# EDGAR Filing Document

**Accession Number:** 0000890453
**File Stem:** 0000894189-26-013914
**Filing Date:** 2026-4
**Character Count:** 2359470
**Document Hash:** 0154b2f01227af2a00ea16fbdc8b7477
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013914.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013914

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 101

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILSHIRE MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000890453

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07076
- **FILM NUMBER:** 26917154

**BUSINESS ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 610-676-3419

**MAIL ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19960603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19921014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE SERIES FUND INC/
- **DATE OF NAME CHANGE:** 19921014
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILSHIRE MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000890453

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-50390
- **FILM NUMBER:** 26917153

**BUSINESS ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 610-676-3419

**MAIL ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19960603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19921014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE SERIES FUND INC/
- **DATE OF NAME CHANGE:** 19921014

## Series and Classes Contracts Data

### LARGE COMPANY GROWTH PORTFOLIO (Series ID: S000001045)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002805 | INVESTMENT CLASS    | DTLGX           |
| C000002806 | INSTITUTIONAL CLASS | WLCGX           |

### LARGE COMPANY VALUE PORTFOLIO (Series ID: S000001046)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002807 | INVESTMENT CLASS    | DTLVX           |
| C000002808 | INSTITUTIONAL CLASS | WLCVX           |

### SMALL COMPANY GROWTH PORTFOLIO (Series ID: S000001047)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002809 | INVESTMENT CLASS    | DTSGX           |
| C000002810 | INSTITUTIONAL CLASS | WSMGX           |

### SMALL COMPANY VALUE PORTFOLIO (Series ID: S000001048)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002811 | INVESTMENT CLASS    | DTSVX           |
| C000002812 | INSTITUTIONAL CLASS | WSMVX           |

### Wilshire 5000 Index Fund (Series ID: S000001049)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002815 | INVESTMENT CLASS    | WFIVX           |
| C000002816 | INSTITUTIONAL CLASS | WINDX           |

### WILSHIRE INTERNATIONAL EQUITY FUND (Series ID: S000019534)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000065456 | INVESTMENT CLASS    | WLCTX           |
| C000065457 | INSTITUTIONAL CLASS | WLTTX           |

### Wilshire Income Opportunities Fund (Series ID: S000053356)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000167854 | Investment Class    | WIORX           |
| C000167855 | Institutional Class | WIOPX           |

?xml version='1.0' encoding='ASCII'? ck0000890453-20260429

As filed with the Securities and Exchange Commission on April 29, 2026

1933 Act Registration File No. 033-50390

1940 Act File No. 811-07076

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. | | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. | 80 | [X] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>81</u> [X]

**<u>WILSHIRE MUTUAL FUNDS, INC.</u>**

(Exact Name of Registrant as Specified in Charter)

**1299 Ocean Avenue, Suite 600**

**Santa Monica, California 90401**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (866) 591-1568

---

| | |
|:---|:---|
| (Name and Address of Agent for Service)<br>**Jason Schwarz**<br>**c/o Wilshire Advisors LLC**<br>**1299 Ocean Avenue, Suite 600**<br>**Santa Monica, California 90401** | *Copy to:*<br>**Renee M. Hardt**<br>**Vedder Price P.C.**<br>**222 North LaSalle Street**<br>**Chicago, Illinois 60601** |

---

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

[ ] immediately upon filing pursuant to Rule 485(b).

[X] on April 30, 2026 pursuant to Rule 485(b).

[ ] on (date) pursuant to Rule 485(a)(1).

[ ] 60 days after filing pursuant to Rule 485(a)(1).

[ ] 75 days after filing pursuant to Rule 485(a)(2).

[ ] on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:

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

**Explanatory Note:** This Post-Effective Amendment No. 80 to the Registration Statement of Wilshire Mutual Funds, Inc. (the "Company") is being filed to add the audited financial statements and certain related financial information for the fiscal period ended December 31, 2025 for the Large Company Value Portfolio, Large Company Growth Portfolio, Small Company Value Portfolio, Small Company Growth Portfolio, Wilshire 5000 Index Fund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund and to make permissible changes under Rule 485(b).

------

---

| | | |
|:---|:---|:---|
| **Prospectus** | **W&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp; L&nbsp;&nbsp;&nbsp;&nbsp; S&nbsp;&nbsp;&nbsp;&nbsp; H&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp; R&nbsp;&nbsp;&nbsp;&nbsp; E** | **April 30, 2026** |
| | **M U T U A L F U N D S, I N C.** | |

---

---

| | |
|:---|:---|
| **Large Company Growth Portfolio** | **Wilshire 5000 Index**<sup>SM</sup> **Fund** <br>***(formerly the FT Wilshire 5000 Index***<sup>SM</sup> ***Fund)*** |
| **Investment Class Shares (DTLGX)** | **Investment Class Shares (WFIVX)** |
| **Institutional Class Shares (WLCGX)** | **Institutional Class Shares (WINDX)** |
| **Large Company Value Portfolio** | **Wilshire International Equity Fund** |
| **Investment Class Shares (DTLVX)** | **Investment Class Shares (WLCTX)** |
| **Institutional Class Shares (WLCVX)** | **Institutional Class Shares (WLTTX)** |
| **Small Company Growth Portfolio** | **Wilshire Income Opportunities Fund** |
| **Investment Class Shares (DTSGX)** | **Investment Class Shares (WIORX)** |
| **Institutional Class Shares (WSMGX)** | **Institutional Class Shares (WIOPX)** |
| **Small Company Value Portfolio** |  |
| **Investment Class Shares (DTSVX)** |  |
| **Institutional Class Shares (WSMVX)** |  |
| **http://wilshire.com** | **http://wilshire.com** |

---

**The Prospectus gives you important information about the Wilshire Mutual Funds, Inc. that you should know before you invest. Please read this Prospectus carefully before investing and use it for future reference.**<br>

**As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved any shares of these mutual funds or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.**

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| [FUND SUMMARIES](#ie049e4a5f4684002bdbbf257872bdc1f_10) | [3](#ie049e4a5f4684002bdbbf257872bdc1f_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Company Growth Portfolio](#ie049e4a5f4684002bdbbf257872bdc1f_13) | [3](#ie049e4a5f4684002bdbbf257872bdc1f_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Company Value Portfolio](#ie049e4a5f4684002bdbbf257872bdc1f_19) | [10](#ie049e4a5f4684002bdbbf257872bdc1f_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Company Growth Portfolio](#ie049e4a5f4684002bdbbf257872bdc1f_25) | [17](#ie049e4a5f4684002bdbbf257872bdc1f_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Company Value Portfolio](#ie049e4a5f4684002bdbbf257872bdc1f_31) | [23](#ie049e4a5f4684002bdbbf257872bdc1f_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Wilshire 5000](#ie049e4a5f4684002bdbbf257872bdc1f_37) Index<sup>SM</sup> Fund | [28](#ie049e4a5f4684002bdbbf257872bdc1f_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Wilshire International Equity Fund](#ie049e4a5f4684002bdbbf257872bdc1f_43) | [32](#ie049e4a5f4684002bdbbf257872bdc1f_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Wilshire Income Opportunities Fund](#ie049e4a5f4684002bdbbf257872bdc1f_49) | [40](#ie049e4a5f4684002bdbbf257872bdc1f_49) |
| [MORE INFORMATION ABOUT INVESTMENTS AND RISKS](#ie049e4a5f4684002bdbbf257872bdc1f_55) | [46](#ie049e4a5f4684002bdbbf257872bdc1f_55) |
| [MANAGEMENT OF THE PORTFOLIOS](#ie049e4a5f4684002bdbbf257872bdc1f_58) | [59](#ie049e4a5f4684002bdbbf257872bdc1f_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#ie049e4a5f4684002bdbbf257872bdc1f_61) | [59](#ie049e4a5f4684002bdbbf257872bdc1f_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Subadvisers](#ie049e4a5f4684002bdbbf257872bdc1f_64) | [62](#ie049e4a5f4684002bdbbf257872bdc1f_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Service and Distribution Plan](#ie049e4a5f4684002bdbbf257872bdc1f_67) | [67](#ie049e4a5f4684002bdbbf257872bdc1f_67) |
| [SHAREHOLDER INFORMATION](#ie049e4a5f4684002bdbbf257872bdc1f_70) | [67](#ie049e4a5f4684002bdbbf257872bdc1f_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How To Buy Portfolio Shares](#ie049e4a5f4684002bdbbf257872bdc1f_73) | [68](#ie049e4a5f4684002bdbbf257872bdc1f_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How To Sell Portfolio Shares](#ie049e4a5f4684002bdbbf257872bdc1f_76) | [69](#ie049e4a5f4684002bdbbf257872bdc1f_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Shares](#ie049e4a5f4684002bdbbf257872bdc1f_79) | [72](#ie049e4a5f4684002bdbbf257872bdc1f_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How to Exchange Portfolio Shares](#ie049e4a5f4684002bdbbf257872bdc1f_82) | [72](#ie049e4a5f4684002bdbbf257872bdc1f_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Anti-Money Laundering Program](#ie049e4a5f4684002bdbbf257872bdc1f_85) | [72](#ie049e4a5f4684002bdbbf257872bdc1f_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Right to Reject Purchase or Exchange Orders](#ie049e4a5f4684002bdbbf257872bdc1f_88) | [73](#ie049e4a5f4684002bdbbf257872bdc1f_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Householding Policy](#ie049e4a5f4684002bdbbf257872bdc1f_91) | [73](#ie049e4a5f4684002bdbbf257872bdc1f_91) |
| [DIVIDEND AND DISTRIBUTION INFORMATION](#ie049e4a5f4684002bdbbf257872bdc1f_94) | [73](#ie049e4a5f4684002bdbbf257872bdc1f_94) |
| [FEDERAL INCOME TAX INFORMATION](#ie049e4a5f4684002bdbbf257872bdc1f_97) | [75](#ie049e4a5f4684002bdbbf257872bdc1f_97) |
| [FINANCIAL HIGHLIGHTS](#ie049e4a5f4684002bdbbf257872bdc1f_100) | [76](#ie049e4a5f4684002bdbbf257872bdc1f_100) |

---

&nbsp;&nbsp;&nbsp;*Shares of a mutual fund are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. You could lose money by investing in a mutual fund.*<br>

------

**FUND SUMMARIES**

**Large Company Growth Portfolio**

***Investment Objective***

The Large Company Growth Portfolio's (the "Portfolio") investment objective is to seek capital appreciation.

***Fees and Expenses of the Large Company Growth Portfolio***

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

**Annual Portfolio Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Management Fees | 0.75% | 0.75% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.32% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | 0.13% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.19% | 0.19% |
| Total Annual Portfolio Operating Expenses | 1.32% | 1.00% |
| Less Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.02)% | 0.00% |
| Total Annual Portfolio Operating Expenses After Fee Waiver/Expense Reimbursement | 1.30% | 1.00% |

---

<sup>(1)</sup> Wilshire Advisors LLC ("Wilshire") has entered into a contractual expense limitation agreement with Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Portfolio to waive a portion of its management fee or reimburse other expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) to 0.92% and 0.94% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that the Portfolio's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived/expenses reimbursed within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

**Example:** This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 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 Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $132 | $416 | $722 | $1588 |
| Institutional Class | $102 | $318 | $522 | $1225 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio's performance. For the fiscal year ended December 31, 2025, the Portfolio's portfolio turnover rate was 104% of the average value of its portfolio.

***Principal Investment Strategies***

The Portfolio invests, under normal circumstances, at least 80% of its net assets in common stock of companies with larger market capitalizations within the market capitalization range and composition of the companies composing the Russell 1000® Index (as of December 31, 2025, this range was between approximately $1.3 billion and $4.53 trillion). The market capitalization and composition of the companies in the Russell 1000<sup>®</sup> Index are subject to change.

The Portfolio engages in leverage by investing in Russell 1000 Growth Index derivatives, the notional value of which equals approximately 20% of the Portfolio's net assets. The Portfolio's derivatives exposure is backed by a portfolio of fixed income securities representing approximately 20% of the Portfolio's net assets. A Russell 1000 Growth Index derivative is a derivative contract, typically a swap agreement, that uses the Russell 1000 Growth Index as its reference asset. The portion of the Portfolio

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invested in Russell 1000 Growth Index derivatives seeks to track the daily performance of the Russell 1000 Growth Index (the "Swaps Strategy") and invests in such derivatives in addition to or in place of companies within the Russell 1000 Growth Index. In addition to swaps, the Portfolio may invest in other types of derivatives including options, futures, options on futures, and other similar instruments. For purposes of the Portfolio's 80% test, Russell 1000 Growth Index derivatives will be counted as common stocks of companies with larger market capitalizations and will be valued at notional value rather than market value.

Fixed income securities held by the Portfolio may include bonds, debt securities, asset-backed and mortgage-backed securities and other similar instruments. The fixed income securities are typically expected to have a duration between zero and two years. The Portfolio may invest in below investment grade debt securities, commonly known as "high-yield" securities or "junk bonds."

The Portfolio may invest a portion of its assets in equity securities of foreign companies traded in the U.S., including American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

The Portfolio invests in companies that historically have above average earnings, cash flow growth or sales growth and retention of earnings, and often such companies have above average price to earnings ratios. The Portfolio may focus its investments in companies in one or more economic sectors.

The Portfolio may invest more of its assets in the securities of a single issuer or a smaller number of issuers.

The Portfolio uses a multi-manager strategy where Wilshire and multiple subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio's investment objective. Wilshire typically allocates the Portfolio's assets among the Portfolio's subadvisers in accordance with its outlook for the economy and the financial markets. Each of AllianceBernstein, L.P. ("AllianceBernstein"), Los Angeles Capital Management LLC ("Los Angeles Capital"), Fred Alger Management, LLC ("Alger Management"), and Voya Investment Management Co LLC ("Voya") manage a portion of the Portfolio and Wilshire manages the Swaps Strategy portion of the Portfolio.

AllianceBernstein stresses fundamental, bottom-up security analysis in identifying highly profitable businesses with the opportunity to reinvest profitably for long-term, non-cyclical growth that are priced at valuations that do not adequately reflect their long-term growth potential. AllianceBernstein conducts in-depth research to identify companies whose long-term fundamental performance is likely to persist in terms of both magnitude and duration.

Los Angeles Capital employs a quantitative investment process for security selection and risk management. Los Angeles Capital utilizes its proprietary Dynamic Alpha Stock Selection Model<sup>®</sup> to build equity portfolios that adapt to market conditions. The model considers a range of valuation, earnings and management characteristics to identify current drivers of return.

Alger Management's investments in equity securities are primarily in common or preferred stocks, but its equity investments also may include securities convertible into or exchangeable for equity securities (including warrants and rights) and depositary receipts. Alger Management invests primarily in companies whose securities are traded on U.S. or foreign exchanges or in the over-the-counter market. Alger Management believes companies undergoing positive dynamic change offer the best investment opportunities. Positive dynamic change refers to companies realizing high unit volume growth or companies undergoing positive lifecycle change. High unit volume growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive lifecycle change companies are, for example, companies benefiting from new regulations, a new product innovation or new management.

In managing its portion of the Portfolio, Voya focuses on managing a broad array of fixed income investment opportunities, including but not limited to U.S. government securities, securities of foreign governments, and supranational organizations; bank loans; notes that can invest in securities with any credit rating; mortgage-backed, asset-backed debt securities and other structured credit securities, commercial paper and debt securities of foreign issuers, including emerging market countries. In addition, Voya may also invest in its affiliated registered investment companies.

The Portfolio may appeal to you if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long-term investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek growth of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you believe that the market will favor a particular investment style, such as large cap growth stocks, over other investment styles in the long term and you want a more focused exposure to that investment style; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you own other funds or stocks which provide exposure to some but not all investment styles and would like a more complete exposure to the equity market.

***Principal Risks***

You may lose money by investing in the Portfolio. In addition, investing in the Portfolio involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more

------

countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

*Large-Cap Company Risk.* Investments in larger, more established companies may involve risks associated with their larger size. For instance, larger, more established companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

*Style Risk.* The Portfolio's growth style may perform poorly or fall out of favor with investors. For example, at times the market may favor small capitalization stocks over large capitalization stocks, value stocks over growth stocks, or vice versa.

*Asset Allocation Risk.* Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that a subadviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Derivatives Risk.* The use of derivatives, including forwards, swaps, futures, options and currency transactions, may expose the Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives, including risks relating to leverage, imperfect correlations with underlying investments or the Portfolio's other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, segregation, valuation and legal restrictions. If the Adviser or a subadviser is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. Use of derivatives may also cause the Portfolio to be subject to additional regulations, which may generate additional Portfolio expenses. These practices also entail transactional expenses and may cause the Portfolio to realize higher amounts of short-term capital gains than if the Portfolio had not engaged in such transactions.

*Leverage Risk.* The use of derivatives, repurchase agreements, reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings (typically lines of credit) may create leveraging risk. For example, because of the low margin deposit required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in an underlying reference instrument may result in an immediate and substantial impact on a fund's NAV. Leveraging may cause the Portfolio's performance to be more volatile than if it had not been leveraged. To mitigate leveraging risk and otherwise comply with regulatory requirements, the Portfolio must segregate or earmark liquid assets to meet its obligations under, or otherwise cover, the transactions that may give rise to this risk, including, but not limited to, futures, certain options, swaps and reverse repurchase agreements. Applicable law limits a fund from borrowing in an amount greater than 33 ⅓% of its assets.

*Fixed-Income Securities Risk.* Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*High-Yield Bond Risk.* Lower-quality bonds, known as "high-yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio's share price.

*Sector Risk.* If the Portfolio invests significantly in one or more sectors, market and economic factors affecting those sectors will have a significant effect on the value of the Portfolio's investments in that sector, which can increase the volatility of the Portfolio's performance.

*Information Technology Sector.* Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are Internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

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*Active Management Risk.* The Portfolio is subject to active management risk, the risk that the investment techniques and risk analyses applied by the Portfolio's subadvisers will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of the Portfolio because of brokerage charges, spreads or mark-up charges, which may lower the Portfolio's performance.

*Asset-Backed and Mortgage Backed Securities Risk.* Investors in asset-backed securities (ABS), including mortgage-backed securities (MBS) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

*Other Investment Companies Risk.* Investing in other investment vehicles, including registered investment companies managed by a subadviser or an affiliate of a subadviser, unaffiliated registered investment companies, closed-end funds and exchange-traded funds (ETFs), subjects the Portfolio to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Portfolio will incur its pro rata share of the underlying vehicles' expenses.

*Multi-Managed Fund Risk.* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Affiliated Funds and Other Significant Investors Risk.* Certain Wilshire funds are permitted to invest in the Portfolio. In addition, the Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

*Portfolio Turnover Risk.* As a result of its active trading strategy, the Portfolio may incur higher levels of brokerage fees and commissions, and cause higher levels of current tax liability to shareholders in the Portfolio.

***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the Portfolio by showing how the investment performance of the Investment Class Shares has varied from year to year and by showing how the Portfolio's average annual total returns compare to those of a broad measure of market performance, as well as an additional index with investment characteristics similar to those of the Fund. The chart and table assume reinvestment of dividends and distributions. The Portfolio's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

On July 21, 2020, the Portfolio's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

**Calendar Year Returns**

![19800](ck0000890453-20260429_g1.jpg)

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During the periods shown in the bar chart, the highest return for a quarter was 27.49% (quarter ended June 30, 2020) and the lowest return for a quarter was -20.91% (quarter ended June 30, 2022).

The returns for the Portfolio's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

**Average Annual Total Returns (periods ended December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Investment Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 21.97% | 14.27% | 16.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 15.34% | 10.31% | 12.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Shares | 16.61% | 10.41% | 12.19% |
| Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 22.36% | 14.62% | 16.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<br>(reflects no deduction for fees, expenses or taxes) | 17.13% | 13.40% | 14.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Total Return Index<br>(reflects no deduction for fees, expenses or taxes) | 18.70% | 15.35% | 18.14% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their Portfolio shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

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***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

Nathan Palmer, CFA, Managing Director and Portfolio Manager of Wilshire, serves as a Portfolio Manager for the Portfolio. He has served as a Portfolio Manager since July 2020.

Anthony Wicklund, CFA, CAIA, Managing Director and Portfolio Manager of Wilshire, serves as a portfolio manager for the Portfolio. He has served as a Portfolio Manager since July 2020.

Josh Emanuel, CFA, Managing Director and Chief Investment Officer of Wilshire Advisors LLC, serves as portfolio manager for the Portfolio. He has served as a Portfolio Manager since July 2020.

Suehyun Kim, Senior Vice President and Portfolio Manager of Wilshire, serves as a portfolio manager for the Portfolio. She has served as a Portfolio Manager since July 2020.

**<u>Subadvisers and Portfolio Managers</u>**

*AllianceBernstein*

John H. Fogarty, CFA, Senior Vice President of AllianceBernstein and serves Portfolio Manager of the Portfolio. Mr. Fogarty has served as Portfolio Manager of the Portfolio since December 2021.

Vinay Thapar, CFA, Senior Vice President of AllianceBernstein and serves Portfolio Manager of the Portfolio. Mr. Thapar has served as Portfolio Manager of the Portfolio since December 2021.

*Los Angeles Capital*

Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Stevens has served as Portfolio Manager since April 2002.

Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Reynolds has served as Portfolio Manager since January 2011.

Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Allen has served as Portfolio Manager since January 2011.

Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Arche has served as Portfolio Manager since April 2021.

*Alger Management* 

Ankur Crawford, Ph.D., is an Executive Vice President and serves Portfolio Manager of various Alger strategies. Dr. Crawford has been with Alger Management since 2004 and has served as Portfolio Manager of the Portfolio since March 2020.

Patrick Kelly, CFA, is an Executive Vice President and Head of Alger Management's Capital Appreciation and Spectra Strategies. He also serves as Portfolio Manager of various Alger strategies. Mr. Kelly has been with Alger Management since 1999 and has served as Portfolio Manager of the Portfolio since March 2020.

*Voya*

Raj Jadav, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Jadav has served as Portfolio Manager since 2024.

Sean Banai, CFA, managing director and head of multi-sector for the fixed income platform of Voya and Portfolio Manager of the Portfolio. Mr. Banai has served as Portfolio Manager since July 2020.

Vinay Viralam, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Viralam has served as Portfolio Manager since April 2026.

Anuranjan Sharma, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Sharma has served as Portfolio Manager since April 2026.

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***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the Portfolio are as follows:

<u>Investment Class Shares.</u> The minimum initial investment in the Portfolio is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. Subsequent investments for the Portfolio must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for the Portfolio. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the Portfolio (known as redeeming shares) on any business day by telephone or mail.

***Tax Information***

The Portfolio's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio 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 the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Large Company Value Portfolio**

***Investment Objective***

The Large Company Value Portfolio's (the "Portfolio") investment objective is to seek capital appreciation.

***Fees and Expenses of the Large Company Value Portfolio***

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

**Annual Portfolio Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

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| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Management Fees | 0.75% | 0.75% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.30% | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | 0.07% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.23% | 0.23% |
| Total Annual Portfolio Operating Expenses | 1.30% | 1.03% |
| Less Fee Waiver/Expense Reimbursement<sup>(1)</sup> | 0.00% | (0.03)% |
| Total Annual Portfolio Operating Expenses After Fee Waiver/Expense Reimbursement | 1.30% | 1.00% |

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<sup>(1)</sup> Wilshire Advisors LLC ("Wilshire") has entered into a contractual expense limitation agreement with Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Portfolio to waive a portion of its management fee or reimburse other expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) to 0.98% and 0.95% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that the Portfolio's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived/expenses reimbursed within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

**Example:** This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 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 Portfolio'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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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $132 | $412 | $713 | $1568 |
| Institutional Class | $102 | $325 | $566 | $1257 |

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**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. For the fiscal year ended December 31, 2025, the Portfolio's portfolio turnover rate was 51% of the average value of its portfolio.

***Principal Investment Strategies***

The Portfolio invests under normal circumstances, at least 80% of its net assets in the common stock of companies with larger market capitalizations-within the market capitalization range of the Russell 1000<sup>®</sup> Index (as of December 31, 2025, this range was between approximately $1.3 billion and $4.53 trillion). The market capitalization range of the Russell 1000<sup>®</sup> Index is subject to change.

The Portfolio engages in leverage by investing in Russell 1000 Value Index derivatives, the notional value of which equals approximately 20% of the Portfolio's net assets. The Portfolio's derivatives exposure is backed by a portfolio of fixed income securities representing approximately 20% of the Portfolio's net assets. A Russell 1000 Value Index derivative is a derivative contract, typically a swap agreement, that uses the Russell 1000 Value Index as its reference asset. The portion of the Portfolio invested in Russell 1000 Value Index derivatives seeks to track the daily performance of the Russell 1000 Value Index (the "Swaps Strategy") and invests in such derivatives in addition to or in place of companies within the Russell 1000 Value Index. In addition to swaps, the Portfolio may invest in other types of derivatives including options, futures, options on futures, and other similar instruments. For

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purposes of the Portfolio's 80% test, Russell 1000 Value Index derivatives will be counted as common stocks of companies with larger market capitalizations and will be valued at notional value rather than market value.

Fixed income securities held by the Portfolio may include bonds, debt securities, asset-backed and mortgage-backed securities and other similar instruments. The fixed income securities are typically expected to have a duration that does not exceed one year. The Portfolio may invest in below investment grade debt securities, commonly known as "high-yield" securities or "junk bonds."

The Portfolio may invest a portion of its assets in equity securities of foreign companies traded in the U.S. or locally on foreign exchanges, including American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

The Portfolio uses a multi-manager strategy where Wilshire and multiple subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio's investment objective. Wilshire typically allocates the Portfolio's assets among the Portfolio's subadvisers in accordance with its outlook for the economy and the financial markets. Each of Los Angeles Capital Management LLC ("Los Angeles Capital"), Hotchkis & Wiley Capital Management, LLC ("Hotchkis & Wiley"), Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS"), and Voya Investment Management Co LLC ("Voya") manage a portion of the Portfolio and Wilshire manages the Portfolio's Swaps Strategy.

Los Angeles Capital employs a quantitative investment process for security selection and risk management. Los Angeles Capital utilizes its proprietary Dynamic Alpha Stock Selection Model<sup>®</sup> to build equity portfolios that adapt to market conditions. The model considers a range of valuation, earnings and management characteristics to identify current drivers of return.

In managing its portion of the Portfolio, MFS assesses the intrinsic valuation of issuers by considering the full context of how a company's cash flows are generated. MFS focuses on companies it believes have conservative balances sheets, sustainable competitive advantages, high returns on capital, and/or the ability to weather economic downturns, among other factors. Many of the factors considered by MFS in assessing issuers are qualitative in nature and require subjective judgment and interpretation. MFS may invest its portion of the Portfolio in foreign securities. MFS normally invests its portion of the Portfolio across different industries and sectors, but MFS may invest a significant percentage of its portion of the Portfolio in issuers in a single industry or sector. MFS uses an active bottom-up investment approach to buying and selling investments for its portion of the Portfolio. Investments are selected primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered.

In managing its portion of the Portfolio, Voya focuses on managing a broad array of fixed income investment opportunities, including but not limited to U.S. government securities, securities of foreign governments, and supranational organizations; bank loans; notes that can invest in securities with any credit rating; mortgage-backed, asset-backed debt securities and other structured credit securities, commercial paper and debt securities of foreign issuers, including emerging market countries. In addition, Voya may also invest in its affiliated registered investment companies.

The Portfolio may appeal to you if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long-term investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;you seek growth of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;you believe that the market will favor a particular investment style, such as large cap value stocks, over other investment styles in the long term and you want a more focused exposure to that investment style; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;you own other funds or stocks which provide exposure to some but not all investment styles and would like a more complete exposure to the equity market.

***Principal Risks***

You may lose money by investing in the Portfolio. In addition, investing in the Portfolio involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or

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will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

*Large-Cap Company Risk.* Investments in larger, more established companies may involve risks associated with their larger size. For instance, larger, more established companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

*Style Risk.* The Portfolio's value style may perform poorly or fall out of favor with investors. For example, at times the market may favor small capitalization stocks over large capitalization stocks, growth stocks over value stocks, or vice versa.

*Asset Allocation Risk.* Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that a subadviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Derivatives Risk.* The use of derivatives, including forwards, swaps, futures, options and currency transactions, may expose the Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives, including risks relating to leverage, imperfect correlations with underlying investments or the Portfolio's other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, segregation, valuation and legal restrictions. If the Adviser or a subadviser is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. Use of derivatives may also cause the Portfolio to be subject to additional regulations, which may generate additional Portfolio expenses. These practices also entail transactional expenses and may cause the Portfolio to realize higher amounts of short-term capital gains than if the Portfolio had not engaged in such transactions.

*Leverage Risk.* The use of derivatives, repurchase agreements, reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings (typically lines of credit) may create leveraging risk. For example, because of the low margin deposit required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in an underlying reference instrument may result in an immediate and substantial impact on a fund's NAV. Leveraging may cause the Portfolio's performance to be more volatile than if it had not been leveraged. To mitigate leveraging risk and otherwise comply with regulatory requirements, the Portfolio must segregate or earmark liquid assets to meet its obligations under, or otherwise cover, the transactions that may give rise to this risk, including, but not limited to, futures, certain options, swaps and reverse repurchase agreements. Applicable law limits a fund from borrowing in an amount greater than 33 ⅓% of its assets.

*Fixed-Income Securities Risk.* Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*High-Yield Bond Risk.* Lower-quality bonds, known as "high-yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio's share price.

*Sector Risk.* If the Portfolio invests significantly in one or more sectors, market and economic factors affecting those sectors will have a significant effect on the value of the Portfolio's investments in that sector, which can increase the volatility of the Portfolio's performance.

*Financials Sector.* Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range

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of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets.

*Active Management Risk.* The Portfolio is subject to active management risk, the risk that the investment techniques and risk analyses applied by the Portfolio's subadvisers will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of the Portfolio because of brokerage charges, spreads or mark-up charges, which may lower the Portfolio's performance.

*Asset-Backed and Mortgage Backed Securities Risk.* Investors in asset-backed securities (ABS), including mortgage-backed securities (MBS) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

*Other Investment Companies Risk.* Investing in other investment vehicles, including registered investment companies managed by a subadviser or an affiliate of a subadviser, unaffiliated registered investment companies, closed-end funds and exchange-traded funds (ETFs), subjects the Portfolio to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Portfolio will incur its pro rata share of the underlying vehicles' expenses.

*Multi-Managed Fund Risk.* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Affiliated Funds and Other Significant Investors Risk.* Certain Wilshire funds are permitted to invest in the Portfolio. In addition, the Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the Portfolio by showing how the investment performance of the Investment Class Shares has varied from year to year and by showing how the Portfolio's average annual total returns compare to those of a broad measure of market performance, as well as an additional index with investment characteristics similar to those of the Fund. The chart and table assume reinvestment of dividends and distributions. The Portfolio's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

On July 21, 2020, the Portfolio's investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

**Calendar Year Returns**

![20051](ck0000890453-20260429_g2.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 21.04% (quarter ended December 31, 2020) and the lowest return for a quarter was -31.03% (quarter ended March 31, 2020).

The returns for the Portfolio's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

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**Average Annual Total Returns (periods ended December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Investment Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 15.73% | 11.13% | 9.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 13.08% | 8.96% | 7.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Shares | 11.14% | 8.47% | 7.04% |
| Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 16.03% | 11.45% | 9.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<br>(reflects no deduction for fees, expenses or taxes) | 17.13% | 13.40% | 14.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Value Total Return Index <br>(reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their Portfolio shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

------

***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

Nathan Palmer, CFA, Managing Director and Portfolio Manager of Wilshire, serves as a Portfolio Manager for the Portfolio. He has served as Portfolio Manager since July 2020.

Anthony Wicklund, CFA, CAIA, Managing Director and Portfolio Manager of Wilshire, serves as a portfolio manager for the Portfolio. He has served as Portfolio Manager since July 2020.

Josh Emanuel, CFA, Managing Director and Chief Investment Officer of Wilshire Advisors LLC, serves as portfolio manager for the Portfolio. He has served as Portfolio Manager since July 2020.

Suehyun Kim, Senior Vice President and Portfolio Manager of Wilshire, serves as a portfolio manager for the Portfolio. She has served as Portfolio Manager since July 2020.

**<u>Subadvisers and Portfolio Managers</u>**

*Los Angeles Capital*

Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Stevens has served as Portfolio Manager since April 2013.

Hal W. Reynolds, CFA, Co-Chief Investment Officer of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Reynolds has served as Portfolio Manager since April 2013.

Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Allen has served as Portfolio Manager since April 2013.

Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Arche has served as Portfolio Manager since April 2021.

*MFS*

Benjamin Stone, Investment Officer of MFS and Portfolio Manager of the Portfolio. Mr. Stone has served as Portfolio Manager since January 2021.

Philip Evans, Investment Officer of MFS and Portfolio Manager of the Portfolio. Mr. Evans has served as Portfolio Manager since February 2025.

*Hotchkis & Wiley*

George Davis, Jr. is Executive Chairman and a Portfolio Manager on various of Hotchkis & Wiley's portfolio manager teams and is a Portfolio Manager of the Portfolio. Mr. Davis has been with Hotchkis & Wiley since 1988 and has served as a Portfolio Manager of the Portfolio since December 2021.

Scott McBride, CFA, is Chief Executive Officer and a Portfolio Manager on various of Hotchkis & Wiley's portfolio manager teams and is a Portfolio Manager of the Portfolio. Mr. McBride has been with Hotchkis & Wiley since 2001 and has served as a Portfolio Manager of the Portfolio since December 2021.

Doug Campbell, is a Portfolio Manager on various of Hotchkis & Wiley's portfolio manager teams and is a Portfolio Manager of the Portfolio. Mr. Campbell has been with Hotchkis & Wiley since 2017 and has served as a Portfolio Manager of the Portfolio since July 2024.

*Voya*

Raj Jadav, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Jadav has served as Portfolio Manager since 2024.

Sean Banai, CFA, managing director and head of multi-sector for the fixed income platform of Voya and Portfolio Manager of the Portfolio. Mr. Banai has served as Portfolio Manager since July 2020.

Vinay Viralam, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Viralam has served as Portfolio Manager since April 2026.

Anuranjan Sharma, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Sharma has served as Portfolio Manager since April 2026.

------

***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the Portfolio are as follows:

<u>Investment Class Shares.</u> The minimum initial investment in the Portfolio is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. Subsequent investments for the Portfolio must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for the Portfolio. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the Portfolio (known as redeeming shares) on any business day by telephone or mail.

***Tax Information***

The Portfolio's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio 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 the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Small Company Growth Portfolio**

***Investment Objective***

The Small Company Growth Portfolio's (the "Portfolio") investment objective is to seek capital appreciation.

***Fees and Expenses of the Small Company Growth Portfolio***

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

**Annual Portfolio Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Management Fees | 0.85% | 0.85% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.86% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | 0.07% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.79% | 0.78% |
| Total Annual Portfolio Operating Expenses | 1.96% | 1.77% |
| Less Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.61)% | (0.67)% |
| Total Annual Portfolio Operating Expenses After Fee Waiver/Expense Reimbursement | 1.35% | 1.10% |

---

<sup>(1)</sup> Wilshire Advisors LLC ("Wilshire") has entered into a contractual expense limitation agreement with Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Portfolio to waive a portion of its management fee or reimburse other expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) to 1.03% and 0.96% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that the Portfolio's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived/expenses reimbursed within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $137 | $556 | $1001 | $2236 |
| Institutional Class | $112 | $492 | $897 | $2028 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. For the fiscal year ended December 31, 2025, the Portfolio's portfolio turnover rate was 121% of the average value of its portfolio.

***Principal Investment Strategies***

The Portfolio invests substantially all of its assets in the common stock of companies with smaller market capitalizations—generally within the range of companies comprising the Russell 2000<sup>®</sup> Growth Index (as of December 31, 2025, this range was between approximately $13.68 million and $25.99 billion) at the time of purchase. The market capitalization range and composition of the companies in the Russell 2000<sup>®</sup> Growth Index are subject to change.

The Portfolio invests in companies that historically have above average earnings or above average sales growth and retention of earnings, often such companies have above average price to earnings ratios. The Portfolio may invest in foreign securities, including emerging market securities.

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The Portfolio uses a multi-manager strategy where multiple subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio's investment objective. Wilshire typically allocates the Portfolio's assets among the Portfolio's subadvisers in accordance with its outlook for the economy and the financial markets. Each of Lord, Abbett & Co. LLC ("Lord Abbett"), Los Angeles Capital Management LLC ("Los Angeles Capital"), and Ranger Investment Management, L.P ("Ranger") manage a portion of the Portfolio.

Lord Abbett uses fundamental analysis to look for micro-cap companies that Lord Abbett believes have the potential for more rapid growth than the overall economy. Lord Abbett seeks to identify micro-cap companies that generally exhibit faster-than-average gains in earnings and that the portfolio management team expects to continue profit growth at a high level. Lord Abbett evaluates companies based on an analysis of their financial statements, products and operations, market sectors and interviews with management.

Los Angeles Capital employs a quantitative investment process for security selection and risk management. Los Angeles Capital utilizes its proprietary Dynamic Alpha Stock Selection Model<sup>®</sup> to build equity portfolios that adapt to market conditions. The model considers a range of valuation, earnings and management characteristics to identify current drivers of return.

Ranger's investment team searches for quality growth companies by implementing a bottom-up, fundamental research driven security selection process. In the research process, Ranger focuses on identifying small- and mid-capitalization U.S. equities characterized by accelerating revenue and earnings growth, high recurring revenues, strong balance sheets and free cash flow generation. In addition to extensive quantitative analysis, Ranger gives careful consideration to qualitative analysis and judgment of the management team, accounting practices, corporate governance, and the company's competitive advantage. Ranger utilizes proprietary systems to monitor portfolios, to better understand risks and identify companies that violate Ranger's sell disciplines. Ranger seeks to identify problem stocks early and enhance performance by removing them before they become significant problems.

The Portfolio may appeal to you if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long-term investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek growth of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you believe that the market will favor a particular investment style, such as small-cap growth stocks, over other investment styles in the long term and you want a more focused exposure to that investment style; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you own other funds or stocks which provide exposure to some but not all investment styles and would like a more complete exposure to the equity market.

***Principal Risks***

You may lose money by investing in the Portfolio. In addition, investing in the Portfolio involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

*Small-Cap Company Risk.* Small-cap companies may lack the management experience, financial resources, product diversity and competitive strengths of larger companies, and may be traded less frequently. These companies may be in the developmental stage or may be older companies undergoing significant changes. Small-cap companies may also be subject to greater business risks and more sensitive to changes in economic conditions than larger more established companies. As a result, the prices of small-cap companies may rise and fall more sharply. When a fund takes significant positions in small-cap companies with limited trading volumes, the liquidation of those positions, particularly in a distressed market, could be prolonged and result in fund investment losses that would affect the value of your investment in a fund.

*Style Risk.* The Portfolio's growth style may perform poorly or fall out of favor with investors. For example, at times the market may favor large capitalization stocks over small capitalization stocks, growth stocks over value stocks, or vice versa.

*Sector Risk.* If the Portfolio invests significantly in one or more sectors, market and economic factors affecting those sectors will have a significant effect on the value of the Portfolio's investments in that sector, which can increase the volatility of the Portfolio's performance.

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*Health Care Sector*. The health care sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection, and the expiration of a patent may adversely affect their profitability. Health care companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

*Industrials Sector.* The industrial sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, and government regulation. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

*Information Technology Sector.* Information technology companies may also be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are Internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

*Asset Allocation Risk*. Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that a subadviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Active Management Risk.* The Portfolio is subject to active management risk, the risk that the investment techniques and risk analyses applied by the Portfolio's subadvisers will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of the Portfolio because of brokerage charges, spreads or mark-up charges, which may lower the Portfolio's performance.

*Multi-Managed Fund Risk.* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Affiliated Funds and Other Significant Investors Risk.* Certain Wilshire funds are permitted to invest in the Portfolio. In addition, the Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

*Foreign Securities Risk.* The Portfolio may invest in foreign securities. Foreign securities (including American depository receipts (ADRs) and global depository receipts (GDRs)) could be affected by factors not present in the U.S., including expropriation, confiscation of property, political instability, differences in financial reporting standards, less stringent regulation of securities markets, and difficulties in enforcing contracts. Compared to U.S. companies, there may be less publicly available information about foreign companies and less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Political and economic developments may adversely impact the value of foreign securities. Any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

*Emerging Markets Risk.* The Portfolio may invest in securities in emerging markets. Foreign investment risk may be particularly high to the extent a fund invests in securities of issuers based in countries with developing economies (i.e., emerging markets). Investments in emerging markets securities are generally subject to a greater level of those risks associated with investing in foreign securities, as emerging markets are considered less developed than developed countries. Furthermore, investments in emerging market countries are generally subject to additional risks, including trading on smaller markets, having lower volumes of trading, and being subject to lower levels of government regulation and less extensive accounting, financial and other reporting requirements. These securities may also present credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) countries.

*Portfolio Turnover Risk.* As a result of its active trading strategy, the Portfolio may incur higher levels of brokerage fees and commissions, and cause higher levels of current tax liability to shareholders in the Portfolio.

------

***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the Portfolio by showing how the investment performance of the Investment Class Shares has varied from year to year and by showing how the Portfolio's average annual total returns compare to those of a broad measure of market performance as well as an additional index with investment characteristics similar to those of the Fund. The chart and table assume reinvestment of dividends and distributions. The Portfolio's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

**Calendar Year Returns**

![16223](ck0000890453-20260429_g3.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 27.07% (quarter ended June 30, 2020) and the lowest return for a quarter was -24.03% (quarter ended March 31, 2020).

The returns for the Portfolio's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

**Average Annual Total Returns (periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 year** | **5 years** | | **10 years** | |
| Investment Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 7.91% | 0.51% |  | 7.82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 7.91% | (2.04%) |  | 5.32% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Shares | 4.68% | 0.12% | <sup>(1)</sup> | 5.85% | <sup>(1)</sup> |
| Institutional Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 8.10% | 0.76% |  | 8.09% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<br>(reflects no deduction for fees, expenses or taxes) | 17.13% | 13.40% |  | 14.45% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Total Return Index <br>(reflects no deduction for fees, expenses or taxes) | 13.01% | 3.18% |  | 9.57% |  |

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<sup>(1)</sup> In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures of the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their Portfolio shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

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***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

**<u>Subadvisers and Portfolio Managers</u>**

*Lord Abbett*

F. Thomas O'Halloran, Partner of Lord Abbett and Portfolio Manager of the Portfolio. Mr. O'Halloran has served as Portfolio Manager since January 2025.

Matthew R. DeCicco, Partner and Director of Equities of Lord Abbett and Portfolio Manager of the Portfolio. Mr. DeCicco has served as Portfolio Manager since January 2025.

Vernon T. Bice, Managing Director and Portfolio Manager of Lord Abbett and Portfolio Manager of the Portfolio. Mr. Bice has served as Portfolio Manager since January 2025.

Benjamin Ebel, Senior Managing Director and Portfolio Manager of Lord Abbett and Portfolio Manager of the Portfolio. Mr. Ebel has served as Portfolio Manager since April 2026.

*Los Angeles Capital*

Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Stevens has served as Portfolio Manager since April 2002.

Hal W. Reynolds, CFA, Co-Chief Investment Officer of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Reynolds has served as Portfolio Manager since January 2011.

Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Allen has served as Portfolio Manager since January 2011.

Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Arche has served as Portfolio Manager since April 2021.

*Ranger*

W. Conrad Doenges, Chief Investment Officer and Portfolio Manager of Ranger and Portfolio Manager of the Portfolio. Mr. Doenges has served as Portfolio Manager since September 2004.

Andrew Hill, President and Portfolio Manager of Ranger and Portfolio Manager of the Portfolio. Mr. Hill has served as Portfolio Manager since May 2017.

Joseph LaBate, Managing Director and Portfolio Manager of Ranger and Portfolio Manager of the Portfolio. Mr. LaBate has served as Portfolio Manager since May 2017.

Brown McCullough, Director and Portfolio Manager of Ranger and Portfolio Manager of the Portfolio. Mr. McCullough has served as Portfolio Manager since April 2023.

***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the Portfolio are as follows:

<u>Investment Class Shares.</u> The minimum initial investment in the Portfolio is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. Subsequent investments for the Portfolio must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for the Portfolio. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the Portfolio (known as redeeming shares) on any business day by telephone or mail.

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***Tax Information***

The Portfolio's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio 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 the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Small Company Value Portfolio**

***Investment Objective***

The Small Company Value Portfolio's (the "Portfolio") investment objective is to seek capital appreciation.

***Fees and Expenses of the Small Company Value Portfolio***

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

**Annual Portfolio Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Management Fees | 0.85% | 0.85% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.91% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | 0.11% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.80% | 0.80% |
| Total Annual Portfolio Operating Expenses | 2.01% | 1.77% |
| Less Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.66)% | (0.67)% |
| Total Annual Portfolio Operating Expenses After Fee Waiver/Expense Reimbursement | 1.35% | 1.10% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Wilshire Advisors LLC ("Wilshire") has entered into a contractual expense limitation agreement with Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Portfolio to waive a portion of its management fee or reimburse other expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) to 0.99% and 0.98% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that the Portfolio's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived/expenses reimbursed within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

**Example:** This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes one year of capped expenses, that your investment has a 5% return each year and that the Portfolio'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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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $137 | $567 | $1022 | $2285 |
| Institutional Class | $112 | $492 | $897 | $2028 |

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**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. For the fiscal year ended December 31, 2025, the Portfolio's portfolio turnover rate was 63% of the average value of its portfolio.

***Principal Investment Strategies***

The Portfolio invests substantially all of its assets in the common stock of companies with smaller market capitalizations—generally within the range of companies comprising the Russell 2000<sup>®</sup> Value Index (as of December 31, 2025, this range was between approximately $4.96 million and $31.29 billion) at the time of purchase. The market capitalization range and composition of the companies in the Russell 2000<sup>®</sup> Value Index are subject to change.

The Portfolio invests, generally, in companies with relatively low price to book value ratios, relatively low price to earnings ratios and relatively high dividend yields (dividend yields for small companies are generally less than those of large companies).

The Portfolio uses a multi-manager strategy where multiple subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio's investment objective. Wilshire typically allocates the Portfolio's assets among the

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Portfolio's subadvisers in accordance with its outlook for the economy and the financial markets. Each of Diamond Hill Capital Management, Inc. ("Diamond Hill"), Los Angeles Capital Management LLC ("Los Angeles Capital"), and Hotchkis & Wiley Capital Management, LLC ("Hotchkis & Wiley") manage a portion of the Portfolio.

In managing its portion of the Portfolio, Diamond Hill focuses on estimating a company's value independent of its current stock price. To estimate a company's value, Diamond Hill concentrates on the fundamental economic drivers of the business. The primary focus is on a "bottom-up" analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors.

Los Angeles Capital employs a quantitative investment process for security selection and risk management. Los Angeles Capital utilizes its proprietary Dynamic Alpha Stock Selection Model<sup>®</sup> to build equity portfolios that adapt to market conditions. The model considers a range of valuation, earnings and management characteristics to identify current drivers of return.

The Portfolio may appeal to you if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long-term investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek growth of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you believe that the market will favor a particular investment style, such as small-cap value stocks, over other investment styles in the long term and you want a more focused exposure to that investment style; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you own other funds or stocks which provide exposure to some but not all investment styles and would like a more complete exposure to the equity market.

***Principal Risks***

You may lose money by investing in the Portfolio. In addition, investing in the Portfolio involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

*Small-Cap Company Risk.* Small-cap companies may lack the management experience, financial resources, product diversity and competitive strengths of larger companies, and may be traded less frequently. These companies may be in the developmental stage or may be older companies undergoing significant changes. Small-cap companies may also be subject to greater business risks and more sensitive to changes in economic conditions than larger more established companies. As a result, the prices of small-cap companies may rise and fall more sharply. When a fund takes significant positions in small-cap companies with limited trading volumes, the liquidation of those positions, particularly in a distressed market, could be prolonged and result in fund investment losses that would affect the value of your investment in a fund.

*Style Risk.* The Portfolio's value style may perform poorly or fall out of favor with investors. For example, at times the market may favor large capitalization stocks over small capitalization stocks, growth stocks over value stocks, or vice versa.

*Sector Risk.* If the Portfolio invests significantly in one or more sectors, market and economic factors affecting those sectors will have a significant effect on the value of the Portfolio's investments in that sector, which can increase the volatility of the Portfolio's performance.

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*Financials Sector.* Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets.

*Asset Allocation Risk.* Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that a subadviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Active Management Risk.* The Portfolio is subject to active management risk, the risk that the investment techniques and risk analyses applied by the Portfolio's subadvisers will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of the Portfolio because of brokerage charges, spreads or mark-up charges, which may lower the Portfolio's performance.

*Multi-Managed Fund Risk.* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Affiliated Funds and Other Significant Investors Risk.* Certain Wilshire funds are permitted to invest in the Portfolio. In addition, the Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the Portfolio by showing how the investment performance of the Investment Class Shares has varied from year to year and by showing how the Portfolio's average annual total returns compare to those of a broad measure of market performance, as well as an additional index with investment characteristics similar to those of the Fund. The chart and table assume reinvestment of dividends and distributions. The Portfolio's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

**Calendar Year Returns**

![12982](ck0000890453-20260429_g4.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 32.25% (quarter ended December 31, 2020) and the lowest return for a quarter was -37.30% (quarter ended March 31, 2020).

The returns for the Portfolio's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

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**Average Annual Total Returns (periods ended December 31, 2025)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | | **5 years** | **10 years** |
| Investment Class |  |  |  |  |
| Return Before Taxes | 10.35% |  | 10.54% | 8.60% |
| Return After Taxes on Distributions | 7.68% |  | 8.80% | 6.91% |
| Return After Taxes on Distributions and Sale of Shares | 7.90% | <sup>(1)</sup> | 8.19% | 6.58% |
| Institutional Class |  |  |  |  |
| Return Before Taxes | 10.60% |  | 10.81% | 8.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<br>(reflects no deduction for fees, expenses or taxes) | 17.13% |  | 13.40% | 14.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 2000 Value Index<br>(reflects no deduction for fees, expenses or taxes) | 12.59% |  | 8.88% | 9.27% |

---

<sup>(1)</sup> In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures of the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their Portfolio shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

**<u>Subadvisers and Portfolio Managers</u>**

*Diamond Hill*

Aaron Monroe, CFA, is a Portfolio Manager on various of Diamond Hill's portfolio manager teams and is a Portfolio Manager of the Small Company Value Portfolio. Mr. Monroe has been with Diamond Hill since 2007 and has served as a Portfolio Manager of the Small Company Value Portfolio since December 2019.

*Los Angeles Capital*

Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Stevens has served as Portfolio Manager since April 2002.

Hal W. Reynolds, CFA, Co-Chief Investment Officer of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Reynolds has served as Portfolio Manager since January 2011.

Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Allen has served as Portfolio Manager since January 2011.

Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Portfolio. Mr. Arche has served as Portfolio Manager since April 2021.

*Hotchkis & Wiley*

Judd Peters, CFA, is a Portfolio Manager on various of Hotchkis & Wiley's portfolio manager teams and is a Portfolio Manager of the Small Company Value Portfolio. Mr. Peters has been with Hotchkis & Wiley since 2003 and has served as a Portfolio Manager of the Small Company Value Portfolio since December 2019.

Ryan Thomes, CFA, is a Portfolio Manager on various of Hotchkis & Wiley's portfolio manager teams and is a Portfolio Manager of the Small Company Value Portfolio. Mr. Thomes has been with Hotchkis & Wiley since 2008 and has served as a Portfolio Manager of the Small Company Value Portfolio since December 2019.

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***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the Portfolio are as follows:

<u>Investment Class Shares.</u> The minimum initial investment in the Portfolio is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. Subsequent investments for the Portfolio must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for the Portfolio. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the Portfolio (known as redeeming shares) on any business day by telephone or mail.

***Tax Information***

The Portfolio's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio 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 the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Wilshire 5000 Index**<sup>SM</sup> **Fund** 

***(formerly the FT Wilshire 5000 Index***<sup>SM</sup>***)***

***Investment Objective***

The Wilshire 5000 Index<sup>SM</sup> Fund's (the "Index Fund" or the "Portfolio") investment objective is to replicate as closely as possible the performance of the Wilshire 5000 Index<sup>SM</sup>, formerly known as the FT Wilshire 5000 Index<sup>SM</sup> (the "Index"). before the deduction of Index Fund expenses.

***Fees and Expenses of the Wilshire 5000 Index***<sup>SM</sup> ***Fund***

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

**Annual Portfolio Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Management Fees | 0.10% | 0.10% |
| Distribution and Service (12b-1) Fees | 0.20% |  |
| Other Expenses | 0.26% | 0.24% |
| Acquired Fund Fees and Expenses | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 0.56% | 0.34% |

---

<sup>(1)</sup> Total Annual Fund Operating Expenses for the Portfolio will not correlate to the Ratio of Expenses to Average Net Assets shown in the Portfolio's most recent Annual Report and in the Financial Highlights section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include acquired fund fees and expenses.

**Example:** This example is intended to help you compare the cost of investing in the Index Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 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 Index 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $57 | $179 | $313 | $701 |
| Institutional Class | $35 | $109 | $191 | $431 |

---

**Portfolio Turnover**

The Index Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Index 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 Index Fund's performance. For the fiscal year ended December 31, 2025, the Index Fund's portfolio turnover rate was 5% of the average value of its portfolio.

***Principal Investment Strategies***

The Index Fund invests at least 80% of its assets in the equity securities of companies included in the Index that are representative of the Index (as of December 31, 2025, this range was between approximately $27 million and $4.53 trillion and 30% of the Index is invested in companies in the information technology sector). The Index Fund normally holds stocks representing at least 97% of the total market value of the Index.

The Index is an unmanaged index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data. The Index includes approximately 3,500 stocks, with each stock weighted according to its float-adjusted market value. This means that companies having larger stock capitalizations will have a larger impact on the market value of the Index. The Index has been computed continuously since 1974 and is published daily in many major U.S. news outlets and is the broadest measure of the U.S. equity market.

------

The Index Fund seeks to minimize variance relative to the Index and may use enhanced "stratified sampling" techniques in an attempt to replicate the performance of the Index. Stratified sampling is a technique that uses sector weighting and portfolio characteristics profiling to keep the Index Fund within acceptable parameter ranges relative to the benchmark. The Index Fund may invest in the common stock of companies of any size, including small-cap companies.

Los Angeles Capital Management LLC ("Los Angeles Capital") manages the Index Fund using a passive investment approach for portfolio construction. Los Angeles Capital uses sector weighting and portfolio characteristic profiling to keep the Index Fund within acceptable parameter ranges relative to the benchmark.

The Index Fund may appeal to you if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long-term investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek growth of capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek to capture investment returns that are representative of the entire U.S. equity market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek to potentially reduce risk through broad diversification across large and small capitalization stocks and value and growth stocks; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek an index fund which, unlike a traditional index fund, includes the equity securities of small- and mid-capitalization companies as well as large capitalization companies.

***Principal Risks***

You may lose money by investing in the Index Fund. In addition, investing in the Index Fund involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

*Index Tracking Risk.* There is a risk that the Index Fund's performance may not exactly match the performance of the Index. The Index Fund does not hold every stock contained in the Index and the performance of the stocks held in the Index Fund may not track exactly the performance of the stocks held in the Index. Furthermore, unlike the Index, the Index Fund incurs management fees, 12b-1 fees (for Investment Class Shares only), administrative expenses and transaction costs in trading stocks.

*Sector Risk.* If one or more sectors constitutes a significant portion of the Index, market and economic factors affecting those sectors will have a significant effect on the value of the Portfolio's investments in that sector, which can increase the volatility of the Portfolio's performance.

*Information Technology Sector.* Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are Internet related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

*Affiliated Funds and Other Significant Investors Risk.* The Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

*Other Investment Companies Risk.* Investing in other investment vehicles, including registered investment companies, closed-end funds and exchange-traded funds (ETFs), subjects the Portfolio to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Portfolio will incur its pro rata share of the underlying vehicles' expenses.

------

***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the Index Fund by showing how the investment performance of the Investment Class Shares has varied from year to year and by showing how the Index Fund's average annual total returns compare to those of a broad measure of market performance. The chart and table assume reinvestment of dividends and distributions. The Index Fund's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

**Calendar Year Returns**

![9318](ck0000890453-20260429_g5.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 21.41% (quarter ended June 30, 2020) and the lowest return for a quarter was -20.37% (quarter ended March 31, 2020).

The returns for the Index Fund's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

**Average Annual Total Returns (periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Investment Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 16.29% | 12.63% | 13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 14.02% | 11.24% | 12.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Shares | 11.29% | 9.87% | 10.94% |
| Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 16.56% | 12.88% | 13.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilshire 5000 Index<br>(reflects no deduction for fees, expenses or taxes) | 17.13% | 13.40% | 14.45% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their Index Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

------

***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

**<u>Subadviser and Portfolio Managers</u>**

*Los Angeles Capital*

Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Index Fund. Mr. Stevens has served as Portfolio Manager since April 2002.

Hal W. Reynolds, CFA, Co-Chief Investment Officer of Los Angeles Capital and Portfolio Manager of the Index Fund. Mr. Reynolds has served as Portfolio Manager since January 2011.

Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Index Fund. Mr. Allen has served as Portfolio Manager since January 2011.

Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the Index Fund. Mr. Arche has served as Portfolio Manager since April 2021.

***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the Index Fund are as follows:

<u>Investment Class Shares.</u> The minimum initial investment in the Index Fund is $1,000. Subsequent investments for the Index Fund must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for the Index Fund. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the Index Fund (known as redeeming shares) on any business day by telephone or mail.

***Tax Information***

The Index Fund's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the Index Fund through a broker-dealer or other financial intermediary (such as a bank), the Index Fund and its related companies may pay the intermediary for the sale of Index 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 the Index Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Wilshire International Equity Fund**

***Investment Objective***

The Wilshire International Equity Fund (the "International Fund" or the "Portfolio") seeks capital appreciation.

