will resolve those conflicts in favor of

PineBridge,andthattheFirmhaswaivedanysuchconflicts.TheComplianceDepartmentmaydetermine,based

on the nature of the activity of serving on the Board, the position the Access Person holds on the board, the job

function of the Access Person at PineBridge, among other things, whether the Acknowledgement and Waiver

Letterisrequired.Dependingonthefactsandcircumstances,theComplianceDepartmentwillnotifytheAccess

Personifthe Acknowledgementand WaiverLetterisrequired.AformofAcknowledgementandWaiverLetteris

attached to this Code of Ethics as Appendix B.

In addition to complying with the policies and procedures set forth in this Code, Access Persons must be vigilant

in identifying and managing the potential conflicts of interest that may arise by virtue of their service on a board.

Depending on the circumstances, these conflicts may require the Access Person to recuse him- or herself from

deliberationsoftheboard.Insomecases,itmaybenecessarytoresignfromtheboardentirely.AccessPersons

shouldseek guidance from the Legal or Compliance Department as to how these potential conflicts may be best

addressed.

<u>Insolvent</u><u>companies</u>

Access Persons should also be aware that corporations that are insolvent or operating in the so-called "zone of

insolvency" may present particular legal challenges for officials and directors, including expansion of fiduciary

dutiestoincludethecorporation'screditors,aswellasitsshareholders.Thecaselawrelatingtodutiesofdirectors

ofinsolventcorporationsisunsettled,andmayvaryconsiderablyfromjurisdictiontojurisdiction.AccessPersons

servingonaboardthatbecomesinsolventorentersthevicinityofinsolvencyshouldseeklegalguidancepromptly

from the board's legal counsel.

ServiceasaPublicOfficial<sup>6</sup>

Beforeservingasapublicofficialorrunningforelectedoffice,anAccessPersonmustobtainpriorwrittenapproval

fromtheFirm'sGeneralCounselorhisorherdesignee.Itisimportantthatpersonalpoliticalactivitiesorinterests

do not conflict with responsibilities at PineBridge or imply the support of PineBridge.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

Specifically:

• The Firm's name should never be used by employees running for a political office, other than to identify

PineBridge as their employer;

• holdingorcampaigningforpoliticalofficebyaPineBridgeemployeemustnotcreate,orappeartocreate,

a conflict of interest with the Firm's duties;

• PineBridgefundsorotherPineBridgeassetsarenevertobeusedforpoliticalpurposes,includingpolitical

advocacy ("lobbying") without first consulting the Legal or Compliance Department;

• only authorized representatives can make corporate contributions to political candidates for public office

on behalf of PineBridge; and

• because laws and regulations governing corporate political activities and contributions are complex, the

LegalorComplianceDepartmentmustbeconsultedregardingcontributionstoensuresuchcontributions

and activities are permitted and consistent with the Firm's business strategy for the region.

To avoid even the appearance of any conflict with the Firm's interests, employees who participate in community

supporteffortsoutsideofPineBridgesponsoredprogramsshouldneverimplytheFirm'sendorsementoftheeffort.

<u>Exceptions</u>

Theterm"outside business activities" generally is not intended to include service to any organization that is (i) a

personal holding company or (<u>ii</u>) an entity identified in Section 501(c)(3) of the US Internal Revenue Code

(provided that it is an unpaid position).A "<u>personal holding company</u>" is an entity that:

• iswholly-ownedbytheAccessPersonand/ormembersoftheAccessPerson'simmediatefamily;

• isusedsolelyfortheAccessPerson'spersonalinvestments;

• isnotactivelymanaged;

• doesnothaveanydealingswithPineBridgeoritsClients;and

• doesnotcompetewithPineBridge.

The approvals required for outside business activities are not required for activities relating to those exempted

organizations. However, these activities must be reported in StarCompliance.

Activitiessuchasownershipordirectorshipofacompanywhosesolepurposeistoholdapropertythatgenerates

passiverentalincome,membershipontheboardofaresidenceandothersimilaractivitieswillnotbeconsidered

outside business activities and are exempt from the approval and reporting requirements.If you have any

questions on activities not specifically mentioned, please contact the Compliance Department.

Inaddition,ConsultantsorContingentWorkersdeemedAccessPersonsarenotrequiredtodisclosetheirprimary

employer as an Outside Business Activity.For example, if PineBridge hires a Consultant from ABC Consulting

Firm and the Consultant is determined to be an Access Person, the Consultant is not required to disclose ABC

Consulting Firm as an Outside Business Activity.

<sup>7</sup>RelevantFunctionorActivity:Anyfunctioneitherofapublicnature,connectedwithabusiness,performedinthe

course of a person's employment or performed on behalf of a company or another body of persons.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

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**PineBridgeCodeofEthics**<br>

VII.Gifts&Entertainment

Modest Gifts and appropriate Entertainment can help strengthen business relationships, but these business

courtesies, whether given or received by PineBridge employees, must never improperly influence business

decisions or bring about the improper performance of a Relevant Function or Activity<sup>7</sup>.Accordingly, it is best

practice to monitor the offer and receipt of Gifts and/or Entertainment. In all matters related to Gifts or

Entertainment, it is the responsibility of the Access Person to exercise good judgment.

The below requirements related to Gifts and Entertainment apply in most regions; however local thresholds and

reporting procedures may exist in certain jurisdictions. Additionally, certain clients or counterparties (e.g.

government entities and/or plans) may have stricter rules and prohibitions regarding giving or receiving gifts and

entertainment. Please consult your regional policies and procedures or discuss with your regional compliance

officer.Please note that amounts are stated in US dollars.

1.**GeneralGuidelines:**

Offering and/or accepting Giftsand Entertainment is appropriateprovidedthere isabusinesspurpose, the

expense incurred is ordinary and necessary, and the Gift or Entertainment falls within this Code and all

relevant laws and regulations.Special care must be taken when providing Gifts and Entertainment to

officialsoremployeesofgovernmentsorgovernmentownedorcontrolledenterprisesorotherofficialswho

hold legislative, administrative or judicial positions.When providing Gifts or Entertainment to government

officialsoremployeesofgovernmentownedorcontrolledenterprises,youarerequiredtoabidebylocallaw

and the Firm's anti-corruption policies.Access Persons should:

**(1)**never allow business Giftsand Entertainment, whether given or received, to improperlyinfluence

business decisions or bring about the improper performance of a relevant function or activity;

**(2)**rememberifthedonorisnotpresent,thentheEntertainmentissubjecttoGiftpolicies;

**(3)**respectlocalandculturalsensitivitieswhenexchangingbusinessGiftsandEntertainment;

**(4)**neverprovideoracceptextravagantGiftsorlavishEntertainment;

**(5)**neverofferorreceiveanythingthatcouldbeconsideredabribeorotherimproperpaymentorGift;

**(6)**neversolicitGifts,favorsorEntertainment;

**(7)**ensurethat Giftsand Entertainment arereasonable, ordinary,ingood taste,customaryand lawfulin

the country or region where they are exchanged; and

**(8)**neverofferoracceptcashorcashequivalent(i.e.,giftcards)inany amount.

<sup>8</sup>Reportingrequirementsdonotapplytogiftsofminimalvalue(e.g.,pens,notepadsormodestdeskornaments) or to

promotional items valued at less than $20 that display the PineBridge logo (e.g. umbrellas, tote bags or shirts).

<sup>9</sup>EmployeesthatareRegisteredRepresentativesofPineBridgeSecuritiesLLCmaynotofferorreceivegiftsin excess

of $100 and must report all gifts given or received, regardless of the amount.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

AccesspersonsareexpectedtoconsultwiththeComplianceDepartmentiftheyhaveanyquestionsregarding

Gifts or Entertainment.

**2. GivingGifts:**

Access Persons (other than Non-Executive Directors) giving Gifts to prospective or existing clients or

counterparties must submit a Gifts Disclosure in StarCompliance for all Gifts within 30 calendar days of

giving the Gift.<sup>8</sup>Access Persons may not provide Gifts to a prospective or existing individual of a client

exceeding $100 in aggregate in any calendar year.Any exception to the $100 limit must be approved in

writingbytheAccessPerson'ssupervisingManagingDirectorinadvanceofgivingtheGift.AccessPersons

aregenerallyprohibitedfromprovidingGiftsvaluedatmorethan$150,however,exceptionsmaybegranted

in certain instances provided that prior approval is received from the regional head of compliance and line

of business supervisor.

**3. ReceivingGifts:**

All Gifts received<sup>9</sup>by Access Persons (other than Non-Executive Directors) exceeding the De Minimis

AmountmustbereportedviatheGiftsandEntertainmentDisclosureonStarCompliancewithin30 calendar

days of the date of receipt of such Gift.In addition, Gifts valued at more than $100 must be approved by

the Access Person's supervisor within five (5) business days.While PineBridge has adopted a prohibition

on Gifts valued at more than $150, certain Gifts in excess of $150 received by Access Persons may be

accepted, provided that they be shared among the department receiving the Gift.The manager of the

department receiving the gift is responsible for seeing that the gift is reported via StarCompliance.Where

suchaGiftcannotbereasonablysharedamongstemployees(asinthecaseofanitemofclothing),theGift

may be accepted and subsequently donated to charity.This includes, among other things, gratuities and

Gifts received by Access Persons for speaking engagements.

If you are offered a Gift that does not meet the above criteria, politely decline the Gift. If declining a Gift

would be offensive or hurt a business relationship, accept the Gift on behalf of PineBridge and submit a

written Gift report to your supervisor, and work with your supervisor and the Compliance Department to

determine the appropriate disposition of the Gift.

**4. EntertainmentGiven:**

Any entertainment given, excluding client meals, byan Access Person (other than a Non-Executive

Director)mustbereportedthroughStarCompliancewithin30calendardaysofprovidingsuchEntertainment.

IftherearemultipleAccessPersons givingtheEntertainment,thenonlyoneAccessPersonneedtoreport

the entertainment in StarComplianceso longas all Access Persons are named within thereport.

Clientmealsmustbe disclosedintheConcurexpense reportingsystem.Onaquarterlybasis Compliance

will review expense reports related to client meals given by Access Persons for any prohibited activities.

outlinedearlierinthepolicy.AccessPersonsmustalsocomplywithtravelandentertainmentpolicies

<sup>10</sup>DependentHouseholdMembersforpurposesofthispolicyincludeindividualswhoareeitherfamilymembers or

with whom you share a residence whom you also claim as a dependent for tax purposes.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

developed by PineBridge.For any office that is not currently using the Concur system, please contact the

PineBridge Accounts Payable Team to ensure that disclosure of a client meal is recorded.

Travel,includingflights,hotels,andlavishdestinations,shouldnotbegiventoprospectiveorexistingclients

unless under special circumstances. Contact the Compliance Department prior to extending travel

accommodations to a client. Managing Director approval may also be required for certain client travel

situations. In the case of PineBridge offering hotel lodging, this is permitted for only the night(s) related to

the event (no extra nights). High-profile special events require prior approval from the Access Person's

supervisingManagingDirectorordepartmenthead(e.g.TheWorldCup,TheSuperBowl,andNBAPlayoffs,

etc.).

**5. EntertainmentReceived:**

Access Persons (other than Non-Executive Directors) must report through the StarCompliance system all

Entertainment received within 30 calendar days of the receipt of such Entertainment.

Entertainment includes but is not limited to: meals, cocktails, outings (e.g. golf, theater tickets, concerts,

sporting events) and holiday parties when the third party provider is in attendance.

VIII.Political&CharitableContributions

***A.PoliticalContributions***

PineBridge is committed to complying with all applicable regulations related to political contributions.Certain of

these regulations may disqualify PineBridge from seeking business from a potential client on the basis of a

contributionmade byan employee.Employeesarerequiredto familiarizethemselveswithand abideby policies

and procedures covering politicalcontributionsestablished byPineBridge and regionalcompliance departments.

Contactyourmanageroryourlocalcomplianceofficerifyouhaveanyquestionsonthepoliciesthatareapplicable

toyou.Forthepurposesofthispolicy,a"CoveredAssociate"isdefinedasanemployeeofPineBridgeInvestments

LLC or PineBridge Galaxy LLC (both US SEC registered investment advisers).

In order to avoid current or potential future conflicts of interest, Covered Associates, together with their spouse

and dependent Household Members<sup>10</sup>, **must obtain <u>prior approval</u> from Compliance through the**

**StarCompliance system <u>before</u> making any political contributions to any state or local US government**

**official or candidate.** Covered Associates, together with their spouse and dependent Household Members, are

prohibited from making political contributions to any state or local US government official, entity or political party

(includingincumbents,candidatesorsuccessfulcandidatesforelectedoffice,includingany electioncommittees)

that in aggregate are in excess of the following limits:

A.Up to $150 per candidate, per election to candidates for whom the Covered Associate is not entitled to

vote;

<sup>11</sup>Apersonis"entitledtovote"foranofficialiftheperson'sprimaryresidenceisinthelocalityinwhichtheofficial

seeks election.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

B.Upto$350percandidate,perelectiontocandidatesforwhomtheCoveredAssociateisentitledtovote<sup>11</sup>;

and

C.Up to $350 per Political Party, Political Action Committee ("PAC") or similar organization established in

support of a PoliticalParty orparticular candidate per election, as longas the contribution to the Political

Party, PAC or similar organization is not used to indirectly exceed the limits in A. and B. above.

Please note that these limits apply to all states and political subdivisions of states (e.g. cities, counties,

municipalities, etc.), including pools of assets sponsored or established by a state or local government (e.g.

pension plans for government employees).

However, these limits and the requirement to obtain prior approval from Compliance do not apply to candidates

for Federal office (US Senate, House of Representatives, or presidency) who do not currently hold any state or

localgovernmentoffice.Inaddition,althoughthisPolicyislimitedtoalsoincludedependentHouseholdMembers,

it should be very clear that no Covered Associate may indirectly seek to circumnavigate the intent of this rule

through other individuals or means, such as through privately owned corporations.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

Covered Associates are prohibited from compensating (or coordinating or soliciting) any third party (such as a

placement agent or PAC) to solicit advisory business from a US government official, entity or political party (as

described in further detail above), unless the third party is registered as either a US broker-dealer or investment

adviser and has certain similar restrictions in place. Americas Compliance must be consulted prior to: (1) hiring/

using any such service; and (2) any change in the third party's activities, where the third party may solicit

business in the US.

Thepolicy also includes providing"in-kind" non-cashcontributions to apoliticalcampaign.For example,the use

oftheCovered Associates' or Firm's time orresources tobenefit anystateor localUS government official, entity

or political party would be subject to the above limits.

NoteforallCoveredAssociates:TheSEC'sadoptingrelease(ReleaseNo.IA-3043)totheruleregarding"Political

Contributions by Certain Investment Advisers" provides further guidance such that PineBridge Investments LLC

and Covered Associates must never "funnel payments through third parties, including, for example, consultants,

attorneys, family members, friends or companies affiliated with the adviser as a means to circumvent the rule."

Non-compliancewiththissectionmayresultindisciplinaryaction,upto,andincludingterminationofemployment.

CoveredAssociates mayberequiredtocertifytheircompliancewiththeaboverequirementsonaperiodicbasis.

AnyrequestforexceptionsmustbemadetoAmericasCompliancepriortoanycontributionbeingmade.

***B.PersonalCharitableContributionsInvolvingaPotentialorExistingClient***

PineBridge may, from time to time, provide sponsorship and/or assistance to bona fide charities, educational

establishments, community groups and other organizations, whether in the form of funds, assets, services, or

other types of support (collectively "Charitable Contributions").

All contributions must be for a bona fide charitable purpose and must not conflict with the terms of the Code of

Ethics or any other PineBridge policy.Access Persons (other than Non-Executive Directors) must receive pre-

approvalfor<u>any</u>**<u>personal</u>**CharitableContribution(s)viatheStarCompliancesystemthroughthe"OutsideActivity"

moduleinanyscenariowhereapotentialorexistingclientisaskinganAccessPersontocontributeusingpersonal

funds.

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

AppendixA:ExemptTransactions

**Introduction**

The Firm's Code provides that no Access Person may knowingly engage in the purchase or sale of a Security

(other than an Exempt Security) or Related Security of which he/she has Beneficial Ownership and/or control

(other than an Exempt Transaction), and which, within seven (7) calendar days before and after the transaction:

1. isbeingconsideredforpurchaseorsalebyaClient,or

2. isbeingpurchasedorsoldbyaClient.

The Code provides further that classes of transactions may be designated as Exempt Transactions by the

Compliance Department.

**DesignationofExemptTransactions**

In accordance with the Code, the Compliance Department has designated the following classes of transactions

asExemptTransactions, based upona determination that the transactions do not involve anyrealistic possibility

of a violation of applicable regulations.Unless otherwise noted, the following transactions do not require pre-

clearance, **butaresubject tothereportingrequirementsoftheCode** (i.e.,reportedin StarCompliance viaan

electronic broker feed or by way of the Compliance Department receiving paper or pdf confirms and statements

from the broker).Exempt Transactions are not subject to the 30 day short-term trading limitation:

1. Purchases or sales of Securities that are not eligible for purchase or sale by Advisory Clients, for example,

shares in closely held or family held companies.

2. PurchasesofSecuritiesunderautomaticordividendreinvestmentplans.

3. Purchases of Securities by exercise of rights issued to the holders of a class of Securities pro-rata, to the

extent they are issued with respect to Securities of which an Access Person has Beneficial Ownership.

4. PurchasesofSecuritiesbyexerciseofrightsgrantedtoemployeesunderemployeestockownershipplan.

5. AcquisitionsordispositionsofSecuritiesasaresultofastockdividend,stocksplit,reversestocksplit,merger,

consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a

class of Securities of which an Access Person has Beneficial Ownership.

6. Acquisitions of Securities by the exercise of rights which are granted to borrowers/policyholders of financial

institutions which apply for a public listing of their shares and offer "Free" shares to existing borrowers/

policyholders.

7. TransactionsinETFsandExchangeTradedNotes.

8. Transactionsinclosed-endfunds.

9. Foreign Currency transactions. (Note: There is no requirement to report or pre-clear any normal foreign

exchange transactions (e.g. converting Euros for US Dollars) or report holdings in foreign currency.)

10. Futures, options trading and spread betting on broad based indices, such as the S&P 500. (Note: All other

spread betting must be pre-cleared.)

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

11. AcquisitionofsecuritiesduetoinvolvementinanapprovedOutsideBusinessActivity(asdefinedinthisCode).

AppendixB:Acknowledgement&WaiverLetter

**<u>BY</u><u>FIRST</u><u>CLASS</u> <u>MAIL</u>**

[Date]

[Address]

**AcknowledgementandWaiver**

Dear[BoardMember]:

Thisletterwillconfirmtheunderstandingbetween[] (the "<u>Company</u>") and you regarding certain

matters relating to your service on the Board of Directors of the Company (the "<u>Board</u>").

TheCompanyhasbeeninformedbyyouthatyouareemployedbyamembercompanyofPineBridgeInvestments,

whichprovidesinvestmentadvisory,financialandotherrelatedservicestoarangeofclients.Inthatregard, you

may owe certain fiduciary and other duties to such clients and to PineBridge Investments (collectively, the

"<u>PineBridge Parties</u>").From time to time, these duties may conflict with your duties to the Company, its

shareholders or the Board (the "<u>Company Parties</u>") that may arise as a member of the Board.

To the extent permitted under applicable law, the Company hereby waives any conflicts arising from your duties

tothePineBridgeParties.Withoutinanywaylimitingtheforegoing,theCompanyacknowledgesandagreesthat

(i) you will resolve any such conflict in all respects in favor of the relevant PineBridge Parties; (<u>ii</u>) such conflicts

fromtimetotimemaycauseyoutorecuseyourselffromdeliberationsoftheBoardoranyofitscommittees,orto

withdrawfromtheBoard;and(<u>iii</u>)youwillbeundernoobligationor dutytotheCompany Parties(oranyofthem)

withrespecttobusinessopportunitiesthatyoubecomeawareofotherthaninconnectionwithyourserviceonthe

Board, including, without limitation, any such opportunities that you become aware of in connection with your

employment by PineBridge Investments.

The Company acknowledges that you are serving on the Board strictly in your individual capacity and not as an

agent or designee of any PineBridge Party.

To the extent practicable, the Company and the Board will undertake to inform you of any conflicts that exist or

that mayarise from timeto time betweentheCompany Parties,ononehand,and the PineBridge Parties,on the

other hand.

Nothinginthisletterisintended,norshallitbedeemed,inanywaytolimitanyindemnity,release,exculpationor

similar rights and protections to which you are entitled under applicable law, the Company's organizational

documents or any other agreement or instrument.

Verytrulyyours,

[NameoftheCompany]

**Importantnote:**PleasealwaysrefertothePineBridgeInvestmentsintranetsiteforthemostup-to-dateversionofthisCodeofEthics.<br>

![image_1.jpg](image_1.jpg)

**PineBridgeCodeofEthics**<br>

By:[AuthorizedOfficeroftheCompany –Name/Title]

By:[ChairmanoftheBoardofDirectors–Name/Title]

## Ex-99.(P)(13)

ComplianceManual

Version2.2

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**CodeofBusinessConductand Ethics**<br>RevisedJune 2025<br>

PzenaInvestmentManagement,LLC

ComplianceManual

Version2.2

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|  | CODEOFBUSINESSCONDUCTAND ETHICS |
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Dear Colleagues/Associates:

The good name and reputation of Pzena Investment Management, LLC and its subsidiaries

(collectively, the "Company") are a result of the dedication and hard work of all of us.Together, we are

responsibleforpreservingandenhancingthisreputation,ataskthatisfundamentaltoourcontinuedwell-being.

Ourgoalisnotjusttocomplywiththelawsandregulationsthatapplytoourbusiness;wealsostrivetoabideby

the highest standards of business conduct.

Set forth in the succeeding pages is the Company's Code of Business Conduct and Ethics ("the

Code").ThepurposeoftheCodeistoreinforceandenhancetheCompany'sethicalwayofdoingbusinessand,

in particular, to provide regulations and procedures consistent with the Investment Company Act of 1940 and

the Investment Advisers Act of 1940.The contents of the Code are not new, however.The policies set forth

here are part of the Company's long-standing tradition of ethical business standards.

All employees, officers and directors are expected to comply with the policies set forth in the

Code.Read the Code carefully and make sure that you understand it, the consequences of non-compliance,

and the Code's importance to the success of the Company.If you have any questions, speak to the Chief

Compliance Officer or any of the alternate Compliance Officers identified in the Code.

The Code should be viewed as the minimum requirementsfor conduct. The Code cannot and is

not intendedtocover everyapplicablelaworprovideanswerstoallquestionsthatmight arise;forthatwemust

ultimately rely on each person's good sense of what is right, including a sense of when it is proper to seek

guidancefromothersontheappropriatecourseofconduct.Whenindoubtabouttheadvisabilityorproprietyof

a particular practice or matter, please confer with the Legal and/or Compliance departments.

We at the Company are committed to providing the best and most competitive services to our

clients.Adherence to the policies set forth in the Code will help us achieve that goal.

Sincerely,

RichardS.Pzena

ComplianceManual

1<br>

Version2.2

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|  | CODEOFBUSINESSCONDUCTAND ETHICS |
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**Tableof Contents**

Page

[PUTTING](#ifb89a4115afb46ae82c8571832b23c37_10)[THIS CODE](#ifb89a4115afb46ae82c8571832b23c37_10)[OF](#ifb89a4115afb46ae82c8571832b23c37_10)[BUSINESS](#ifb89a4115afb46ae82c8571832b23c37_10)[CONDUCT AND](#ifb89a4115afb46ae82c8571832b23c37_10)[ETHICS](#ifb89a4115afb46ae82c8571832b23c37_10)[TO](#ifb89a4115afb46ae82c8571832b23c37_10) [WORK](#ifb89a4115afb46ae82c8571832b23c37_10)[1](#ifb89a4115afb46ae82c8571832b23c37_10)

[About](#ifb89a4115afb46ae82c8571832b23c37_10)[this Code](#ifb89a4115afb46ae82c8571832b23c37_10)[of Business](#ifb89a4115afb46ae82c8571832b23c37_10)[Conduct](#ifb89a4115afb46ae82c8571832b23c37_10)[and](#ifb89a4115afb46ae82c8571832b23c37_10) [Ethics](#ifb89a4115afb46ae82c8571832b23c37_10)[1](#ifb89a4115afb46ae82c8571832b23c37_10)

[Purpose](#ifb89a4115afb46ae82c8571832b23c37_10)[1](#ifb89a4115afb46ae82c8571832b23c37_10)

[Employee](#ifb89a4115afb46ae82c8571832b23c37_10) [Provisions](#ifb89a4115afb46ae82c8571832b23c37_10)[2](#ifb89a4115afb46ae82c8571832b23c37_10)

[Implementation](#ifb89a4115afb46ae82c8571832b23c37_10)[2](#ifb89a4115afb46ae82c8571832b23c37_10)

[Definitions](#ifb89a4115afb46ae82c8571832b23c37_13)[4](#ifb89a4115afb46ae82c8571832b23c37_13)

[RESPONSIBILITY](#ifb89a4115afb46ae82c8571832b23c37_16)[TO](#ifb89a4115afb46ae82c8571832b23c37_16)[OUR](#ifb89a4115afb46ae82c8571832b23c37_16)[ORGANIZATION](#ifb89a4115afb46ae82c8571832b23c37_16)[5](#ifb89a4115afb46ae82c8571832b23c37_16)

[Conflicts of](#ifb89a4115afb46ae82c8571832b23c37_16)[Interest](#ifb89a4115afb46ae82c8571832b23c37_16)[5](#ifb89a4115afb46ae82c8571832b23c37_16)

[Prohibited](#ifb89a4115afb46ae82c8571832b23c37_16)[Transactions](#ifb89a4115afb46ae82c8571832b23c37_16)[with](#ifb89a4115afb46ae82c8571832b23c37_16)[Respect](#ifb89a4115afb46ae82c8571832b23c37_16)[to Non-Company](#ifb89a4115afb46ae82c8571832b23c37_16)[Securities](#ifb89a4115afb46ae82c8571832b23c37_16)[6](#ifb89a4115afb46ae82c8571832b23c37_16)

[Employee](#ifb89a4115afb46ae82c8571832b23c37_16)[Trading](#ifb89a4115afb46ae82c8571832b23c37_16)[Exceptions with](#ifb89a4115afb46ae82c8571832b23c37_16)[Respect](#ifb89a4115afb46ae82c8571832b23c37_16)[to](#ifb89a4115afb46ae82c8571832b23c37_16)[Non-Company](#ifb89a4115afb46ae82c8571832b23c37_16) [Securities](#ifb89a4115afb46ae82c8571832b23c37_16)[7](#ifb89a4115afb46ae82c8571832b23c37_16)

[Exempt](#ifb89a4115afb46ae82c8571832b23c37_16) [Transactions](#ifb89a4115afb46ae82c8571832b23c37_16)[7](#ifb89a4115afb46ae82c8571832b23c37_16)

[Pre-Clearance](#ifb89a4115afb46ae82c8571832b23c37_16) [Requirement](#ifb89a4115afb46ae82c8571832b23c37_16)[8](#ifb89a4115afb46ae82c8571832b23c37_16)

[Reporting](#ifb89a4115afb46ae82c8571832b23c37_16) [Requirements](#ifb89a4115afb46ae82c8571832b23c37_16)[9](#ifb89a4115afb46ae82c8571832b23c37_16)

[Other](#ifb89a4115afb46ae82c8571832b23c37_16) [Prohibitions](#ifb89a4115afb46ae82c8571832b23c37_16)[11](#ifb89a4115afb46ae82c8571832b23c37_16)

[Company](#ifb89a4115afb46ae82c8571832b23c37_16)[Disclosures](#ifb89a4115afb46ae82c8571832b23c37_16)[13](#ifb89a4115afb46ae82c8571832b23c37_16)

[Review](#ifb89a4115afb46ae82c8571832b23c37_16)[13](#ifb89a4115afb46ae82c8571832b23c37_16)

[Reporting](#ifb89a4115afb46ae82c8571832b23c37_16) [Violations](#ifb89a4115afb46ae82c8571832b23c37_16)[13](#ifb89a4115afb46ae82c8571832b23c37_16)

[Background](#ifb89a4115afb46ae82c8571832b23c37_16)[Checks](#ifb89a4115afb46ae82c8571832b23c37_16)[14](#ifb89a4115afb46ae82c8571832b23c37_16)

[Sanctions](#ifb89a4115afb46ae82c8571832b23c37_16)[14](#ifb89a4115afb46ae82c8571832b23c37_16)

[Required](#ifb89a4115afb46ae82c8571832b23c37_16)[Records](#ifb89a4115afb46ae82c8571832b23c37_16)[14](#ifb89a4115afb46ae82c8571832b23c37_16)

[Record](#ifb89a4115afb46ae82c8571832b23c37_16) [Retention](#ifb89a4115afb46ae82c8571832b23c37_16)[15](#ifb89a4115afb46ae82c8571832b23c37_16)

[Waivers](#ifb89a4115afb46ae82c8571832b23c37_16)[of this](#ifb89a4115afb46ae82c8571832b23c37_16) [Code](#ifb89a4115afb46ae82c8571832b23c37_16)[15](#ifb89a4115afb46ae82c8571832b23c37_16)

[Corporate](#ifb89a4115afb46ae82c8571832b23c37_16) [Opportunities](#ifb89a4115afb46ae82c8571832b23c37_16)[15](#ifb89a4115afb46ae82c8571832b23c37_16)

[Protection](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16)[Proper](#ifb89a4115afb46ae82c8571832b23c37_16)[Use](#ifb89a4115afb46ae82c8571832b23c37_16)[of Company](#ifb89a4115afb46ae82c8571832b23c37_16) [Assets](#ifb89a4115afb46ae82c8571832b23c37_16)[16](#ifb89a4115afb46ae82c8571832b23c37_16)

[Client](#ifb89a4115afb46ae82c8571832b23c37_16)[Information](#ifb89a4115afb46ae82c8571832b23c37_16)[16](#ifb89a4115afb46ae82c8571832b23c37_16)

[Portfolio](#ifb89a4115afb46ae82c8571832b23c37_16)[Company](#ifb89a4115afb46ae82c8571832b23c37_16) [Information](#ifb89a4115afb46ae82c8571832b23c37_16)[16](#ifb89a4115afb46ae82c8571832b23c37_16)

[Company](#ifb89a4115afb46ae82c8571832b23c37_16)[Information](#ifb89a4115afb46ae82c8571832b23c37_16)[16](#ifb89a4115afb46ae82c8571832b23c37_16)

[INSIDER](#ifb89a4115afb46ae82c8571832b23c37_16)[TRADING](#ifb89a4115afb46ae82c8571832b23c37_16)[17](#ifb89a4115afb46ae82c8571832b23c37_16)

[FAIR](#ifb89a4115afb46ae82c8571832b23c37_16) [DEALING](#ifb89a4115afb46ae82c8571832b23c37_16)[17](#ifb89a4115afb46ae82c8571832b23c37_16)

[Antitrust](#ifb89a4115afb46ae82c8571832b23c37_16) [Laws](#ifb89a4115afb46ae82c8571832b23c37_16)[17](#ifb89a4115afb46ae82c8571832b23c37_16)

[Conspiracies](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16)[Collaborations](#ifb89a4115afb46ae82c8571832b23c37_16)[Among](#ifb89a4115afb46ae82c8571832b23c37_16)[Competitors](#ifb89a4115afb46ae82c8571832b23c37_16)[17](#ifb89a4115afb46ae82c8571832b23c37_16)

[Distribution](#ifb89a4115afb46ae82c8571832b23c37_16)[Issues](#ifb89a4115afb46ae82c8571832b23c37_16)[18](#ifb89a4115afb46ae82c8571832b23c37_16)

[Penalties](#ifb89a4115afb46ae82c8571832b23c37_16)[19](#ifb89a4115afb46ae82c8571832b23c37_16)

[Gathering](#ifb89a4115afb46ae82c8571832b23c37_16)[Information About](#ifb89a4115afb46ae82c8571832b23c37_16)[the](#ifb89a4115afb46ae82c8571832b23c37_16)[Company's](#ifb89a4115afb46ae82c8571832b23c37_16) [Competitors](#ifb89a4115afb46ae82c8571832b23c37_16)[19](#ifb89a4115afb46ae82c8571832b23c37_16)

[RESPONSIBILITY](#ifb89a4115afb46ae82c8571832b23c37_16)[TO](#ifb89a4115afb46ae82c8571832b23c37_16)[OUR](#ifb89a4115afb46ae82c8571832b23c37_16)[PEOPLE](#ifb89a4115afb46ae82c8571832b23c37_16)[20](#ifb89a4115afb46ae82c8571832b23c37_16)

[Equal](#ifb89a4115afb46ae82c8571832b23c37_16)[Employment](#ifb89a4115afb46ae82c8571832b23c37_16)[Opportunity](#ifb89a4115afb46ae82c8571832b23c37_16)[20](#ifb89a4115afb46ae82c8571832b23c37_16)

[Non-Discrimination](#ifb89a4115afb46ae82c8571832b23c37_16) [Policy](#ifb89a4115afb46ae82c8571832b23c37_16)[20](#ifb89a4115afb46ae82c8571832b23c37_16)

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[Anti-Harassment](#ifb89a4115afb46ae82c8571832b23c37_16) [Policy](#ifb89a4115afb46ae82c8571832b23c37_16)[2](#ifb89a4115afb46ae82c8571832b23c37_16)0

[Individuals](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16)[Conduct](#ifb89a4115afb46ae82c8571832b23c37_16)[Covered](#ifb89a4115afb46ae82c8571832b23c37_16)[20](#ifb89a4115afb46ae82c8571832b23c37_16)

[Retaliation](#ifb89a4115afb46ae82c8571832b23c37_16)[20](#ifb89a4115afb46ae82c8571832b23c37_16)

[Reporting](#ifb89a4115afb46ae82c8571832b23c37_16)[an Incident](#ifb89a4115afb46ae82c8571832b23c37_16)[of](#ifb89a4115afb46ae82c8571832b23c37_16)[Harassment, Discrimination](#ifb89a4115afb46ae82c8571832b23c37_16)[or](#ifb89a4115afb46ae82c8571832b23c37_16)[Retaliation](#ifb89a4115afb46ae82c8571832b23c37_16)[20](#ifb89a4115afb46ae82c8571832b23c37_16)

[Leave](#ifb89a4115afb46ae82c8571832b23c37_16)[Policies](#ifb89a4115afb46ae82c8571832b23c37_16)[21](#ifb89a4115afb46ae82c8571832b23c37_16)

[Safety](#ifb89a4115afb46ae82c8571832b23c37_16)[in](#ifb89a4115afb46ae82c8571832b23c37_16)[the](#ifb89a4115afb46ae82c8571832b23c37_16) [Workplace](#ifb89a4115afb46ae82c8571832b23c37_16)[21](#ifb89a4115afb46ae82c8571832b23c37_16)

[Weapons](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16)[Workplace](#ifb89a4115afb46ae82c8571832b23c37_16) [Violence](#ifb89a4115afb46ae82c8571832b23c37_16)[21](#ifb89a4115afb46ae82c8571832b23c37_16)

[Drugs](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16) [Alcohol](#ifb89a4115afb46ae82c8571832b23c37_16)[21](#ifb89a4115afb46ae82c8571832b23c37_16)

[INTERACTING](#ifb89a4115afb46ae82c8571832b23c37_16)[WITH](#ifb89a4115afb46ae82c8571832b23c37_16) [GOVERNMENT](#ifb89a4115afb46ae82c8571832b23c37_16)[21](#ifb89a4115afb46ae82c8571832b23c37_16)

[Prohibition](#ifb89a4115afb46ae82c8571832b23c37_16)[on](#ifb89a4115afb46ae82c8571832b23c37_16)[Gifts](#ifb89a4115afb46ae82c8571832b23c37_16)[to](#ifb89a4115afb46ae82c8571832b23c37_16)[Government](#ifb89a4115afb46ae82c8571832b23c37_16)[Officials](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16) [Employees](#ifb89a4115afb46ae82c8571832b23c37_16)[21](#ifb89a4115afb46ae82c8571832b23c37_16)

[Political](#ifb89a4115afb46ae82c8571832b23c37_16)[Contributions](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16) [Activities](#ifb89a4115afb46ae82c8571832b23c37_16)[22](#ifb89a4115afb46ae82c8571832b23c37_16)

[Lobbying](#ifb89a4115afb46ae82c8571832b23c37_16) [Activities](#ifb89a4115afb46ae82c8571832b23c37_16)[22](#ifb89a4115afb46ae82c8571832b23c37_16)

[Bribery](#ifb89a4115afb46ae82c8571832b23c37_16)[of](#ifb89a4115afb46ae82c8571832b23c37_16)[Foreign](#ifb89a4115afb46ae82c8571832b23c37_16) [Officials](#ifb89a4115afb46ae82c8571832b23c37_16)[22](#ifb89a4115afb46ae82c8571832b23c37_16)

[Amendments](#ifb89a4115afb46ae82c8571832b23c37_16)[and](#ifb89a4115afb46ae82c8571832b23c37_16) [Modifications](#ifb89a4115afb46ae82c8571832b23c37_16)[23](#ifb89a4115afb46ae82c8571832b23c37_16)

[Form ADV](#ifb89a4115afb46ae82c8571832b23c37_16)[Disclosure](#ifb89a4115afb46ae82c8571832b23c37_16)[23](#ifb89a4115afb46ae82c8571832b23c37_16)

[Employee](#ifb89a4115afb46ae82c8571832b23c37_16) [Certification](#ifb89a4115afb46ae82c8571832b23c37_16)[23](#ifb89a4115afb46ae82c8571832b23c37_16)

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**PUTTINGTHISCODEOFBUSINESSCONDUCTANDETHICSTOWORK**

**AboutthisCodeofBusinessConductandEthics**

We at the Company arecommitted to the highest standards of business conduct in our relationships with each

otherandwithourclients,suppliers,andothers.Thisrequiresthatweconductourbusinessinaccordancewith

all applicable laws and regulations and in accordance with the highest standards of business conduct.The

Company'sCodeofBusinessConductandEthics(this"Code")helpseachofusinthisendeavorbyprovidinga

statementofthefundamentalprinciplesandkeypoliciesandproceduresthatgoverntheconductofourbusiness.

Furthermore,thisCodesetsoutproceduresforcompliancebytheCompany,aregisteredinvestmentadviserto

separately managed advisory accounts including registered investment companies (the "Funds") as well as

unregistered funds and other private accounts, with Rule 17j-1 under the Investment Company Act of 1940, as

amended, Rule 204A-1 and Rule 204-2 under the Investment Advisers Act of 1940, as amended (hereinafter,

the Investment Company Act of 1940 and the Investment Advisers Act of 1940 shall collectively be referred to

asthe"1940Acts" andRule17j-1, Rule204A-1andRule204-2shallbecollectivelyreferredtoasthe"Rules").

This Code is designed to establish standards and procedures for the detection and prevention of activities by

which persons having knowledge of the investments and investment intentions of the Company's advisory

accountsmaybreachtheirfiduciaryduties,andtoavoidandregulatesituationsthatmaygiverisetoconflictsof

interest that the Rules address.

This Code is based on the principle that the Company owes a fiduciary duty to clients, to ensure that its

employeesconducttheirPersonal SecurityTransactions(asdefinedbelow) inamannerthat doesnot interfere

with clients' transactions or otherwise take unfair advantage of the Company's relationship to its clients.The

fiduciary principles that govern personal investment activities reflect, at a minimum, the following:(1) the duty

atalltimestoplacetheinterestsoftheclientfirst;(2)therequirementthatallPersonalSecurityTransactionsbe

conductedconsistent withthisCodeandinsuchamanner astoavoidanyactualorpotentialconflict ofinterest

or anyabuseof anindividual's positionof trust and responsibility; (3) thefundamentalstandardthat investment

personnel should not take inappropriate advantage of their positions; and (4) the requirement that investment

personnel comply with applicable federal securities laws.Our business depends on the reputation of all of us

for integrity and principled business conduct.Thus, in many instances, the policies referenced in this Code go

beyond the requirements of the law.

Honesty and integrity are required of the Company and its employees, officers and directors at all times.The

standards herein should be viewed as the minimum requirements for conduct.All employees, officers and

directors of the Company are encouraged and expected to go above andbeyond the standards outlined in this

Code in order to provide clients with top level service while adhering to the highest ethical standards.

ThisCodeisastatementofpoliciesforindividualandbusinessconductanddoesnot,inanyway,constitutean

employment contractoranassuranceof continuedemployment.EmployeesoftheCompanyareemployedat-

will, except when covered by an express, written employment agreement.This means that employees may

choose to resign their employment at any time, for any reason or for no reason at all.Similarly, the Company

may choose to terminate employees' employment at any time, for any legal reason or for no reason at all, but

not for an unlawful reason.

**Purpose**

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ThepurposeofthisCodeistoreinforceandenhancetheCompany'sethicalwayofdoingbusinessand,in

particular,toprovideregulationsandproceduresconsistentwiththe1940ActsandtheRules.Asrequiredby

Rule204A-1,thisCodesetsforthstandardsofconduct,requirescompliancewiththefederalsecuritieslawsand

addressespersonaltrading.Inaddition,thisCodeisdesignedtogiveeffecttothegeneralprohibitionssetforth

in Rule 17j-1(b), to wit:

"It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person

of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or

sale, directly or indirectly, by the person of a security held or to be acquired by the Fund:

(i)Toemployanydevice,schemeorartificetodefraudtheFund;

(ii)To make any untrue statement of a material fact to the Fund or omit to state a material

fact necessary in order to make the statements made to the Fund, in light of the

circumstances under which they are made, not misleading;

(iii)Toengageinanyact,practice,orcourseofbusinessthatoperatesorwouldoperateasa

fraud or deceit on the Fund; or

(iv)ToengageinanymanipulativepracticewithrespecttotheFund."

**EmployeeProvisions**

All Access Persons are required to file reports of their Personal Security Transactions (as defined below),

excludingexemptedsecurities,asprovidedinthe"Pre-ClearanceRequirement"and"ReportingRequirements"

sectionsbelowand,iftheywishtotradeinthesamesecuritiesasanyoftheCompany'sadvisoryaccounts,must

comply with the specific procedures in effect for such transactions.

ThereportsofemployeeswillbereviewedandcomparedwiththeactivitiesoftheCompany'sadvisoryaccounts

and,ifapatternemergesthatindicatesabusivetradingornoncompliancewithapplicableprocedures,thematter

willbereferredtotheCompany'sChiefComplianceOfficer(the"CCO"),whowillmakeappropriateinquiriesand

decide what action, if any, is then appropriate, including escalation to theCompany's management as needed.

**Implementation**

In order to implement this Code, a CCO and one or more alternate Compliance Officers (each, an "Alternate")

shall be designatedfrom timeto time for the Company.The current CCO is Steven M. Coffey, and the current

Alternates are Jacques Pompy and Bill Zois.

ThedutiesoftheCCOandeachAlternateshallinclude:

(i)ContinuousmaintenanceofacurrentlistofAccessPersonsasdefinedherein;

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(ii)Furnishing allemployees with a copy ofthis Code, and initially and periodically informing

them of their duties and obligations thereunder;

(iii)Training and educating employees regarding this Code and their responsibilities

hereunder;

(iv)Maintaining,orsupervisingthemaintenanceof,allrecordsrequiredbythisCode;

(v)MaintainingalistoftheFundsthattheCompanyadvisesorsubadvises;

(vi)Determining with the assistance of an Approving Officer (as defined below) whether any

particular Personal Security Transaction should be exempted pursuant to the provisions

of the sections titled "Conflicts of Interest" or "Prohibited Transactions" of this Code;

(vii)Determining with the assistance of an Approving Officer whether special circumstances

warrant that any particular security or Personal Security Transaction be temporarily or

permanently restricted or prohibited;

(viii)Maintaining, from time to time as appropriate, a current list of the securities that are

restricted or prohibited pursuant to (vii) above;

(ix)Issuing any interpretation of this Code that may appear consistent with the objectives of

the Rules and this Code;

(x)Conducting such inspections or investigations as shall reasonably be required to detect

and report violations of this Code, as described in paragraphs (xi) and (xii) below, to the

Company's management;

(xi)Submitting periodic reports to the Company's management containing: (A) a description

ofanymaterialviolationbyanynon-executiveemployeeoftheCompanyandthesanction

imposed; (B) a description of any violation by any director or executive officer of the

Company and the sanction imposed; (C) interpretations issued by and any material

exemptions or waivers found appropriate by the CCO; and (D) any other significant

information concerning the appropriateness of this Code; and

(xii)Submitting a report at least annually to the Executive Committee of Pzena Investment

Management,LLC(the"ExecutiveCommittee")that:(A)summarizesexistingprocedures

concerning personal investing and any changes in the procedures made during the past

year; (B) identifies the violations described in clauses (A) and (B) of the preceding

paragraph (xi); (C) identifies any recommended changes in existing restrictions or

procedures based upon experience under this Code, evolving industry practices or

developments in applicable laws or regulations; and (D) reports of efforts made with

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respecttotheimplementationofthisCodethroughorientationandtrainingprogramsand

ongoing reminders.

Each of us is responsible for knowing and understanding the policies and guidelines contained in the following

pages.Ifpersonshavequestions,pleaseaskthem;iftheyhaveethicalconcerns,pleaseraisethem.TheCCO,

who is responsible for overseeing and monitoring compliance with this Code, and the other resources set forth

in this Code are available to answer questions and provide guidance and for persons to report suspected

misconduct.Our conduct should reflectthe Company's values, demonstrate ethical leadership, and promote a

work environment that upholds the Company's reputation for integrity, ethical conduct and trust.

CopiesofthisCodeareavailablefromtheCCOandontheCompany'swebsite.Astatementofcompliancewith

this Code must be completed by all officers, directors and employees on an annual basis.

ThisCodecannotprovidedefinitiveanswerstoallquestions.Ifemployeeshavequestionsregardinganyofthe

policies discussed in this Code or if employees are in doubt about the best course of action in a particular

situation, employees should seek guidance from a supervisor, the CCO or the other resources identified in this

Code.

ThisCodeisastatementofthefundamentalprinciplesandkeypoliciesandproceduresthatgoverntheconduct

oftheCompany'sbusiness.Itisnotintendedtoanddoesnotcreateanyobligationstoorrightsinanyemployee,

director, client, supplier, competitor, or any other person or entity.

**Definitions**

Forpurposesofthis Code:

(i)"AccessPerson(s)"meansanyemployee,officer,ordirector(providedthatdirectorsmay

rebutthepresumptionofaccessestablishedunderRule17j-1(a)(1)bywayofcertification)

of the Company.Contractors, interns, and other temporary staff are not generally

included; however, we seek separate confidentiality representations from such persons.

(ii)"ApprovingOfficer"meansRichardS.Pzena,JohnP.Goetz,BenSilver,AllisonFisch,or

designee.

(iii)A security is "being considered for purchase or sale" when, subject to the Company's

systematic buy/sell discipline as described in its Form ADV and client and prospect

presentations, (i) a recommendation to purchase or sell that security has been made by

the Companyto an advisory account (*e.g*., the Portfolio Manager has instructed Portfolio

Administration to begin preparing orders) or (ii) the Portfolio Manager is seriously

considering making such a recommendation.

(iv)"BeneficialOwnership"meansanyinterestbywhichanemployeeorofficeroranymember

of such person's "immediate family" (which, for purposes of this Code includes a spouse

orcivilpartner(wherevertheymaylive),dependentchildorstepchild(wherevertheymay

live),orparent,siblingorotherrelativebybloodormarriagelivinginthesamehousehold

as the employee) can directly or indirectly derive a monetary benefit from the purchase,

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sale or ownership of a security.Thus, a person may be deemed to have Beneficial

Ownership of Securities held in accounts in such person's own name, such person's

spouse's name, and in all other accounts over which such person does or could be

presumedto exercise investment decision-making powers, or other influence or control<sup>1</sup>,

including trust accounts, partnership accounts, corporate accounts or other joint

ownership or pooling arrangements; provided however, that with respect to spouses, a

personshallnolongerbedeemedtohaveBeneficialOwnershipofanyaccountsnotheld

jointlywithhisorherspouseifthepersonandthespousearelegallyseparatedordivorced

and are not living in the same household.

1Inaccordancewithforeignregulations,thiswouldinclude,withoutlimitation,anysecuritywithwhichtheAccessPersonislinked

as a result of: (i) directly or indirectly controlling the security (in particular, but without limitation, by way of (i) having a majority of

the voting rights inthatsecurity; or (ii) by being ashareholder in thatsecurity and having rights to appoint or removea majority of

the relevant Board, or to exercise a dominant influence over it under a shareholders' agreement); or (ii) having a participating

interest in the security, by holding, directly or indirectly, at least 20% or more of the voting rights or capital.

(v)"Exempt Transactions" means the transactions described in the section hereof titled

"Exempt Transactions."

(vi)"Personal Security Transaction" means, for any employee or officer, a purchase, sale,

giftingordonationofasecurityinwhichsuchpersonhas,had,orwillacquireaBeneficial

Ownership.

(vii)"PurchaseandSaleofaSecurity"includes,*interalia*,thewritingofanoptiontopurchase

orsellasecurityorparticipationinatenderoffer.Inaddition,the"saleofasecurity"also

includesthedispositionbyapersonofthatsecuritybydonationorgift.Ontheotherhand,

theacquisitionbyapersonofasecuritybyinheritanceorgiftisnottreatedasa"purchase"

of that security under this Code as it is an involuntary purchase that is an Exempt

Transaction under clause (iii) of the section titled "Exempt Transactions" below.

(viii)"Security" shall mean any common stock, preferred stock, treasury stock, single stock

future,exchangetradedfundornote,hedgefund,mutualfund,privateplacement,limited

partnership interest, note, bond, debenture, evidence of indebtedness, certificate of

interest or participation in any profit-sharing agreement, collateral-trust certificate,

transferable share, 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 of securities

(including any interest therein or based on the value thereof), or any put, call, straddle,

option, or privilege entered into on a national securities exchange relating to foreign

currency, or, in general, any interest or instrument commonly known as a "security," or

anycertificateofinterestorparticipationin,temporaryorinterimcertificatefor,receiptfor,

guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

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**RESPONSIBILITYTOOURORGANIZATION**

Company employees, officers and directors are expected to dedicate their best efforts to advancing the

Company's interests and to make decisions that affect the Company based on the Company's best interests,

independent of outside influences.

**ConflictsofInterest**

A conflict of interest occurs when employees' private interests interfere, or even appear to interfere, with the

interests of the Company.A conflict situation may arise when employees take actions or have interests that

makeitdifficultforemployeestoperformCompanyworkobjectivelyandeffectively.Eachemployee'sobligation

to conduct the Company's business in an honest and ethical manner includes the ethical handling of actual,

apparent and potential conflicts of interest between personal and business relationships.This includes full

disclosure of any actual, apparent or potential conflicts of interest as set forth below.

As a fiduciary, the Company has an affirmative duty of care, loyalty, honesty, and good faith to act in the best

interest of its clients.Compliance with this duty can be achieved by avoiding conflicts of interest or, when

impracticable to do so, by fully disclosing all material facts concerning any conflict that does arise with respect

toanyclient andfollowingappropriateproceduresdesignedtominimizeanysuchconflict.Employees must try

toavoidsituationsthathaveeventheappearanceofconflictorimpropriety.Potentialconflictsofinterestshould

be brought to the attention of the CCO, who will determine whether further action is warranted (e.g., escalating

such issues to the Risk Management Committee and/or Executive Committee, and/or recommending policy

changes or additional disclosure).

(i)Conflictsof interestmayarisewheretheCompanyoritsemployeeshavereasontofavor

theinterestsofoneclientoveranotherclient.Favoritismofoneclientoveranotherclient

constitutes a breach of fiduciary duty.

(ii)Employees are prohibited from using knowledge about pending or currently considered

securities transactions for clients to profit personally, directly or indirectly, as a result of

such transactions, including by purchasing or selling such securities.Conflicts raised by

Personal Security Transactions also are addressed more specifically below.

(iii)If the Company determines that an employee's Beneficial Ownership of a Security

presents a material conflict, the employee may be restricted from participating in any

decision-makingprocessregardingthesecurity.Thismaybeparticularlytrueinthecase

of proxy voting, and employees are expected to refer to and strictly adhere to the

Company's proxy voting policies and procedures in this regard.

(iv)Employees are required to act in the best interests of the Company's clients regarding

executionandothercostspaidbyclientsforbrokerageservices.Employeesareexpected

to refer to and strictly adhere to the Company's Best Execution policies and procedures.

(v)Access Persons are not permitted to knowingly sell to or purchase from a client any

security or other property, except securities issued by the client.

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Employees, officers and directors are prohibited from trading, either personally or on behalf of others, while in

possessionofmaterial,nonpublicinformation.TheCompany'sInsiderTradingPolicyisherebyincorporatedby

reference and employees, officers and directors are required to comply with the provisions therein.

**ProhibitedTransactionswithRespecttoNon-CompanySecurities**

(i)No Access Person or any member of such Access Person's immediate family may enter

intoaPersonalSecurityTransactionforanysecurity,orrelatedsecurity(e.g.,derivatives,

convertible instruments, corporate bonds), with actual knowledge that, at the same time,

such security is "being considered for purchase or sale" by advisory accounts of the

Company,orthatsuchsecurityisthesubjectofanoutstandingpurchaseorsaleorderby

advisory accounts of the Company except as provided below in the section titled

"Employee Trading Exceptions";

(ii)Except under the circumstances described in the section belowtitled "Employee Trading

Exceptions,"noAccessPersonoranymemberofsuchAccessPerson'simmediatefamily

shall purchase or sell any security, or related security, within one business day before or

after the purchase or sale of that security by advisory accounts of the Company;

(iii)No Access Person or any member of such Access Person's immediate family shall be

permitted to effect a short-term trade (*i.e*., to purchase and subsequently sell within 60

calendar days, or to sell and subsequently purchase within 60 calendar days) involving

the same or equivalent securities;

(iv)NoAccessPersonoranymemberofsuchAccessPerson'simmediatefamilyispermitted

toenterintoaPersonalSecurityTransactionforanysecuritythatisnamedonaProhibited

List;

(v)No Access Person or any member of such Access Person's immediate family shall

purchase any security in an Initial Public Offering (other than a security issued by the

Company);

(vi)No Access Person or any member of such Access Person's immediate family shall,

withouttheexpresspriorapprovaloftheCCO,acquireanysecurityinaprivateplacement,

and if a private placement security is acquired, such employee must disclose that

investment when he/shebecomes aware of the Company's subsequent consideration of

anyinvestmentinthatissuer,andinsuchcircumstances,anindependentreviewshallbe

conducted by the CCO;

**EmployeeTradingExceptions**

Notwithstandingtheprohibitionsoftheabovesectiontitled"ConflictsofInterest,"anemployeewillbepermitted

topurchaseorsellanysecurity, orrelatedsecurity,oncetheCompany'sadvisoryaccountshaveeachreceived

theirfullallocationofthesecuritypurchasedorsold.Inaddition,clientactivityinasecuritymayoccurwithinone

day after an employee transaction is executed where the client transaction is unforeseen at the time of

preclearance.Thissituationmayarisewhen(i)neweventstriggerchangesintheinvestmentstrategyregarding

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a security, and/or (ii) unanticipated client cash flows occur.There are noconsequences to an employee if any

of these situations occur after the employee has received the proper trading approval.