***Fees and Expenses of the International Fund***

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

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

---

| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Maximum Sales Charge (load) imposed on purchases |  |  |
| Maximum Deferred Sales Charge (load) |  |  |
| Redemption Fee (as a percentage of amount redeemed) <br>on Shares held for 60 days or less | 1.00% | 1.00% |
| Maximum Account Fee |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | | |
|:---|:---|:---|
| | **Investment<br>Class** | **Institutional<br>Class** |
| Management Fees | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.51% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | 0.16% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.35% | 0.36% |
| Total Annual Fund Operating Expenses | 1.76% | 1.41% |
| Less Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.26)% | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.50% | 1.25% |

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<sup>(1)</sup> Wilshire Advisors LLC ("Wilshire") has entered into a contractual expense limitation agreement with Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the International Fund to waive a portion of its management fee or reimburse other expenses to limit expenses of the International Fund (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) to 1.09% and 1.20% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that the International Fund's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

**Example:** This example is intended to help you compare the cost of investing in the International Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes one year of capped expenses, that your investment has a 5% return each year and that the International 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $153 | $529 | $930 | $2052 |
| Institutional Class | $127 | $431 | $756 | $1677 |

---

**Portfolio Turnover**

The International Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when International 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 Fund's performance. For the fiscal year ended December 31, 2025, the International Fund's portfolio turnover rate was 54% of the average value of its portfolio.

------

***Principal Investment Strategies***

The International Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The International Fund primarily invests in equity securities of established companies that the subadvisers believe have favorable characteristics and that are listed on foreign exchanges.

The International Fund primarily invests in companies organized outside of the United States or companies that are organized in the United States, but primarily operate outside of the United States or derive a significant portion of their revenues outside of the United States. The International Fund intends to diversify its investments in operating companies among at least three different countries. The International Fund also invests in emerging market securities (securities of issuers based in countries with developing economies). The Portfolio may invest in foreign securities, including securities in emerging markets.

The International Fund engages in leverage by investing in MSCI EAFE Index (USD) derivatives or MSCI Emerging Market Index (USD) derivatives, the notional value of which equals approximately 20% of the Portfolio's net assets. The Portfolio's derivatives exposure is backed by a portfolio of fixed income securities representing approximately 20% of the Portfolio's net assets. An MSCI EAFE Index (USD) derivative or MSCI Emerging Market Index (USD) derivative is a derivative contract, typically a swap agreement, that uses the MSCI EAFE Index (USD) or MSCI Emerging Market Index (USD) as its reference asset. The portion of the International Fund invested in derivatives seeks to track the daily performance of the MSCI EAFE Index (USD) or MSCI Emerging Market Index (USD) (the "Swaps Strategy") and invests in such derivatives in addition to or in place of companies within the MSCI EAFE Index (USD) derivative or MSCI Emerging Market Index (USD). In addition to swaps, the International Fund may invest in other types of derivatives including options, futures, options on futures, and other similar instruments. For purposes of the International Fund's 80% test, MSCI EAFE Index (USD) derivatives and MSCI Emerging Market Index (USD) derivatives will be counted as equity securities and will be valued at notional value rather than market value.

Fixed income securities held by the Portfolio may include bonds, debt securities, asset-backed and mortgage-backed securities and other similar instruments. The fixed income securities are typically expected to have a duration between 0 and 2 years. The International Fund may also invest in fixed-income securities of foreign governments and companies and in currency forward agreements and spot transactions to facilitate settlement of multi-currency investments. The International Fund may invest in below investment grade debt securities, commonly known as "high-yield" securities or "junk bonds."

The International Fund may invest in companies of any market capitalization, including small-cap companies. The International Fund may invest equity securities of other investment companies, including exchange-traded funds.

The International Fund uses a multi-manager strategy where Wilshire and multiple subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio's investment objective. Wilshire typically allocates the Portfolio's assets among the Portfolio's subadvisers in accordance with its outlook for the economy and the financial markets. Each of WCM Investment Management LLC ("WCM"), Los Angeles Capital Management LLC ("Los Angeles Capital"), Pzena Investment Management, LLC ("Pzena"), Lazard Asset Management LLC ("Lazard"), and Voya Investment Management Co LLC ("Voya") manage a portion of the International Fund's portfolio and Wilshire manages the Portfolio's Swaps Strategy.

WCM's international equity strategy employs a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue and earnings, and that show a strong probability for superior future growth.

Los Angeles Capital employs a quantitative investment process for security selection and risk management. Los Angeles Capital utilizes its proprietary Dynamic Alpha Stock Selection Model<sup>®</sup> to build equity portfolios that adapt to market conditions. The model considers a range of valuation, earnings and management characteristics to identify current drivers of return.

Pzena has a "classic" value investment philosophy; it seeks to buy very good businesses at very low prices. Pzena focuses exclusively on companies that it believes are underperforming their historically demonstrated earnings power. Pzena applies intensive fundamental research to such companies to determine whether the problems that caused the earnings shortfalls are temporary or permanent. Pzena invests in a company only when it judges that the company's problems are temporary, the company's management has a viable strategy to generate earnings recovery, and Pzena believes there is meaningful downside protection in case the earnings recovery does not materialize. Pzena generally sells a security when it believes there are more attractive opportunities available, or there is a change in the fundamental characteristics of the issuer.

In managing its portion of the International Fund, Lazard selects securities ranked according to four independent proprietary measures: growth, value, sentiment and quality. Growth potential is measured by looking at the consistency of earnings and sales over the past few years and then by leveraging this data, along with margins, research and development, capital expenditures, cash flow growth and other reported financial metrics to project future growth potential.

In managing its portion of the Portfolio, Voya focuses on managing a broad array of fixed income investment opportunities, including but not limited to U.S. government securities, securities of foreign governments, and supranational organizations; bank loans; notes that can invest in securities with any credit rating; mortgage-backed, asset-backed debt securities and other structured credit securities, commercial paper and debt securities of foreign issuers, including emerging market countries. In addition, Voya may also invest in its affiliated registered investment companies.

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***Principal Risks***

You may lose money investing in the International Fund. In addition, investing in the International Fund involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

*Foreign Securities Risk.* The Portfolio invests in foreign securities. Foreign securities (including American depository receipts (ADRs) and global depository receipts (GDRs)) could be affected by factors not present in the U.S., including expropriation, confiscation of property, political instability, differences in financial reporting standards, less stringent regulation of securities markets, and difficulties in enforcing contracts. Compared to U.S. companies, there may be less publicly available information about foreign companies and less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Political and economic developments may adversely impact the value of foreign securities. Any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

*Emerging Markets Risk.* The Portfolio may invest in securities in emerging markets. Foreign investment risk may be particularly high to the extent a fund invests, in securities of issuers based in countries with developing economies (*i.e.*, emerging markets). Investments in emerging markets securities are generally subject to a greater level of those risks associated with investing in foreign securities, as emerging markets are considered less developed than developed countries. Furthermore, investments in emerging market countries are generally subject to additional risks, including trading on smaller markets, having lower volumes of trading, and being subject to lower levels of government regulation and less extensive accounting, financial and other reporting requirements. These securities may also present credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) countries.

*Asset Allocation Risk.* Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that a subadviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Asset-Backed and Mortgage Backed Securities Risk.* Investors in asset-backed securities (ABS), including mortgage-backed securities (MBS) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

*Derivatives Risk.* The use of derivatives, including forwards, swaps, futures, options and currency transactions, may expose the Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives, including risks relating to leverage, imperfect correlations with underlying investments or the Portfolio's other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, segregation, valuation and legal restrictions. If the Adviser or a subadviser is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. Use of derivatives may also cause the Portfolio to be subject to additional regulations, which may generate additional Portfolio expenses. These practices also entail transactional expenses and may cause the Portfolio to realize higher amounts of short-term capital gains than if the Portfolio had not engaged in such transactions.

*Leverage Risk.* The use of derivatives, repurchase agreements, reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings (typically lines of credit) may create leveraging risk. For example, because of the low margin deposit required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in an underlying reference instrument may result in an immediate and substantial impact on a fund's NAV. Leveraging may cause the Portfolio's performance to be more volatile than if it had not been leveraged. To mitigate leveraging risk and otherwise comply with regulatory

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requirements, the Portfolio must segregate or earmark liquid assets to meet its obligations under, or otherwise cover, the transactions that may give rise to this risk, including, but not limited to, futures, certain options, swaps and reverse repurchase agreements. Applicable law limits a fund from borrowing in an amount greater than 33 ⅓% of its assets.

*Fixed-Income Securities Risk.* Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*High-Yield Bond Risk.* Lower-quality bonds, known as "high-yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio's share price.

*Other Investment Companies Risk.* Investing in other investment vehicles, including registered investment companies managed by a subadviser or an affiliate of a subadviser, unaffiliated registered investment companies, closed-end funds and exchange-traded funds (ETFs), subjects the Portfolio to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Portfolio will incur its pro rata share of the underlying vehicles' expenses.

*Active Management Risk.* The Portfolio is subject to active management risk, the risk that the investment techniques and risk analyses applied by the Portfolio's subadvisers will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of the Portfolio because of brokerage charges, spreads or mark-up charges, which may lower the Portfolio's performance.

*Multi-Managed Fund Risk.* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Affiliated Funds and Other Significant Investors Risk.* Certain Wilshire funds are permitted to invest in the Portfolio. In addition, the Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

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***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the International Fund by showing how the investment performance of the Investment Class Shares has varied from year to year and by showing how the International Fund's average annual total returns compare to those of a broad measure of market performance. The chart and table assume reinvestment of dividends and distributions. The International Fund's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

The International Fund's investment strategy was changed on July 21, 2020. Consequently, prior period performance may have been different if the current investment strategy had been in effect during that period.

**Calendar Year Returns**

![20958](ck0000890453-20260429_g6.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 21.32% (quarter ended June 30, 2020) and the lowest return for a quarter was -24.10% (quarter ended March 31, 2020).

The returns for the International Fund's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

**Average Annual Total Returns (periods ended December 31, 2025)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **5 years** | | **10 years** |
| Investment Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 33.71% | 8.64% |  | 9.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 30.19% | 6.61% |  | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Shares | 22.59% | 6.66% | <sup>(1)</sup> | 7.49% |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 33.93% | 8.92% |  | 9.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI All Country World Index ex-US Investable Market Index<br>(reflects no deduction for fees, expenses and taxes) | 31.96% | 7.77% |  | 8.37% |

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<sup>(1)</sup> In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures of the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their International Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

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***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

Nathan Palmer, CFA, Managing Director and Portfolio Manager of Wilshire, serves as a Portfolio Manager for the International Fund. He has served as Portfolio Manager since July 2020.

Anthony Wicklund, CFA, CAIA, Managing Director and Portfolio Manager of Wilshire, serves as a portfolio manager for the International Fund. He has served as Portfolio Manager since July 2020.

Josh Emanuel, CFA, Managing Director and Chief Investment Officer of Wilshire Advisors LLC, serves as portfolio manager for the International Fund. He has served as Portfolio Manager since July 2020.

Suehyun Kim, Senior Vice President and Portfolio Manager of Wilshire, serves as a portfolio manager for the International Fund. She has served as Portfolio Manager since July 2020.

**<u>Subadvisers and Portfolio Managers</u>**

*WCM*

Sanjay Ayer, CFA, Portfolio Manager and Business Analyst of WCM since 2007 and Portfolio Manager of WCM's portion of the International Fund since June 2020.

Paul R. Black, CEO of WCM since December 2004 and Portfolio Manager of WCM's portion of the International Fund since October 2013.

Michael B. Trigg, President of WCM since 2022 and Portfolio Manager of WCM since 2006 and Portfolio Manager of WCM's portion of the International Fund since October 2013.

Jon Tringale, Portfolio Manager of WCM since 2022 and Portfolio Manager of WCM's portion of the International Fund since April 2023.

*Los Angeles Capital*

Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the International Fund. Mr. Stevens has served as Portfolio Manager since May 2014.

Hal W. Reynolds, CFA, Co-Chief Investment Officer of Los Angeles Capital and Portfolio Manager of the International Fund. Mr. Reynolds has served as Portfolio Manager since May 2014.

Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the International Fund. Mr. Allen has served as Portfolio Manager since May 2014.

Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager of Los Angeles Capital and Portfolio Manager of the International Fund. Mr. Arche has served as Portfolio Manager since April 2021.

*Pzena*

Caroline Cai, Managing Principal, Chief Executive Officer, and Portfolio Manager for the Global, International, and Emerging Markets strategies, and the Financial Opportunities service of Pzena and Portfolio Manager of the International Fund. Ms. Cai has served as Portfolio Manager of the International Fund since June 2018.

Allison Fisch, Managing Principal, President, and Portfolio Manager for the International and Emerging Markets strategies of Pzena and Portfolio Manager of the International Fund. Ms. Fisch has served as Portfolio Manager of the International Fund since June 2018.

John Goetz, Managing Principal and Co-Chief Investment Officer of Pzena, Portfolio Manager for the Global, International, European, and Japan Focused Value strategies of Pzena and Portfolio Manager of the International Fund. Mr. Goetz has served as Portfolio Manager of the International Fund since June 2018.

Rakesh Bordia, Principal and Portfolio Manager for the International and Emerging Markets strategies and Portfolio Manager of the International Fund. Mr. Bordia has served as Portfolio Manager of the International Fund since January 2023.

*Lazard*

Paul Moghtader is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Moghtader has been with Lazard since 2007 and has served as Portfolio Manager of the International Fund since June 2019.

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Taras Ivanenko is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Ivanenko has been with Lazard since 2007 and has served as Portfolio Manager of the International Fund since June 2019.

Alex Lai is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Lai has been with Lazard since 2008 and has served as Portfolio Manager of the International Fund since June 2019.

Kurt Livermore is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Livermore has been with Lazard since 2023 and has served as Portfolio Manager of the International Fund since 2023.

Craig Scholl is a Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Scholl has been with Lazard since 2007 and has served as Portfolio Manager of the International Fund since 2020.

Ciprian Marin is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Marin has been with Lazard since 2008 and has served as Portfolio Manager of the International Fund since 2020.

Peter Kashanek is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Mr. Kashanek has been with Lazard since 2007 and has served as Portfolio Manager of the International Fund since 2020.

Susanne Willumsen is Portfolio Manager/Analyst on various of Lazard's Global Advantage portfolio management teams and is Portfolio Manager of the International Fund. Ms. Willumsen has been with Lazard since 2008 and has served as Portfolio Manager of the International Fund since June 2019.

*Voya*

Raj Jadav, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Jadav has served as Portfolio Manager since 2024.

Sean Banai, CFA, managing director and head of multi-sector for the fixed income platform of Voya and Portfolio Manager of the Portfolio. Mr. Banai has served as Portfolio Manager since July 2020.

Vinay Viralam, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Viralam has served as Portfolio Manager since April 2026.

Anuranjan Sharma, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Sharma has served as Portfolio Manager since April 2026.

***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the International Fund are as follows:

<u>Investment Class Shares.</u> The minimum initial investment in the International Fund is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. Subsequent investments for the International Fund must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for the International Fund. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the International Fund (known as redeeming shares) on any business day by telephone or mail.

***Tax Information***

The International Fund's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the International Fund through a broker-dealer or other financial intermediary (such as a bank), the International Fund and its related companies may pay the intermediary for the sale of International Fund shares and related services.

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These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the International Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**Wilshire Income Opportunities Fund**

***Investment Objective***

The Wilshire Income Opportunities Fund's (the "Income Fund" or the "Portfolio") primary investment objective is to maximize current income. Long-term capital appreciation is a secondary objective.

***Fees and Expenses***

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

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

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| | | |
|:---|:---|:---|
| | **Investment <br>Class** | **Institutional <br>Class** |
| Management Fees | 0.60% | 0.60% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.53% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee | 0.13% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.40% | 0.40% |
| Total Annual Fund Operating Expenses | 1.38% | 1.05% |
| Less Fee Waiver/Expense Reimbursement<sup>(1)</sup> | (0.23)% | (0.15)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 1.15% | 0.90% |

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<sup>(1)</sup> Wilshire Advisors LLC ("Wilshire") has entered into a contractual expense limitation agreement with Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Income Fund to waive a portion of its management fee or reimburse other expenses to limit expenses of the Income Fund (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses, Rule 12b-1 distribution fees, shareholder servicing fees, and extraordinary expenses) to 0.77% and 0.85% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that the Income Fund's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

**Example:** This example is intended to help you compare the cost of investing in the Income Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 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 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investment Class | $117 | $414 | $733 | $1637 |
| Institutional Class | $92 | $319 | $565 | $1269 |

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***Portfolio Turnover***

The Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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 Income Fund's performance. For the fiscal year ended December 31, 2025, the Income Fund's portfolio turnover rate was 67% of the average value of its portfolio.

***Principal Investment Strategies***

Under normal market conditions, the Income Fund seeks to achieve its investment objectives by investing at least 80% of its total assets in a portfolio of income producing securities of varying maturities across a variety of fixed income securities including, but not limited to, U.S. Government, investment grade, below investment grade, unrated, mortgage-backed, and other asset-backed securities. Derivative investments that provide exposure to debt securities or have similar economic characteristics to the income securities in which the Portfolio invests may be used to satisfy the Income Fund's 80% policy.

The Income Fund has the flexibility to invest in a broad range of fixed-income securities in both developed and emerging market countries. The Income Fund will generally allocate its assets among several types of securities. The Income Fund may also invest in U.S. Dollar-denominated or non-U.S. Dollar-denominated fixed-income securities; fixed income securities issued by U.S. and non-

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U.S. governments, their agencies and instrumentalities; mortgage-related and other asset backed securities (such as collateralized debt obligations (CDO), collateralized loan obligations (CLO), and collateralized mortgage obligations (CMO)); foreign currencies; registered investment companies, including closed-end funds and exchange-traded funds (ETFs); and derivative instruments, such as options, futures, forwards, forward currency contracts, or swap agreements.

The Income Fund may invest an unlimited amount of its assets in securities that provide exposure to any investment sector and its exposure to any one investment sector will vary over time. The Portfolio may invest in foreign securities, including securities in emerging markets.

There is no limit on the average maturity of the Income Fund's securities. The targeted weighted average duration of the portfolio is consistent with the Bloomberg U.S. Universal Index, which has a weighted average duration of 5.76 years as of December 31, 2025. However, it is expected that the Income Fund may deviate substantially from the benchmark duration, with a lower and upper bound of 1 and 10 years, respectively.

The Income Fund may invest without limitation in high-yield debt securities, which may include securities having the lowest rating for non-subordinated debt instruments (*i.e.*, rated C by Moody's Investors Service or CCC+ or lower by Standard & Poor's Ratings Services and Fitch Ratings) and unrated securities determined to be of comparable investment quality. The Income Fund expects its allocation to unrated and below investment grade debt to range from 30% to 70% of its assets. The Income Fund also may invest in investment grade securities, bank loans, commercial paper, private placements, unregistered or restricted securities (including securities issued in reliance on Regulation D, Rule 144A and Regulation S) and convertible debt (which may result in equity received in a conversion or a workout).

The Income Fund may also use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and borrowing transactions (typically lines of credit) for investment purposes.

The Income Fund may invest without limitation in derivative instruments, such as options, futures, forwards, or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in this Prospectus or the Income Fund's Statement of Additional Information. The Income Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter market. The Income Fund may use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The Income Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Income Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

The Income Fund may invest up to 10% of its total assets in convertible, preferred stocks and dividend-paying common stocks.

The Income Fund uses a multi-manager strategy where subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio's investment objective. Wilshire typically allocates the Portfolio's assets among the Portfolio's subadvisers in accordance with its outlook for the economy and the financial markets. DoubleLine® Capital LP ("DoubleLine"), Manulife Investment Management (US) LLC ("Manulife") and Voya Investment Management Co LLC ("Voya") each manage a portion of the Income Fund's portfolio.

DoubleLine expects to allocate its portion of the Income Fund's assets in response to changing market, financial, economic, and political factors and events that the portfolio manager believes may affect the values of the Income Fund's investments. DoubleLine seeks to manage its portion of the Income Fund's duration based on DoubleLine's view of, among other things, future interest rates and market conditions.

Manulife looks for investments that are appropriate in terms of yield, credit quality, structure and liquidity. Relative yield analysis and risk/reward ratios are the primary considerations in selecting securities.

In managing its portion of the Portfolio, Voya focuses on managing a broad array of fixed income investment opportunities, including but not limited to U.S. government securities, securities of foreign governments, and supranational organizations; bank loans; notes that can invest in securities with any credit rating; mortgage-backed, asset-backed debt securities and other structured credit securities, commercial paper and debt securities of foreign issuers, including emerging market countries. In addition, Voya may also invest in its affiliated registered investment companies.

***Principal Risks***

You may lose money by investing in the Income Fund. In addition, investing in the Income Fund involves the following principal risks:

*Market Risk.* The Portfolio may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; tariffs and trade disputes; the spread of infectious illness or other public health issues in one or more

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countries or regions; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Fixed-Income Securities Risk.* Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*High-Yield Bond Risk.* Lower-quality bonds, known as "high-yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio's share price.

*Foreign Securities Risk.* The Portfolio may invest in foreign securities. Foreign securities (including American depository receipts (ADRs) and global depository receipts (GDRs)) could be affected by factors not present in the U.S., including expropriation, confiscation of property, political instability, differences in financial reporting standards, less stringent regulation of securities markets, and difficulties in enforcing contracts. Compared to U.S. companies, there may be less publicly available information about foreign companies and less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Political and economic developments may adversely impact the value of foreign securities. Any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

*Emerging Markets Risk.* The Portfolio may invest in securities in emerging markets. Foreign investment risk may be particularly high to the extent a fund invests in securities of issuers based in countries with developing economies (*i.e.*, emerging markets). Investments in emerging markets securities are generally subject to a greater level of those risks associated with investing in foreign securities, as emerging markets are considered less developed than developed countries. Furthermore, investments in emerging market countries are generally subject to additional risks, including trading on smaller markets, having lower volumes of trading, and being subject to lower levels of government regulation and less extensive accounting, financial and other reporting requirements. These securities may also present credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) countries.

*Forward Foreign Currency Exchange Contracts Risks.* There may be imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of the Income Fund. The Income Fund bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Income Fund will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws which could affect the International Fund's rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

*Derivatives Risk.* The use of derivatives, including forwards, swaps, futures, options and currency transactions, may expose the Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives, including risks relating to leverage, imperfect correlations with underlying investments or the Portfolio's other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, segregation, valuation and legal restrictions. If the Adviser or a subadviser is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. Use of derivatives may also cause the Portfolio to be subject to additional regulations, which may generate additional Portfolio expenses. These practices also entail transactional expenses and may cause the Portfolio to realize higher amounts of short-term capital gains than if the Portfolio had not engaged in such transactions.

*Leverage Risk.* The use of derivatives, repurchase agreements, reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings (typically lines of credit) may create leveraging risk. For example, because of the low margin deposit required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in an underlying reference instrument may result in an immediate and substantial impact on a fund's NAV. Leveraging may cause the Portfolio's performance to be more volatile than if it had not been leveraged. To mitigate leveraging risk and otherwise comply with regulatory requirements, the Portfolio must segregate or earmark liquid assets to meet its obligations under, or otherwise cover, the transactions

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that may give rise to this risk, including, but not limited to, futures, certain options, swaps and reverse repurchase agreements. Applicable law limits a fund from borrowing in an amount greater than 33 ⅓% of its assets.

*Other Investment Companies Risk.* Investing in other investment vehicles, including registered investment companies managed by a subadviser or an affiliate of a subadviser, unaffiliated registered investment companies, closed-end funds and exchange-traded funds (ETFs), subjects the Portfolio to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. Moreover, the Portfolio will incur its pro rata share of the underlying vehicles' expenses.

*Asset Allocation Risk.* Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that a subadviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Active Management Risk.* The Portfolio is subject to active management risk, the risk that the investment techniques and risk analyses applied by the Portfolio's subadvisers will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of the Portfolio because of brokerage charges, spreads or mark-up charges, which may lower the Portfolio's performance.

*Asset-Backed and Mortgage Backed Securities Risk.* Investors in asset-backed securities (ABS), including mortgage-backed securities (MBS) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

*Multi-Managed Fund Risk.* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Affiliated Funds and Other Significant Investors Risk.* Certain Wilshire funds are permitted to invest in the Portfolio. In addition, the Portfolio may be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Portfolio. As a result, the Portfolio may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

***Past Performance***

The bar chart and the performance table below provide an indication of the risks of investing in the Income Fund by showing the investment performance of the Investment Class Shares during the most recent calendar year and by showing how the Income Fund's average annual total returns compare to those of a broad measure of market performance, as well as an additional custom blended index that reflects the performance of the market sectors in which the Income Fund invests. The chart and table assume reinvestment of dividends and distributions. The Income Fund's past investment performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance figures, go to http://wilshire.com (the website does not form a part of this prospectus) or call 1-866-591-1568.

**Calendar Year Returns**

![20598](ck0000890453-20260429_g7.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 6.54% (quarter ended June 30, 2020) and the lowest return for a quarter was -8.20% (quarter ended March 31, 2020).

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The returns for the Income Fund's Investment Class shares were lower than the Institutional Class Shares because Investment Class Shares pay distribution (12b-1) fees.

**Average Annual Total Returns (periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 year** | **5 year** | | **Since Inception** <br>**(3/30/16)** | |
| Investment Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 7.18% | 1.02% |  | 2.74% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 5.25% | (0.45)% |  | 1.24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Shares | 4.23% | 0.16% | <sup>(1)</sup> | 1.47% | <sup>(1)</sup> |
| Institutional Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 7.47% | 1.29% |  | 2.97% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomberg U.S. Universal Bond Index <br>(reflects no deduction for fees, expenses and taxes) | 7.58% | 0.06% |  | 2.21% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custom Blended Index<sup>(2)</sup><br>(reflects no deduction for fees, expenses and taxes) | 8.01% | 1.27% |  | 3.16% |  |

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<sup>(1)</sup> In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures of the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

<sup>(2)</sup> The Custom Blended Index consists of 70% Bloomberg U.S. Universal Index, 10% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, 10% S&P/LSTA Leveraged Loan Index, and 10% Bloomberg Emerging Markets USD Aggregate Bond Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates for each year in the period and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who are tax exempt or hold their Income Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown for only Investment Class Shares. After-tax returns for Institutional Class Shares will vary.

***Management***

**<u>Adviser</u>**

*Wilshire Advisors LLC*

**<u>Subadvisers and Portfolio Managers</u>**

*DoubleLine*

Jeffrey E. Gundlach, Chief Executive Office of DoubleLine and Portfolio Manager of the Income Fund. Mr. Gundlach has served as Portfolio Manager since March 2016.

Jeffrey Sherman, Deputy Chief Investment Officer of DoubleLine and Portfolio Manager of the Income Fund. Mr. Sherman has served as Portfolio Manager since May 2017.

*Manulife*

Thomas C. Goggins, Senior Managing Director and Senior Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Mr. Goggins has served as Portfolio Manager since June 2018.

Kisoo Park, Managing Director and Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Mr. Park has served as Portfolio Manager since June 2018.

Christopher Chapman, CFA, Senior Managing Director and Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Mr. Chapman has served as Portfolio Manager since June 2018.

Bradley L. Lutz, CFA, Managing Director and Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Mr. Lutz has served as Portfolio Manager since March 2022.

David Bees, CFA, Managing Director and Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Mr. Bees has served as Portfolio Manager since April 2026.

Christopher Smith, CFA, Associate Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Mr. Smith has served as Portfolio Manager since April 2026.

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Kelly Lim, CFA, Associate Portfolio Manager of Manulife and Portfolio Manager of the Income Fund. Ms. Lim has served as Portfolio Manager since April 2026.

*Voya*

Raj Jadav, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Jadav has served as Portfolio Manager since 2024.

Sean Banai, CFA, managing director and head of multi-sector for the fixed income platform of Voya and Portfolio Manager of the Portfolio. Mr. Banai has served as Portfolio Manager since July 2020.

Vinay Viralam, CFA, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Viralam has served as Portfolio Manager since April 2026.

Anuranjan Sharma, Senior Vice President and Portfolio Manager for the fixed income team at Voya and Portfolio Manager of the Portfolio. Mr. Sharma has served as Portfolio Manager since April 2026.

***Purchase and Sale of Fund Shares***

**Minimum Initial Investments**

The minimum initial investments in the Income Fund are as follows:

<u>Investment Class Shares</u>. The minimum initial investment in the Income Fund is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. Subsequent investments for the Income Fund must be at least $100. The minimum investments do not apply to certain employee benefit plans.

<u>Institutional Class Shares</u>. The minimum initial investment is $250,000 for the Income Fund. Subsequent investments must be at least $100,000.

**To Redeem Shares**

You may sell your shares back to the Income Fund (known as redeeming shares) on any business day by telephone or mail.

***Tax Information***

The Income Fund's distributions are generally taxable to you as ordinary income or capital gains (or a combination of both), except when you are tax-exempt or when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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

If you purchase shares of the Income Fund through a broker-dealer or other financial intermediary (such as a bank), the Income Fund and its related companies may pay the intermediary for the sale of Income 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 the Income Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**MORE INFORMATION ABOUT INVESTMENTS AND RISKS**

While the summary sections describe the main points of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio (collectively, the "Style Portfolios"), the Index Fund, the International Fund, and the Income Fund (collectively, with the Style Portfolios, the Index Fund, and the International Fund, the "Portfolios" and each a "Portfolio"). The following pages describe additional details regarding the Portfolios.

Wilshire Advisors LLC ("Wilshire" or the "Adviser") serves as the investment adviser to the Portfolios. As part of its management and oversight of the Portfolios, Wilshire selects investment advisers to serve as subadvisers, and determines the allocation of each Portfolio's assets among the selected subadvisers using sophisticated models. In its discretion, Wilshire may allocate no assets to a given subadviser. Each subadviser manages a portion of one or more of the Portfolios. Wilshire selects subadvisers to manage the assets of the Portfolios, subject to approval of the Board of Directors (the "Board") of Wilshire Mutual Funds, Inc. (the "Company"), based upon a due diligence process that focuses on, but is not limited to, each subadviser's philosophy and process, people and organization, resources, and performance. In addition, with respect to the Large Company Growth Portfolio, Large Company Value Portfolio, and the International Fund, Wilshire manages the portion each Portfolio invests in the Swaps Strategy.

Wilshire conducts its investment decision-making through an investment committee structure. The investment committee reviews the daily performance of the Portfolios and the subadvisers. Additionally, the risk profiles of the Portfolios and the subadvisers are monitored closely to ensure compliance with stated investment guidelines. The investment committee maintains regular communication with the subadvisers.

The investment objective of each of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, and Wilshire Income Opportunities Fund is not fundamental, and may be changed by the Board of Directors without shareholder approval with 60 days' written notice to shareholders.

***Style Portfolios***

The Company offers focused exposure to four distinct segments of the U.S. market — large company growth, large company value, small company growth, and small company value. Wilshire establishes the parameters for "large company" and "small company" stocks. The Style Portfolios' "growth" and "value" criteria generally follow the criteria of each Portfolio's respective benchmark. Each Style Portfolio owns only securities within the parameters that correspond to that style. Each Style Portfolio's investment objective is to seek capital appreciation.

The Style Portfolios invest substantially in common stock, but other investments may include cash equivalents, convertible securities, warrants, and exchange-traded funds ("ETFs"). Additionally, each Style Portfolio may invest a portion of its assets in equity securities of foreign companies traded in the U.S., including American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"). To maintain a proper style exposure in each Style Portfolio, the subadvisers will change a Style Portfolio's holdings as companies' characteristics change. A subadviser will sell stocks that no longer meet the criteria of a particular Style Portfolio. For example, a subadviser may consider a stock to no longer be a value stock if its price advances strongly. Each subadviser seeks to constantly maintain a fully invested position in a Style Portfolio. This means that a Style Portfolio generally holds little uninvested cash, thus seeking to ensure that you receive the full benefit of any market advances (however, it also means you will bear the full impact of any market declines). The number of securities eligible for investment by a Style Portfolio will vary.

With respect to the Large Company Growth Portfolio and the Large Company Value Portfolio, a portion of each Portfolio will be invested in derivatives and fixed income securities. Each Portfolio invests in index-based derivatives, including swap agreements, backed by a portfolio of fixed income securities. Wilshire manages the portion of the each of the Large Company Growth Portfolio and the Large Company Value Portfolio that is invested in the Swaps Strategy.

The investment philosophies of the subadvisers managing each Style Portfolio are described in more detail below. No assurance exists that a Style Portfolio will achieve its investment objectives.

***Wilshire 5000 Index***<sup>SM</sup> ***Fund (formerly the FT Wilshire 5000 Index***<sup>SM</sup>***)***

The Index Fund's investment objective is to replicate as closely as possible the performance of the Index before the deduction of Index Fund expenses. The investment objective of the Index Fund cannot be changed without the approval of a "majority of the outstanding voting securities." The Index Fund provides exposure to the entire U.S. stock market by investing in the common stocks of companies included in the Index. The Index Fund may invest in the common stock of companies of any size, including small-cap companies. The Index is an unmanaged capitalization weighted index of over 3,500 U.S. equity securities and includes U.S. stocks regularly traded on the New York Stock Exchange ("NYSE"), the NYSE MKT LLC and the NASDAQ OTC market. The Index Fund normally holds stocks representing at least 90% of the Index's total market value.

Los Angeles Capital serves as the subadviser to the Index Fund.

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***Wilshire International Equity Fund***

The International Fund seeks long-term growth of capital primarily through diversified holdings of marketable foreign equity investments. The investment objectives of the International Fund cannot be changed without the approval of a "majority of the outstanding voting securities." The International Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Since the International Fund may invest in companies of any size, it may at times invest in small-cap companies. The International Fund invests in companies organized outside of the United States. The International Fund intends to diversify its investments in operating companies among several countries and to have represented in its holdings business activities in not less than three different countries. The operating companies in which the International Fund primarily invests are equity securities of established companies that the subadvisers believe have favorable characteristics and that are listed on foreign exchanges. The International Fund also invests in emerging markets securities (securities of issuers based in countries with developing economies) and may invest in ETFs and other investment companies. The International Fund may also invest in fixed-income securities of foreign governments and companies and in currency forward agreements and spot transactions to facilitate settlement of multi-currency investments. The International Fund may also invest in securities of companies that are organized in the United States, but primarily operate outside of the United States and derive a significant portion of their revenues outside of the United States.

A portion of the International Fund will be invested in derivatives, including swap agreements, and fixed income securities.

Currently, Wilshire has retained WCM, Los Angeles Capital, Pzena, Lazard, and Voya to manage the International Fund. Wilshire manages the portion of the International Fund that is invested in swap agreements. The basic philosophy of each subadviser is described below.

***Wilshire Income Opportunities Fund***

The Income Fund's primary investment objective is to maximize current income. Long-term capital appreciation is a secondary objective.

Currently, Wilshire has retrained DoubleLine, Manulife, and Voya to manage the Income Fund. The basic philosophy of each subadviser is described below.

***Subadviser Investment Strategies***

**<u>Alger Management</u>**

Alger Management serves as a subadviser to a portion of the Large Company Growth Portfolio. Alger Management's investments in equity securities are primarily in common or preferred stocks, but its equity investments also may include securities convertible into or exchangeable for equity securities (including warrants and rights) and depositary receipts. Alger Management invests primarily in companies whose securities are traded on U.S. or foreign exchanges or in the over-the-counter market.

In managing its portion of the Portfolio, Alger Management invests primarily in "growth" stocks. Alger Management believes that these companies tend to fall into one of two categories:

High Unit Volume Growth: Vital, creative companies that offer goods or services to a rapidly expanding marketplace. They include both established and emerging firms, exercising market dominance, offering new or improved products, or simply fulfilling an increased demand for an existing product line.

Positive Life Cycle Change: Companies experiencing a major change which is expected to produce advantageous results. These changes may be as varied as new management, products or technologies; restructuring or reorganization; regulatory change; or merger and acquisition.

Alger Management's portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result of this disciplined investment process, the portion of the Portfolio managed by Alger Management may engage in active trading of portfolio securities. If the portion of the Portfolio managed by Alger Management does trade in this way, it may incur increased transaction costs and brokerage commissions, both of which can lower the actual return on an investment. Active trading may also increase short-term gains and losses, which may affect the taxes a shareholder has to pay.

Alger Management intends to invest a substantial portion of its portion of the Portfolio's assets in a small number of issuers, and may focus its portion of the Portfolio in fewer business sectors or industries. Generally, the portion of the Portfolio managed by Alger Management will own approximately 50 holdings. Holdings may occasionally exceed this number for a variety of reasons. Alger Management's portfolio manager(s) may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the portion of the Portfolio managed by Alger Management may engage in active trading of portfolio securities.

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**<u>AllianceBernstein</u>**

AllianceBernstein serves as a subadviser to a portion of the Large Company Growth Portfolio. In managing its portion of the Portfolio, AllianceBernstein stresses fundamental, bottom-up security analysis in identifying highly profitable businesses with the opportunity to reinvest profitably for long-term, non-cyclical growth that are priced at valuations that do not adequately reflect their long-term growth potential. AllianceBernstein conducts in-depth research to identify companies whose long-term fundamental performance is likely to persist in terms of both magnitude and duration.

**<u>Diamond Hill</u>**

Diamond Hill serves as a subadviser to a portion of the Small Company Value Portfolio. Diamond Hill focuses on estimating a company's value independent of its current stock price. To estimate a company's value, Diamond Hill concentrates on the fundamental economic drivers of the business. The primary focus is on a "bottom-up" analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. Diamond Hill also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If Diamond Hill's estimate of a company's value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities for the portion of the Portfolio it manages, Diamond Hill is not constrained by the sector or industry weights in the benchmark. Diamond Hill relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where Diamond Hill has the highest level of conviction. Once a stock is selected, Diamond Hill continues to monitor the company's strategies, financial performance and competitive environment. Diamond Hill may sell a security as it reaches Diamond Hill's estimate of the company's value; if it believes that the company's earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity.

**<u>DoubleLine</u>**

DoubleLine serves as a subadviser to a portion of the Income Fund. In managing its portion of the Income Fund, DoubleLine uses various investment strategies to invest in fixed income instruments that DoubleLine believes offer the potential for current income, capital appreciation, or both. DoubleLine expects to allocate its portion of the Income Fund's assets in response to changing market, financial, economic, and political factors and events that the portfolio manager believes may affect the values of the Income Fund's investments. DoubleLine seeks to manage its portion of the Income Fund's duration based on DoubleLine's view of, among other things, future interest rates and market conditions. There are no limits on the duration of the Income Fund's portfolio. DoubleLine retains broad discretion to modify its portion of the Income Fund's duration within a wide range.

**<u>Hotchkis & Wiley</u>**

**<u>Lazard</u>**

Lazard serves as a subadviser to a portion of the International Fund. In managing its portion of the International Fund, Lazard selects securities ranked according to four independent proprietary measures: growth, value, sentiment and quality. Growth potential is measured by looking at the consistency of earnings and sales over the past few years and then by leveraging this data, along with margins, research and development, capital expenditures, cash flow growth and other reported financial metrics to project future growth potential. Valuation is derived by comparing relative book value, cash flow and earnings across companies normalized by industry and region. Sentiment is gauged by looking at relative idiosyncratic price strength, changes in sell-side analysts' earnings projections and the street's enthusiasm for the stock. Quality is measured by the strength of a company's earnings and its ability to grow its earnings organically. Risks are controlled relative to the strategy's benchmark using a proprietary approach which measures multiple contributors, including beta, capitalization, geographic and sector exposure, style, position size, and company events. Security weights are determined by a combination of a stock's attractiveness and the risk impact to the International Fund's portfolio.

The Lazard strategy seeks to outperform the MSCI All Country World Index ex US Small Cap Index. Lazard relies on a core, bottom-up approach. Stocks are selected for Lazard's portion of the portfolio from an investment universe of approximately 7,000 developed and emerging-market stocks using an active, quantitatively based investment process that evaluates each company on a daily basis relative to global peers. Each company in the investable universe is measured daily in terms of its growth potential, valuation, market

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sentiment and financial quality. Portfolio risks are managed independently by maintaining exposures that are similar to the benchmark including region, industry, country and beta.

**<u>Lord Abbett</u>**

Lord Abbett serves as a subadviser to a portion of the Small Company Growth Portfolio. Lord Abbett uses fundamental analysis to look for micro-cap companies that Lord Abbett believes have the potential for more rapid growth than the overall economy. Lord Abbett seeks to identify micro-cap companies that generally exhibit faster-than-average gains in earnings and that the portfolio management team expects to continue profit growth at a high level. Lord Abbett evaluates companies based on an analysis of their financial statements, products and operations, market sectors and interviews with management. The investment team may also consider the risks and return potential presented by environmental, social, and governance factors in investment decisions. Lord Abbett may engage in active and frequent trading of its portfolio securities. Lord Abbett may sell a security when the portfolio management team believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, no longer meets its investment criteria, to increase cash, or to satisfy redemption requests, among other reasons. In considering whether to sell a security, Lord Abbett may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer's competitive position or financial condition, changes in the outlook for the issuer's industry, and the portfolio management's team valuation target for the security.

**<u>Los Angeles Capital</u>**

Los Angeles Capital serves as a subadviser to a portion of each of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and the International Fund and serves as subadviser for all of the assets of the Index Fund. With respect to each of the Style Portfolios and the International Fund, Los Angeles Capital uses its Dynamic Alpha Stock Selection Model<sup>®</sup>, a proprietary model, which seeks to generate incremental returns above a Portfolio's benchmark, while attempting to control investment risk relative to the benchmark.

Los Angeles Capital builds portfolios that maximize return subject to an acceptable level of risk relative to the respective benchmarks. Expected returns for a security are generated regularly. Los Angeles Capital develops a trade list of individual securities that will seek to improve the Portfolio's return/risk profile relative to the current portfolio. A portfolio is rebalanced to reflect changes in investor preferences as measured by Los Angeles Capital's factor forecasts. If a security no longer has the risk characteristics Los Angeles Capital believes investors are favoring, Los Angeles Capital will see a need to sell a stock in these Portfolios. As economic conditions change and investor risk preferences evolve, Los Angeles Capital's forecasts for these and other factors will change accordingly.

Los Angeles Capital does not set price targets. Los Angeles Capital's Dynamic Alpha Stock Selection Model<sup>®</sup> is the basis of security valuation and selection. Los Angeles Capital may limit or modify a portfolio's holdings based upon a perceived risk or concern regarding a particular company's investment merits. Los Angeles Capital's portfolios are typically fully invested with minimal cash holdings.

Los Angeles Capital manages the Index Fund using a passive investment approach for portfolio construction. Los Angeles Capital uses sector weighting and portfolio characteristic profiling to keep the Index Fund within acceptable parameter ranges relative to the benchmark.

Over time, Los Angeles Capital expects the correlation between the performance of the Index and the performance of the Index Fund to be over 90% before the deduction of Index Fund expenses. A 100% correlation would indicate that the Index Fund's performance exactly matches the performance of the Index. The Index Fund's ability to track the Index's performance will be affected by factors such as the Index Fund's expenses, changes in stocks represented in the Index and the timing and amount of sales and redemptions of Index Fund shares.

**<u>Manulife</u>**

Manulife serves as a subadviser to a portion of the Income Fund. In managing its portion of the Income Fund, Manulife invests in a diversified portfolio of government, corporate and securitized debt securities and other instruments issued in developed and emerging market countries, which may be denominated in US dollars or other foreign currencies. Although Manulife may invest in non-investment grade rated debt instruments, including those in default (commonly referred to as "junk" bonds or securities), it generally intends to keep its average credit quality in the investment-grade range. Manulife allocates assets among the types of instruments noted above based on analysis of global economic factors, such as fiscal and monetary policies, projected international interest-rate movements, market volatility, political environments and currency trends. In abnormal circumstances, Manulife may invest up to 100% of its portion of the Income Fund in assets in any one type of instrument. Within each type of security, Manulife looks for investments that are appropriate in terms of yield, credit quality, structure and liquidity. Relative yield analysis and risk/reward ratios are the primary considerations in selecting securities. Manulife may invest in derivatives such as futures, options, and swaps (including credit default swaps), as well as restricted or illiquid securities. Manulife may also invest its portion of the Income Fund's portfolio significantly in currency spots, forwards and options, and interest-rate futures and options for both hedging and non-hedging purposes, including for purposes of enhancing returns. In addition, Manulife may invest in domestic or foreign common stocks.

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**<u>MFS</u>**

MFS serves as a subadviser to a portion of the Large Company Value Portfolio. In managing its portion of the Portfolio, MFS assesses the intrinsic valuation of issuers by considering the full context of how a company's cash flows are generated. MFS focuses on companies it believes have conservative balances sheets, sustainable competitive advantages, high returns on capital, and/or the ability to weather economic downturns, among other factors. Many of the factors considered by MFS in assessing issuers are qualitative in nature and require subjective judgment and interpretation. Consistent with the Portfolio's investment strategy, MFS may invest its portion of the Portfolio in securities of companies of any size. MFS may invest its portion of the Portfolio in foreign securities. MFS normally invests its portion of the Portfolio across different industries and sectors, but MFS may invest a significant percentage of its portion of the Portfolio in issuers in a single industry or sector. MFS uses an active bottom-up investment approach to buying and selling investments for its portion of the Portfolio. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer's governance structure and practices, data protection and privacy issues, and diversity and labor practices. Quantitative screening tools that systematically evaluate an issuer's valuation, price and earnings momentum, earnings quality, and other factors, may also be considered.

**<u>Pzena</u>**

Pzena serves as a subadviser to a portion of the International Fund. Pzena has a "classic" value investment philosophy; it seeks to buy very good businesses at very low prices. Pzena focuses exclusively on companies that it believes are underperforming their historically demonstrated earnings power. Pzena applies intensive fundamental research to such companies to determine whether the problems that caused the earnings shortfalls are temporary or permanent. Pzena invests in a company only when it judges that the company's problems are temporary, the company's management has a viable strategy to generate earnings recovery and Pzena believes there is meaningful downside protection in case the earnings recovery does not materialize. Pzena believes that a concentrated portfolio focused exclusively on companies such as these will generate meaningful returns for long-term investors.

Pzena generally sells a security when Pzena believes there are more attractive opportunities available, or there is a change in the fundamental characteristics of the issuer. In this way, Pzena attempts to avoid "emotional" input and to focus on the pure valuation level of each company.

**<u>Ranger</u>**

Ranger serves as a subadviser to a portion of the Small Company Growth Portfolio. Ranger's investment team seeks to uncover quality growth-oriented companies by implementing a bottom-up, fundamental research driven security selection process. The investment team's focus is to identify U.S. exchange traded equity securities of primarily micro, small and/or mid-capitalization companies characterized by accelerating revenue and earnings growth, high recurring revenues, strong balance sheets and strong free cash flow generation. In addition to quantitative analysis, the investment team considers qualitative issues such as, quality of the management team, accounting practices, governance, and the company's competitive advantage. Following the analysis of these quantitative and qualitative characteristics, the investment team then determines whether a company it believes is undervalued and has sufficient upside to the stock price to warrant an investment.

Ranger's investment team conducts a significant percentage of its research internally. The investment team performs independent fundamental research on potential portfolio companies and their underlying securities prior to making investment decisions. As part of the bottom-up fundamental research process, investment team members consider a variety of sources of information, all publicly available. This includes information produced by publicly traded companies such as audited financial statements and other financial reports. The investment team also considers information obtained through its industry contacts, Wall Street firms, financial news feeds, third party research companies and other publicly available sources. Discussions with company management are also an important source of information.

Ranger integrates environmental, social and governance ("ESG") factors into the investment process. Ranger's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. Ranger evaluates a company's ESG strengths and weaknesses based on its internal research process, public company documents, websites, SEC filings, third-party research, and conversations with management. Ranger seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. Ranger's ESG analysis is subjective and ESG factors are not determinative in Ranger's investment process. The investment team may conclude that other attributes of a company outweigh ESG factors when making investment decisions.

The investment team takes a comprehensive and collaborative approach to risk management. This approach starts with security selection and analysis. The research process includes a deep fundamental analysis of each company's financial profile, growth prospects, and current valuation. It also includes a comprehensive analysis of each company's management team, business model, and competitive landscape. Once a company is purchased, the investment team considers several factors to ensure that each company

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continues to warrant continued inclusion in the portfolio. The investment team will regularly review each company's investment thesis, checking for changes in the competitive landscape or diminished growth opportunities. The investment team watches for significant changes, such as transformational acquisitions or management changes, which may signal operational challenges. The Firm's investment team also takes a competitive approach to capital allocation within the portfolio, ensuring the best ideas receive capital, weaker positions are exited, and stocks trading at less compelling valuations are trimmed or sold. We believe this comprehensive risk mitigation approach helps optimize portfolio construction and improves overall portfolio quality.

**<u>Voya</u>**

Voya serves as a subadviser to the Large Company Growth Portfolio, the Large Company Value Portfolio, the International Fund and Income Fund. In managing its portion of Large Company Growth Portfolio, the Large Company Value Portfolio and the International Fund, Voya focuses on managing a broad array of fixed income investment opportunities, including but not limited to U.S. government securities, securities of foreign governments, and supranational organizations; bank loans; notes that can invest in securities with any credit rating; mortgage-backed, asset-backed debt securities and other structured credit securities, commercial paper and debt securities of foreign issuers, including emerging market countries. In addition, Voya may also invest in its affiliated registered investment companies. Voya may also invest in derivatives, including options, futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), and currency forwards, as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns and/or assist in managing cash.

In managing its portion of the Income Fund, Voya focuses on managing below investment grade debt instruments and structured credit securities held by the Income Fund.

With respect to each Portfolio, Voya believes that a disciplined investment process with macro-theme analysis built into every step will capture market changes and guide it to unrecognized value opportunities. The investment process includes a balanced emphasis on quantitative and qualitative inputs that foster strong checks and balances and validation for its investment themes. Top down macro themes shape Voya's overall strategy and also provide the context for bottom up security selection. Proprietary risk management tools and processes help to monitor portfolio risk exposures. Voya's management of each Portfolio relies on sector allocation, security selection, and curve positioning. Voya may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into opportunities believed to be more promising, among others.

**<u>WCM</u>**

WCM serves as a subadviser to a portion of the International Fund. In investing its portion of the International Fund's assets, WCM establishes portfolio guidelines for sector and industry emphasis by analyzing major trends in the global economy to identify those economic sectors and industries that are most likely to benefit. WCM's international equity strategy employs a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue and earnings, and that show a strong probability for superior future growth. WCM analyzes trends in areas including demographics, global commerce, outsourcing, the growing global middle class and the proliferation of technology. WCM then develops a portfolio strategy that best capitalizes on the expected growth. In constructing its portion of the International Fund's portfolio, WCM seeks non-US domiciled quality businesses with superior growth prospects, high returns on invested capital and low or no debt. WCM also requires each company to maintain a durable competitive advantage and strongly considers qualitative elements such as corporate culture and the strength, quality and trustworthiness of management. WCM is sensitive to valuation and seeks to avoid companies with limited or spotty histories. In selecting equity investments for the International Fund, WCM typically plans to hold positions for three to five years.

WCM may sell all or a portion of its portion of the International Fund's portfolio holdings when, in its opinion, one or more of the following occurs, among other reasons: (1) fundamentals deteriorate; (2) there is increased geopolitical or currency risk; (3) WCM identifies a more attractive security; or (4) the International Fund experiences redemptions of shares.

***Additional Investment Strategies and Risks***

The following provides additional information on various types of instruments in which the Portfolios may invest and their associated risks. The risks and strategies described below apply to all Portfolios unless otherwise noted. For a more detailed description of the various types of instruments in which the Portfolios may invest and the associated risks, please see the section entitled "Description of Securities and Risks" in the Statement of Additional Information ("SAI").

*Active Management Risk (All Portfolios except Index Fund).* Certain Portfolios are subject to active management risk, the risk that the investment techniques and risk analyses applied by the portfolio managers of the Portfolios will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the portfolio managers in connection with managing the Portfolio. Active trading that can accompany active management will increase the expenses of a Portfolio because of brokerage charges, spreads or mark-up charges, which may lower a Portfolio's performance. Active trading could raise transaction costs, thereby lowering a Portfolio's returns, and could result in the Portfolio recognizing greater amounts of income and capital gains, which the Portfolio must distribute to shareholders to maintain its status as a regulated investment company for federal income tax purposes. There is no guarantee that the investment objective of a Portfolio will be achieved.

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*Affiliated Funds and Other Significant Investors Risk.* A significant portion of each Portfolio's shares are or may be held by a limited number of shareholders or their affiliates. As a result, the Portfolios may have large inflows or outflows of cash from time to time. This could have adverse effects on the Portfolio's performance if the Portfolio were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Portfolio's transaction costs.

*Asset Allocation Risk (All Portfolios except Index Fund).* Although asset allocation among different asset categories and investment strategies generally reduces risk and exposure to any one category or strategy, the risk remains that the Adviser may favor an asset category or investment strategy that performs poorly relative to other asset categories and investment strategies.

*Asset-Backed and Mortgage Backed Securities Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS") and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making it difficult to purchase or sell within a reasonable time at a fair price, or the price at which it has been valued for purposes of a Portfolio's NAV.

Some residential mortgage-backed securities ("RMBS") are guaranteed or supported by U.S. government agencies or by government sponsored enterprises but there is no assurance that such guarantee or support will remain in place. Non-agency RMBS are not guaranteed or supported by these government agencies or government sponsored enterprises and, thus, are subject to heightened credit risk and liquidity and valuation risk. A rising interest rate environment can cause the prices of RMBS to be increasingly volatile, which may adversely affect A Portfolio's holdings of RMBS.

Commercial mortgage backed securities ("CMBS") may not be guaranteed or supported by U.S. government agencies or by government sponsored enterprises. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

*Collateralized Loan Obligations (CLO) and Collateralized Debt Obligations (CDO) Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* A CLO is an ABS whose underlying collateral is a pool of loans. Such loans may include domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, some of which may be below investment grade or equivalent unrated loans. Investments in CLOs carry the same risks as investments in loans directly, as well as other risks, including interest rate risk, credit and liquidity and valuation risks, and the risk of default. CLOs issue classes or "tranches" that vary in risk and yield. A Portfolio may invest across each tranche in a CLO including the mezzanine and equity tranches. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. A CLO may experience substantial losses attributable to loan defaults. A Portfolio's investment in a CLO may decrease in market value because of (i) loan defaults or credit impairment, (ii) the disappearance of subordinate tranches, (iii) market anticipation of defaults, and (iv) investor aversion to CLO securities as a class. These risks may be magnified depending on the tranche of CLO securities in which a Portfolio invests. For example, investments in a junior tranche of CLO securities will likely be more sensitive to loan defaults or credit impairment than investments in more senior tranches.

CDOs are structured similarly to CLOs but are backed by pools of assets that are securities rather than only loans, typically including bonds, other structured finance securities (including other ABS and other CLOs) and/or synthetic instruments. CDOs are often highly leveraged, and like CLOs, the risks of investing in CDOs may be magnified depending on the tranche of CDO securities held by a Portfolio. The nature of the risks of CDOs depends largely on the type and quality of the underlying collateral and the tranche of CDOs in which a Portfolio may invest. CDOs collateralized by pools of ABS carry the same risks as investments in ABS directly, including losses with respect to the collateral underlying those ABS. In addition, certain CDOs may not hold their underlying collateral directly, but rather, use derivatives such as swaps to create "synthetic" exposure to the collateral pool. Such CDOs entail the risks associated with derivative instruments.

*Counterparty Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* Certain Portfolios may invest in financial instruments and OTC-traded derivatives involving counterparties for gaining exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge another position in the Portfolio. Through these investments, the Portfolio is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty becomes bankrupt or defaults on its payment obligations to the Portfolio, the Portfolio may not receive the full amount that it is entitled to receive. If this occurs, the value of your shares in the Portfolio will decrease. The Portfolio bears the risk that counterparties may be adversely affected by legislative or regulatory changes, adverse market conditions, increased competition, and/or wide scale credit losses resulting from financial difficulties or borrowers affecting counterparties.

*Credit Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund)*. Certain Portfolios could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives transaction or other transaction is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of the

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credit of a security held by a Portfolio may decrease the security's market value. Securities and derivatives contracts are subject to varying degrees of credit risk, which are often, but not always, reflected in credit ratings.

*Derivatives Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* Certain Portfolios may invest a percentage of its assets in derivatives, such as swaps, futures contracts and options contracts and currency transactions, as described in each Portfolio's registration statement, to pursue its investment objective and to create economic leverage in the Portfolio, to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates, currency rates, etc., to change the effective duration of a Portfolio's investments, to manage certain investment risks, and/or as a substitute for the purchase or sale of securities or currencies. The use of such derivatives may expose a Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives, including risks relating to leverage, imperfect correlations with underlying investments or the Portfolio's other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation and legal restrictions. The use of such derivatives may also expose a Portfolio to the performance of securities that the Portfolio does not own. The skills necessary to successfully execute derivatives strategies may be different from those for more traditional portfolio management techniques, and if an adviser or sub-adviser of a Portfolio is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. Use of derivatives may also cause a Portfolio to be subject to additional regulations, which may generate additional Portfolio expenses. These practices also entail transactional expenses and may cause a Portfolio to realize higher amounts of short-term capital gains than if the Portfolio had not engaged in such transactions. The markets for certain derivative instruments, and those located in foreign countries, are relatively new and still developing, which may expose a Portfolio to increased counterparty and liquidity risk. Certain risks also are specific to the derivatives in which a Portfolio invests.

Certain of the derivatives in which a Portfolio invests are traded (and privately negotiated) in the OTC market. OTC derivatives are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Portfolio. In addition, OTC derivative instruments are often highly customized and tailored to meet the needs of a Portfolio and its trading counterparties. If a derivative 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. As a result, and similar to other privately negotiated contracts, a Portfolio is subject to counterparty credit risk with respect to such derivative contracts.

*Swap Agreements.* Swap agreements are contracts between the Portfolio and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact that they could be considered illiquid and many trades trade on the OTC market. The use of swap agreements may require asset segregation. Certain standardized swaps are subject to mandatory clearing. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not make swap transactions risk-free.

*Credit Default Swaps*. A credit default swap enables an investor to buy or sell protection against a credit event, such as a bond issuer's failure to make timely payments of interest or principal, bankruptcy or restructuring. Certain credit default swaps have been designated for mandatory central clearing. A credit default swap may be embedded within a structured note or other derivative instrument. Credit default swaps are subject to credit risk on the underlying investment. Credit default swaps also are subject to the risk that a Portfolio will not assess properly the cost of the underlying investment. If a Portfolio is selling credit protection, it bears the risk that a credit event will occur, requiring the Portfolio to pay the counterparty the set value of the defaulted bonds. If a Portfolio is buying credit protection, there is the risk that no credit event will occur, and the Portfolio will receive no benefit for the premium paid.

*Options*. Options or options on futures contracts give the holder of the option the right to buy or to sell a position in a security or in a contract to the writer of the option, at a certain, predetermined price. There may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. Because the value of an option declines as the expiration date approaches, a Portfolio risks losing all or part of its investment in the option. The successful use of options depends on an adviser or subadviser's ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by a Portfolio, thus limiting the ability to implement the Portfolio's strategy. Options may also be less liquid than other investments.