**ExemptTransactions**

The following transactions are exempt from the pre-clearance, holding period, and reporting provisions of this

Code:

(i)Purchases or sales of securities of an open-end mutual fund, index fund, collective

investmenttrusts(CITs),moneymarketfundorotherregisteredinvestmentcompany**that**

**is not advised or subadvised by the Company**;

(ii)Purchases or sales of securities for an account over which an employee has no direct

control and does not exercise indirect control (*e.g.*, an account managed on a fully

discretionary basis by a third party);

(iii)Involuntarypurchasesorsalesmadebyanemployee;

(iv)Purchasesthatarepartofanautomaticdividendreinvestmentplan;

(v)Purchasesthatarepartofanautomaticinvestmentplan,exceptthatanytransactionsthat

override the preset schedule of allocations of the automatic investment plan must be

reported in a quarterly transaction report;

(vi)Purchases or sales of U.S. Treasury securities (including purchases directly from the

TreasuryoraFederalReserveBank)andotherdirectobligationsoftheU.S.Government,

as well as unsecured obligations of U.S. Government sponsored enterprises;

(vii)Purchases or sales of money market instruments, such as banker's acceptances, bank

certificates of deposit, commercial paper, repurchase agreements and other high-quality

short-term debt instruments;

(viii)Purchasesorsalesofunitsinaunitinvestmenttrust;

(ix)Purchases resulting from the exercise of rights acquired from an issuer as part of a pro

rata distribution to all holders of a class of securities of such issuer and the sale of such

rights; and

(x)Purchases or sales of futures (except individual stock futures contracts) and commodity

contracts.

Thefollowingtransactionsareexemptfromthepre-clearanceandholdingperiodprovisionsofthisCode;

**however,the<u>reporting</u><u>requirements</u><u>of</u><u>this</u><u>Code</u><u>shall</u>applyto:**

(i)Purchasesorsalesofopen-endmutualfundsorCITsadvisedorsubadvisedbythe

Company ("affiliated funds");

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(ii)Purchases or sales of closed-end mutual funds, exchange traded funds or notes (ETF/

ETN), and derivatives of such securities, <u>except in the case of single-stock ETFs</u><u>which</u>

<u>are not exempt from the pre-clearance and holding period provisions</u>;

(iii)Purchasesorsalesofmunicipalsecurities.

**Pre-ClearanceRequirement**

(i)Unless an exception is granted by the CCO, each Access Person and each member of

their immediate family must pre-clear all Personal Security Transactions by submitting a

requestthrough theMyComplianceOffice ("MCO")system andawaiting approval.Apre-

clearancerequesttotradeinasecurity,orrelatedsecurity,thatisheldinaclientaccount

or that is being considered for client purchase or sale, must also be accompanied by a

fully completed Securities Transaction Pre-Clearance Form, as approved by the CCO or

other Compliance Officer.The Securities Transaction Pre-Clearance Forms generally

includethesignaturesofanApprovingOfficer,therelevantPortfolioManager,thePortfolio

ImplementationDeskandtheTradingDesk.TheMCOsystemwillincludealistofallsuch

securities within a"Restricted List."The Securities Transaction Pre-Clearance Form can

be found in the Employee Area of the Company's intranet site.

(ii)All pre-clearedPersonalSecurityTransactions, withtheexceptionof private placements,

must take place on the same day that the clearance is obtained.Personal Security

Transactions inforeignmarkets will be approvedfor the next trading session in that local

market.If the transaction is not completed on the date of clearance, a new clearance

mustbeobtained,includingoneforanyuncompletedportion.Post-approvalis<u>not</u>

<u>permitted</u>underthisCode.Ifitisdeterminedthatatradewascompletedbeforeapproval

was obtained, it will be considered a violation of this Code; and

(iii)In addition to the restrictions contained in the "Conflicts of Interest" section hereof, an

Approving Officer or the CCO may refuse to grant clearance of a Personal Security

Transaction in his or her sole discretion without being required to specify any reason for

therefusal.Generally,anApprovingOfficerortheCCOwillconsiderthefollowingfactors

in determining whether or not to clear a proposed transaction:

(1)whethertheamountorthenatureofthetransactionorpersonmakingitislikelyto

affect the price or market of the security; and

(2)whethertheindividualmaking theproposedpurchase orsale islikelytoreceivea

disproportionate benefit from purchases or sales being made or considered on

behalf of any of the advisory clients of the Company.

The pre-clearance requirement does not apply to Exempt Transactions.In case of doubt, the employee may

present a Securities Transaction Pre-clearance Request Form to the CCO for consideration.

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**ReportingRequirements**

(i)Nolaterthan10daysafterbecominganAccessPerson,eachsuchindividualshallprovide

alistingofallsecuritiesBeneficiallyOwned(an"InitialHoldingsReport").Theinformation

in the Initial Holdings Report must be current as of a date no more than 45 days prior to

the date the person became an Access Person.The Initial Holdings Report should be

completed via MCO and furnished to the CCO, Alternate, or any other person whom the

Company designates, and contain the following information:

(1)The title and type of security, and, as applicable, the exchange ticker symbol or

CUSIPnumber,thenumberofshares,andtheprincipalamountofeachreportable

securityinwhichtheAccessPersonhadanydirectorindirectbeneficialownership

when the person became an Access Person;

(2)The name of any broker, dealer or bank with whom the Access Personmaintains

an account in which any reportable securities were held for the direct or indirect

benefit of the Access Person, the account number; and

(3)ThedatethereportissubmittedbytheAccessPerson.

(ii)All Access Persons must disclose any outside investment accounts in which they have

Beneficial Ownership (as defined above) where reportable securities may be bought or

sold.This disclosure should be done using MCO.Accounts where the only investment

options are mutual funds, index funds, and other exempt securities (e.g., 529 Plans,

Health Savings Accounts, certain 401(k) plans) do not need to be disclosed unless

affiliated funds and/or other reportable securities are bought and sold.

For all U.S.-based Access Persons, unless otherwise approved by the CCO, securities

accountsmayonlybemaintainedatthebrokeragefirmsthatprovidetheCompanywitha

direct electronic feed through the MCO system.The list of approved brokerage firms is

availableontheCompany'sintranetsite.Foraccountsheldatbrokeragefirmsthatdonot

provide the Company with a direct electronic feed, Access Persons must direct their

brokersand/or affiliatedmutualfundcustodianstosupplytheCCO onatimelybasiswith

duplicatecopiesofmonthlyorquarterlystatementsforallpersonalsecuritiesaccountsas

are customarily provided by the firms maintaining such accounts.

Accounts that are managed on a fully discretionary basis by an outside adviser (i.e., the

employee has no direct control and does not exercise indirect control) must also be

disclosed and may be held at a brokerage firm ofthe employee's choosing.Compliance

will seek written confirmation from the outside advisor of the managed status of the

account.

(iii)Duplicatestatementsmustcontainthefollowinginformation(asapplicable):

(1)The date and nature of each transaction (purchase, sale or any other type of

acquisition or disposition), if any;

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(2)Title, and as applicable the exchange ticker symbol or CUSIP number (if any),

interest rate and maturity date, number of shares and, principal amount of each

security and the price at which the transaction was effected;

(3)Thenameofthebroker,dealerorbankwithorthroughwhomthetransactionwas

effected; and

(4)Thedateofissuanceoftheduplicatestatements.

(iv)No later than 30 days after each calendar quarter, all Access Persons shall provide

quarterly transaction reports confirming that theyhave disclosed or reported all Personal

Security Transactions and holdings required to be disclosed or reported pursuant hereto

for the previous quarter.

(v)Within forty-five days of the end of each calendar year, all Access Persons shall provide

annual holdings reports listing all securities Beneficially Owned (the "Annual Holdings

Report").TheinformationcontainedintheAnnualHoldingsReportshallbecurrentasof

a date no more than 45 days prior to the date the report is submitted, and shall include:

(1)The title and type of security, and, as applicable, the exchange ticker symbol or

CUSIP number, the number of shares, and the principal amount of each security

in which the Access Person had any direct or indirect beneficial ownership;

(2)The name of any broker, dealer or bank with whom the Access Personmaintains

anaccountinwhichanysecuritieswereheldforthedirectorindirectbenefitofthe

Access Person, the account number; and

(3)ThedatethereportissubmittedbytheAccessPerson.

(vi)Any statement or report submitted in accordance with this section may, at the request of

the employee submitting the report, contain a statement that it is not to be construed as

an admission that the person making it has or had any direct or indirect Beneficial

Ownership in any Security to which the report relates.

(vii)All employees shall certify in writing, annually, that they have read and understand this

Code and have complied with the requirements hereof and that they have disclosed or

reported all Personal Security Transactions and holdings required to be disclosed or

reported pursuant hereto.

(viii)The CCO shall retain records for each employee that shall contain the monthly/quarterly

account statements, quarterly and annual reports listed above and all Securities

Transaction Pre-clearance Forms.

(ix)Withrespect tothereceipt of giftsandentertainment, all employeesshallpromptlyreport

on a form designated by the CCO the nature of such gift or entertainment, the date

received, its approximate value, the giver and the giver's relationship to the Company.

Please refer to the Company's *Business Gifts and Entertainment Policy*.

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(x)With respect to reports regarding accounting matters, the Company is committed to

compliance with applicable securities laws, rules, and regulations, accounting standards

and internal accounting controls.Employees are expected to report any complaints or

concerns regarding accounting, internal accounting controls and auditing matters

("AccountingMatters")promptly.ReportsmaybemadetotheCCOinperson,orbycalling

the Helpline at 1-888-475-8376.Reports may be made anonymously to the Helpline; or

in writing to the CCO at their offices by inter-office or regular mail.All reports will be

treated confidentially to the extent reasonably possible.No one will be subject to

retaliation becauseof agood faithreportof acomplaint or concernregarding Accounting

Matters.

**OtherProhibitions**

**Gifts**

No Access Person shall accept any gifts or anything else of more than a de minimis value from any

personor entitythat does businesswithor on behalf of theCompanyor any of theadvisoryaccountsof

theCompany.Forpurposeshereof,"deminimisvalue"shallmeanavalueoflessthan$100percalendar

year, or such higher amount as may be set forth in FINRA Conduct Rule 3220 from time to time.

Furthermore,allgiftstoconsultantsandotherdecision-makersforclientaccountsmustbereasonablein

valueandmustbepre-approvedbytheManagingPrincipal,MarketingandClientServicesandtheCCO

before distribution.The Company has adopted a *Business Gifts and Entertainment Policy*, which is

located in the Company's Compliance Manual.

**PoliticalContributions**

NoAccessPersonmaymakepoliticalorcharitablecontributionsforthepurposeofobtainingorretaining

advisorycontractswithgovernmententities.Inaddition,noAccessPersonmayconsidertheCompany's

current or anticipated business relationships as a factor in soliciting political or charitable contributions.

TheCompanyhasadopteda*PoliticalContributionsPolicy*whichislocatedintheCompany'sCompliance

Manual.

**OutsideBusinessActivities**

No executive officer of the Company may serve on the board of directors (or similar governing body) of

any corporation or business entity without the prior written approval of the Company's management.

Non-executiveemployeesoftheCompanymayonlyserveontheboardofdirectors(orsimilargoverning

body) of a corporation or business entity with the prior written approval of the CCO in consultation with

the Company'smanagement.Prior writtenapproval of the CCO is also required in thefollowing two (2)

additional scenarios:

(1)Advisory Committee positions of any business, government or charitable entity

where the members of the committee have the ability or authority to affect or

influence theselection of investment managersor theselection of theinvestment

of the entity's operating, endowment, pension or other funds.

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(2)Positions on the board of directors, trustees or any advisory committee of a

Company client or any potential client who is actively considering engaging the

Company's investment advisory services.

Prior to engaging in any outside employment or other business activity ("Outside Business Activity")

Access Persons must receive written approval from their department supervisor and the CCO (or

Alternate).OutsideBusinessActivityshallbepermittedifitisfreeofanyactionsthatcouldbeconsidered

a conflict of interest.Outside Business Activity must not adversely affect an Access Person's job

performance at the Company, and must not result in absenteeism, tardiness or an Access Person's

inability to work overtime when requested or required.Access Persons may not engage in Outside

Business Activity that requires or involves using Company time, materials or resources.

Upon hire, all Access Persons shall disclose any Outside Business Activity in which they are engaged.

Furthermore,onanannualbasis,AccessPersonsshallcompleteacertificationforallOutsideBusiness

Activity in which they are engaged.

Outside Business Activities include, but are not limited to, the following: (1) Working for and receiving

compensation from another company, organization, or person; (2) Having a control relationship (acting

as an officer, director, significant shareholder, partner, or member) in any publicly or privately held

companyororganization;(3)Owningorcontrolling10%ormoreoftheoutstandingsharesofapublicly-

tradedsecurity;(4)Actingasasoleproprietorforabusiness;(5)Acceptingcompensationfromanyother

person as aresult of anybusiness activity other than a proportionateshare of a passive investment; (6)

Receiving consulting fees; (7) Advisory committee positions of any business, government, or charitable

entitywherethemembersofthecommitteehavetheabilityorauthoritytoaffectorinfluencetheselection

ofinvestmentmanagersortheselectionoftheinvestmentoftheentity'soperating,endowment,pension

or otherfunds; and(8) Positions ontheboardofdirectors, trustees, or any advisorycommitteeofa PIM

client or any potential client who is actively considering engaging PIM's investment advisory services.

**CompanyDisclosures**

It is Company policy to make full, fair, accurate, timely and understandable disclosure in compliance with all

applicablelawsandregulationsinallreportsanddocumentsthattheCompanyfileswith,orsubmitsto,theSEC

and in all other public communications made by the Company.

Employees must complete all Company documents accurately, truthfully, and in a timely manner, including all

travelandexpensereports.Whenapplicable,documentsmustbeproperlyauthorized.Employeesmustrecord

the Company'sfinancial activities in compliancewith all applicable laws and accounting practices.The making

of false or misleading entries, records or documentation is strictly prohibited.Employees must never create a

false or misleading report or make a payment or establish an account on behalf of the Company with the

understanding that any part of the payment or account is to be used for a purpose other than as described by

the supporting documents.

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**Review**

All pre-clearance requests, statements and reports of Personal Security Transactions and completed portfolio

transactions of each of the Company's advisory clients shall be compared by or under the supervision of the

CCOtodeterminewhetherapossibleviolationofthisCodeand/orotherapplicabletradingproceduresmayhave

occurred.Before making any final determination that a violation has been committed by any person, the CCO

shall give such person an opportunity to supply additional explanatory information.

If the CCO or Alternate determines that a material violation of this Code has or may have occurred, he or she

shall, following consultation with counsel to the Company if needed, submit a written determination and any

additional explanatory material provided by the individual to the Company's management and/or the Executive

Committee, as necessary.

Nopersonshallreviewhisorherownreport.IfaPersonalSecurityTransactionoftheCCOortheCCO'sspouse

is under consideration, an Alternate shall act in all respects in the manner prescribed herein for the CCO.

**ReportingViolations**

Any violations of this Code including violations of applicable federal securities laws, whether actual, known,

apparent or suspected, should be reported promptly to the CCO or to any other person the Company may

designate (as long as the CCO periodically receives reports of all violations).It is imperative that reporting

persons not conduct their own preliminary investigations.Investigations of alleged violations may involve

complexlegalissues, andanemployeeactingonhisownmaycompromisetheintegrityof aninvestigationand

adversely affect both employees and the Company.

Anyreportsofviolationswillbetreatedconfidentiallytotheextentpermittedbylawandreasonablypossibleand

investigated promptly and appropriately.Any such reports may also be submitted anonymously.Employees

areencouragedtoconsulttheCCOwithrespecttoanytransactionthatmayviolatethisCodeandtorefrainfrom

any action or transaction that might lead to the appearance of a violation.Any retaliation against an individual

who reports a violation is prohibited and constitutes a further violation of this Code.

The Company has a 24-hour Helpline, 1-888-475-8376, which employees can use to report violations of the

Company'spoliciesortoseekguidanceonthosepolicies.Employeesmayreportsuspectedviolationstoorask

questions of the Helpline anonymously; however, providing such employee's name may expedite the time it

takestheCompanytorespondtosuchemployee'scall,anditalsoallowstheCompanytocontactanemployee

if necessary during any investigation.Either way, the Company should treat the information that employees

provide as confidential.

**BackgroundChecks**

Employeesarerequiredtopromptlyreportanycriminal,regulatoryorgovernmentalinvestigationsorconvictions

to which they become subject.Each employee is required to promptly complete and return any background

questionnaires that the Company's Compliance department may circulate.

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**Sanctions**

The Company intends to use every reasonable effort to prevent the occurrence of conduct not in compliance

with this Code and to halt any such conduct that may occur as soon as reasonably possible after its discovery.

Any violation of this Code shall be subject to the imposition of such sanctions by the CCO as may be deemed

appropriate under the circumstances to achieve the purposes of the Rules and this Code, and may include

suspension or termination of employment or of trading privileges, the rescission of trades, a written censure,

imposition of fines or of restrictions on the number or type of providers of personal accounts; and/or requiring

equitable restitution.

**RequiredRecords**

Required Records (as listed in this section) must be kept in an easily accessible place.In addition, *no* records

should be selectively destroyed, and *all* records must be retained if they are connected with any litigation/

governmentinvestigation.TheCCOshallmaintainandcausetobemaintainedinaneasilyaccessible place,

the following records:

(a)Acopyof anyCodethathasbeenineffectatanytimeduringthepastfiveyears;

(b)A record of any violation of this Code and any action taken as a result of such violation for five

years from the end of the fiscal year in which the violation occurred;

(c)A copy of each report made by the CCO within two years from the end of the fiscal year of the

Company in which such report or interpretation is made or issued (and for an additional three

years in a place that need not be easily accessible);

(d)Alistofthenamesofpersonswhoarecurrently,orwithinthepastfiveyearswere,employees;

(e)ArecordofallwrittenacknowledgementsofreceiptofthisCodeforeachpersonwhoiscurrently,

or within the past five years was, subject to this Code;

(f)Holdings and transactions reportsmade pursuanttothis Code,including any brokerage account

statements made in lieu of these reports;

(g)All pre-clearance forms shall be maintained for at least five years after the end of the fiscal year

in which the approval was granted;

(h)Arecordofanydecisionapprovingtheacquisitionofsecuritiesbyemployeesinprivate

placements for at least five years after the end of the fiscal year in which approval was granted;

(i)AnyexceptionsreportspreparedbyApprovingOfficersortheComplianceOfficer;

(j)Arecordofpersonsresponsible forreviewing employees'reportscurrentlyorduringthe lastfive

years; and

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(k)Acopyofreportsrequiredtobeprovidedtoaboardofdirectors/trusteesofaregistered

investment company client regarding this Code.

TherequiredrecordsshallbemaintainedintheCompany'sNewYorkoffices.

**RecordRetention**

In the course of its business, the Company produces and receives large numbers of records.Numerous laws

require the retention of certain Company records for various periods of time.The Company is committed to

compliancewithallapplicablelawsandregulationsrelatingtothepreservationofrecords.TheCompany'spolicy

istoidentify,maintain,safeguardanddestroyorretainallrecordsintheCompany'spossessiononasystematic

and regular basis.Under no circumstances are Company records to be destroyed selectively or to be

maintained outside Company premises or designated storage facilities, except in those instances where

Company records may be temporarily brought home by employees working from home in accordance with

approvals from their supervisors or applicable policies about working from home or other remote locations.

Ifemployeeslearnofasubpoenaorapendingorcontemplatedlitigationorgovernmentinvestigation,employees

should immediately contact the General Counsel.Employees must retain and preserve ALL records that may

beresponsivetothesubpoenaorrelevanttothelitigationorthatmaypertaintotheinvestigationuntilemployees

are advised by the Legal department as to how to proceed.Employees must also affirmatively preserve from

destructionallrelevantrecordsthatwithoutinterventionwouldautomaticallybedestroyedorerased(suchase-

mails and voicemailmessages).Destruction of such records, even if inadvertent, could seriously prejudice the

Company.If employees have any questions regarding whether a particular record pertains to a pending or

contemplated investigation or litigation or may be responsive to a subpoena or regarding how to preserve

particular types of records, employees should preserve the records in question and ask the Legal department

for advice.

**WaiversofthisCode**

WaiversoftheCodemaybemadebytheCCO,inconsultationwithCompanymanagement,and/ortheExecutive

Committee, as deemed necessary.

**CorporateOpportunities**

Employees oweadutytotheCompanytoadvanceits legitimateinterestswhentheopportunitytodosoarises.

If employeeslearnof abusinessor investment opportunitythroughtheuseof corporatepropertyorinformation

oranemployee's positionattheCompany,such asfromacompetitororactualorpotentialclient,supplieror

business associate of the Company, employees may not participate in the opportunity or make the investment

without the prior written approval of the CCO.Such an opportunity should be considered an investment

opportunityfor the Company in the first instance.Employees may not use corporate property or information or

an employee's position at the Company for improper personal gain, and employees may not compete with the

Company.

**ProtectionandProperUseofCompanyAssets**

We each have a duty to protect the Company's assets and ensure their efficient use.Theft, carelessness and

wastehaveadirectimpactontheCompany'sprofitability.Weshouldtakemeasurestopreventdamagetoand

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theft or misuse of Company property.When employees leave the Company, all Company property must be

returned to the Company.Except as specifically authorized, Company assets, including Company time,

equipment, materials, resources and proprietary information, must be used for business purposes only.

**ClientInformation**

Currentfederalregulationsaredesignedtoprotecttheprivacyofcustomersoffinancialinstitutionsandfinancial

services providers.In this regard, the Company has adopted privacy policies (the "Privacy Policies") by which

eachemployeeoftheCompanymustagreetoabide.TheCCOwillensurethateachemployeeoftheCompany

acknowledgestheiradherencetothePrivacyPolicies. AcopyofthePrivacyPoliciesisfoundintheCompany's

Compliance Manual. The Company will keep a copy of the Privacy Policies and will make them available upon

request.

**PortfolioCompanyInformation**

Certain limitations on trading and other activities may result from employees of the Company receiving access

to material, nonpublic information regarding the plans, earnings, operations or financial condition of issuers

("Portfolio Companies").If, in employee conversations, meetings or written communications with Portfolio

Company management, employees are told (or have reason to believe) that the information employees have

received is not public, employees should notify the CCO immediately.If employees are forewarned that the

information employees are about to receive is confidential/not public, employees should ask the person not to

disclosetheinformationtoemployeesuntilemployeeshaveachancetocheckwiththeCompliancedepartment.

The Company's Insider Trading Policy more fully discusses material, nonpublic information.

**CompanyInformation**

Unless employees are doing so in connection with Company duties and responsibilities, employees should not

discuss specific details about the Company's business with unauthorized persons, including family members.

Even when representing the Company, employees need to be careful about disclosing certain information.

Engagingindiscussionswithoutsideparties(whoarenotcustodiansandbrokersordealersimplementingsuch

strategies and transactions for us) about specific strategies or transactions in Portfolio Companies that the

Company is or is considering implementing for clients may present a conflict of interest for the Company and

mayevensubjecttherecipientofsuchinformationtothisCode(includingitspersonaltradingpolicies).Itisvery

important to remember this when having discussions with personal friends, social acquaintances and former

business associates or colleagues who are active investment management professionals (*e.g.*, hedge fund

managers,otherinvestmentadvisers).Itisequallyimportanttorememberthiswhenemployeesarediscussing

the Company's business or clients with colleagues in public places (*e.g.*, elevators, lunch lines).Employees

should be particularly careful not to use actual company or client names in any public settings.

Information that is proprietary to the Company should not be shared with others.With regard to what might

constitutematerialthatisproprietaryand/orshouldnotbeshared,employeesmayuseasimpleguidelinethatif

we paid for it or if we created it, it is likely proprietary and should not be shared.For example, the Company's

proprietary stock analysis software should not be shared with others.

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**INSIDERTRADING**

VariousfederalandstatesecuritieslawsandtheInvestmentAdvisersActof 1940(Section204A)requireevery

investment adviser to establish, maintain and enforce written policies and procedures reasonably designed,

taking into consideration the nature of such adviser's business, to prevent the misuse of material, nonpublic

informationinviolationoftheInvestmentAdvisersActof1940orothersecuritieslawsbytheinvestmentadviser

or any person associated with the investment adviser.

TheCCOhastheprimaryresponsibilityfortheimplementationandmonitoringoftheCompany'sInsiderTrading

Policy, practices, disclosures and recordkeeping. The Company's Insider Trading Policy is designed to detect

andpreventillegalinsidertrading.TheInsiderTradingPolicycovers:(i)theCompany,(ii)allpersonscontrolled

by,controllingorundercommoncontrolwiththeCompany(iii)consultants,subtenants,officeoccupantsorother

persons who are deemed to be Access Persons under this Code; and (iv) each and every employee, officer,

director, general partner and member of the Company and any person described in clause (ii) (all persons

described in this paragraph are referred to collectively as the "Covered Persons").The Insider Trading Policy

extends to activities both within and outside each Covered Person's relationship with the Company. The CCO

will ensure that each employee of the Company acknowledges their adherence to the Insider Trading Policy.

The Company will keep a copy of the Insider Trading Policy and will make it available upon request.

**FAIR DEALING**

The Company depends on its reputation for quality, service and integrity.The way we deal with our clients,

competitors and suppliers molds our reputation, builds long-term trust and ultimately determines our success.

Employees should endeavor to deal fairly with the Company's clients, suppliers, competitors and other

employees.We must never take unfair advantage of others through manipulation, concealment, abuse of

privileged information, misrepresentation of material facts or any other unfair dealing practice.

**AntitrustLaws**

While the Company competes vigorously in all of its business activities, its efforts in the marketplace must be

conducted in accordance with all applicable antitrust and competition laws.While it is impossible to describe

antitrustandcompetitionlawsfullyinanycodeofbusinessconduct,thisCodegivesanoverviewofthetypesof

conductthatareparticularlylikelytoraiseantitrust concerns.If employeesareorbecomeengagedinactivities

similar to those identified in this Code, employees should consult the Compliance department for further

guidance.

**ConspiraciesandCollaborationsAmongCompetitors**

Oneoftheprimarygoalsoftheantitrustlawsistopromoteandpreserveeachcompetitor'sindependencewhen

makingdecisionsonprice,output,andothercompetitivelysensitivefactors.Someofthemostseriousantitrust

offenses are agreements between competitors that limit independent judgment and restrain trade, such as

agreements to fix prices, restrict output or control the quality of products, or to divide a market for clients,

territories, products or purchases.Employees should not agree with any competitor on any of these topics, as

these agreements are virtually always unlawful.(In other words, no excuse will absolve employees or the

Company of liability.)