*Emerging Markets Risk (Small Company Growth Portfolio, International Fund and Income Fund).* Certain Portfolios may invest in securities in emerging markets. Investing in securities in emerging countries may entail greater risks than investing in securities in developed countries. These risks include: (i) less social, political and economic stability; (ii) the small current size of the markets for such securities and the currently low or nonexistent volume of trading, which result in a lack of liquidity and in greater price volatility; (iii) lack of access to reliable capital and market manipulation; (iv) certain national policies which may restrict a Portfolio's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (v) foreign taxation; (vi) the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vii) lower levels of government regulation and less extensive accounting, financial and other reporting requirements;

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and (viii) high rates of inflation for prolonged periods. Sovereign debt of emerging countries may be in default or present a greater risk of default.

*ESG Risk.* Certain ESG factors may be considered by a Portfolio's Subadviser(s) in making investment decisions for a Portfolio. For these Portfolios, ESG factors are only one of many considerations a Subadviser may evaluate and are not a primary focus of the Portfolio. ESG factors, either quantitative or qualitative, may be utilized by a Subadviser as a component of its investment process to implement the Portfolio's investment strategy. ESG considerations may affect a Portfolio's exposure to certain issuers, industries, sectors, and factors that may impact the performance of a Portfolio. A Subadviser's consideration of ESG factors may also impact a Portfolio's performance relative to similar funds that do not consider ESG factors. Because ESG factors may be used as one part of an overall investment process, a Subadviser may still invest in securities of issuers that are not considered ESG-focused or that may be viewed as having a high ESG risk profile. Investors can differ in their views of what constitutes positive or negative ESG factors. As a result, a Portfolio may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG factors are expected to evolve over time and one or more factors may not be relevant or material with respect to all issuers that are eligible for investment. In considering ESG factors, a Subadviser may rely on proprietary research as well as third-party research, and such research may be incorrect, based on incomplete or inaccurate information, not sufficiently available, or subjective in nature, and thus could negatively affect a Portfolio's performance.

*Equity Securities Risk.* Certain Portfolios may invest in equity securities and equity-related securities, which include common stocks and other equity securities (and securities convertible into stocks), and the prices of equity securities generally fluctuate in value more than other investments. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting a particular company or industry or the securities markets generally. Common stocks generally represent the riskiest investment in a company. Because certain types of equity securities, such as common stocks, are generally subordinate to preferred stocks in a company's capital structure, in a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders. If the prices of the equity securities held by a Portfolio fall, the Portfolio's NAV may be adversely affected. A Portfolio may lose a substantial part, or even all, of its investment in a company's stock. A Portfolio's investment in securities offered through initial public offerings ("IPOs") may have a magnified performance impact, either positive or negative, on the Portfolio, particularly if the Portfolio has a small asset base. There is no guarantee that as a Portfolio's assets grow, it will continue to experience substantially similar performance by investing in IPOs. A Portfolio's investments in IPOs may make it subject to more erratic price movements than the overall equity market.

*Exchange-Traded Funds Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* Certain Portfolios may invest in exchange-traded funds (ETFs). ETFs involve certain inherent risks generally associated with investments in a portfolio of common stocks, because ETFs trade on an exchange, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF. ETF shares thus may trade at a premium or discount to their NAV. Moreover, a passively managed ETF may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of stocks held. Like an actively managed mutual fund, actively managed ETFs are subject to the risk that analyses applied by the manager of the ETF will not produce the desired results and that the investment objective of the ETF will not be achieved.

*Fixed-Income Securities Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* Certain Portfolios invest in fixed-income securities, which are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. Securities issued by the U.S. Government are subject to limited credit risk; however, securities issued by U.S. Government agencies are not necessarily backed by the full faith and credit of the U.S. Government. A Portfolio may be subject to heightened interest rate risk as a result of a rise in interest rates. In addition, a Portfolio that invests in fixed-income securities is subject to the risk that interest rates may exhibit increased volatility, which could cause a Portfolio's NAV to fluctuate more. A decrease in fixed-income market maker capacity may act to decrease liquidity in the fixed-income markets and act to further increase volatility, affecting a Portfolio's returns.

*Foreign Securities Risk (Small Company Growth Portfolio, International Fund and Income Fund).* Foreign securities (including American depository receipts (ADRs) and global depository receipts (GDRs)) could be affected by factors not present in the U.S., including expropriation, confiscation of property, political instability, differences in financial reporting standards, less stringent regulation of securities markets, and difficulties in enforcing contracts. Compared to U.S. companies, there may be less publicly

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available information about foreign companies and less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Political and economic developments may adversely impact the value of foreign securities. Any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Investing in foreign issuers may involve certain risks not typically associated with investing in securities of U.S. issuers due to increased exposure to foreign economic, political and legal developments, including favorable or unfavorable changes in currency exchange rates, foreign interest rates, exchange control regulations (including currency blockage), tariffs and trade, expropriation or nationalization of assets, imposition of withholding taxes on payments, and possible difficulty in obtaining and enforcing judgments against foreign entities. Furthermore, issuers of foreign securities and obligations are subject to different, often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers. The securities and obligations of some foreign companies and foreign markets are less liquid and at times more volatile than comparable U.S. securities, obligations and markets. Securities markets in foreign countries often are not as developed, efficient or liquid as securities markets in the United States, and therefore, the market prices of foreign securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers to make payments of principal and interest to investors located outside the country. In the event of nationalization, expropriation or other confiscation, the entire investment in a foreign security could be lost. Foreign brokerage commissions and other fees are also generally higher than in the United States. There are also special tax considerations which apply to securities and obligations of foreign issuers and securities and obligations principally traded overseas. These risks may be more pronounced to the extent that a Portfolio invests a significant amount of assets in companies located in one country or geographic region, in which case the Portfolio may be more exposed to regional economic risks, and to the extent that a Portfolio invests in securities of issuers in emerging markets. Investments in U.S. dollar-denominated securities of foreign issuers are also subject to many of the risks described above regarding securities of foreign issuers denominated in foreign currencies.

*Forward Foreign Currency Exchange Contracts Risk (International Fund and Income Fund).* There may be imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of a Portfolio. A Portfolio will bear the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, a Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws which could affect a Portfolio's rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

*High-Yield and Unrated Securities Risk (International Fund and Income Fund).* High-yield debt securities in the lower rating (higher risk) categories of the recognized rating services are commonly referred to as "junk bonds." Generally, high-yield debt securities are debt securities that have been determined by a rating agency to have a lower probability of being paid and have a credit rating of "BB" category or lower by Standard & Poor's Corporation and Fitch Investors Service, Inc. or "Ba" category or lower by Moody's Investors Service or have been determined by a Portfolio's adviser or subadviser to be of comparable quality. The total return and yield of junk bonds can be expected to fluctuate more than the total return and yield of higher-quality bonds. Junk bonds (those rated below investment grade or in default, or unrated securities determined to be of comparable quality) are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Successful investment in lower-medium and lower-rated debt securities involves greater investment risk and is highly dependent on an adviser or subadviser's credit analysis. A real or perceived economic downturn or higher interest rates could cause a decline in high-yield bond prices by lessening the ability of issuers to make principal and interest payments. These bonds are often thinly traded and can be more difficult value accurately than high-quality bonds. Because objective pricing data may be less available, judgment may play a greater role in the valuation process. In addition, the entire junk bond market can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by major investors, a high-profile default, or just a change in the market's psychology. This type of volatility is usually associated more with stocks than bonds. Lower-quality securities tend to be less liquid than higher-quality debt securities because the market for them is not as broad or active. The lack of a liquid secondary market may have an adverse effect on market price and a Portfolio's ability to sell particular securities. In addition, a Portfolio that invests in lower-quality securities may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal and interest on its holdings.

*Index Tracking Risk (Index Fund).* There is a risk that the Index Fund's performance may not exactly match the performance of the Index. The Index Fund does not hold every stock contained in the Index and the performance of the stocks held in the Index Fund may not track exactly the performance of the stocks held in the Index. Furthermore, unlike the Index, the Index Fund incurs management fees, 12b-1 fees (for Investment Class Shares only), administrative expenses and transaction costs in trading stocks.

*Large-Cap Company Risk (Large Company Growth Portfolio and Large Company Value Portfolio).* Investments in larger, more established companies may involve certain risks associated with their larger size. For instance, larger, more established companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to attain the high growth rates of successful smaller companies, especially during extended periods of economic expansion.

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*Leverage Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* The use of derivatives, repurchase agreements, reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings (typically lines of credit) may create leveraging risk. For example, because of the low margin deposit required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in an underlying reference instrument may result in an immediate and substantial impact on a fund's NAV. Leveraging may cause a Portfolio's performance to be more volatile than if it had not been leveraged. To mitigate leveraging risk and otherwise comply with regulatory requirements, a Portfolio must segregate or earmark liquid assets to meet its obligations under, or otherwise cover, the transactions that may give rise to this risk, including, but not limited to, futures, certain options, swaps and reverse repurchase agreements. Applicable law limits a fund from borrowing in an amount greater than 33 ⅓% of its assets.

*Market Risk.* The Portfolios may incur losses due to declines in the value of one or more securities in which it invests. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, including conditions affecting the general economy; political, social, or economic instability at the local, regional or global level; tariffs and trade disputes; geopolitical and armed conflicts, including current conflicts in Europe and in the Middle East; and currency and interest rate fluctuations. U.S. and other economies are vulnerable economically to the impact of a public health crisis, which could depress consumer demand, reduce economic output, and potentially lead to market closures, travel restrictions, and quarantines, all of which would negatively impact the country's economy and could affect the economies of its trading partners. There is also the possibility that the price of a security will fall because the market perceives that there is or will be a deterioration in the fundamental value of the issuer or poor earnings performance by the issuer. Market risk may affect a single security, company, industry, sector, or the entire market.

*Multi-Managed Fund Risk (All Portfolios except Index Fund).* The Portfolio is a multi-managed fund with multiple subadvisers who employ different strategies. As a result, the Portfolio may have buy and sell transactions in the same security on the same day.

*Other Investment Companies Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Index Fund, Income Fund and International Fund).* Investing in other investment vehicles, including registered investment companies managed by a subadviser or an affiliate of a subadviser, unaffiliated registered investment companies, ETFs, and closed-end funds, subjects a Portfolio to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease. To the extent a Portfolio invests in other investment companies or vehicles, A Portfolio and its shareholders will incur its pro rata share of the underlying investment companies' or vehicles' expenses, such as investment advisory and other management expenses, and shareholders will be required to pay the operating expenses of two or more investment vehicles. In addition, a Portfolio will be subject to the effects of business and regulatory developments that affect an underlying investment company or vehicle or the investment company industry generally. In addition, an underlying investment vehicle may buy the same securities that another underlying investment vehicle sells. If this happens, an investor in a Portfolio would indirectly bear the costs of these trades without accomplishing any investment purpose. In addition, certain of the underlying investment vehicles may hold common portfolio positions, thereby reducing the diversification benefits of an asset allocation style. On the other hand, the underlying investment vehicles may engage in investment strategies or invest in specific investments in which a Portfolio would not engage or invest directly. The performance of those underlying investment vehicles, in turn, depends upon the performance of the securities in which they invest or the underlying investment which may be managed by a subadviser or its affiliate.

*Portfolio Turnover Risk (Large Company Growth Portfolio and Small Company Growth Portfolio)*. As a result of its active trading strategy, the Portfolio may incur higher levels of brokerage fees and commissions, which could reduce performance. High portfolio turnover also may generate net short-term capital gains distributions, which could also cause higher levels of current tax liability to shareholders in a Portfolio.

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*Preferred Securities Risk (Income Fund).* Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stocks may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock has properties of both an equity and a debt instrument and is generally considered a hybrid instrument. Preferred stock is senior to common stock but is subordinate to bonds in terms of claims or rights to their share of the assets of the company. Issuers of preferred securities may be in industries that are heavily regulated and that may receive government funding. The value of preferred securities issued by these companies may be affected by changes in government policy, such as increased regulation, ownership restrictions, deregulation or reduced government funding, or other government action.

*Small-Cap Company Risk (Small Company Growth Portfolio, Small Company Value Portfolio and International Fund).* Small-cap companies may lack the management experience, financial resources, product diversity and competitive strengths of larger companies, and may be traded less frequently. These companies may be in the developmental stage or may be older companies undergoing significant changes. Small-cap companies may also be subject to greater business risks and more sensitive to changes in economic conditions than larger more established companies. As a result, the prices of small-cap companies may rise and fall more sharply than larger capitalized companies. When a Portfolio takes significant positions in small-cap companies with limited trading volumes, the liquidation of those positions, particularly in a distressed market, could be prolonged and result in investment losses that would affect the value of your investment in the Portfolio.

*Sector Risk.* If a Portfolio invests significantly in one or more sectors, market and economic factors affecting those sectors will have a significant effect on the value of the Portfolio's investments in that sector, which can increase the volatility of the Portfolio's performance.

*Financials Sector (Large Company Value Portfolio and Small Company Value Portfolio).* The Portfolio will be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund's investments in financial institutions.

*Health Care Sector (Small Company Growth Portfolio).* The profitability of companies in the health care sector may be affected by extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Many health care companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of these companies. Many health care companies are subject to extensive litigation based on product liability and similar claims. Health care companies are subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Many new products in the health care sector may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly and may be ultimately unsuccessful. Companies in the health care sector may be thinly capitalized and may be susceptible to product obsolescence.

*Information Technology Sector (Large Company Growth Portfolio, Small Company Growth Portfolio and Index Fund).* Certain Portfolios will be sensitive to, and its performance may depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies.

*Industrials Sector (Small Company Growth Portfolio).* The industrial sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, and government regulation. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies.

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Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.

*Style Risk (All Style Portfolios).* The style risk is the risk that a Portfolio's growth or value styles will perform poorly or fall out of favor with investors. For example, at times the market may favor large capitalization stocks over small capitalization stocks, growth stocks over value stocks, or vice versa.

*U.S. Government Securities Risk (Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund and International Fund).* Different types of U.S. government securities have different relative levels of credit risk depending on the nature of the particular government support for that security. U.S. government securities may be supported by: (1) the full faith and credit of the United States; (2) the ability of the issuer to borrow from the U.S. Treasury; (3) the credit of the issuing agency, instrumentality or government-sponsored entity; (4) pools of assets (*e.g.*, MBS); or (5) the United States in some other way. In some cases, there may even be the risk of default. For certain agency issued securities, there is no guarantee the U.S. government will support the agency if it is unable to meet its obligations. Further, the U.S. government and its agencies and instrumentalities do not guarantee the market value of their securities and, as a result, the value of such securities will fluctuate and are subject to investment risks.

**Additional principal risk and strategies relating to each Portfolio are set forth below:**

*Cyber Security Risks.* The Adviser to the Portfolios and the Portfolio's service providers' use of the internet, technology and information systems may expose the Portfolios to potential cyber security risks linked to those technologies or information systems. Cyber security risks, among other things, may result in financial losses; delays or mistakes in the calculation of a Portfolio's NAV or data; access by an unauthorized party to proprietary information or Portfolio assets; and data corruption or loss of operations functionality. While measures have been developed that are designed to reduce the risks associated with cyber security, there is no guarantee that those measures will be effective, particularly since the Portfolios do not directly control the cyber security defenses or plans of its service providers, financial intermediaries and companies in which it invests or with which it does business.

*Regulatory and Legal Risk.* U.S. and other regulators and governmental agencies may implement additional regulations and legislators may pass new laws that affect the investments held by a Portfolio, the strategies used by a fund or the level of regulation or taxation applying to a fund (such as regulations related to investments in derivatives). These may impact the investment strategies, performance, costs and operations of a Portfolio or taxation of shareholders.

*Securities Lending Risk.* A Portfolio may lend its investment securities in an amount of up to 33 ⅓% of its total assets to approved institutional borrowers who need to borrow securities to complete certain transactions. Any loss in the market price of securities loaned by a Portfolio that occurs during the term of the loan would be borne by the Portfolio and would affect the Portfolio's investment performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while the loan is outstanding. However, loans will be made only to borrowers selected by a Portfolio's delegate after a review of relevant facts and circumstances, including the creditworthiness of the borrower. The Portfolios' Board will make arrangements to vote or consent with respect to a material event affecting a Portfolio's securities on loan.

*Temporary Investments Risk.* From time to time, in attempting to respond to adverse market, economic, political or other conditions, a Portfolio may take temporary defensive positions that are inconsistent with the Portfolio's principal investment strategies and invest all or a part of its assets in defensive investments. These investments include U.S. government securities and high-quality U.S. dollar-denominated money market securities, including certificates of deposit, bankers' acceptances, commercial paper, short-term debt securities and repurchase agreements. When following a defensive strategy, a Portfolio may not achieve its investment objective.

***Disclosure of Portfolio Holdings***

A description of the Company's policies and procedures relating to disclosure of portfolio holdings is available in the Portfolios' Statement of Additional Information ("SAI"). The Portfolios' complete portfolio holdings data will be made available monthly on the Adviser's website at http://wilshire.com, generally on the first business day following the 20th calendar day after month end. Such information will remain available on the website until the information is filed with the SEC.

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**MANAGEMENT OF THE PORTFOLIOS**

**Investment Adviser**

Wilshire is the investment adviser for the Portfolios. Wilshire, formed in 1972, is located at 1299 Ocean Avenue, Suite 700, Santa Monica, California 90401. As of December 31, 2025, Wilshire's total assets under advisement were $134 billion. Wilshire also provides investment technology products and investment consulting services. Wilshire conducts its investment decision-making through an investment committee structure. The investment committee consists of senior level investment professionals with significant investment experience. The investment committee is currently comprised of Josh Emanuel, Nathan Palmer, Anthony Wicklund, Chad Wubbena, David Johnson, Joanna Bewick, William Beck, Robert Noe, Ryan Lennie, Steve Foresti, and Suehyun Kim. Josh Emanuel is chairman of the investment committee.

For the services provided and the expenses assumed pursuant to the Investment Advisory Agreement, the Adviser receives a fee based on each Portfolio's average daily net assets, computed daily and payable monthly, at the following annual rates:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Rate on the First<br>$1 Billion of<br>Portfolio Assets** | **Rate on Portfolio<br>Assets in Excess<br>of $1 Billion** |
| Large Company Growth Portfolio | 0.75% | 0.65% |
| Large Company Value Portfolio | 0.75% | 0.65% |
| Small Company Growth Portfolio | 0.85% | 0.75% |
| Small Company Value Portfolio | 0.85% | 0.75% |
| Index Fund | 0.10% | 0.07% |
| International Fund | 1.00% | 0.90% |
| Income Fund | 0.60% | 0.60% |

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A discussion regarding the basis for the Board's approval of the Agreement is available in the Company's <u>[Form N-CSR](https://www.sec.gov/Archives/edgar/data/890453/000113322826003315/wwmf-efp22306_ncsr.htm)</u> dated December 31, 2025.

The Portfolios paid Wilshire the advisory fees shown below during 2025.

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| | |
|:---|:---|
| **Portfolio** | **Management Fee Paid as a % of average daily net assets of the Portfolio** |
| Large Company Growth Portfolio<sup>(1)</sup> | 0.74% |
| Large Company Value Portfolio<sup>(2)</sup> | 0.72% |
| Small Company Growth Portfolio<sup>(3)</sup> | 0.19% |
| Small Company Value Portfolio<sup>(4)</sup> | 0.18% |
| Index Fund | 0.10% |
| International Fund<sup>(5)</sup> | 0.84% |
| Income Fund<sup>(6)</sup> | 0.45% |

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<sup>(1)</sup> The Adviser waived 0.01% of its management fee for the Large Company Growth Portfolio pursuant to a contractual agreement to limit expenses during the 2025 fiscal year.

<sup>(2)</sup> The Adviser waived 0.03% of its management fee for the Large Company Value Portfolio pursuant to a contractual agreement to limit expenses during the 2025 fiscal year.

<sup>(3)</sup> The Adviser waived 0.66% of its management fee for the Small Company Growth Portfolio pursuant to a contractual agreement to limit expenses during the 2025 fiscal year.

<sup>(4)</sup> The Adviser waived 0.67% of its management fee for the Small Company Value Portfolio pursuant to a contractual agreement to limit expenses during the 2025 fiscal year.

<sup>(5)</sup> The Adviser waived 0.16% of its management fee for the International Fund pursuant to a contractual agreement to limit expenses during the 2025 fiscal year.

<sup>(6)</sup> The Adviser waived 0.15% of its management fee for the Income Fund pursuant to a contractual agreement to limit expenses during the 2025 fiscal year.

Effective May 1, 2026, Wilshire entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Large Company Growth Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.92% and 0.94% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

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Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Large Company Value Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.98% and 0.95% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Small Company Growth Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 1.03% and 0.96% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Small Company Value Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.99% and 0.98% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the International Fund (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 1.09% and 1.20% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee or reimburse expenses to limit expenses of the Income Fund (excluding taxes, brokerage expenses, dividend expenses on short securities,, Rule 12b-1 distribution fee and shareholder servicing fee, acquired fund fees and expenses, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.77% and 0.85% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

These agreements to limit expenses continue through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that a Portfolio's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived or expenses reimbursed within three years from the date on which Wilshire waived its investment advisory fees or reimbursed expenses, if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver or expense reimbursement.

For the year ended December 31, 2025, the Adviser waived fees, reimbursed expenses, or recouped previously waived fees/reimbursed expenses of the Portfolios as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Fees Waived/ <br>Expenses <br>Reimbursed** | **Fees/Expenses <br>Recouped** |
| Large Company Growth Portfolio | $18098 |  |
| Large Company Value Portfolio | $53053 |  |
| Small Company Growth Portfolio | $149467 |  |
| Small Company Value Portfolio | $151528 |  |
| International Fund | $348702 |  |
| Income Fund | $279585 |  |

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At December 31, 2025, the amounts of fee waivers and expense reimbursements subject to recoupment by the Adviser are listed below with the applicable expiration date for these amounts.

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| | | |
|:---|:---|:---|
| **Portfolio** | **Amounts Subject<br>to Recoupment** | **Expiration Date <br>(January 1 - December 31)** |
| Large Company Growth Portfolio | $18098 | 2028 |
|  | $18600 | 2027 |
|  | $37477 | 2026 |
| Large Company Value Portfolio | $53053 | 2028 |
|  | $53613 | 2027 |
|  | $78058 | 2026 |
| Small Company Growth Portfolio | $149467 | 2028 |
|  | $140401 | 2027 |
|  | $134112 | 2026 |
| Small Company Value Portfolio | $151528 | 2028 |
|  | $155323 | 2027 |
|  | $159538 | 2026 |
| International Fund | $348702 | 2028 |
|  | $324061 | 2027 |
|  | $381711 | 2026 |
| Income Fund | $279585 | 2028 |
|  | $259670 | 2027 |
|  | $307680 | 2026 |

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Wilshire may pay certain financial institutions (which may include banks, securities dealers and other industry professionals) which make the Portfolios available on their omnibus platforms a "servicing fee" and other non-cash compensation for performing certain administrative service functions for shareholders. These payments and compensation are in addition to fees paid by the Portfolios. These fees will be paid periodically and will generally be based on a percentage of the value of the institutions' client Portfolio shares.

Wilshire may pay additional compensation, out of profits derived from its management fee and not as an additional charge to the Portfolio, to certain financial institutions (which may include banks, securities dealers and other industry professionals) for the sale and/or distribution of Portfolio shares or the retention and/or servicing of Portfolio investors and Portfolio shares ("revenue sharing"). These payments are in addition to any distribution or servicing fees payable under a 12b-1 or service plan of the Portfolio, any record keeping or sub-transfer agency fees payable by the Portfolio, or other fees described in the fee table or elsewhere in the prospectus or statement of additional information. Examples of "revenue sharing" payments include, but are not limited to, payment to financial institutions for "shelf space" or access to a third party platform or Portfolio offering list or other marketing programs, including, but not limited to, inclusion of the Portfolio on preferred or recommended sales lists, mutual fund "supermarket" platforms and other formal sales programs; granting Wilshire access to the financial institution's sales force; granting Wilshire access to the financial institution's conferences and meetings; assistance in training and educating the financial institution's personnel; and obtaining other forms of marketing support. The level of revenue sharing payments made to financial institutions may be a fixed fee or based upon one or more of the following factors: gross sales, current asset and/or number of accounts of the Portfolio attributable to the financial institution, or other factors as agreed to by Wilshire and the financial institution or any combination thereof. The amount of these revenue sharing payments is determined at the discretion of Wilshire from time to time, may be substantial, and may be different for different financial institutions depending upon the services provided by the financial institution. Such payments may provide an incentive for the financial institution to make shares of the Portfolio available to its customers and may allow the Portfolios greater access to the financial institution's customers.

***Additional Information***

The Portfolios enter into contractual arrangements with various parties who provide services to the Portfolios, including, among others, the Portfolio's investment adviser. Shareholders are not parties to, or intended (or "third-party") beneficiaries of those contractual arrangements.

This Prospectus and the SAI provide information concerning each Portfolio that you should consider in determining whether to purchase shares of the Portfolio. The Portfolios may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

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**Investment Subadvisers**

The SEC has issued an order (the "Order") to Wilshire and the Company, exempting them from the Investment Company Act of 1940, as amended (the "1940 Act") requirement to submit to shareholders new or materially amended subadvisory agreements for their approval, and reducing the amount of disclosure required to be provided regarding the fees paid to subadvisers. The Order provides that Wilshire may identify, retain and compensate subadvisers that are not "affiliated persons" of Wilshire, as defined in the 1940 Act, to manage all or portions of the Portfolios, subject to the Board's approval. Wilshire is responsible for, among other things, setting each Portfolio's investment strategy and structure, identifying subadvisers, ongoing monitoring and evaluation of subadvisers, implementing procedures to ensure that subadvisers comply with each Portfolio's investment objectives, policies, guidelines and restrictions, terminating subadvisers (subject to the Board's approval) and reallocating assets among subadvisers. Shareholders will be notified of, and provided with information regarding, Wilshire's retention of new subadvisers or any material amendments to subadvisory agreements, within 90 days of either occurrence.

A discussion regarding the basis for the Board's approval of each subadvisory agreement is available in the Company's <u>[Form N-CSR](https://www.sec.gov/Archives/edgar/data/890453/000113322826003315/wwmf-efp22306_ncsr.htm)</u> dated December 31, 2025. The SAI provides additional information about each portfolio manager's compensation, other accounts managed, and ownership of shares.

***Alger Management***

Wilshire has entered into a subadvisory agreement with Alger Management, dated January 8, 2021, to manage a portion of the Large Company Growth Portfolio, subject to the supervision of Wilshire and the Board. Alger Management is located at 100 Pearl Street, 27th Floor, New York, New York 10004. Alger Management has been an investment adviser since 1964. Alger Management is indirectly owned by Alger Associates, Inc. ("Alger Associates"), a financial services holding company. Alger Associates and, indirectly, Alger Management, are controlled by Hilary M. Alger, Nicole D. Alger, and Alexandra D. Alger, who own in the aggregate in excess of 99% of the voting rights of Alger Associates. As of December 31, 2025, Alger Management managed approximately $33.7 billion in assets under management. Alger Management's investment team for its portion of the Portfolio consists of Ankur Crawford, Ph.D. and Patrick Kelly, CFA.

Dr. Crawford has been employed by Alger Management since 2004. She became a portfolio manager and a Senior Vice President in 2010 and an Executive Vice President in 2019. She served as a Vice President and an Analyst for Alger Management from 2007 to 2010, and a Senior Analyst for Alger Management from 2010 to 2016.

Mr. Kelly has been employed by Alger Management since 1999. He became a portfolio manager in 2004, an Executive Vice President in 2008, and the Head of Alger Capital Appreciation and Spectra Strategies in 2015.

***AllianceBernstein***

Wilshire has entered into a subadvisory agreement with AllianceBernstein, dated December 1, 2021, to manage a portion of the Large Company Growth Portfolio, subject to the supervision of Wilshire and the Board. AllianceBernstein is located at 501 Commerce Street, Nashville, Tennessee 37203. AllianceBernstein, an indirect majority-owned subsidiary of Equitable Holdings, Inc., has managed retirement assets for public and private employee benefit plans, public employee retirement funds, investment companies, foundations, endowments, banks, and insurance companies worldwide. As of December 31, 2025, AllianceBernstein managed approximately $866.9 billion in assets under management. AllianceBernstein's investment team consists of John H. Fogarty, CFA and Vinay Thapar, CFA.

John H. Fogarty, CFA, has been employed by AllianceBernstein since 2006. Mr. Fogarty is a Senior Vice President and Portfolio Manager for US Growth Equities, a position he has held since 2009. Mr. Fogarty holds a Bachelor of Arts degree in History from Columbia University and is a CFA charterholder.

Vinay Thapar, CFA, has been employed by AllianceBernstein since 2011. Mr. Thapar is a Senior Vice President and Portfolio Manager for US Growth Equities and the International Healthcare Portfolio. He is also a Senior Research Analyst, responsible for covering global healthcare. Mr. Thapar holds a Bachelor of Arts degree in Biology from New York University and is a CFA charterholder.

***Diamond Hill***

Wilshire entered into a subadvisory agreement with Diamond Hill, dated April 22, 2026, to manage a portion of the Small Company Value Portfolio, subject to the supervision of Wilshire and the Board. Diamond Hill is located at 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215. Diamond Hill is a wholly owned subsidiary of First Eagle Investments. As of December 31, 2025, Diamond Hill managed approximately $29.4 billion in regulatory assets under management. Aaron Monroe manages Diamond Hill's portion of the Small Company Value Portfolio.

Aaron Monroe has a Bachelor of Science degree in Finance, Accounting and Economics from The Ohio State University (cum laude) and holds the CFA designation. He has been an investment professional with Diamond Hill since June 2007. Mr. Monroe currently serves as a Portfolio Manager for Diamond Hill. From 2006 to 2007, Mr. Monroe was a Consulting Group Analyst with Smith Barney. In 2005, Mr. Monroe was an Associate with Duff & Phelps.

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***DoubleLine***

Wilshire has entered into a subadvisory agreement with DoubleLine dated January 8, 2021, to manage a portion of the Income Fund, subject to the supervision of Wilshire and the Board. DoubleLine's principal place of business is located at 333 South Grand Avenue, Suite 1800, Los Angeles, California 90071. DoubleLine was co-founded by Jeffrey E. Gundlach and Philip A. Barach in December 2009 and is an SEC-registered investment adviser. As of December 31, 2025, DoubleLine had approximately $95.6 billion of assets under management.

Day-to-day management of DoubleLine's portion of the Income Fund is the responsibility of Jeffrey E. Gundlach and Jeffrey Sherman. Mr. Gundlach, Chief Executive Office and Chief Investment Officer of DoubleLine, co-founded DoubleLine in December 2009.

Mr. Sherman was named as DoubleLine's Deputy Chief Investment Officer in June 2016. He has been a Portfolio Manager of DoubleLine Capital since September 2010. He has been President of DoubleLine Alternatives LP (f/k/a DoubleLine Commodity LP) since April 2015.

***Hotchkis & Wiley***

Wilshire entered into a subadvisory agreement with Hotchkis & Wiley, dated January 8, 2021, as amended November 3, 2021, to manage a portion of the Large Company Value Portfolio and Small Company Value Portfolio, subject to the supervision of Wilshire and the Board. Hotchkis & Wiley is located at 601 South Figueroa Street, 39th Floor, Los Angeles, California 90017. Hotchkis & Wiley is a limited liability company, the primary members of which are HWCap Holdings, a limited liability company whose members are current and former employees of Hotchkis & Wiley, and Stephens-H&W, LLC, a limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. As of December 31, 2025, Hotchkis & Wiley managed approximately $36.9 billion in regulatory assets under management.

Hotchkis & Wiley's investment team consists of George Davis, Jr., Scott McBride, CFA, and Doug Campbell for the Large Company Value Portfolio.

Hotchkis & Wiley's investment team consists of Judd E. Peters, CFA, and Ryan Thomes, CFA, for the Small Company Value Portfolio.

George Davis, Executive Chairman and Portfolio Manager, has been with Hotchkis & Wiley since 1988. Mr. Davis had been a Chief Executive Officer of Hotchkis & Wiley since 2001. In October 2021, Mr. Davis transitioned to Executive Chairman. Prior to joining Hotchkis & Wiley, Mr. Davis was an assistant to the senior partner of RCM Capital Management. Mr. Davis received his Bachelor of Arts degree in Economics and History and MBA from Stanford University.

Scott McBride, Chief Executive Officer and Portfolio Manager, has been with Hotchkis & Wiley since 2001. Mr. McBride was named President of Hotchkis & Wiley in January 2016. In October 2021, he became Chief Executive Officer. Prior to joining Hotchkis & Wiley, Mr. McBride was an associate consultant with Deloitte Consulting and worked as an investment marketing analyst with Fidelity Investments. Mr. McBride, a CFA charterholder, received his Bachelor of Arts degree in Economics from Georgetown University and MBA from Columbia University.

Doug Campbell, joined Hotchkis and Wiley's investment team in 2017 and has been a Portfolio Manager since 2023. In his role as portfolio manager, Mr. Campbell plays an integral part in the investment research review and decision-making process as well as coordinates the day-to-day management of large cap fundamental value and large cap diversified value portfolios. He also provides expertise in capital goods,technology and energy sectors. Prior to joining the firm, Mr. Campbell was an equity research analyst at Dodge & Cox. After a short period as an entrepreneur, Mr. Campbell continued his equity research career with internships at Causeway Capital Management and Capital Group. Mr. Campbell received his BS in Mathematics and Economics from Stanford University and MBA from the Stanford Graduate School of Business.

Judd Peters is a Portfolio Manager of Hotchkis & Wiley since 2003. He joined Hotchkis & Wiley's predecessor investment advisory firm in 1999 as an equity analyst and became portfolio manager in 2003. Prior to joining Hotchkis & Wiley, Mr. Peters was an analyst in the investment banking division of Wedbush Morgan Securities. Mr. Peters, a CFA charterholder, received his Bachelor of Arts degree in Mathematics and a Bachelor of Science degree in Biochemistry from University of California, San Diego.

Ryan Thomes is a Portfolio Manager of Hotchkis & Wiley since 2018 and served as an analyst of Hotchkis and Wiley from 2008 to 2017. Prior to joining Hotchkis & Wiley, Mr. Thomes was a global equity senior research associate for Jeffrey Slocum and Associates, Inc. He began his investment career as a research analyst at Berthel Schutter LLC. Mr. Thomes, a CFA charterholder, received his Bachelor of Science degree in Entrepreneurial Management and Finance from the University of Minnesota.

***Lazard***

Wilshire entered into a subadvisory agreement with Lazard, dated January 8, 2021, to manage a portion of the International Fund, subject to the supervision of Wilshire and the Board. Lazard is located at 30 Rockefeller Plaza, New York, NY 10112. Lazard, a Delaware limited liability company, is a registered investment advisor and wholly owned subsidiary of Lazard Frères & Co. LLC

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("LF&Co"), a New York limited liability company with one member, Lazard Group, LLC ("Lazard Group") which is a Delaware limited liability company. Interests of Lazard Group are indirectly held by Lazard Inc., a Delaware corporation whose shares are publicly traded on the New York Stock Exchange ("NYSE") under the symbol "LAZ." As of December 31, 2025, Lazard managed approximately $205.3 billion in regulatory assets under management. Lazard's investment team consists of Paul Moghtader, Taras Ivanenko, Alex Lai, Craig Scholl, Ciprian Marin, Peter Kashanek, and Susanne Willumsen.

Paul Moghtader, a Managing Director of Lazard, is a Portfolio Manager/Analyst on various of the Global Advantage portfolio management teams. Prior to joining Lazard in 2007, Mr. Moghtader was Head of the Global Active Equity Group and a Senior Portfolio Manager at State Street Global Advisors ("SSGA"). Mr. Moghtader began his career at Dain Bosworth as a research assistant when he began working in the investment field in 1992. Mr. Moghtader is a Chartered Financial Analyst ("CFA") Charterholder.

Taras Ivanenko, a Director of Lazard, is a Portfolio Manager/Analyst on various of the Global Advantage portfolio management teams. Prior to joining Lazard in 2007, Mr. Ivanenko was a Senior Portfolio Manager in the Global Active Equity group at SSGA. Mr. Ivanenko began working in the investment field in 1995 and is a CFA Charterholder.

Alex Lai, a Director of Lazard, is a Portfolio Manager/Analyst on various of the Global Advantage portfolio management teams. Prior to joining Lazard in 2008, Mr. Lai was a Vice President and Quantitative Portfolio Manager in the Global Active Equity group at SSGA. Mr. Lai began working in the investment field in 2002 and is a CFA Charterholder.

Kurt Livermore, a Director of Lazard, is a Portfolio Manager on various of Lazard's Global Advantage portfolio management teams. Prior to joining Lazard in 2023, Mr. Livermore was Senior Vice President and Portfolio Manager at Acadian Asset Management. Mr. Livermore began working in the investment field in 2015.

Craig Scholl, a Director of Lazard, is a Portfolio Manager/Analyst on various of the Investment Manager's Global Advantage portfolio management teams. Prior to joining the Investment Manager in 2007, he was a Principal and a Senior Portfolio Manager in the Global Active Equity group of State Street Global Advisors (SSGA). Mr. Scholl began working in the investment field in 1984 and is a CFA Charterholder.

Ciprian Marin, a Director of Lazard, is a Portfolio Manager/Analyst on various of the Investment Manager's Global Advantage portfolio management teams. Prior to joining the Investment Manager in 2008, Mr. Marin was a Senior Portfolio Manager at SSGA, managing European, UK and Global funds. He began working in the investment field in 1997.

Peter Kashanek, a Director of Lazard, is a Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1994. Prior to joining Lazard in 2007, Mr. Kashanek was a Principal and a Portfolio Manager in the Global Active Equity group at State SSGA. Previously, Mr. Kashanek was an investment analyst in the Institutional Equity Research Group at Bank of Montreal where he focused on global energy companies. Prior to that, he was an Associate in the Global Equity Research Group at Deutsche Bank Securities. Mr. Kashanek also worked at Reliant Energy in Houston as a member of its Corporate Development team. Mr. Kashanek has an MBA with a concentration in Finance from Vanderbilt University and a BA in Government from St. Lawrence University.

Susanne Willumsen, a Managing Director of Lazard, is a Portfolio Manager/Analyst on various of the Global Advantage portfolio management teams. Prior to joining Lazard in 2008, Ms. Willumsen was Managing Director, Head of Active Equities Europe at SSGA. Ms. Willumsen began working in the investment field in 1993.

***Lord Abbett***

Wilshire has entered into a subadvisory agreement with Lord Abbett, effective January 30, 2025, to manage a portion of the Small Company Growth Portfolio, subject to the supervision of Wilshire and the Board. Lord Abbett is located at 30 Hudson Street, Jersey City, NJ 07302. Founded in 1929, Lord Abbett manages one of the nation's oldest mutual fund complexes. As of December 31, 2025, Lord Abbett managed approximately $247.4 billion in assets under management. Lord Abbett's investment team consists of F. Thomas O'Halloran, Matthew R. DeCicco, Vernon T. Bice, and Benjamin Ebel.

F. Thomas O'Halloran heads Lord Abbett's team for the Small Company Growth Portfolio. Mr. O'Halloran joined Lord Abbett in 2001. Additional members of the Portfolio's team are Matthew R. DeCicco, Vernon T. Bice, and Benjamin Ebel. Messrs. DeCicco, Bice, and Ebel joined Lord Abbett in 1999, 2011, and 2005, respectively.

***Los Angeles Capital***

Wilshire entered into a subadvisory agreement with Los Angeles Capital, dated January 8, 2021, to manage the Index Fund and portions of the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, and the International Fund, subject to the supervision of Wilshire and the Board. Los Angeles Capital is located at 11150 Santa Monica Blvd., Suite 200, Los Angeles, CA 90025. As of December 31, 2025, Los Angeles Capital managed approximately $40.1 billion in assets. Thomas D. Stevens, CFA – Chairman and Senior Portfolio Manager; Hal W. Reynolds, CFA - Co-Chief Investment Officer; Daniel E. Allen, CFA - President, CEO, and Senior Portfolio Manager; Daniel Arche, CFA – Director of Portfolio Strategy and Senior Portfolio Manager, are the senior portfolio managers for the portion of each Portfolio sub-advised by Los Angeles Capital. From 1980 until Los Angeles Capital was formed in April 2002, Mr. Stevens was employed by Wilshire, where

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he served as a Senior Managing Director and Principal. Mr. Reynolds is one of the founding members of Los Angeles Capital, established in 2002, and prior to founding Los Angeles Capital, he was a Managing Director and Principal at Wilshire. Prior to joining Los Angeles Capital in 2009, Mr. Allen was a Senior Managing Director and Board member of Wilshire. Prior to joining Los Angeles Capital in 2007, Mr. Arche worked in the wealth management division of City National Bank.

***Manulife***

Wilshire entered into a subadvisory agreement with Manulife, dated January 8, 2021, to manage a portion of the Income Fund, subject to the supervision of Wilshire and the Board. Manulife is located at 197 Clarendon Street, Boston, MA 02116. Manulife, a Delaware limited liability company, is an indirect, wholly-owned subsidiary of Manulife Financial Corporation. Manulife Financial Corporation is a Canadian-based publicly-held company that is listed on the Toronto Stock Exchange, New York Stock Exchange, Hong Kong Stock Exchange, and Philippine Stock Exchange. As of December 31, 2025, Manulife managed approximately $250.6 billion in assets. Manulife's investment team consists of Thomas C. Goggins, Kisoo Park and Christopher Chapman, CFA, Bradley L. Lutz, CFA, David Bees, CFA, Christopher Smith, CFA, and Kelly Lim, CFA.

Christopher Chapman, CFA, is head of Global Multi-Sector Fixed Income at Manulife. He is a senior managing director, senior portfolio manager and the lead portfolio manager for the company's global multi-sector fixed income strategies, responsible for asset allocation, global bond research and currency management. He is responsible for portfolio management, global sovereign debt and currency research, portfolio construction, and risk management for the company's global multi-sector fixed income strategies. Prior to this position, Mr. Chapman was a senior investment analyst with the Global Multi-Sector Fixed Income Team. Before that, he worked in several other areas of Manulife, including as an investment risk analyst on the Quantitative Research Team. Mr. Chapman began his career at State Street Bank. He earned a BSBA in Management from Stonehill College and an MSF from Boston College. He is a CFA charterholder and a member of CFA Society Boston, Inc.

Thomas C. Goggins is a senior managing director and senior portfolio manager on the Global Multi-Sector Fixed Income Team at Manulife. He is responsible for portfolio management, global bond research, security selection and risk management for the company's global multi-sector fixed income strategies. Prior to joining the company, Mr. Goggins held positions at Putnam Investments, Transamerica Investments, SAC Capital and Fontana Capital. He earned a BBA from the University of Wisconsin and an MA in Finance and Accounting from Northwestern University's JL Kellogg Graduate School of Management.

Kisoo Park is a managing director and portfolio manager on the Global Multi-Sector Fixed Income Team at Manulife. He is responsible for portfolio management, global bond research and currency management for the company's global multi-sector fixed income strategies. Mr. Park joined Manulife from a hedge fund firm based in Hong Kong, where he was a founding member and COO. Prior to that, he was the CIO responsible for tactical asset allocation investing in global equities, fixed income, commodities, FX and interest rate asset classes at Prince Asset Management, Hong Kong. Earlier in his career, Mr. Park held positions at Bank of Montreal, Fleet National Bank, Morgan Stanley and Bank of New England, where he began his career specializing in treasury products, FX and interest rate trading. He earned a BA in Economics from Tufts University and attended The University of Chicago Booth School of Business.

Bradley L. Lutz, CFA, is a portfolio manager on the Global Multi-Sector Fixed Income Team at Manulife. Currently he is a portfolio manager on the preferred income team since 2017 and previously he was a senior investment analyst, supporting the company's fixed-income strategies by providing expertise in the power and utility, aerospace and defense, and industrials segments. Prior to joining Manulife, he worked for Summit Investment Partners, where he had research, trading, and portfolio management responsibilities for high-yield and investment-grade corporate bonds and, prior to that, he was with Pacholder Associates as a high-yield credit analyst. He earned a BS in Finance from Miami University and holds the Chartered Financial Analyst designation.

David Bees, CFA, is a portfolio manager on the firm's global multi-sector fixed income team and is also responsible for managing the firm's dedicated securitized strategies. Previously, Mr. Bees provided research and analysis for nonagency residential mortgage- and asset-backed securities, and prior to that, he was responsible for all mortgage securities trading at the company. He began his career at FleetBoston Financial. Mr. Bees holds the Chartered Financial Analyst designation and is a member of the CFA Society Boston.

Christopher Smith, CFA, is responsible for portfolio management, global bond and currency management for the firm's global multi-sector fixed income strategies. Previously, he held various roles on the team, including senior investment analyst, implementation analyst, and client portfolio manager. Prior to joining the company, Mr. Smith held various positions at Pioneer Investments and State Street, where he began his career. He holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations and is a member of the CFA Society Boston and the CFA Institute. Mr. Smith also achieved the Certificate in ESG Investing from the CFA Society United Kingdom.

Kelly Lim, CFA, is responsible for portfolio management, global bond and currency management for the firm's global multi-sector fixed income strategies. A specialist in Asia fixed income, she rejoined Manulife following a five-year stint at Fidelity International as a senior trader, where she covered local rates (cash and derivatives), hard currency sovereigns, and ex-China investment-grade and high-yield corporates. Prior to that, Ms. Lim spent four years as an investment analyst on Manulife Investment Management's Strategic Fixed Income team. She's based in Hong Kong and holds the Chartered Financial Analyst designation.

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***MFS***

Wilshire has entered into a subadvisory agreement with MFS, dated January 20, 2021, to manage a portion of the Large Company Value Portfolio, subject to the supervision of Wilshire and the Board. MFS is located at 111 Huntington Avenue, Boston, MA 02199. MFS is America's oldest mutual fund organization. MFS and its predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company). As of December 31, 2025, MFS managed approximately $651 billion in assets under management. MFS's investment team for the Portfolio consists of Benjamin Stone and Philip Evans.

Benjamin Stone, Investment Officer of MFS, serves as Portfolio Manager of the Portfolio. Mr. Stone has served as Portfolio Manager since January 2021 and has been employed in the investment area of MFS since 2005.

Philip Evans, Investment Officer of MFS, serves as Portfolio Manager of the Portfolio. Mr. Evans has served as Portfolio Manager since February 2025 and has been employed in the investment area of MFS since 2011.

***Pzena***

Wilshire entered into a subadvisory agreement with Pzena, dated January 8, 2021, to manage a portion of the International Fund, subject to the supervision of Wilshire and the Board. Pzena is located at 320 Park Avenue, 8th Floor, New York, New York 10022. As of December 31, 2025, Pzena managed approximately $85.6 billion in assets.

Pzena's investment team consists of Caroline Cai, Allison Fisch, John Goetz, and Rakesh Bordia for the International Fund.

Ms. Cai is a Managing Principal, Chief Executive Officer, and Portfolio Manager for the Global, International, and Emerging Markets strategies, and the Financial Opportunities service. Prior to joining Pzena Investment Management in 2004, Ms. Cai was a senior analyst at AllianceBernstein LLP, and a business analyst at McKinsey & Company.

Ms. Fisch is a Managing Principal, President, and Portfolio Manager for the International and Emerging Markets strategies. Prior to joining Pzena Investment Management in 2001, Ms. Fisch was a business analyst at McKinsey & Company.

Mr. Goetz is a Managing Principal and Co-Chief Investment Officer of Pzena, as well as serving as a Portfolio Manager for the Global, International, European, and Japan Focused Value strategies. Prior to joining Pzena Investment Management in 1996, Mr. Goetz held a range of key positions at Amoco Corporation, his last as the Global Business Manager for Amoco's $1 billion polypropylene business where he had bottom-line responsibility for operations and development worldwide.

Mr. Bordia is a Principal and Portfolio Manager for the International and Emerging Markets strategies. Prior to joining Pzena Investment Management in 2007, Mr. Bordia was a principal at Booz Allen Hamilton focusing on innovation and growth strategies, and a software engineer at River Run Software Group.

***Ranger***

Wilshire entered into an initial subadvisory agreement with Ranger, dated September 19, 2007, and as amended January 8, 2021, to manage a portion of the Small Company Growth Portfolio, subject to the supervision of Wilshire and the Board. Ranger is located at 8115 Preston Road, Suite 590, Dallas, Texas 75225. As of December 31, 2025, Ranger managed approximately $1.5 billion in discretionary assets. W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough are primarily responsible for the day-to-day management of Ranger's allocated portion of the Small Company Growth Portfolio's assets.

Mr. Doenges joined Ranger Investments in 2004, and serves as Chief Investment Officer and Portfolio Manager. Mr. Doenges also has primary research responsibility for consumer discretionary and consumer staples companies. Prior to joining Ranger Investments, Mr. Doenges served as a partner, Managing Director and Co-Chief Investment Officer for John McStay Investment Counsel. Mr. Doenges was employed by John McStay Investment Counsel from 1998 to 2004.

Mr. Hill joined Ranger Investments in 2002 and currently serves as President and Portfolio Manager. Prior to becoming a Portfolio Manager in 2017, Mr. Hill served as a Sector Manager at Ranger Investments. Mr. Hill's primary research focus is on financial services, oil, gas, and energy. From 2002 to 2003, Mr. Hill served as a Research Analyst for investment funds affiliated with Ranger Capital Group.

Mr. LaBate joined Ranger Investments in 2002 and currently serves as Managing Director and Portfolio Manager. Prior to becoming a Portfolio Manager in 2017, Mr. LaBate served as a Sector Manager at Ranger Investments. Mr. LaBate's primary research focus is on healthcare and industrials. In 2002, Mr. LaBate served as a Portfolio Manager for RedHawk Advisors LLC and conducted fundamental equity research with a focus on small-cap healthcare securities.

Mr. McCullough joined Ranger Investments in 2015 and currently serves as Director and Portfolio Manager. Prior to becoming a Portfolio Manager, Mr. McCullough served as a sector Manager at Ranger Investments with his primary research focus on technology. Between 2013 and 2014, Mr. McCullough served as a Senior Analyst for Cortex Capital Partners, where he was responsible for covering all major sectors, and maintained a primary focus on technology.

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***Voya***

Wilshire entered into a subadvisory agreement with Voya, dated January 8, 2021, to manage a portion of each of the Income Fund, the Large Company Growth Portfolio, the Large Company Value Portfolio, and the International Fund, subject to the supervision of Wilshire and the Board. Voya is located at 230 Park Avenue, New York, NY 10169. Voya, a Delaware limited liability company, is a wholly-owned subsidiary of Voya Investment Management LLC ("Voya IM LLC"), a registered investment adviser, which, in turn, is a wholly-owned subsidiary of Voya Holdings Inc. ("Voya Holdings"). Voya Holdings is a wholly-owned subsidiary of Voya Financial, Inc., a publicly traded company. Voya Financial, Inc. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries. As of December 31, 2025, Voya IM LLC managed approximately $360.1 billion in assets. Voya's investment team consists of Raj Jadav, CFA, Sean Banai, CFA, Vinay Viralam, CFA, and Anuranjan Sharma.

Raj Jadav, CFA, Portfolio Manager, and Portfolio Manager at Voya, joined Voya in 2019. Prior to joining Voya, Mr. Jadav was a senior product specialist at Allianz Global Investors. Prior to that, Mr. Jadav was a portfolio manager at AllianceBernstein where he held various positions managing US multi-sector, US TIPS, stable value, global multi-sector and municipal money market portfolios.

Sean Banai, CFA, Portfolio Manager, and head of portfolio management for the fixed-income platform at Voya, joined Voya in 1999. Previously, Mr. Banai was a senior portfolio manager and prior to that he served as head of quantitative research for proprietary fixed income.

Brian Timberlake, Ph.D., CFA, Portfolio Manager, is currently Head of Fixed Income Research at Voya. Prior to this position, Mr. Timberlake was Head of Quantitative Research and prior to that he served as Senior Quantitative Analyst. Mr. Timberlake joined Voya in 2003.

***WCM***

Wilshire entered into a subadvisory agreement with WCM, dated January 8, 2021, to manage a portion of the International Fund, subject to the supervision of Wilshire and the Board. WCM was founded in 1976 and its principal address is 281 Brooks Street, Laguna Beach, California 92651. WCM is registered with the U.S. Securities and Exchange Commission and provides investment advice to institutional and high net worth individual clients. WCM had approximately $117.6 billion in assets under management as of December 31, 2025.

WCM's portion of the International Fund is team-managed by members of WCM's Investment Strategy Group (the "ISG"), which consists of four investment professionals. Current members of the ISG are Sanjay Ayer, Paul R. Black, Michael B. Trigg, and Jon Tringale. These managers share portfolio management responsibilities and all investment purchase and sale decisions are made by the ISG.

Sanjay Ayer, CFA has served as a Portfolio Manager and Business Analyst for the Advisor since 2007. He is a member of WCM's ISG and his primary responsibilities include portfolio management and equity research.

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

Michael B. Trigg has served as a President since 2022 and Portfolio Manager for the WCM since 2006. He is a member of WCM's ISG and his primary responsibilities include portfolio management and equity research.

Jon Tringale joined WCM in 2015 and has served as a Portfolio Manager for WCM since 2022. He is a member of WCM's ISG and his primary responsibility is portfolio management for WCM's global, fundamental growth strategies.

**Service and Distribution Plan**

**Service and Distribution Plan.** Each Portfolio has adopted a Service and Distribution Plan pursuant to Rule 12 b-1 of the 1940 Act for its Investment Class shares (the "Plan"). The Plan authorizes payments by the Investment Class Shares annually of up to 0.25% of the average daily net assets attributable to each Portfolio's Investment Class Shares to finance distribution of those shares and services to its shareholders. Payments may be made under the Plan to securities dealers and other financial intermediaries who provide services such as answering shareholders' questions regarding their accounts, providing shareholders with account statements and trade confirmations and forwarding prospectuses and shareholder reports. Distribution expenses covered by the Plan include marketing and advertising expenses and the costs of printing prospectuses for prospective investors. Because these fees are paid out of a Portfolio's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost more than other types of sales charges.

**Shareholder Services Plan.** Each Portfolio has also adopted a shareholder services plan for both its Investment Class Shares and Institutional Class Shares for certain non-distribution shareholder services provided by financial intermediaries. The shareholder services plan authorizes annual payments of up to 0.20% of the average daily net assets attributable to each of the Investment Class Shares and Institutional Class Shares.

**SHAREHOLDER INFORMATION**

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**How To Buy Portfolio Shares**

You may buy shares without a sales charge on any day when the NYSE is open for business (referred to as a business day). We reserve the right to reject or limit any purchase order or suspend the offering of a Portfolio's shares if we believe it is in a Portfolio's best interests to do so. The Portfolios do not issue share certificates.

***Minimum Investments***

The minimum initial investments in a Portfolio are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Investment Class Shares.</u> The minimum initial investment in each Style Portfolio, the International Fund, and the Income Fund is $2,500 or $1,000 if you are a client of a securities dealer, bank or other financial institution which has made an aggregate minimum initial purchase for its customers of at least $2,500. The minimum initial investment in the Index Fund is $1,000. Subsequent investments for all Portfolios must be at least $100. The minimum investments do not apply to certain employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Institutional Class Shares.</u> The minimum initial investment is $250,000 for all Portfolios. Subsequent investments must be at least $100,000.

Shares of the Funds have not been registered for sale outside of the United States. The Funds 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.

We may set different investment minimums for certain securities dealers, banks, and other financial institutions that provide omnibus processing for the Portfolios in fee-based mutual fund programs.

Your initial investment must be accompanied by an Account Application. You may obtain an Account Application by calling 1-866-591-1568 or by downloading a copy from the Portfolio's website. We may waive or change investment minimum requirements at any time.

You may purchase shares through your financial adviser or brokerage account simply by telling your adviser or broker that you wish to purchase shares of a Portfolio. Your adviser or broker will then transmit a purchase order and payment to a Portfolio on your behalf. Your adviser or broker may require a different minimum investment or impose additional limitations on buying and selling shares and may charge a service or transaction fee. Institutional Class Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Class Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

You also may purchase shares directly from us as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>By Telephone.</u> Investors may purchase additional shares of the Portfolio by calling 1-866-591-1568. Unless you declined this option on your account application, and your account has been open for at least 7 days, telephone orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network. You must have banking information established on your account prior to making a purchase. If your order is received prior to 4 p.m. Eastern time, your shares will be purchased at the net asset value calculated on the day your order is placed.

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

Before executing an instruction received by telephone, U.S. Bancorp Fund Services, LLC (the "Transfer Agent") will use reasonable procedures to confirm that the telephone instructions are genuine. The telephone call may be recorded, and the caller may be asked to verify certain personal identification information. If a Portfolio or its agents follow these procedures, they cannot be held liable for any loss, expense or cost arising out of any telephone redemption request that is reasonably believed to be genuine. This includes fraudulent or unauthorized requests. If an account has more than one owner or authorized person, the Portfolio will accept telephone instructions from any one owner or authorized person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Checks.</u> Checks should be made payable to "Wilshire Mutual Funds, Inc." For subsequent investments, your Portfolio account number should appear on the check. Payments should be mailed to:

Wilshire Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

If you are mailing via overnight courier:

Wilshire Funds

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

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Kansas City, MO 64105-1307

Include your investment slip or, when opening a new account, your Account Application, indicating the name of the Portfolio. All checks must be in U.S. Dollars drawn on a domestic bank. The Portfolio will not accept payment in cash or money orders. The Portfolio does not accept post-dated checks or any conditional order or payment. To prevent check fraud, the Portfolio will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Transfer Agent will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Portfolio, for any payment that is returned.

***The Portfolios do not consider the U.S. Postal Service or other independent delivery services to be its agent. 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 Portfolio. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Wire Payments.</u> To purchase by wire, the Transfer Agent must have a completed account application before your wire is sent. A purchase order will not be accepted until the Portfolio has received the completed application and any requested documentation in proper form. Wired funds must be received by 4:00 p.m. Eastern Time to be eligible for same day pricing. Call the Transfer Agent at 1-866-591-1568 between 9:00 a.m. and 6:00 p.m. Eastern Time on any day the New York Stock Exchange is open for business to advise of your intent to wire. This will ensure proper credit. Instruct your bank to wire funds to:

U.S. Bank, N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA: 075000022

Credit:

U.S. Bank Global Fund Services

Account #: 112-952-137

Further Credit:

(name of Portfolio to be purchased)

(shareholder registration)

(shareholder account number)

The Portfolios 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Automatic Investment Plan (Investment Class Shares only).</u> Once your account has been opened you may make additional purchases at regular intervals through the Automatic Investment Plan. This Plan provides a convenient method to have monies deducted from your bank account, for investment into the Portfolio, on a monthly or bi-monthly basis. In order to participate in the Plan, each purchase must be in the amount of $100 or more, and your financial institution must be a member of the Automated Clearing House (ACH) network. If your bank rejects your payment, the Portfolio's Transfer Agent will charge a $25 fee to your account. To begin participating in the Plan, please complete the Automatic Investment Plan section on the account application or call the Portfolio's Transfer Agent at 1-866-591-1568 for instructions. Any request to change or terminate your Automatic Investment Plan should be submitted to the Transfer Agent 5 days prior to the effective date.

**How To Sell Portfolio Shares**

You may sell your shares back to a Portfolio (known as redeeming shares) on any business day for most funds without a redemption fee. If shares of the International Fund are sold or exchanged within 60 days of their purchase, a redemption fee of 1.00% of the value of the shares sold or exchanged will be assessed. The International Fund will employ the "last in, first out" method to calculate the 60-day holding period. The redemption fee does not apply to (i) shares purchased through reinvested distributions (dividends and capital gains); (ii) shares held through 401(k) or other retirement plans; (iii) redemptions and exchanges by other funds in the Wilshire Funds Complex (iv) redemptions and exchanges by financial intermediaries for which Wilshire creates portfolio models that include the International Fund; and (iv) investments through certain financial intermediaries.

The redemption fee is retained by the International Fund to help pay transaction and tax costs that long-term investors may bear when the International Fund incurs brokerage or other transaction expenses and/or realizes capital gains because of selling securities to meet investor redemptions. International Fund shareholders are subject to this 1.00% short-term trading redemption fee whether they are direct shareholders or invest indirectly through a financial intermediary such as a broker-dealer, a bank, or an investment adviser. Currently, the International Fund is limited in its ability to ensure that the redemption fee is imposed by financial intermediaries on behalf of their customers. For example, where a financial intermediary is not able to determine if the redemption fee applies or is not able to impose or collect the fee, or omits to collect the fee at the time of redemption, the Portfolio will not receive the redemption fee. Further, if International Fund shares are redeemed by a financial intermediary at the direction of its customer(s), the International Fund may not know whether a redemption fee is applicable or the identity of the customer(s) who should pay the redemption fee. The

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International Fund reserves the right to modify or eliminate the redemption fee at any time provided that shareholders receive notice of any material change to the Portfolio's redemption fee policy. Further, the Portfolio or the Adviser may waive the fee at their discretion if either deems the waiver appropriate under the circumstances.

Please note that the Company seeks to prohibit short-term trading, as described under "Right to Reject Purchase or Exchange Orders" below, and if you redeem newly purchased shares, the Company reserves the right to reject any further purchase orders from you. A Portfolio may temporarily stop redeeming its shares when the NYSE is closed or trading on the NYSE is restricted, when an emergency exists and the Portfolio cannot sell its shares or accurately determine the value of its assets, or if the SEC orders the Portfolio to suspend redemptions. We reserve the right to impose a redemption fee in the future.

You may redeem your shares in a Portfolio as follows:

(1)<u>By Telephone.</u> You may redeem your shares by telephone unless you have declined this option on your Account Application. Call 1-866-591-1568 with your account number, the amount of redemption and instructions as to how you wish to receive your funds. In order to arrange for telephone redemptions after an account has been opened or to change the bank account or address designated to receive redemption proceeds, a written request must be sent to the Transfer Agent. The request must be signed by each shareholder of the account and may require a signature guarantee, signature verification from a Signature Validation Program member, or other form of signature authentication from a financial institution source. Further documentation may be requested from corporations, executors, administrators, trustees and guardians.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Telephone Redemption by Check.</u> We will make checks payable to the name in which the account is registered and normally will mail the check to you at your address of record on the business day after the redemption request is received in good order and prior to market close. Any request for redemption proceeds made within 30 calendar days of changing your address of record must be in writing with the signature guaranteed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Telephone Redemption by Wire.</u> We accept telephone requests for wire redemptions of at least $1,000 per Portfolio. We will send a wire to either a bank designated on your Account Application or in a subsequent letter with a guaranteed signature. Your designated bank must be a member of the Federal Reserve System or a correspondent bank. We normally wire proceeds on the next business day after we receive your request. Your bank may charge you a fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Automated Clearing House (ACH) Redemption.</u> Redemption proceeds can be sent to your bank account by ACH transfer. You can elect this option by completing the appropriate section of the Account Application. There is no minimum per ACH transfer. Proceeds will generally be sent on the next business day and may take 2 to 3 business days to be credited to your account.

Shares held in IRA or other retirement plan accounts may be redeemed by telephone. Investors will be asked whether or not to withhold taxes from any distribution.

Once a telephone transaction has been placed, 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 Portfolio will accept telephone instructions from any one owner or authorized person. Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

(2)<u>By Mail.</u> You may also redeem your shares by mailing a request to the address indicated below. The Portfolio(s) typically send the redemption proceeds on the next business day (a day when the NYSE is open for normal business) after the redemption request is received in good order and prior to market close, regardless of whether the redemption proceeds are sent via check, wire, or automated clearing house (ACH) transfer. While not expected, payment of redemption proceeds may take up to seven days. Your letter should state the name of the Portfolio and the share class, the dollar amount or number of shares you are redeeming, and your account number. You must sign the letter in exactly the same way the account is registered and if there is more than one owner of shares, all owners must sign. Additional documents are required for certain type of redemptions such as redemptions from corporations, partnerships, or from accounts with executors, trustees, administrations or guardians.

You may have a check sent to the address of record, or, if previously established on your account, you may have proceeds sent by wire or electronic funds transfer through the ACH network directly to your bank account. Wires are subject to a $15 fee paid by the investor and your bank may charge a fee to receive wired funds. You do not incur any charge when proceeds are sent via the ACH network; however, credit may not be available in your bank account for two to three days.

In addition, 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% federal income tax withholding and any applicable state withholding.

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Regular Mail&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overnight Delivery

c/o U.S. Bank Global Fund Services&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o U.S. Bank Global Fund Services

P.O. Box 219252&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64121-9552&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City, MO 64105-1307

The Portfolios do not consider the U.S. Postal Service or other independent delivery services to be its agent. 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 Portfolio. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

<u>Signature Guarantees.</u> Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

A signature guarantee, from either a Medallion program member or a non-Medallion program member, is required in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ownership is being changed on your account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When redemption proceeds are payable or sent to any person, address or bank account not on record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a redemption is received by the Transfer Agent and the account address has changed within the last 30 calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all redemptions in excess of $50,000.

In addition to the situations described above, each Portfolio and/or the Transfer Agent reserve the right to require a signature guarantee 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 guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source.

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

<u>Involuntary Redemption.</u> We may redeem all shares in your account if their value falls below $500 in the case of Investment Class Shares or $150,000 in the case of Institutional Class Shares, as a result of redemptions (but not as a result of a decline in their NAV). We will notify you in writing and give you 45 days to increase the value of your account to at least $500 in the case of Investment Class Shares and $150,000 in the case of Institutional Class Shares.

<u>Redemption Proceeds.</u> If you purchased your shares by check or electronic funds transfer through the ACH network, the Portfolio will not be able to send your redemption proceeds until the purchase amount has cleared. This may take up to 15 business days. This delay will not apply if you purchased your shares via wire payment.

Generally, all redemptions will be paid in cash. The Portfolios typically expect to satisfy redemption requests by using holdings of cash or cash equivalents or selling Portfolio assets. The Portfolios may borrow under a line of credit to meet redemption requests.

In addition to paying redemption proceeds in cash, the Portfolio reserves the right to make redemptions in-kind (by redeeming shares for securities rather than cash). Redemptions in-kind will be made only under extraordinary circumstances and if Wilshire and a Portfolio's subadviser(s) deem it advisable for the benefit of all shareholders, such as a very large redemption that could affect Portfolio operations. A redemption in-kind will consist of securities equal in market value to the Portfolio shares being redeemed, using the same valuation procedures that the Portfolio uses to compute its NAV. Redemptions in-kind are subject to federal income tax in the same manner as redemptions paid in cash.

Under normal market conditions, redemption in-kind transactions will typically be made by delivering readily marketable securities to the redeeming shareholder within 7 days after the Portfolio's receipt of the redemption order in proper form. Marketable securities are assets that are regularly traded or where updated price quotations are available. Certain securities may be valued using estimated prices from one of the Company's approved pricing agents.

You will bear the market risks associated with maintaining or selling the securities that are redeemed in-kind. In addition, when you sell these securities, you may pay taxes and brokerage charges associated with the sale.

<u>Telephone Transactions.</u> If you authorize telephone transactions, you may be responsible for any fraudulent telephone transaction in your account if the Company and its service providers follow reasonable procedures to protect against unauthorized transactions. All telephone calls are recorded for your protection and you will be asked for information to verify your identification. You may have difficulty reaching us by telephone to request a redemption of your shares. In that case you may mail your redemption request to the address stated above.

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**Pricing of Shares**

When you purchase shares of either class of a Portfolio, the price you pay per share is the NAV of the shares next determined after we receive your purchase request and payment in good order. Similarly, the price you receive when you redeem your shares is the NAV of the shares next determined after proper redemption instructions are received. Applications for purchase of shares and requests for redemption of shares received after the close of trading on the exchange will be based upon the net asset value as determined as of the close of trading on the next day the exchange is open. We calculate the NAV per share of each class of each Portfolio at the close of regular trading on the NYSE (generally, 4:00 p.m. Eastern time) on each business day. Portfolio shares are not priced on the days on which the NYSE is closed for trading. NAV per share of a class of shares of a Portfolio is calculated by adding the value of the individual securities and other assets held by the Portfolio, subtracting the liabilities of the Portfolio attributable to that class, and dividing by the total number of the shares outstanding of that class of the Portfolio.

A security listed or traded on a domestic exchange is valued at its last sales price or closing price if available on the exchange where it is principally traded. In the absence of a current quotation, the security is valued at the mean between the last bid and asked prices on the exchange. Securities traded on the NASDAQ system are valued at the official NASDAQ closing price. If there is no NASDAQ official closing price available, the most recent bid quotation is used. Securities traded OTC (other than on NASDAQ) are valued at the last current sale price. Equity securities primarily traded on a foreign exchange or market are valued daily at the price, which is an estimate of the fair value price, as provided by an independent pricing service. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Company's pricing agent, if available, and otherwise are valued at amortized cost if the Adviser, the Company's Valuation Designee, concludes it approximates fair value. When market quotations are not readily available, securities are valued according to procedures approved by the Board or are valued at fair value as determined in good faith by the Adviser. Securities whose values are considered unreliable because a significant valuation event has occurred may be valued at fair value by the Adviser. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

**How to Exchange Portfolio Shares**

You may exchange your shares in a Portfolio for shares in an identically registered account of the same class of another Portfolio. You also may exchange shares of one class for shares in an identically registered account of another class of the same Portfolio, provided you meet the eligibility requirements (including minimum investment amounts) for purchase. Shares will be exchanged at their NAV next determined after the exchange request is received. Note that exchanges from one Portfolio to another Portfolio are taxable transactions for federal income tax purposes while exchanges from one class to another class of the same Portfolio are generally not taxable transactions. The Company currently offers in other prospectuses other classes of shares of the Index Fund, which are subject to the same management fees and other expenses but may be subject to different distribution and/or shareholder servicing fees.

You may exchange shares through your financial adviser or broker or directly through the Company as follows:

(1)&nbsp;&nbsp;&nbsp;&nbsp;By Mail. You may make an exchange by writing to Wilshire Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252. Your letter should state the name of the Portfolio and share class you are exchanging, the number of shares you are exchanging and the name of the Portfolio and share class you are acquiring, as well as your name, account number and taxpayer identification or social security number. The signature of all owners exactly as registered on the account must be included on written requests.

(2)&nbsp;&nbsp;&nbsp;&nbsp;By Telephone. Call us at 1-866-591-1568 and provide the information stated above under "By Mail". You may exchange share by telephone, unless you have declined this option on your Account Application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We reserve the right to reject any exchange request in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may modify or terminate the availability of exchanges at any time with notice to shareholders.

You should read the prospectus of a Portfolio whose shares you are acquiring.

**Anti-Money Laundering Program**

The Company is required to comply with various federal anti-money laundering laws and regulations. Consequently, the Company may be required to hold the account of an investor if the investor appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Company may be required to transfer the account or proceeds of the account to a government agency. In compliance with the USA Patriot Act of 2001, please note that the Transfer Agent will verify certain information on your Account Application as part of the Portfolio's Anti-Money Laundering Program. As requested on the Application, you must supply your full name, date of birth, social security number and permanent street address. 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 1-866-591-1568 if you need additional assistance when completing your Application.

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If we do not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, a Portfolio reserves the right to redeem your account at the current day's net asset value. The Company reserves the right to place limits on transactions in any account until the identity of the investor is verified; to refuse an investment in a Portfolio or involuntarily redeem an investor's shares and close an account in the event that an investor's identity is not verified; or suspend the payment of withdrawal proceeds if it is deemed necessary to comply with anti-money laundering regulations. The Company and its agents will not be responsible for any loss resulting from the investor's delay in providing all required identifying information or from closing an account and redeeming an investor's shares when an investor's identity cannot be verified.

**Right to Reject Purchase or Exchange Orders**

You should make purchases and exchanges for investment purposes only. Short-term or other excessive trading into and out of the Portfolios may harm performance by disrupting portfolio management strategies and by increasing expenses. Accordingly, the Board has adopted a policy pursuant to which the Company attempts to prohibit market timing. The Company does not accommodate market timing and reserves the right to restrict, reject or cancel, without any prior notice, any purchase or exchange order, including transactions representing excessive trading. In general, the Company considers redemptions of shares within five days of purchase to be excessive, and it may limit exchange activity to four exchanges within one calendar year period. Exceptions to this limitation may be made for certain redemptions that do not indicate market timing strategies, such as portfolio rebalancing programs of institutional investors and systematic withdrawal programs, subject to approval by the Company's Chief Compliance Officer. To the extent practicable, such restrictions are applicable to omnibus accounts, as well as accounts held by shareholders directly with the Company. Wilshire contractually requires that financial intermediaries which hold omnibus accounts in the Portfolios provide best efforts in assisting Wilshire in determining whether any market timing activity is occurring and allowing Wilshire to reject trades from any individuals engaging in what it deems to be excessive trading. If the Company rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed.

Shareholders seeking to engage in excessive trading practices may use a variety of strategies to avoid detection and, despite the efforts of the Company to prevent excessive trading, there is no guarantee that the Company or its agents will be able to identify such shareholders or curtail their trading practices. The ability of the Company and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. In addition, the Portfolios receive purchase, exchange and redemption orders through financial intermediaries and cannot always know or reasonably detect excessive trading which may be facilitated by these intermediaries or by the use of omnibus account arrangements.

**Householding Policy**

In order to reduce printing and mailing expenses, only one copy of each prospectus (or, if applicable, each notice of electronic accessibility thereof) will be sent to all related accounts at a common address. Shareholders may revoke their consent to householding at any time by calling 1-866-591-1568. Within 30 days of receipt of a shareholder's revocation, the Company will begin mailing individual copies of the prospectus to the shareholder's attention.

**Lost Shareholders, Inactive Accounts and Unclaimed Property**

It is important that the Portfolios 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 Portfolios. Based upon statutory requirements for returned mail, the Portfolios will attempt to locate the investor or rightful owner of the account. If the Portfolios 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 Portfolios 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 1-866-591-1568 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 Portfolio to complete a Texas Designation of Representative form.

**DIVIDEND AND DISTRIBUTION INFORMATION**

Each Portfolio, except the Income Portfolio, intends to pay any dividends and capital gains distributions at least once a year. The Income Fund intends to declare any dividends and distribute its net investment income on a quarterly basis and any capital gains annually. You may have dividends or capital gains distributions of a Portfolio automatically reinvested at NAV in additional shares of the Portfolio, or you may elect to receive them in cash. The election will be made at the time you complete your Account Application. You may change this election by notifying us in writing or by calling at least five days prior to the record date for a particular dividend or distribution. 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 Portfolio reserves the right to reinvest the distribution check in your account, at the Portfolio's current net asset value, and to reinvest all subsequent distributions. There are no sales or other charges for

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the reinvestment of dividends and capital gains distributions. There is no fixed dividend rate, and there can be no assurance that a Portfolio will pay any dividends or realize any capital gains. Dividends and distributions may differ for different classes of a Portfolio.

The value of your shares will be reduced by the amount of any dividends and distributions. If you purchase shares of a Portfolio shortly before the record date for a dividend or distribution of capital gains, you will pay the full price for the shares and receive some portion of the price back as a taxable dividend or distribution.

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**FEDERAL INCOME TAX INFORMATION**

A Portfolio's distributions will consist of net investment income and capital gains, which are generally taxable to you in the year when they are received (although please note the discussion in the following paragraph). Dividends out of net investment income, other than "qualified dividend income," and distributions of recognized net capital gains (*i.e.*, net long-term capital gains in excess of net short-term capital losses) are taxable to you as ordinary income for federal income tax purposes. Distributions of qualified dividend income (*i.e.*, generally dividends received by a Portfolio from domestic corporations and certain foreign corporations) will generally be taxed to U.S. shareholders that are individuals and other noncorporate U.S. shareholders at federal income tax rates applicable to long-term capital gains, provided certain holding period and other requirements are met at both the Portfolio and shareholder levels. Distributions of net capital gains (*i.e.*, the excess of net long-term capital gains over net short-term capital losses) are taxable to you at long-term capital gain rates, regardless of how long you have held your shares of a Portfolio.

A Portfolio's distributions will be subject to federal income tax whether you receive them in cash or reinvest them in additional shares of a Portfolio. Any distributions declared in October, November or December to shareholders of record as of a date in one of those months and paid during the following January are treated for federal income tax purposes as if received on December 31 of the calendar year declared. Each Portfolio will notify its shareholders each year of the amount and type of dividends and distributions it paid.

When you redeem or exchange shares of a Portfolio, it generally is considered a taxable event for federal income tax purposes. Any gain or loss you realize upon a redemption or exchange of shares of a Portfolio will generally be treated as long-term capital gain or loss if the shares have been held for more than one year and, if not held for such period, as short-term capital gain or loss. Short-term capital gains are taxable at ordinary federal income tax rates. Long-term capital gains are taxable to U.S. shareholders that are individuals and other noncorporate U.S. shareholders at a maximum federal income tax rate of 20%. Your ability to utilize capital losses for federal income tax purposes is subject to various limitations.

An additional 3.8% Medicare contribution tax is imposed on certain net investment income (including dividends and capital gain distributions received from a Portfolio and net gains from redemptions or other taxable dispositions of shares of a Portfolio) of U.S. shareholders that are individuals, estates and trust 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.

When you open an account, Internal Revenue Service ("IRS") regulations require that you provide your taxpayer identification number ("TIN"), certify that it is correct, and certify that you are not subject to backup withholding under IRS regulations. If you fail to provide your TIN or the proper tax certifications, each Portfolio is required to withhold 24% of all the distributions (including dividends and capital gain distributions), sales proceeds, redemption proceeds, and any other payments paid to you. Each Portfolio is also required to begin backup withholding on your account if the IRS instructs it to do so. Amounts withheld may be applied to your federal income tax liability and you may obtain a refund from the IRS if withholding results in an overpayment of federal income tax for such year.

As with any investment, you should consider how your investment in shares of a Portfolio will be taxed. The foregoing discussion summarizes certain U.S. federal income tax consequences solely for shareholders (i) who are beneficial owners of the shares of a Portfolio, (ii) hold such shares as capital assets and (iii) are United States persons (as such term is defined in the Internal Revenue Code of 1986, as amended) other than partnerships and other than investors that are subject to special tax treatment (such as financial institutions, real estate investment trusts, regulated investment companies and retirement plans) (collectively, "U.S. shareholders"), except as otherwise specifically provided herein. The foregoing discussion is only a general summary of some of the important federal income tax considerations affecting you as a shareholder. It is not intended to be a full discussion of all federal income tax laws and their effect on shareholders. Shareholders should consult their tax advisors as to the federal, state, local and foreign tax consequences of ownership of any Portfolio shares before making an investment in such Portfolio.

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**FINANCIAL HIGHLIGHTS**

The following financial highlights tables are intended to help you understand the financial performance of each Portfolio's shares for the past five fiscal years or since the Portfolio's inception. Certain information reflects the financial performance of a single share of a Portfolio. The total returns in each table represent the rate that an investor would have earned or lost on an investment in a Portfolio (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen & Company, Ltd., the Portfolios' independent registered public accounting firm whose report, along with each Portfolio's financial statements and related notes, is included in the Portfolios' <u>[Form N-CSR](https://www.sec.gov/Archives/edgar/data/890453/000113322826003315/wwmf-efp22306_ncsr.htm)</u>, which is available on request. Cohen & Company, Ltd.'s services include auditing the Portfolios' financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**Large Company Growth Portfolio**

*For a Fund Share Outstanding Throughout Each Period.*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended 12/31/2021** |
| Net asset value, beginning of year | $42.55 | $35.37 | $25.32 | $44.34 | $44.34 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.09) | (0.05) | 0.01 | (0.05) | (0.27) |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 9.58 | 12.97 | 10.07 | (13.71) | 10.33 |
| **Total from investment operations** | 9.49 | 12.92 | 10.08 | (13.76) | 10.06 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income |  |  | (0.03) |  |  |
| Net realized gains | (10.71) | (5.74) |  | (5.26) | (10.06) |
| **Total distributions** | (10.71) | (5.74) | (0.03) | (5.26) | (10.06) |
| **Net asset value, end of year** | $41.33 | $42.55 | $35.37 | $25.32 | $44.34 |
| Total return | 21.97% | 36.02% | 39.81% | (31.74)% | 23.03% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $86977 | $77092 | $63069 | $51110 | $86217 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.32% | 1.32% | 1.33% | 1.31% | 1.30% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| Ratio of net investment income (loss) to average net assets | (0.20)% | (0.11)% | 0.03% | (0.15)% | (0.55)% |
| Portfolio turnover rate | 104% | 66% | 66% | 75% | 85% |

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<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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**Large Company Growth Portfolio**

*For a Fund Share Outstanding Throughout Each Period.*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended 12/31/2021** |
| Net asset value, beginning of year | $52.47 | $42.55 | $30.43 | $51.72 | $50.18 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.10 | 0.12 | 0.07 | (0.12) |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 11.81 | 15.58 | 12.13 | (16.06) | 11.72 |
| **Total from investment operations** | 11.87 | 15.68 | 12.25 | (15.99) | 11.60 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.07) | (0.02) | (0.13) | (0.04) |  |
| Net realized gains | (10.71) | (5.74) |  | (5.26) | (10.06) |
| **Total distributions** | (10.78) | (5.76) | (0.13) | (5.30) | (10.06) |
| **Net asset value, end of year** | $53.56 | $52.47 | $42.55 | $30.43 | $51.72 |
| Total return | 22.36% | 36.43% | 40.24% | (31.53%) | 23.42% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $195737 | $174365 | $166663 | $147922 | $208370 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.00% | 1.00% | 1.01% | 1.00% | 0.97% |
| After expense reimbursement/recoupment and fees paid indirectly | 0.99% | 1.00% | 1.00% | 1.00% | 0.97% |
| Ratio of net investment income (loss) to average net assets | 0.11% | 0.19% | 0.33% | 0.17% | (0.22)% |
| Portfolio turnover rate | 104% | 66% | 66% | 75% | 85% |

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<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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**Large Company Value Portfolio**

*For a Fund Share Outstanding Throughout Each Period.*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $21.17 | $20.12 | $17.84 | $22.29 | $19.75 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.25 | 0.23 | 0.20 | 0.12 | 0.05 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.09 | 2.52 | 2.64 | (2.62) | 4.99 |
| **Total from investment operations** | 3.34 | 2.75 | 2.84 | (2.50) | 5.04 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.17) | (0.17) | (0.12) | (0.21) | (0.28) |
| Net realized gains | (2.14) | (1.53) | (0.44) | (1.74) | (2.22) |
| **Total distributions** | (2.31) | (1.70) | (0.56) | (1.95) | (2.50) |
| **Net asset value, end of year** | $22.20 | $21.17 | $20.12 | $17.84 | $22.29 |
| Total return | 15.73% | 13.37% | 15.96% | (11.46)% | 25.82% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $3961 | $3837 | $3683 | $4029 | $6068 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.30% | 1.31% | 1.32% | 1.29% | 1.32% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.29% | 1.30% | 1.30% | 1.29% | 1.32% |
| Ratio of net investment income (loss) to average net assets | 1.11% | 1.07% | 1.07% | 0.62% | 0.24% |
| Portfolio turnover rate | 51% | 38% | 50% | 38% | 87% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Large Company Value Portfolio**

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $20.88 | $19.91 | $17.66 | $22.29 | $19.56 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) <sup>(a)</sup> | 0.31 | 0.30 | 0.26 | 0.18 | 0.13 |
| Net realized and unrealized gain on investments<sup>(b)</sup> | 3.05 | 2.50 | 2.60 | (2.80) | 5.14 |
| **Total from investment operations** | 3.36 | 2.80 | 2.86 | (2.62) | 5.27 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.30) | (0.30) | (0.17) | (0.27) | (0.32) |
| Net realized gains | (2.14) | (1.53) | (0.44) | (1.74) | (2.22) |
| **Total distributions** | (2.44) | (1.83) | (0.61) | (2.01) | (2.54) |
| **Net asset value, end of year** | $21.80 | $20.88 | $19.91 | $17.66 | $22.29 |
| Total return | 16.03% | 13.75% | 16.27% | (11.97)% | 27.26% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $167093 | $158232 | $161269 | $165710 | $223288 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.03% | 1.03% | 1.05% | 1.02% | 0.99% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.00% | 1.00% | 1.00% | 1.00% | 0.99% |
| Ratio of net investment income (loss) to average net assets | 1.41% | 1.36% | 1.38% | 0.92% | 0.57% |
| Portfolio turnover rate | 51% | 38% | 50% | 38% | 87% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Small Company Growth Portfolio** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $16.95 | $16.26 | $13.79 | $25.11 | $30.94 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.13) | (0.12) | (0.10) | (0.14) | (0.29) |
| Net realized and unrealized gains (loss) on investments<sup>(b)</sup> | 1.47 | 0.81 | 2.57 | (7.65) | 4.07 |
| **Total from investment operations** | 1.34 | 0.69 | 2.47 | (7.79) | 3.78 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net realized gains |  |  |  | (3.53) | (9.61) |
| **Total distributions**  |  |  |  | (3.53) | (9.61) |
| **Net asset value, end of year** | $18.29 | $16.95 | $16.26 | $13.79 | $25.11 |
| Total return | 7.91% | 4.24% | 17.91% | (31.59)% | 13.07% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $5347 | $5655 | $6004 | $5938 | $10817 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.96% | 1.87% | 1.67% | 1.87% | 1.63% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.35% | 1.35% | 1.35% | 1.34% | 1.35% |
| Ratio of net investment income (loss) to average net assets | (0.74)% | (0.70)% | (0.70)% | (0.74)% | (0.88)% |
| Portfolio turnover rate | 121% | 63% | 81% | 57% | 65% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

------

**Small Company Growth Portfolio** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $20.49 | $19.60 | $16.58 | $29.12 | $34.40 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.10) | (0.09) | (0.08) | (0.11) | (0.24) |
| Net realized and unrealized gains (loss) on investments<sup>(b)</sup> | 1.76 | 0.98 | 3.10 | (8.90) | 4.57 |
| **Total from investment operations** | 1.66 | 0.89 | 3.02 | (9.01) | 4.33 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net realized gains |  |  |  | (3.53) | (9.61) |
| **Total distributions**  |  |  |  | (3.53) | (9.61) |
| **Net asset value, end of year** | $22.15 | $20.49 | $19.60 | $16.58 | $29.12 |
| Total return | 8.10% | 4.54% | 18.21% | (31.42)% | 13.36% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $16882 | $19031 | $19672 | $16545 | $28146 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.77% | 1.67% | 1.64% | 1.67% | 1.38% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.10% | 1.10% | 1.10% | 1.09% | 1.10% |
| Ratio of net investment income (loss) to average net assets | (0.49)% | (0.45)% | (0.44)% | (0.48)% | (0.64)% |
| Portfolio turnover rate | 121% | 63% | 81% | 57% | 65% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the years.

------

**Small Company Value Portfolio** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $25.37 | $25.57 | $22.69 | $28.06 | $21.45 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income loss<sup>(a)</sup> | 0.20 | 0.18 | 0.22 | 0.17 | 0.07 |
| Net realized and unrealized gains (loss) on investments<sup>(b)</sup> | 2.50 | 1.91 | 3.66 | (3.01) | 6.80 |
| **Total from investment operations** | 2.70 | 2.09 | 3.88 | (2.84) | 6.87 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.16) | (0.29) | (0.04) | (0.18) | (0.24) |
| Net realized gains | (2.61) | (2.00) | (0.96) | (2.35) | (0.02) |
| **Total distributions** | (2.77) | (2.29) | (1.00) | (2.53) | (0.26) |
| **Net asset value, end of year**  | $25.30 | $25.37 | $25.57 | $22.69 | $28.06 |
| Total return | 10.35% | 7.70% | 17.29% | (10.33)% | 32.04% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $4662 | $5081 | $5517 | $5189 | $6751 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 2.01% | 1.95% | 1.97% | 1.89% | 1.75% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Ratio of net investment income (loss) to average net assets | 0.77% | 0.68% | 0.93% | 0.66% | 0.28% |
| Portfolio turnover rate | 63% | 53% | 65% | 52% | 45% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

------

**Small Company Value Portfolio** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $26.11 | $26.33 | $23.32 | $28.78 | $21.99 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.27 | 0.25 | 0.29 | 0.23 | 0.13 |
| Net realized and unrealized gains (loss) on investments<sup>(b)</sup> | 2.58 | 1.96 | 3.78 | (3.09) | 7.00 |
| **Total from investment operations** | 2.85 | 2.21 | 4.07 | (2.86) | 7.13 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.31) | (0.43) | (0.10) | (0.25) | (0.32) |
| Net realized gains | (2.61) | (2.00) | (0.96) | (2.35) | (0.02) |
| **Total distributions** | (2.92) | (2.43) | (1.06) | (2.60) | (0.34) |
| **Net asset value, end of year** | $26.04 | $26.11 | $26.33 | $23.32 | $28.78 |
| Total return | 10.60% | 7.93% | 17.62% | (10.13)% | 32.40% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $17374 | $20024 | $20646 | $19273 | $30347 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.77% | 1.70% | 1.72% | 1.60% | 1.46% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of net investment income (loss) to average net assets  | 1.02% | 0.93% | 1.19% | 0.96% | 0.49% |
| Portfolio turnover rate | 63% | 53% | 65% | 52% | 45% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

------

**Wilshire 5000 Index**<sup>SM</sup> **Fund** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $32.72 | $27.41 | $22.68 | $29.40 | $25.14 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.24 | 0.26 | 0.27 | 0.25 | 0.23 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.12 | 5.96 | 5.37 | (5.80) | 6.16 |
| **Total from investment operations** | 5.36 | 6.22 | 5.64 | (5.55) | 6.39 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.24) | (0.26) | (0.28) | (0.25) | (0.22) |
| Net realized gains | (2.89) | (0.65) | (0.63) | (0.92) | (1.91) |
| **Total distributions** | (3.13) | (0.91) | (0.91) | (1.17) | (2.13) |
| **Net asset value, end of year** | $34.95 | $32.72 | $27.41 | $22.68 | $29.40 |
| Total return | 16.29% | 22.60% | 24.92% | (18.98)% | 25.59% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(C)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $232195 | $226375 | $191607 | $157124 | $202121 |
| Ratio of expenses to average net assets | 0.56% | 0.56% | 0.59% | 0.57% | 0.52% |
| Ratio of net investment income (loss) to average net assets  | 0.70% | 0.84% | 1.08% | 0.98% | 0.81% |
| Portfolio turnover rate | 5% | 2% | 5% | 21% | 9% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Wilshire 5000** **Index**<sup>SM</sup> **Fund** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $32.76 | $27.43 | $22.69 | $29.42 | $25.15 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.32 | 0.33 | 0.33 | 0.30 | 0.29 |
| Net realized and unrealized gains (loss) on investments<sup>(b)</sup> | 5.14 | 5.98 | 5.38 | (5.81) | 6.17 |
| **Total from investment operations** | 5.46 | 6.31 | 5.71 | (5.51) | 6.46 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.32) | (0.33) | (0.34) | (0.30) | (0.28) |
| Net realized gains | (2.89) | (0.65) | (0.63) | (0.92) | (1.91) |
| **Total distributions** | (3.21) | (0.98) | (0.97) | (1.22) | (2.19) |
| **Net asset value, end of year** | $35.01 | $32.76 | $27.43 | $22.69 | $29.42 |
| Total return | 16.56% | 22.91% | 25.21% | (18.83)% | 25.85% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(C)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $62329 | $58406 | $48913 | $42372 | $56073 |
| Ratio of expenses to average net assets | 0.34% | 0.33% | 0.35% | 0.35% | 0.31% |
| Ratio of net investment income (loss) to average net assets  | 0.92% | 1.07% | 1.31% | 1.17% | 1.02% |
| Portfolio turnover rate | 5% | 2% | 5% | 21% | 9% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Wilshire International Equity Fund**

*For a Fund Share Outstanding Throughout Each Period.* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | | **Year<br>Ended<br>12/31/2024** | | **Year<br>Ended<br>12/31/2023** | | **Year<br>Ended<br>12/31/2022** | | **Year<br>Ended<br>12/31/2021** | |
| Net asset value, beginning of year | $10.11 |  | $10.64 |  | $9.36 |  | $11.64 |  | $12.38 |  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.20 |  | 0.18 |  | 0.16 |  | 0.13 |  | 0.09 |  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.20 |  | 0.49 |  | 1.44 |  | (2.32) |  | 1.41 |  |
| **Total from investment operations** | 3.40 |  | 0.67 |  | 1.60 |  | (2.19) |  | 1.50 |  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | (0.34) |  | (0.40) |  | (0.26) |  | (0.00) | <sup>(c)</sup> | (0.39) |  |
| Net realized gains | (1.16) |  | (0.80) |  | (0.06) |  | (0.09) |  | (1.85) |  |
| **Total distributions** | (1.50) |  | (1.20) |  | (0.32) |  | (0.09) |  | (2.24) |  |
| Redemption fee per share | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> |
| **Net asset value, end of year** | $12.01 |  | $10.11 |  | $10.64 |  | $9.36 |  | $11.64 |  |
| Total return | 33.71% |  | 5.93% |  | 17.12% |  | (18.88)% |  | 12.48% |  |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(d)</sup> |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of year (in 000's) | $739 |  | $692 |  | $776 |  | $1037 |  | $3269 |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.76% |  | 1.76% |  | 1.77% |  | 1.75% |  | 1.76% |  |
| After expense reimbursement/recoupment and fees paid indirectly | 1.50% |  | 1.50% |  | 1.50% |  | 1.50% |  | 1.50% |  |
| Ratio of net investment income (loss) to average net assets | 1.65% |  | 1.63% |  | 1.53% |  | 1.36% |  | 0.65% |  |
| Portfolio turnover rate | 54% |  | 49% |  | 55% |  | 48% |  | 53% |  |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

<sup>(c)</sup>Amount represents less than $0.005 per share.

<sup>(d)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Wilshire International Equity Fund** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | | **Year<br>Ended<br>12/31/2024** | | **Year<br>Ended<br>12/31/2023** | | **Year<br>Ended<br>12/31/2022** | | **Year<br>Ended<br>12/31/2021** | |
| Net asset value, beginning of year | $9.93 |  | $10.49 |  | $9.25 |  | $11.47 |  | $12.20 |  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.21 |  | 0.22 |  | 0.18 |  | 0.15 |  | 0.12 |  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.15 |  | 0.48 |  | 1.43 |  | (2.28) |  | 1.39 |  |
| **Total from investment operations** | 3.36 |  | 0.70 |  | 1.61 |  | (2.13) |  | 1.51 |  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | (0.37) |  | (0.46) |  | (0.31) |  |  |  | (0.39) |  |
| Net realized gains | (1.16) |  | (0.80) |  | (0.06) |  | (0.09) |  | (1.85) |  |
| **Total distributions** | (1.53) |  | (1.26) |  | (0.37) |  | (0.09) |  | (2.24) |  |
| Redemption fee per share | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> | 0.00 | <sup>(c)</sup> |
| **Net asset value, end of year** | $11.76 |  | $9.93 |  | $10.49 |  | $9.25 |  | $11.47 |  |
| Total return | 33.93% |  | 6.29% |  | 17.34% |  | (18.63)% |  | 12.78% |  |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(d)</sup> |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of year (in 000's) | $233124 |  | $207375 |  | $220560 |  | $220963 |  | $295154 |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.41% |  | 1.40% |  | 1.43% |  | 1.40% |  | 1.38% |  |
| After expense reimbursement/recoupment and fees paid indirectly | 1.25% |  | 1.25% |  | 1.25% |  | 1.25% |  | 1.25% |  |
| Ratio of net investment income (loss) to average net assets | 1.81% |  | 1.93% |  | 1.76% |  | 1.57% |  | 0.90% |  |
| Portfolio turnover rate | 54% |  | 49% |  | 55% |  | 48% |  | 53% |  |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

<sup>(c)</sup>Amount represents less than $0.005 per share.

<sup>(d)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Wilshire Income Opportunities Fund** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** | **Investment Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $8.87 | $8.95 | $8.66 | $10.08 |  | $10.39 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.39 | 0.36 | 0.27 |  | 0.26 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.21 | (0.08) | 0.18 | (1.40) |  | (0.22) |
| **Total from investment operations** | 0.63 | 0.31 | 0.54 | (1.13) |  | 0.04 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.41) | (0.39) | (0.25) | (0.29) |  | (0.26) |
| Net realized gains |  |  |  | (0.00) | <sup>(c)</sup> | (0.09) |
| **Total distributions** | (0.41) | (0.39) | (0.25) | (0.29) |  | (0.35) |
| **Net asset value, end of year** | $9.09 | $8.87 | $8.95 | $8.66 |  | $10.08 |
| Total return | 7.18% | 3.50% | 6.34% | (11.18)% |  | 0.40% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(d)</sup> |  |  |  |  |  |  |
| Net assets, end of year (in 000's) | $168 | $210 | $205 | $516 |  | $2136 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.38% | 1.41% | 1.41% | 1.32% |  | 1.31% |
| After expense reimbursement/recoupment and fees paid indirectly | 1.15% | 1.15% | 1.15% | 1.15% |  | 1.15% |
| Ratio of net investment income (loss) to average net assets | 4.64% | 4.31% | 4.12% | 2.95% |  | 2.49% |
| Portfolio turnover rate | 67% | 94% | 66% | 78% |  | 109% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

<sup>(c)</sup>Amount represents less than $0.005 per share.

<sup>(d)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

**Wilshire Income Opportunities Fund** 

*For a Fund Share Outstanding Throughout Each Period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| | **Year<br>Ended<br>12/31/2025** | **Year<br>Ended<br>12/31/2024** | **Year<br>Ended<br>12/31/2023** | **Year<br>Ended<br>12/31/2022** | **Year<br>Ended<br>12/31/2021** |
| Net asset value, beginning of year | $8.76 | $8.84 | $8.58 | $9.99 | $10.33 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.44 | 0.40 | 0.38 | 0.31 | 0.28 |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.20 | (0.07) | 0.18 | (1.40) | (0.22) |
| **Total from investment operations** | 0.64 | 0.33 | 0.56 | (1.09) | 0.06 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.43) | (0.41) | (0.30) | (0.32) | (0.31) |
| Net realized gains |  |  |  |  | (0.09) |
| **Total distributions** | (0.43) | (0.41) | (0.30) | (0.32) | (0.40) |
| **Net asset value, end of year** | $8.97 | $8.76 | $8.84 | $8.58 | $9.99 |
| Total return | 7.47% | 3.80% | 6.61% | (10.91)% | 0.63% |
| **SUPPLEMENTAL DATA AND RATIOS:**<sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in 000's) | $185729 | $197845 | $202119 | $232704 | $301210 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense reimbursement/recoupment and fees paid indirectly | 1.05% | 1.03% | 1.05% | 0.96% | 0.92% |
| After expense reimbursement/recoupment and fees paid indirectly | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of net investment income (loss) to average net assets | 4.88% | 4.56% | 4.43% | 3.37% | 2.75% |
| Portfolio turnover rate | 67% | 94% | 66% | 78% | 109% |

---

<sup>(a)</sup>Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup>Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the years.

<sup>(c)</sup>Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

------

<u>Portfolio Reports</u>

The Portfolios' Form N-CSRs and semi-annual reports dated June 30 and annual reports dated December 31 contain additional information about each Portfolio's investments. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected each Portfolio's investment performance during the last fiscal year. In Form N-CSR, you will find each Portfolio's annual and semi-annual financial statements.

The Company's shareholder reports and financial statements are made available on its website. You may request to receive paper shareholder reports from the Company or from your financial intermediary, free of charge, at any time. You may also request to receive documents through e-delivery.

<u>Statement of Additional Information</u>

The SAI provides more detailed information about each Portfolio and is legally considered to be part of this prospectus.

<u>How to Obtain Reports</u>

You can get free copies of annual and semi-annual reports or any other reports, SAIs, and other Portfolio literature on the Portfolios' website at https://www.wilshire.com/research-insights/resources-and-forms. You may also request the annual and semi-annual reports, SAIs, Portfolio literature, and other information about the Portfolios, and discuss your questions about the Portfolios, by contacting us at:

Wilshire Funds

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

or by calling toll free 1-866-591-1568

Reports and other information about the Portfolios are also available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• free of charge from the SEC's EDGAR database on the SEC's Internet website at http://www.sec.gov; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for a fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

(Investment Company Act File No. 811-07076)

------

**WILSHIRE MUTUAL FUNDS, INC.**

**LARGE COMPANY GROWTH PORTFOLIO Investment Class Shares (DTLGX) Institutional Class Shares (WLCGX)**

**LARGE COMPANY VALUE PORTFOLIO Investment Class Shares (DTLVX) Institutional Class Shares (WLCVX)**

**SMALL COMPANY GROWTH PORTFOLIO Investment Class Shares (DTSGX) Institutional Class Shares (WSMGX)**

**SMALL COMPANY VALUE PORTFOLIO Investment Class Shares (DTSVX) Institutional Class Shares (WSMVX)**

**WILSHIRE 5000 INDEX**<sup>SM</sup> **FUND** 

***(formerly the FT Wilshire 5000 Index***<sup>SM</sup>***)* Investment Class Shares (WFIVX) Institutional Class Shares (WINDX)**

**WILSHIRE INTERNATIONAL EQUITY FUND Investment Class Shares (WLCTX) Institutional Class Shares (WLTTX)**

**WILSHIRE INCOME OPPORTUNITIES FUND Investment Class Shares (WIORX) Institutional Class Shares (WIOPX)**

**STATEMENT OF ADDITIONAL INFORMATION**

**(<u>http://wilshire.com</u>)**

**April 30, 2026**

This Statement of Additional Information ("SAI") provides supplementary information for the investment portfolios of Wilshire Mutual Funds, Inc. (the "Company"): Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index<sup>SM</sup> Fund (the "Index Fund"), Wilshire International Equity Fund (the "International Fund"), and Wilshire Income Opportunities Fund (the "Income Fund") (each a "Portfolio" and collectively the "Portfolios"). This SAI is not a prospectus, but should be read in conjunction with the current prospectus of the Company, dated April 30, 2026, as supplemented from time to time. Copies of the prospectus and the Company's shareholder reports are available, without charge, by writing to the Wilshire Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or by calling (866) 591-1568.

The financial statements of the Portfolios for the fiscal year ended December 31, 2025 included on <u>[Form N-CSR](https://www.sec.gov/Archives/edgar/data/890453/000113322826003315/wwmf-efp22306_ncsr.htm)</u> and the report dated February 27, 2026 of Cohen & Company, Ltd., the independent registered public accounting firm for the Company, related thereto are incorporated into this SAI by reference. Cohen & Company, Ltd.'s services include auditing the Portfolios' financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE PORTFOLIOS](#if56798efcf7f4f78afe6a2aa3673a8d6_7) | [3](#if56798efcf7f4f78afe6a2aa3673a8d6_7) |
| [INVESTMENT POLICIES AND RISKS](#if56798efcf7f4f78afe6a2aa3673a8d6_10) | [3](#if56798efcf7f4f78afe6a2aa3673a8d6_10) |
| [PORTFOLIO TURNOVER](#if56798efcf7f4f78afe6a2aa3673a8d6_13) | [30](#if56798efcf7f4f78afe6a2aa3673a8d6_13) |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#if56798efcf7f4f78afe6a2aa3673a8d6_16) | [31](#if56798efcf7f4f78afe6a2aa3673a8d6_16) |
| [INVESTMENT RESTRICTIONS](#if56798efcf7f4f78afe6a2aa3673a8d6_19) | [32](#if56798efcf7f4f78afe6a2aa3673a8d6_19) |
| [DIRECTORS AND OFFICERS](#if56798efcf7f4f78afe6a2aa3673a8d6_22) | [34](#if56798efcf7f4f78afe6a2aa3673a8d6_22) |
| [PRINCIPAL HOLDERS OF SECURITIES](#if56798efcf7f4f78afe6a2aa3673a8d6_25) | [38](#if56798efcf7f4f78afe6a2aa3673a8d6_25) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#if56798efcf7f4f78afe6a2aa3673a8d6_28) | [44](#if56798efcf7f4f78afe6a2aa3673a8d6_28) |
| [CODE OF ETHICS](#if56798efcf7f4f78afe6a2aa3673a8d6_31) | [81](#if56798efcf7f4f78afe6a2aa3673a8d6_31) |
| [PROXY VOTING POLICY AND PROCEDURES](#if56798efcf7f4f78afe6a2aa3673a8d6_34) | [82](#if56798efcf7f4f78afe6a2aa3673a8d6_34) |
| [PORTFOLIO TRANSACTIONS](#if56798efcf7f4f78afe6a2aa3673a8d6_37) | [82](#if56798efcf7f4f78afe6a2aa3673a8d6_37) |
| [NET ASSET VALUE](#if56798efcf7f4f78afe6a2aa3673a8d6_40) | [84](#if56798efcf7f4f78afe6a2aa3673a8d6_40) |
| [PURCHASE OF PORTFOLIO SHARES](#if56798efcf7f4f78afe6a2aa3673a8d6_43) | [84](#if56798efcf7f4f78afe6a2aa3673a8d6_43) |
| [REDEMPTION OF PORTFOLIO SHARES](#if56798efcf7f4f78afe6a2aa3673a8d6_46) | [85](#if56798efcf7f4f78afe6a2aa3673a8d6_46) |
| [DIVIDENDS, DISTRIBUTIONS AND FEDERAL INCOME TAXES](#if56798efcf7f4f78afe6a2aa3673a8d6_52) | [86](#if56798efcf7f4f78afe6a2aa3673a8d6_52) |
| [OTHER INFORMATION](#if56798efcf7f4f78afe6a2aa3673a8d6_55) | [91](#if56798efcf7f4f78afe6a2aa3673a8d6_55) |
| [FINANCIAL STATEMENTS](#if56798efcf7f4f78afe6a2aa3673a8d6_58) | [93](#if56798efcf7f4f78afe6a2aa3673a8d6_58) |
| [APPENDIX A – PROXY VOTING POLICIES](#if56798efcf7f4f78afe6a2aa3673a8d6_61) | A-[1](#if56798efcf7f4f78afe6a2aa3673a8d6_61) |
| [APPENDIX B – DESCRIPTION OF COMMERCIAL PAPER AND BOND RATINGS](#if56798efcf7f4f78afe6a2aa3673a8d6_64) | B-[1](#if56798efcf7f4f78afe6a2aa3673a8d6_64) |

---

------

**THE PORTFOLIOS**

Each series of the Company is a diversified, open-end investment management company. Each series of the Company currently offers two classes of shares, the Investment Class Shares and Institutional Class Shares. Wilshire Advisors LLC ("Wilshire" or the "Adviser") is the investment adviser for the Portfolios. Fred Alger Management, LLC ("Alger Management"), AllianceBernstein, L.P. ("AllianceBernstein"), Diamond Hill Capital Management, Inc. ("Diamond Hill"), DoubleLine<sup>®</sup> Capital LP ("DoubleLine"), Hotchkis & Wiley Capital Management, LLC ("Hotchkis & Wiley"), Lazard Asset Management LLC ("Lazard"), Lord, Abbett & Co. LLC ("Lord Abbett"), Los Angeles Capital Management LLC ("Los Angeles Capital"), Manulife Investment Management (US) LLC ("Manulife"), Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS"), Pzena Investment Management, LLC ("Pzena"), Ranger Investment Management, L.P. ("Ranger"), Voya Investment Management Co LLC ("Voya"), and WCM Investment Management LLC ("WCM") (together with Alger Management, AllianceBernstein, Diamond Hill, DoubleLine, Hotchkis & Wiley, Lazard, Lord Abbett, Los Angeles Capital, Manulife, MFS, Pzena, Ranger and Voya, collectively, the "Subadvisers,") each have entered into an agreement with Wilshire to serve as a Subadviser to at least one of the Portfolios. Terms not defined in this SAI have the meanings assigned to them in the prospectus.

**INVESTMENT POLICIES AND RISKS**

This section should be read in conjunction with each Portfolio's description in its prospectus and each Portfolio's fundamental and non-fundamental investment policies.

*Temporary Investments Risk*. From time to time, in attempting to respond to adverse market, economic, political or other conditions, a Portfolio may take temporary defensive positions that are inconsistent with the Portfolio's principal investment strategies and invest all or a part of its assets in defensive investments. These investments include U.S. government securities and high quality U.S. dollar-denominated money market securities, including certificates of deposit, bankers' acceptances, commercial paper, short-term debt securities and repurchase agreements. When following a defensive strategy, a Portfolio may not achieve its investment objective.

*General Risk Factors*. The net asset value ("NAV") of a Portfolio is expected to fluctuate, reflecting fluctuations in the market value of its portfolio positions. The value of fixed-income instruments held by a Portfolio generally fluctuates inversely with interest rate movements. In other words, bond prices generally fall as interest rates rise and generally rise as interest rates fall. Longer term bonds held by a Portfolio, if applicable, are subject to greater interest rate risk. There is no assurance that a Portfolio will achieve its investment objective.

*Management Risk.* Each actively managed Portfolio is subject to management risk. The Subadvisers, as applicable, will apply investment techniques and risk analysis in making decisions for the Portfolio, but there can be no guarantee that these decisions will produce the desired results. Furthermore, active trading will increase the costs a Portfolio incurs because of higher brokerage charges or mark-up charges, which are passed on to shareholders of the Portfolio and as a result, may lower the Portfolio's performance and have a negative tax impact. Additionally, legislative, regulatory or tax developments may affect the investment techniques available to the Subadvisers in connection with managing a Portfolio and may also adversely affect the ability of a Portfolio to achieve its investment objectives.

*Exchange-Traded Funds.* Each Portfolio may purchase shares of exchange-traded funds ("ETFs"). An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (*i.e.*, one that is not exchange-traded) that has the same investment objective, strategies, and policies. The price of an ETF can fluctuate within a wide range, and a fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (1) the market price of the ETF's shares may trade at a discount to their NAV; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Most ETFs are investment companies. Therefore, a Portfolio's purchase of ETF shares generally are subject to the risks of the Portfolio's investments in other investment companies, which are described below under the heading "Investment Companies."

*Repurchase Agreements.* Each Portfolio may invest in repurchase agreements. A Portfolio will invest in repurchase agreements in accordance with its fundamental investment restrictions.

Repurchase agreements are agreements under which the Portfolio acquires ownership of an obligation (debt instrument or time deposit) and the seller agrees, at the time of the sale, to repurchase the obligation at a mutually agreed upon time and price, thereby determining the yield during the purchaser's holding period. This results in a fixed rate of return insulated from market fluctuations during such period. If the seller of a repurchase agreement fails to repurchase this obligation in accordance with the terms of the agreement, the Portfolio will incur a loss to the extent that the proceeds on the sale are less than the repurchase price. Repurchase agreements usually involve U.S. government or federal agency securities and, as utilized by the Portfolio, include only those securities in which the Portfolio may otherwise invest. Repurchase agreements are for short periods, most often less than 30 days and usually less than one week. In entering into a repurchase agreement, a fund is exposed to the risk that the other party to the agreement may be unable to keep its commitment to repurchase. In that event, the Portfolio may incur disposition costs in connection with liquidating the collateral (*i.e.*, the underlying security). Moreover, if bankruptcy proceedings are commenced with respect to the selling party, receipt

------

of the value of the collateral may be delayed or substantially limited and a loss may be incurred if the collateral securing the repurchase agreement declines in value during the bankruptcy proceedings. The Portfolio believes that these risks are not material inasmuch as the applicable Subadviser will evaluate the creditworthiness of all entities with which it proposes to enter into repurchase agreements, and will seek to assure that each such arrangement is adequately collateralized.

*Lending Portfolio Securities.* The Portfolios may seek additional income by lending their securities on a short-term basis to banks, brokers and dealers. A Portfolio may return a portion of the interest earned to the borrower or a third party which is unaffiliated with the Company and acting as a "placing broker." The Company has engaged U.S. Bank, National Association, to serve as the lending agent for the Portfolios. As securities lending agent, U.S. Bank, National Association, coordinates securities loan agreements, including negotiating fees, with borrowers, processes securities movements, marks to market loaned securities and collateral daily, maintains and monitors the collateral levels, and invests collateral balances.

The U.S. Securities and Exchange Commission (the "SEC") currently requires that the following lending conditions must be met: (1) a Portfolio must receive at least 100% collateral from the borrower (cash, U.S. government securities, or irrevocable bank letters of credit); (2) the borrower must increase the collateral whenever the market value of the loaned securities rises above the level of such collateral; (3) a Portfolio must be able to terminate the loan at any time; (4) a Portfolio must receive reasonable interest on the loan, as well as any dividends, interest or other distributions payable on the loaned securities, and any increase in market value; (5) a Portfolio may pay only reasonable custodian fees in connection with the loan; and (6) while voting rights on the loaned securities may pass to the borrower, the Company's Board of Directors (the "Board") must be able to terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs.

Even though loans of portfolio securities are collateralized, a risk of loss exists if an institution that borrows securities from a Portfolio breaches its agreement with the Portfolio and the Portfolio is delayed or prevented from recovering the collateral.

For the fiscal year ended December 31, 2025, the income earned by each Portfolio as well as the fees and/or compensation paid by each Portfolio (in dollars) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Gross income earned by the Fund from Securities lending activities** | **Fees and/or compensation paid by the Fund for securities lending activities and related services** | **Aggregate fees / compensation paid by the Fund for securities lending activities** | **Net income from securities lending activities** |
| &nbsp;&nbsp;&nbsp;Large Company Growth Portfolio | &nbsp;&nbsp;$4810 | &nbsp;&nbsp;($4460) | &nbsp;&nbsp;($4460) | &nbsp;&nbsp;$351 |
| &nbsp;&nbsp;&nbsp;Large Company Value Portfolio | $2332 | ($2018) | ($2018) | $312 |
| &nbsp;&nbsp;&nbsp;Small Company Growth Portfolio | &nbsp;&nbsp;$9056 | &nbsp;&nbsp;($8256) | &nbsp;&nbsp;($8256) | &nbsp;&nbsp;$799 |
| &nbsp;&nbsp;&nbsp;Small Company Value Portfolio | $11462 | ($8877) | ($8877) | $2583 |
| &nbsp;&nbsp;&nbsp;Wilshire 5000 Index<sup>SM</sup> Fund<br>*(formerly the FT Wilshire 5000 Index*<sup>SM</sup>*)* | &nbsp;&nbsp;$51177 | &nbsp;&nbsp;($29858) | &nbsp;&nbsp;($29858) | &nbsp;&nbsp;$21319 |
| &nbsp;&nbsp;&nbsp;Wilshire International Equity Fund | $20545 | ($16266) | ($16266) | $4278 |
| &nbsp;&nbsp;&nbsp;Wilshire Income Opportunities Fund | &nbsp;&nbsp;$33849 | &nbsp;&nbsp;($26773) | &nbsp;&nbsp;($26773) | &nbsp;&nbsp;$7077 |

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*Reverse Repurchase Agreements and Other Borrowings.* Certain Portfolios may be authorized to borrow money and may invest in reverse repurchase agreements. If the securities held by a Portfolio should decline in value while borrowings are outstanding, the NAV of a Portfolio's outstanding shares will decline in value by proportionately more than the decline in value suffered by the Portfolio's securities. A Portfolio may borrow through reverse repurchase agreements under which a Portfolio sells portfolio securities to financial institutions such as banks and broker-dealers and agrees to repurchase them at a particular date and price. Reverse repurchase agreements involve the sale of securities held by a Portfolio with an agreement to repurchase the securities at an agreed upon price, date and interest payment. If it employs reverse repurchase agreements, a Portfolio may use the proceeds to purchase instruments eligible for purchase by the Portfolio. At the time a Portfolio enters into a reverse repurchase agreement, it will segregate cash, cash equivalents or any other liquid asset, including equity securities and debt securities, having a value at least equal to the repurchase price. A Portfolio will generally utilize reverse repurchase agreements when the interest income to be earned from the investment of the proceeds of the transactions is greater than the interest expense incurred as a result of the reverse repurchase transactions. Reverse repurchase agreements involve the risk that the market value of securities purchased by a Portfolio with the proceeds of the transaction may decline below the repurchase price of the securities that a fund is obligated to repurchase. A Portfolio will invest in reverse repurchase agreements in accordance with its fundamental investment restrictions and the limits of the Investment Company Act of 1940, as amended (the "1940 Act"). If the asset coverage for such borrowings falls below 300%, a Portfolio will reduce, within three days, the amount of its borrowings to provide for 300% asset coverage.