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Unlawful agreements need not take the form of a written contract or even express commitments or mutual

assurances.Courts can -- and do -- infer agreements based on "loose talk," informal discussions, or the mere

exchange between competitors of information from which pricing or other collusion could result.Any

communication with acompetitor's representative, nomatter how innocuous it may seem at thetime, maylater

besubjecttolegalscrutinyandformthebasisforaccusationsofimproperorillegalconduct.Employeesshould

take care to avoid involving themselves in situations from which an unlawful agreement could be inferred.

By bringing competitors together, trade associations and standard-setting organizations may raise antitrust

concerns, even though such groups serve many legitimate goals.The exchange of sensitive information with

competitorsregardingtopicssuchasprices, profit margins, output levels,or billingor advertisingpracticesmay

potentially violate antitrust and competition laws, as may creating a standard with the purpose and effect of

harmingcompetition.Employeesmust notifytheCompliance department beforejoining anytradeassociations

or standard-setting organizations. Further, if employees are attending a meeting at which potentially

competitively sensitive topics are discussed without oversight by an antitrust lawyer, employees should object,

leave the meeting, and notify the Compliance department immediately.

Joint ventures with competitors are not illegal under applicable antitrust and competition laws.However, like

trade associations, joint ventures present potential antitrust concerns.The Compliance department should

therefore be consulted before negotiating or entering into such a venture.

**DistributionIssues**

Relationships with clients and suppliers may also be subject to a number of antitrust prohibitions if these

relationships harm competition.For example, it may be illegal for a company to affect competition by agreeing

withasuppliertolimitthatsupplier'ssalestoanyoftheCompany'scompetitors.Collectiverefusalstodealwith

a competitor, supplier or client may be unlawful as well.While the Company generally is allowed to decide

independently that it does not wish to buy from or sell to a particular person, when such a decision is reached

jointly with others, it may be unlawful, regardless of whether it seems commercially reasonable.

Otheractivitiesthatmayraiseantitrustconcernsare:

(i)discriminating in terms and services offered to clients, where the Company treats one client

or group of clients differently than another;

(ii)exclusivedealingagreements,wheretheCompanyrequiresaclienttobuyonlyfroma

particular supplier, or the supplier to sell only to the Company or the client;

(iii)tying arrangements,where a client or supplieris required,as a condition ofpurchasingor

selling one product or service, also to purchase or sell a second, distinct product or service;

(iv)"bundleddiscounts,"inwhichdiscountorrebateprogramslinkthelevelofdiscountsavailable

on one product or service to purchases of separate but related products or services; and

(v)"predatory pricing," where the Company offers a discount that results in the sales price of a

productorservicebeingbelowtheproduct'sorservice'scost(thedefinitionofcostvaries

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dependingonthecourt),withtheintentionofsustainingthatpricelongenoughtodrive

competitors out of the market.

Because these activities are prohibited under many circumstances, employees should consult the Compliance

department before implementing any of them.

**Penalties**

Failuretocomplywiththeantitrustlawscouldresultinjailtermsforindividualsandlargecriminalfinesandother

monetary penalties for both the Company and individuals.In addition, private parties may bring civil suits to

recover three times their actual damages, plus attorney's fees and court costs.

Theantitrustlawsareextremelycomplex.Becauseantitrustlawsuitscanbeverycostly(evenwhenacompany

has not violated the antitrust laws and is cleared in the end), it is important to consult with the Compliance

departmentbeforeengaginginanyconductthatevenappearstocreatethebasisforanallegationofwrongdoing.

Itisfareasiertostructureemployeeconducttoavoiderroneousimpressionsthantoexplaintheirconductinthe

future when an antitrust investigation or action is in progress.For that reason, when in doubt, consult the

Compliance department with any concerns.

**GatheringInformationAbouttheCompany'sCompetitors**

It is entirely proper for us to gather information about our marketplace, including information about our

competitors and their products and services.However, there are limits to the ways that information should be

acquired and used, especially information about competitors.In gathering competitive information, employees

should abide by the following guidelines:

1. We may gather information about our competitors from sources such as published articles,

advertisements, brochures, other non-proprietary materials, surveys by consultants and

conversations with our clients, as long as those conversations are not likely to suggest that we

areattemptingto(a)conspirewithourcompetitors,usingtheclientasamessenger,or(b)gather

information in breach of a client's nondisclosure agreement with a competitor or through other

wrongful means.Employees should be able to identify the source of any information about

competitors.

2. We must never attempt to acquire a competitor's trade secrets or other proprietary information

throughunlawfulmeans,suchastheft,spying,bribery orbreachof acompetitor'snondisclosure

agreement.

3. If there is any indication that information that employees obtain was not lawfully received by the

partyinpossession,employeesshouldrefusetoacceptit.Ifemployeesreceiveanycompetitive

information anonymously or that is marked confidential, employees should not review it and

should contact the Compliance department immediately.

TheimpropergatheringoruseofcompetitiveinformationcouldsubjectemployeesandtheCompanytocriminal

and civil liability.When in doubt asto whether asource of information isproper, employees should contact the

Compliance department.

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**RESPONSIBILITYTOOURPEOPLE**

**EqualEmploymentOpportunity**

ItisthepolicyoftheCompanytoensureequalemploymentopportunitywithoutdiscriminationorharassmenton

the basis of race, color, national origin, religion, age, sexual orientation, gender, marital status, disability or any

othercharacteristicprotectedbyapplicablefederal,state,orlocallaw.Ouremploymentpracticesanddecisions

adhere to the principles of non-discrimination and equal employment opportunity.All personnel involved in

hiring, promotion, transfers, compensation, benefits, termination and all other terms and conditions of

employment are made aware of their responsibilities in support of these corporate goals.

**Non-DiscriminationPolicy**

The Company is committed to a work environment in which all individuals are treated with respect and dignity.

Each employee has the right to work in a professional atmosphere that promotes equal employment

opportunities and prohibits discriminatory practices, including harassment.Therefore, the Company expects

that all relationships among persons in the office will be free of bias, prejudice and harassment.

**Anti-HarassmentPolicy**

TheCompanyiscommittedtomaintainingaworkenvironmentthatisfreeofdiscrimination.Inkeepingwiththis

commitment, we will not tolerate unlawful harassment of our employees by anyone, including any supervisor,

co-workerorthirdparty.Harassmentconsistsofunwelcomeconduct,whetherverbal,physicalorvisual,thatis

basedonaperson'srace,color,nationalorigin,religion,age,sexualorientation,gender,maritalstatus,disability

orotherprotectedcharacteristic,that(1)hasthepurposeoreffectofcreatinganintimidating,hostileoroffensive

work environment; (2) has the purpose or effect of unreasonably interfering with an individual's work

performance; or (3) otherwise adversely affects an individual's employment opportunities. Harassment will not

be tolerated.

Harassment may include derogatory remarks, epithets, offensive jokes, intimidating or hostile acts, the display

of offensive printed, visual or electronic material, or offensive physical actions.Sexual harassment deserves

special mention.Unwelcome sexual advances, requests for sexual favors, or other physical, verbal or visual

conduct based on sex constitutes harassment when (1) submission to the conduct is required as a term or

condition of employment or is the basis for employment action, or (2) the conduct unreasonably interferes with

anindividual'sworkperformanceorcreatesanintimidating,hostileoroffensiveworkplace.Sexualharassment

may include propositions, innuendo, suggestive comments or unwelcome physical contact.

**IndividualsandConductCovered**

These policies apply to all applicants and employees, and prohibit harassment, discrimination and retaliation

whether engaged in by fellow employees, by asupervisor or manager or by someone not directlyconnected to

the Company (*e.g*., an outside vendor, consultant or client).

Conduct prohibited by these policies is unacceptable in the workplace and in any work-related setting outside

the workplace, such as during business trips, business meetings and business-related social events.

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**Retaliation**

TheCompanyprohibitsretaliationagainstanyindividualwhoreportsdiscriminationorharassmentorparticipates

in an investigation of such reports.Retaliation against an employee for reporting discrimination or harassment

or for participating in an investigation of a claim of harassment or discrimination is a serious violation of this

policy and, like harassment or discrimination itself, will be subject to disciplinary action.

**ReportinganIncidentofHarassment,DiscriminationorRetaliation**

The Company strongly urges the timely reporting of all incidents of harassment, discrimination or retaliation

regardless of the offender's identity or position.Individuals should file their complaints with their immediate

supervisor, theChief Legal Officer, theChief Human ResourcesOfficer, oranymember of seniormanagement

before the conduct becomes severe or pervasive.Individuals should not feel obligated to file their complaints

with their immediate supervisor first before bringing the matter to the attention of one of the other designated

representativesidentifiedabove.Tothefullestextent practicable,theCompany willmaintaintheconfidentiality

of those involved, consistent with the need to investigate alleged harassment and take appropriate action.

Misconduct constituting harassment, discrimination or retaliation will be dealt with promptly and appropriately.

Each supervisor and manager is responsible for enforcing these policies against unlawful discrimination,

harassment and retaliation, and maintaining a work environment free from sexual and other unlawful

discrimination,harassmentandretaliation.Thisincludesunderstandingthesepolicies;reportinganycomplaint

of unlawful discrimination, harassment or retaliation received from an employee to the appropriate Company

representative; cooperating with investigations into reported allegations, and taking the necessary and

appropriate action where such allegations are substantiated.

Employees who have experienced conduct they believe is contrary to this policy have an obligation to take

advantage of this complaint procedure.

**LeavePolicies**

The Company provides leaves of absences in accordance with applicable federal, state and local law.The

Company's leave policies are outlined in the US Employee Handbook.

**SafetyintheWorkplace**

The safetyandsecurityof employeesis ofprimary importance.Employees areresponsibleformaintaining our

facilities free from recognized hazards and obeying all Company safety rules.Working conditions should be

maintained in a clean and orderly state to encourage efficient operations and promote good safety practices.

***WeaponsandWorkplaceViolence***

Noemployeemaybringfirearms,explosives,incendiarydevicesoranyotherweaponsintotheworkplaceorany

work-relatedsetting,regardlessofwhetherornotemployeesarelicensedtocarrysuchweapons.Similarly,the

Companywillnottolerateanylevelofviolenceintheworkplaceorinanywork-relatedsetting.Violationsofthis

policy must be referred to an employee's supervisor, the Chief Human Resources Officer and the CCO

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immediately.Threats or assaults that require immediate attention should be reported to the police by calling

911. ***DrugsandAlcohol***

The Company intends to maintain a drug-free work environment.Except at approved Company functions,

employees may not use, possess or be under the influence of alcohol on Company premises.

Employees cannot use, sell, attempt to use or sell, purchase, possess or be under the influence of any illegal

drug on Company premises or while performing Company business on or off the premises.

**INTERACTINGWITHGOVERNMENT**

**ProhibitiononGiftstoGovernmentOfficialsandEmployees**

The various branches and levels of government have different laws restricting gifts, including meals,

entertainment, transportation and lodging, which may be provided to government officials and government

employees.Employeesareprohibitedfromprovidinggifts,mealsoranythingofvaluetogovernmentofficialsor

employees or members of their families without prior written approval from the CCO.

**PoliticalContributionsandActivities**

Laws of certain jurisdictions prohibit the use of Company funds, assets, services, or facilities on behalf of a

political party or candidate.Payments of corporate funds to any political party, candidate or campaign may be

made only if permitted under applicable law and approved in writing and in advance by the CCO.

This policy does not prohibit the Company from establishing and maintaining political action committees

("PACs"), such as a Company PAC, which are permitted under applicable law, nor does this policy prohibit the

Company's eligible employees from giving to such PACs.Employee participation in any of these activities is

strictly voluntary and employees have the right to refuse to contribute without reprisal.

Employees' work time may be considered the equivalent of a contribution by the Company.Therefore,

employees will not be paid by the Company for any time spent running for public office, serving as an elected

official,orcampaigningforapoliticalcandidate.TheCompanywillnotcompensateorreimburseemployees,in

any form, for a political contribution that employees intend to make or have made.

**LobbyingActivities**

Laws of some jurisdictions require registration and reporting by anyone who engages in a lobbying activity.

Generally, lobbying includes: (1) communicating with any member or employee of a legislative branch of

governmentforthepurposeofinfluencinglegislation;(2)communicatingwithcertaingovernmentofficialsforthe

purpose of influencing government action; or (3) engaging in research or other activities to support or prepare

for such communication.

SothattheCompanymaycomplywithlobbyinglaws,employeesmustnotifytheCompliancedepartmentbefore

engaging in any activity on behalf of the Company that might be considered "lobbying" as described above.

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**BriberyofForeignOfficials**

Company policy, the U.S. Foreign Corrupt Practices Act (the "FCPA"), and the laws of many other countries

prohibit the Company and its officers, employees and agents from giving or offering to give money or anything

of value to a foreign official, a foreign political party, a party official or a candidate for political office in order to

influenceofficialactsordecisionsofthatpersonorentity,toobtainorretainbusiness,ortosecureanyimproper

advantage.A foreign official is an officer or employee of a government or any department, agency, or

instrumentality thereof, or of certain international agencies, such as the World Bank or the United Nations, or

any person acting in an official capacity on behalf of one of those entities.Officials of government-owned

corporations are considered to be foreign officials.

Payments need not be in cash to be illegal.The FCPA prohibits giving or offering to give "anything of value."

Over the years, many non-cash items have been the basis of bribery prosecutions, including travel expenses,

golf outings, automobiles, and loanswithfavorable interest ratesor repayment terms.Indirect paymentsmade

through agents, contractors, or other third parties are also prohibited.Employees may not avoid liability by

"turning a blind eye" when circumstances indicate a potential violation of the FCPA.

The FCPA does allow for certain permissible payments to foreign officials.Specifically, the law permits

"facilitating"payments,whicharepaymentsofsmallvaluetoeffectroutinegovernmentactionssuchasobtaining

permits, licenses, visas, mail, utilities hook-ups and the like.However, determining what is a permissible

"facilitating" payment involves difficult legaljudgments.Therefore, employees must obtain permission fromthe

Compliance department before making any payment or gift thought to be exempt from the FCPA.

**AmendmentsandModifications**

TheCCOwillperiodicallyreviewtheadequacyofthisCodeandtheeffectivenessofitsimplementationandshall

makeamendmentsor modificationsasnecessary.Allmaterialamendmentsandmodificationsshallbesubject

to the final approval of the Company's management and/or the Executive Committee, as necessary.

**FormADVDisclosure**

InconnectionwithmakingamendmentstothisCode, theCCO willreviewandupdatedisclosurerelatingtothis

Code set forth in the Company's Form ADV, Part 2A.

**EmployeeCertification**

Ultimate responsibility to ensure that we as a Company comply with the many laws, regulations and ethical

standards affecting our business rests with each of us.Employees must become familiar with and conduct

themselves strictly in compliance with those laws, regulations and standards and the Company's policies and

guidelines pertaining to them.By completing the annual acknowledgment form, employees acknowledge that

theyhavereceivedandreadthetermsofthisCode.Employeesalsocertifythattheyrecognizeandunderstand

the responsibilities and obligations incurred by them as a result of being subject to this Code and they hereby

agree to abide by the terms hereof.

## Ex-99.(P)(14)

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**CodeofEthics*-Americas***

**SUMMARYANDSCOPE**

**WhattheCodeisabout**

HelpingtoensurethatNuveenandTIAAEmployeesplacethe

interests of Nuveen clients ahead of their own personal

interests.

**WhotheCodeappliestoandwhatthe** 

**implications are**

ThisCodeappliesto individualsinthefollowingcategories:

• Nuveen Employees based in the US or Canada (except

employeesofNuveenNaturalCapital,unlessthelocal/

designatedChiefComplianceOfficerandNuveenEthics

Office determine otherwise).

• EmployeesofanyUS-registeredinvestmentadviserwho

are based outside the US.

• Consultants,interns, andtemporary workersbased inthe

US or Canada whose contract length is 90 days or more,

unless the Nuveen Ethics Office determines otherwise.

• TIAAEmployees,consultants,interns,andtemporary

workers designated as Access Persons by a Nuveen

FundsChiefComplianceOfficerortheNuveenEthics

Office.

Independent directors and trustees of the CREF/VA-1 and

NuveenFundComplexhavetheirownCodeofEthicsandare

not subject to this one.

Forindividuals who are subject to the Code, there are two

designationswithdifferentimplications:AccessPersonand

Investment Person.

**ACCESSPERSON**

All Nuveen Employees and TIAA Employees who are subject

to the Code are considered Access Persons, since they have,

or could have, access to non-public information about

securities transactions and other investments, holdings, or

recommendationsforAffiliate-AdvisedAccountsorPortfolios.

**Key characteristics of this designation.** An individual

may be considered an Access Person of multiple advisers

affiliated with Nuveen, or of only one. If your regular duties

giveyouaccesstonon-publicinformation,oryouareanofficer

of a Nuveen sponsored or branded fund, your

**Nuveen Compliance\|July 30, 2025**

personal trading is generally monitored only against the

tradingactivityofthespecificadviser(s)orAffiliatedFunds

withwhichyouareinvolved.Forotheremployees,personal

trading is typically monitored against the trading activities

of all Nuveen US advisers. You will generally not be

permitted to execute transactions in a security on any day

whenanAffiliate-AdvisedAccountorPortfoliomanagedby

theadviser(s)thatyouaremonitoredagainsthasapending

buy or sell order for that security at the time of your pre-

clearancerequest.

**INVESTMENTPERSON**

AnAccessPersonwhomeetsanyofthefollowingcriteriawill

in addition be considered an Investment Person:

• TheAccessPersonisaPortfolioManager,ResearchAnalyst

or Research Assistant, or they otherwise participate in

making recommendations or decisions concerning the

purchase or sale of securities in any Affiliate-Advised

Account or Portfolio.

• TheAccessPersonhasbeendesignatedanInvestment

PersonbytheaffiliateChiefComplianceOfficerorthe

Nuveen Ethics Office.

**Key characteristics of this designation.** The vast

majorityofInvestmentPersonsareemployeesofNuveen's

investment advisers.

An Investment Person is prohibited from transacting

insecuritiesduringtheperiodstarting7calendardays

before, and ending 7 calendar days after, any trade in an

Affiliate-Advised Account or Portfolio for which he/she has

responsibility. In addition, an Investment Person's personal

transactions will be reviewed for conflicts in the period

starting 7 calendar days before, and ending 7 calendar days

after, all trades by their associated investment adviser(s). In

somecases,theInvestmentPersonmayberequiredtoreverse

a trade and/or forfeit an appropriate portion of any profit as

determinedbytheNuveenEthicsOffice.Theseconsequences

can apply regardless of whether the trade was pre-cleared.

The personal trading of Investment Persons is generally only

monitoredagainst the tradingactivity of thespecific adviser(s)

for which they have been designated an Investment Person.

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**Importanttounderstand**

**Some of our affiliated investment advisers may** 

**havesupplementalpoliciesoftheir ownthatimpose** 

**additional rules on the same topics covered in this** 

**Code.** Check with your manager or local/designated Chief

Compliance Officer if you have questions.

**Personaltradingisaprivilege,notaright.**Nuveenand

TIAAEmployeesareexpectedto followthelawandadhereto

the highest standards of behavior—including with respect to

personal trading. Any violation of the Code could have severe

adverseeffectsonyou,yourco-workers,andNuveen.Youmay

be held personally liable for your conduct and be subject to

fines, regulatory sanctions, and even criminal penalties.

BecauseNuveencanrestrictyourtradingortakeactionssuch

asforcingyouto holdapositionortodisgorgeprofits,personal

trading carries risks beyond normal market risks.

**Some requirements in this Code apply to Household** 

**Members.**EachHouseholdMember(see"TermswithSpecial

Meanings" below) is subject to the same personal trading

restrictions and requirements that apply to his/her related

Nuveen and TIAA Employees.

**The Code does not address every ethical issue that** 

**mightarise.**Ifyouhaveanydoubtatallafterconsultingthe

Code, contact the Nuveen Ethics Office for direction.

**TheCodeappliestoappearanceaswellassubstance.** 

Always consider how any action might appear to an outside

observer (such as a client or regulator).

![floatingimage_2a.jpg](floatingimage_2a.jpg)

**You areexpectedtofollowtheCodebothinletter**

**and in spirit.** Literal compliance,suchas pre-clearinga

transaction,doesnotnecessarilyprotectyoufromliability

forconductthatviolatesthespiritoftheCode.Ifyouhave

questionsabouthowtocomplywiththisCode,consultthe

Nuveen Ethics Office.

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| **NuveenEthics Office(Americas)** |

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| **TERMSWITHSPECIALMEANINGS** |  |
| Within thispolicy,thesetermsaredefinedasfollows:<br>**Affiliate-AdvisedAccountorPortfolio**AnyAffiliated <br>Fund, or any portfolio or client account advised or sub-<br>advised by Nuveen.<br>**AffiliatedFund**AnyTIAA-CREForNuveenbrandedor <br>sponsored open-end fund, closed-end fund, or Exchange <br>Traded Fund (ETF), and any third-party fund advised or <br>sub-advised by Nuveen.<br>**Automatic Investment Plan**Any program, such<br>as a dividend reinvestment plan (DRIP), under which <br>investment account purchases or withdrawals occur <br>accordingtoapredeterminedscheduleandallocation.<br>**Beneficial Ownership**Any interest by which you or <br>anyHouseholdMember—directlyorindirectly—derivesa <br>monetary benefit from purchasing, selling, or owning a <br>security or account, or exercises investment discretion.<br>YouhaveBeneficialOwnershipofsecuritiesheldinaccounts <br>in your own name, or any Household Member's name, and <br>in all other accounts over which you or any Household <br>Member exercises or may exercise investment decision-<br>making powers, or other influence or control, including <br>trust, partnership, estate, and corporate accounts or other <br>joint ownership or pooling arrangements.<br>**Code**ThisCodeof Ethics.<br>**Domestic Partner**An individualwhois neither a relative <br>of nor legally married to a Nuveen or TIAA Employee but <br>sharesaresidenceandisinamutualcommitmentsimilarto <br>marriage with such employee.<br>| **Federal Securities Laws**The applicable portions of any<br>of the following laws, as amended, and of any rules adopted<br>under them by the Securities and Exchange Commission or<br>the Department of the Treasury:<br>•Securities Actof1933.<br>•SecuritiesExchangeActof1934.<br>•InvestmentCompanyAct of1940.<br>•InvestmentAdvisersActof1940.<br>•Sarbanes-OxleyActof2002.<br>•TitleVof theGramm-Leach-BlileyAct.<br>•TheBankSecrecyAct.<br>**Household Member**Any of the following who reside, or <br>areexpectedtoresideforatleast90daysayear,inthesame <br>household as a Nuveen or TIAA Employee:<br>•SpouseorDomestic Partner.<br>•Sibling.<br>•Child,stepchild,grandchild.<br>•Parent,stepparent, grandparent.<br>•In-laws(mother,father,son,daughter,brother,sister).<br>**Independent Director**Any director or trustee of an <br>AffiliatedFundwhoisnotan"interestedperson"withinthe <br>meaningofSection2(a)(19)oftheInvestmentCompanyAct <br>of 1940, as amended.<br>**Managed Account**Any account, including robo-advised <br>accounts, in which you or a Household Member has <br>BeneficialOwnershipandforwhichyouhavedelegatedfull <br>investment discretion in writing to a third-party broker or <br>investment manager.<br>**Nuveen**Nuveen,LLCandallofitsdirectorindirect <br>subsidiaries worldwide.<br>|

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**TERMSWITHSPECIALMEANINGS(continued)**

**Nuveen Employee**Any full- or part-time employee of

Nuveen,andanyconsultants,internsortemporaryworkers

designated by the Nuveen Ethics Office.

**PrivatePlacement**Anyofferingexemptfromregistration

under the Securities Act of 1933, such as a private equity

investment, hedge fund, or limited partnership. A private

investment in public equity (PIPE) is also considered a

Private Placement.

**ReportableAccount**Anyaccountforwhichyouor

aHouseholdMemberhasBeneficialOwnershipAND

in which securities can be bought, sold or held. This

includes, among others:

• Allbrokerage,IRA,custodialandtrustaccounts.

• AllManagedAccounts.

• All529CollegeSavingsPlanaccounts.

• Anyemployersponsoredretirementplanaccount(e.g.

401(k), 403(b)) that permits transactions in any

Reportable Security, or is held with a bank or broker-

dealer, including TIAA 401(k) plan accounts.

• Any direct holding inan AffiliatedFund.

• Anyhealthsavingsaccount(HSA)thatpermitsthe

purchase of any security, including a TIAA HSA

administered by HealthEquity.

• Anyemployeestockpurchaseplan(ESPP)oremployee

stock ownership plan (ESOP).

ThefollowingareNOTconsideredReportable Accounts:

• Charitablegivingaccounts.

• Accounts held directly with a mutual fund complex or

mutualfund-onlyplatformthatarenotheldatabankor

broker-dealer, and in which open-end, non-Affiliated

Funds are the only possible investment.

• Anycashmanagementaccountinwhichasecurity

cannot be purchased or sold.

• Anyaccountsthatcaninvestonlyincryptocurrencysuch

as Bitcoin or Ethereum.

**ReportableSecurity**AnysecurityEXCEPT:

• DirectobligationsoftheUSgovernment(indirect

obligations,suchasFannieMaeandFreddieMac

securities, are reportable).

• Certificatesofdeposit,bankers'acceptances,commercial

paper, and high quality short-term debt (including

repurchaseagreements).

• Moneymarketfunds.

• Open-endfunds that arenotAffiliated Funds.

• Notethat closed-endfundsareReportableSecurities.

• Note that direct investments in cryptocurrency, such

as Bitcoin, are not considered to be a security and are

therefore not reportable.

**Reportable Transaction**Any transaction involving a

Reportable Security EXCEPT:

• Transactions in Managed Accounts. Section 16 Persons:

TransactionsinvolvingNuveenclosed-endfundsinanyof

your Managed Accounts are reportable.

• TransactionsunderanAutomaticInvestmentPlan;note

that transactions that override the pre-set schedule or

allocation are reportable.

• Dividends.

• InterestAccrued.

**Section 16 Person**Section 16 of the Exchange Act and

the rules thereunder impose certain obligations on persons

specifiedinsection30(h)oftheInvestmentCompanyActof

1940, as well as insiders of any public company that trades

on a national stock exchange (such as a Nuveen closed-end

fund). For purposes of Section 16, an "insider" is:

• Adirectorofapublic company.

• Adesignatedofficerofapubliccompany.

• Apersonwhobeneficiallyowns10%ormoreofanyclass

of equity security that is registered under Section 12 of

the Exchange Act.

• Aportfoliomanager ofaNuveenclosed-endfund.

PersonssubjecttoSection16include,butarenotlimitedto,

portfolio managers of the Nuveen closed-end funds.

**TIAA Employee**Any full- or part-time employee of

TIAA,anyconsultants,internsandtemporaryworkersas

designated by the Nuveen Ethics Office.

**GENERALRESTRICTIONSANDREQUIREMENTS**

**BASICPRINCIPLES**

**1. Neverabuseaclient's trust,rights,orinterests.**

Thismeansyoumustneverdoanyofthefollowing:

• Engageinanyplanoraction,oruseanydevice,

that would defraud or deceive a client.

• Makeanymaterialstatementsoffactthatare

incorrectormisleading,eitherastowhatthey

include or omit.

• Engageinanymanipulativepractice.