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*Leverage.* Certain Portfolios may use leverage. Leveraging a Portfolio creates an opportunity for increased net income but, at the same time, creates special risk considerations. For example, leveraging may exaggerate changes in the NAV of a Portfolio's shares and in the yield on the Portfolio's portfolio. Although the principal of such borrowings will be fixed, a Portfolio's assets may change in value during the time the borrowing is outstanding. Since any decline in value of a Portfolio's investments will be borne entirely by the Portfolio's shareholders (and not by those persons providing the leverage to the Portfolio), the effect of leverage in a declining market would be a greater decrease in NAV than if the Portfolio were not so leveraged. Leveraging will create interest and other expenses for the Portfolio, which can exceed the investment return from the borrowed funds. To the extent the investment return derived from securities purchased with borrowed funds exceeds the interest a Portfolio will have to pay, the Portfolio's investment return will be greater than if leveraging were not used. Conversely, if the investment return from the assets retained with borrowed funds is not sufficient to cover the cost of leveraging, the investment return of a Portfolio will be less than if leveraging were not used. Under the 1940 Act, a Portfolio is required to maintain continuous asset coverage of 300% with respect to borrowings and to sell (within three days) sufficient portfolio holdings to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise, even if such liquidations of the Portfolio's holdings may be disadvantageous from an investment standpoint. A Portfolio's policy on borrowing is not intended to limit the ability to pledge assets to secure loans permitted under the Portfolio's policies.

*High-Yield (High-Risk) Securities.* High-yield (high-risk) securities (hereinafter referred to as "lower-quality securities") include (i) bonds rated as low as "C" by Moody's Investor Service, Inc. ("Moody's), Standard & Poor's Ratings Group ("S&P") or by Fitch Ratings Ltd. ("Fitch"); (ii) commercial paper rated as low as "C" by S&P, "Not Prime" by Moody's, or "Fitch 4" by Fitch; and (iii) unrated debt obligations of comparable quality. Lower- quality securities, while generally offering higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of default or bankruptcy. They are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. The special risk considerations in connection with investments in these securities are discussed below.

*Effect of Interest Rates and Economic Changes.* Interest-bearing securities typically experience appreciation when interest rates decline and depreciation when interest rates rise. The market values of lower-quality and comparable unrated securities tend to reflect individual corporate developments more than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Lower-quality and comparable unrated securities also tend to be more sensitive to economic conditions than are higher-rated securities. As a result, they generally involve more credit risks than securities in the higher-rated categories. During an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of lower- quality and comparable unrated securities may experience financial stress and may not have sufficient funds to meet their payment obligations. The issuer's ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by an issuer of these securities is significantly greater than by issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. Further, if the issuer of a lower-quality or comparable unrated security defaulted, a fund might incur additional expenses to seek recovery. Periods of economic uncertainty and changes would also generally result in increased volatility in the market prices of these securities and thus in a Portfolio's NAV.

As previously stated, the value of a lower-quality or comparable unrated security will generally decrease in a rising interest rate market, and accordingly, so will a Portfolio's NAV. If a Portfolio experiences unexpected net redemptions in such a market, it may be forced to liquidate a portion of its portfolio securities without regard to their investment merits. Due to the limited liquidity of lower-quality and comparable unrated securities in the marketplace (discussed below in "Liquidity and Valuation"), a Portfolio may be forced to liquidate these securities at a substantial discount. Any such liquidation would force the Portfolio to sell the more liquid portion of its portfolio.

*Payment Expectations.* Lower-quality and comparable unrated securities typically contain redemption, call, or prepayment provisions that permit the issuer of such securities containing such provisions to, at its discretion, redeem the securities. During periods of falling interest rates, issuers of these securities are likely to redeem or prepay the securities and refinance them with debt securities that have a lower interest rate. To the extent an issuer can refinance the securities, or otherwise redeem them, a Portfolio may have to replace the securities with a lower-yielding security, which would result in a lower return for the Portfolio.

*Credit Ratings.* Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of lower-quality securities and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the condition of the issuer that affect the market value of the security. Consequently, credit ratings are used only as a preliminary indicator of investment quality.

Investments in lower-quality and comparable unrated obligations may be more dependent on a subadviser's credit analysis than would be the case with investments in investment-grade debt obligations. The Subadvisers to a Portfolio employ their own credit research and analysis, which includes a study of existing debt, capital structure, ability to service debt and to pay dividends, the issuer's sensitivity to economic conditions, its operating history, and the current trend of earnings. The Subadvisers monitor the applicable Portfolio's investments and carefully evaluate whether to dispose of or to retain lower-quality and comparable unrated securities whose credit ratings or credit quality may have changed.

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*Liquidity and Valuation.* Certain Portfolios may have difficulty disposing of certain lower-quality and comparable unrated securities because there may be a thin trading market for such securities. Because not all dealers maintain markets in all lower-quality and comparable unrated securities, there is no established retail secondary market for many of these securities. Such securities could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market does exist, it is generally not as liquid as the secondary market for higher-rated securities. The lack of a liquid secondary market may have an adverse impact on the market price of the security. As a result, a Portfolio's NAV and ability to dispose of particular securities, when necessary to meet a Portfolio's liquidity needs or in response to a specific economic event, may be impacted. The lack of a liquid secondary market for certain securities may also make it more difficult for a Portfolio to obtain accurate market quotations for purposes of valuing the Portfolio's Investments. Market quotations are generally available on many lower-quality and comparable unrated issues only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. During periods of thin trading, the spread between bid and asked prices is likely to increase significantly. In addition, adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-quality and comparable unrated securities, especially in a thinly traded market.

*Restricted Securities.* Certain Portfolios may invest in restricted securities. Restricted securities cannot be sold to the public without registration under the Securities Act of 1933, as amended (the "1933 Act"). Unless registered for sale, restricted securities can be sold only in privately negotiated transactions or pursuant to an exemption from registration. Restricted securities may be considered illiquid and, therefore, are subject to a Portfolio's limitation on illiquid securities.

Restricted securities may involve a high degree of business and financial risk which may result in substantial losses. The securities may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid for by a Portfolio. A Portfolio may invest in restricted securities, including securities initially offered and sold without registration pursuant to Rule 144A ("Rule 144A Securities") and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States without registration with the SEC pursuant to Regulation S ("Regulation S Securities") under the 1933 Act. Rule 144A Securities. Regulation S Securities generally may be traded freely among certain qualified institutional investors, such as a Portfolio, and non-U.S. persons, but resale to a broader base of investors in the United States may be permitted only in significantly more limited circumstances. A qualified institutional investor is defined by Rule 144A generally as an institution, acting for its own account or for the accounts of other qualified institutional investors, that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers not affiliated with the institution. A dealer registered under the Securities Exchange Act of 1934, as amended ("1934 Act"), acting for its own account or the accounts of other qualified institutional investors, that in the aggregate owns and invests on a discretionary basis at least $10 million in securities of issuers not affiliated with the dealer may also qualify as a qualified institutional investor, as well as a 1934 Act registered dealer acting in a riskless principal transaction on behalf of a qualified institutional investor.

Certain Portfolios also may purchase restricted securities that are not eligible for resale pursuant to Rule 144A or Regulation S. A Portfolio may acquire such securities through private placement transactions, directly from the issuer or from security holders, generally at higher yields or on terms more favorable to investors than comparable publicly traded securities. However, the restrictions on resale of such securities may make it difficult for a Portfolio to dispose of such securities at the time considered most advantageous and/or may involve expenses that would not be incurred in the sale of securities that were freely marketable. Risks associated with restricted securities include the potential obligation to pay all or part of the registration expenses in order to sell certain restricted securities. A considerable period of time may elapse between the time of the decision to sell a security and the time a Portfolio may be permitted to sell it under an effective registration statement. If, during a period, adverse conditions were to develop, a Portfolio might obtain a less favorable price than prevailing when it decided to sell.

*Warrants and Rights.* Certain Portfolios may invest in warrants and rights. Warrants are instruments that provide the owner with the right to purchase a specified security, usually an equity security such as common stock, at a specified price (usually representing a premium over the applicable market value of the underlying equity security at the time of the warrant's issuance) and usually during a specified period of time. While warrants may be traded, there is often no secondary market for them. Moreover, they are usually issued by the issuer of the security to which they relate. Warrants do not have any inherent value. To the extent that the market value of the security that may be purchased upon exercise of the warrant rises above the exercise price, the value of the warrant will tend to rise. To the extent that the exercise price equals or exceeds the market value of such security, the warrants will have little or no market value. If warrants remain unexercised at the end of the specified exercise period, they lapse and a Portfolio's investment in them will be lost. Rights are similar to warrants, but generally are shorter in duration and are distributed by the issuer directly to its shareholders. Warrants and rights have no voting rights, receive no dividends and have no rights to the assets of the issuer.

*Convertible Preferred Stocks and Debt Securities.* Certain Portfolios may invest in convertible preferred stock and debt securities. Certain preferred stocks and debt securities include conversion features allowing the holder to convert securities into another specified security (usually common stock) of the same issuer at a specified conversion ratio (*e.g.*, two shares of preferred for one share of common stock) at some specified future date or period. The market value of convertible securities generally includes a premium that reflects the conversion right. That premium may be negligible or substantial. To the extent that any preferred stock or debt security remains unconverted after the expiration of the conversion period, the market value will fall to the extent represented by that premium.

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*Preferred Equity Redemption Cumulative Stock.* Certain Portfolios may invest in preferred equity redemption cumulative stock. Preferred equity redemption cumulative stock ("PERCS") is a form of convertible preferred stock which automatically converts into shares of common stock on a predetermined conversion date. PERCS pays a fixed annual dividend rate which is higher than the annual dividend rate of the issuing company's common stock. However, the terms of PERCS limit an investor's ability to participate in the appreciation of the common stock (usually capped at approximately 40%). Predetermined redemption dates and prices set by the company upon the issuance of the securities provide the mechanism for limiting the price appreciation of PERCS.

*Preferred Stock.* A Portfolio may invest in preferred stock. Preferred stock, unlike common stock, offers a stated dividend rate payable from a corporation's earnings. Such preferred stock dividends may be cumulative or noncumulative, participating or auction rate. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as call/redemption provisions prior to maturity, a negative feature when interest rates decline. Dividends on some preferred stock may be "cumulative," requiring all or a portion of prior unpaid dividends to be paid before dividends are paid on the issuer's common stock. Preferred stock also generally has a preference over common stock on the distribution of a corporation's assets in the event of liquidation of the corporation, and may be "participating," which means that it may be entitled to a dividend exceeding the stated dividend in certain cases. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities.

*Adjustable Rate Mortgage Securities.* Certain Portfolios may invest in adjustable rate mortgage securities, ("ARMs"), which are pass-through mortgage securities collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool generally provide for a fixed initial mortgage interest rate for either the first three, six, twelve, thirteen, thirty-six or sixty scheduled monthly payments. Thereafter, the interest rates are subject to periodic adjustment based on changes to a designated benchmark index. ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition, certain ARMs provide for limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is utilized to reduce the then-outstanding principal balance of the ARM.

*Types of Credit Enhancement.* Mortgage-backed securities ("MBS") and asset-backed securities ("ABS") are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, these securities may contain elements of credit support which fall into two categories: (i) liquidity protection and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to seek to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses resulting from default seeks to ensure ultimate payment of the obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquencies or losses in excess of those anticipated could adversely affect the return on an investment in a security. A Portfolio will not pay any additional fees for credit support, although the existence of credit support may increase the price of a security. Certain types of structured products may also have structural features, including diversions of cash flow, waterfalls, over-collateralization and other performance tests, and triggers, that may provide credit protection.

*Foreign Securities.* Certain Portfolios may invest in foreign securities. Investors should recognize that investing in foreign securities involves certain special considerations, including those set forth below, which are not typically associated with investing in U.S. securities and which may favorably or unfavorably affect a Portfolio's performance. As foreign companies are not generally subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to domestic companies, there may be less publicly available information about a foreign company than about a domestic company. Many foreign securities markets, while growing in volume of trading activity, have substantially less volume than the U.S. market, and securities of some foreign issuers are less liquid and more volatile than securities of domestic issuers. Similarly, volume and liquidity in most foreign bond markets is less than in the U.S. and, at times, volatility of prices can be greater than in the United States. Fixed commissions on some foreign securities exchanges and bid-to-asked spreads in foreign bond markets are generally higher than commissions or bid-to-asked spreads on U.S. markets, although a Portfolio will endeavor to achieve the most favorable net results on its portfolio transactions. There is generally less government supervision and regulation of securities exchanges, brokers and listed companies than in the U.S. It may be more difficult for a Portfolio's agents to keep currently informed about corporate actions which may affect the prices of portfolio securities. Communications between the United States and foreign countries may be less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities without delivery may be required in certain foreign markets. In addition, with respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability or diplomatic

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developments which could affect U.S. investments in those countries. Russia's assertion of influence in its surrounding region, including its invasion of Ukraine, increases the likelihood of additional sanctions by the United States and other countries or the imposition of sanctions by additional countries, which may cause volatility in the markets. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The management of a Portfolio seeks to mitigate the risks associated with the foregoing considerations through continuous professional management.

Each Portfolio may invest in securities of foreign issuers that trade on U.S. exchanges. These investments may include American Depositary Receipts ("ADRs"). ADRs are dollar-denominated receipts issued generally by U.S. banks and which represent the deposit with the bank of a foreign company's securities. ADRs are publicly traded on exchanges or over-the-counter ("OTC") in the United States. Investors should consider carefully the substantial risks involved in investing in securities issued by companies of foreign nations, which are in addition to the usual risks inherent in domestic investments. ADRs, European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") or other securities convertible into securities of issuers based in foreign countries are not necessarily denominated in the same currency as the securities into which they may be converted. In general, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, while EDRs (also referred to as Continental Depositary Receipts ("CDRs")), in bearer form, may be denominated in other currencies and are designed for use in European securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts evidencing a similar arrangement. GDRs are global receipts evidencing a similar arrangement. For purposes of each Portfolio's investment policies, ADRs, EDRs and GDRs usually are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, EDR or GDR representing ownership of common stock will be treated as common stock.

Depositary receipts are issued through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Holders of unsponsored depositary receipts generally bear all the cost of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. As a result, available information regarding the issuer may not be as current as for sponsored ADRs, and the prices of unsponsored ADRs may be more volatile than if they were sponsored by the issuers of the underlying securities.

*Emerging Markets Securities.* Certain Portfolios may each invest in emerging markets securities. Emerging markets securities are fixed income and equity securities of foreign companies domiciled, headquartered, or whose primary business activities or principal trading markets are located in emerging and less developed markets ("emerging markets"). Investments in emerging markets securities involve special risks in addition to those generally associated with foreign investing. Many investments in emerging markets can be considered speculative, and the value of those investments can be more volatile than investments in more developed foreign markets. This difference reflects the greater uncertainties of investing in less established markets and economies. Costs associated with transactions in emerging markets securities typically are higher than costs associated with transactions in U.S. securities. Such transactions also may involve additional costs for the purchase or sale of foreign currency. Certain foreign markets (including emerging markets) may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. A Portfolio could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application of any restrictions on investments. Many emerging markets have experienced substantial rates of inflation for extended periods. Inflation and rapid fluctuations in inflation rates have had and may continue to have adverse effects on the economies and securities markets of certain emerging market countries. Governments of many emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector through ownership or control of many companies. The future actions of those governments could have a significant effect on economic conditions in emerging markets, which, in turn, may adversely affect companies in the private sector, general market conditions and prices and yields of certain of the securities in a Portfolio's portfolio. Expropriation, confiscatory taxation, nationalization and political, economic and social instability have occurred throughout the history of certain emerging market countries and could adversely affect a Portfolio's assets should any of those conditions recur. In addition, the securities laws of emerging market countries may be less developed than those to which U.S. issuers are subject.

*Brady Bonds.* Certain Portfolios may invest in "Brady Bonds," which are debt restructurings that provide for the exchange of cash and loans for newly issued bonds. Brady Bonds are securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructuring. Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar) and are actively traded in the secondary market for Latin American debt. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are collateralized in full as to principal by U.S. Treasury zero coupon bonds having the same maturity as the bonds. Interest payments on such bonds generally are collateralized by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year of rolling interest payments or, in the case of floating rate bonds, initially is equal to at least one year's rolling interest payments based on the applicable interest rate at the time and is adjusted at regular intervals thereafter.

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*Forward Foreign Currency Exchange Contracts.* Certain Portfolios may invest in foreign currencies. Forward foreign currency exchange 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 currency contracts do not eliminate fluctuations in the values of Portfolio securities but rather allow a Portfolio to establish a rate of exchange for a future point in time. A Portfolio may use forward foreign currency exchange contracts to hedge against movements in the value of foreign currencies (including the "Euro" used by certain European Countries) relative to the U.S. dollar in connection with specific Portfolio transactions or with respect to its positions.

*Dollar Roll Transactions.* Certain Portfolios may engage in dollar roll transactions, which consist of the sale by the Portfolio to a bank or broker/dealer (the "counterparty") of the Government National Mortgage Association ("GNMA") certificates or other MBS together with a commitment to purchase from the counterparty similar, but not identical, securities at a future date, at the same price. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. A Portfolio receives a fee from the counterparty as consideration for entering into a commitment to purchase. Dollar rolls may be renewed over a period of several months with a different purchase and repurchase price fixed and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which a Portfolio agrees to buy a security on a future date. The security sold by a Portfolio that is subject to repurchase at such future date may not be an existing security in the Portfolio's holdings. As part of a dollar roll transaction, this is not considered to be a short sale event.

Dollar rolls may be treated for purposes of the 1940 Act as borrowings of a Portfolio because they involve the sale of a security coupled with an agreement to repurchase. A dollar roll involves costs to a Portfolio. For example, while a Portfolio receives a fee as consideration for agreeing to repurchase the security, the Portfolio forgoes the right to receive all principal and interest payments while the counterparty holds the security. These payments to the counterparty may exceed the fee received by a Portfolio, thereby effectively charging the Portfolio interest on its borrowing. Further, although a Portfolio can estimate the amount of expected principal prepayment over the term of the dollar roll, a variation in the actual amount of prepayment could increase or decrease the cost of the Portfolio's borrowing.

The entry into dollar rolls involves potential risks of loss that are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, a Portfolio's right to purchase from the counterparty might be restricted. Additionally, the value of such securities may change adversely before a Portfolio is able to purchase them. Similarly, a Portfolio may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since, as noted above, the counterparty is required to deliver a similar, but not identical security to a Portfolio, the security that is required to buy under the dollar roll may be worth less than an identical security. Finally, there can be no assurance that a Portfolio's use of the cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

*Strategic Transactions and Derivatives.* Certain Portfolios may, but are not required to, utilize various other investment strategies as described below to hedge various market risks (such as interest rates and broad or specific equity or fixed-income market movements), to manage the effective maturity or duration of fixed-income securities in the Portfolio's portfolio or to enhance potential gain. These strategies may be executed using derivative contracts. Such strategies are generally accepted as a part of modern portfolio management and are regularly utilized by many mutual funds and other institutional investors. Techniques and instruments may change over time as new instruments and strategies are developed or regulatory changes occur.

In the course of pursuing these investment strategies, a Portfolio may purchase and sell exchange-listed and OTC put and call options on securities, equity and fixed-income indices and other financial instruments, purchase and sell financial futures contracts and options thereon; enter into various interest rate transactions such as swaps, caps floors or collars; and enter into various currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currencies or currency futures (collectively, all the above are called "Strategic Transactions"). Strategic Transactions may be used without limit to attempt to protect against possible changes in the market value of securities held in or to be purchased for a Portfolio's unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for investment purposes, to manage the effective maturity or duration of fixed-income securities in the Portfolio's portfolio or to establish a position in the derivatives markets as a temporary substitute for purchasing or selling particular securities. Some Strategic Transactions may also be used to enhance potential gain. Any or all of these investment techniques may be used at any time and in any combination, and there is no particular strategy that dictates the use of one technique rather than another, as use of any Strategic Transaction is a function of numerous variables including market conditions. The ability of a Portfolio to utilize these Strategic Transactions successfully will depend on a Subadviser's ability to predict pertinent market movements, which cannot be assured. The Portfolios will comply with applicable regulatory requirements when implementing these strategies, techniques and instruments. Certain Portfolios may use Strategic Transactions for non-hedging purposes to enhance potential gain.

Strategic Transactions, including derivative contracts, have risks associated with them, including possible default by the other party to the transaction, illiquidity and, to the extent a Subadviser's view as to certain market movements is incorrect, the risk that the use of such Strategic Transactions could result in losses greater than if they had not been used. Use of put and call options may result in losses to a Portfolio, force the sale or purchase of portfolio securities at inopportune times or for prices higher than (in the case of put options) or lower than (in the case of call options) current market values, limit the amount of appreciation the Portfolio can realize on its investments or cause a Portfolio to hold a security it might otherwise sell. The use of currency transactions can result in a fund

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incurring losses as a result of a number of factors including the imposition of exchange controls, suspension of settlements or the inability to deliver or receive a specified currency. The use of options and futures transactions entails certain other risks. In particular, the variable degree of correlation between price movements of futures contracts and price movements in the related portfolio position of a Portfolio creates the possibility that losses on the hedging instrument may be greater than gains in the value of the Portfolio's position. In addition, futures and options markets may not be liquid in all circumstances and OTC options may have no markets. As a result, in certain markets, a fund might not be able to close out a transaction without incurring substantial losses, if at all. Although the use of futures and options transactions for hedging should tend to minimize the risk of loss due to a decline in the value of the hedged position, at the same time it tends to limit any potential gain which might result from an increase in value of such position. Finally, the daily variation margin requirements for futures contracts would create a greater ongoing potential financial risk than would purchases of options, where the exposure is limited to the cost of the initial premium. Losses resulting from the use of Strategic Transactions would reduce NAV, and possibly income, and such losses can be greater than if the Strategic Transactions had not been utilized.

In addition to the instruments and strategies discussed in this section, a Subadviser may discover additional opportunities in connection with derivatives, strategic transactions and other similar or related techniques. These new opportunities may become available as a Subadviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new derivatives, strategic transactions and other techniques are developed. A Subadviser may utilize these opportunities and techniques to the extent that they are consistent with a Portfolio's respective investment objective and investment limitations and applicable regulatory authorities. These opportunities and techniques may involve risks different from, or in addition to, those summarized herein.

This discussion is not intended to limit a Portfolio's investment flexibility, unless such a limitation is expressly stated, and therefore will be construed by the Portfolio as broadly as possible. Statements concerning what a Portfolio may do are not intended to limit any other activity. Also, as with any investment or investment technique, even when the prospectus or this discussion indicates that a Portfolio may engage in an activity, it may not actually do so for a variety of reasons, including cost considerations.

*Derivatives.* Each Portfolio may invest in "derivatives." These are financial instruments which derive their performance at least in part, from the performance of an underlying asset, index or interest rate. The derivatives a Portfolio may use are currently comprised of stock index futures and options. A Portfolio may invest in derivatives for a variety of reasons, including to hedge against certain market risks, to provide a substitute for purchasing or selling particular securities or to increase potential income gain. Derivatives may provide a cheaper, quicker or more specifically focused way for a Portfolio to invest than "traditional" securities.

Although certain Portfolios do not currently intend to invest in derivatives, a Portfolio may do so in the future.

Derivatives permit a Portfolio to increase, decrease or change the level of risk to which its securities are exposed in much the same way as a Portfolio can increase, decrease or change the risk of its investments by making investments in specific securities. However, derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative and a Portfolio as a whole. Under certain market conditions, they can increase the volatility of a Portfolio's NAV, decrease the liquidity of a Portfolio's investments and make more difficult the accurate pricing of a Portfolio's shares.

In addition, derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large potential impact on a Portfolio's performance. If a Portfolio invests in derivatives at inappropriate times or judges market conditions incorrectly, such investments may lower a Portfolio's return or result in a loss. A Portfolio also could experience losses if its derivatives were poorly correlated with its other investments, or if a Portfolio were unable to liquidate its position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

Derivatives may be purchased on established exchanges ("exchange-traded" derivatives) or through privately negotiated transactions (OTC derivatives). Exchange-traded derivatives generally are guaranteed by the clearing agency which is the issuer or counterparty to such derivatives. This guarantee usually is supported by a daily payment system operated by the clearing agency in order to reduce overall credit risk. As a result, unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased on an exchange. By contrast, no clearing agency guarantees OTC derivatives. Therefore, each party to an OTC derivative transaction bears the risk that the counterparty will default. Accordingly, a Subadviser will consider the creditworthiness of counterparties to OTC derivative transactions in the same manner as it would review the credit quality of a security to be purchased by a Portfolio. OTC derivatives are less liquid than exchange-traded derivatives since the other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for it.

*Other Derivatives.* A Portfolio may take advantage of opportunities in futures contracts and any other derivatives which presently are not contemplated for use by the Portfolio or which currently are not available but which may be developed, to the extent such opportunities are both consistent with the Portfolio's investment objective and legally permissible for the Portfolio. Before entering into such transactions or making any such investment, the Company will provide appropriate disclosure in its prospectus or SAI.

*General Characteristics of Options.* The Portfolios may invest in options. Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instruments on which they are purchased or sold. Thus, the

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following general discussion relates to each of the particular types of options discussed in greater detail below. In addition, many Strategic Transactions involving options require segregation of Portfolio assets in special accounts.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. For instance, a Portfolio's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving the fund, the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. A Portfolio's purchase of a call option, on a security, financial future, index, currency or other instrument might be intended to protect the Portfolio against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument. An American-style put or call option may be exercised at any time during the option period thereto. A Portfolio may purchase and sell exchange-listed options and OTC options. Exchange-listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is "in-the-money" (*i.e.*, where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the underlying instrument.

A Portfolio's ability to close out its position as a purchaser or seller of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options for a particular class or series of options, in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

OTC options are purchased from or sold to securities dealers, financial institutions, or other parties (collectively "Counterparties") through direct bilateral agreement with the Counterparty. In contracts to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. The Portfolios expect generally to enter into OTC options that have cash settlement provisions, although they are not required to do so.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with the Portfolio fails to make a cash settlement payment due in accordance with the terms of that option, the Portfolio will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the Subadviser or Adviser must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied. The staff of the SEC currently takes the position that OTC options purchased by the Portfolio, and portfolio securities "covering" the amount of the Portfolio's obligation pursuant to an OTC option sold by it (the cost of the sell-back plus the in-the-money amount, if any), are illiquid, and may be subject to the Portfolio's, limitation on investing in illiquid securities. If the Portfolio exceeds the limits specified above, the Portfolio will take prompt steps to reduce its holdings in illiquid securities.

If a Portfolio sells a call option, the premium that it receives may serve as a partial hedge, to the extent of the option premium, against a decrease in the value of the underlying securities or instruments in its portfolio, or will increase the Portfolio's income. The sale of put options can also provide income. A Portfolio may purchase and sell call options on securities including U.S. Treasury and agency securities, MBS, corporate debt securities, equity securities (including convertible securities) and Eurodollar instruments that are traded on U.S. and foreign securities exchanges and in the OTC markets, and on securities, indices, currencies and futures contracts. All calls sold by the Portfolio must be "covered" (*i.e.*, the Portfolio, must own the securities or futures contract subject to the call). Even though the Portfolio will receive the option premium to help protect it against loss, a call sold by the Portfolio exposes the Portfolio during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the fund to hold a security or instrument which it might otherwise have sold.

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A Portfolio may purchase and sell put options on securities including U.S. Treasury and agency securities, MBS, foreign sovereign debt, corporate debt securities (including convertible securities) and Eurodollar instruments (whether or not it holds the above securities in its portfolio), and on securities indices, currencies and futures contracts other than futures on individual corporate debt and individual equity securities. The Portfolio will sell put options in accordance with the 1940 Act. In selling put options, there is a risk that the Portfolio may be required to buy the underlying security at a disadvantageous price above the market price.

When a Portfolio purchases a put option, the premium paid by it is recorded as an asset of the Portfolio. When a Portfolio writes an option, an amount equal to the net premium (the premium less the commission) received by the Portfolio is included in the liability section of the Portfolio'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 sale, the mean between the last bid and asked price. If an option purchased by the Portfolio expires unexercised, the Portfolio realizes a loss equal to the premium paid. If the Portfolio enters into a closing sale transaction on an option purchased by it, the Portfolio will realize a gain if the premium received by the Portfolio 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 the Portfolio expires on the stipulated expiration date or if the Portfolio 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 the Portfolio is exercised, the proceeds of the sale will be increased by the net premium originally received and the Portfolio will realize a gain or loss.

There are several risks associated with transactions in options on securities and indexes. For example, there are significant differences between the securities 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 OTC or on a national securities exchange (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; unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the OCC may not at all times be adequate to handle current trading volume; 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 OCC as a result of trades on that Exchange would continue to be exercisable in accordance with their terms.

*General Characteristics of Futures.* The Portfolios may enter into financial futures contracts or purchase or sell put and call options on such futures primarily as a hedge against anticipated interest rate, currency or equity market changes, for duration management and for risk management purposes. The Portfolios may also engage in futures for speculative purposes. Futures are generally bought and sold on the commodities exchanges where they are listed with payment of initial and variation margin as described below.

The sale of a futures contract creates a firm obligation by the Portfolio, as seller, to deliver to the buyer the specific type of financial instrument called for in the contract at a specific future time for a specified price (or, with respect to index futures and Eurodollar instruments, the net cash amount). Options on futures contracts are similar to options on securities except that an option on a futures contract gives the purchaser the right in return for the premium paid to assume a position in a futures contract and obligates the seller to deliver such position.

A Portfolio's use of financial futures and options thereon will be consistent with applicable regulatory requirements and in particular the rules and regulations of the Commodity Futures Trading Commission (the "CFTC"). Typically, maintaining a futures contract or selling an option thereon requires a fund to deposit with a financial intermediary as security for its obligations an amount of cash or other specified assets (initial margin) which initially is typically 1% to 10% of the face amount of the contract (but may be higher in some circumstances). Additional cash or assets (variation margin) may be required to be deposited thereafter on a daily basis as the mark-to-market value of the contract fluctuates. The purchase of an option on financial futures involves payment of a premium for the option without any further obligation on the part of the Portfolio. If the Portfolio exercises an option on a futures contract, it will be obligated to post initial margin (and potential subsequent variation margin) for the resulting futures position just as it would for any position. Futures contracts and options thereon are generally settled by entering into an offsetting transaction, but there can be no assurance that the position can be offset prior to settlement at an advantageous price, nor that delivery will occur.

Wilshire is registered with the National Futures Association as a commodity pool operator ("CPO") and commodity trading advisor ("CTA") under the Commodity Exchange Act of 1936 ("CEA"). Rule 4.5 under the CEA permits an investment company registered under the Investment Company Act of 1940, as amended, to rely on an exclusion from registration under the CEA as a commodity pool. Among other conditions, under amended Rule 4.5, the adviser to a registered investment company can claim exclusion only if the registered investment company uses commodity interests, such as commodity futures and commodity options, solely for "bona fide hedging purposes," or limits its use of commodity interests not used solely for bona fide hedging purposes to certain minimal amounts. Wilshire has filed a notice of eligibility for exclusion from registration as a commodity pool on behalf of the Large Company Growth Portfolio, Large Company Value Portfolio, International Fund, and Income Fund. If a Portfolio no longer qualifies for the exclusion,

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that Portfolio would be subject to regulations as a commodity pool under the CEA and the Adviser would need to register as the CPO to the Portfolio.

*Options on Securities Indices and Other Financial Indices.* The Portfolios also may purchase and sell call and put options on securities indices and other financial indices and in so doing can achieve many of the same objectives they would achieve through the sale or purchase of options on individual securities or other instruments. Options on securities indices and other financial indices are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement (i.e., an option on an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified)). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

*Synthetic Investment Risk.* Certain Portfolios may be exposed to certain additional risks should a Subadviser use derivatives transactions to synthetically implement a Portfolio's investment strategies. Customized derivative instruments will likely be highly illiquid, and it is possible that a Portfolio will not be able to terminate such derivative instruments prior to their expiration date or that the penalties associated with such a termination might impact a Portfolio's performance in a materially adverse manner. Synthetic investments may be imperfectly correlated to the investment a Subadviser is seeking to replicate. There can be no assurance that a Subadviser's judgments regarding the correlation of any particular synthetic investment will be correct. A Portfolio may be exposed to certain additional risks associated with derivatives transactions should a Subadviser use derivatives to synthetically implement the Portfolio's investment strategies. A Portfolio would be subject to counterparty risk in connection with such transactions. If a Portfolio enters into a derivative instrument whereby it agrees to receive the return of a security or financial instrument or a basket of securities or financial instruments, it will typically contract to receive such returns for a predetermined period of time. During such period, a Portfolio may not have the ability to increase or decrease its exposure. In addition, such customized derivative instruments will likely be highly illiquid, and it is possible that a Portfolio will not be able to terminate such derivative instruments prior to their expiration date or that the penalties associated with such a termination might impact the Portfolio's performance in a material adverse manner. Furthermore, derivative instruments typically contain provisions giving the counterparty the right to terminate the contract upon the occurrence of certain events, such as a decline in the value of the reference securities and material violations of the terms of the contract or the portfolio guidelines as well as other events determined by the counterparty. If a termination were to occur, a Portfolio's return could be adversely affected as it would lose the benefit of the indirect exposure to the reference securities and it may incur significant termination expenses.

*Currency Transactions.* In general, certain Portfolios' dealings in forward currency contracts and other currency transactions such as futures, options, options on futures and swaps will be limited to hedging involving either specific transactions or portfolio positions. Each Portfolio, however, can invest up to the 1940 Act limits of its assets in such transactions for non-hedging purposes. Currency transactions include forward currency contracts, exchange listed currency futures, exchange listed and OTC options on currencies, and currency swaps. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A currency swap is an agreement to exchange cash flows based on the notional difference among two or more currencies and operates similarly to an interest rate swap, which is described below.

Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of a Portfolio, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. Position hedging is entering into a currency transaction with respect to portfolio security positions denominated or generally quoted in that currency.

Certain Portfolios may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which it has or in which the Portfolio expects to have portfolio exposure.

To reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities, a Portfolio may also engage in proxy hedging. Proxy hedging is often used when the currency to which the Portfolio is exposed is difficult to hedge or to hedge against the dollar. Proxy hedging entails entering into a commitment or option to sell a currency whose changes in value are generally considered to be correlated to a currency or currencies in which some or all of a Portfolio's portfolio securities are or are expected to be denominated, in exchange for U.S. dollars. The amount of the commitment or option would not exceed the value of a Portfolio's securities denominated in correlated currencies. Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to a Portfolio if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Further, there is the risk that the perceived correlation between various currencies may not be present, or may not be present during the particular time that a Portfolio is engaging in proxy hedging. If a Portfolio enters into a currency hedging transaction, the Portfolio will comply with the asset segregation requirements described below.

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*Risks of Currency Transactions.* Currency transactions are subject to risks different from those of other portfolio transactions. 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 can result in losses to a Portfolio if it is unable to deliver or receive currency or funds in settlement of obligations, and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of currency futures contracts for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on options on currency futures is subject to the maintenance of a liquid market which may not always be available. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy.

*Combined Transactions.* Certain Portfolios may enter into multiple transactions, which may include multiple options transactions, multiple futures transactions, multiple currency transactions (including forward currency contracts) and multiple interest rate transactions and any combination of futures, options, currency and interest rate transactions ("component" transactions), instead of a single Strategic Transaction, as part of a single or combined strategy when, in the opinion of a Subadviser, it is in the best interests of a fund to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on a Subadviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

*Swaps, Caps, Floors and Collars.* Among the Strategic Transactions into which a Portfolio may enter are interest rate, currency, credit default and index swaps and the purchase or sale of related caps, floors and collars. A Portfolio may enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest, *e.g.*, an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specific index exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

A Portfolio will usually enter into swaps on a net basis, *i.e.*, the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the fund receiving or paying, as the case may be, only the net amount of the two payments. Inasmuch as these swaps, caps, floors and collars are entered into for good-faith hedging purposes, the Portfolio believes such obligations do not constitute senior securities under the 1940 Act, and, accordingly, will not treat them as being subject to the 1940 Act's borrowing restrictions.

*Hybrid Instruments.* Certain Portfolios may invest in hybrid instruments. A hybrid instrument is a type of potentially high-risk derivative that combines a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor ("underlying benchmark"). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the underlying benchmark. An example of a hybrid instrument could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil.

Hybrid instruments can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, and increased total return. Hybrid instruments may not bear interest or pay dividends. The value of a hybrid instrument or its interest rate may be a multiple of the underlying benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the underlying benchmark. These underlying benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid instrument. Under certain conditions, the redemption value of a hybrid instrument could be zero. Thus, an investment in a hybrid instrument may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrid instruments also exposes a Portfolio to the credit risk of the issuer of the hybrid instruments. These risks may cause significant fluctuations in the NAV of a Portfolio.

Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. A Portfolio would only invest in commodity-linked hybrid instruments that qualify, under applicable rules of the CFTC, for an exemption from the provisions of the CEA. The

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requirements for qualification as a regulated investment company for federal income tax purposes may limit a Portfolio's ability to invest in commodity-linked instruments.

Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. As a result, a Portfolio's investments in these products may be subject to limits applicable to investments in investment companies and other restrictions contained in the 1940 Act.

*Risk Linked Securities.* Risk-linked securities ("RLS") are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. RLS are typically debt obligations for which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined "trigger event." Depending on the specific terms and structure of the RLS, this trigger could be the result of a hurricane, earthquake or some other catastrophic event. Insurance companies securitize this risk to transfer the truly catastrophic part of the risk exposure to the capital markets. A typical RLS provides for income and return of capital similar to other fixed-income investments, but would involve full or partial default if losses resulting from a certain catastrophe exceeded a predetermined amount. RLS typically have relatively high yields compared with similarly rated fixed-income securities, and have low correlation with the returns of traditional securities. Investments in RLS may be linked to a broad range of insurance risks, which can be broken down into three major categories: natural risks (such as hurricanes and earthquakes), weather risks (such as insurance based on a regional average temperature) and non-natural events (such as aerospace and shipping catastrophes). Although property-casualty RLS have been in existence for over a decade, significant developments have started to occur in securitizations done by life insurance companies. In general, life insurance industry securitizations could fall into a number of categories. Some are driven primarily by the desire to transfer risk to the capital markets, such as the transfer of extreme mortality risk (mortality bonds). Others, while also including the element of risk transfer, are driven by other considerations. For example, a securitization could be undertaken to relieve the capital strain on life insurance companies caused by the regulatory requirements of establishing very conservative reserves for some types of products. Another example is the securitization of the stream of future cash flows from a particular block of business, including the securitization of embedded values of life insurance business or securitization for the purpose of funding acquisition costs.

*Spread Transactions.* Certain Portfolios may purchase covered spread options from securities dealers. Such covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives a Portfolio the right to put, or sell, a security that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that a Portfolio does not own, but which is used as a benchmark. The risk to a Portfolio in purchasing covered spread options is the cost of the premium paid for the spread option and any transaction costs. In addition, there is no assurance that closing transactions will be available. The purchase of spread options will be used to protect a Portfolio against adverse changes in prevailing credit quality spreads, *i.e.*, the yield spread between high quality and lower quality securities. Such protection is only provided during the life of the spread option.

*Derivatives Regulations.* The laws and regulations that apply to derivatives (*e.g.*, swaps, futures, etc.) and persons who use them (including, as applicable, the Portfolios, the Subadvisers, and others) are rapidly changing in the U.S. and abroad. As a result, restrictions and additional regulations may be imposed on these parties, trading restrictions may be adopted and additional trading costs are possible. The impact of these changes on each Portfolio's investment strategies is not yet fully ascertainable.

In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which was signed into law in July 2010, significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. While certain of the Dodd-Frank provisions have been adopted, other rules are not yet final; therefore, it is unclear how regulators will exercise their expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect a Portfolio or its investments. Possible regulatory actions taken under these revised and expanded powers may include actions related to financial consumer protection, proprietary trading and derivatives. There is a risk that new and additional government regulation authorized by the Dodd-Frank Act could restrict the ability of a Portfolio to use certain instruments as part of its investment strategy, increase the costs of using these instruments or make them less effective. Legislators and regulators in the United States are currently considering a wide range of proposals in addition to the Dodd-Frank Act that, if enacted, could result in major changes to the way the financial services industry is regulated. In particular, new position limits imposed on a Portfolio's counterparties may impact the Portfolio's ability to invest in futures, options, and swaps in a manner that efficiently meets its investment objective. New requirements even if not directly applicable to a Portfolio, including capital requirements, changes to the CFTC speculative position limits regime, and mandatory clearing, may increase the cost of the Portfolio's investments and cost of doing business, which would adversely affect investors.

Rule 18f-4 under the 1940 Act governs the use of derivatives by registered investment companies. Rule 18f-4 imposes limits on the amount of derivatives a fund may enter into, eliminates the asset segregation framework previously used by the Portfolios to comply with Section 18 of the 1940 Act, treats derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specific exposure amount to establish and maintain a comprehensive derivatives risk management program and to appoint a derivatives risk manager. Certain of the Portfolios are "limited derivatives users" and are not subject to the full requirements of Rule 18f-4, while the other Portfolios are derivatives users subject to the full requirements of the Rule. The requirements of Rule 18f-4 may limit a Portfolio's ability to engage in derivatives transactions, as well as certain other transactions that create future payment and/or delivery obligations by a fund, as part

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of its investment strategies. These requirements may also increase the cost of doing business, which could adversely affect the performance of a Portfolio.

*Eurodollar Instruments.* Certain Portfolios may make investments in Eurodollar instruments. Eurodollar instruments are U.S. dollar-denominated futures contracts or options that are linked to a reference rate and issued by non-U.S. branches of U.S. or foreign banks. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings. Certain Portfolios may use Eurodollar futures contracts and options thereon to hedge against changes in a reference rate, to which many interest rate swaps and fixed income instruments are linked.

*Euro Risk.* Certain Portfolios may invest in securities issued by companies operating in Europe. Investments in a single region, even though representing many different countries within the region, may be affected by common economic forces and other factors. A Portfolio may be subject to greater risk of adverse events which occur in the European region and may experience greater volatility than a fund that is more broadly diversified geographically. Political or economic disruptions in European countries, even in countries in which a Portfolio is not invested may adversely affect the security values and thus a Portfolio's holdings. A significant number of countries in Europe are member states in the European Union (the "EU"), and these member states no longer have the ability to implement an independent monetary policy and may be significantly affected by requirements that limit their fiscal options. European financial markets have recently experienced volatility and have been adversely affected by concerns of economic downturns, credit rating downgrades, rising government debt and possible default on or restructuring of government debt in several European countries. The United Kingdom withdrew from the EU on January 31, 2020, following a June 2016 referendum referred to as "Brexit." There is significant market uncertainty regarding Brexit's longer term ramifications, and the range of possible political, regulatory, economic and market outcomes are difficult to predict. The uncertainty surrounding the United Kingdom's economy may continue to be a source of instability and cause considerable disruption in securities markets, including increased volatility and illiquidity, as well as currency fluctuations in the British pound's exchange rate against the U.S. dollar.

*Risks of Strategic Transactions Outside the United States.* When conducted outside the United States, Strategic Transactions may not be regulated as rigorously as in the United States, may not involve a clearing mechanism and related guarantees and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of such positions also could be adversely affected by (i) other complex foreign, political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in a fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (v) lower trading volume and liquidity.

*Greater China and China A-Shares Risk.* There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility, currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage), the risk that the Chinese government may decide not to continue to support economic reform programs and limitations on the use of brokers or actions by the Chinese government that may discourage brokers from serving international clients. Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Changes to political and economic relationships, including recent trade and policy disputes and strained international relations, between China and other countries could have an adverse effect on an investment in the Greater China region. Increasing tensions between China and its trading partners, including the US, have resulted in tariffs and other limitations, and may in the future result in additional measures or actions. US investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at a disadvantageous time.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. Additionally, developing countries, such as those in Greater China, may subject the Portfolio's investments to a number of tax rules, and the application of many of those rules may be uncertain. The securities markets in China have a limited operating history and are not as developed as those in the US. The markets tend to be smaller in size, have less liquidity and historically have had greater volatility than markets in the US and some other countries. In addition, under normal market conditions, there is less regulation and monitoring of Chinese securities markets and the activities of investors, brokers and other participants than in the US. Accordingly, issuers of securities in China are not subject to the same degree of regulation as are US issuers with respect to such matters as insider trading rules, tender offer regulation, stockholder proxy requirements and the requirements mandating timely disclosure of information. During periods of significant market volatility, the Chinese government has, from time to time, intervened in its domestic securities markets to a greater degree than would be typical in more developed markets, including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers. Stock markets in China are in the process of change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying the relevant regulations.

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 Portfolio, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Portfolio invests.

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Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Portfolio. China A-shares listed and traded through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program ("Stock Connect"), mutual market access programs designed to, among other things, enable foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong, are subject to a number of restrictions imposed by Chinese securities regulations and listing rules. Because Stock Connect is in its initial stages, developments are likely, which may restrict or otherwise affect the Portfolio's investments or returns. Furthermore, any changes in laws, regulations and policies of the China A-shares market or rules in relation to Stock Connect may affect China A-share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

*Guaranteed Investment Contracts ("GICs")*. Certain Portfolios may invest in GICs. When investing in GICs, a Portfolio makes cash contributions to a deposit fund of an insurance company's general account. The insurance company then credits guaranteed interest to the deposit fund monthly. The GICs provide that this guaranteed interest will not be less than a certain minimum rate. The insurance company may assess periodic charges against a GIC for expenses and service costs allocable to it, and the charges will be deducted from the value of the deposit fund. Because a Portfolio may not receive the principal amount of a GIC from the insurance company on 7 days' notice or less, the GIC is considered an illiquid investment. In determining average portfolio maturity, GICs generally will be deemed to have a maturity equal to the period remaining until the next readjustment of the guaranteed interest rate.

*Variable and Floating Rate Instruments.* Certain Portfolios may invest in variable and floating rate instruments. With respect to purchasable variable and floating rate instruments, a Subadviser will consider the earning power, cash flows and liquidity ratios of the issuers and guarantors of such instruments and, if the instruments are subject to a demand feature, will monitor their financial status to meet payment on demand. Such instruments may include variable amount demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. The absence of an active secondary market with respect to particular variable and floating rate instruments could make it difficult for a Portfolio to dispose of a variable or floating rate note if the issuer defaulted on its payment obligation or during periods that the Portfolio is not entitled to exercise its demand rights, and the Portfolio could, for these or other reasons, suffer a loss with respect to such instruments. In determining average-weighted a Portfolio maturity, an instrument will be deemed to have a maturity equal to either the period remaining until the next interest rate adjustment or the time a fund involved can recover payment of principal as specified in the instrument, depending on the type of instrument involved.

*Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.* Certain Portfolios may purchase bank obligations, such as certificates of deposit, bankers' acceptances and time deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions having total assets at the time of purchase in excess of $1 billion. The assets of a bank or savings institution will be deemed to include the assets of its domestic and foreign branches for purposes of a Portfolio's investment policies. Investments in short-term bank obligations may include obligations of foreign banks and domestic branches of foreign banks, and foreign branches of domestic banks.

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

*Money Market Instruments.* Each Portfolio may invest in money market instruments, including certificates of deposit, time deposits, bankers' acceptances and other short-term obligations issued by domestic banks, foreign subsidiaries or branches of domestic banks, domestic and foreign branches of foreign banks, domestic savings and loan associations and other banking institutions.

A certificate of deposit is a negotiable certificate requiring a bank to repay funds deposited with it for a specified period.

A time deposit is a non-negotiable deposit maintained in a banking institution for a specified period at a stated interest rate. A Portfolio will only invest in time deposits of domestic banks that have total assets in excess of one billion dollars. Time deposits held by the Portfolios will not benefit from insurance administered by the Federal Deposit Insurance Corporation.

A bankers' acceptance is a credit instrument requiring a bank to pay a draft drawn on it by a customer. These instruments reflect the obligation both of the bank and of the drawer to pay the face amount of the instrument upon maturity. Other short-term bank obligations in which the Portfolios may invest may include uninsured, direct obligations bearing fixed, floating or variable interest rates. With respect to such securities issued by foreign branches and subsidiaries of domestic banks, and domestic and foreign branches of foreign banks, a Portfolio may be subject to additional investment risks that are different in some respects from those incurred by a Portfolio which invests only in debt obligations of U.S. domestic issuers. Such risks include possible political and economic developments, possible seizure or nationalization of foreign deposits, the possible imposition of foreign withholding taxes on interest income, the possible establishment of exchange controls or the adoption of other foreign governmental restrictions which may adversely affect the payment of principal and interest on these securities.

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*Mortgage-Backed Securities.* Certain Portfolios may invest in MBS, which are securities that represent interests in pools of mortgage loans. MBS, including mortgage pass-through securities and collateralized mortgage obligations, include certain securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, such as GNMA, the Federal National Mortgage Association ("FNMA"), or the Federal Home Loan Mortgage Corporation ("FHLMC"); securities issued by private issuers that represent an interest in or are collateralized by MBS issued or guaranteed by the U.S. government or one of its agencies or instrumentalities; securities issued by private issuers that represent an interest in or are collateralized by mortgage loans; and reperforming/non-performing loans, reperforming/non-performing loan securitizations, and resecuritizations of existing MBS and/or ABS ("Re-REMICS").There are a number of important differences among the agencies and instrumentalities of the U.S. government that issue MBS and among the securities that they issue.

MBS guaranteed by the GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie Maes") which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA is a wholly-owned U.S. government corporation within the Department of Housing and Urban Development. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. MBS issued by the FNMA include FNMA-guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes") which are solely the obligations of the FNMA, are not backed by or entitled to the full faith and credit of the United States and are supported by the right of the issuer to borrow from the Treasury. FNMA is a government- sponsored organization owned entirely by private stockholders. Fannie Maes are guaranteed as to timely payment of principal and interest by FNMA. MBS issued by the FHLMC include FHLMC Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs"). FHLMC is a corporate instrumentality of the United States, created pursuant to an Act of Congress, which is owned entirely by Federal Home Loan Banks. Freddie Macs 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 Macs entitle the holder to timely payment of interest, which is guaranteed by the FHLMC. FHLMC guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When FHLMC does not guarantee timely payment of principal, FHLMC may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

On September 7, 2008, the U.S. Treasury announced a federal takeover of FNMA and FHLMC, placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality. The U.S. Treasury also pledged to make additional capital contributions as needed to help ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. While the purchase programs for MBS ended in 2010, the U.S. Treasury continued its support of the entities' capital as necessary to prevent a negative net worth. FNMA and FHLMC continue to rely on the support of the U.S. Treasury to continue operations, and it is not known when the conservatorships will be terminated or what changes will be made to their operations following the conservatorships.

The performance of private label MBS issued by private institutions is based on the financial health of those institutions. There is no guarantee that a Portfolio's investment in MBS will be successful, and the Portfolio's total return could be adversely affected as a result. In the reperforming/non-performing loan securitization market additional consideration must be given to sponsor risk and sponsor concentration.

MBS differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans generally may be prepaid at any time. Since prepayment rates vary widely, it is not possible to accurately predict the average maturity of a particular mortgage-backed pool; however, statistics published by the Federal Housing Authority indicate that the average life of mortgages with 25- to 30-year maturities (the type of mortgages backing the vast majority of MBS) is approximately 12 years. MBS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

*Collateralized Mortgage Obligations ("CMOs") and Multiclass Pass-Through Securities.* CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. Typically, CMOs are collateralized by GNMA, FNMA or FHLMC Certificates, but also may be collateralized by whole loans or private mortgage pass-through securities ("Mortgage Assets"). Multiclass pass-through securities are equity interests held in a trust composed of Mortgage Assets. Payments of principal and of interest on the Mortgage Assets, and any reinvestment income thereon, provide the capital to pay debt service on the CMOs or make scheduled distributions on the multiclass pass-through securities. CMOs may be issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including depositary institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.

In a CMO, a series of bonds or certificates is issued in multiple classes. Each class of CMOs is issued at a specific fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrued on all classes of CMOs on a monthly, quarterly or semi-annual basis. The principal of and interest on the Mortgage Assets may be allocated among the several classes of a CMO series in a number of different ways. Generally, the purpose of the allocation of the cash flow of a CMO to the

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various classes is to obtain a more predictable cash flow to the individual class than exists with the underlying collateral of the CMO. As a general rule, the more predictable the cash flow to a particular CMO the lower the anticipated yield will be on that class at the time of issuance relative to prevailing market yields on MBS.

Certain Portfolios may invest in CMOs, including but not limited to, parallel pay CMOs and Planned Amortization Class CMOs ("PAC Bonds"). Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PAC Bonds generally require payments of a specified amount of principal on each payment date. PAC Bonds always are parallel pay CMOs with the required principal payment on such securities having the highest priority after interest has been paid to all classes.

*Asset-Backed Securities.* Certain Portfolios may also invest in ABS, which are securities that represent an interest in a pool of assets. These include secured debt instruments collateralized by aircraft leases, automobile loans, credit card loans, home equity loans, manufactured housing loans, syndicated bank loans, and other types of debt providing the source of both principal and interest. On occasion, the pool of assets may also include a swap obligation, which is used to change the cash flows on the underlying assets. As an example, a swap may be used to allow floating rate assets to back a fixed rate obligation. The credit quality of ABS depends primarily on the quality of the underlying assets, the level of credit support, if any, provided by the issuer, and the credit quality of the swap counterparty, if any. ABS are subject to risks similar to those discussed above with respect to MBS.

*Automobile Receivable Securities.* ABS may be backed by receivables from motor vehicle installment sales contracts or installment loans secured by motor vehicles ("Automobile Receivable Securities"). Since installment sales contracts for motor vehicles or installment loans related thereto ("Automobile Contracts") typically have shorter durations and lower incidences of prepayment, Automobile Receivable Securities generally will exhibit a shorter average life and are less susceptible to prepayment risk.

Most entities that issue Automobile Receivable Securities create an enforceable interest in their respective Automobile Contracts only by filing a financing statement and by having the servicer of the Automobile Contracts, which is usually the originator of the Automobile Contracts, take custody thereof. In such circumstances, if the servicer of the Automobile Contracts were to sell the same Automobile Contracts to another party, in violation of its obligation not to do so, there is a risk that such party could acquire an interest in the Automobile Contracts superior to that of the holders of Automobile Receivable Securities. Although most Automobile Contracts grant a security interest in the motor vehicle being financed, in most states the security interest in a motor vehicle must be noted on the certificate of title to create an enforceable security interest against competing claims of other parties. Due to the large number of vehicles involved, however, the certificate of title to each vehicle financed, pursuant to the Automobile Contracts underlying the Automobile Receivable Security, usually is not amended to reflect the assignment of the seller's security interest for the benefit of the holders of the Automobile Receivable Securities. Therefore, there is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on the securities. In addition, various state and federal securities laws give the motor vehicle owner the right to assert against the holder of the owner's Automobile Contract certain defenses such owner would have against the seller of the motor vehicle. The assertion of such defenses could reduce payments on the Automobile Receivable Securities.

*Credit Card Receivable Securities.* ABS may be backed by receivables from revolving credit card agreements ("Credit Card Receivable Securities"). Credit balances on revolving credit card agreements ("Accounts") are generally paid down more rapidly than are Automobile Contracts. Most of the Credit Card Receivable Securities issued publicly to date have been pass-through certificates. In order to lengthen the maturity of Credit Card Receivable Securities, most such securities provide for a fixed period during which only interest payments on the underlying Accounts are passed through to the security holder, and principal payments received on such Accounts are used to fund the transfer to the pool of assets supporting the related Credit Card Receivable Securities of additional credit card charges made on an Account. The initial fixed period usually may be shortened upon the occurrence of specified events which signal a potential deterioration in the quality of the assets backing the security, such as the imposition of a cap on interest rates. The ability of the issuer to extend the life of an issue of Credit Card Receivable Securities thus depends upon the continued generation of additional principal amounts in the underlying accounts during the initial period and the non-occurrence of specified events. An acceleration in cardholders' payment rates or any other event that shortens the period during which additional credit card charges on an Account may be transferred to the pool of assets supporting the related Credit Card Receivable Security could shorten the weighted average life and yield of the Credit Card Receivable Security.

Credit cardholders are entitled to the protection of many state and federal consumer credit laws, many of which give such holders the right to set off certain amounts against balances owed on the credit card, thereby reducing amounts paid on Accounts. In addition, unlike most other ABS, Accounts are unsecured obligations of the cardholder.

*Methods of Allocating Cash Flows.* While many ABS are issued with only one class of security, many ABS are issued in more than one class, each with different payment terms. Multiple class ABS are issued for two main reasons. First, multiple classes may be used as a method of providing credit support. This is accomplished typically through creation of one or more classes whose right to payments on the ABS is made subordinate to the right to such payments of the remaining class or classes (See "Types of Credit Support"). Second, multiple classes may permit the issuance of securities with payment terms, interest rates or other characteristics differing both from those of each other and from those of the underlying assets. Examples include so-called "strips" (ABS entitling the

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holder to disproportionate interests with respect to the allocation of interest and principal of the assets backing the security) and securities with a class or classes having characteristics which mimic the characteristics of non-ABS, such as floating interest rates (*i.e.*, interest rates which adjust as a specified benchmark changes) or scheduled amortization of principal.

ABS in which the payment streams on the underlying assets are allocated in a manner different than those described above may be issued in the future.

*Types of Credit Support.* ABS are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two classes: liquidity protection and protection against ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying pool are made in a timely fashion. Protection against ultimate default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies or letters of credit obtained from third parties, through various means of structuring the transaction or through a combination of such approaches. Examples of ABS with credit support arising out of the structure of the transaction include "senior-subordinated securities" (multiple class ABS with certain classes subordinate to other classes as to the payment of principal thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class) and ABS that have "reserve portfolios" (where cash or investments, sometimes funded from a portion of the initial payments on the underlying assets, are held in reserve against future losses) or that have been "over collateralized" (where the scheduled payments on, or the principal amount of, the underlying assets substantially exceeds that required to make payment of the ABS and pay any servicing or other fees). The degree of credit support provided on each issue is based generally on historical information respecting the level of credit risk associated with such payments. Delinquency or loss in excess of that anticipated could adversely affect the return on an investment in an ABS. Additionally, if the letter of credit is exhausted, holders of ABS may also experience delays in payments or losses if the full amounts due on underlying sales contracts are not realized.

*Structured Notes.* Certain Portfolios may invest in structured notes. Structured notes are debt obligations that also contain an embedded derivative component with characteristics that adjust the obligation's risk/return profile. Generally, the performance of a structured note will track that of the underlying debt obligation and the derivative embedded within it. A Portfolio has the right to receive periodic interest payments from the issuer of the structured notes at an agreed-upon interest rate and a return of the principal at the maturity date. Structured notes are typically privately negotiated transactions between two or more parties. A Portfolio bears the risk that the issuer of the structured note would default or become bankrupt which may result in the loss of principal investment and periodic interest payments expected to be received for the duration of its investment in the structured notes. If one of the underlying corporate credit instruments defaults, a Portfolio may receive the security or credit instrument that has defaulted, or alternatively a cash settlement may occur, and the Portfolio's principal investment in the structured note would be reduced by the corresponding face value of the defaulted security. The market for structured notes may be, or suddenly can become, illiquid. The other parties to the transaction may be the only investors with sufficient understanding of the derivative to be interested in bidding for it. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices for structured notes. In certain cases, a market price for a credit-linked security may not be available.

*Credit-Linked Notes.* Certain Portfolios may invest in credit-linked notes. Credit-linked notes are a type of structured note. The difference between a credit default swap and a credit-linked note is that the seller of a credit-linked note receives the principal payment from the buyer at the time the contract is originated. Through the purchase of a credit-linked note, the buyer assumes the risk of the reference asset and funds this exposure through the purchase of the note. The buyer takes on the exposure to the seller to the full amount of the funding it has provided. The seller has hedged its risk on the reference asset without acquiring any additional credit exposure. A Portfolio has the right to receive periodic interest payments from the issuer of the credit-linked note at an agreed-upon interest rate and a return of principal at the maturity date.

Credit-linked notes are subject to the credit risk of the corporate credits referenced by the note. If one of the underlying corporate credits defaults, a Portfolio may receive the security that has defaulted, and the Portfolio's principal investment would be reduced by the difference between the original face value of the reference security and the current value of the defaulted security. Credit-linked notes are typically privately negotiated transactions between two or more parties. A Portfolio bears the risk that the issuer of the credit-linked note will default or become bankrupt. A Portfolio bears the risk of loss of its principal investment, and the periodic interest payments expected to be received for the duration of its investment in the credit-linked note.

*Collateralized Debt Obligations ("CDOs").* Certain Portfolios may invest in CDOs. A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Where the underlying collateral is a portfolio of bonds, a CDO is referred to as a collateralized bond obligation ("CBO"). Where the underlying collateral is a portfolio of bank loans, a CDO is referred to as a collateralized loan obligation ("CLO"). Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described with respect to certain mortgage-related securities and ABS. The value of

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CDOs may be affected by changes in the market's perception of the creditworthiness of the servicing agent for the pool or the originator.

A CLO is a trust or other special purpose entity that is comprised of or collateralized by a pool of loans, including 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. The loans generate cash flow that is allocated among one or more classes of securities ("tranches") that vary in risk and yield. The most senior tranche has the best credit quality and the lowest yield compared to the other tranches. The equity tranche has the highest potential yield but also has the greatest risk, as it bears the bulk of defaults from the underlying loans and helps to protect the more senior tranches from risk of these defaults. However, despite the protection from the equity and other more junior tranches, more senior tranches can experience substantial losses due to actual defaults and decreased market value due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class.

Normally, CLOs are privately offered and sold and are not registered under state or federal securities laws. Therefore, investments in CLOs may be characterized as illiquid securities; however, an active dealer market may exist for CLOs allowing a CLO to qualify for transactions pursuant to Rule 144A under the 1933 Act. CLOs normally charge management fees and administrative expenses, which are in addition to those of the Portfolio.

The riskiness of investing in CLOs depends largely on the quality and type of the collateral loans and the tranche of the CLO in which the Portfolio invests. In addition to the normal risks associated with fixed-income securities (such as interest rate risk and credit risk), CLOs carry risks including, but are not limited to: (i) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Portfolio may invest in CLO tranches that are subordinate to other tranches; and (iv) the complex structure of the CLO may not be fully understood at the time of investment or may result in the quality of the underlying collateral not being fully understood and may produce disputes with the issuer or unexpected investment results. In addition, interest on certain tranches of a CLO may be paid in-kind (meaning that unpaid interest is effectively added to principal), which involves continued exposure to default risk with respect to such payments. Certain CLOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, but such enhancement may not always be present and may fail to protect the Portfolio against the risk of loss due to defaults on the collateral. Certain CLOs may not hold loans directly, but rather, use derivatives such as swaps to create "synthetic" exposure to the collateral pool of loans. Such CLOs entail the risks of derivative instruments.

*Corporate Bonds.* Certain Portfolios may invest in corporate bonds. Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may be either secured or unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder. Corporate bonds contain elements of both interest-rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. Corporate bonds usually yield more than government or agency bonds due to the presence of credit risk.

The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer's capital structure and use of financial leverage and demand for the issuer's goods and services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.

*Distressed Company Risk.* Certain Portfolios may invest in securities of distressed companies that may be subject to greater levels of credit, issuer and liquidity risk than a portfolio that does not invest in such securities. Debt securities of distressed companies are considered predominantly speculative with respect to the issuers' continuing ability to make principal and interest payments. Issuers of distressed company securities may also be involved in restructurings or bankruptcy proceedings that may not be successful. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce a Portfolio's ability to sell these securities (liquidity risk). If the issuer of a debt security is in default with respect to interest or principal payments, it may lose its entire investment.

*U.S. Government Obligations.* Each Portfolio may invest in U.S. government obligations. U.S. government obligations are direct obligations of the U.S. government and are supported by the full faith and credit of the U.S. government. U.S. government agency securities are issued or guaranteed by U.S. government-sponsored enterprises and federal agencies. Some of these securities are backed by the full faith and credit of the U.S. government; others are backed by the agency's right to borrow a specified amount from the U.S. Treasury; and still others, while not guaranteed directly or indirectly by the U.S. government, are backed with collateral in the form of cash, Treasury securities or debt instruments that the lending institution has acquired through its lending activities. Examples

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of the types of U.S. government obligations which a Portfolio may hold include U.S. Treasury bills, Treasury instruments and Treasury bonds and the obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, the Farmers Home Administration, the Export- Import Bank of the United States, the Small Business Administration, FNMA, GNMA, the General Services Administration, the Student Loan Marketing Association, the Central Bank for Cooperatives, FHLMC, the Federal Intermediate Credit Banks, the Maritime Administration, the International Bank of Reconstruction and Development (the "World Bank"), the Asian-American Development Bank and the Inter-American Development Bank.

*Short-Term Instruments.* When a Portfolio experiences large cash inflows through the sale of securities and desirable equity securities that are consistent with the Portfolio's investment objectives are unavailable in sufficient quantities or at attractive prices, the Portfolio may hold short-term investments for a limited time at the discretion of the Subadvisers. Short-term instruments consist of: (1) short-term obligations issued or guaranteed by the U.S. government or any of its agencies or instrumentalities or by any of the states; (2) other short-term debt securities; (3) commercial paper; (4) bank obligations, including negotiable certificates of deposit, time deposits and bankers' acceptances; and (5) repurchase agreements.

*Supranational Organization Obligations.* Certain Portfolios may purchase debt securities of supranational organizations such as the European Coal and Steel Community, the European Economic Community and the World Bank, which are chartered to promote economic development.

*Municipal Securities.* Certain Portfolios may invest in municipal securities issued by or on behalf of states, territories and possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities, the payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for federal income tax purposes ("Municipal Bonds"). Certain Portfolios may also invest in Municipal Bonds that pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/or allow a portion of a Portfolio's distributions to be exempt from state and local taxes of the designated state. Certain Portfolios may also invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof that a Portfolio's Subadviser believes such securities to pay interest excludable from gross income for purposes of federal income tax and state and local income taxes of the designated state and/or state and local personal property taxes of the designated state ("Non-Municipal Tax-Exempt Securities"). Non-Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or more long term municipal securities. Non-Municipal Tax- Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by applicable law. Because each Portfolio expects to invest less than 50% of its total assets in tax-exempt municipal securities, the Portfolios do not expect to be eligible to pay "exempt-interest dividends" to shareholders and interest on municipal securities will be taxable for federal income tax purposes to shareholders when received as a distribution from the Portfolio.

A Portfolio cannot guarantee the accuracy of any opinion issued by bond counsel regarding the tax-exempt status of a Municipal Bond. Furthermore, there can be no guarantee that the Internal Revenue Service ("IRS") will agree with such counsel's opinion. The value of Municipal Bonds may also be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of Municipal Bonds or the rights of Municipal Bond holders in the event of a bankruptcy. From time to time, Congress has introduced proposals to restrict or eliminate the federal income tax exemption for interest on Municipal Bonds. State legislatures may also introduce proposals that would affect the state tax treatment of a Portfolio's distributions. If such proposals were enacted, the availability of Municipal Bonds and the value of a Portfolio's holdings would be affected, and the investment objectives and policies of a Portfolio would likely be re-evaluated.

Investments in Municipal Bonds present certain risks, including credit, interest rate, liquidity, and prepayment risks. Municipal Bonds may also be affected by local, state, and regional factors, including erosion of the tax base and changes in the economic climate. In addition, municipalities and municipal projects that rely directly or indirectly on federal funding mechanisms may be negatively affected by actions of the federal government including reductions in federal spending, increases in federal tax rates, or changes in fiscal policy.

The marketability, valuation or liquidity of Municipal Bonds may be negatively affected in the event that states, localities or their authorities default on their debt obligations or other market events arise, which in turn may negatively affect a Portfolio's performance, sometimes substantially. A credit rating downgrade relating to, default by, or insolvency or bankruptcy of, one or several municipal issuers in a particular state, territory, or possession could affect the market value or marketability of Municipal Bonds from any one or all such states, territories, or possessions.

The value of Municipal Bonds may also be affected by uncertainties with respect to the rights of holders of Municipal Bonds in the event of bankruptcy. Municipal bankruptcies have in the past been relatively rare, and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear and remain untested. Further, the application of state law to municipal issuers could produce varying results among the states or among Municipal Bond issuers within a state. These legal uncertainties could affect the Municipal Bond market generally, certain specific segments of the market, or the relative credit quality of particular securities. Any of these effects could have a significant impact on the prices of some or all of the Municipal Bonds held by a Portfolio.

Certain Portfolios may also invest in taxable municipal bonds that do not qualify for federal support. Taxable municipal bonds are municipal bonds in which interest paid to the bondholder does not qualify as tax-exempt for federal income tax purposes because of

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the use to which the bond proceeds are put by the municipal borrower. Although taxable municipal bonds are subject to federal taxation, they may not be subject to taxation by the state in which the municipal issuer is located.

*Municipal Bond Insurance.* Certain Portfolios may purchase a Municipal Bond that is covered by insurance that guarantees the bond's scheduled payment of interest and repayment of principal. This type of insurance may be obtained by either: (i) the issuer at the time the Municipal Bond is issued (primary market insurance); or (ii) another party after the bond has been issued (secondary market insurance). Both of these types of insurance seek to guarantee the timely and scheduled repayment of all principal and payment of all interest on a Municipal Bond in the event of default by the issuer, and cover a Municipal Bond to its maturity, typically enhancing its credit quality and value.

Even if a Municipal Bond is insured, it is still subject to market fluctuations, which can result in fluctuations in a Portfolio's share price. In addition, a Municipal Bond insurance policy will not cover: (i) repayment of a Municipal Bond before maturity (redemption); (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond; or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a Municipal Bond issue whereby part of the Municipal Bond issue may be retired before maturity.

Some of the Municipal Bonds outstanding are insured by a small number of insurance companies, not all of which have the highest credit rating. As a result, an event involving one or more of these insurance companies could have a significant adverse effect on the value of the securities insured by that insurance company and on the municipal markets as a whole. If the Municipal Bond is not otherwise rated, the ratings of insured bonds reflect the credit rating of the insurer, based on the rating agency's assessment of the creditworthiness of the insurer and its ability to pay claims on its insurance policies at the time of the assessment. While the obligation of a Municipal Bond insurance company to pay a claim extends over the life of an insured bond, there is no assurance that Municipal Bond insurers will meet their claims. A higher-than-anticipated default rate on Municipal Bonds (or other insurance the insurer provides) could strain the insurer's loss reserves and adversely affect its ability to pay claims to bondholders.

Put bonds often pay a variable or floating rate of interest and therefore are subject to many of the same risks associated with investing in floating rate instruments, as described below under "Variable and Floating Rate Instruments."

*Real Estate Securities.* Certain Portfolios may invest in equity securities of real estate companies and companies related to the real estate industry, including real estate investment trusts ("REITs") and companies with substantial real estate investments, and therefore, a Portfolio may be subject to certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; declines in rental income; possible lack of availability of mortgage funds; extended vacancies of properties; risks related to national, state and local economic conditions (such as the turmoil experienced during 2007 through 2009 in the residential and commercial real estate market); overbuilding; increases in competition, property taxes and operating expenses; changes in building, environmental, zoning and other laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes, terrorist acts or other natural disasters; limitations on and variations in rents; and changes in interest rates. The value of real estate securities is also subject to the management skill, insurance coverage, and creditworthiness of their issuer. Because many real estate projects are dependent upon financing, rising interest rates, which increase the costs of obtaining financing, may cause the value of real estate securities to decline. Real estate income and values may be greatly affected by demographic trends, such as population shirts or changing tastes and values.

The prices of real estate company securities may drop because of the failure of borrowers to repay their loans, poor management, and the inability to obtain financing either on favorable terms or at all. If the properties do not generate sufficient income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements, third-party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of interest and principal on their loans will be adversely affected. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company's operations and market value in periods of rising interest rates.

*REITs.* REITs are pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive

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income from the collection of interest payments. A hybrid REIT combines the characteristics of equity REITs and mortgage REITs, generally by holding both direct ownership interests and mortgage interests in real estate.

In addition to the risks affecting real estate securities generally, REITs are also subject to additional risks. REITs may invest in a limited number of properties, a narrow geographic area or a single type of property, which may increase the risk that a Portfolio could be adversely affected by the poor performance of a single investment or type of investment. REITs have their own expenses, and as a result, a Portfolio and its shareholders will indirectly bear its proportionate share of expenses paid by each REIT in which it invests. Finally, certain REITs may be self-liquidating in that a specific term of existence is provided for in the trust document. Such trusts run the risk of liquidating at an economically inopportune time.

REITs are also subject to unique federal income tax requirements. A REIT that fails to comply with federal income tax requirements affecting REITs may be subject to federal income taxation, which may affect the value of the REIT and the characterization of the REIT's distributions, and a REIT that fails to comply with the federal income tax requirement that a REIT distribute substantially all of its net income to its shareholders may result in a REIT having insufficient capital for future expenditures. The failure of a company to qualify as a REIT could have adverse consequences for a Portfolio, including significantly reducing return to the Portfolio on its investment in such company. In the event of a default of an underlying borrower or lessee, a REIT could experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. Investments in REIT equity securities may require a Portfolio to accrue and distribute income not yet received. In order to generate sufficient cash to make the requisite distributions, the Portfolio may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Portfolio's investments in REIT equity securities may at other times result in the Portfolio's receipt of cash in excess of the REIT's earnings; if the Portfolio distributes such amounts, such distribution could constitute a return of capital to Portfolio shareholders for federal income tax purposes. Dividends received by a Portfolio from a REIT generally will not constitute qualified dividend income. REITs often do not provide complete tax information to a Portfolio until after the calendar year-end. Consequently, because of the delay, it may be necessary for a Portfolio to request permission to extend the deadline for issuance of Forms 1099-DIV.

*Impact of Large Redemptions and Purchases of Portfolio Shares.* From time to time, shareholders of a Portfolio (which for all Portfolios except the Wilshire 5000 Index<sup>SM</sup> Fund *(formerly the FT Wilshire 5000 Index*<sup>SM</sup>*)* may include affiliated registered investment companies that invest in a Portfolio) may make relatively large redemptions or purchases of Portfolio shares. These transactions may cause a Portfolio to have to sell securities or invest additional cash, as the case may be. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on a Portfolio's performance to the extent that the Portfolio may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also accelerate the recognition of taxable income to shareholders if sales of securities resulted in capital gains or other income, which could increase a shareholder's tax liability, and could also increase transaction costs, which may impact a Portfolio's expense ratio and adversely affect a Portfolio's performance.

*Short Sales.* Certain Portfolios may make short sales "against the box," in which a Portfolio enters into a short sale of a security it owns or has the right to obtain at no additional cost. Certain Portfolios may also make short sales of securities the Portfolio does not own. If a Portfolio makes a short sale, a Portfolio does not immediately deliver from its own account the securities sold and does not receive the proceeds from the sale. To complete the sale, a Portfolio must borrow the security (generally from the broker through which the short sale is made) to make delivery to the buyer. A Portfolios must replace the security borrowed by purchasing it at the market price at the time of replacement or delivering the security from its own portfolio. A Portfolio is said to have a "short position" in securities sold until it delivers them to the broker at which time it receives the proceeds of the sale.

Certain Portfolios may make short sales that are not "against the box." Short sales by a Portfolio that are not made "against the box" create opportunities to increase the Portfolio's return but, at the same time, involve specific risk considerations and may be considered a speculative technique. Since a Portfolio in effect profits from a decline in the price of the securities sold short without the need to invest the full purchase price of the securities on the date of the short sale, the Portfolio's NAV per share tends to increase more when the securities it has sold short decrease in value, and to decrease more when the securities it has sold short increase in value, than would otherwise be the case if it had not engaged in such short sales. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest a Portfolio may be required to pay in connection with the short sale. Short sales theoretically involve unlimited loss potential, as the market price of securities sold short may continually increase, although a Portfolio may mitigate such losses by replacing the securities sold short before the market price has increased significantly. Under adverse market conditions a Portfolio might have difficulty purchasing securities to meet its short sale delivery obligations and might have to sell portfolio securities to raise the capital necessary to meet its short sale obligations at a time when fundamental investment considerations would not favor such sales.

A Portfolio's decision to make a short sale "against the box" may be a technique to hedge against market risks when the Subadvisers believe that the price of a security may decline, causing a decline in the value of a security owned by a Portfolio or a security convertible into or exchangeable for such security. In such case, any future losses in a Portfolio's long position would be reduced by a gain in the short position. The extent to which such gains or losses in the long position are reduced will depend upon the amount of securities sold short relative to the amount of the securities a Portfolio owns, either directly or indirectly, and, in the case where the Portfolio owns convertible securities, changes in the investment values or conversion premiums of such securities. A Portfolio can

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close out its short position by purchasing and delivering an equal amount of the securities sold short, rather than by delivering securities already held by the Portfolio, because the Portfolio might want to continue to receive interest and dividend payments on securities in its portfolio that are convertible into the securities sold short.

While the short sale is outstanding, a Portfolio will be required to pledge a portion of its assets to the broker as collateral for the obligation to deliver the security to the broker at the close of the transaction. The broker will also hold the proceeds of the short sale until the close of the transaction. A Portfolio is often obligated to pay over interest and dividends on the borrowed security to the broker.

In the view of the SEC, a short sale involves the creation of a "senior security" as such term is defined in the 1940 Act unless the sale is "against the box" and the securities sold short (or securities convertible into or exchangeable for such securities) are segregated or unless a Portfolio's obligation to deliver the securities sold short is "covered" by earmarking or segregating cash, U.S. government securities or other liquid assets in an amount equal to the difference between the market value of the securities sold short and any collateral required to be deposited with a broker in connection with the sale (not including the proceeds from the short sale), which difference is adjusted daily for changes in the value of the securities sold short. The total value of the short sale proceeds, cash, U.S. government securities or other liquid assets deposited with the broker and earmarked or segregated on its books or with a Portfolio's custodian may not at any time be less than the market value of the securities sold short. The Portfolios will comply with these requirements. The Portfolios will incur transaction costs, including interest expense, in connection with opening, maintaining and closing short sales.

*Commercial Paper.* The Income Fund may purchase commercial paper rated (at the time of purchase) A-1 by S&P or Prime-1 by Moody's or, when deemed advisable by the Income Fund's Adviser or Subadviser, "high quality" issues rated A-2 or Prime-2 by S&P or Moody's, respectively. These ratings are described in Appendix B. The Income Fund may also purchase lower-rated, or unrated, commercial paper.

Commercial paper purchasable by the Income Fund includes "Section 4(2) paper," a term that includes debt obligations issued in reliance on the "private placement" exemption from registration afforded by Section 4(2) of the 1933 Act. Section 4(2) paper is restricted as to disposition under the federal securities laws, and is frequently sold (and resold) to institutional investors such as the Income Fund through or with the assistance of investment dealers who make a market in the Section 4(2) paper, thereby providing liquidity. Certain transactions in Section 4(2) paper may qualify for the registration exemption provided in Rule 144A under the 1933 Act.

*Commercial Paper and Other Short-term Corporate Obligations.* Each Portfolio, except for the Income Fund which is described above, may invest in commercial paper and other short-term corporate obligations. Commercial paper is a short-term, unsecured promissory note issued to finance short-term credit needs. The commercial paper purchased by a Portfolio will consist only of direct obligations which, at the time of their purchase, are: (a) rated at least Prime-1 by Moody's, A-1 by S&P or F-1 by Fitch; (b) issued by companies having an outstanding unsecured debt issue rated at least Aa3 by Moody's or AA- by S&P or Fitch; or (c) if unrated, determined by Wilshire or the Subadvisers to be of comparable quality.

These instruments include variable amount master demand notes, which are obligations that permit a Portfolio to invest at varying rates of interest pursuant to direct arrangements between a Portfolio, as lender, and the borrower. These notes permit daily changes in the amounts borrowed. Because they are direct lending arrangements between the lender and borrower, such instruments generally will not be traded, and there generally is no established secondary market for these obligations, although they are redeemable at face value, plus accrued interest, at any time. If these obligations are not secured by letters of credit or other credit support arrangements, a Portfolio's right to redeem its investment depends on the ability of the borrower to pay principal and interest on demand. In connection with floating and variable rate demand obligations, Wilshire and the Subadvisers will consider, on an ongoing basis, earning power, cash flow and other liquidity ratios of the borrower, and the borrower's ability to pay principal and interest on demand. Such obligations frequently are not rated by credit rating agencies, and a Portfolio may invest in them only if at the time of an investment the borrower meets the criteria set forth above for other commercial paper issuers.

*Asset-Backed Commercial Paper.* Certain Portfolios may purchase asset-backed commercial paper. Asset-backed commercial paper is commercial paper collateralized by other financial assets. These securities are exposed not only to the risks relating to commercial paper, but also the risks relating to the collateral.

*Investment Grade Debt Obligations.* Certain Portfolios may invest in "investment grade securities," which are securities rated in the four highest rating categories of an NRSRO. It should be noted that debt obligations rated in the lowest of the top four ratings (*i.e.*, Baa by Moody's or BBB by S&P) are considered to have some speculative characteristics and are more sensitive to economic change than higher rated securities. See Appendix B to this SAI for a description of applicable securities ratings.

*When-Issued Purchase and Forward Commitments.* Certain Portfolios may enter into "when-issued" and "forward" commitments, including TBA purchase commitments, to purchase or sell securities at a fixed price at a future date. When a Portfolio agrees to purchase securities on this basis, liquid assets equal to the amount of the commitment will be set aside in a separate account. Normally a Portfolio's securities to satisfy a purchase commitment will be set aside, and in such a case the Portfolio, may be required subsequently to place additional assets in the separate account to ensure that the value of the account remains equal to the amount of

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the Portfolio's commitments. It may be expected that the market value of a Portfolio's net assets will fluctuate to a greater degree when it sets aside fund securities to cover such purchase commitments than when it sets aside cash.

If deemed advisable as a matter of investment strategy, a Portfolio may dispose of or renegotiate a commitment after it has been entered into and may sell securities it has committed to purchase before those securities are delivered to the fund on the settlement date. In these cases, a fund may recognize a taxable capital gain or loss. When a Portfolio engages in when-issued, TBA or forward commitment transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in a fund incurring a loss or missing an opportunity to obtain a price considered to be advantageous. The market value of the securities underlying a commitment to purchase securities, and any subsequent fluctuations in their market value, is taken into account when determining the market value of a Portfolio starting on the day a Portfolio agrees to purchase the securities. A Portfolio does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date.

*Investment Companies.* Each Portfolio may invest in shares of other investment companies including exchange-traded funds ("ETFs"), money market funds and other mutual funds, in pursuit of its investment objective, subject to the limitations set forth in the 1940 Act. Each Fund may invest in money market mutual funds in connection with its management of daily cash positions and for temporary defensive purposes. In addition to the advisory and operational fees each Fund bears directly in connection with its own operation, the Funds would also bear their pro rata portion of each of the other investment company's advisory and operational expenses. Any investment by a Portfolio in shares of other investment companies is subject to the 1940 Act and related rules thereunder.

Rule 12d1-1, under the 1940 Act, permits a fund to invest in a money market fund in excess of the limits of Section 12(d)(1). As a shareholder in an investment company, a Portfolio, would bear its pro rata portion of the investment company's expenses, including advisory fees, in addition to its own expenses.

Rule 12d1-4 permits additional types of fund of fund arrangements without an exemptive order. The rule imposes certain conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

*Shares of Other Investment Vehicles.* Subject to the requirements of the 1940 Act and a Portfolio's investment limitations, the Portfolio may invest in shares of other investment companies or other investment vehicles, which may include, without limitation, among others, mutual funds, closed-end funds and ETFs such as index-based investments and private or foreign investment funds. A Portfolio may also invest in investment vehicles that are not subject to regulation as registered investment companies. Additionally, such other investment companies or other investment vehicles may be managed by a Subadviser or its affiliate.

The main risk of investing in index-based investment companies is the same as investing in a portfolio of securities comprising the index. The market prices of index-based investments will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded. Index-based investments may not replicate exactly the performance of their specified index because of transaction costs and because of the temporary unavailability of certain component securities of the index.

To the extent a Portfolio invests in other investment companies, or other investment vehicles, it will incur its pro rata share of the underlying investment companies' expenses (including, for example, investment advisory and other management fees). In addition, a Portfolio will be subject to the effects of business and regulatory developments that affect an underlying investment company or the investment company industry generally.

*Loans Generally.* Certain Portfolios may invest in fixed and floating rate loans. Loans may include syndicated bank loans, senior floating rate loans ("senior loans"), secured and unsecured loans, second lien or more junior loans ("junior loans"), bridge loans, unfunded commitments, payment-in-kind ("PIK") and toggle loans, and other floating rate loans. Loans are typically arranged through private negotiations between borrowers in the U.S. or in foreign or emerging markets which may be corporate issuers or issuers of sovereign debt obligations ("borrowers") and one or more financial institutions and other lenders ("lenders"). A loan in which a Portfolio may invest typically is structured by an agent bank acting on behalf of a group of lenders to whom the loan will be syndicated. The syndicate of lenders often consists of commercial and investment banks, thrift institutions, insurance companies, finance companies, mutual funds and other institutional investment vehicles or other financial institutions. Typically, the agent bank administers the loan on behalf of all the lenders.

This lender is referred to as the agent bank. The agent bank is primarily responsible for negotiating on behalf of the original lenders the loan agreement which establishes the terms and conditions of the syndicated bank loan and the rights of the borrower and the lenders. The agent bank also is responsible for monitoring collateral, distributing required reporting, and for exercising remedies available to the lenders such as foreclosure upon collateral. In addition, an institution, typically, but not always the agent bank, holds any collateral on behalf of the lenders.

Generally, a Portfolio may invest in a loan in one of two ways. It may purchase a participation interest, or it may purchase an assignment. Participation interests are interests issued by a lender, which represent a fractional interest in a loan. A Portfolio may acquire participation interests from a lender or other holders of participation interests. An assignment represents a portion of a loan previously attributable to a different lender. Unlike a participation interest, a Portfolio will generally become a lender for the purposes of the relevant loan agreement by purchasing an assignment. If a Portfolio purchases an assignment from a lender, the Portfolio will

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generally have direct contractual rights against the borrower in favor of the lenders. On the other hand, if a Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller/issuer of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. Therefore, when a Portfolio invests in syndicated bank loans through the purchase of participation interests, the Subadviser must consider the creditworthiness of the agent bank and any lenders and participants interposed between the Portfolio and a borrower.

Purchases of syndicated bank loans in the market may take place at, above, or below the par value of a syndicated bank loan. Purchases above par will effectively reduce the amount of interest being received by a Portfolio through the amortization of the purchase price premium, whereas purchases below par will effectively increase the amount of interest being received by the Portfolio through the amortization of the purchase price discount. A Portfolio may be able to invest in syndicated bank loans only through participation interests or assignments at certain times when reduced direct investment opportunities in syndicated bank loans may exist.

A loan may be secured by collateral that, at the time of origination, has a fair market value at least equal to the amount of such loan. The Subadviser generally will determine the value of the collateral by customary valuation techniques that it considers appropriate. However, the value of the collateral may decline following a Portfolio's investment. Also, collateral may be difficult to sell, and there are other risks which may cause the collateral to be insufficient in the event of a default. Consequently, a Portfolio might not receive payments to which it is entitled. The collateral may consist of various types of assets or interests including working capital assets or intangible assets. The borrower's owners may provide additional collateral, typically by pledging their ownership interest in the borrower as collateral for the loan.

In the process of buying, selling and holding loans, a Portfolio may receive and/or pay certain fees. These fees are in addition to the interest payments received and may include facility fees, commitment fees and commissions. When a Portfolio buys or sells a loan it may pay a fee.

Loans are subject to the risks associated with other debt obligations, including: interest rate risk, credit risk, market risk, liquidity risk, counterparty risk and risks associated with high yield securities. Many loans in which a Portfolio may invest may not be rated by a rating agency, will not be registered with the SEC or any state securities commission, and will not be listed on any national securities exchange. The amount of public information with respect to loans will generally be less extensive than that available for registered or exchange-listed securities. A Portfolio will make an investment in a loan only after the Subadviser determines that the investment is suitable for the Portfolio based on an independent credit analysis. Generally, this means that the Subadviser has determined that the likelihood that the borrower will meet its obligations is acceptable.

*Additional Information About Senior Bank Loans ("Senior Loans").* Certain Portfolios may invest in Senior Loans. The risks associated with Senior Loans of below-investment grade quality are similar to the risks of other lower grade income securities, although Senior Loans are typically senior and secured in contrast to subordinated and unsecured income securities. Senior Loans' higher standing has historically resulted in generally higher recoveries in the event of a corporate reorganization. In addition, because their interest payments are adjusted for changes in short-term interest rates, investments in Senior Loans generally have less interest rate risk than other lower grade income securities, which may have fixed interest rates.

Economic and other events (whether real or perceived) can reduce the demand for certain Senior Loans or Senior Loans generally, which may reduce market prices and cause a Portfolio's NAV per share to fall. The frequency and magnitude of such changes cannot be predicted.

Loans and other debt instruments are also subject to the risk of price declines due to increases in prevailing interest rates, although floating-rate debt instruments are substantially less exposed to this risk than fixed-rate debt instruments. Interest rate changes may also increase prepayments of debt obligations and require a Portfolio to invest assets at lower yields. No active trading market may exist for certain Senior Loans, which may impair the ability of a Portfolio to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded Senior Loans.

*Additional Information About Second Lien Loans.* Certain Portfolios may invest in second lien loans. Second lien loans are subject to the same risks associated with investment in Senior Loans and other lower grade Income Securities. However, second lien loans are second in right of payment to Senior Loans and therefore are subject to the additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans are expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans, which would create greater credit risk exposure.

*Additional Information About Subordinated Secured Loans.* Certain Portfolios may invest in subordinated secured loans. Subordinated secured loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans and below investment grade securities. However, such loans may rank lower in right of payment than any outstanding Senior Loans, Second Lien Loans or other debt instruments with higher priority of the borrower and therefore are subject to additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments and repayment of principal in the

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event of default or bankruptcy after giving effect to the higher ranking secured obligations of the borrower. Subordinated secured loans are expected to have greater price volatility than Senior Loans and second lien loans and may be less liquid.

*Additional Information About Unsecured Loans.* Certain Portfolios may invest in unsecured loans. Unsecured loans generally are subject to similar risks as those associated with investment in Senior Loans, second lien loans, subordinated secured loans and below investment grade securities. However, because unsecured loans have lower priority in right of payment to any higher-ranking obligations of the borrower and are not backed by a security interest in any specific collateral, they are subject to additional risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments and repayment of principal after giving effect to any higher ranking obligations of the borrower. Unsecured loans are expected to have greater price volatility than Senior Loans, second lien loans and subordinated secured loans and may be less liquid.

*Debtor-in-Possession ("DIP") Loan Risks.* DIP financings are subject to additional risks. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code and must be approved by the bankruptcy court. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. DIP financings are typically fully secured by a lien on the debtor's otherwise unencumbered assets or secured by a junior lien on the debtor's encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP financings are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding. There is a risk that the borrower will not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, a Portfolio's only recourse will be against the property securing the DIP financing.

*Mortgage Backed Securities Risks.* Certain Portfolios may invest in MBS. MBS represent an interest in a pool of mortgages. MBS are subject to certain risks: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect the return to investors in such MBS); risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. In addition, a Portfolio's level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Portfolio to additional risk.

When market interest rates decline, more mortgages are refinanced and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. When market interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings, and prepayments slow, which lengthens the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS is usually more pronounced than it is for other types of debt securities. Certain Portfolios may invest in sub-prime mortgages or MBS that are backed by sub-prime mortgages. Moreover, the relationship between prepayments and interest rates may give some high-yielding MBS less potential for growth in value than conventional bonds with comparable maturities. During periods of falling interest rates, the reinvestment of prepayment proceeds by a Portfolio will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. Because of these and other reasons, MBS's total return and maturity may be difficult to predict precisely. To the extent that a Portfolio purchases MBS at a premium, prepayments (which may be made without penalty) may result in loss of the Portfolio's principal investment to the extent of premium paid. MBS generally are classified as either commercial mortgage-backed securities ("CMBS") or residential mortgage-backed securities ("RMBS"), each of which are subject to certain specific risks.

*Commercial Mortgage-Backed Securities Risk.* The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for residential single family MBS. CMBS are subject to particular risks. CMBS lack of standardized terms, have shorter maturities than residential mortgage loans and provide for payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than residential lending. Commercial lending typically involves larger loans to single borrowers or groups of related borrowers than residential mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. Net operating income of an income-producing property can be affected by, among other things: tenant mix, success of tenant businesses, property management decisions, property location and condition, competition from comparable types of properties, changes in laws that increase operating expense or limit rents that may be charged, any need to address environmental contamination at the property, the occurrence of any uninsured casualty at the property, changes in national, regional or local economic conditions and/or specific industry segments, declines in regional or local real estate values, declines in regional or local rental or occupancy rates, increases in interest rates, real estate tax rates and other operating expenses, change in governmental rules, regulations and fiscal policies, including environmental legislation, acts of God, terrorism, social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. Additional risks may be presented by the

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type and use of a particular commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types. Commercial property values and net operating income are subject to volatility, which may result in net operating income becoming insufficient to cover debt service on the related mortgage loan. The exercise of remedies and successful realization of liquidation proceeds relating to CMBS may be highly dependent on the performance of the servicer or special servicer. There may be a limited number of special servicers available, particularly those that do not have conflicts of interest.

*Residential Mortgage-Backed Securities Risk.* Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower's equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process.

*Stripped MBS Risk.* Stripped MBS may be subject to additional risks. One type of stripped MBS pays to one class all of the interest from the mortgage assets (the interest only or IO class), while the other class will receive all of the principal (the principal only or PO class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Portfolio's yield to maturity from these securities. If the assets underlying the IO class experience greater than anticipated prepayments of principal, a Portfolio may fail to recoup fully, or at all, its initial investment in these securities. Conversely, PO class securities tend to decline in value if prepayments are slower than anticipated.

*Sub-Prime Mortgage Market Risk.* The residential mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain mortgages and MBS. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. Reduced investor demand for mortgage loans and MBS and increased investor yield requirements can limit liquidity in the secondary market for certain MBS, which can adversely affect the market value of MBS.

A rise in interest rates will generally cause the value of debt securities to decrease. Actions by governments and central banking authorities may result in increases in interest rates. Conversely, a decrease in interest rates will generally cause the value of debt securities to increase. Interest rate declines may also increase prepayments of debt obligations. Consequently, changes in interest rates may have a significant effect on a Portfolio, especially if the Portfolio is holding a significant portion of its assets in debt securities that are particularly sensitive to interest rate fluctuations, such as debt securities with longer maturities, zero coupon bonds, and debentures. Interest rate changes may have different effects on the values of mortgage-related securities held by a Portfolio because of prepayment and extension risks.

Moreover, with respect to hybrid mortgage loans after their initial fixed rate period, interest-only products or products having a lower rate, and with respect to mortgage loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result in increased rates of delinquencies and defaults on residential mortgage loans underlying the RMBS.

*Cyber Security Risk.* Investment companies such as each Portfolio and its service providers may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber security attacks affecting a Portfolio or its Adviser, Subadvisers, custodian, transfer agent and other third party service providers may adversely impact a Portfolio. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact a Portfolio's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Portfolio to regulatory fines or financial losses, and cause reputational damage. A Portfolio may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Portfolio may invest, which could result in materials adverse consequences for such issuers, and may cause a Portfolio's investment in such portfolio companies to lose value.

*Legislation and Regulation Risk*. As a result of the dislocation of the credit markets during the 2008 recession, the securitization industry has become subject to additional and changing regulation. For example, pursuant to the Dodd-Frank Act, which went into effect on July 21, 2010, various federal agencies have promulgated, or are in the process of promulgating, regulations, and rules on various issues that affect securitizations, including: rule requiring that sponsors in securitizations retain 5% of the credit risk associated with securities they issue; requirements for additional disclosure; requirements for additional review and reporting; rules for swaps (including those used by securitizations); and certain restrictions designed to prohibit conflicts of interest. Other regulations have been and may ultimately be adopted. The risk retention rule (as it relates to CMBS) took effect in December 2016 and requires retention of

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at least 5% of the fair value of all securities issued in connection with a securitization. The risk (with respect to CMBS) must be retained by a sponsor (generally an issuer or certain mortgage loan originators) or, upon satisfaction of certain requirements, up to two third-party purchasers of interests in the securitization. The risk retention rules and other rules and regulations that have been adopted or may be adopted may alter the structure of securitizations, reduce or eliminate economic benefits of participation in securitizations, and could discourage traditional issuers, underwriters or other participants from participating in future securitization. Any of these outcomes could reduce the market for CMBS in which a Portfolio seeks suitable investments or otherwise adversely affect a Portfolio's ability to achieve its investment objective.

*Zero Coupon and Payment-In-Kind Securities.* Each Portfolio, except the Index Fund, may invest in zero coupon U.S. Treasury securities. Each such Portfolio also may invest in zero coupon securities issued by corporations and financial institutions which constitute a proportionate ownership of the issuer's pool of underlying U.S. Treasury securities. Zero coupon securities pay no interest to holders prior to maturity, and payment-in-kind securities pay interest in the form of additional securities. The market value of a zero-coupon or payment-in-kind security, which usually trades at a deep discount from its face or par value, is generally more volatile than the market value of, and is more sensitive to changes in interest rates and credit quality than, other fixed income securities with similar maturities and credit quality that pay interest in cash periodically. Zero coupon and payment-in-kind securities also may be less liquid than other fixed-income securities with similar maturities and credit quality that pay interest in cash periodically. In addition, zero coupon and payment-in-kind securities may be more difficult to value than other fixed income securities with similar maturities and credit quality that pay interest in cash periodically.

When held to maturity, the entire income from zero coupon securities, which consists of accretion of discount, comes from the difference between the issue price and their value at maturity. Zero coupon securities, which are convertible into common stock, offer the opportunity for capital appreciation as increases (or decreases) in market value of such securities closely follows the movements in the market value of the underlying common stock. Zero coupon convertible securities generally are expected to be less volatile than the underlying common stocks, as they usually are issued with maturities of 15 years or less and are issued with options and/or redemption features exercisable by the holder of the obligation entitling the holder to redeem the obligation and receive a defined cash payment.

Zero coupon securities include securities issued directly by the U.S. Treasury and U.S. Treasury bonds or notes and their un-accrued interest coupons and receipts for their underlying principal ("coupons") which have been separated by their holder, typically a custodian bank or investment brokerage firm. A holder will separate the interest coupons from the underlying principal (the "corpus") of the U.S. Treasury security. A number of securities firms and banks have stripped the interest coupons and receipts and then resold them in custodial receipt programs with a number of different names, including "Treasury Income Growth Receipts" (TIGRSTM) and Certificate of Accrual on Treasuries (CATSTM). 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 owned ostensibly by the bearer or holder thereof), in trust on behalf of the owners thereof. Counsel to the underwriters of these certificates or other evidences of ownership of the U.S. Treasury securities have stated that, for federal tax and securities purposes, in their opinion purchasers of such certificates, such as a Portfolio, most likely will be deemed the beneficial holder of the underlying U.S. government securities.

The U.S. Treasury has facilitated transfers of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and corpus payments on Treasury securities through the Federal Reserve book-entry recordkeeping system. The Federal Reserve program as established by the Treasury Department is known as "STRIPS" or "Separate Trading of Registered Interest and Principal of Securities." Under the STRIPS program, a Portfolio will be able to have its beneficial ownership of zero coupon securities recorded directly in the book-entry recordkeeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities. When U.S. Treasury obligations have been stripped of their unmatured interest coupons by the holder, the principal or corpus is sold at a deep discount because the buyer receives only the right to receive a future fixed payment in the security and does not receive any rights to periodic interest (cash) payments. Once stripped or separated, the corpus and coupons may be sold separately. Typically, the coupons are sold separately or grouped with other coupons with like maturity dates and sold bundled in such form. Purchasers of stripped obligations acquire, in effect, discount obligations that are economically identical to the zero-coupon securities that the U.S. Treasury sells itself.

A portion of the original issue discount on zero coupon securities and the "interest" on payment-in-kind securities will be included in a Portfolio's income. Accordingly, for a Portfolio to qualify for federal income tax treatment as a regulated investment company and to avoid certain taxes, the Portfolio will generally be required to distribute to its shareholders an amount that is greater than the total amount of cash it actually receives with respect to these securities. These distributions must be made from a Portfolio's cash assets or, if necessary, from the proceeds of sales of portfolio securities. A Portfolio will not be able to purchase additional income-producing securities with cash used to make any such distributions, and its current income ultimately may be reduced as a result.

**PORTFOLIO TURNOVER**

A Portfolio's portfolio turnover rate is calculated by dividing the lesser of long-term purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Portfolio during the fiscal year. Although a Portfolio's annual portfolio turnover rate cannot be accurately predicted, the Adviser anticipates that each Portfolio's portfolio turnover rate normally will be below 100%. A 100% turnover rate would occur if all of the Portfolio's portfolio securities were

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replaced once within a one year period. High turnover involves correspondingly greater commission expenses and transaction costs, which will be borne directly by a Portfolio, and may result in the Portfolio recognizing greater amounts of income and capital gains, which would increase the amount of income and capital gains which the Portfolio must distribute to shareholders to maintain its status as a regulated investment company for federal income tax purposes and to avoid the imposition of federal income or excise taxes (see "Dividends, Distributions and Federal Income Taxes").

The Portfolios do not intend to use short-term trading as a primary means of achieving their respective investment objectives. Generally, the Portfolios intend to invest for long-term purposes. However, the rate of portfolio turnover will depend upon market and other conditions, and it will not be a limiting factor when the Adviser or Subadvisers believe that portfolio changes are appropriate.

The portfolio turnover rates for the Portfolios for the two most recent fiscal years ended December 31, are detailed in the table below.

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| | | |
|:---|:---|:---|
| **Name of Portfolio** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Large Company Growth Portfolio<sup>(1)</sup> | 104% | 66% |
| &nbsp;&nbsp;&nbsp;Large Company Value Portfolio | 51% | 38% |
| &nbsp;&nbsp;&nbsp;Small Company Growth Portfolio<sup>(2)</sup> | 121% | 63% |
| &nbsp;&nbsp;&nbsp;Small Company Value Portfolio | 63% | 53% |
| &nbsp;&nbsp;&nbsp;Index Fund | 5% | 2% |
| &nbsp;&nbsp;&nbsp;International Fund | 54% | 49% |
| &nbsp;&nbsp;&nbsp;Income Fund<sup>(3)</sup> | 67% | 94% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The higher Portfolio Turnover Ratio in 2025 was driven by volatile market conditions, resulting in an increased volume of trading. However, the ratio remains within the expected range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The higher Portfolio Turnover Ratio in 2025 was driven by volatile market conditions, resulting in an increased volume of trading, as well as the replacement of Granahan with Lord Abbett to manage a portion of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The lower Portfolio Turnover Ratio in 2025 remains within the expected range, reflecting no major changes to investment strategies.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Board has adopted a Dissemination of Portfolio Information Policy (the "Policy") regarding the disclosure by Wilshire and the Subadvisers of information about the portfolio holdings and characteristics of each Portfolio. Pursuant to the Policy, such information may be made available to the general public by posting on the Company's website on the first business day following the 20th calendar day after each month end. Other than such disclosure, no portfolio holdings information may be disclosed to any third party except for the following disclosures: (a) to the Company's administrator, custodian, legal counsel, independent registered public accounting firm and other service providers to enable them to fulfill their responsibilities to the Company; (b) to the Board; (c) to third parties (*e.g.*, broker-dealers) for the purpose of analyzing or trading portfolio securities; (d) to rating agencies and companies that collect and maintain information about mutual funds, subject to confidentiality requirements; (e) as required by law, including in regulatory filings with the SEC; (f) to shareholders of the Company and others, provided such information is publicly available (*e.g.*, posted on the Company's internet website or included in a regulatory filing); (g) to third parties for purposes of effecting in-kind redemptions of securities to facilitate orderly redemption of Portfolio assets and to minimize impact on remaining Portfolio shareholders; or (h) as approved by the Chief Compliance Officer of the Company (the "CCO"). Any disclosure made pursuant to item (h) above will be reported to the Board at its next quarterly meeting.

The Company, Wilshire and/or the Subadvisers have ongoing business arrangements with the following entities which involve making portfolio holdings information available to such entities as an incidental part of the services they provide to the Company: (i) the Company's administrator and custodian pursuant to fund accounting and custody agreements, respectively, under which the Company's portfolio holdings information is provided daily on a real-time basis; (ii) MSCI Institutional Shareholder Services and Investor Responsibility Research Center, Inc., pursuant to proxy voting agreements under which the portfolio holdings information of certain Portfolios is provided daily, on a real-time basis; and (iii) the Company's independent registered public accounting firm and legal counsel to whom the Company provides portfolio holdings information as needed with no lag time.

The release of information is subject to confidentiality requirements. None of the Company, Wilshire, the Subadvisers or any other person receives compensation or any other consideration in connection with such arrangements (other than the compensation paid by the Company to such entities for the services provided by them to the Company). In the event of a conflict between the interests of Portfolio shareholders and those of the Company, Wilshire, the Company's principal underwriter, or any of their affiliated persons, the CCO will determine in the best interests of the Company's shareholders, and will report such determination to the Board at the end of the quarter in which such determination was made.

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**INVESTMENT RESTRICTIONS**

The investment restrictions described below are fundamental policies of each of the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, the International Fund, and the Index Fund and cannot be changed without the approval of a majority of the Portfolio's outstanding voting shares (as defined by the 1940 Act). In addition the investment objectives of the International Fund and Index Fund are fundamental policies and cannot be changed without the approval of a majority of the Portfolio's outstanding voting shares (as defined by the 1940 Act). All percentage limitations apply only at the time of the transaction. Subsequent changes in value or in a Portfolio's total assets will not result in a violation of the percentage limitations, except for the limitation on borrowing. The Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, the International Fund, and the Index Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Invest in commodities, except that a Portfolio may purchase and sell options, forward contracts, and futures contracts, including those relating to indices, and options on futures contracts or indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchase, hold or deal in real estate or oil, gas or other mineral leases or exploration or development programs, but a Portfolio may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Borrow money, except for temporary or emergency (not leveraging) purposes in an amount up to 33⅓% of the value of a Portfolio's total assets (including the amount borrowed) based on the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. When borrowings exceed 5% of the value of a Portfolio's total assets, the Portfolio will not make any additional investments. For purposes of this investment restriction, the entry into options, forward contracts, or futures contracts, including those relating to indices and options on futures contracts or indices, will not constitute borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Make loans to others, except through the purchase of debt obligations and entry into repurchase agreements. However, each Portfolio may lend its portfolio securities in an amount not to exceed 33⅓% of the value of its total assets, including collateral received for such loans. Any loans of portfolio securities will be made according to guidelines established by the SEC and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Act as an underwriter of securities of other issuers, except to the extent a Portfolio may be deemed an underwriter under the Securities Act of 1933, as amended, by virtue of disposing of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Invest more than 25% of its assets in the securities of issuers in any single industry, provided there will be no limitation on the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Invest more than 5% of its assets in the obligations of any single issuer, except that up to 25% of the value of a Portfolio's total assets may be invested, and securities issued or guaranteed by the U.S. government, or its agencies or instrumentalities may be purchased, without regard to any such limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.With respect to 75% of a Portfolio's assets, hold more than 10% of the outstanding voting securities of any single issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Issue any senior security (as defined in Section 18(f) of the 1940 Act), except to the extent that the activities permitted in investment restrictions No. 1 and 3 may be deemed to give rise to a senior security.

With respect to the investment restriction on borrowing, in the event that asset coverage falls below 33⅓% of its total assets, a Portfolio, except for the Income Fund, shall, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 33⅓% of its total assets.

All swap agreements and other derivative instruments that were not classified as commodities or commodity contracts prior to July 21, 2010 are not deemed to be commodities or commodity contracts for purposes of restriction No. 1 above.

The following investment restrictions are non-fundamental and may be changed by a vote of a majority of the Company's Board. Each of the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, the International Fund, and the Index Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Invest in the securities of a company for the purpose of exercising management or control, but a Portfolio will vote the securities it owns in its portfolio as a shareholder in accordance with its views.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Enter into repurchase agreements providing for settlement in more than seven days after notice or purchase securities which are illiquid, if, in the aggregate, more than 15% of the value of a Portfolio's net assets would be so invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Purchase securities of other investment companies, except to the extent permitted under the 1940 Act or those received as part of a merger or consolidation.

In addition, as a non-fundamental policy of each Portfolio, a Portfolio may not invest in the securities of other registered open-end investment companies or in registered trusts in reliance on Sections 12(d)(1)(F) and 12(d)(1)(G) of the 1940 Act but may otherwise invest in the securities of other investment companies to the extent permitted under the 1940 Act or the rules and regulations

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thereunder or by guidance regarding, interpretations of, or exemptive orders under, the 1940 Act or the rules and regulations thereunder published by appropriate regulatory authorities.

The investment restrictions described below are fundamental policies of the Income Fund and cannot be changed without the approval of a majority of the Income Fund's outstanding voting shares (as defined by the 1940 Act). All percentage limitations apply only at the time of the transaction. Subsequent changes in value or in the Income Fund's total assets will not result in a violation of the percentage limitations, except for the limitation on borrowing. The Income Fund:

1. may not purchase securities other than the securities in which the Income Fund is authorized to invest;

2. may issue senior securities to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time;

3. may borrow money to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time;

4. may not "concentrate" its investments in a particular industry, except to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time;

5. may purchase real estate or any interest therein (such as securities or instruments backed by or related to real estate) to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time;

6. may purchase or sell commodities, including physical commodities, or contracts, instruments and interests relating to commodities to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time;

7. may make loans to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time;

8. may not act as an underwriter of securities issued by others, except to the extent it could be considered an underwriter in the acquisition and disposition of restricted securities; and

9. shall be a "diversified company," as that term is defined in the 1940 Act, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time.

The investment restrictions described below are fundamental policies of the Large Company Growth Portfolio and cannot be changed without the approval of a majority of the Large Company Growth Portfolio's outstanding voting shares (as defined by the 1940 Act). All percentage limitations apply only at the time of the transaction. Subsequent changes in value or in the Large Company Growth Portfolio's total assets will not result in a violation of the percentage limitations, except for the limitation on borrowing. The Large Company Growth Portfolio may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Invest in commodities, except that a Portfolio may purchase and sell options, forward contracts, and futures contracts, including those relating to indices, and options on futures contracts or indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchase, hold or deal in real estate or oil, gas or other mineral leases or exploration or development programs, but a Portfolio may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Borrow money, except for temporary or emergency (not leveraging) purposes in an amount up to 33⅓% of the value of a Portfolio's total assets (including the amount borrowed) based on the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. When borrowings exceed 5% of the value of a Portfolio's total assets, the Portfolio will not make any additional investments. For purposes of this investment restriction, the entry into options, forward contracts, or futures contracts, including those relating to indices and options on futures contracts or indices, will not constitute borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Make loans to others, except through the purchase of debt obligations and entry into repurchase agreements. However, each Portfolio may lend its portfolio securities in an amount not to exceed 33⅓% of the value of its total assets, including collateral received for such loans. Any loans of portfolio securities will be made according to guidelines established by the SEC and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Act as an underwriter of securities of other issuers, except to the extent a Portfolio may be deemed an underwriter under the Securities Act of 1933, as amended, by virtue of disposing of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Invest more than 25% of its assets in the securities of issuers in any single industry, provided there will be no limitation on the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Issue any senior security (as defined in Section 18(f) of the 1940 Act), except to the extent that the activities permitted in investment restrictions No. 1 and 3 may be deemed to give rise to a senior security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Large Company Growth Portfolio shall be a "diversified company," as that term is defined in the 1940 Act, as interpreted, modified, or applied by regulatory authority having jurisdiction from time to time.

Each Portfolio may borrow from a line of credit to meet redemption requests or for other temporary purposes. The use of borrowing a Portfolio involves special risk considerations that may not be associated with other funds having similar policies. The interest which a Portfolio must pay on borrowed money, together with any additional fees to maintain a line of credit or any minimum average balances required to be maintained, are additional costs which will reduce or eliminate any net investment income and may also offset any potential capital gains.

**DIRECTORS AND OFFICERS**

The Board of Directors, two of whom are not considered "interested persons" of the Company within the meaning of the 1940 Act (the "Independent Directors"), has responsibility for the overall management and operations of the Company. The Board establishes the Company's policies and meets regularly to review the activities of the officers, who are responsible for day-to-day operations of the Company.

Set forth below are the names of the Directors and executive officers of the Company, their ages, business addresses, positions and terms of office, their principal occupations during the past five years, and other directorships held by them, including directorships in public companies. The address of each Director and officer is 1299 Ocean Avenue, Suite 600, Santa Monica, CA 90401.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Age <br>as of <br>April 30, 2023** | &nbsp;&nbsp;**Position Held with the Company** | &nbsp;&nbsp;**Term of Office**<sup>(1)</sup> **and Length of Time Served** | &nbsp;&nbsp;**Principal Occupations During the Past Five Years** | &nbsp;&nbsp;**Number of Funds/ Funds in Complex Overseen by Director** | &nbsp;&nbsp;**Other Directorships Held by Director Over the Past Five Years** |
| &nbsp;&nbsp;**NON-INTERESTED DIRECTORS** | &nbsp;&nbsp;**NON-INTERESTED DIRECTORS** | &nbsp;&nbsp;**NON-INTERESTED DIRECTORS** | &nbsp;&nbsp;**NON-INTERESTED DIRECTORS** | &nbsp;&nbsp;**NON-INTERESTED DIRECTORS** | &nbsp;&nbsp;**NON-INTERESTED DIRECTORS** |
| &nbsp;&nbsp;Matt Forstenhausler, 66 | &nbsp;&nbsp;Director and Chairperson of the Board | Director since 2023/Chairperson of the Board since 2026 | &nbsp;&nbsp;Retired; formerly Partner, Ernst Young LLP (1981 to 2019) | 8 | Wilshire Variable Insurance Trust <br>(1 Fund); Sound Point Meridian Capital; Corient Registered Alternatives; Sierra Income Fund (2020-2022) |
| &nbsp;&nbsp;Elizabeth A. Levy-Navarro, 63 | &nbsp;&nbsp;Director | &nbsp;&nbsp;Since 2019 | &nbsp;&nbsp;Corporate Advisor, Summit Strategy (2018 to 2023); Chief Executive Officer, Orrington Strategies (2002 to 2017); Partner, Practice Leader, and Operating Committee Member for The Cambridge Group (1993 to 2002). | 8 | &nbsp;&nbsp;Wilshire Variable Insurance Trust <br>(1 Fund); Northwestern Mutual Series Fund |
| &nbsp;&nbsp;**INTERESTED DIRECTOR and PRESIDENT** | &nbsp;&nbsp;**INTERESTED DIRECTOR and PRESIDENT** | &nbsp;&nbsp;**INTERESTED DIRECTOR and PRESIDENT** | &nbsp;&nbsp;**INTERESTED DIRECTOR and PRESIDENT** | &nbsp;&nbsp;**INTERESTED DIRECTOR and PRESIDENT** | &nbsp;&nbsp;**INTERESTED DIRECTOR and PRESIDENT** |
| &nbsp;&nbsp;Jason Schwarz,<sup>(2)</sup> 51 | &nbsp;&nbsp;Director and President | &nbsp;&nbsp;Director since 2018/ <br>President since 2012 | &nbsp;&nbsp;President, Wilshire Advisors LLC (since 2021); Chief Operating Officer, Wilshire Advisors LLC (2020 to March 2022); President, Wilshire Funds Management (2014 to 2020); President, Wilshire Analytics (2017 to 2020); Managing Director, Head of Wilshire Funds Management's Client Service, Sales, Marketing and Distribution functions (2005 to 2014) | 8 | &nbsp;&nbsp;Wilshire Variable Insurance Trust <br>(1 Fund) |
| &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;Steven O'Connor <br>51 | &nbsp;&nbsp;Chief Compliance Officer and Secretary | &nbsp;&nbsp;Since 2026 | &nbsp;&nbsp;Senior Vice President and Chief Compliance Officer, Wilshire Advisors LLC (since 2025); Consultant, Wilshire Advisors LLC (March 2025 to August 2025); Managing Director – Compliance, Beach Point Capital Management (2023 to 2025); Managing Director – Compliance, Guggenheim Partners Investment Management (2014 to 2023) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Nathan R. Palmer, <br>49 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2011 | &nbsp;&nbsp;Managing Director, Wilshire Advisors LLC (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009 to 2010); Director of Public Markets, Investment Office, California Institute of Technology (2008 to 2009). Treasury Manager, Retirement Investments, Intel Corporation (2004 to 2008) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michael Wauters, <br>59 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;Managing Director - Finance, Wilshire Advisors LLC (since 2021); Chief Financial Officer (2013 to 2021), Controller, (2009 to 2012) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Josh Emanuel, <br>45 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2015 | &nbsp;&nbsp;Managing Director, Wilshire Advisors LLC (since 2015); Chief Investment Officer, Wilshire Advisors LLC (since 2015); Chief Investment Officer, The Elements Financial Group, LLC (2010 to 2015) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Suehyun Kim, <br>48 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;Senior Vice President, Wilshire Advisors LLC (since 2023); Vice President, Wilshire Advisors LLC (2018 to 2022); Director, Cetera Financial Group (2011 to 2018) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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<sup>(1)</sup> Each Director serves until the next shareholders' meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified.