• Useyourposition(includinganyknowledgeoraccessto

opportunitiesyouhavegainedbyvirtueofyourposition)

topersonaladvantageortoaclient'sdisadvantage.This

wouldinclude,forexample,front-runningortailgating

(tradingdirectlybeforeoraftertheexecutionofalarge

clienttradeorder),oranyattempttoinfluenceaclient's

tradingtoenhancethevalueofyourpersonalholdings.

• Conductpersonaltradinginanywaythatcouldbe

inconsistentwithyourfiduciarydutiestoaclient(evenifit

doesnottechnicallyviolatetheCode).

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**2. Handleconflictsofinterestappropriately.**This

appliesnot onlytoactual conflictsofinterest, butalso

toanysituationthatmightappeartoanoutsideobserver

to be improper or a breach of fiduciary duty.

**3. Keep confidential information confidential.** 

Alwaysproperlysafeguardanyconfidentialinformation

you obtain in the course of your work. This includes

confidentialinformationrelatedtoanyofthefollowing:

• AnyAffiliate-AdvisedAccountorPortfolioandany

other financial product offered or serviced by

Nuveen.

• Newproducts,productchanges,orbusinessinitiatives.

• Past,current,andprospectiveclients,including

theiridentities,investments,andaccountactivity.

"Keeping information confidential" means using

discretion in disclosinginformation aswellasguarding

against unlawful or inappropriate access by others.

Thisincludes:

• Makingsurenoconfidentialinformationisvisible

onyourcomputerscreenanddeskwhenyouarenot

there.

• Notsharing passwordswithothers.

• Using caution when discussing business in any

locationwhereyourconversationcouldbe

overheard. Confidential information may be

released only as requiredby law oras permitted

undertheapplicable privacy policy(ies). Consult

theNuveenEthicsOffice oryourlocal/designated

CCO before releasing any confidential

information.

**4. HandleMaterialNon-PublicInformation** 

**properly.**Followalltermsdescribedin"MaterialNon-

Public Information" below.Beaware that anyfailureto

handlesuchinformationproperlyisaseriousoffenseand

maylead todisciplinaryactionfromNuveenorTIAAas

well as serious civil or criminal liability.

**5. Comply with Federal Securities Laws.** Any

violationoftheselawsispunishableasaviolationof

theCode.

**6. Never do anything indirectly that, if done**

**directly,wouldviolatetheCode.** Suchactionswill be

considered the equivalent of direct Code violations.

**7. Promptly alert the Nuveen Ethics Office or** 

**your local/designated CCO of any actual or** 

**suspected wrongdoing.** Examplesof wrongdoing

include violations of the Federal Securities Laws,misuse

of corporate assets, misuseof confidential information,

or other violations of the Code. If you prefer to report

confidentially,calltheTIAAConfidentialHelplineat

1-877-774-6492. Note that failure to report suspected

wrongdoinginatimelyfashion is itself a violation of the

Code.

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**PRE-CLEARANCEANDHOLDING** 

**REQUIREMENTS**

**8. Pre-clear any trade in Reportable** 

**Securities, includingcertainAffiliated**

**Funds**(seeboxonnext page for additional

information).

Ifyourtraderequirespre-clearance,request

approval throughtheStarCompliancesystem

(StarCompliance) beforeyouoranyHousehold

Memberplacesanorder to buy or sell any

Reportable Security. Any approval youreceive

expiresattheendofthedayitwasgranted;

however,youmayplaceafter-hourstradesin

international markets until 11:59 PM local

time on that day.When requesting pre-

clearance, follow this process:

• Requestpre-clearanceonthesamedayyou

wantto trade,duringstandardUStrading

hours(9:30AMto 4:00PMET).Besureyour

pre-clearancerequestis accurate as to

security and direction of trade.

• Waitforapprovaltobedisplayedbeforetrading.

Ifyou receiveapproval,youmayonlytradethat

sameday,and onlywithinthescopeofapproval.

Ifyoudonotreceive approval, do not trade.

• Place day orders only. Do not place good-till-

canceled orders or limit orders that expire

beyond the day of pre-clearance approval. You

may place orders for an after-hourstrading

sessionorinforeignmarketsusing thatday'spre-

clearanceapproval,butyoumustnotplace any

order that could remain open into the next day's

tradingsession.

**9. Holdpositionsinsecuritiesthataresubject**

**topre-clearancefor60calendardaysorbe**

**preparedto forfeitanygains.Several**

**thingstonote:**

• Youmayberequiredtosurrenderanygains

realized(net of commissions) through a

violation of this rule.

• The60-dayholdingrequirementistestedon

alast-in-first-outbasis,acrossallofyour

holdings(notjust within individual

accounts).

• The60-dayholdingrequirementextendstoany

options orothertransactionsthatmayhavethe

sameeffectasa purchaseorsale,andtoall

ReportableSecuritiesexcept ExchangeTraded

Funds(ETFs),ExchangeTradedNotes (ETNs),

UnitInvestmentTrusts(UITs),andopen-end

AffiliatedFunds.**<u>Note</u><u>that</u><u>trading</u><u>in</u><u>single</u>**

**<u>stock</u><u>ETFs is prohibited.</u>**

• Closed-end funds, including Nuveen branded

or sponsoredclosed-endfunds,aresubjectto

the60-day holdingrequirement.

• Youmaysellthesecurityonthe60thdayafterpurchase,

provided you obtain pre-clearance or an approved

exemptionapplies.

• You may re-purchase a security immediately after

executing a sale of that same security subject to pre-

clearanceapproval,whichwilltriggeranew60calendar

day holding period.

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• Youmaycloseapositionatalossatanytime

provided pre-clearance approval has been

obtained, or an approved exemption applies. If

yourpre-clearancehasbeendenied,itisadvisable

that you contact the Nuveen Ethics Office if you

are seeking to sell at a loss within 60 days of your

purchase. Note that if there are conflicts with any

other provisions of the Code, your pre- clearance

denial will not be overridden.

**10. Complywithtradingrestrictionsdescribedinthe**

**prospectuses forallAffiliated Funds.**Thisincludes

restrictionsonfrequenttradinginsharesofanyopen-end

AffiliatedFund.

**11. Pre-clearanytransactioninaManagedAccount** 

**that involves your influence.** You must also

immediatelyconsultwiththeNuveenEthicsOfficeto

discusswhethertheaccountinquestioncanproperly

remain classified as a Managed Account.

**12. Obtain the required approvals before any** 

**transaction in a Private Placement, including** 

**PIPEs.**Participationandapprovalforalltransactionsin

PrivatePlacementsadvisedorsub-advisedby Nuveen,is

facilitatedbytheNuveenEmployeeInvestmentProgram

(NuveenEIP@nuveen.com).

For all other Private Placements, you must obtain

approval for initial and subsequent commitments to

investbutnotsales/redemptions.Beawarethatsales/

redemptions are Reportable Transactions. Approval

is required even if the investment is made in a

Managed Account.

---

| | |
|:---|:---|
| **WHATNEEDSTOBEPRE-CLEARED** |  |
| **Pre-clearancerequired**<br>•AllactivelyinitiatedtradesinReportableSecurities,except<br>thoselistedhereunder"Pre-clearancenot required."<br>•Note that all closed-end funds, regardless of the <br>underlying investments or fund structure (e.g. trust), <br>includingNuveenbrandedorsponsoredclosed-endfunds, <br>require pre-clearance.<br>•The sale of restricted stock or employee stock options <br>accrued during prior employment or a Household <br>Member's employment require pre-clearance. If pre-<br>clearanceisdenied,youmaycontacttheNuveenEthics <br>Office to request reconsideration.<br>•You may liquidate a position recently acquired through <br>inheritance or a spin-off, subject to pre-clearance <br>approval.Ifyourpre-clearancehasbeendenied,youmay <br>contact the Nuveen Ethics Office to seek an exemption.<br>Be aware that pre-clearance can be withdrawn even after <br>it has been granted, and even after you have traded, if <br>Nuveen later becomes aware of Affiliate-Advised Account <br>orPortfoliotradeswhoseexistencewouldhaveresultedin<br>denialofpre-clearance.Inthesecases,youmayberequired <br>to reverse a trade and/or forfeit an appropriate portion of <br>any profit, as determined by the Nuveen Ethics Office.<br>Be aware that trades initiated by a broker to address the <br>financial standing of an account can result in violations <br>andwillgenerallynotbeprotectedbytheCode's"actively <br>initiated trade" language for trades requiring pre-<br>clearances. Examples include, but are not limited to, <br>brokers initiating trades in margin accounts, brokers<br>initiatingtradestocoveraccountfees,andbrokersinitiating <br>trades to remediate a minimum or negative cash balance<br>inanaccount.<br>| **Pre-clearancenot required**<br>•Sharesofanyopen-endmutualfund(includingopen-end <br>Affiliated Funds).<br>•ETFs,ETNs,UITs(includingoptionsonETFsandETNs).<br>**<u>Note</u><u>that</u><u>trading</u><u>in</u><u>single stock</u><u>ETFs</u><u>is</u><u>prohibited.</u>**<br>•CDsand commercialpaper.<br>•Securitiesacquiredordisposedofthroughactionsoutside <br>yourcontrolorissuedproratatoallholdersofthesameclass<br>ofinvestment,suchasautomaticdividendreinvestments, <br>stock splits, mergers, spin-offs, or rights subscriptions.<br>•Theautomaticexerciseorliquidationbyanexchangeofa <br>derivative instrument upon expiration or the delivery of <br>securities pursuant to a written option that is exercised <br>against you, and the assignment of options.<br>•Salespursuanttoabona fidetenderoffer.<br>•Trades made through an Automatic Investment Plan that <br>havebeendisclosedtotheNuveenEthicsOfficeinadvance.<br>•Trades in a Managed Account (except that you must <br>pre-clear any trades that involve your influence, any <br>initial purchases of Private Placements, purchases in <br>any security in an initial public offering, any sales or <br>redemptions of Private Placements that are branded, <br>sponsored,advisedorsub-advisedbyNuveen,andany <br>tradesin Nuveen closed-end fundsifyou are a Section <br>16Person).<br>•Foreign currencies, includingfutures.<br>•Commodityinstruments.<br>•Indexoptionsandindex futures.<br>•Directinvestmentsincryptocurrencies.<br>•Cryptoinstrumentsthatarecomprisedofandinvestsolelyin<br>cryptocurrencies.<br>|

---

**OTHER RESTRICTIONS**

**13. Neverknowinglytradeanysecuritybeingtraded** 

**or considered for trade by any Affiliate-Advised** 

**Account or Portfolio.** This applies to employee

transactions in securities that are exempt from pre-

clearance and includes equivalent or related securities.

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For example, if a company's common stock is being

traded,youmayfacerestrictionsontradinganyof

the company's debt, preferred, or foreign equivalent

securities, and from trading or exercising any options

based on the company's securities.

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**14. Always prioritize client trades over** 

**personal trades.** Your fiduciary duties to the

client are far more important than your personal

trading,whichisaprivilegeandnotaright.Never

delay or in any way alter the timing or terms of a

client trade for your personal benefit.

**15. Donotengageintradingthatinvolvesany** 

**single stock ETFs, options on single stock** 

**ETFs or single stock futures.**

**16. Donotengageinuncoveredshortsales** 

**of individual securities.**

**17. You may trade options on individual securities,** 

**subject to the 60-day holding period.** Options

traded must have an expiration of at least 60 days from

the date that you enter into the contract. You are not

permitted to close an option at a profitwithin 60 days of

havingenteredintothecontract.Theoptioncontractcan

be closed in less than 60 days at a loss, provided pre-

clearance approval has been obtained.

**18. Neverparticipateinaninvestmentclubor** 

**similar entity.**

**19. Donotengageinexcessiveorinappropriate** 

**trading activity. Never let personal trading** 

**interfere with your professional duties.** The

Nuveen Ethics Officewill monitor for potentially

excessive or inappropriate trading and notify your

managerandyourlocal/designatedCCOforassessment.

**20. Pre-clear the sale of securities in a margin** 

**account.** Margin accounts are permitted; however, you

mustobtainpre-clearancewhensellingtomeetamargin

call, even if the transaction is initiated by a broker.

**21. Never purchase an IPO without advance** 

**approval.**ThisincludesManagedAccounts.EquityIPO

participationisgenerallyprohibitedbutapprovalmaybe

granted in special circumstances, such as when:

• Youalreadyhaveequityinthecompanyandare

offeredshares.

• Youareapolicyholderordepositorinacompanythat

isdemutualizing.

• AHouseholdMemberhasbeenofferedshares

as an employee.

Purchases of initial offerings of SPACs, fixed income

securities,convertiblesecurities,preferredsecurities,

open- and closed-end funds, commodity pools, and

secondary equity offerings are generally permitted

subject to pre-clearancein StarCompliance.

---

| | |
|:---|:---|
| **MATERIALNON-PUBLICINFORMATION** |  |
| **WhatisMaterialNon-PublicInformation?**<br>MaterialNon-PublicInformationisdefinedasinformation <br>regarding any security, securities-based derivatives or <br>issuer of a security that is both material and non-public.<br>Informationis materialifeitherof thefollowingaretrue:<br>•Areasonableinvestorwouldlikelyconsideritimportant <br>when making an investment decision.<br>•Publicreleaseoftheinformationwouldlikelyaffectthe <br>price of a security.<br>Information is generally non-public if it has not been <br>distributedthroughawidelyusedpublicmedium,such <br>as a press release or a report, filing or other periodic <br>communication.<br>**Restrictionsand requirements**<br>•Any time you think you might have, or may be about to, <br>comeintopossessionofMaterialNon-PublicInformation <br>(whether in connection with your position at Nuveen or <br>TIAA or not), alert the Nuveen Ethics Office. <br>Alternatively,youmayalertyourlocal/designatedCCOor <br>Legal office, who in turn must promptly notify the<br>Nuveen Ethics Office. Follow the instructions you are <br>given.<br>•Until you receive further instructions from the Nuveen <br>EthicsOffice,yourlocal/designatedCCO,orLegal,donot <br>take any action in relation to the information, including<br>| tradingorrecommendingtherelevantsecuritiesor <br>communicating the information to anyone else.<br>•Never make decisions on your own regarding potential <br>Material Non-Public Information, including whether such <br>informationisactuallyMaterialNon-PublicInformationor <br>what steps should be taken.<br>•IftheNuveenEthicsOffice,yourlocal/designatedCCO <br>and/or Legal determine that you have Material Non-<br>Public Information:<br>–Donotbuy,sell,gift,orotherwisedisposeoftheissuer's <br>securities, whether on behalf of an Affiliate-Advised <br>Account or Portfolio, yourself, or anyone else.<br>–Do not in any way recommend, encourage, or influence <br>otherstotransactintheissuer'ssecurities,evenifyoudo <br>not specifically disclose or reference the Material Non-<br>Public Information.<br>–Do not communicate the Material Non-Public <br>Informationtoanyone,whetherinsideoroutsideNuveen, <br>except in discussions with the Nuveen Ethics Office and <br>Legal and as expressly permitted by any confidentiality <br>agreement or supplemental policies and procedures of <br>your business unit.<br>•PleaserefertoNuveen'sMaterialNon-PublicInformation <br>and Insider Trading Policy for detailed information.<br>|

---

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**REPORTINGREQUIREMENTS**

**UPONBECOMING ANEMPLOYEE**

**22. Within10calendardaysofstartingatNuveenor** 

**TIAA, acknowledge receipt of the Code.** This

includes certifying that you have read the Code,

understand it, recognize that you are subject to it, have

complied with all of its applicable requirements, and

have submitted all Code-required reports.

**23. Within 10 calendar days of starting at** 

**Nuveen or TIAA, use StarCompliance to** 

**reportallofyourReportableAccountsand** 

**holdings in Reportable Securities.**

A) Report all **Reportable Accounts** using

StarCompliance within 10 calendar days of

startingatNuveenorTIAA,makingsurethatyou

include information about the broker, dealer, or

bank through which the account is held and the

type of account. You must also upload the most

recent statement in StarCompliance for each

Reportable Account.

B) If your account is not held with an approved

broker or is not feed eligible as described in item

25 below, you must manually input an initial

holding in StarCompliance for each **Reportable** 

**Security** within 10 calendar days of starting at

Nuveen or TIAA. For Reportable Accounts held

withanapprovedbrokerthatarefeed-eligible,the

statement upload will fulfill your initial holdings

reportingandmanualentry isnotrequired unless

you wish to sell a Reportable Security prior to the

establishment of the account's electronic feed in

StarCompliance. For each Reportable Security,

provide the security name and type, a ticker

symbol or CUSIP, the number of shares or units

held, and the principal amount (dollar value).

Notethefollowing:

• Thisinformationmustbenoolderthan45calendar

days before your first day of employment.

• TIAA retirement plan accounts (other than those of

HouseholdMembers)andTIAAHSAsadministered

by HealthEquity are not required to be manually

added to StarCompliance as they are automatically

added.

• ThereareseparateproceduresforManaged

Accounts, as described below in Item 27.

**24. Within 10 calendar days of starting at Nuveen** 

**or TIAA, report all current investments in** 

**PrivatePlacements(limitedofferings).**Limited

offerings are Reportable Securities.

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**25. Within 30 calendar days of starting at** 

**Nuveen or TIAA, move or close any** 

**Reportable Account that is not at an** 

**approved firm.** This does not include Reportable

Accountsthatarecommonlynotfeed-eligible, such

as 401(k)s/403(b)s, HSAs, ESPP/ESOPs,

Pension/Annuityaccounts,or529plans.Seethe

definition of "Reportable Account" above and

contact the NuveenEthics Office if you are unsure

whether your accountmust be held with an

approved firm. The list of approvedfirmsis

maintainedbytheNuveenEthicsOffice and is

available in the document library of StarCompliance.

Underverylimitedcircumstances,itmaybe

possibleto obtain a waiver to keep a Reportable

Account at a non-approved firm. Examples

include:

• AnaccountownedbyaHouseholdMemberwho

works atanotherfinancialfirmwithcomparable

restrictions.

• Anaccountthatholdssecuritiesthat

cannot betransferred.

• Anaccountthatcannotbemoved

becauseofa trustagreement.

Toapplyforanexception,completetheApproved

Broker Exception Request Form in StarCompliance.

For any accountgrantedanexception,youare

requiredtoupload statements for the account in

StarCompliance at least quarterly for the entire

reporting period and manually enter all Reportable

Transactions in StarCompliance within 5 days of

execution.

Consultants,temporaryworkers,andemployees

based outsideoftheUSaregenerallynotrequired

tomoveor close Reportable Accounts.

**26. Within30calendardaysofstartingat**

**Nuveenor TIAA, seek approval to liquidate** 

**any securities heldpriortostartingat**

**NuveenorTIAAthatyou do not wish to** 

**continue to hold.** If you wish to liquidate

securitiesthatyouheldpriortojoiningNuveen or

TIAA, seek approval by contacting the Nuveen

Ethics Office within 30 calendar days of starting at

Nuveen or TIAA. If youdo not liquidate securities

during this time, you will generally forfeit this

special consideration for liquidation and your trade

requests to sell shares inthese securities may be

denied in the future.

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Page 12 ofof #NUM_PAGES#

**WHENOPENINGANYMANAGEDACCOUNT**

**27. Get pre-approval for any new Managed** 

**Account before any trading activity** 

**commences** and report the account within 10

calendar days of the date you or a Household

Memberopenstheaccountoranaccountbecomes

a Reportable Account through marriage, cohabitation,

divorce,death,oranotherevent.Using the appropriate

formwhichmaybeaccessedinStarCompliance,provide

representations that support the classificationofthe

accountasa ManagedAccount.Foran accounttobe

classifiedasaManagedAccount,theaccountownermust

have no direct or indirect influence or control overthe

securitiesintheaccount.Theformmustbesignedbythe

account's broker or investment manager and by all

account owners. The broker or investment manager

may provide a Managed Account agreement or letter

which substantiates the account as managed in lieu of

signing the form. You may be asked periodically to

confirmtheserepresentationsorsubmitanupdatedform

to confirm such.

Note that upon request, you are also responsible for

providingduplicatestatementsfortheManagedAccount

to the Nuveen Ethics Office.

**WHENOPENINGANYNEWREPORTABLE** 

**ACCOUNT**

**28. Report any new Reportable Account,** including

ManagedAccounts.Do thisin StarCompliancewithin

10calendardaysofthedateyouoraHouseholdmember

openstheaccountoranaccountbecomesaReportable

Accountthroughmarriage,cohabitation,divorce,death,or

anotherevent.

**EVERYQUARTER**

**29. Within 30 calendar days of the end of each** 

**calendar quarter, verify in StarCompliance that** 

**all Reportable Transactions made during that** 

**quarter have been reported.** StarCompliance will

displayalltransactionsofyoursforwhichithasreceived

notice (except transactions in your TIAA pension and

retirement plan accounts, which you are not required

to report because the firm accesses this information

directly). For any other Reportable Transactions not

displayed,ordisplayedinaccurately,youareresponsible

for making any necessary revisions in StarCompliance

prior to completing your certification.

**30. For each Reportable Transaction, you must** 

**provide, as applicable, the transaction date,** 

**securitynameandtype,tickersymbolor** 

**CUSIP,interestrate(coupon)andmaturitydate,** 

**numberofshares,priceatwhichthetransaction** 

**was effected, principal amount (dollar value),** 

**the nature of the trade (buy or sell), and the nameof**

**thebroker,dealer,orbank thateffected**

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**Code ofEthics**<br>

Page 13 ofof #NUM_PAGES#

**thetransaction.**Itisveryimportantthatyoucarefully

review and verify the transactions and related details

displayed in StarCompliance, checking for accuracy

and completeness. Once again, if you find any

errors or omissions, correct or add to your list of

transactions in StarCompliance.

**EVERYYEAR**

**31. Within 45 calendar days of the end of** 

**each calendar year, acknowledge** 

**receipt of the mostrecentversionofthe**

**Codeandcertifyin StarComplianceasto**

**yourannualReportable Security** 

**holdings and Reportable Accounts.**

The reporting must contain the information

described initem23aboveandincludeyour

certificationthatyou havereportedallReportable

Accounts,andallholdings in Reportable

Securities at year end. If any of your Reportable

Accounts and/or holdingsinReportable Securities are

not displayed in StarCompliance or are displayed

inaccurately,youare responsible for making any

necessaryrevisionsinStarComplianceto complete your

certification.

In addition, you must affirm each year through

StarCompliancethat eachManagedAccountis properly

classified as a Managed Account, for yourself and on

behalfofanyHouseholdMember.Thisaffirmationdoes

notrequirebrokerorinvestmentmanagerinvolvement.

YoualsomustacknowledgeanyamendmentstotheCode

that occur during the course of the year.

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| |
|:---|
| **ADDITIONALRULESFOR** <br>**SECTION 16 PERSONS**<br>|
| •Pre-clear transactions in all closed-end funds through <br>StarCompliance.AnyrequestsinvolvingNuveenclosed-<br>end funds will be reviewed by Legal.<br>•Pre-clearbuy/selltransactionsinvolvinganyNuveen <br>closed-end funds within your Managed Account(s).<br>•When selling for a gain any securities you buy that are <br>issuedbytheentityofwhichyouareaSection16Person, <br>make sure it is at least 6 months after your most recent <br>purchase of that security. This rule extends to any <br>options or other transactions that may have the same <br>effect as a purchase or sale and is tested on alast-in-<br>first-out basis. You may be required to surrender any <br>gains realized through a violation of this rule. Note that <br>for any fund of which you are a Section 16 Person, no <br>exception from pre-clearance is available.<br>•Promptly emailto the appropriate contact in Legal the <br>detailsofallexecutedtransactionsinNuveenclosed-end <br>funds of which you are a Section 16 Person.<br>•SeetheNuveenFundsSection16PolicyandProcedures <br>for additional information.<br>IfyouareunsurewhetheryouareaSection16Person, <br>contact Legal or the Nuveen Ethics Office.<br>|

---

Confidential(C)

![image_1a.jpg](image_1a.jpg)

![image_2a.jpg](image_2a.jpg)

**Code ofEthics**<br>

Page 14 ofof #NUM_PAGES#

---

| |
|:---|
| **CODEADMINISTRATION** |
| **Training**<br>YouwillberequiredtoparticipateintrainingontheCode <br>when joining Nuveen or TIAA as well as periodically <br>during the time you are subject to the Code.<br>**Exceptions**<br>The Code exists to prevent violations of law. The Nuveen <br>Ethics Office may, under certain circumstances, grant <br>waiversfromaCoderequirement.Nowaiversorexceptions <br>that would violate any law will be granted.<br>**Monitoring**<br>The Nuveen Ethics Office is responsible for monitoring <br>accounts,transactions,holdingsandcertificationsforany <br>violations of this Code.<br>**Consequencesof violation**<br>Any individual who violates the Code is subject to penalty. <br>Penaltiescouldinclude,amongotherpossibilities,awritten <br>warning, restriction of trading privileges, unwinding or <br>reversingtrades,disgorgementoftradingprofits,fines,and <br>suspension or termination of employment.<br>**Applicablerules**<br>The Code has been adopted in recognition of Nuveen's <br>fiduciary obligations to clients and in accordance with <br>various provisions of Rule 204A-1 under the Investment <br>AdvisersActof1940andRule17j-1undertheInvestment <br>Company Act of 1940. This Code is also adopted by the <br>Affiliated Funds advised by Nuveen Fund Advisors, LLC, <br>TIAA-CREFInvestmentManagement,LLCandTeachers <br>Advisors, LLC under Rule 17j-1.<br>Some elements of the Code alsoconstitute part of Nuveen's <br>response to Financial Industry Regulatory Authority <br>(FINRA)requirementsthatapplytoregisteredpersonnelof <br>Nuveen Securities, LLC.<br>|

---

Confidential(C)

![image_1a.jpg](image_1a.jpg)

![image_2a.jpg](image_2a.jpg)

**Code ofEthics**<br>

Page 15 ofof #NUM_PAGES#

THISPAGELEFTINTENTIONALLYBLANK.

## Ex-99.(P)(15)

**WCMInvestmentManagement,LLC**

**CODEOFETHICS**

*AcopyofthisCodeofEthicsismaintainedintheWCM'sCommonFirmDocsandMy*

*Compliance Office ("MCO") and is accessible to each Supervised Person of WCM*

*Investment Management, LLC ("WCM") for reference. This Code of Ethics is the*

*property of WCM and its contents are confidential.*

**WCMInvestmentManagement,LLC** 

**281 Brooks Street**

**LagunaBeach,CA92651** 

**949.380.0200** **Reviewedandadopted:June 30, 2025**

i<br>

I.[STATEMENT](#ic9c138949f5041b1bcb77421165ea77a_7)[OF BUSINESS ETHICS OF WCM INVESTMENT](#ic9c138949f5041b1bcb77421165ea77a_7)

[MANAGEMENT](#ic9c138949f5041b1bcb77421165ea77a_7)[1](#ic9c138949f5041b1bcb77421165ea77a_7)

II.[ANTI-FRAUD](#ic9c138949f5041b1bcb77421165ea77a_7)[AND FIDUCIARY](#ic9c138949f5041b1bcb77421165ea77a_7) [OBLIGATION](#ic9c138949f5041b1bcb77421165ea77a_7)[1](#ic9c138949f5041b1bcb77421165ea77a_7)

III.[ANTI-CORRUPTION](#ic9c138949f5041b1bcb77421165ea77a_7)[AND](#ic9c138949f5041b1bcb77421165ea77a_7)[BRIBERY](#ic9c138949f5041b1bcb77421165ea77a_7)[2](#ic9c138949f5041b1bcb77421165ea77a_7)

A.[Foreign](#ic9c138949f5041b1bcb77421165ea77a_7)[Corrupt](#ic9c138949f5041b1bcb77421165ea77a_7)[Practices](#ic9c138949f5041b1bcb77421165ea77a_7)[Act ("FCPA")](#ic9c138949f5041b1bcb77421165ea77a_7)[2](#ic9c138949f5041b1bcb77421165ea77a_7)

B.[WCM's](#ic9c138949f5041b1bcb77421165ea77a_7) [Policy](#ic9c138949f5041b1bcb77421165ea77a_7)[2](#ic9c138949f5041b1bcb77421165ea77a_7)

1.[Supervised](#ic9c138949f5041b1bcb77421165ea77a_7)[Persons](#ic9c138949f5041b1bcb77421165ea77a_7)[2](#ic9c138949f5041b1bcb77421165ea77a_7)

2.[Third](#ic9c138949f5041b1bcb77421165ea77a_7)[Parties](#ic9c138949f5041b1bcb77421165ea77a_7)[3](#ic9c138949f5041b1bcb77421165ea77a_7)

3.[Government](#ic9c138949f5041b1bcb77421165ea77a_7)[officials](#ic9c138949f5041b1bcb77421165ea77a_7)[3](#ic9c138949f5041b1bcb77421165ea77a_7)

4.[Facilitation](#ic9c138949f5041b1bcb77421165ea77a_10)[payments](#ic9c138949f5041b1bcb77421165ea77a_10)[4](#ic9c138949f5041b1bcb77421165ea77a_10)

5.[Violations](#ic9c138949f5041b1bcb77421165ea77a_10)[4](#ic9c138949f5041b1bcb77421165ea77a_10)

IV.[INITIAL/ANNUAL](#ic9c138949f5041b1bcb77421165ea77a_10)[ACKNOWLEDGEMENTS](#ic9c138949f5041b1bcb77421165ea77a_10)[4](#ic9c138949f5041b1bcb77421165ea77a_10)

V.[GENERAL](#ic9c138949f5041b1bcb77421165ea77a_13)[STANDARDS](#ic9c138949f5041b1bcb77421165ea77a_13)[OF](#ic9c138949f5041b1bcb77421165ea77a_13)[CONDUCT AND WCM](#ic9c138949f5041b1bcb77421165ea77a_13)[PROCEDURES](#ic9c138949f5041b1bcb77421165ea77a_13)[5](#ic9c138949f5041b1bcb77421165ea77a_13)

A.[Use](#ic9c138949f5041b1bcb77421165ea77a_13)[of](#ic9c138949f5041b1bcb77421165ea77a_13)[WCM Funds or Property](#ic9c138949f5041b1bcb77421165ea77a_13)[5](#ic9c138949f5041b1bcb77421165ea77a_13)

1.[Personal](#ic9c138949f5041b1bcb77421165ea77a_13)[Use](#ic9c138949f5041b1bcb77421165ea77a_13)[of](#ic9c138949f5041b1bcb77421165ea77a_13)[WCM Funds](#ic9c138949f5041b1bcb77421165ea77a_13)[or](#ic9c138949f5041b1bcb77421165ea77a_13) [Property](#ic9c138949f5041b1bcb77421165ea77a_13)[5](#ic9c138949f5041b1bcb77421165ea77a_13)

2.[Payments](#ic9c138949f5041b1bcb77421165ea77a_13)[to](#ic9c138949f5041b1bcb77421165ea77a_13) [Others](#ic9c138949f5041b1bcb77421165ea77a_13)[5](#ic9c138949f5041b1bcb77421165ea77a_13)

3.[Improper](#ic9c138949f5041b1bcb77421165ea77a_13)[Expenditures](#ic9c138949f5041b1bcb77421165ea77a_13)[5](#ic9c138949f5041b1bcb77421165ea77a_13)

B.[Conflicts](#ic9c138949f5041b1bcb77421165ea77a_13)[of](#ic9c138949f5041b1bcb77421165ea77a_13)[Interest](#ic9c138949f5041b1bcb77421165ea77a_13)[and](#ic9c138949f5041b1bcb77421165ea77a_13)[WCM](#ic9c138949f5041b1bcb77421165ea77a_13)[Opportunities](#ic9c138949f5041b1bcb77421165ea77a_13)[5](#ic9c138949f5041b1bcb77421165ea77a_13)

1.[Outside Business Activities and Interest in Competitors, Clients or](#ic9c138949f5041b1bcb77421165ea77a_13)

[Suppliers](#ic9c138949f5041b1bcb77421165ea77a_13)[6](#ic9c138949f5041b1bcb77421165ea77a_13)

3.[Charitable](#ic9c138949f5041b1bcb77421165ea77a_16)[Contributions](#ic9c138949f5041b1bcb77421165ea77a_16)[7](#ic9c138949f5041b1bcb77421165ea77a_16)

4.[Political](#ic9c138949f5041b1bcb77421165ea77a_16)[Contributions](#ic9c138949f5041b1bcb77421165ea77a_16)[7](#ic9c138949f5041b1bcb77421165ea77a_16)

5.[Interest](#ic9c138949f5041b1bcb77421165ea77a_22)[in](#ic9c138949f5041b1bcb77421165ea77a_22) [Transactions](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

6.[Acting](#ic9c138949f5041b1bcb77421165ea77a_22)[as a Registered Representative](#ic9c138949f5041b1bcb77421165ea77a_22)[of](#ic9c138949f5041b1bcb77421165ea77a_22)[a](#ic9c138949f5041b1bcb77421165ea77a_22)[Broker-](#ic9c138949f5041b1bcb77421165ea77a_22)[Dealer](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

7.[Diversion of WCM Business or Investment](#ic9c138949f5041b1bcb77421165ea77a_22)[Opportunity](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

VI.GENERALSTANDARDSOFCONDUCTINDEALINGWITHCLIENTS

AND PROSPECTIVE CLIENTS10

A.[Fair and Equitable Treatment of](#ic9c138949f5041b1bcb77421165ea77a_22)[Clients](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

B.[No](#ic9c138949f5041b1bcb77421165ea77a_22)[Guarantees Against Loss](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

C.[No](#ic9c138949f5041b1bcb77421165ea77a_22)[Guarantees](#ic9c138949f5041b1bcb77421165ea77a_22)[or](#ic9c138949f5041b1bcb77421165ea77a_22)[Representations](#ic9c138949f5041b1bcb77421165ea77a_22)[as](#ic9c138949f5041b1bcb77421165ea77a_22)[to](#ic9c138949f5041b1bcb77421165ea77a_22) [Performance](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

D.[No](#ic9c138949f5041b1bcb77421165ea77a_22)[Legal or Tax](#ic9c138949f5041b1bcb77421165ea77a_22)[Advice](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

E.[No](#ic9c138949f5041b1bcb77421165ea77a_22)[Sharing in Profits or](#ic9c138949f5041b1bcb77421165ea77a_22)[Losses](#ic9c138949f5041b1bcb77421165ea77a_22)[10](#ic9c138949f5041b1bcb77421165ea77a_22)

F.[No](#ic9c138949f5041b1bcb77421165ea77a_22)[Borrowing From or Lending To a](#ic9c138949f5041b1bcb77421165ea77a_22)[Client](#ic9c138949f5041b1bcb77421165ea77a_22)[11](#ic9c138949f5041b1bcb77421165ea77a_22)

ii<br>

G.[Supervised](#ic9c138949f5041b1bcb77421165ea77a_22)[persons May Not Act as a Custodian of a](#ic9c138949f5041b1bcb77421165ea77a_22)[Client](#ic9c138949f5041b1bcb77421165ea77a_22)[11](#ic9c138949f5041b1bcb77421165ea77a_22)

H.[Orders](#ic9c138949f5041b1bcb77421165ea77a_22)[May](#ic9c138949f5041b1bcb77421165ea77a_22)[Not](#ic9c138949f5041b1bcb77421165ea77a_22)[Be](#ic9c138949f5041b1bcb77421165ea77a_22)[Placed](#ic9c138949f5041b1bcb77421165ea77a_22)[Through](#ic9c138949f5041b1bcb77421165ea77a_22)[Unlicensed](#ic9c138949f5041b1bcb77421165ea77a_22)[Broker-Dealers](#ic9c138949f5041b1bcb77421165ea77a_22)[or](#ic9c138949f5041b1bcb77421165ea77a_22)[Agents](#ic9c138949f5041b1bcb77421165ea77a_22)[11](#ic9c138949f5041b1bcb77421165ea77a_22)

I.ExecutingTransactionsorExercisingDiscretionWithoutProper

Authorization11

VII.[PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL](#ic9c138949f5041b1bcb77421165ea77a_22)

[INFORMATION](#ic9c138949f5041b1bcb77421165ea77a_22)[AND PREVENTION OF INSIDER TRADING AND](#ic9c138949f5041b1bcb77421165ea77a_22)[TIPPING](#ic9c138949f5041b1bcb77421165ea77a_22)[11](#ic9c138949f5041b1bcb77421165ea77a_22)

A.[Need for](#ic9c138949f5041b1bcb77421165ea77a_22)[Policy](#ic9c138949f5041b1bcb77421165ea77a_22)[11](#ic9c138949f5041b1bcb77421165ea77a_22)

B.[General](#ic9c138949f5041b1bcb77421165ea77a_25)[Policies and Procedures Concerning Insider Trading and](#ic9c138949f5041b1bcb77421165ea77a_25)[Tipping](#ic9c138949f5041b1bcb77421165ea77a_25)[12](#ic9c138949f5041b1bcb77421165ea77a_25)

1.["Material"](#ic9c138949f5041b1bcb77421165ea77a_25)[12](#ic9c138949f5041b1bcb77421165ea77a_25)

2.["Nonpublic"](#ic9c138949f5041b1bcb77421165ea77a_25)[13](#ic9c138949f5041b1bcb77421165ea77a_25)

3.["Advisory](#ic9c138949f5041b1bcb77421165ea77a_25)[Information"](#ic9c138949f5041b1bcb77421165ea77a_25)[13](#ic9c138949f5041b1bcb77421165ea77a_25)

C.[Prohibitions](#ic9c138949f5041b1bcb77421165ea77a_25)[13](#ic9c138949f5041b1bcb77421165ea77a_25)

D.[Protection](#ic9c138949f5041b1bcb77421165ea77a_25)[of Material, Nonpublic Information](#ic9c138949f5041b1bcb77421165ea77a_25)[13](#ic9c138949f5041b1bcb77421165ea77a_25)

E.[Procedures](#ic9c138949f5041b1bcb77421165ea77a_25)[to Safeguard Material, Nonpublic](#ic9c138949f5041b1bcb77421165ea77a_25)[Information](#ic9c138949f5041b1bcb77421165ea77a_25)[14](#ic9c138949f5041b1bcb77421165ea77a_25)

1.[Expert](#ic9c138949f5041b1bcb77421165ea77a_25)[Networks](#ic9c138949f5041b1bcb77421165ea77a_25)[14](#ic9c138949f5041b1bcb77421165ea77a_25)

2.[Interacting](#ic9c138949f5041b1bcb77421165ea77a_25)[with Potential](#ic9c138949f5041b1bcb77421165ea77a_25)[Insiders](#ic9c138949f5041b1bcb77421165ea77a_25)[14](#ic9c138949f5041b1bcb77421165ea77a_25)

3.[Alternative](#ic9c138949f5041b1bcb77421165ea77a_25)[Data](#ic9c138949f5041b1bcb77421165ea77a_25)[Sources](#ic9c138949f5041b1bcb77421165ea77a_25)[15](#ic9c138949f5041b1bcb77421165ea77a_25)

4.["Wall Cross"](#ic9c138949f5041b1bcb77421165ea77a_25)[Requests](#ic9c138949f5041b1bcb77421165ea77a_25)[15](#ic9c138949f5041b1bcb77421165ea77a_25)

5.[Review](#ic9c138949f5041b1bcb77421165ea77a_28)[and](#ic9c138949f5041b1bcb77421165ea77a_28)[Monitoring](#ic9c138949f5041b1bcb77421165ea77a_28)[16](#ic9c138949f5041b1bcb77421165ea77a_28)

F.[Protection](#ic9c138949f5041b1bcb77421165ea77a_28)[of Other Confidential](#ic9c138949f5041b1bcb77421165ea77a_28)[Information](#ic9c138949f5041b1bcb77421165ea77a_28)[16](#ic9c138949f5041b1bcb77421165ea77a_28)

G.[Procedures](#ic9c138949f5041b1bcb77421165ea77a_28)[to](#ic9c138949f5041b1bcb77421165ea77a_28)[Safeguard Other Confidential](#ic9c138949f5041b1bcb77421165ea77a_28) [Information](#ic9c138949f5041b1bcb77421165ea77a_28)[16](#ic9c138949f5041b1bcb77421165ea77a_28)

VIII.PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING

CLIENTRECOMMENDATIONS,ADVICE,ORTRADINGAND"CHINESE

WALL" PROCEDURES16

A.[Designation](#ic9c138949f5041b1bcb77421165ea77a_28)[of Advisory Persons, Access](#ic9c138949f5041b1bcb77421165ea77a_28)[Persons,](#ic9c138949f5041b1bcb77421165ea77a_28)[and Supervised](#ic9c138949f5041b1bcb77421165ea77a_28) [Persons](#ic9c138949f5041b1bcb77421165ea77a_28)[16](#ic9c138949f5041b1bcb77421165ea77a_28)

B.[Obligations](#ic9c138949f5041b1bcb77421165ea77a_31)[of](#ic9c138949f5041b1bcb77421165ea77a_31)[Advisory](#ic9c138949f5041b1bcb77421165ea77a_31)[Persons](#ic9c138949f5041b1bcb77421165ea77a_31)[17](#ic9c138949f5041b1bcb77421165ea77a_31)

C.[General Policy Concerning Non-Advisory](#ic9c138949f5041b1bcb77421165ea77a_31)[Persons](#ic9c138949f5041b1bcb77421165ea77a_31)[17](#ic9c138949f5041b1bcb77421165ea77a_31)

D.[Monitoring Compliance with Insider Trading and Tipping Policies and](#ic9c138949f5041b1bcb77421165ea77a_31)

[Procedures and Effectiveness of "Chinese Wall" Procedures](#ic9c138949f5041b1bcb77421165ea77a_31)[17](#ic9c138949f5041b1bcb77421165ea77a_31)

IX.RULESGOVERNINGPERSONALSECURITIESACCOUNTS,HOLDINGS,

ANDTRANSACTIONSBYWCMACCESSPERSONS18

A.[Who](#ic9c138949f5041b1bcb77421165ea77a_31)[is Covered by These](#ic9c138949f5041b1bcb77421165ea77a_31)[Requirements](#ic9c138949f5041b1bcb77421165ea77a_31)[18](#ic9c138949f5041b1bcb77421165ea77a_31)

B.[What](#ic9c138949f5041b1bcb77421165ea77a_31)[Accounts](#ic9c138949f5041b1bcb77421165ea77a_31)[and](#ic9c138949f5041b1bcb77421165ea77a_31)[Transactions](#ic9c138949f5041b1bcb77421165ea77a_31)[Are](#ic9c138949f5041b1bcb77421165ea77a_31) [Covered](#ic9c138949f5041b1bcb77421165ea77a_31)[18](#ic9c138949f5041b1bcb77421165ea77a_31)

iii<br>

C.[What](#ic9c138949f5041b1bcb77421165ea77a_31)[Securities are Covered by These Requirements](#ic9c138949f5041b1bcb77421165ea77a_31)

[("Reportable](#ic9c138949f5041b1bcb77421165ea77a_31) [Securities")](#ic9c138949f5041b1bcb77421165ea77a_31)[19](#ic9c138949f5041b1bcb77421165ea77a_31)

D.[What](#ic9c138949f5041b1bcb77421165ea77a_31)[Transactions](#ic9c138949f5041b1bcb77421165ea77a_31)[are](#ic9c138949f5041b1bcb77421165ea77a_31)[Prohibited](#ic9c138949f5041b1bcb77421165ea77a_31)[by](#ic9c138949f5041b1bcb77421165ea77a_31)[these](#ic9c138949f5041b1bcb77421165ea77a_31)[Requirements](#ic9c138949f5041b1bcb77421165ea77a_31)[19](#ic9c138949f5041b1bcb77421165ea77a_31)

1.[Front-Running or](#ic9c138949f5041b1bcb77421165ea77a_31)[Scalping](#ic9c138949f5041b1bcb77421165ea77a_31)[19](#ic9c138949f5041b1bcb77421165ea77a_31)

2.[Short](#ic9c138949f5041b1bcb77421165ea77a_31)[Sales of a Security](#ic9c138949f5041b1bcb77421165ea77a_31)[Held by a](#ic9c138949f5041b1bcb77421165ea77a_31)[Client](#ic9c138949f5041b1bcb77421165ea77a_31)[19](#ic9c138949f5041b1bcb77421165ea77a_31)

3.[Use](#ic9c138949f5041b1bcb77421165ea77a_34)[of Confidential or Material, Nonpublic](#ic9c138949f5041b1bcb77421165ea77a_34)[Information](#ic9c138949f5041b1bcb77421165ea77a_34)[19](#ic9c138949f5041b1bcb77421165ea77a_34)

E.[Personal](#ic9c138949f5041b1bcb77421165ea77a_34)[Securities](#ic9c138949f5041b1bcb77421165ea77a_34)[Transactions Which Must Be](#ic9c138949f5041b1bcb77421165ea77a_34)[Pre-](#ic9c138949f5041b1bcb77421165ea77a_34)[Cleared](#ic9c138949f5041b1bcb77421165ea77a_34)[19](#ic9c138949f5041b1bcb77421165ea77a_34)

F.[Obtaining](#ic9c138949f5041b1bcb77421165ea77a_40)[Pre-Clearance](#ic9c138949f5041b1bcb77421165ea77a_40)[21](#ic9c138949f5041b1bcb77421165ea77a_40)

G.[Identification](#ic9c138949f5041b1bcb77421165ea77a_40)[of](#ic9c138949f5041b1bcb77421165ea77a_40)[Securities](#ic9c138949f5041b1bcb77421165ea77a_40)[Accounts and](#ic9c138949f5041b1bcb77421165ea77a_40)[Reports](#ic9c138949f5041b1bcb77421165ea77a_40)[of](#ic9c138949f5041b1bcb77421165ea77a_40)[Securities](#ic9c138949f5041b1bcb77421165ea77a_40) [Holdings](#ic9c138949f5041b1bcb77421165ea77a_40)[21](#ic9c138949f5041b1bcb77421165ea77a_40)

H.[Reporting](#ic9c138949f5041b1bcb77421165ea77a_40)[of](#ic9c138949f5041b1bcb77421165ea77a_40)[Securities](#ic9c138949f5041b1bcb77421165ea77a_40)[Transactions](#ic9c138949f5041b1bcb77421165ea77a_40)[22](#ic9c138949f5041b1bcb77421165ea77a_40)

I.[Confidentiality](#ic9c138949f5041b1bcb77421165ea77a_40)[of](#ic9c138949f5041b1bcb77421165ea77a_40)[Personal](#ic9c138949f5041b1bcb77421165ea77a_40)[Securities](#ic9c138949f5041b1bcb77421165ea77a_40)[Information](#ic9c138949f5041b1bcb77421165ea77a_40)[23](#ic9c138949f5041b1bcb77421165ea77a_40)

J.[Addressing](#ic9c138949f5041b1bcb77421165ea77a_40)[Personal](#ic9c138949f5041b1bcb77421165ea77a_40)[Trading Conflicts with](#ic9c138949f5041b1bcb77421165ea77a_40)[Advisory](#ic9c138949f5041b1bcb77421165ea77a_40)[Persons](#ic9c138949f5041b1bcb77421165ea77a_40)[23](#ic9c138949f5041b1bcb77421165ea77a_40)

K.ShortTermTradingRestrictionandPersonalTradingCap24

L.Waivers25

X.[REPORTING](#ic9c138949f5041b1bcb77421165ea77a_43)[TO](#ic9c138949f5041b1bcb77421165ea77a_43)[THE](#ic9c138949f5041b1bcb77421165ea77a_43)[MUTUAL](#ic9c138949f5041b1bcb77421165ea77a_43)[FUND BOARD](#ic9c138949f5041b1bcb77421165ea77a_43)[25](#ic9c138949f5041b1bcb77421165ea77a_43)

WCMCodeof Ethics

**CodeofEthics**

**I.STATEMENTOFBUSINESSETHICSOFWCMINVESTMENT** 

**MANAGEMENT**

WCM is committed to maintaining the highest legal and ethical standards in the conduct

of our business. We have built our reputation on client trust and confidence in our professional

abilitiesandourintegrity.Asfiduciaries,weplaceourclients'interestsaboveourown.Meeting

this commitment is the responsibility of WCM and each and every one of our Supervised

Persons.

Failuretocomplywiththispolicymayresultinsignificantcivilandcriminalpenalties,

costly legal fees, and damage to the reputation of the Firm and the individuals involved and

cause disciplinary action against such individuals, up to and including termination.

TheComplianceTeamisresponsibleforinvestigatinganypotentialviolations,discussing

such violations with any Supervised Person believed to have committed such a violation, and

recommending a sanction, if appropriate, to the Leadership Team. The Leadership Team will

determine the appropriate sanction and have responsibility to affect the violative conduct.

AnycapitalizedtermsusedbutnotdefinedinthisCodeofEthicswillhavethemeanings

assigned to them by the applicable law or regulation.

**II.ANTI-FRAUDANDFIDUCIARYOBLIGATION**

WCM is ***registered as an investment adviser with the U.S. Securities and Exchange***

***Commission*** (the "SEC") and has made a notice filing in its home state of California. It is

WCM'spolicytonoticefileinall50states.InconductingWCM'sinvestmentadvisorybusiness,

WCM and its Supervised Persons must comply at all times with applicable federal securities

laws, including the provisions of the ***Investment Advisers Act of 1940***, as amended (the

"Advisers Act"), the rules under the Advisers Act and applicable provisions and rules under the

laws of the various states where WCM does business or has clients. In addition, when managing

accounts of employee benefit plans subject to the ***Employee Retirement Income Security Act of***

***1974***, as amended ("ERISA") and Individual Retirement Accounts, WCM must comply with all

applicable provisions of ERISA, the ***Internal Revenue Code of 1986***, as amended, and the rules

under those laws.

As a registered investment adviser, WCM and its Supervised Persons also have fiduciary

and other obligations to clients. WCM's fiduciary duties to its clients require, among other

things, that WCM: (i) render disinterested and impartial advice; (ii) make suitable

recommendations to clients in light of their needs, financial circumstances and investment

objectives; (iii) exercise a high degree of care to ensure that adequate and accurate

representations and other information about securities are presented to clients; (iv) have an

adequate basis in fact for any and all recommendations, representations and forecasts; (v) refrain

from actions or transactions that conflict with interests of any client, unless the conflict has first

beendisclosedtotheclientandtheclienthas(ormaybeconsideredtohave)waivedtheconflict;

and (vi) treat all clients fairly and equitably.

WCMCodeof Ethics

A breach of any of the above duties or obligations may, depending on the circumstances,

expose WCM and its Supervised Persons involved, to SEC and state disciplinary actions and to

potential criminal and civil liability, as well as subject the Supervised Person to WCM sanctions

uptoandincludingterminationofemployment.AllSupervisedPersonsarerequiredtopromptly

report violations of this Code of Ethics to the Chief Compliance Officer.

**III.ANTI-CORRUPTIONANDBRIBERY**

Asaglobalinvestmentadviser,WCMispresentedwiththeuniquechallengeoftryingto

observe local business customs while still complying with applicable U.S. and other laws

prohibiting corruption. The ***U.S. Foreign Corrupt Practices Act*** ("FCPA") and other anti-

corruption laws prohibit any payment or offer of payment to a "foreign official" for the purpose

of influencing that official to assist in obtaining or retaining business for a company. WCM has

established this policy to ensure that all Supervised Persons of the Firm are aware of the FCPA

and engage in ethical and legal practices.

**A.ForeignCorruptPracticesAct("FCPA")**

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or

indirectlypayingorgiving,offeringorpromisingtopay,givingorauthorizingorapprovingsuch

offerorpayment,ofanyfunds,gifts,servicesoranythingelseofanyvaluetoanyforeignofficial

or other person (each, a "Covered Person") for the purpose of obtaining business, favorable

treatment, or other commercial benefits, whether by:

• influencinganyactordecision of theCovered Personinhisofficial capacity;

• inducingtheCoveredPersontoactornotact in violation ofhislawful duty; or

• inducingtheCoveredPersontousehisinfluencetothatendwithaforeigngovernment

or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for

example,aCoveredPerson'sfriend,relative,businessorlawfirm),orotherpersonwhileknowing

that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such

purpose.

ForpurposesofthisAnti-CorruptionandBriberypolicy,a"CoveredPerson"isanyforeign

official including, without limitation, any officer or employee of any foreign government or any

governmental department, agency, or instrumentality (e.g., a central bank) or any government-

owned or controlled enterprise or any person acting in an officialcapacity for or on behalf of any

suchgovernment,department,agency,instrumentality,orenterprise).Italsoincludesanyforeign

political party, party official or candidate for political office.

**B.WCM'sPolicy**

BriberyandcorruptionarenotonlyagainstWCM'svalues,theyareillegalandcanexpose

both the employee and WCM to fines and penalties, including imprisonment and reputational

damage.

WCMCodeof Ethics

**1. Supervised Persons**

WCMstrictlyprohibitsbriberyandothercorruptpractices.NeithertheFirm,norits

Supervised Persons, will seek to influence others, either directly or indirectly, by offering,

promising, giving, or authorizing the giving or receiving of bribes or kickbacks, no matter how

small. Supervised Personsand representativesof WCMareexpectedto decline any opportunity

whichwouldplaceourethicalprinciplesandreputationatrisk.Whilecertainlawsapplyonlyto

bribes of government officials (domestic and foreign; see Political Contributions Policy), this

policy applies to all dealings including non-government business partners.

**2. ThirdParties**

WCM and its Supervised Persons cannot avoid liability by using a third party to give or

receive a bribe. Third parties representing and/or acting on behalf of WCM are expected to

comply with our Anti-Corruption and Bribery Policy. In some jurisdictions, WCM can be

convicted of a criminal offense if it fails to prevent a bribery carried out on its behalf by a third

party,evenifnooneintheFirmhadactualknowledgeofthebribe.Therefore,wheneverWCM

seeks to engage a third party in which the third party may interact with a Government Official

for or on behalf of WCM, the following guidelines apply:

• Duediligenceshouldbeperformedtoensurethatthethirdpartyisabonafide

and legitimate entity, is qualified to perform services for which it will be retained, and

maintains standards consistent with the legal, regulatory, ethical, and reputational

standards of the Firm.

• Agreements with third parties must be in writing and should contain

provisions related to the following, based on corruption risk present in the third-party

relationship:

oArepresentationthatthethirdpartywillremainincompliancewithallrelevant

anti-corruption laws, including the FCPA; and

oA provision that requires the third party to respond to reasonable requests for

information from the Firm regarding the work performed under the agreement

and related expenditures by the third party.