<sup>(2)</sup> Mr. Schwarz is considered an Interested Director because he is an officer of Wilshire.

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**Board of Directors**

Under the Company's Articles of Incorporation and the laws of the State of Maryland, the Board is responsible for overseeing the Company's business and affairs. The Board is currently comprised of three Directors, two of whom are classified under the 1940 Act as "non-interested" persons of the Company and are often referred to as "independent directors."

**Qualifications and Experience**

The following is a summary of the experience, qualifications, attributes and skills of each Director that support the conclusion, as of the date of this SAI, that each Director should serve as a Director in light of the Company's business and structure. Each Director also has considerable familiarity with the Wilshire family of investment companies (by service on the Board of the Company and Wilshire Variable Insurance Trust (the "Trust")), the Adviser and distributor, and their operations, as well as the special regulatory requirements governing regulated investment companies and the special responsibilities of investment company directors as a result of his or her substantial prior service as a Director of the Company. References to the qualifications, attributes and skills of Directors are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Director as having any special expertise and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

*Elizabeth A. Levy-Navarro*. Ms. Levy-Navarro has served as Director of the Company since 2019, chairperson of the Valuation Committee since 2020 and chairperson of the Investment Committee and the Governance Committee since 2026. She has also served as a board member of other funds in the Wilshire funds complex since 2019, is on the board of Northwestern Mutual Series Fund and was on the board of Eastside Distilling Company. Ms. Levy-Navarro co-founded and was Chief Executive Officer of Orrington Strategies, a management consulting firm, helping investment management, insurance, and consumer products executives grow their businesses and brands, from 2002 to 2017. From 2018 to 2023, she has been a corporate advisor with Summit Strategy Advisors. Ms. Levy-Navarro was a fiduciary for Orrington Strategies' 401k, profit sharing, and defined benefits plans. From 1993 to 2002, Ms. Levy-Navarro served as Practice Leader and Operating Committee Member for The Cambridge Group. Ms. Levy-Navarro led her practice helping corporate executives develop and implement demand-driven business strategies. Ms. Levy-Navarro serves on two privately-held company boards. Ms. Levy-Navarro earned her MBA in finance from The Wharton School, University of Pennsylvania, and holds a BBA in marketing from the University of Michigan.

*Matt Forestenhausler.* Mr. Forstenhausler has served as Director of the Company since March 2023, is chairperson of the Audit Committee since 2024, and chairperson of the Board since 2026. He has also served as a board member of the other funds in the Wilshire funds complex since 2023. Mr. Forstenhausler served as a director of the Sierra Income Fund from 2020 to 2022 and serves on the board of Sound Point Meridian Capital and Corient Registered Alternatives. Mr. Forstenhausler spent his career at Ernst & Young LLP from July 1981 to July 2019, retiring as a partner and the Americas Leader of its Registered Funds Practice. Mr. Forstenhausler has also served on the boards of a number of charitable, religious and social organizations. The Board has determined that Mr. Forstenhausler is an "audit committee financial expert" as defined by the SEC.

*Jason Schwarz*. Mr. Schwarz has served as Director of the Company since 2018. He has served as President of the Company since 2012. Mr. Schwarz is the President of Wilshire Advisors LLC and was formerly the Chief Operating Officer of Wilshire Advisors LLC. Mr. Schwarz joined Wilshire in 2005 and has served as President of the firm's investment and analytics business practices. Mr. Schwarz earned his AB in government from Hamilton College and holds an MBA from the Marshall School of Business, University of Southern California.

**Leadership Structure**

The Company's Board manages the business affairs of the Company. The Directors establish policies and review and approve contracts and their continuance. The Directors regularly request and/or receive reports from the Adviser, the Company's other service providers and the Company's CCO. The Board is comprised of three Directors, two of whom (including the chairperson) are independent Directors. The independent chairperson, who serves as a spokesperson for the Board, is primarily responsible for facilitating communication among the Directors and between the Board and the officers and service providers of the Company and presides at meetings of the Board. In conjunction with the officers and legal counsel, the independent chairperson develops agendas for Board meetings that are designed to be relevant, prioritized, and responsive to Board concerns. The Board has four standing committees - an Audit Committee, a Governance Committee, an Investment Committee, and a Valuation Committee. The Audit Committee is responsible for monitoring the Portfolio's accounting policies, financial reporting and internal control system; monitoring the work of the Portfolio's independent accountants and providing an open avenue of communication among the independent accountants, management and the Board. The Governance Committee is primarily responsible for the identification and recommendation of individuals for Board membership and for overseeing the administration of the Company's Governance Guidelines and Procedures. The Valuation Committee oversees the activities of the Adviser in the Adviser's capacity as the Company's Valuation Designee. The Investment Committee monitors performance of the Portfolios and the performance of the Adviser and Subadvisers. The Company's day-to-day operations are managed by the Adviser and other service providers. The Board and the committees meet periodically throughout the year to review the Company's activities, including, among others, Portfolio performance, valuation matters and compliance with regulatory requirements, and to review contractual arrangements with service providers. The Board has determined that the Company's leadership structure is appropriate given the number, size and nature of the Portfolios in the fund complex.

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**Risk Oversight**

Consistent with its responsibility for oversight of the Company and its Portfolios, the Board, among other things, oversees risk management of each Portfolio's investment program and business affairs directly and through the committee structure that it has established. Risks to the Portfolios include, among others, investment risk, credit risk, liquidity risk, valuation risk and operational risk, as well as the overall business risk relating to the Portfolios. The Board has adopted, and periodically reviews, policies and procedures designed to address these risks. Under the overall supervision of the Board, the Adviser and other services providers to the Portfolios also have implemented a variety of processes, procedures and controls to address these risks. Different processes, procedures and controls are employed with respect to different types of risks. These processes include those that are embedded in the conduct of regular business by the Board and in the responsibilities of officers of the Company and other service providers.

The Board requires senior officers of the Company, including the President, Treasurer and CCO, to report to the full Board on a variety of matters at regular and special meetings of the Board and its committees, as applicable, including matters relating to risk management. The Treasurer also reports regularly to the Audit Committee on the Company's internal controls and accounting and financial reporting policies and practices. The Audit Committee also receives reports from the Company's independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the Board meets with the Company's CCO, including separate meetings with the independent Directors in executive session, to discuss issues related to portfolio compliance and, on at least an annual basis, receives a report from the CCO regarding the effectiveness of the Company's compliance program. In addition, the Investment Committee receives reports from the Adviser on the performance of the Portfolios and the Valuation Committee receives valuation reports from the Adviser as the Company's Valuation Designee. The Board also receives reports from the Company's primary service providers on a periodic or regular basis, including the Adviser and Subadvisers to the Portfolios as well as the Company's custodian, administrator/fund accounting agent, distributor and transfer agent. The Board also requires the Adviser to report to the Board on other matters relating to risk management on a regular and as-needed basis.

**Committees**

The Audit Committee held two meetings in 2025. The current members of the Audit Committee, all of whom are Independent Directors, include Mr. Forstenhausler (chairperson) and Ms. Levy-Navarro.

The Governance Committee held four meetings in 2025. The current members of the Governance Committee, all of whom are Independent Directors, include Ms. Levy-Navarro (chairperson) and Mr. Forstenhausler. Pursuant to the Company's Governance Procedures, shareholders may submit suggestions for Board candidates to the Governance Committee, which will evaluate candidates for Board membership by forwarding their correspondence by U.S. mail or courier service to the Company's Secretary for the attention of the Chairperson of the Governance Committee.

The Investment Committee held four meetings in 2025. The current members of the Investment Committee, all of whom are Independent Directors, include Ms. Levy-Navarro (chairperson) and Mr. Forstenhausler.

The Valuation Committee held four meetings in 2025. The current members of the Valuation Committee, one of whom is an interested Director, include Ms. Levy-Navarro (chairperson) and Messrs. Forstenhausler and Schwarz.

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**Directors' Holdings of Portfolio Shares**

The following table sets forth the dollar range of equity securities beneficially owned by each Director in each Portfolio as of December 31, 2025, as well as the aggregate dollar range in all registered investment companies overseen by the Director within the family of investment companies.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** |
| **Name of Director** | **Large Company Growth Portfolio** | **Large Company Value Portfolio** | **Small Company Growth Portfolio** | **Small Company Value Portfolio** | **Index Fund** | **International Fund** | **Income Fund** | **All Portfolios Overseen by Director within Fund Complex**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** | &nbsp;&nbsp;&nbsp;**Independent Directors** |
| &nbsp;&nbsp;&nbsp;Matt Forstenhausler |  |  |  |  | $10001 - $50000 | $10001 - $50000 |  | $10001 - $50000 |
| &nbsp;&nbsp;&nbsp;Elizabeth A. Levy-Navarro |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** | &nbsp;&nbsp;&nbsp;**Interested Director** |
| &nbsp;&nbsp;&nbsp;Jason Schwarz |  |  |  |  |  |  |  |  |

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<sup>(1)</sup> "Fund Complex" means two or more registered investment companies that hold themselves out as related companies for purposes of investment and investor services, or have a common investment adviser or are advised by affiliated investment advisers. The Fund Complex includes the Portfolios and the Wilshire Variable Insurance Trust.

As of April 1, 2026, the Directors and officers of the Company did not hold in the aggregate, directly and beneficially, more than 1% of the outstanding shares of any class of any Portfolio.

As of April 1, 2026, the Independent Directors did not have any ownership of the Adviser or the Distributor.

**Compensation**

The Company and the Trust together pay each Independent Director an annual retainer of $60,000, pay to the Independent Board Chair an annual additional retainer of $12,000 and pay to each Committee Chair an annual additional retainer of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: a quarterly Board or special in-person meeting fee of $6,000 for Independent Directors and $7,000 for the Board Chair, a virtual special Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board Chair, and a virtual Committee meeting fee of $1,500.

The table below sets forth the compensation paid to the Independent Directors of the Company for the 12 months ended December 31, 2025. The Company does not compensate any of the officers. The Company does not have any pension or retirement plans for the Directors.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Director** | **Aggregate Compensation From the Company**<sup>(1)</sup> | **Pension Retirement Benefits Accrued as Part of Company Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Company and the Fund Complex**<sup>(2)</sup> |
| Matt Forstenhausler | $67003 | N/A | N/A | $95000 |
| Elizabeth A. Levy-Navarro | $67003 | N/A | N/A | $95000 |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The allocation of aggregate compensation paid from the Company for each Director is estimated based upon the Company's ratio of average net assets for the year ended December 31, 2025. For the year ended December 31, 2025, the Company paid total Director compensation for retainers and meeting fees in the amount of $336,065 (of this amount the Large Company Growth Portfolio paid $75,313, the Large Company Value Portfolio paid $47,509, the Small Company Growth Portfolio paid $6,723, the Small Company Value Portfolio paid $6,817, the Index Fund paid $82,328, the International Fund paid $63,327, and the Income Fund paid $54,048).

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This is the total amount compensated to the Director for his or her service on the Board and the board of any other investment company in the fund complex. The Fund Complex includes the Portfolios and the Wilshire Variable Insurance Trust.

**PRINCIPAL HOLDERS OF SECURITIES**

Listed below are the names and addresses of those shareholders who owned beneficially or of record 5% or more of the outstanding Investment Class Shares or Institutional Class Shares of a Portfolio as of April 1, 2026 (a "Principal Shareholder"). Shareholders who have the power to vote a large percentage of shares of a particular Portfolio may be in a position to control a Portfolio and determine

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the outcome of a shareholder meeting. A shareholder who owns, directly or indirectly, 25% or more of a Portfolio's voting securities may be deemed to be a "control person," as defined by the 1940 Act.

The following table lists the Principal Shareholders of each Class:

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| | | |
|:---|:---|:---|
| **Portfolio/Class** | **Shareholders** | **Percentage Owned** |
| **Large Company Growth Portfolio – Investment Class** | **Large Company Growth Portfolio – Investment Class** | **Large Company Growth Portfolio – Investment Class** |
|  | Charles Schwab & Co.<br>Attn Mutual Funds <br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94101-4151 | 72.00% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 11.25% |
| **Large Company Growth Portfolio – Institutional Class** | **Large Company Growth Portfolio – Institutional Class** | **Large Company Growth Portfolio – Institutional Class** |
|  | Capinco c/o US Bank, NA<br>1555 N Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 44.80% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 21.24% |
|  | Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002 | 14.61% |
|  | Charles Schwab & Co.<br>Mutual Funds Dept.<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 7.84% |
| **Large Company Value Portfolio – Investment Class** | **Large Company Value Portfolio – Investment Class** | **Large Company Value Portfolio – Investment Class** |
|  | Charles Schwab & Co.<br>Mutual Funds Dept.<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 24.56% |
|  | Jonathan C. Gaffney<br>150 Powers Road<br>Binghamton, NY 13903-6504 | 12.92% |
|  | Ameriprise Financial Services Inc.<br>707 2nd Avenue S<br>Minneapolis, MN 55402-2405 | 10.82% |
|  | Morgan Stanley Smith Barney LLC<br>2000 Westchester Avenue<br>Purchase, NY 10577-2539 | 9.51% |
|  | US Bank NA Custody<br>A/C Francis G. Chase SEP IRA <br>16 Cordis Street<br>Wakefield, MA 01880-1710 | 8.51% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 6.77% |
|  | US Bank NA Custody<br>Tony Shieh Sarsep IRA<br>1247 12th Avenue<br>San Francisco, CA 94122-2211 | 6.22% |
| **Large Company Value Portfolio – Institutional Class** | **Large Company Value Portfolio – Institutional Class** | **Large Company Value Portfolio – Institutional Class** |

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| | | |
|:---|:---|:---|
| **Portfolio/Class** | **Shareholders** | **Percentage Owned** |
|  | Capinco c/o US Bank, NA<br>1555 N Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 50.96% |
|  | National Financial Services, LLC <br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 16.57% |
|  | Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002 | 14.63% |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 11.59% |
| **Small Company Growth Portfolio – Investment Class** | **Small Company Growth Portfolio – Investment Class** | **Small Company Growth Portfolio – Investment Class** |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 24.35% |
|  | Steven S. Andrews<br>1020 NE 90th Street<br>Seattle, WA 98115-3025 | 21.51% |
|  | Patrick B. Moran<br>8585 Via Mallorca Unit 34<br>La Jolla, CA 92037-2592 | 10.83% |
|  | National Financial Services, LLC <br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 10.52% |
| **Small Company Growth Portfolio – Institutional Class** | **Small Company Growth Portfolio – Institutional Class** | **Small Company Growth Portfolio – Institutional Class** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 45.13% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 18.43% |
|  | Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002 | 16.99% |
|  | Charles Schwab & Company Inc.<br>Attn Mutual Funds SF215FMT-05<br>211 Main Street<br>San Francisco, CA 94105-1901 | 13.12% |
| **Small Company Value Portfolio – Investment Class** | **Small Company Value Portfolio – Investment Class** | **Small Company Value Portfolio – Investment Class** |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 53.35% |
|  | Peter James Reynolds <br>TOD<br>1024 Edinborough Drive<br>Durham, NC 27703-8489 | 8.07% |

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| | | |
|:---|:---|:---|
| **Portfolio/Class** | **Shareholders** | **Percentage Owned** |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 6.87% |
|  | Rachel K. Sion<br>17 Brampton Lane<br>Great Neck, NY 11023-1303 | 6.05% |
| **Small Company Value Portfolio – Institutional Class** | **Small Company Value Portfolio – Institutional Class** | **Small Company Value Portfolio – Institutional Class** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 45.46% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 17.56% |
|  | Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002 | 16.30% |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 12.78% |
| **Wilshire 5000 Index**<sup>SM</sup> **Fund *(formerly the FT Wilshire 5000 Index***<sup>SM</sup>***)* – Investment Class** | **Wilshire 5000 Index**<sup>SM</sup> **Fund *(formerly the FT Wilshire 5000 Index***<sup>SM</sup>***)* – Investment Class** | **Wilshire 5000 Index**<sup>SM</sup> **Fund *(formerly the FT Wilshire 5000 Index***<sup>SM</sup>***)* – Investment Class** |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 43.63% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 23.53% |
|  | Morgan Stanley Smith Barney LLC<br>2000 Westchester Avenue<br>Purchase, NY 10577-2539 | 8.83% |
|  | Wells Fargo Clearing Services LLC<br>1 North Jefferson Avenue MSC MO3970<br>St. Louis, MO 63103-2254 | 5.99% |
| **Wilshire 5000 Index**<sup>SM</sup> **Fund – Institutional Class** | **Wilshire 5000 Index**<sup>SM</sup> **Fund – Institutional Class** | **Wilshire 5000 Index**<sup>SM</sup> **Fund – Institutional Class** |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 58.79% |
|  | Charles Schwab & Co. Inc.<br>Special Custody A/C FBO Customers<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 21.45% |
|  | Vanguard Brokerage Services<br>PO Box 1170<br>Valley Forge, PA 19482-1170 | 6.15% |
| **Wilshire International Equity Fund – Investment Class** | **Wilshire International Equity Fund – Investment Class** | **Wilshire International Equity Fund – Investment Class** |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 52.10% |

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| | | |
|:---|:---|:---|
| **Portfolio/Class** | **Shareholders** | **Percentage Owned** |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 22.59% |
|  | US Bank, N.A.<br>Francis G. Chase Roth IRA<br>16 Cordis Street<br>Wakefield, MA 01880-1710 | 11.60% |
|  | LPL Financial<br>Omnibus Customer Account<br>Attn Lindsay O. Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 5.21% |
| **Wilshire International Equity Fund – Institutional Class** | **Wilshire International Equity Fund – Institutional Class** | **Wilshire International Equity Fund – Institutional Class** |
|  | Capinco c/o US Bank, N.A.<br>1555 N Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 47.80% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 17.39% |
|  | Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002 | 15.46% |
|  | Charles Schwab & Co.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 12.11% |
| **Wilshire Income Opportunities Fund – Investment Class** | **Wilshire Income Opportunities Fund – Investment Class** | **Wilshire Income Opportunities Fund – Investment Class** |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 43.84% |
|  | Charles Schwab & Co. Inc.<br>Special Custody A/C FBO Customers<br>211 Main Street<br>San Francisco, CA 94105-1901 | 33.29% |
|  | LPL Financial<br>Omnibus Customer Account<br>Attn Lindsay O. Toole<br>PO BOX 50946<br>San Diego, CA 92150-9046 | 11.32% |
|  | US Bank, N.A. <br>Sidney Krimson Mason Roth IRA<br>PO BOX 707<br>Bunn, NC 27508-0707 | 8.04% |
| **Wilshire Income Opportunities Fund – Institutional Class** | **Wilshire Income Opportunities Fund – Institutional Class** | **Wilshire Income Opportunities Fund – Institutional Class** |
|  | Capinco c/o US Bank, N.A.<br>1555 N Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 51.54% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 16.94% |

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| | | |
|:---|:---|:---|
| **Portfolio/Class** | **Shareholders** | **Percentage Owned** |
|  | Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399-0002 | 16.77% |
|  | Charles Schwab & Co. Inc.<br>Attn Mutual Fund OPS<br>211 Main Street<br>San Francisco, CA 94105-1901 | 10.74% |

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The following table lists the control persons of each Portfolio:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Shareholders** | **Percentage Owned** |
| **Large Company Growth Portfolio** | **Large Company Growth Portfolio** | **Large Company Growth Portfolio** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 28.88% |
|  | Charles Schwab & Co. Inc.<br>Attn Mutual Funds<br>Reinvest Account<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 28.27% |
| **Large Company Value Portfolio** | **Large Company Value Portfolio** | **Large Company Value Portfolio** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 49.79% |
| **Small Company Growth Portfolio** | **Small Company Growth Portfolio** | **Small Company Growth Portfolio** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 32.64% |
| **Small Company Value Portfolio** | **Small Company Value Portfolio** | **Small Company Value Portfolio** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 35.67% |
| **Wilshire 5000 Index**<sup>SM</sup> **Fund** | **Wilshire 5000 Index**<sup>SM</sup> **Fund** | **Wilshire 5000 Index**<sup>SM</sup> **Fund** |
|  | Charles Schwab & Co. Inc.<br>Special Custody A/C FBO Customers<br>Attn Mutual Funds<br>101 Montgomery Street<br>San Francisco, CA 94104-4151 | 38.93% |
|  | National Financial Services, LLC<br>499 Washington Boulevard, Floor 4<br>Jersey City, NJ 07310-1995 | 31.00% |
| **Wilshire International Equity Fund** | **Wilshire International Equity Fund** | **Wilshire International Equity Fund** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 47.62% |
| **Wilshire Income Opportunities Fund** | **Wilshire Income Opportunities Fund** | **Wilshire Income Opportunities Fund** |
|  | Capinco c/o US Bank, N.A.<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212-3958 | 51.49% |

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**INVESTMENT ADVISORY AND OTHER SERVICES**

**Investment Adviser and Subadvisers**

Wilshire Advisors LLC ("Wilshire") is the investment adviser to the Portfolios pursuant to an Investment Advisory Agreement dated January 8, 2021 (the "Advisory Agreement"). Wilshire is owned by Monica HoldCo (US), Inc. Monica HoldCo (US), Inc. is controlled by CC Capital Partners, LLC and Motive Capital Management, LLC. Wilshire manages the portion of each of the Large Company Growth Portfolio, Large Company Value Portfolio, and the Wilshire International Equity Fund (the "International Fund") that is invested in the Swaps Strategy (as defined in each Portfolio's prospectus).

Pursuant to subadvisory agreements with Wilshire, each dated as indicated below, the following subadvisers each manage a portion of the Portfolio(s) as indicated:

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| | | |
|:---|:---|:---|
| **Subadviser** | **Portfolio(s)** | **Agreement Date** |
| Alger Management | Large Company Growth Portfolio | 1/8/2021 as amended 5/13/2021 |
| AllianceBernstein | Large Company Growth Portfolio | 12/1/2021 |
| Diamond Hill | Small Company Value Portfolio | 4/22/2026 |
| DoubleLine | Income Fund | 1/8/2021 |
| Hotchkis & Wiley | Large Company Value Portfolio | 1/3/2021 as amended 11/3/2021 |
|  | Small Company Value Portfolio | 1/3/2021 as amended 11/3/2021 |
| Lazard | International Fund | 1/8/2021 |
| Lord Abbett | Small Company Growth Portfolio | 1/30/2025 |
| Los Angeles Capital | Large Company Growth Portfolio | 1/8/2021 |
| Los Angeles Capital | Large Company Value Portfolio | 1/8/2021 |
| Los Angeles Capital | Small Company Growth Portfolio | 1/8/2021 |
| Los Angeles Capital | Small Company Value Portfolio | 1/8/2021 |
| Los Angeles Capital | Index Fund | 1/8/2021 |
| Los Angeles Capital | International Fund | 1/8/2021 |
| Manulife | Income Fund | 1/8/2021 |
| MFS | Large Company Value Portfolio | 1/20/2021 |
| Pzena | International Fund | 1/8/2021 |
| Ranger | Small Company Growth Portfolio | 1/8/2021 |
| Voya | Large Company Growth Portfolio | 1/8/2021 |
| Voya | Large Company Value Portfolio | 1/8/2021 |
| Voya | International Fund | 1/8/2021 |
| Voya | Income Fund | 1/8/2021 |
| WCM | International Fund | 1/8/2021 |

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**Investment Advisory Agreements and Fees**

For the three most recent fiscal years ended December 31, the advisory fees for each Portfolio payable to Wilshire, the reductions attributable to fee waivers, the net fees paid with respect to the Portfolios, and the corresponding percentages of average net assets (net of waivers), were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Advisory Fee Expense** | **Reduction in Fee** | **Recouped Fees** | **Net Fee Paid** | **% of Average Net Assets** |
| Large Company Growth Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $1647717 | $37477 | $5724 | $1615964 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1862029 | $18600 | $0 | $1843429 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1995388 | $18098 | $0 | $1977290 | 0.74% |
| Large Company Value Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $1220041 | $78058 | $0 | $1141983 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1265115 | $53613 | $0 | $1211502 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1236785 | $53053 | $0 | $1183732 | 0.72% |
| Small Company Growth Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $221387 | $134112 | $8749 | $96024 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $213498 | $140401 | $0 | $73097 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $193261 | $149467 | $0 | $43794 | 0.19% |
| Small Company Value Portfolio |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $220418 | $159538 | $0 | $60880 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $219444 | $155323 | $0 | $64121 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $193543 | $151528 | $0 | $42015 | 0.18% |
| Index Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $220016 | $0 | $0 | $220016 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $267275 | $0 | $0 | $267275 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $287058 | $0 | $0 | $287058 | 0.10% |
| International Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $2202717 | $381711 | $0 | $1821006 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $2221184 | $324061 | $0 | $1897123 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $2232570 | $348702 | $0 | $1883868 | 0.84% |
| Income Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $1254940 | $307680 | $0 | $947260 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $1200591 | $259670 | $0 | $940921 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $1110964 | $279585 | $0 | $831379 | 0.45% |

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Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Large Company Growth Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.92% and 0.94% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Large Company Value Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.98% and 0.95% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

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Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Small Company Growth Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 1.03% and 0.96% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the Small Company Value Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 0.99% and 0.98% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee to limit expenses of the International Fund (excluding taxes, brokerage expenses, dividend expenses on short securities, Rule 12b-1 distribution fees and shareholder servicing fees, and extraordinary expenses) to 1.09% and 1.20% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

Wilshire has entered into a contractual expense limitation agreement to waive a portion of its management fee or reimburse expenses to limit expenses of the Income Fund (excluding taxes, brokerage expenses, dividend expenses on short securities,, Rule 12b-1 distribution fee and shareholder servicing fee, acquired fund fees and expenses, Rule 12b-1 distribution fee and shareholder servicing fee, and extraordinary expenses) to 0.77% and 0.85% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively.

These agreements to limit expenses continue through at least April 30, 2027 or upon the termination of the Advisory Agreement. To the extent that a Portfolio's expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived or expenses reimbursed within three years after the date on which Wilshire incurred the expense, if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver or expense reimbursement.

The Advisory Agreement provides that Wilshire will act as the investment adviser to each Portfolio, and may recommend to the Board one or more subadvisers to manage one or more Portfolios or portions thereof. Upon appointment of a subadviser, Wilshire will review, monitor and report to the Board regarding the performance and investment procedures of the subadviser, and assist and consult the subadviser in connection with the investment program of the relevant Portfolio.

The Advisory Agreement provides that Wilshire shall exercise its best judgment in rendering the services to be provided to the Portfolios under the Advisory Agreement. Wilshire is not liable under the Advisory Agreement for any error of judgment or mistake of law or for any loss suffered by the Portfolios. Wilshire is not protected, however, against any liability to the Portfolios or its shareholders to which Wilshire would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under the Advisory Agreement, or by reason of Wilshire's reckless disregard of its obligations and duties under the Advisory Agreement.

The Advisory Agreement will continue in force unless sooner terminated as provided in certain provisions contained in the Advisory Agreement. It is terminable with respect to any Portfolio without penalty on 60 days' notice by the Board, by vote of a majority of a Portfolio's outstanding shares (as defined in the 1940 Act), or on at least 90 days' notice by Wilshire. The Advisory Agreement terminates in the event of its assignment (as defined in the 1940 Act).

**Investment Subadvisory Agreements and Fees**

Pursuant to the subadvisory agreements with each of the Subadvisers (the "Subadvisory Agreements"), the fees payable to a Subadviser with respect to a Portfolio are paid exclusively by Wilshire and not directly by the stockholders of the Portfolio. The Subadvisers are independent contractors, and may act as investment advisers to other clients. Wilshire may retain one or more other Subadvisers with respect to any portion of the assets of any Portfolio other than the portions to be managed by the respective Subadvisers.

No Subadviser will be liable to Wilshire, the Company or any stockholder of the Company for any error of judgment, mistake of law, or loss arising out of any investment, or for any other act or omission in the performance by the Subadviser of its duties, except for liability resulting from willful misfeasance, bad faith, negligence (gross negligence, in the case of DoubleLine, MFS, and Pzena) or reckless disregard of its obligations. Each Subadviser will indemnify and defend Wilshire, the Company, and their representative officers, directors, employees and any person who controls Wilshire for any loss or expense arising out of or in connection with any claim, demand, action, suit or proceeding relating to any material misstatement or omission in the Company's registration statement, any proxy statement, or any communication to current or prospective investors in any Portfolio, if such misstatement or omission was made in reliance upon and in conformity with written information furnished by the Subadviser to Wilshire or the Portfolios.

Following an initial two-year period, each Subadvisory Agreement will continue in force from year to year with respect to a Portfolio so long as it is specifically approved for a Portfolio at least annually in the manner required by the 1940 Act. The Subadvisory Agreements with each Subadviser were approved for the period ending August 31, 2026.

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For the fiscal years ended December 31, 2023, 2024, and 2025, the aggregate subadvisory fees paid by Wilshire with respect to each Portfolio, and the corresponding percentage of net average assets, were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Aggregate Subadvisory Fees Paid** | **% of Average<br>Net Assets** |
| Large Company Growth Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $508509 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $566615 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $611422 | 0.23% |
| Large Company Value Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $343481 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $348362 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $334132 | 0.19% |
| Small Company Growth Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $111701 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $106497 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $91740 | 0.40% |
| Small Company Value Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $101815 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $348362 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $87577 | 0.39% |
| Index Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $88006 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $106910 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $114823 | 0.04% |
| International Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $799450 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $812234 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $808960 | 0.36% |
| Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $711309 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $681127 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $630814 | 0.34% |

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**Portfolio Managers**

The following paragraphs provide certain information with respect to the portfolio managers of each Portfolio as identified in the prospectus and the material conflicts of interest that may arise in connection with their management of the investments of a Portfolio, on the one hand, and the investments of other client accounts for which they may have primary responsibility. Certain other potential conflicts of interest with respect to use of affiliated brokers, personal trading and proxy voting are discussed below under "Portfolio Transactions," "Code of Ethics" and "Proxy Voting Policy and Procedures."

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***Alger Management***

Ankur Crawford and Patrick Kelly manage Alger Management's portion of the Large Company Growth Portfolio. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| *Ankur Crawford, Ph.D. and Patrick Kelly, CFA* | *Ankur Crawford, Ph.D. and Patrick Kelly, CFA* | *Ankur Crawford, Ph.D. and Patrick Kelly, CFA* | *Ankur Crawford, Ph.D. and Patrick Kelly, CFA* | *Ankur Crawford, Ph.D. and Patrick Kelly, CFA* |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 8 | $15.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 6 | $1.0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 43 | $4.1 | 1 | $310 |

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**Conflicts of Interest** 

***Summary***

Alger Management is under common ownership with Weatherbie Capital, LLC ("Weatherbie"), a registered investment adviser based in Boston, Massachusetts, Redwood Investments, LLC, a registered investment adviser based in Boston, Massachusetts, and Alger Management, Ltd., a UK registered investment adviser. Alger Management provides significant management, distribution, administration, back-office, legal and compliance, and trading support for Weatherbie Capital, LLC, Redwood Investments, LLC and Alger Management, Ltd. Weatherbie Capital, LLC and Redwood Investments, LLC each serve as a sub-adviser for a number of Alger Management accounts, including certain of the Alger Family of Funds. Alger Management serves as a sub-adviser to Alger Management, Ltd. for certain accounts, including as sub-portfolio manager for Alger SICAV.

Alger Management is also under common ownership with Fred Alger & Company, LLC ("Alger LLC"), a registered broker-dealer. Alger LLC serves as the principal underwriter for the Alger Management-advised U.S. registered funds ("Alger Funds"), as a placement agent for certain private funds managed by Alger Management and Weatherbie, and as a broker-dealer for U.S. listed equity securities trades placed on behalf of certain clients of Alger Management, and provides distribution support to Alger Management, Ltd. for the Alger SICAV. Alger LLC does not conduct public brokerage business and substantially all of its transactions are in U.S. equities for those Alger Management clients who authorize Alger Management to use Alger LLC as a broker, provided that relevant regulations that govern their accounts allow it. Alger LLC does not act as principal in any client trade nor does it underwrite the offering of securities (except as the principal underwriter for the Alger Funds). On a regular basis, Alger Management evaluates whether the commissions, rates and fees charged by Alger LLC are commercially reasonable. Certain employees and officers of Alger Management serve as registered representatives and principals of Alger LLC.

In addition to serving as investment adviser of the Alger Funds, Alger Management is the investment manager for Alger Dynamic Return Fund, Alger Life Sciences Innovation Fund and Alger Life Sciences Innovation Offshore Fund each of which is a privately offered fund. Alger Management serves as the sub-portfolio manager for Alger SICAV, a publicly offered fund registered in Luxembourg, other jurisdictions in the European Union, Switzerland, the United Kingdom, Japan, Korea, and Singapore. Not all sub-funds of the Alger SICAV are registered in these jurisdictions. Alger Management also serves as a sub-adviser to third-party registered and private funds, as well as bank collective investment trusts. From time to time, Alger Management, its affiliates or a related person ("Alger Affiliates") may own significant stakes in one or more of the above entities.

From time to time, Alger Management, Alger LLC, Weatherbie Capital, LLC, Redwood Investments, LLC, Alger Group Holdings, or Alger Associates, or other affiliated persons may hold controlling positions in certain pooled investment vehicles, such that they are considered affiliates.

***Conflicts as a Result of Alger Management's Other Affiliates***

Alger Affiliates also have other direct and indirect interests in the equity markets, directly or through investments in pooled products, in which the Large Company Growth Portfolio directly and indirectly may invest. Investors should be aware that this may cause Alger Affiliates to have conflicts that could disadvantage the Large Company Growth Portfolio.

As a registered investment adviser under the Investment Advisers Act of 1940, as amended, Alger Management is required to file and maintain a registration statement on Form ADV with the SEC. Form ADV contains information about assets under management, types of fee arrangements, types of investments, conflicts and potential conflicts of interest, and other relevant information regarding Alger Management.

*Client Recommendations.* Alger Management may recommend to clients that they purchase interests in certain funds for which Alger Management serves as investment adviser or sub-adviser and in which Alger Management and related persons have a financial

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interest. Alger Management and such related persons will fully disclose such financial interests to all clients to which such recommendations are given in accordance with applicable regulations.

*Selection of Administrative and Other Service Providers.* Alger Affiliates currently provide administrative services, shareholder services, brokerage and other account services to the Alger Funds and other client accounts it manages. While any such engagement would be on market terms, it will nevertheless result in greater benefit to Alger Management than hiring a similarly qualified unaffiliated service provider.

In connection with these services and subject to applicable law, Alger Affiliates, including Alger Management, may from time to time, and without notice to investors or clients, insource or outsource certain processes or functions that it provides in its administrative or other capacities. Such insourcing or outsourcing may give rise to additional conflicts of interest, including which processes or functions to insource or outsource, which entity to outsource to, and the fees charged by Alger Affiliates or the third party. Alger Management maintains policies designed to mitigate the conflicts described herein; however, such policies may not fully address all situations described above.

*Information Alger Management May Receive.* Alger Management and its affiliates may have or be deemed to have access to information about certain markets, investments and funds because of Alger Affiliates' activities. Alger Affiliates may therefore possess information which, if known to Alger Management, might cause Alger Management to seek to dispose of, retain or increase interests in investments held in the Large Company Growth Portfolio, or acquire certain positions on behalf of the Large Company Growth Portfolio. Moreover, Alger Management and its affiliates may come into possession of material, non-public information that would prohibit or otherwise limit its ability to trade on behalf of the the Large Company Growth Portfolio. Alger Management maintains policies designed to mitigate the conflicts described in this paragraph; however, such policies may not fully address situations described above.

*Resources Shared Among Alger Affiliates.* Alger Management shares certain resources with, receives certain services from, and provides certain services to various Alger Affiliates. Additionally, Alger Management, Weatherbie, and Redwood Investments, LLC can share general information with respect to regulatory developments and industry trends affecting or potentially affecting U.S. and/or foreign markets, sectors, industries, and specific companies. Such relationships may present conflicts with Alger Management's provision of advisory services to its clients, including the Large Company Growth Portfolio.

***Allocation Issues***

Conflicts can emerge due to how Alger Management manages accounts or funds and allocates investment opportunities. To attempt to treat all clients reasonably in light of all factors relevant to managing an account, aggregated trades will generally be allocated pro rata among the accounts, including the Large Company Growth Portfolio, whenever possible. There are exceptions to this practice, however, as described below:

**Unusual Market Conditions.** During periods of unusual market conditions, Alger Management may deviate from its normal trade allocation practices. During such periods, Alger Management will seek to exercise a disciplined process for determining its actions to appropriately balance the interests of all accounts, including the Large Company Growth Portfolio, as it determines in its sole discretion.

*Availability of Investments.* The availability of certain investments such as initial public offerings or private placements may be limited. In such cases, all accounts (including the Large Company Growth Portfolio) may not receive an allocation and the performance of accounts which receive such allocations may be higher or lower than other accounts.

Alger Management, as a general practice, allocates initial public offering shares and other limited availability investments pro rata among the eligible accounts (including the Large Company Growth Portfolio) as requested by portfolio managers and in accordance with applicable policies and procedures. An account or accounts may not receive an allocation because it lacks available cash, is restricted from making certain investments, is considered an Alger Affiliate, is so large that the allocation is determined to be insignificant, or is so small that it would receive little or no allocation. Moreover, Alger Affiliates accounts may receive an allocation of an opportunity not allocated to other accounts.

*Differing Guidelines, Objectives and Time Horizons.* Because accounts (including the Large Company Growth Portfolio) are managed according to different strategies and individual client guidelines, certain accounts may not be able to participate in a transaction or strategy employed by Alger Management.

Actions taken by one account could affect others. A sale of securities by one account may cause a decline in the market value of those securities and other securities of the same issuer, having a material adverse effect on the performance of other accounts (including the Large Company Growth Portfolio) that hold those securities and do not sell such positions.

Alger Management may also develop and implement new investment approaches, which may not be employed in all accounts or pro rata among the accounts where they are employed, even if the

approach is consistent with the objectives of all accounts. Alger Management may make decisions regarding the allocation of new investment approaches based on such factors as strategic fit and other portfolio management considerations, including an account's

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capacity for such approach, the liquidity of the approach and its underlying instruments, the account's liquidity, the business risk of the approach relative to the account's overall portfolio make-up, the effectiveness of, or return expectations from, the approach for the account, and any such other factors as Alger Management deems relevant in its sole discretion. For example, such a determination may, but will not necessarily, include consideration of the fact that a particular approach will not have a meaningful impact on an account given the overall size of the account, the limited availability of opportunities in the approach and the availability of other approaches for the account.

*Investing in Different Classes of the Same Issuer.* Conflicts also arise when one or more accounts (including the Large Company Growth Portfolio) invests in different classes of securities of the same issuer. As a result, one or more accounts may pursue or enforce rights with respect to a particular issuer in which the Portfolio has invested, and those activities may have an adverse effect on the Portfolio. For example, if an account holds debt securities of an issuer and the Portfolio holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, the account which holds the debt securities may seek a liquidation of the issuer, whereas the Portfolio which holds the equity securities may prefer a reorganization of the issuer. In addition, Alger Management may also, in certain circumstances, pursue or enforce rights with respect to a particular issuer jointly on behalf of one or more accounts, the Portfolio, or Alger Affiliates. The Portfolio may be negatively impacted by Alger Affiliates' and other accounts' activities, and transactions for the Portfolio may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had Alger Affiliates and other accounts not pursued a particular course of action with respect to the issuer of the securities.

*Conflicts Related to Timing of Transactions.* While Alger Management will aggregate trades on behalf of similarly situated clients (including t the Large Company Growth Portfolio), there are instances when Alger Management places a trade ahead of, or contemporaneously with, trades for another account. In such cases, market impact, liquidity constraints, or other factors could result in the second account receiving less favorable trading results. The costs of implementing trades could be increased or the other account could otherwise be disadvantaged.

Although investment recommendations can apply to securities held across multiple strategies and held in multiple individual accounts, each account is managed separately. While Alger Management will use reasonable efforts to obtain timely execution across all accounts that may be affected by an investment recommendation, there can be no guarantee that such investment recommendation will be implemented simultaneously. It is possible that prior execution for or on behalf of an account or group of accounts could adversely affect the prices and availability of the securities and instruments for other accounts that later seek to trade the same securities or instruments.

Alger Management can delay an order for one account or group of accounts to allow portfolio managers of other strategies to participate in the same trade. In some instances, internal policies

designed to facilitate trade aggregation may result in delays in placing trades, which may adversely affect trade execution.

*Cross Transactions.* From time to time and for a variety of reasons, certain accounts may buy or sell positions in a particular security while the Portfolio is undertaking the opposite strategy, which could disadvantage the Portfolio. To reduce this negative impact, when permitted by applicable law and when otherwise practical to do so, the accounts will enter into "cross transactions." A cross transaction, or cross trade, occurs when Alger Management causes the Portfolio to buy a security from, or sell a security to, another client of Alger Management or Alger Affiliates. Alger Management will ensure that any such cross transactions are effected in accordance with applicable law and policies and procedures.

*Valuation of Assets.* Alger Affiliates may have a conflict of interest in valuing the securities and other assets in which the Large Company Growth Portfolio may invest. Alger Management is generally paid an advisory fee based on the value of the assets under management, so more valuable securities will result in a higher advisory fee. Alger Management may also benefit from showing better performance or higher account values on periodic statements.

Certain securities and other assets in which the Large Company Growth Portfolio may invest may not have a readily ascertainable market value and will be valued by Alger Management in accordance with the valuation guidelines described in the valuation procedures adopted by the Large Company Growth Portfolio. Such securities and other assets may constitute a substantial portion of the Large Company Growth Portfolio's investments. Alger Management's risk of misstating the value of securities is greater with respect to illiquid securities like those just described.

Alger Affiliates may hold proprietary positions in the Large Company Growth Portfolio. One consequence of such proprietary positions is that Alger Management may be incented to misstate the value of illiquid securities.

*Regulatory Conflicts.* From time to time, the activities of the Large Company Growth Portfolio may be restricted because of regulatory or other requirements applicable to Alger Affiliates and/or their internal policies designed to comply with, limit the applicability of, or otherwise relate to such requirements. As a result, Alger Affiliates may implement internal restrictions that delay or prevent trades for the Large Company Growth Portfolio, which could result in less favorable execution of trades and may impact the performance of the Large Company Growth Portfolio.

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Certain activities and actions may be considered to result in reputational risk or disadvantage for the management of the Portfolio and Alger Management as well as for other Alger Affiliates. Such situations could arise if Alger Affiliates serve as directors of companies the securities of which the Portfolio wishes to purchase or sell or is representing or providing financing to another potential purchaser. The larger Alger Management's investment advisory business and Alger Affiliates' businesses, the larger the potential that these restricted list policies will impact the performance of the Portfolio.

***Other Potential Conflicts Relating to the Management of the Large Company Growth Portfolio by Alger Management***

Potential Conflicts Relating to Alger Affiliates' Proprietary Activities and Activities On Behalf of Other Accounts. Alger Management or Alger Affiliates may invest in equity or fixed-income securities that it recommends to its clients. The results achieved by Alger Affiliates proprietary accounts may differ from those achieved for other accounts. Alger Management will manage the Portfolio and its other client/Alger Affiliates accounts in accordance with their respective investment objectives and guidelines. However, Alger Management may give advice, and take action, with respect to any current or future client/Alger Affiliates accounts that may compete or conflict with the advice Alger Management may give to the Portfolio including with respect to the return of the investment, the timing or nature of action relating to the investment or method of exiting the investment.

The directors, officers and employees of Alger Affiliates, including Alger Management, may buy and sell securities or other investments for their own accounts (including through investment funds managed by Alger Affiliates, including Alger Management). As a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers and employees that are the same, different from or made at different times than positions taken for the Large Company Growth Portfolio. To reduce the possibility that the Large Company Growth Portfolio will be materially adversely affected by the personal trading described above, Alger Management has established policies and procedures that restrict securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the Large Company Growth Portfolio's portfolio transactions. Alger Management has adopted a code of ethics (the "Code of Ethics") and monitoring procedures relating to certain personal securities transactions by personnel of Alger Management which Alger Management deems to involve potential conflicts involving such personnel, client/Alger Affiliates accounts managed by Alger Management and the Large Company Growth Portfolio. The Code of Ethics requires that personnel of Alger Management comply with all applicable federal securities laws and with the fiduciary duties and anti-fraud rules to which Alger Management is subject.

***Potential Conflicts in Connection With Proxy Voting***

Alger Management has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of clients, including the Large Company Growth Portfolio, and to help ensure that such decisions are made in accordance with Alger Management's fiduciary obligations to its clients. Notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of Alger Management may have the effect of favoring the interests of other clients or Alger Affiliates provided that Alger Management believes such voting decisions to be in accordance with its fiduciary obligations. In other words, regardless of what Alger Management's conflict of interest is, the importance placed on exercising a client's right to vote dictates that Alger Management will cast the vote in accordance with its voting guidelines even if Alger Management, its affiliate, or its client, somehow, indirectly, benefits from that vote. For a more detailed discussion of these policies and procedures, see "Appendix A – Proxy Voting Policies" to the SAI.

***Potential Conflicts in Connection with Brokerage Transactions***

*Trade Aggregation.* If Alger Management believes that the purchase or sale of a security is in the best interest of more than one account (including the Large Company Growth Portfolio), it has the option to aggregate these orders.

When trades are aggregated, prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices are generally averaged, and a participating account will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of an individual account.

Orders to purchase or sell the same security are not aggregated in certain circumstances. This may be the case when there is a reasonable distinction between or among the orders. For example, orders without specific price requirements do not have to be aggregated with orders that are to be executed at a specific price. Also, certain accounts may be excluded from an aggregated trade if an account or accounts have a greater relative need to trade separately from other accounts due to legal, risk, tax, or other investment considerations.

Alger Management maintains policies and procedures that it believes are reasonably designed to deal equitably with conflicts of interest that may arise when orders are aggregated. Alger Management may aggregate trades for its clients (including the Large Company Growth Portfolio) and Alger Affiliates in private placements pursuant to internally developed procedures. In such cases, Alger Management will negotiate the material terms of such investments, including the price of such investments, and will prepare a written allocation statement reflecting the allocation of the private securities

*Soft Dollars.* Alger Management primarily relies on its in-house research to provide buy and sell recommendations. However, Alger Management does acquire research services provided by third party vendors, some of which it pays for with brokerage fees and

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commissions, sometimes referred to as "soft dollars." The services that Alger Management may receive include: management meetings; conferences; research on specific industries; research on specific companies; macroeconomic analyses; analyses of national and international events and trends; access to experts on a particular sector, industry or security; evaluations of thinly traded securities; computerized trading screening techniques and securities ranking services; general research services (i.e., Bloomberg, FactSet); and alternative data subscriptions.

Consistent with the "safe harbor" provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), Alger Management will sometimes select brokers that charge higher commissions to provide brokerage and research services than would be charged by brokers providing trade execution services only. This benefits Alger Management because it does not have to pay for the research, products, or services. Such benefit gives Alger Management an incentive to select a broker-dealer based on its interest in receiving the research, products, or services rather than on its clients' interest in receiving the most favorable execution.

Alger Management periodically monitors execution and commission rates for trades placed with such brokers to assess the overall quality of such trade executions versus comparable trades with

non "soft dollar" brokers. Research or other services obtained in this manner may be used in servicing any or all of the Large Company Growth Portfolio and other accounts. This includes accounts other than those that pay commissions to the broker providing soft dollar benefits. Therefore, such products and services may disproportionately benefit certain client/Alger Affiliates accounts, including the Large Company Growth Portfolio, to the extent that the commissions from such accounts are not used to purchase such services.

Alger Management has entered into commission sharing arrangements, which enable Alger Management to aggregate commissions at a particular broker-dealer. Alger Management can then direct that particular broker-dealer to pay various other broker-dealers from this pool of aggregate commissions for research and research services the broker-dealers have provided to Alger Management. These arrangements allow Alger Management to limit the broker-dealers it trades with, while maintaining valuable research relationships.

In certain cases, a research service may serve additional functions that are not related to the making of investment decisions (such as accounting, record keeping or other administrative matters). Where a product obtained with commissions has such a mixed use, Alger Management will make a good faith allocation of the cost of the product according to its use. Alger Management will not use soft dollars to pay for services that provide only administrative or other non-research assistance.

**Compensation** 

Alger Management follows a merit-based investment culture which rewards analysts and portfolio managers for adherence to Alger's investment process, generating investment ideas and overall performance of our clients' portfolios. Accordingly, the quality of research recommendations and implemented investments are monitored through absolute and relative performance in real time. Alger's compensation and long-term incentive structure has four elements designed to attract and retain highly talented investment professionals:

I. Base Salary

Base salary is typically a function of experience, education, industry knowledge and the individual's performance in their role. At Alger Management, base salaries generally increase over time for our superior employees, rewarding their performance and contributions to the firm.

II. Cash Bonus

Cash Bonuses may be a significant portion of an individual's compensation and can vary from year to year. The annual cash bonus considers various factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alger Management's overall financial results and profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alger Management's collective investment management performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An individual's adherence to Alger Management's investment process, generating investment ideas and overall performance of Alger Management clients' portfolios (both relative and absolute)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Qualitative assessment of an individual's performance with respect to Alger's standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The individual's leadership contribution within the firm

III. The Alger Management Profit Participation Plan ("PPP")

The firm gives key personnel the opportunity to share in the long-term growth and profitability of the firm. Members of the firm are eligible to receive "awards" annually in the PPP plan. The awards track the returns of Alger mutual funds and have a four-year "cliff-vesting" schedule. The total award earned can increase or decrease with Alger Management's investment and Alger Management's earnings growth over the four-year period.

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IV. The Alger Partners Plan

The firm incentivizes key investment and non-investment executives through a phantom equity program that grants pro-rata rights to growth in the firm's book value, dividend

As of December 31, 2025, the Dr. Crawford and Mr. Kelly did not own any shares of the Large Company Growth Portfolio.

***AllianceBernstein***

John H. Fogarty, CFA and Vinay Thapar, CFA manage AllianceBernstein's portion of the Large Company Growth Portfolio. In addition to their portion of the Portfolio, the portfolio managers managed the following other accounts as of December 31, 2025, none of which were subject to a performance-based fee.

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| | | |
|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** |
| *John H. Fogarty, CFA* |  |  |
| Registered Investment Companies | 11 | $35.7 |
| Other Pooled Investment Vehicles | 8 | $57.0 |
| Other Accounts | 3032 | $11.7 |
| *Vinay Thapar, CFA* |  |  |
| Registered Investment Companies | 6 | $32.5 |
| Other Pooled Investment Vehicles | 9 | $61.4 |
| Other Accounts | 2930 | $13.5 |

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**Conflicts of Interest** 

As an investment adviser and fiduciary, AllianceBernstein owes its clients and shareholders an undivided duty of loyalty. AllianceBernstein recognizes that conflicts of interest are inherent in its business and accordingly has developed policies and procedures (including oversight monitoring) reasonably designed to detect, manage and mitigate the effects of actual or potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight monitoring to ensure that all clients are treated equitably. AllianceBernstein places the interests of its clients first and expects all of its employees to meet their fiduciary duties.

*Employee Personal Trading*

AllianceBernstein has adopted a Code of Business Conduct and Ethics that is designed to detect and prevent conflicts of interest when investment professionals and other personnel of AllianceBernstein own, buy or sell securities which may be owned by, or bought or sold for, clients. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client. Subject to the reporting requirements and other limitations of its Code of Business Conduct and Ethics, AllianceBernstein permits its employees to engage in personal securities transactions, and also allows them to acquire investments in the AllianceBernstein Mutual Funds. AllianceBernstein's Code of Business Conduct and Ethics requires disclosure of all personal accounts and maintenance of brokerage accounts with designated broker-dealers approved by AllianceBernstein. The Code of Business Conduct and Ethics also requires preclearance of all securities transactions (except transactions in U.S. Treasuries and open-end mutual funds) and imposes a 60-day holding period for securities purchased by employees to discourage short-term trading.

*Managing Multiple Accounts for Multiple Clients*

AllianceBernstein has compliance policies and oversight monitoring in place to address conflicts of interest relating to the management of multiple accounts for multiple clients. Conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each account. The investment professional or investment professional teams for each client may have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Among other things, AllianceBernstein's policies and procedures provide for the prompt dissemination to investment professionals of initial or changed investment recommendations by analysts so that investment professionals are better able to develop investment strategies for all accounts they manage. In addition, investment decisions by investment professionals are reviewed for the purpose of maintaining uniformity among similar accounts and ensuring that accounts are treated equitably. Investment professional compensation reflects a broad contribution in multiple dimensions to long-term investment success for our clients and is generally not tied specifically to the performance of any particular client's account, nor is it generally tied directly to the level or change in level of assets under management.

*Allocating Investment Opportunities*

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The investment professionals at AllianceBernstein routinely are required to select and allocate investment opportunities among accounts. AllianceBernstein has policies and procedures intended to address conflicts of interest relating to the allocation of investment opportunities. These policies and procedures are 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. AllianceBernstein's policies and procedures require, among other things, objective allocation for limited investment opportunities (e.g., on a rotational basis) 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. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts which minimizes the potential for conflicts of interest relating to the allocation of investment opportunities. Nevertheless, access to portfolio funds or other 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.

AllianceBernstein's procedures are also designed to address potential conflicts of interest that may arise when AllianceBernstein has a particular financial incentive, such as a performance-based management fee, relating to an account. An investment professional may perceive that he or she has an incentive to devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to accounts for which AllianceBernstein could share in investment gains.

**Compensation** 

AllianceBernstein's compensation program for portfolio managers, analysts and traders is designed attract and retain the highest-caliber employees. We incorporate multiple sources of industry benchmarking data to ensure our compensation is highly competitive and fully reflects the individual's contributions in achieving client objectives.

Incentive Compensation Significant Component: Portfolio managers, analysts and traders receive base compensation, incentive compensation and retirement contributions. While both overall compensation levels and the splits between base and incentive compensation vary from year to year, incentive compensation is a significant part of overall compensation. For example, for our portfolio managers, the bonus component for portfolio managers averages approximately 60-80% of their total compensation each year. Part of each professional's annual incentive compensation across all asset classes is normally paid through an award under the firm's Incentive Compensation Award Plan (ICAP). The ICAP awards vest over a four-year period. We believe this helps our investment professionals focus appropriately on long-term client objectives and results.

Determined by Both Quantitative and Qualitative Factors: Total compensation for our investment professionals is determined by quantitative and qualitative factors. For portfolio managers, the most significant quantitative component focuses on measures of absolute and relative investment performance in client portfolios. Relative returns are evaluated using both the Strategy's primary benchmark and peers over one-, three- and five-year periods, with more weight given to longer time periods. We also assess the risk pattern of performance, both absolute and relative to peers. The qualitative component for portfolio managers incorporates the manager's broader contributions to overall investment processes and our clients' success. Among the important aspects are: thought leadership, collaboration with other investment professionals at the firm, contributions to risk-adjusted returns in other portfolios, building a strong talent pool, mentoring newer investment professionals, being a good corporate citizen, and achievement of personal goals. Personal goals include objectives related to ESG and Diversity and Inclusion. Other factors that can play a part in determining portfolio managers' compensation include complexity of investment strategies managed.

Research Analysts: Research professionals have compensation and career opportunities that reflect a stature equivalent to their portfolio manager peers. Compensation for our research analysts is also heavily incentive-based and aligned with results generated for client portfolios. Criteria used include how well the analyst's research recommendations performed, the breadth and depth of his or her research knowledge, the level of attentiveness to forecasts and market movements, and the analyst's willingness to collaborate and contribute to the overall intellectual capital of the firm.

Traders: Traders are critically important to generating results in client accounts. As such, compensation for our traders is highly competitive and heavily incentive-based. Our portfolio managers and Heads of Trading evaluate traders on their ability to achieve best execution and add value to client portfolios through trading. We also incentivize our fixed income traders to continually innovate for clients, encouraging them to continue developing and refining new trading technologies to enable AllianceBernstein to effectively address liquidity conditions in the fixed income markets for our clients.

Assessments of all investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and firm.

As of December 31, 2025, Mr. Fogarty and Mr. Thapar did not own any shares of the Large Company Growth Portfolio.

**Diamond Hill**

Aaron Monroe manages Diamond Hill's portion of the Small Company Value Portfolio. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by the portfolio manager, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (millions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| *Aaron Monroe, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $233 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $57 | 1 | $30 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 1 | $14 | 0 | $0 |

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**Conflicts of Interest**

Portfolio manager Aaron Monroe is also responsible for managing other account portfolios in addition to the portion of the Small Company Value Portfolio (the "Portfolio") which he manages. Management of other accounts, in addition to the Portfolio, can present certain conflicts of interest, including those associated with different fee structures, various trading practices, and the amount of time the portfolio manager may spend on other accounts versus the respective funds he manages. Diamond Hill has implemented specific policies and procedures to address any potential conflicts. Below are material conflicts of interest that have been identified and mitigated when managing other account portfolios as well as the Portfolio.

*Performance Based Fees*

Diamond Hill manages certain accounts for which part of its fee is based on the performance of the account/fund ("Performance Fee Accounts"). As a result of the performance-based fee component, Diamond Hill may receive additional revenue related to the Performance Fee Accounts. None of the Portfolio Managers receive any direct incentive compensation related to their management of the Performance Fee Accounts; however, revenues from Performance Fee Accounts management will impact the resources available to compensate Portfolio Managers and all staff.

*Trade Allocation*

Diamond Hill manages numerous other accounts in addition to the portion of the Portfolio it manages. When the Portfolio and another of Diamond Hill's clients seek to purchase or sell the same security at or about the same time, Diamond Hill may execute the transactions with the same broker on a combined or "blocked" basis. Blocked transactions can produce better execution for the Portfolio because of increased volume of the transaction. However, when another of Diamond Hill's clients specifies that trades be executed with a specific broker ("Directed Brokerage Accounts"), a potential conflict of interest exists related to the order in which those trades are executed and allocated. As a result, Diamond Hill has adopted a trade allocation policy in which all trade orders occurring simultaneously among the Portfolio and one or more other accounts where Diamond Hill has the discretion to choose the execution broker are blocked and executed first. After the blocked trades have been completed, the remaining trades for the Directed Brokerage Accounts are then executed in random order, through Diamond Hill's portfolio management software. When a trade is partially filled, the number of filled shares is generally allocated on a pro-rata basis to the appropriate client accounts. Trades are not segmented by investment product. Diamond Hill participates in Model Delivery Programs where Diamond Hill does not have investment discretion or trade execution authority. For certain investment strategies, model portfolio updates may be provided contemporaneously with Diamond Hill's execution of transactions in client portfolios.