**3. Governmentofficials**

Sales to Government Officials or government entities may present increased anti-

corruptionrisk.WhereWCMsellsinvestmentproductsorservicestoGovernmentOfficialsor

entities, such as public pensions, other state-owned financial institutions, or government

affiliatedinstitutions,thesales/marketing efforts related to thesegovernmentclientsshouldbe

clearlydocumented.Asnotedabove,anyexpendituresmadein connectionwithsuchbusiness

(entertainment, travel, etc.) must not be for any improper purpose and must comply with local

law. Laws and regulations are strict when dealing with Government Officials. For example,

reasonable corporate hospitality that is acceptable with other business associates might not be

allowable when Government Officials are involved.

WCMCodeof Ethics

***Beforesuchexpensesareincurred,SupervisedPersonsmustobtainpriorapproval***

***from the Compliance Team.***

AGovernment Official isany:

• individualelectedorappointedtoagovernmentalentity;

• officialoremployeeofagovernment;

• official or employee of a company wholly or partially controlled by a government

(such as state-owned companies);

• candidateforpolitical office;

• politicalparty or officialofapoliticalparty;or

• personactinginanofficialcapacityforanyoftheaboveregardlessofrankor

position.

ThedefinitionofwhatcouldconstituteabribetoaGovernmentOfficialisbroadandcan

occur even when the benefit being offered is small, such as gifts, entertainment and even

business meals.

**4. Facilitation payments**

"Facilitationorgreasepayments"arepaymentsthatfacilitateanormalgovernmental

function, such as to expedite processing paperwork. While these types of payments may be

accepted as "a cost of doing business" in some cultures, they are illegal and counter to our

values.

**5. Violations**

Supervised Persons and representatives of WCM should seek clarification on any

questionsorconcernsregarding activitiesunderconsiderationortheinterpretationofanylaw.If

you are offered a bribe from a person or entity doing business with or seeking to do business

with WCM, report it immediately to the Compliance Team.

Failuretocomplywiththispolicymayresultinsignificantcivilandcriminalpenalties,

costly legal fees, and damage to the reputation of the Firm and the individuals involved and

cause disciplinary action against such individuals, up to and including termination.

Actual or potential violation of the anti-bribery or foreign corruption laws of this policy

bytheFirm,oranotherSupervisedPerson,mustpromptlybereportedtotheComplianceTeam.

**IV.INITIAL/ANNUALACKNOWLEDGEMENTS**

Supervised Persons should keep this Code of Ethics ("COE") available for easy

reference. A copy of the COE is given to each Supervised Person and is maintained in the

WCM's Common Firm Docs and within My Compliance Office ("***MCO***"). Each Supervised

Person will, before starting to work at WCM and each year thereafter, read this COE and

acknowledge that they have reviewed and understand it, and will adhere to the COE by

completingtheAnnualAcknowledgementviaMCO.Fromtimetotime,theCOEwillberevised

or supplemented. The CCO, or his delegate, isresponsible for providing each Supervised Person

with a revised copy of this COE when material changes have occurred.

WCMCodeof Ethics

Eachyear,SupervisedPersonsmustalsocompletetheDisciplinaryHistoryquestionnaire

via MCO, which requests information about whether the Supervised Person has been subject to

any disciplinary event, that is, a criminal, civil and/or regulatory action by a U.S. or foreign

court,militarycourtorregulatoryorself-regulatorybody.Theemploymentofanypersonwhois

subject to such a reportable disciplinary event might, absent appropriate disclosures or specific

relief from the SEC, tarnish WCM's reputation, jeopardize business relationships and

opportunities for both WCM and its Supervised Persons or expose WCM itself to potential

disciplinary sanctions or disqualifications. Accordingly, a Supervised Person must notify the

Compliance Team immediately if he or she becomes aware of anything that could result in a

changeinanyofthisinformation.Failuretoaccuratelycompletethequestionnaireortonotify

the Compliance Team of changes to information relating to disciplinary actions may subject a

Supervised Person to disciplinary action or be grounds for dismissal.

**V.GENERALSTANDARDSOFCONDUCTANDWCMPROCEDURES**

**A.UseofWCMFundsor Property**

WCM'spolicyistorequireeachSupervisedPersontorespectthefundsandproperty

belonging to WCM, to limit the personal use of such funds or property, and to prohibit

questionable or unethical disposition of WCM funds or property.

**1. PersonalUseofWCMFundsorProperty**

No Supervised Person may take or permit any other Supervised Person to take, for his

personaluse,anyfundsorpropertybelongingtoWCM.Misappropriationoffundsorpropertyis

theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties,

will result inWCM disciplinary action up to, and including, dismissal.

**2. PaymentstoOthers**

No WCM funds or property may be used for anyunlawfulorunethicalpurpose,normay

any Supervised Person attempt to purchase privileges or special benefits through payment of

bribes, kickbacks or any other form of "payoff." Customary and normal courtesies in

conformance with the standards of the industry are allowable except where prohibited by

applicable laws or rules. *(See sections on* ***Anti-Corruption and Bribery; Gifts and***

***Entertainment***; and ***Political Contributions****for additional information.)* Particular care and

good judgment are required when dealing with federal, state or local government officials to

avoidinadvertentviolationsofgovernmentethicsrules.(Also,seefollowingsectionon***Political***

***Contributions*** regarding important rules.)

**3. ImproperExpenditures**

No payment by or on behalf of WCM will be approved or made if any part of the

paymentistobeusedforanypurposeotherthanthatdescribedinthedocumentssupportingthe

payment. Records will be maintained in reasonable detail that accurately and fairly reflect the

transactions they describe and the disposition of any funds or property of WCM.

AnyquestionsconcerningtheproprietyofanyuseofWCMfundsorpropertyshouldbe

directed to the Compliance Team.

WCMCodeof Ethics

**B.ConflictsofInterestandWCMOpportunities**

Itisnotpossibletoprovideapreciseorcomprehensivedefinitionofaconflict ofinterest.

However,onefactorthatiscommontoallconflictofinterestsituationsisthepossibilitythata

Supervised Person's actions or decisions will be affected because of actual or potential

differences between or among the interests of WCM, its affiliates or clients, and/or the

Supervised Person's own personal interests. A particular activity or situation may be found to

involveaconflictofinteresteventhoughitdoesnotresultinanyfinanciallosstoWCM,its

affiliatesoritsclientsoranygaintoWCMortheSupervised Person,andirrespectiveofthe

motivations of the Supervised Person involved.

**1. OutsideBusinessActivitiesandInterestinCompetitors,Clientsor** 

**Suppliers**

Supervised Persons should avoid other employment or business activities, including

personal investments that interfere with their duties to WCM, divide their loyalty, or create or

appeartocreateaconflictofinterest.InnoeventshouldanySupervisedPersonhaveanyoutside

business activity that might cause embarrassment to or jeopardize the interests of WCM,

interfere with its operations, or adversely affect his or her productivity or that of other

Supervised Persons.

EachSupervisedPersonmustpre-clearalloutsidebusinessactivitiesonMCO,forprofit

or non-profit.In addition, no Supervised Person or member of his or her "Immediate

Family" (including any relative by blood ormarriagelivingin the Supervised Person's

household), shall serve as an officer, director, general partner, advisor, or trustee of, or have a

substantial interest in or business relationship with a company (private or public), competitor,

client, or supplier of WCM without the prior approval of the Chief Compliance Officer.

Any conflict that the Chief Compliance Officer determines is harmful to the interests of

clientsortheinterestsorreputationofWCMwillbeprohibited.TheChiefComplianceOfficer's

determination as to whether a conflict exists or is harmful shall be conclusive.

Approval will be granted on a case-by-case basis, subject to proper resolution of

potentialconflictsofinterest.Outsideactivitieswillbeapprovedonlyifanyconflictofinterest

issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of

Form ADV.

**2. Gifts and Entertainment**

Giving,receivingorsolicitinggiftsand/orentertainment("G&E")inabusinesssetting

may create an appearance of impropriety or may raise a potential conflict of interest.

Additionally, WCM is subject to G&E-related laws and restrictions as a result of being a

fiduciaryandactingasaninvestmentadvisertogovernmententities,ERISAandTaft-Hartley

plans, and mutual funds.

Therefore,WCMhasadoptedthefollowingpoliciesandprocedures.

• Entertainment over $250 per person may be restricted; therefore, it must be

reportedwithoutunduedelayviaMCOandapprovedbytheComplianceTeam.

WCMCodeof Ethics

oEntertainmentisan<u>event</u>whichincludesparticipationbybothpartiesfor

the mutual building of a business relationship. Events, such as meals,

golfing, sporting events, and the like,are considered commonly accepted

business practices and they are usually permissible.

• Giftsover$250perpersonmayberestricted;therefore,itmustbereported

without undue delay via MCO and approved by the Compliance Team.

oGiftsare<u>things</u>givenorreceivedbyaSupervisedPerson.Charitable

donations are considered gifts.

• <u>ANY</u>G&Etoorfromstateorcitypensionplanrepresentativesornon-U.S.

government entities must be pre-cleared.

• <u>ANY</u>G&EtoorfromERISAorTaft-Hartleyplansis prohibited.

• <u>ANY</u> G&E to or from broker-dealers executing purchases or sales for mutual

funds advised or sub-advised by WCM is prohibited. This is required by Section

17(e)(1) of the 1940 Act, which prohibits WCM or its Supervised Persons from

acceptinganysortofcompensationforthepurchaseorsaleofpropertytoorfrom

any mutual fund WCM advises.

WCM expects that it will bear the costs of travel and lodging associated with

conferences, research trips, and other business-related travel. If these costs are borne by a person

orentityotherthanWCM,pre-approvalmustbesoughtassuchtravelexpenseswillbetreatedas

a gift to the Supervised Person for purposes of this policy.

WCM's Finance Team will coordinate with the Compliance Team for the review and

reimbursement of employee expense reports to ensure compliance with this policy. If a

SupervisedPersonhasanyquestionsregardingwhatconstitutesG&Eorhowtohandleit,itis

their responsibility to ask the Compliance Team.

***Note:****RegisteredRepresentativesofACAForesidehaveadditionalrequirements.Please* 

*see your Supervising Principal and ACA Foreside Compliance Manual for more details.*

**3. CharitableContributions**

Charitable contributions, sponsorships and grants, including those that are solicited by

business partners and Government Officials may present increased corruption risk. Proposed

charitablecontributions,sponsorshipsorgrantsmustnotbeused toconcealabribeorotherwise

benefit the business partner or Government Official. Charitable contributions, sponsorships and

grants must not be provided for any improper purpose. As noted above, charitable contributions

are considered Gifts and must be reported in MCO and approved by the Compliance Team.

**4. Political Contributions**

No Supervised Person shall make or solicit any political contribution for the purpose of

obtaining or retaining advisory contracts with government entities. Contributions by a Covered

Associate made to any elected official who, within two years of the contribution, is in a position

to influence the retention or has legal authority to retain WCM, will result in the firm's

prohibition in receiving any adviser fees from that government entity for a period of two years.

WCMCodeof Ethics

CoveredAssociatesarethereforenotpermittedtocoordinate,ortosolicitanypersonorpolitical

action committee to make, any:

• Contributiontoanofficialofagovernmententitytowhichtheinvestmentadviser

is providing or seeking to provide investment advisory services; or

• PaymenttoapoliticalpartyofaStateorlocalitywheretheinvestmentadviseris

providing or seeking to provide investment advisory services to a government

entity.

ForpurposesofthisPoliticalContributionpolicy,aCoveredAssociateisdefinedas:

• anygeneralpartner,managingmemberorexecutiveofficerofWCM,orother

individual with a similar status or function;

• anyemployeewhosolicitsagovernmententityforWCMoranypersonwho

supervises, directly or indirectly, such employee; and

• anypoliticalactioncommittee("PAC")controlledbyWCMorbyanysuch

persons described above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make

aggregatecontributions,withouttriggeringthetwo-year"timeout,"ofupto$350perelectionto

an elected official or candidate for whom the Covered Associate is entitled to vote, and up to

$150 per election to an elected official or candidate for whom the Covered Associate is not

entitledtovote.ThesedeminimisexceptionsareavailableonlyforcontributionsbyCovered

Associates, not WCM.

<u>Exceptions</u><u>for</u><u>Return</u><u>Contributions</u>.Thisexception,createdtoenableAdviserstocure

an inadvertent political contribution made by a Covered Associate to an official for whom the

CoveredAssociateisnotentitledtovote,isavailableforcontributionsthatintheaggregate,do

not exceed $350 to any one official, per election. WCM must have discovered the contribution

that resulted in the violation within four months of the date such contribution was made, and

within 60 days after learning of such contribution, the contributor must obtain the return of the

contribution.

As such, all political contributions by a Covered Associate to any official, PAC or

through a third party must be pre-cleared to the Compliance Team via the Political Contribution

disclosure form in MCO prior to making the contribution. If and only if a contribution does not

presentaconflictofinterestorharm WCM'sabilitytoobtainclientswilltheCoveredAssociate

be allowed to make such a contribution. Generally, contributions made by a Covered Associate

to an official for whom the Covered Associate was entitled to vote at the time of the

Contributionsandwhichintheaggregatedonotexceed$350toanyoneofficial,perelection,or

to an official for whom the Covered Associate was not entitled to vote at the time of the

Contributions and which in the aggregate do not exceed $150 to any one official, per election,

will be approved.

IndirectactionsbyaCoveredAssociatethatwouldresultinaviolationofthePolitical

Contribution Rule, ***Rule 206(4)-5***, if done directly, are prohibited.

WCMCodeof Ethics

<u>Look-Back Provisions</u>. Advisers are required to maintain a list of government entities to

which the Adviser provides, or has provided, advisory services in the past 5 years, but not prior

totheRule'seffectivedate.Furthermore,theRule'slook-backrequirementscontinuetoapplyto

anAdviserthatdoesnotcurrentlyhaveanygovernmententityclients.Consequently,anAdviser

that did not previously provide advisory services to a government entity and, therefore, had not

maintained records required under this Rule, would be required to determine whether any

contributions made by the firm or its Covered Associates, and any former Covered Associates,

would subject the Adviser to the two-year "time out" period prior to the Adviser accepting

compensation from a new government entity client.

The two-year time out restriction will generally apply to WCM in the event that a newly

hiredCoveredAssociatehasmadeaprohibitedcontributionpriortothecommencementofhisor

her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for

a"look-back"periodofuptotwoyears,beginningfromthedateofthecontribution.However,if

the new Covered Associate does not solicit clients on behalf of the Adviser, the two-year ban

period is reduced to a maximum of six months.

Assuch,allnewlyhiredCoveredAssociates must report to the Compliance Team, upon

employment,allpoliticalcontributionsmadetwoyearspriortothecommencementofhisorher

employment.

Furthermore,thetwo-yearorsix-monthbanwillcontinuetoapplytotheAdviserforthe

duration of the ban period if the Covered Associate who made the relevant contribution is no

longeremployedbyWCM.TheSEChasindicatedthatthis'look-forward'provisionisintended

to prevent a firm from channeling contributions through departing employees.

Periodically,theComplianceTeamwillreviewthelistofCoveredAssociates,andthe

list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

ThefollowingwillbemaintainedbytheComplianceTeamforaperiodoffiveyears

from fiscal year end of last use, with at least two years on-site:

• Names,titlesandaddress(business&home)ofCovered Associates

• Clientsthataregovernmententities(past5years,notpriortoSeptember13,

2010)

• AlldirectandindirectcontributionsmadebyadviserandCoveredAssociate(in

chronological order) indicating:

oNameand titleof each contributor

oNameandtitleof eachrecipient

oAmountanddate ofeachcontribution or payment

oWhethersubjecttoexceptionfromreturned contributions

WCMCodeof Ethics

**5. InterestinTransactions**

No Supervised Person, or member of his or her Immediate Family, shall engage in any

transactioninvolvingWCMiftheSupervisedPersonoramemberofhisImmediateFamilyhasa

substantial interest in the transaction or can benefit directly or indirectly from the transaction

(other than through the Supervised Person's normal compensation), except as specifically

authorized in writing by the Chief Compliance Officer.

**6. ActingasaRegisteredRepresentativeofaBroker-Dealer**

ASupervisedPersonofWCMmayonlyactasaRegisteredRepresentativeofaBroker-

Dealer upon prior written approval from the Chief Compliance Officer. The Chief Compliance

Officer may approve such activity, only after applicable licensing requirements have been met

and appropriate disclosures have been made in Parts 1, 2A and 2B of Form ADV and the

individual's Form U-4.

**7. DiversionofWCMBusinessorInvestmentOpportunity**

No Supervised Person shall acquire, or derive personal gain or profit from, any business

or investment opportunity that comes to his or her attention as a result of his or her association

with WCM, and in which he or she knows WCM or its clients might reasonably be expected to

participate or have an interest, without first disclosing in writing all relevant facts to WCM,

offeringtheopportunitytoWCMoritsclients,andreceivingspecificwrittenauthorizationfrom

the Chief Compliance Officer.

**VI.GENERALSTANDARDSOFCONDUCTINDEALINGWITHCLIENTS** 

**AND PROSPECTIVE CLIENTS**

SupervisedPersonsofWCMmustadheretothefollowingstandardsatall times:

**A.FairandEquitableTreatmentofClients**

Allclientsmustbetreatedfairlyandequitably.Noclientmaybefavoredover another.

**B.NoGuaranteesAgainstLoss**

NoSupervisedPersonmayguaranteeaclientagainstlosseswithrespecttoanysecurities

investments or investment strategies.

**C.NoGuaranteesorRepresentationsastoPerformance**

No guarantee may be made that a specific level of performance will be achieved or

exceeded.Anymentionofaninvestment'spastperformanceorvaluemustincludeastatement

that it does not necessarily indicate or imply a guarantee of future performance or value.

**D.NoLegalorTaxAdvice**

NoSupervisedPersonmaygiveorofferanylegalortaxadvicetoanyclientregardlessof

whether the Supervised Person offering such advice is qualified to do so.

**E.NoSharinginProfitsorLosses**

NoSupervisedPersonmaydirectlyshareintheprofitsorlossesof aclient's account.

WCMCodeof Ethics

**F.NoBorrowingFromorLendingToaClient**

NoSupervisedPersonmayborrowfundsorsecuritiesfrom,orlendfundsorsecuritiesto,

any client of WCM.

**G.SupervisedpersonsMayNotActasaCustodianofa Client**

NoSupervisedPersonmayactascustodianofsecurities,money,orotherfundsor

property of a client.

**H.OrdersMayNotBePlacedThroughUnlicensedBroker-DealersorAgents**

NoSupervisedPersonshallplaceanordertopurchaseorsellasecurityforaclient

throughabroker-dealeroragentoranybankunlesssuchbroker-dealeroragentorbankis

properly registered or is exempt from registration in the state in which the client resides.

**I.ExecutingTransactionsorExercisingDiscretionWithoutProper** 

**Authorization**

NoSupervisedPersonshallexecuteanytransactiononbehalfofaclientorexerciseany

discretionary power in effecting any transaction for a client account unless WCM has (i)

obtainedwrittenauthorityfromtheclientand(ii)authorizedtheSupervisedPerson'sexecution

of client transactions or exercises discretionary authority with respect to that client.

**VII.PROTECTION OF MATERIAL, NONPUBLIC AND OTHER** 

**CONFIDENTIALINFORMATIONANDPREVENTIONOFINSIDER** 

**TRADING AND TIPPING**

**A.NeedforPolicy**

WCManditsSupervisedPersonshaveaccesstoconfidentialinformationaboutclientsof

WCM, investment advice provided to clients, securities transactions executed for clients'

accounts and other sensitive information. In addition, from time to time, WCM or its Supervised

Persons may come into possession of information that is "material" and "nonpublic" (each as

defined below) concerning a company or the trading market for its securities.

It is unlawful for WCM or any of its Supervised Persons to use such information for

manipulative,deceptiveorfraudulentpurposes.Thekindsofactivitiesprohibitedinclude"front-

running", "scalping" and trading on inside information. "Front-Running" refers to a practice

whereby a person takes a position in a security in order to profit based on his or her advance

knowledge of upcoming trading by clientsinthatsecuritywhichis expected to affect the market

price. "Scalping" refers to a similar abuse of client accounts and means the practice of taking a

position in a security before recommending it to clients or effecting transactions on behalf of

clients, and then selling out of the Supervised Person's personal position after the price of the

security has risen on the basis of the recommendation or client transactions.

Depending upon the circumstances, WCM and any Supervised Person could be at risk of

violatingfederalsecuritieslawsforinsidertradingortippingiftheyadviseclientsconcerning,or

WCMCodeof Ethics

execute transactions in, securities with respect to which WCM possesses material, nonpublic

information ("MNPI"). In addition, WCM as a whole may be deemed to possess MNPI known

WCMCodeof Ethics

byanyofitsSupervisedPersons,unlessWCMhasimplementedprocedurestopreventtheflow

of that information to others within WCM.

Section 204A of the Advisers Act requires that WCM establish, maintain and enforce

written policies and procedures reasonably designed to prevent the misuse of MNPI by WCM

anditsSupervisedPersons.ViolationsofthelawsagainstinsidertradingandtippingbyWCM

Supervised Persons can expose WCM and any Supervised Person involved to severe criminal

and civil liability. In addition, WCM and its Supervised Persons have ethical and legal

responsibilitiestomaintaintheconfidenceofWCM'sclients,andtoprotectasvaluableassets,

confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal

investmentactivities,itisimportantthatsuchpracticesavoidanyappearanceofimproprietyand

remain in full compliance with the law and the highest standards of ethics. Accordingly,

Supervised Persons must exercise good judgment when engaging in securities transactions and

when relaying to others information obtained as a result of employment with WCM. If a

Supervised Person has any doubt whether a particular situation requires refraining from making

an investment or sharing information with others, such doubt should be resolved against taking

such action.

**B.GeneralPoliciesandProceduresConcerningInsiderTradingandTipping**

WCM has adopted the following policies and procedures to: (i) ensure the propriety of

SupervisedPersontradingactivity;(ii)protectandsegmenttheflowofmaterial,nonpublicand

other confidential information relating to client advice and securities transactions, as well as

other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades

that may violate the prohibitions against insider trading, tipping, front-running, scalping and

other manipulative and deceptive devices prohibited by federal and state securities laws and

rules.

No Supervised Person of WCM shall engage in transactions in any securities while in

possession of MNPI regarding such securities (so called "insider trading"). Nor shall any

Supervised Person communicate such MNPI to any person who might use such information to

purchase or sell securities (so called "tipping"). The term "securities" includes options or

derivativeinstrumentswithrespecttosuchsecuritiesandothersecuritiesthatareconvertibleinto

or exchangeable for such securities.

**1."Material"**

Thequestion of whether information is"material"isnotalways easily resolved.

Generally speaking, information is "material" where there is a substantial likelihood that a

reasonable investor could consider the information important in deciding whether to buy or sell

thesecuritiesinquestion,orwheretheinformation,ifdisclosed,couldbeviewedbyareasonable

investor as having significantly altered the "total mix" of information available. Where the

nonpublic information relates to a possible or contingent event, materiality depends upon a

balancing of both the probability that the event will occur and the anticipated magnitude of the

event in light of the totality of the activities of the issuer involved. Common, but by no means

exclusive, examples of "material" information include information concerning a company's

sales, earnings, dividends, significant acquisitions or mergers and major litigation. So called

WCMCodeof Ethics

"marketinformation,"suchasinformationconcerninganimpendingsecuritiestransaction,may

also, depending upon the circumstances, be "material." **Because materiality determinations** 

**are often challenged with the benefit of hindsight, if a Supervised Person has any doubt** 

**whether certain information is "material," such doubt should be resolved against trading** 

**or communicating such information.**

**2."Nonpublic"**

Informationis"nonpublic"untilithasbeenmadeavailabletoinvestorsgenerally.Inthis

respect, one must be able to point to some fact to show that the information is generally public,

such as inclusion in reports filed with the SEC or press releases issued by the issuer of the

securities, or reference to such information in publications of general circulation such as The

Wall Street Journal or other publisher.

**3."AdvisoryInformation"**

Information concerning: (i) specific recommendations made to clients by WCM; or (ii)

prospective securities transactions by clients of WCM ("Advisory Information") is strictly

confidential.Undersomecircumstances,AdvisoryInformationmaybematerialandnonpublic,

for instance when an adviser manages large enough accounts and trades on such a significant

volume that the trades can have an impact on the market price and supply or demand of the

security being traded.

**C.Prohibitions**

InthehandlingofinformationobtainedasaresultofemploymentwithWCMandwhen

engaging in securities transactions, WCM Supervised Persons:

• Shallnotdisclosematerial,nonpublicorotherconfidentialinformation(including

Advisory Information) to anyone, inside or outside WCM (including Immediate

Family members), except to the Chief Compliance Officer or on a strict need-to-

know basis and under circumstances that make it reasonable to believe that the

information will not be misused or improperly disclosed by the recipient;

• Shall refrain from recommending or suggesting that any person engage in

transactionsinanysecuritywhileinpossessionofMNPIaboutthatsecurity;

• Shall abstain from transactions for their own personal accounts or for the account

ofanyclient,inanysecuritywhileinpossessionofMNPIregardingthatsecurity;

and

• Shallabstainfrompersonaltransactionsinanysecuritywhileinpossessionof

Advisory Information regarding that security, except in compliance with the

section for ***Rules Governing Personal Securities Accounts, Holdings, And***

***Transactions By WCM Access Persons***.

WCMCodeof Ethics

**D.ProtectionofMaterial,NonpublicInformation**

NoSupervisedPersonofWCMshallintentionallyseek,receive,oracceptinformation

that he or she believes may be material and nonpublic.

In the event that a Supervised Person of WCM should come into possession of information

concerning any company or the market for its securities that the Supervised Person believes may be

material and nonpublic, **<u>it is critical</u>**that such Supervised Person refrain from either disclosing the

information to others or engaging in transactions (or recommending or suggesting that any person

engage in transactions) in the securities to which such information relates.TheSupervisedPerson

shouldnotifytheComplianceTeamimmediatelyandfileareport in MCO using the "Material

Nonpublic Information" form.

**E.ProcedurestoSafeguardMaterial,NonpublicInformation**

WhileMNPImaybeencounteredinmanyways,therearecertainareasthatpresenta

greater risk of exposure based on WCM's business practices.

**1. ExpertNetworks**

OnesuchareaisWCM'suseof"ExpertNetworks".Tomitigatethisrisk,anynewexpert

network will be reviewed and approved by the Compliance Team. As part of that review and

approval, the Compliance Team will review and confirm the adequacy of the Expert Networks'

controls for the protection and handling of MNPI prior to engaging their service. Also, the

ComplianceTeamwilltrackallinteractions(e.g.,emails,calls,meetings)betweenWCMandthe

Expert Networks and will have the ability to chaperone calls with or without notice to the

participating analyst or expert. Unless approved by the CCO after ensuring adequate MNPI

protections are in place, Supervised Persons are prohibited from sharing their authorized access

to Expert Networks.

**2. Interactingwith PotentialInsiders**

Another area of risk occurs when Supervised Persons meet directly with personnel of

publiclyandprivatelytradedcompanies.Thetypical(andpreferred)methodforinteractionwith

a company is with C-suite or Investor Relations ("IR") personnel, who are knowledgeable and

have been trained regarding proper handling of MNPI. Regardless, WCM's Supervised Person

will ensure that we communicate that WCM primarily invests in public equity markets, and we

are not interested in, nor looking to receive material nonpublic information about any publicly

traded company at the start of each call or expert network interaction.

This communication is equally important when interacting with private company

personnel as they may assume based on the private engagement that WCM does not trade in

public equities. Before engaging any personnel of a privately traded company, WCM's

Supervised Persons will disclose that WCM primarily invests in public equity markets and

confirm with the privately traded company that they do not have any known connections with

publiclytradedcompaniesforwhichWCMmayholdasecurity.Ifanyconnectionisdiscovered,

the WCM Supervised Person is prohibited from engaging any personnel in that privately traded

company without the prior approval of the CCO.

If, during a phone call or meeting with any public or private company personnel, a

Supervised Person becomes aware of any information that he or she believes, or has reason to

WCMCodeof Ethics

believe,maybeMNPI–regardlessofthesource(e.g.clients,fundinvestors,consultants,etc.)–

they should promptly end the call or meeting and immediately consult with the CCO as noted

earlier. Again, the Supervised Person should not share such information with anyone else.

If a Supervised Person is contacted by an Expert, personnel of a publicly or privately

tradedcompany,orindustryanalyst,vianon-businesschannels(suchaspersonalemailorphone,

LinkedIn, or other social media) to discuss WCM's investment-related activities, the Supervised

Person must redirect the conversation to the proper business channels (WCM email or phone,

Expert Network, etc.) Further communication with such parties on non-business channels is

strictly prohibited.

**3. AlternativeData Sources**

In addition to the above areas, WCM recognizes the potential risks associated with the

use of alternative data sources. Examples of "alternative data" include information gleaned from

analysesofaggregatesocialmediaandinternetsearchdata,orotherdataobtainedfromappsand

tools that consumers may use. To address these risks, the Compliance Team will conduct

thorough due diligence on these alternative data providers, as outlined in its ***Vendor Diligence***

***Policy within the Compliance Manual***, to ensure that their data collection and disclosure

practices adequately mitigate the potential of disclosing MNPI.

LikewhenencounteringanyotherMNPIdatapoint,SupervisedPersonsarerequiredto

follow established protocols, including the reporting procedures above, when encountering

MNPI with alternative data. The Compliance Team will also monitor and review the use of

alternative data to ensure adherence to these protocols and will update policies as needed to

address emerging risks.

**4."WallCross" Requests**

On occasion, a company may, as a means to seek investors in restricted or private-

placement securities issued by it, want to share material, nonpublic or other confidential

information with WCM. Such "wall cross" requests may require the temporary separation of

certainSupervisedPersonsfromnormaltradingactivitiestopreventanypotentialmisuseofthis

information and ensure that MNPI does not influence trading decisions within WCM.

Asaresult,thefollowingproceduresmustbefollowed:

• <u>Identification and Authorization</u>: Before agreeing to a "wall cross" request and

before bringing any other Supervised Persons "over the wall", the relevant

SupervisedPersonmustreceivewrittenapprovalfromtheComplianceTeam.The

Compliance Team will evaluate the necessity and implications of the wall cross,

considering the context and the parties involved.

• <u>Information Barriers</u>: Once a "wall cross" is authorized, WCM will implement

information barriers to segregate the MNPI from the rest of the firm and its

tradingactivities.Thisincludesphysicalandelectronicseparationofinformation,

where possible, and restricting access to MNPI to only those Supervised Persons

who are authorized to possess such information.

WCMCodeof Ethics

• <u>Restricted</u><u>List</u><u>Management</u>:Untiltheinformationbecomespublic,companiesor

securitiesinvolvedina"wallcross"willtypicallybeplacedonarestrictedlistfor

both personal and firm trading. The restricted list will be regularly updated and

maintained on MCO and INDATA, as appropriate.

**5. ReviewandMonitoring**

All firm trading and personal trading by Supervised Persons is monitored for potential

use of MNPI in MCO. Unusual trade activity is flagged by MCO. The CCO, with assistance

from the Compliance Team, will investigate the rationale behind the trade decision, and where

applicablereviewExpertNetworkandotherrelevantbusinessactivity,conductatargetedemail

review, and examine trading patterns.

**F.ProtectionofOtherConfidentialInformation**

Informationrelatingtopast,present,orfutureactivitiesofWCMorclientsthathasnot

been publicly disclosed, shall not be disclosed to persons, within or outside of WCM, except

within the guidelines of this policy. Supervised Persons are expected to use their own good

judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person's medical, financial,

employment,legal,orpersonalaffairsisconfidentialandmaynotbedisclosedtoanyperson,

within or outside of WCM, without the Supervised Person's consent or for a proper purpose

authorized by the Chief Compliance Officer or an officer of WCM.

**G.ProcedurestoSafeguardOtherConfidentialInformation**

In the handling of other confidential information, including Advisory Information,

SupervisedPersonsofWCMshalltakeappropriate stepstosafeguardtheconfidentiality of such

information. Although WCM's offices are not generally open to the public or unannounced

visitors, Supervised Persons must still take precautions to avoid storing nonpublic personal

informationinplainviewinpotentiallypublicareasofWCM'soffices.Furthermore,Supervised

Persons must remove nonpublic personal information from conference rooms, reception areas

and other areas when not in use and always prior to a visit by any third party. Particular care

should be exercised when nonpublic personal information must be discussed or reviewed in

public places such as restaurants, elevators, taxicabs, trains or airplanes, where that information

may be overheard or observed by third parties. ***For more information and guidance see the***

***Privacy Policy Compliance Procedures section of the Compliance Manual and the***

***Information Security Program.***

**VIII.PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING** 

**CLIENTRECOMMENDATIONS,ADVICE,ORTRADINGAND"CHINESE** 

**WALL" PROCEDURES**

WCMhasadoptedthefollowingpoliciesandprocedurestolimitaccesstoAdvisory

Information to those Supervised Persons of WCM who have a legitimate need to know that

information:

WCMCodeof Ethics

**A.DesignationofAdvisoryPersons,AccessPersons,andSupervisedPersons**

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's

SupervisedPersonswhomakeorparticipateindecisionsastowhatadviceorrecommendations

should be given to clients or what securities transactions should be affected for client accounts,

whosedutiesorfunctionsrelatetothemakingofsuchrecommendationsorwhootherwisehave

a legitimate need to know information concerning such matters.

All Advisory Persons are Access Persons, but not all Access Persons are necessarily

Advisory Persons.An "Access Person" is a Supervised Person who has access to nonpublic

information regarding any client's purchase or sale of securities, is involved in making securities

recommendationstoclients,orhasaccesstosuchrecommendationsthatarenonpublic.Allofthe

Company's directors, officers, and partners are presumed to be Access Persons.

A "Supervised Person" is any partner, officer, director (or other person occupying a

similar status or performing similar functions), or employee of WCM, or other person who

providesinvestmentadviceonbehalfofWCMandissubjecttoWCM'ssupervisionandcontrol.

This may include temporary workers, consultants, independent contractors, and anyone else

designated by the Chief Compliance Officer.

**B.ObligationsofAdvisoryPersons**

In the handling of Advisory Information, Advisory Persons shall take appropriate

measurestoprotecttheconfidentialityofsuchinformation.Specifically,AdvisoryPersonsshall

refrain from:

• DisclosingAdvisoryInformationtoanyoneotherthananotherAdvisoryPerson,

inside or outside of WCM (including any Supervised Person of an affiliate);

except on a strict need-to-know basis and under circumstances that make it

reasonable to believe that the information will not be misused or improperly

disclosed by the recipient; and

• Engaging in transactions — or recommending or suggesting that any person

(otherthanaWCMclient)engageintransactions—inanysecuritytowhichthe

Advisory Information relates.

**C.GeneralPolicyConcerningNon-Advisory Persons**

As a general matter, Non-Advisory Persons of WCM should not seek or obtain access to

Advisory Information. If a Non-Advisory Person of WCM should come into possession of

AdvisoryInformation,heorsheshouldrefrainfromeitherdisclosingtheinformationtoothersor

engagingintransactions(orrecommendingorsuggestingthatanypersonengageintransactions)

in the securities to which such information relates. If a Non-Advisory Person of WCM obtains

Advisory Information, he or she should promptly notify the Chief Compliance Officer.

**D.MonitoringCompliancewithInsiderTradingandTippingPoliciesand** 

**Procedures and Effectiveness of "Chinese Wall" Procedures**

TheChiefComplianceOfficerorhisdesigneeshalluseMCOtoreviewinitialandannual

holdings reports and quarterly transaction reports for Supervised Person accounts. This review is

WCMCodeof Ethics

designed to: (i) ensure the propriety of the Supervised Person's trading activity (including

whether pre-approval was obtained as required by the ***Rules Governing Personal Securities***

***Accounts, Holdings, And Transactions By WCM Access Persons***); (ii) avoid possible conflict

situations; and (iii) identify transactions that may violate the prohibitions regarding insider

trading and manipulative and deceptive devices contained in the federal and state securities laws

and SEC rules. MCO maintains records of review.

TheComplianceTeamshallreporttotheLeadershipTeamanyfindingsof possible

irregularityor impropriety.

**IX.RULESGOVERNINGPERSONALSECURITIESACCOUNTS,HOLDINGS,** 

**AND TRANSACTIONS BY WCM ACCESS PERSONS**

ThepersonalinvestingactivitiesofallWCMSupervisedPersonsmustbeconductedinamanner

to avoid actual or potential conflicts of interest with WCM's clients and WCM itself. No Supervised

Person of WCM may use his or her position with WCM, or any investment opportunities they learn of

because of his or her position, in a manner that creates an actual or potential conflict of interest with

WCM's clients or with WCM.

ThefollowingpoliciesandprocedureswereadoptedtomeetWCM'sresponsibilitiesto

clients and to comply with SEC rules. Violations may result in law enforcement action against

WCM and its Supervised Persons by the SEC or state regulators and/or disciplinary action by

WCM against any Supervised Person involved in the violation, including termination of

employment.

AllSupervisedPersonsshouldreadtheserequirementscarefullyandbesurethattheyare

understood. It is particularly important to understand and accept that these pre-clearance

requirements may mean that a Supervised Personwill be prohibited from purchasing or selling a

particular security because of client interest in that security. This restriction on a Supervised

Person's ability to transact in a security can have a harsh impact on individual Supervised

Persons and their Immediate Family members.

**A.WhoisCoveredbyThese Requirements**

Apartfromshorttermortemporaryinternswhoareprohibitedfrompersonaltrading,all

Access Persons of WCM ***and members of their Immediate Family who reside in their***

***household*** are subject to WCM's policies and procedures governing personal securities

transactions, with the limited exceptions noted below. An Access Person is defined as a

Supervised Person who has access to nonpublic information regarding clients' purchase or sale

of securities, is involved in making securities recommendations to clients or who has access to

such recommendations that are nonpublic.

**B.WhatAccountsandTransactionsAreCovered**

Thesepersonalsecuritiespoliciesandprocedurescoverallpersonalsecuritiesaccounts

and transactions for which an Access Person has, or acquires, any direct or indirect beneficial

ownership. Unless approved by the CCO, Access Persons are permitted to hold only those

personal securities accounts that have direct data feeds with MCO.

WCMCodeof Ethics

For purposes of these requirements, "beneficial ownership" has the same meaning as in

Securities Exchange Act Rule 16a-1(a)(2). Generally, a person has beneficial ownership of a

security if he or she, directly or indirectly, through any contract, arrangement, understanding,

relationship or otherwise, has or shares a direct or indirect financial interest in the security. ***A***

***transaction and holding by or for the account of an Immediate Family member (living in the***

***samehomewithanAccessPerson)isconsideredthesameasatransactionandholdingbythe***

***Access Person.***

According to SEC guidelines, the following exemption is permissible. The firm can trade

securities for any of the WCM Access Person accounts as long as the securities are blocked with

client trades. The securities in the trade block allocated to the Access Person are dollar-cost-

averagedorsettledattheworstpriceoftheday.AllAccessPersontradesmustbearthefiduciary

responsibility of putting the clients' interests first.

**C.WhatSecuritiesareCoveredbyTheseRequirements("Reportable** 

**Securities")**

All securities (and derivative forms thereof including options and futures contracts) are

covered by these requirements except: (1) direct obligations of the U.S. government (e.g.,

treasurysecurities);(2)bankers'acceptances,bankcertificatesofdeposit,commercialpaper,and

high quality short-term debt obligations, including repurchase agreements; (3) shares issued by

money market funds; (4) shares of <u>unaffiliated</u> open-end mutual funds; (5) shares issued by unit

investment trusts that are invested exclusively in one or more open-end funds; and (6) shares of

Section 529 College Savings and Prepaid Tuition plans.

**D.WhatTransactionsareProhibitedbytheseRequirements**

**1. Front-Runningor Scalping**

Access Persons of WCM are not permitted to "front-run" any securities transaction of a

clientorWCM,orto"scalp"bymakingsecuritiesrecommendationsforclientswiththeintentof

personallyprofitingfrompersonalholdingsofortransactionsinthesameorrelatedsecurities,as

noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information***

***And Prevention Of Insider Trading And Tipping***.

**2. ShortSalesofaSecurity Heldby a Client**

NoAccessPersonmaysellshortanysecurityheldinaclient'saccountmanagedby

WCM.

**3. UseofConfidentialorMaterial,NonpublicInformation**

AccessPersonsmaynotbuyorsellanysecurityifheorshe hasmaterial, nonpublic

informationaboutthesecurityorthemarketforthesecurityobtainedinthecourseofhisorher

employment with WCM or otherwise, as noted in the section, ***Protection Of Material,***

***Nonpublic And Other Confidential Information And Prevention Of Insider Trading And***

***Tipping***.

WCMCodeof Ethics

**E.PersonalSecuritiesTransactionsWhichMustBePre-Cleared**

Before placing any order to purchase or sell any security, or otherwise acquiring or

disposingofasecurity,includingparticipationininitialpublicofferings("IPO")andlimitedor

private investments, an Access Person of WCM must pre-clear the transaction with WCM's

Compliance Team.

Access Persons who have purchased or sold any private investments are required to pre-

clearanysubsequentinvestmentinthatissuer.However,investmentsinprivateequityorprivate

credit funds do not require pre-clearance for each capital call once the initial investment and

commitment amount have been approved.

WCMCodeof Ethics

Temporaryorshort-terminternsareprohibitedfromengaginginpersonaltradingwhile

working for WCM.

Pre-clearanceis**<u>not</u>**requiredfor:

• U.S.governmentsecurities;

• U.S.government agencysecurities;

• Municipal bonds

• shares of any open-end mutual funds and securities of any other registered

investmentcompany,e.g.,closed-endfunds,exchangetradedfundsorunit

investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

• high quality short-term debt instruments, such as bankers' acceptances,

commercialpaper,repurchaseagreementsandbankcertificatesofdeposit;

• purchasesthroughautomaticreinvestmentofdividendspursuanttoadividend

reinvestment plan;

• involuntaryacquisitionsordispositionsofsecurities,suchasbyinheritanceor

court-order upon divorce;

• transactionseffectedforanyaccountor entityoverwhichtheAccessPersondoes

not have or share investment control, such as a "blind trust";

• transactionsinsecuritiesthroughanemployersponsoredorothertaxqualified

employee benefit plan, such as a 401(k) plan;

• purchasesorsalesresultingfromtheexerciseorassignmentof options;

• purchasesorsellsinanAccessPerson'saccountwhichismanagedanddirected

by WCM;

• IndexFutures,CommodityFutures,InterestRateFutures,IndexOptions,

Commodity Options and Interest Rate Options.

• purchasesorsalesinanintern'sImmediateFamilyMember'saccountwhoshares

the same household as the Access Person, except trades that are in IPOs, private

placements & limited offerings.

• Cryptocurrency(*Note:IfyouarearegisteredrepresentativeofACAForeside,* 

*you may have separate requirements regarding digital asset reporting)*

• suchothersecuritiesortransactionsasmaybeaddedto thislistofexceptionsin

WCMCodeof Ethics

writingbytheChiefComplianceOfficer.

**F.ObtainingPre-Clearance**

To obtain pre-clearance, an Access Person must log into MCO and submit a pre-

clearanceform.Mostrequestsareautomaticallyapprovedordeniedbasedonconflictswithfirm

trades. The CCO or member of the Compliance Team will manually pre-clear Access Persons'

trades that are not able to be automatically approved. A member of the Leadership Team will

pre-clear personal trades of the CCO that cannot be automatically approved by MCO (i.e.,

require manual approval). The status of a pre-clearance request is viewable in MCO under the

employee section "My -> Submissions -> Requests -> Personal Trade Pre-Clearance."

Apre-clearance approval is validuntil thesubsequent closeof the applicablemarket.

*Several examples:*

• *Pre-clearanceapprovalforatradeexecutedintheU.S.marketexpiresatthe* 

*subsequent close of the U.S. market (typically 4PM Eastern Time).*

o*Pre-clearanceapprovalonTuesdayeveningafterthecloseofmarketon* 

*Tuesday is valid until the close of market on Wednesday.*

o*Pre-clearance approval on Friday evening after the close of market on* 

*FridayisvaliduntilthecloseofmarketonMonday(assumingthemarket* 

*is open on Monday.)*

o*Pre-clearanceapprovalonThursdayduringmarkethoursisvaliduntil* 

*the close of market on Thursday.*

• *Pre-clearanceapprovalsforatradeexecutedinanon-U.S.marketexpiresatthe* 

*subsequent close of that market.*

Fortradesininstrumentsorsecuritiesthatdonotadheretomarkethours(suchasLimited

Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failuretofollowthepre-clearancerequirementsplacesthefirmatriskandthereforeisa

consequentialmatter.IntheeventanAccessPersonviolatesthepre-clearancerequirements,the

Compliance Team will email them regarding the violation and inform the Leadership Team. A

pattern of frequent offenses indicates a disregard for the Code and will result in disciplinary

action, such as the revocation of personal trading privileges, fines, and even termination.

**G.IdentificationofSecuritiesAccountsandReportsofSecuritiesHoldings**

Access Persons must report all securities accounts (including securities accounts of

Immediate Family members residing in the same household as the Access Person) in which the

Access Person has any direct or indirect "beneficial interest," by filing a Personal Brokerage

Account Disclosure in MCO. These reports must be completed, as required by the Code of

EthicsRule,Rule204A-1,(1)nolaterthan30daysaftertheendofeachcalendarquarterand(2)

in the case of new Access Persons, within 10 days of the individual becoming an Access Person.

WCMCodeof Ethics

Theas-ofdateforinitialreports(i.e.,whenanindividualfirstbecomesanAccessPerson)must

not be older than 45 days.

<u>Accounts</u>**<u>with</u>**<u>"reportable</u><u>securities"</u>.Reportsforsecuritiesaccountsholding

"***reportable securities***" must contain:

1. Thetitleandtypeofsecurity,andasapplicabletheexchangetickersymbolor

CUSIP number, number of shares, and principal amount of each reportable

security;

2. Thenameofanybroker,dealerorbankwithwhichtheAccessPersonmaintains

an account in which any securities are held for the Access Person's direct or

indirect benefit; and

3. ThedatetheAccessPersonsubmitsthereport.

<u>Accounts</u> **<u>without</u>** <u>"reportable securities"</u>. Reports for securities accounts holding

securitiesexcludedfromthelistof"***reportablesecurities***"requiresonlythenameofanybroker,

dealer or bank with which the Access Person maintains an account and the date the Access

Person submits the report.

SecuritiesaccountslinkedtoMCOsatisfy these reporting requirementsfortheperiodsin

which the account is linked. If a securities account cannot be linked to MCO or there is a period

oftimethattheaccountisnotlinked,theinformationnotedabovemustbemanuallyenteredinto

the form within MCO, or, with approval, e-mailed to the Chief Compliance Office or their

designee.

ThesereportsarereviewedbytheChiefComplianceOfficerorhisdesignee.Thereports

of the Chief Compliance Officer are reviewed by the COO and/or his designee.

IfanAccessPersonhasnosecuritiesaccountsorholdingstoreport,theymustaffirmso

through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not

acceptableandwillnotbetoleratedbyWCM.Thiscanleadtodisciplinaryactionagainstan

Access Person, including possible termination.

**H.ReportingofSecuritiesTransactions**

SECrulesimposestrictrequirementsonWCManditsAccessPersonswithrespecttothe

reporting of personal securities transactions. Access Persons must submit quarterly reports of all

personal securities transactions (including securities accounts of Immediate Family members

residing in the same household as the Access Person) in which the Access Person has a

"beneficial interest," by filing a transaction report in MCO. This report must be filed no later

than 30 days after the end of each calendar quarter as required by the Code of Ethics Rule, Rule

204A-1.

WCMCodeof Ethics

<u>Transactions</u><u>of</u><u>"reportable</u><u>securities"</u>.Reportsfortransactionsof"***reportable***

***securities***" must contain:

1. the date of the transaction, the title, and as applicable the exchange ticker symbol

orCUSIPnumber,interestrateandmaturitydate,numberofshares,andprincipal

amount of each reportable security involved the nature of the transaction (i.e.,

purchase, sale or any other type of acquisition or disposition); and

2. the price of the security at which the transaction was effected; the name of the

broker,dealerorbankwithorthroughwhichthetransactionwaseffected;andthe

date the Access Person submits the report.

<u>Transactions</u><u>of</u><u>non-"reportable</u><u>securities".</u>Thesetransactionsdonotneedtobe

reported.

SecuritiesaccountslinkedtoMCOsatisfy these reporting requirementsfortheperiodsin

which the account is linked. If a securities account cannot be linked to MCO or there is a period

oftimethattheaccountisnotlinked,theinformationnotedabovemustbemanuallyenteredinto

the form within MCO, or, with approval, e-mailed to the Chief Compliance Officer or their

designee.

ThesepersonalsecuritiestransactionreportswillbereviewedbytheChiefCompliance

Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the

COO and/or his designee.

IfanAccessPersonhasnoreportablesecuritiestransactionstoreport,theymustaffirm

so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not

acceptableandwillnotbetoleratedbyWCM.Thiscanleadtodisciplinaryactionagainstan

Access Person, including possible termination.

**I.ConfidentialityofPersonalSecuritiesInformation**

Access to reports of personal securities transactions, securities holdings, securities

accounts, duplicate confirmations and account statements will be restricted to the Chief

Compliance Officer and such other persons as WCM may designate to assist the Chief

ComplianceOfficerwithreviewofthereportsandpre-clearance.Allsuchmaterialswillbekept

confidential,subjecttotherightofinspectionbytheSECorothergovernmentagencies,outside

counsel for compliance purposes, and WCM's Leadership Team.

**J.AddressingPersonalTradingConflictswithAdvisory Persons**

WCM's compliance program seeks to provide the greatest amount of flexibility while

stillachievingtheobjectiveofprotectingclientsandfollowingrules.AlthoughAdvisoryPersons

can trade in the same securities as clients, those trades are subject to the pre-clearance

requirements, as mentioned above, as well as additional controls to prevent and remediate

potential conflicts that might occur because of the advisory-related information Advisory

Persons may have access to.

WCMCodeof Ethics

OnepotentialconflictexistswhenAdvisoryPersonsprofit,orperceivetohaveprofited, from

the firm trading of our clients. WCM addresses this potential conflict by restricting Advisory

Persons'tradingwithintwoweeksofafirmtradeprograminthesamesecurity,both after and before

the firm trading occurs.

An Advisory Person may not be aware of the exact timing of a firm trade program, an

AdvisoryPersonmayreceiveapprovaltotradeacertainsecurityaftersubmittingapreclear,only

later to find out that the trade created a conflict once a firm trade program started. Rather than

require an Advisory Person to reverse the trade, this policy allows the Advisory Person to

maintain a position and compare their trade against the least-favored client execution price

(worst for front side; best for back side) in the trade program. An Advisory Person can still

choose to reverse their trade instead.

**<u>Front</u> <u>side</u>**

• Samesidetrade

• 2weeks(14calendardays)beforethebeginningofclient trading

**<u>Back</u> <u>side</u>**

• Oppositesidetrade

• 2 weeks (14 calendar days) after the last client

trade AnAdvisoryPersoncanchooseoneofthefollowing

options:

1. Reversetheirtradeanddonateprofits;or

2. Maintaintheirpositionandcomparetheirexecutionpriceagainsttheleast-

favored client execution price, donating any profitable difference.

TheprocedureaboveaimstomitigatepotentialconflictsthatmayexistwithAdvisory

Persons trading the same securities of our clients within a window of time where the client

trading may have a reasonably foreseeable impact on marketing pricing.

TheCCO,orhisdesignee,willensurethattheappropriatecorrectiveactionistakenbythe

Advisory Person to neutralize the resulting conflict.

**K.PersonalTradingCap**

In line with our fiduciary duty, we want to ensure our employees prioritize managing

client accounts over their personal trading activities. To uphold our commitment to clients and

maintain the highest standards of professional conduct, each Access Person is limited to a

maximum of 100 personal trades per calendar year (excluding WCM funds and cash-based

instrumentslikeCDsandmoneymarketfunds),whetherthosetradesrequirepreclearanceornot.

WCMCodeof Ethics

OnceanAccessPersonreachesthiscap,theirpersonaltradingactivitywillberestrictedfor

the remainder of the year.

**L.ShortTermandSpeculativeTradingRestriction**

To reinforce the firm's commitment to ethical investment practices and to avoid potential

conflicts of interest, all trading in equity options or futures tied to securities held by WCM or its

clients that have an expiry period and minimum holding period of less than six months are

strictlyprohibited.ThismeanstheAccessPersonmustnotliquidate,close,orotherwisedispose

of the position before the end of the holding period, regardless of market conditions.

Those permissible options or future positions not tied to firm holdings must have at least an

expirationperiodandminimumholdingperiodof90daysfromthedateofpurchaseorinitiation.

This means the Access Person must not liquidate, close, or otherwise dispose of the position

before the end of the holding period, regardless of market conditions.

Any Access Person found to be in violation of this policy must immediately close the

position in question. Any gains realized from the closing of the prohibited position must be

donatedtoacharitableorganizationapprovedbytheComplianceTeam.TheAccessPersonwill

absorb any losses incurred.

**M.Waivers**

The Chief Compliance Officer may, in his discretion, after consultation with the

LeadershipTeam,waivecompliancebyanypersonwithanyoftherestrictionsandpre-clearance

requirements set forth herein, if the Leadership Team finds that such a waiver: (i) is necessary to

alleviate hardship in view of unforeseen circumstances or is otherwise appropriate under all of

the relevant facts and circumstances; (ii) will not be inconsistent with the purposes of WCM's

policies and procedures governing personal securities transactions; (iii) will not adversely affect

the interests of clients or WCM; and (iv) is not likely to permit a transaction or conduct that

would violate provisions of applicable laws or rules.

Any waiver shall be documented by the Chief Compliance Officer and shall state the

basisforthewaiver.TheChiefComplianceOfficershallpromptlysendacopyofthewaiverto

the Leadership Team and shall maintain a copy in the Compliance program folders or MCO.

**X.REPORTINGTOTHEMUTUALFUNDBOARD**

Nolessfrequentlythanquarterly,theChiefComplianceOfficerorhis/herdesigneewill

furnish to the Board of Directors of all mutual funds managed by WCM, a written report that:

• Describes any issues arising under the Code of Ethics since the last report to the

Board of Directors, including, but not limited to, information about material

violationsoftheCodeofEthics,orproceduresandsanctionsimposedinresponse

to any material violations; and

• Certification that WCM has adopted procedures reasonably necessary to prevent

SupervisedPersons,includingAccessPersons,fromviolatingtheCodeofEthics.

WCMCodeof Ethics

TheFirmwillfurnishtotheBoardofDirectorsofallmutualfundsmanagedbyWCM,a

copy of the Code of Ethics and any material changes to the Code of Ethics.