*Code of Ethics and Personal Security Trading*

Diamond Hill has adopted a Code of Ethics designed to: (1) demonstrate Diamond Hill's duty at all times to place the interest of clients and Fund shareholders first; (2) align the interests of the portfolio managers with clients and Fund shareholders, and (3) mitigate inherent conflicts of interest associated with personal securities transactions. The Code of Ethics prohibits all employees of Diamond Hill, including the portfolio managers, from purchasing any individual equity and most fixed income securities that are eligible to be purchased in a client account by client portfolios. The Code of Ethics also prohibits the purchase of third party mutual funds in the primary Morningstar categories with which Diamond Hill competes. As a result, each of the portfolio managers are significant owners in the Diamond Hill strategies.

*Best Execution and Research Services*

Diamond Hill has controls in place for monitoring trade execution in client accounts, including reviewing trades for best execution. The primary consideration in placing a portfolio transaction with a particular broker is obtaining the most favorable prices for each client under the circumstances of each particular transaction. More specifically, Diamond Hill will consider the full range and quality of the services offered by a broker. The determination to place a trade with a particular broker will be based on certain considerations, including but not limited to: price competitiveness, execution capability, brokerage and research products, trading expertise in relevant financial instruments, liquidity provision, execution accuracy, commission rates, reputation, integrity, dispute resolution fairness, financial responsibility, and responsiveness in settling trades. Certain broker-dealers that Diamond Hill uses to execute client trades are also clients of Diamond Hill and/or refer clients to Diamond Hill creating a conflict of interest. To mitigate this conflict, Diamond

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Hill adopted a policy that prohibits it from considering any factor other than best execution when a client trade is placed with a broker-dealer.

Diamond Hill may consider the receipt of research services in selecting brokers to execute portfolio transactions for client portfolios. Since Diamond Hill uses client brokerage commissions to obtain research, it receives a benefit because it does not have to produce or pay for the research, products, or services itself. Consequently, Diamond Hill has an incentive to select or recommend a broker based on its desire to receive research, products, or services rather than a desire to obtain the most favorable execution. There may be a conflict of interest if soft dollars are not spread in the same proportion across all accounts. Diamond Hill attempts to mitigate these potential conflicts through oversight of the use of commissions by its Best Execution Committee.

**Compensation**

Diamond Hill portfolio managers are paid a competitive base salary based on experience, external market comparisons to similar positions, and other business factors. To align their interests with those of shareholders, all portfolio managers also participate in an annual cash and equity incentive compensation program that is based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The long-term pre-tax investment performance of the fund(s) that they manage and the related investment composite(s) of Diamond Hill;,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diamond Hill's assessment of the investment contribution they make to strategies they do not manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diamond Hill's assessment of each portfolio manager's overall contribution to the development of the investment team through ongoing discussion, interaction, feedback and collaboration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diamond Hill's assessment of each portfolio manager's contribution to client service, marketing to prospective clients and investment communication activities. Long-term performance is defined as the trailing five years (performance of less than five years is judged on a subjective basis).

Incentive compensation is paid annually from an incentive pool that is determined based on several factors including investment results in client portfolios, revenues, employee performance, and industry operating margins. Portfolio manager compensation is not directly tied to product asset growth or revenue. However, both of these factors influence the size of the incentive pool, and therefore indirectly contribute to portfolio manager compensation. Incentive compensation is subject to review and oversight by the compensation committee of Diamond Hill's board of directors. Only independent Diamond Hill directors are members of the compensation committee. The portfolio managers are also eligible to participate in the Diamond Hill 401(k) plan and related company match. Diamond Hill has a deferred compensation plan, whereby each portfolio manager is eligible to participate and may voluntarily elect to defer a portion of their incentive compensation. Portfolio managers are encouraged to invest any deferral of incentive compensation in a Diamond Hill Fund for the entire duration of the deferral.

As of December 31, 2025, Mr. Monroe did not own any shares of the Small Company Value Portfolio.

***DoubleLine***

Jeffrey E. Gundlach, Chief Executive Officer, and Jeffrey Sherman are the portfolio managers for the Income Fund. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles, and other accounts managed by Messrs. Gundach and Sherman, total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed With Performance Based Advisory Fee** | **Total Assets With Performance-Based Advisory Fee (billions)** |
| &nbsp;&nbsp;&nbsp;*Jeffrey E. Gundlach* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 30 | $66.8 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 20 | $6.5 | 2 | $191.4 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 66 | $19.4 | 3 | $1.8 |
| &nbsp;&nbsp;&nbsp;*Jeffrey Sherman* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 21 | $29.8 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 11 | $3.2 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 15 | $4.0 | 0 | $0 |

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**Conflicts of Interest**

From time to time, potential and actual conflicts of interest may arise between the portfolio manager's management of the investments of the Income Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest

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also may result because of DoubleLine's other business activities. Other accounts managed by the portfolio manager might have similar investment objectives or strategies as the Income Fund, be managed (benchmarked) against the same index the Income Fund tracks, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Income Fund. The other accounts might also have different investment objectives or strategies than the Income Fund.

*Knowledge and Timing of Fund Trades*. A potential conflict of interest may arise as a result of the portfolio manager's management of the Income Fund. Because of his position as portfolio manager, the portfolio manager knows the size, timing and possible market impact of the Income Fund's trades. It is theoretically possible that the portfolio manager could use this information to the advantage of other accounts under management, and also theoretically possible that actions could be taken (or not taken) to the detriment of the Income Fund.

*Investment Opportunities*. A potential conflict of interest may arise as a result of the portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for both the Income Fund and other accounts managed by the portfolio manager, but securities may not be available in sufficient quantities for both the Income Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by the Income Fund and another account. DoubleLine has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

Under DoubleLine's allocation procedures, investment opportunities are allocated among various investment strategies based on individual account investment guidelines, DoubleLine's investment outlook, cash availability and a series of other factors. DoubleLine has also adopted additional internal practices to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Income Fund and certain pooled investment vehicles, including investment opportunity allocation issues.

Conflicts potentially limiting the Income Fund's investment opportunities may also arise when the Income Fund and other clients of DoubleLine invest in, or even conduct research relating to, different parts of an issuer's capital structure, such as when the Income Fund owns senior debt obligations of an issuer and other clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, the portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of DoubleLine or result in DoubleLine receiving material, non-public information, or DoubleLine may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Income Fund's investment opportunities. Additionally, if DoubleLine acquires material non-public confidential information in connection with its business activities for other clients, the portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients. When making investment decisions where a conflict of interest may arise, DoubleLine will endeavor to act in a fair and equitable manner between the Income Fund and other clients; however, in certain instances the resolution of the conflict may result in DoubleLine acting on behalf of another client in a manner that may not be in the best interest, or may be opposed to the best interest, of the Income Fund.

Investors in the Income Fund may also be advisory clients of DoubleLine or the Fund may invest in a product managed or sponsored or otherwise affiliated with DoubleLine. Accordingly, DoubleLine may in the course of its business provide advice to advisory clients whose interests may conflict with those of the Income Fund, may render advice to the Income Fund that provides a direct or indirect benefit to DoubleLine an affiliate of DoubleLine or may manage or advise a product in which the Fund is invested in such a way that would not be beneficial to the Income Fund. For example, DoubleLine may advise a client who has invested in the Income Fund to redeem its investment in the Fund, which may cause the Fund to incur transaction costs and/or have to sell assets at a time when it would not otherwise do so.

DoubleLine could also, for example, make decisions with respect to a structured product managed or sponsored by DoubleLine in a manner that could have adverse effects on investors in the product, including, potentially, the Income Fund. DoubleLine currently provides asset allocation investment advice, including recommending the purchase and/or sale of shares of the Income Fund, to another investment advisor which itself makes that advice available to a number of unaffiliated registered representatives, who then may provide identical or similar recommendations to their clients.

Affiliates of DoubleLine may invest in the Income Fund. DoubleLine could face a conflict if an account it advises is invested in the Income Fund and that account's interests diverge from those of the Income Fund. The timing of a redemption by an affiliate could benefit the affiliate. For example, the affiliate may choose to redeem its shares at a time when the Income Fund's portfolio is more liquid than at times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including by an affiliate, is that investors remaining in the Income Fund will bear a proportionately higher share of Fund expenses following the redemption.

*Broad and Wide-Ranging Activities*. The portfolio manager, DoubleLine and its affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the portfolio manager, DoubleLine and its affiliates may engage in activities where the interests of certain divisions of DoubleLine and its affiliates or the interests of their clients may conflict with the interests of the shareholders of the Income Fund.

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*Possible Future Activities*. DoubleLine and its affiliates may expand the range of services that it provides over time. Except as provided herein, DoubleLine and its affiliates will not be restricted in the scope of its business or in the performance of any such services (whether now offered or undertaken in the future) even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. DoubleLine and its affiliates have, and will continue to develop, relationships with a significant number of companies, financial sponsors and their senior managers, including relationships with clients who may hold or may have held investments similar to those intended to be made by the Income Fund. These clients may themselves represent appropriate investment opportunities for the Income Fund or may compete with the Income Fund for investment opportunities.

*Performance Fees and Personal Investments*. The portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance or in respect of which the portfolio manager may have made a significant personal investment. Such circumstances may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he believes might be the most profitable to such other accounts instead of allocating them to the Income Fund. DoubleLine has adopted policies and procedures reasonably designed to allocate investment opportunities between the Income Fund and performance fee based accounts on a fair and equitable basis over time.

**Compensation**

The overall objective of the compensation program for the portfolio managers employed by DoubleLine is for DoubleLine to attract competent and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward DoubleLine's portfolio managers for their contribution to the success of the clients and DoubleLine. The DoubleLine portfolio managers are compensated through a combination of base salary, discretionary bonus and, in some cases, equity participation in DoubleLine.

*Salary.* Salary is agreed to with managers at time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio managers' compensation.

*Discretionary Bonus/Guaranteed Minimums.* Portfolio managers receive discretionary bonuses. However, in some cases, pursuant to contractual arrangements, some portfolio managers may be entitled to a mandatory minimum bonus if the sum of their salary and profit sharing does not reach certain levels.

*Equity Incentives.* Some portfolio managers participate in equity incentives based on overall firm performance of DoubleLine, through direct ownership interests in DoubleLine. These ownership interests or participation interests provide eligible portfolio managers the opportunity to participate in the financial performance of DoubleLine. Participation is generally determined in the discretion of DoubleLine, taking into account factors relevant to the portfolio manager's contribution to the success of DoubleLine.

*Other Plans and Compensation Vehicles.* Portfolio managers may elect to participate in DoubleLine's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis. DoubleLine may also choose, from time to time, to offer certain other compensation plans and vehicles, such as a deferred compensation plan, to portfolio managers.

*Summary.* As described above, an investment professional's total compensation is determined through a subjective process that evaluates numerous quantitative and qualitative factors, including the contribution made to the overall investment process. Not all factors apply to each employee and there is no particular weighting or formula for considering certain factors. Among the factors considered are: relative investment performance of portfolios (although there are no specific benchmarks or periods of time used in measuring performance); complexity of investment strategies; participation in the investment team's dialogue; contribution to business results and overall business strategy; success of marketing/business development efforts and client servicing; seniority/length of service with the firm; management and supervisory responsibilities; and fulfillment of DoubleLine's leadership criteria.

As of December 31, 2025, Messrs. Gundlach and Sherman did not own any shares of the Income Fund.

***Hotchkis & Wiley***

George Davis, Jr., Scott McBride, and Doug Campbell manage Hotchkis & Wiley's portion of the Large Company Value Portfolio. Judd Peters and Ryan Thomes manage Hotchkis & Wiley's portion of the Small Company Value Portfolio.

The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee** |
| *George Davis, Jr., Scott McBride, CFA, and Doug Campbell* | *George Davis, Jr., Scott McBride, CFA, and Doug Campbell* | *George Davis, Jr., Scott McBride, CFA, and Doug Campbell* | *George Davis, Jr., Scott McBride, CFA, and Doug Campbell* |  |
| Registered Investment Companies | 24\* | $23.7 | 2 | $16.8B |
| Other Pooled Investment Vehicles | 17 | $3.9 | 2 | $341M |
| Other Accounts | 50 | $7.2 | 4 | $1B |

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\*Excludes Wilshire Large Company Value Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee** |
| *Judd Peters, CFA and Ryan Thomes* | *Judd Peters, CFA and Ryan Thomes* | *Judd Peters, CFA and Ryan Thomes* | *Judd Peters, CFA and Ryan Thomes* |  |
| Registered Investment Companies | 24\* | $23.7 | 2 | $16.8B |
| Other Pooled Investment Vehicles | 17 | $3.9 | 2 | $341M |
| Other Accounts | 50 | $7.2 | 4 | $1B |

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\*Excludes Wilshire Small Company Value Portfolio

**Conflicts of Interest**

Portions of the Large Company Value Portfolio and Small Company Value Portfolio are managed by Hotchkis & Wiley's investment team (Investment Team). The Investment Team also manages institutional accounts and other mutual funds in several different investment strategies. The portfolios within an investment strategy are managed using a target portfolio; however, each portfolio may have different restrictions, cash flows, tax and other relevant considerations which may preclude a portfolio from participating in certain transactions for that investment strategy. Consequently, the performance of portfolios may vary due to these different considerations. The Investment Team may place transactions for one investment strategy that are directly or indirectly contrary to investment decisions made on behalf of another investment strategy. Hotchkis & Wiley also provides model portfolio investment recommendations to sponsors without execution or additional services. The recommendations are provided either contemporaneously with the communication to its trading desk for discretionary client accounts or after Hotchkis & Wiley completes all corresponding trades for discretionary client accounts based on each contractual arrangement.

Hotchkis & Wiley may be restricted from purchasing more than a limited percentage of the outstanding shares of a company or otherwise restricted from trading in a company's securities due to other regulatory limitations. If a company is a viable investment for more than one investment strategy, Hotchkis & Wiley has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably. Additionally, potential and actual conflicts of interest may also arise as a result of Hotchkis & Wiley's other business activities and Hotchkis & Wiley's possession of material non-public information about an issuer, which may have an adverse impact on one group of clients while benefiting another group. In certain situations, Hotchkis & Wiley will purchase different classes of securities of the same company (e.g. senior debt, subordinated debt, and or equity) in different investment strategies which can give rise to conflicts where Hotchkis & Wiley may advocate for the benefit of one class of security which may be adverse to another security that is held by clients of a different strategy. Hotchkis & Wiley seeks to mitigate the impact of these conflicts on a case by case basis.

Hotchkis & Wiley utilizes soft dollars to obtain brokerage and research services, which may create a conflict of interest in allocating clients' brokerage business. Research services may benefit certain accounts more than others. Certain accounts may also pay a less proportionate amount of commissions for research services. If a research product provides both a research and a non- research function, Hotchkis & Wiley will make a reasonable allocation of the use and pay for the non-research portion with hard dollars. Hotchkis & Wiley will make decisions involving soft dollars in a manner that satisfies the requirements of Section 28(e) of the Securities Exchange Act of 1934.

Different types of accounts and investment strategies may have different fee structures. Additionally, certain accounts pay Hotchkis & Wiley performance-based fees, which may vary depending on how well the account performs compared to a benchmark. Because such fee arrangements have the potential to create an incentive for Hotchkis & Wiley to favor such accounts in making investment decisions and allocations, Hotchkis & Wiley has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably, including in respect of allocation decisions, such as initial public offerings.

Since accounts are managed to a target portfolio by the Investment Team, adequate time and resources are consistently applied to all accounts in the same investment strategy. 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 Conduct.

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**Compensation**

The Investment Team, including portfolio managers, is compensated in various forms, which may include one or more of the following: (i) a base salary, (ii) bonus, (iii) profit sharing and (iv) equity ownership. Compensation is used to reward, attract and retain high quality investment professionals.

The Investment Team is evaluated and accountable at three levels. The first level is individual contribution to the research and decision-making process, including the quality and quantity of work achieved. The second level is teamwork, generally evaluated through contribution within sector teams. The third level pertains to overall portfolio and firm performance.

Fixed salaries and discretionary bonuses for investment professionals are determined by the Chief Executive Officer of Hotchkis & Wiley using tools which may include annual evaluations, compensation surveys, feedback from other employees and advice from members of the firm's Executive and Compensation Committees. The amount of the bonus is determined by the total amount of the firm's bonus pool available for the year, which is generally a function of revenues. No investment professional receives a bonus that is a pre-determined percentage of revenues or net income. Compensation is thus subjective rather than formulaic.

Messrs. Peters, McBride, Davis, and Thomes own equity in Hotchkis & Wiley. Hotchkis & Wiley believes that the employee ownership structure of the firm will be a significant factor in ensuring a motivated and stable employee base going forward. Hotchkis & Wiley believes that the combination of competitive compensation levels and equity ownership provides Hotchkis & Wiley with a demonstrable advantage in the retention and motivation of employees. Portfolio managers who own equity in Hotchkis & Wiley receive their pro rata share of Hotchkis & Wiley's profits. Investment professionals may also receive contributions under Hotchkis & Wiley's profit sharing/401(k) plan.

Hotchkis & Wiley maintains a bank of unallocated equity to be used for those individuals whose contributions to the firm grow over time. If any owner should retire or leave the firm, Hotchkis & Wiley has the right to repurchase their ownership thereby increasing the equity bank. This should provide for smooth succession through the gradual rotation of the firm's ownership from one generation to the next.

Hotchkis & Wiley believes that its compensation structure/levels are more attractive than the industry norm, which is illustrated by the firm's lower-than-industry-norm investment personnel turnover.

As of December 31, 2025, Mr. Peters and Mr. Thomes did not own any shares of the Small Company Value Portfolio and Mr. Davis, Mr. McBride, and Mr. Campbell did not own any shares of the Large Company Value Portfolio.

***Lazard***

Paul Moghtader, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, Peter Kashanek, and Susanne Willumsen manage Lazard's portion of the International Fund. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| *Paul Moghtader, Peter Kashanek, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, and Susanne Willumsen* | *Paul Moghtader, Peter Kashanek, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, and Susanne Willumsen* | *Paul Moghtader, Peter Kashanek, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, and Susanne Willumsen* | *Paul Moghtader, Peter Kashanek, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, and Susanne Willumsen* | *Paul Moghtader, Peter Kashanek, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, and Susanne Willumsen* |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 11 | $4 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 34 | $5.6 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 91 | $25.3 | 6 | $740.9 |

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**Conflicts of Interest**

Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts that invest in securities in which the International Fund may invest or that may pursue a strategy similar to the International Fund's investment strategies implemented by Lazard (collectively, "Similar Accounts"), Lazard has procedures in place that are designed to ensure that all accounts are treated fairly and that the Fund is not disadvantaged, including procedures regarding trade allocations and "conflicting trades" (*e.g.*, long and short positions in the same or similar securities). In addition, the International Fund is subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of Lazard's management of the Fund and Similar Accounts, including the following:

1. Similar Accounts may have investment objectives, strategies and risks that differ from those of the Fund. In addition, the Fund is subject to different regulations than certain of the Similar Accounts and, consequently, may not be permitted to invest in the same

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securities, exercise rights to exchange or convert securities or engage in all the investment techniques or transactions, or to invest, exercise or engage to the same degree, as the Similar Accounts. For these or other reasons, the portfolio managers may purchase different securities for the Fund and the corresponding Similar Accounts, and the performance of securities purchased for the Fund may vary from the performance of securities purchased for Similar Accounts, perhaps materially.

2. Conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Lazard may be perceived as causing accounts it manages to participate in an offering to increase Lazard's overall allocation of securities in that offering, or to increase Lazard's ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as Lazard may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.

3. Portfolio managers may be perceived to have a conflict of interest because of the large number of Similar Accounts, in addition to the Fund, that they are managing on behalf of Lazard. Although Lazard does not track each individual portfolio manager's time dedicated to each account, Lazard periodically reviews each portfolio manager's overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Fund. Most of the portfolio managers manage a significant number of Similar Accounts in addition to the Fund.

4. Generally, Lazard and/or its portfolio managers have investments in Similar Accounts. This could be viewed as creating a potential conflict of interest, since certain of the portfolio managers do not invest in the Fund.

5. Certain portfolio managers manage Similar Accounts with respect to which the advisory fee is based on the performance of the account, which could give the portfolio managers and Lazard an incentive to favor such Similar Accounts over the Fund.

6. Portfolio managers may place transactions on behalf of Similar Accounts that are directly or indirectly contrary to investment decisions made for the Fund, which could have the potential to adversely impact the Fund, depending on market conditions. In addition, if the International Fund's investment in an issuer is at a different level of the issuer's capital structure than an investment in the issuer by Similar Accounts, in the event of credit deterioration of the issuer, there may be a conflict of interest between the International Fund's and such Similar Accounts' investments in the issuer. If Lazard sells securities short, including on behalf of a Similar Account, it may be seen as harmful to the performance of the Fund to the extent it invests "long" in the same or similar securities whose market values fall as a result of short-selling activities.

7. Investment decisions are made independently from those of the Similar Accounts. If, however, such Similar Accounts desire to invest in, or dispose of, the same securities as the Fund, available investments or opportunities for sales will be allocated equitably to each. In some cases, this procedure may adversely affect the size of the position obtained for or disposed of by the Fund or the price paid or received by the Fund.

8. Under Lazard's trade allocation procedures applicable to domestic and foreign initial and secondary public offerings and Rule 144A transactions (collectively herein a "Limited Offering"), Lazard will generally allocate Limited Offering shares among client accounts, including the Fund, pro rata based upon the aggregate asset size (excluding leverage) of the account. Lazard may also allocate Limited Offering shares on a random basis, as selected electronically, or other basis. It is often difficult for the Adviser to obtain a sufficient number of Limited Offering shares to provide a full allocation to each account. Lazard's allocation procedures are designed to allocate Limited Offering securities in a fair and equitable manner.

**Compensation**

Lazard compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively. Salary and bonus are paid in cash, stock and restricted interests in funds managed by Lazard or its affiliates. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by the teams of which they are a member rather than for a specific fund or account. Various factors are considered in the determination of a portfolio manager's compensation. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his or her positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce Lazard's investment philosophy.

Total compensation is generally not fixed, but rather is based on the following factors: (i) leadership, teamwork and commitment, (ii) maintenance of current knowledge and opinions on companies owned in the portfolio; (iii) generation and development of new investment ideas, including the quality of security analysis and identification of appreciation catalysts; (iv) ability and willingness to develop and share ideas on a team basis; and (v) the performance results of the portfolios managed by the investment teams of which the portfolio manager is a member.

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Variable bonus is based on the portfolio manager's quantitative performance as measured by his or her ability to make investment decisions that contribute to the pre-tax absolute and relative returns of the accounts managed by the teams of which the portfolio manager is a member, by comparison of each account to a predetermined benchmark, generally as set forth in the prospectus or other governing document, over the current fiscal year and the longer-term performance of such account, as well as performance of the account relative to peers. The portfolio manager's bonus also can be influenced by subjective measurement of the manager's ability to help others make investment decisions. A portion of a portfolio manager's variable bonus is awarded under a deferred compensation arrangement pursuant to which the portfolio manager may allocate certain amounts awarded among certain portfolios, in shares that vest in two to three years. Certain portfolio managers' bonus compensation may be tied to a fixed percentage of revenue or assets generated by the accounts managed by such portfolio management teams.

As of December 31, 2025, Paul Moghtader, Taras Ivanenko, Alex Lai, Kurt Livermore, Ciprian Marin, Craig Scholl, Susanne Willumsen, and Peter Kashanek did not own any shares of the International Fund.

***Lord Abbett***

F. Thomas O'Halloran, Matthew R. DeCicco, Vernon T. Bice, and Benjamin Ebel manage Lord Abbett's portion of the Small Company Growth Portfolio. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of Accounts Managed** | **Total Assets (millions)** | **# of Accounts Managed With Performance Based Advisory Fee** | **Total Assets With Performance-Based Advisory Fee (millions)** |
| &nbsp;&nbsp;&nbsp;*F. Thomas O'Halloran* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 7\* | $10847.4 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1\*\* | $211.5 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $782.6 | 3 | $170.5 |
| &nbsp;&nbsp;&nbsp;*Matthew R. DeCicco* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 8\* | $10856.3 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2\*\*\* | $214 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 3 | $1.2 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;*Vernon T. Bice* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 7\* | $10874.4 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1\*\* | $211.5 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0.0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;*Benjamin Ebel* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 7\* | $10874.4 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1\*\* | $211.5 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0.0 | 0 | $0 |

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*\*Reflects mutual funds and series funds*

*\*\*Reflects the Lord Abbett Global Funds - Innovation Growth Fund*

*\*\*\*Reflects the Lord Abbett Global Funds - Innovation Growth Fund and Lord Abbett Global Funds - Global Health Care Fund*

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**Conflicts of Interest**

Conflicts of interest may arise in connection with the portfolio managers' management of the investments of Lord Abbett's portion of the Small Company Growth Portfolio and the investments of the funds and accounts managed by Lord Abbett, including the other accounts included in the table above. Such conflicts may arise with respect to the allocation of investment opportunities among the Portfolio and other accounts with similar investment objectives and policies. In addition, a portfolio manager potentially could use information concerning the Portfolio's transactions to the advantage of other accounts and to the detriment of the Portfolio. To address these potential conflicts of interest, Lord Abbett has adopted and implemented a number of policies and procedures. Lord Abbett has adopted Policies and Procedures relating to brokerage commissions and soft dollars. The objective of these policies and procedures is to ensure the fair and equitable treatment of transactions and allocation of investment opportunities on behalf of all accounts managed by Lord Abbett. In addition, Lord Abbett's Code of Ethics and Personal Trading Policy sets forth general principles for the conduct of employee personal securities transactions in a manner that avoids any actual or potential conflicts of interest with the interests of Lord Abbett's clients, including the Portfolio. Moreover, Lord Abbett's Insider Trading sets forth procedures for personnel to follow when they have material non-public information. Lord Abbett is not affiliated with a full-service broker-dealer and, therefore, does not execute any portfolio transactions through such an entity, a structure that could give rise to additional conflicts. Lord Abbett does not conduct any investment banking functions. Lord Abbett does not believe that any material conflicts of interest exist in connection with the portfolio managers' management of the investments of the Portfolio and the investments of the other accounts in the table referenced above.

**Compensation**

The overall reward philosophy views compensation with a meritocratic and pay-for performance lens. Each investment professional receives compensation from Lord Abbett consisting of a base salary, discretionary bonus, deferred compensation, and profit-sharing plan contributions, if applicable. The level of base compensation takes into account the investment professional's experience, reputation, and competitive market rates, as well as the investment professional's leadership and management of the investment team. The other elements of total compensation are comprised of different forms of variable incentive.

Fiscal year-end discretionary bonuses, which can be a substantial percentage of overall compensation, particularly for non-partners, are determined after an evaluation of various factors. These factors include the portfolio manager's investment results and style consistency, the dispersion among funds with similar objectives, the risk taken to achieve the returns, and similar factors. In considering the portfolio manager's investment results, Lord Abbett's senior leaders may evaluate a fund's performance against one or more benchmarks from among the fund's primary benchmark and any supplemental benchmarks as disclosed in the prospectus, indices disclosed as performance benchmarks by the portfolio manager's other accounts, and other indices within one or more of the fund's peer groups (as defined from time to time by third party investment research companies), as well as the fund's peer group. In particular, investment results are evaluated based on an assessment of the portfolio manager's one-, three-, and five-year investment returns on a pre-tax basis versus the benchmark. Finally, there is a component of the bonus that rewards leadership and management of the investment team. The evaluation does not follow a formulaic approach, but rather is reached following a holistic review of these factors. No part of the bonus payment is based on the portfolio manager's assets under management, the revenues generated by those assets, or the profitability of the portfolio manager's team.

In addition, Lord Abbett may designate a bonus payment of a portfolio manager who is not a partner for participation in the firm's deferred compensation plan. Depending on the portfolio manager's level, they will receive either an award under the Managing Director Award Plan or the Investment Capital Appreciation Plan. Both of these plans, following a three-year qualification period, provide for a deferred payout over a five-year period. The plan's earnings are based on the overall average net asset growth of the firm as a whole or percentile performance of our funds against benchmarks as a whole. Lord Abbett believes these incentives focus portfolio managers on the impact their Fund's performance has on the overall reputation of the firm as a whole and encourages exchanges of investment ideas among investment professionals managing different mandates.

For analyst roles, performance reviews evaluate how analysts perform to the goals that have been set for each fiscal year period. Each analyst will always have a performance goal that will holistically assess the impact an analyst has on the performance of our funds. This assessment includes the contribution to performance, input from all portfolio managers, and a quantitative analysis of the analyst's recommendations. Additionally, each analyst has several critical developmental goals whose intent are to make the individual and team stronger each year. Analyst compensation is determined by the outcome of the performance review.

Lord Abbett provides a 401(k) profit-sharing plan for all eligible employees. Contributions to a portfolio manager's profit-sharing account are based on a percentage of the portfolio manager's total base and bonus paid during the fiscal year, subject to a specified maximum amount.

As of December 31, 2025, Messrs. O'Halloran, DeCicco, Bice, and Ebel did not own shares of any of the Portfolios.

***Los Angeles Capital***

Los Angeles Capital manages the Index Fund and a portion of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and International Fund. Los Angeles Capital is indirectly owned by LACM Holdings Inc. ("LACM Holdings"), a financial services holding company. LACM Holdings and, indirectly, Los Angels

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Capital, are controlled by Thomas D. Stevens and Hal W. Reynolds. Thomas D. Stevens, CFA, Chairman and Senior Portfolio Manager; Hal W. Reynolds, CFA, Co-Chief Investment Officer; Daniel E. Allen, CFA, President, CEO, and Senior Portfolio Manager; and Daniel Arche, CFA, Director of Portfolio Strategy and Senior Portfolio Manager, are the senior portfolio managers for the Index Fund and a portion of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and the International Fund. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles, and other accounts managed by Messrs. Stevens, Reynolds, Allen, and Arche, total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed With Performance Based Advisory Fee** | **Total Assets With Performance-Based Advisory Fee (billions)** |
| &nbsp;&nbsp;&nbsp;*Thomas D. Stevens, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 9 | $3.0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 16 | $15.5 | 3 | $1.1 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 26 | $7.6 | 9 | $5.0 |
| &nbsp;&nbsp;&nbsp;*Hal W. Reynolds, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 18 | $10.6 | 1 | $5.8 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 20 | $17.2 | 6 | $2.6 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 36 | $7.7 | 9 | $5.0 |
| &nbsp;&nbsp;&nbsp;*Daniel E. Allen, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 17 | $7.6 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 20 | $17.2 | 6 | $2.6 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 30 | $7.6 | 9 | $5.0 |
| &nbsp;&nbsp;&nbsp;*Daniel Arche, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 12 | $6.7 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 8 | $4.7 | 4 | $2.1 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 12 | $1.1 | 1 | $23 million |

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**Conflicts of Interest**

Los Angeles Capital has adopted policies and procedures, including brokerage and trade allocation policies and procedures, which the Firm believes are reasonably designed to manage, monitor and prevent the Firm from inappropriately favoring one account over another. Procedures adopted by Los Angeles Capital seek to treat all clients fairly and equally over time and to mitigate conflicts among accounts. Client accounts are managed independent of one another in accordance with client specific mandates, restrictions, and instructions as outlined in the investment management agreement, and such restrictions and instructions are monitored for compliance with the client's investment guidelines.

Side-by-side management can result in investment positions or actions taken for one client account that differ from those taken in another client account, in situations where trades in one account closely precede transactions in the same securities in a different account, or in situations where clients receive different execution prices when trading the same security but at different times. Conversely, Los Angeles Capital could hold a long position in an account while at the same time taking a short position on the same issuer in another account. These situations occur due to differences in the risk and guideline constraints and exposures governing a client's account in comparison to the other accounts managed by the firm. In addition, as a result of the liquidity characteristics of the securities within certain strategies, larger accounts could require extended trading horizons and experience lower completion rates on orders, higher transaction costs, and reduced performance when compared to smaller accounts in the same strategy. Additionally, certain accounts, including firm proprietary accounts, could trade more frequently than other accounts, creating more competition between and among client accounts, which can result in increased transaction costs, decreased liquidity in an investment, and/or impacts on the security price. These positions and actions can adversely affect or benefit different clients at different times.

Los Angeles Capital manages client accounts that have different investment strategies, objectives, restrictions, constraints, launch dates, and overlapping benchmark constituents. Given these customizations and differences, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account. However, simultaneously purchasing and selling the same security in the same account without the intent to take a bona fide market position ("wash trades") is prohibited. Additionally, it is possible for the firm to purchase or sell the same security for different accounts during the same trading day but at differing execution prices. The order of account rebalances may work on some occasions to the account's advantage or disadvantage. Client accounts also have different account trading strategies that include, but are not limited to, varying

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the frequency and order of account rebalances (e.g. weekly, semi-monthly, monthly or quarterly), varying the grouping of accounts or markets to be traded within accounts on a particular day (e.g. trading U.S. accounts before global accounts or rotating weeks between strategies), varying account turnover, aggregating trades lists, aggregating specific names within trade lists, varying names traded as a block, using third-party algorithms, using limit-orders, and adjusting executing broker trade strategy instructions. Los Angeles Capital reserves the right to explore trading strategies, methods and processes to further its best execution mandate for client accounts. Given these customizations and differences, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account.

The decision as to which accounts participate in an investment opportunity will take into account, among other things, the quantitative model's outlook on the account's strategy, the account's investment guidelines, and risk metrics. Orders are sent to the market simultaneously subject to prevailing market conditions, client flows, and liquidity.

While each client account is managed individually with trade allocation determined prior to placing each trade with the broker, Los Angeles Capital may, at any given time, purchase or sell the same security in a block that is allocated amongst multiple accounts. Los Angeles Capital will generally execute transactions for clients on an aggregate basis when it believes that to do so would allow it to obtain best execution and remain consistent with the account's investment guidelines. As such, Los Angeles Capital, from time to time, evaluates account trade lists for sizable or potentially illiquid transactions that may be aggregated among several concurrent account rebalances. There are a number of variables that can influence a decision to aggregate purchases or sales into a block, including but not limited to, order size, liquidity, client trading directives, regulatory limitations, round lot requirements, and cash flows. When there is decision making on whether to include or exclude certain accounts from a block transaction, there is always the potential for conflicts of interest. Furthermore, aggregation may operate on some occasions to the advantage of the account and on other occasions to the account's disadvantage. Los Angeles Capital's policies and procedures in allocating trades are structured to treat all clients fairly. Los Angeles Capital is not required to aggregate any particular trade. For example, an account with directed brokerage may not participate in certain block trades. The implementation of portfolio decisions is decided without consideration of the Firm's (or any of its personnel's) pecuniary investment, or other financial interests, including without consideration of the different fees or compensation the Firm receives from clients. Furthermore, Los Angeles Capital does not invest the assets of separately managed client accounts in commingled funds sponsored by Los Angeles Capital.

The Firm's strategies predominantly invest in liquid common stocks. Based on a variety of factors including the strategy, guidelines, risk metrics and turnover goals, Los Angeles Capital determines the trading frequency for each account. Most accounts currently trade at least semi-monthly and others may trade more or less frequently depending on such things as turnover goals, market conditions and other factors unique to the strategy or markets in which they are invested.

Los Angeles Capital has designed a proprietary Brokerage Allocation Randomization system for objectively pairing which equity broker-dealer to use when executing an account's transactions based on regional market eligibility/suitability characteristics, as well as perceived execution capability of the equity broker-dealer in such regional markets. Los Angeles Capital's proprietary accounts using trading or portfolio management strategies that are utilized by other clients are primarily invested in liquid, benchmark securities, and may be traded in rotation with client accounts or on a particular day of the week depending on liquidity, size, and model constraints. The order of account rebalances may work on some occasions to the account's advantage or disadvantage.

Los Angeles Capital's portfolio managers manage accounts that are charged a performance-based fee alongside accounts in the same strategy with asset-based fee schedules. While performance-based fee arrangements may be viewed as creating an incentive to favor certain accounts over others in the allocation of investment opportunities, Los Angeles Capital has adopted policies and procedures that are reasonably designed to monitor and prevent the Firm from inappropriately favoring one account over another. Management and performance fees inure to the benefit of the Firm as a whole and not to specific individuals or groups of individuals. Further, Los Angeles Capital employs a quantitative investment process which utilizes the Firm's proprietary investment model technology to identify securities that will be used to construct a portfolio.

Los Angeles Capital has adopted a Code of Ethics that includes procedures on ethical conduct and personal trading and requires pre-clearance authorization from both the Trading and Compliance and Regulatory Risk Departments for certain personal security transactions. Nonetheless, because the Code of Ethics in some circumstances would permit employees to invest in the same securities as clients, there is a possibility that employees might benefit from market activity by a client in a security held by an employee. Employee trading is monitored under the Code of Ethics, and is designed to reasonably identify and prevent conflicts of interest between the Firm and its clients.

Investment personnel of Los Angeles Capital or its affiliate may be permitted to be commercially or professionally involved with an issuer of securities. There is a potential risk that Los Angeles Capital personnel may place their own interests (resulting from outside employment/directorships) ahead of the interests of Los Angeles Capital clients.

Before engaging in any outside business activity, employees must obtain approval of the CCO as well as other personnel. Any potential conflicts of interest from such involvement are monitored for compliance with Los Angeles Capital's Code of Ethics. The Code of Ethics also governs employees giving or accepting gifts and entertainment.

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**Compensation**

Each of Los Angeles Capital's portfolio managers receives a base salary fixed from year to year. In addition, the portfolio managers participate in the firm's profit sharing plan. The aggregate amount of the contribution to the firm's profit sharing plan is based on overall firm profitability with amounts paid to individual employees based on their relative overall compensation up to applicable legal limits. Each of the portfolio managers also is an equity holder of the firm and receive compensation based upon the firm's overall profits. Certain portfolio managers are also eligible to receive a discretionary bonus from Los Angeles Capital.

As of December 31, 2025, Messrs. Stevens, Reynolds, Allen, and Arche did not own shares of any of the Portfolios.

***Manulife***

Thomas C. Goggins, Kisoo Park, Christopher Chapman, CFA, and Bradley L. Lutz, CFA, Davis Bees, CFA, Christopher Smith, CFA, and Kelly Lim, CFA manage Manulife's portion of the Income Fund. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| *Thomas C. Goggins* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 4 | $4.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 42 | $13.7 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $5.6 | 0 | $0 |
| *Christopher Chapman, CFA* | *Christopher Chapman, CFA* |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 4 | $14.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 42 | $13.7 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $5.6 | 0 | $0 |
| *Kisoo Park* | *Kisoo Park* |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 4 | $4.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 42 | $13.7 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $5.6 | 0 | $0 |
| *Bradley L. Lutz, CFA* | *Bradley L. Lutz, CFA* |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 4 | $4.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 43 | $14.1 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $5.6 | 0 | $0 |
| *David Bees, CFA* | *David Bees, CFA* |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 8 | $12.0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 39 | $13.5 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $5.6 | 0 | $0 |
| *Christopher Smith, CFA* | *Christopher Smith, CFA* |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 4 | $4.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 42 | $13.7 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 16 | $5.6 | 0 | $0 |
| *Kelly Lim, CFA* | *Kelly Lim, CFA* |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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**Conflicts of Interest**

When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, Manulife does not believe that any material conflicts are likely to arise out of a portfolio manager's

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responsibility for the management of the Fund as well as one or more other accounts. Manulife has adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Manulife has structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See Compensation below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. Manulife has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be "bunched", which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A portfolio manager could favor an account if the portfolio manager's compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager's bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if Manulife receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager's compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager's compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. Manulife imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, Manulife seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

**Broker Selection**

Manulife believes that the overriding consideration in selecting brokers for executing portfolio orders is the maximization of client profits through a combination of controlling transaction and securities costs and seeking the most effective use of brokers' execution capabilities while maintaining relationships with those broker-dealers who consistently provide superior service. Manulife has implemented a process to evaluate the brokers used and the soft dollar products/ services provided by them. More specifically, it has established and implemented a formal broker review and voting process in which votes cast by equity portfolio managers and analysts to brokers translate into a percentage of research budget and subsequent research payment to brokers.

**Compensation**

Manulife has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. The structure of compensation of investment professionals is currently comprised of the following basic components: base salary and an annual investment bonus plan as well as customary benefits that are offered

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generally to all full-time employees of Manulife. A limited number of senior investment professionals, who serve as officers of both Manulife and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base salary. Base compensation is fixed and normally reevaluated on an annual basis. Manulife seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Bonus Plan. Only investment professionals are eligible to participate in the Investment Bonus Plan. Under the plan, investment professionals are eligible for an annual bonus. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of Manulife and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Performance: The investment performance of all accounts managed by the investment professional over one-, three-, and five-year periods are considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Profitability of Manulife: The profitability of the Sub-Advisor and its parent company are also considered in determining bonus awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional's support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options and Stock Grants. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional's employment is terminated prior to a vesting date.

Manulife also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.

As of December 31, 2025, Thomas C. Goggins, Kisoo Park, Christopher Chapman, CFA, Bradley L. Lutz, CFA, David Bees, CFA, Christopher Smith, CFA, and Kelly Lim, CFA did not own any shares of the Income Fund.

***MFS***

Benjamin Stone and Philip Evans manage MFS' portion of the Large Company Value Portfolio. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of Accounts Managed** | **Total Assets (millions)** | **# of Accounts Managed With Performance-Based Advisory Fee** | **Total Assets With Performance-Based Advisory Fee (millions)** |
| *Benjamin Stone and Philip Evans* | *Benjamin Stone and Philip Evans* | *Benjamin Stone and Philip Evans* | *Benjamin Stone and Philip Evans* | *Benjamin Stone and Philip Evans* |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 8 | $30.9B | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $948.6M | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 7 | $3.6B | 0 | $0 |

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**Conflicts of Interest**

***Summary***

MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both its portion of the Portfolio and other accounts, and has adopted policies and procedures reasonably designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest). MFS' trade allocation policies could have a detrimental effect on the Portfolio if the Portfolio's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Portfolio's investments. Investments selected for funds or accounts other than the Portfolio may outperform investments selected for the Portfolio.

When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Portfolio.

MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Portfolio; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its affiliates, its employees, its officers, and/or its directors own or have an interest.

To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.

**Compensation**

MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative and qualitative means to help ensure a durable investment process. As of December 31, 2025, portfolio manager total cash compensation is a combination of base salary and performance bonus:

*Base Salary* – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.

*Performance Bonus* – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.

The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Fund/strategy and, when available, ten-, five-, and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of December 31, 2025, the following benchmarks were used to measure Messrs. Stone and Evans' performance for the portion of the Portfolio managed by MFS: Standard & Poor's 500 Stock Index, Russell 1000® Index, Lipper Large-Cap Core Funds, and Morningstar US Large Blend.

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Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS Fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

*MFS Equity Plan* – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

As of December 31, 2025, Messrs. Stone and Evans did not own any shares of the Large Company Value Portfolio.

***Pzena***

Caroline Cai, Allison Fisch, John Goetz, and Rakesh Bordia manage Pzena's portion of the International Fund. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts manged by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee (millions)** |
| *Caroline Cai* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 19 | $14.9 | 2 | $2332 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 68 | $33.8 | 4 | $940 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 58 | $18.1 | 0 | $0 |
| *John P. Goetz* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 12 | $10.7 | 1 | $1951 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 57 | $32.6 | 3 | $441 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 47 | $12.2 | 1 | $131 |
| *Allison Fisch* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 18 | $13 | 1 | $380 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 39 | $6.3 | 1 | $499 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 41 | $12.6 | 0 | $0 |
| *Rakesh Bordia* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 18 | $13 | 1 | $380 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 39 | $6.3 | 1 | $499 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 42 | $12.6 | 0 | $0 |

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**Conflicts of Interest**

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.

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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, nonsimultaneous 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 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. Pzena's 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.

**Compensation**

Portfolio managers and other investment professionals at Pzena are compensated through a combination of fixed base salary, performance bonus and equity ownership, if appropriate due to superior performance. Pzena avoids a compensation model that is driven by individual security performance, as this can lead to short-term thinking which is contrary to the firm's value investment philosophy. The portfolio managers' bonuses are not specifically dependent upon the performance of the Large Company Value Portfolio or the International Fund relative to the performance of the Portfolio's respective benchmark. For investment professionals, Pzena examines such things as effort, efficiency, ability to focus on the correct issues, stock modeling ability, and ability to successfully interact with company management. However, Pzena always looks at the person as a whole and the contributions that they have made and are likely to make in the future. The time frame Pzena examines for bonus compensation is annual. Longer-term

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success is required for equity ownership consideration. Ultimately, equity ownership is the primary tool used by Pzena for attracting and retaining the best people.

As of December 31, 2025, Mses. Cai and Fisch and Messrs. Goetz and Bordia did not own any shares of the International Fund.

***Ranger***

W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough manage Ranger's portion of the Small Company Growth Portfolio, and are primarily responsible for the day-to-day management of other pooled investment vehicles and other advisory accounts detailed below. The information below is provided as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total # of Accounts Managed** | **Total Assets (millions)** | **# of Accounts Managed With Performance Based Advisory Fee** | **Total Assets With Performance-Based Advisory Fee (millions)** |
| *W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough* | *W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough* | *W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough* | *W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough* | *W. Conrad Doenges, Andrew Hill, Joseph LaBate, and Brown McCullough* |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 4 | $118.2 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $73.7 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 14 | $1292.0 | 0 | $0 |

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**Conflicts of Interest**

Ranger recognizes that there are conflicts of interests which are common to the investment industry and/or specific to Ranger, and implements policies and procedures which seek to mitigate such conflicts. As a fiduciary, Ranger has an affirmative duty to act in the best interests of its clients and to make full and fair disclosure of material facts, particularly where Ranger's interests may conflict with those of its clients. Ranger's compliance program requires each employee to act with integrity, competence, diligence, respect, and in an ethical manner when dealing with current and prospective clients, other employees and colleagues in the investment profession, and other participants in the global capital markets. Ranger expects employees to place the interests of clients above their own personal interest and to avoid any actual or potential conflicts of interest.

**Multiple Clients and Trade Allocations**

Ranger manages and expects to continue to manage multiple client accounts. Generally, Ranger has discretionary authority over the investment portfolios for which it manages on behalf of clients. An inherent conflict to an advisor managing more than one client account is the potential for one client to receive less time, attention or investment opportunity than another client with either more assets under management or a more lucrative fee structure. Ranger's compliance program addresses this potential conflict by requiring that orders for securities are aggregated and allocated on a pro rata basis in accordance with each account's investment guidelines as determined exclusively by Ranger's portfolio manager or his designee. Differences in allocation proportions may occur due to tax considerations, avoidance of odd lots or de minimis numbers of shares, and investment strategies of the accounts. In order to verify compliance with these policies and procedures, Ranger conducts regular reviews of the order allocation process.

As a general matter, Ranger believes that aggregation and pro rata allocation of orders for multiple client accounts is consistent with its duty to seek best execution for its clients. However, in any case in which Ranger believes that aggregation and pro rata allocation of a client order is not consistent with its duty to seek best execution, it will not affect the transaction on an aggregated basis

**Personal Trading**

All employees or access persons are prohibited from front running client accounts and/or acting upon inside information. Under no circumstance may an employee, or family member living in the employee's household, or any account over which an employee has control, benefit at the expense of investors or Ranger. Personal securities transactions are to be conducted consistent with Ranger's policy and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's responsibility and position of trust.

Ranger has instituted a personal securities trading policy whereby access persons may trade for their own account(s) or any account where the access person has a beneficial interest in securities which may have been recommended to and/or purchased for the Ranger's clients at some time in the past, is currently owned by Ranger clients, or may be under consideration for purchase or sale for Ranger clients. Under certain circumstances Ranger may recommend to clients that they purchase securities in which its employees have a financial interest.

To mitigate this conflict, policies and procedures have been instituted whereby access persons are required to submit a pre-clearance request via the web-based compliance platform. No trades may be executed without chief compliance officer and/or portfolio manager approval. There is a 30-day holding period for individual securities.

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**Soft Dollars**

Ranger seeks to employ a soft dollar policy that falls within the safe harbor established by Section 28(e) of the 1934 Act. Ranger's use of soft dollar credits to pay for research and brokerage products or services might otherwise be borne by Ranger. Accordingly, the authority to use soft dollar credits may give Ranger an incentive to select brokers or dealers for securities transitions, or to negotiate commission rates or other execution terms, in a manner that takes into account the soft dollar benefits received by Ranger rather than giving exclusive consideration to the interests of Ranger's clients. As such, there is a potential conflict of interest between a client's interests in obtaining best execution and Ranger's receipt of and payment for research through brokerage allocations as described above. To the extent Ranger obtains brokerage and research services that it otherwise would acquire at its own expense, Ranger may have incentive to place a greater volume of transactions or pay higher commissions than would otherwise be the case.

Research services, as that term is used in Section 28(e)(3), may include both services generated internally by a broker's own research staff and services obtained by the broker from a third-party research firm. The research services obtained may include a broad variety of financial and related information and services, including written or oral research and information relating to the economy, industries or industry segments, a specific company or group of companies, software or written financial data, electronic or other quotations or market information systems, financial or economic programs or seminars, or other similar services or information Ranger believes enhances its advisory functions and services. The soft dollar research Ranger obtains normally benefits many accounts rather than just the one(s) for which the order is being executed, and Ranger may not use all research in connection with the account(s) which paid commissions to the broker providing the research.

Generally, Ranger will attempt to place portfolio transactions with broker dealers who, in its opinion, provide the best combination of price and execution (including brokerage commissions). However, Ranger may pay a broker dealer a commission for effecting a transaction in excess of commission charged by another broker or dealer as long as Ranger makes a good faith determination that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer.

To mitigate potential conflict of interest posed by soft dollar usage, Ranger implements compliance procedures to actively monitor soft dollar usage in context to its best execution policy. In addition, Ranger maintains an internal allocation procedure to identify those brokers who provided it with research and execution services that Ranger considers useful to its investment decision making process.

**Compensation**

Ranger Investments' portfolio managers generally receive a combination of (i) fixed compensation, including salary and firm provided benefits, (ii) variable compensation, including an equity interest in Ranger which is itself fixed but subject to profit linked, and therefore variable, distributions, and (iii) performance-based compensation, including discretionary bonus payments.

Bonuses are allocated in consideration of both (a) firm-wide factors, including Ranger's revenues, asset growth, and overall portfolio performance, and (b) factors specific to an individual portfolio manager, including the pre-tax performance of the entire portfolio and the sectors covered by such portfolio manager, in comparison to the same sectors within the Russell 2000 Growth Index. This portion of the discretionary bonus is partially formulaic as it relates to the total portfolio and respective sectors performance relative to the benchmark. Bonuses are not based on how many companies a portfolio manager covers in the portfolio or the level of assets these companies represent. An additional component of a broader evaluation of each Portfolio Manager is more subjective and includes an evaluation of each portfolio manager's contribution to the client service function, input to the investment process and willingness to work in a team environment.

As of December 31, 2025, Messrs. Doenges, Hill, LaBate, and McCullough did not own any shares of the Small Company Growth Portfolio.

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***Voya***

Raj Jadav, Sean Banai, Vinay Viralam, and Anuranjan Sharma manage Voya's portion of the Large Company Growth Portfolio, Large Company Value Portfolio, International Fund and Income Fund. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of the portfolio managers, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets<br>(billions)** | **# of Accounts Managed with Performance-Based Advisory Fee** | **Total Assets with Performance-Based Advisory Fee <br>(millions)** |
| *Raj Jadav* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies<sup>(1)</sup> | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles<sup>(2)</sup> | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts<sup>(3)</sup> | 14 | $679.4 million | 0 | $0.0 |
| *Sean Banai* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies<sup>(1)</sup> | 10 | $14.6 | 1 | $310.2 million |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles<sup>(2)</sup> | 114 | $5.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts<sup>(3)</sup> | 131 | $26 | 0 | $0.0 |
| *Vinay Viralam* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies<sup>(1)</sup> | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles<sup>(2)</sup> | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts<sup>(3)</sup> | 2 | $1.4 | 0 | $0.0 |
| *Anuranjan Sharma* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies<sup>(1)</sup> | 1 | $217.3 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles<sup>(2)</sup> | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts<sup>(3)</sup> | 0 | $0.0 | 0 | $0.0 |

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<sup>(1)</sup> Registered Investment Companies include mutual funds and variable portfolios.

<sup>(2)</sup> Other Pooled Investment Vehicles include collective trusts and Voya's general account.

<sup>(3)</sup> Other accounts include separate accounts.

**Conflicts of Interest**

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Income Fund. These other accounts may include, among others, other mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and hedge funds. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager's various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager's accounts.

A potential conflict of interest may arise as a result of the portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.

A portfolio manager may also manage accounts whose objectives and policies differ from those of the Income Fund. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease, while a fund maintained its position in that security.

A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee.

As part of its compliance program, Voya has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above.

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Finally, a potential conflict of interest may arise because the investment mandates for certain other accounts, such as hedge funds, may allow extensive use of short sales which, in theory, could allow them to enter into short positions in securities where other accounts hold long positions. Voya has policies and procedures reasonably designed to limit and monitor short sales by the other accounts to avoid harm to the Income Fund.

**Compensation**

Compensation consists of: (i) a fixed base salary; (ii) a bonus, which is based on Voya performance, one-, three-, and five-year pre-tax performance of the accounts the portfolio managers are primarily and jointly responsible for relative to account benchmarks, peer universe performance, and revenue growth and net cash flow growth (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) of the accounts they are responsible for; and (iii) long-term equity awards tied to the performance of our parent company, Voya Financial, Inc. and/or a notional investment in a pre-defined set of Voya sub-advised funds.

Portfolio managers are also eligible to receive an annual cash incentive award delivered in some combination of cash and a deferred award in the form of Voya stock. The overall design of the annual incentive plan was developed to tie pay to both performance and cash flows, structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual target awards are determined and set based on external market data and internal comparators. Investment performance is measured on both relative and absolute performance in all areas.

The measures for each team are outlined on a "scorecard" that is reviewed on an annual basis. These scorecards measure investment performance versus benchmark and peer groups over one-, three-, and five-year periods; and year-to-date net cash flow (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) for all accounts managed by each team. The results for overall Voya scorecards are typically calculated on an asset weighted performance basis of the individual team scorecards.

Investment professionals' performance measures for bonus determinations are weighted by 25% being attributable to the overall Voya performance and 75% attributable to their specific team results (65% investment performance, 5% net cash flow, and 5% revenue growth).

Voya's long-term incentive plan is designed to provide ownership-like incentives to reward continued employment and to link long-term compensation to the financial performance of the business. Based on job function, internal comparators and external market data, employees may be granted long-term awards. All senior investment professionals participate in the long-term compensation plan.

Participants receive annual awards determined by the management committee based largely on investment performance and contribution to firm performance. Plan awards are based on the current year's performance as defined by the Voya component of the annual incentive plan. Awards typically include a combination of performance shares, which vest ratably over a three-year period, and Voya restricted stock and/or a notional investment in a predefined set of Voya sub-advised funds, each subject to a three-year cliff-vesting schedule. If a portfolio manager's base salary compensation exceeds a particular threshold, he or she may participate in Voya's deferred compensation plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, Voya stock or at an annual fixed interest rate. Deferral elections are done on an annual basis and the amount of compensation deferred is irrevocable.

As of December 31, 2025, Raj Jadav, Sean Banai, Vinay Viralam, and Anuranjan Sharma did not own any shares of the Large Company Growth Portfolio, Large Company Value Portfolio, Income Fund or the International Fund.

***WCM***

WCM, located at 281 Brooks Street, Laguna Beach, CA 92651, acts as subadviser to the International Fund pursuant to a subadvisory agreement with Wilshire. WCM is independently managed by its employees. Its CEO, Paul R. Black, owns more than 25% of WCM. WCM's portion of the International Fund is team managed by Sanjay Ayer, Paul R. Black, Michael R. Trigg, and Jon Tringale. The table below includes details regarding the number of registered investment companies, other pooled investment vehicles and other accounts managed by each of Messrs. Ayer, Black, Trigg, and Tringale, as well as total assets under management for each type of account, and total assets in each type of account with performance-based advisory fees, as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Number of Accounts Managed** | **Total Assets Managed (billions)** | **Number of Accounts Managed for which Advisory Fee is Performance-Based** | **Assets Managed for which Advisory Fee is Performance-Based (millions)** |
| *Sanjay Ayer, CFA* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered investment companies | 26 | $34.3 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 36 | $18.7 | 4 | $794.8 |
| &nbsp;&nbsp;&nbsp;Other advisory accounts | 519 | $60.3 | 8 | $2133.6 |
| *Paul R. Black* | *Paul R. Black* | *Paul R. Black* | *Paul R. Black* | *Paul R. Black* |
| &nbsp;&nbsp;&nbsp;Registered investment companies | 19 | $31.3 | 0 | $0.00 |
| &nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 23 | $14.6 | 3 | $774.6 |
| &nbsp;&nbsp;&nbsp;Other advisory accounts | 503 | $59.2 | 8 | $2133.6 |
| *Michael B. Trigg* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered investment companies | 23 | $33.5 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 30 | $15.7 | 3 | $774.6 |
| &nbsp;&nbsp;&nbsp;Other advisory accounts | 506 | $59.6 | 8 | $2133.6 |
| *Jon Tringale* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered investment companies | 19 | $31.3 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 22 | $14.0 | 3 | $774.6 |
| &nbsp;&nbsp;&nbsp;Other advisory accounts | 503 | $59.2 | 8 | $2133.6 |

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**Conflicts of Interest**

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. Where conflicts of interest arise between the Fund and other accounts managed by the portfolio manager, WCM will proceed in a manner that ensures that the Fund will not be treated less favorably. There may be instances where similar portfolio transactions may be executed for the same security for numerous accounts managed by the portfolio managers. In such instances, securities will be allocated in accordance with WCM's trade allocation policy.

**Compensation**

Compensation for WCM portfolio management personnel is determined by research team leaders in conjunction with WCM's Leadership Team, and consists of 1) a salary with 2) a possible bonus, 3) a possible revenue-share, and 4) a possible equity component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Salary levels are based on the individual's degree of industry tenure, experience, and responsibilities at the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The bonus component is discretionary, and is based on qualitative employee performance measures, such as our return on time evaluation, contribution to the portfolio team, management of their portfolios, and other responsibilities (*e.g.*, personnel management) at the firm. Furthermore, the overall performance of WCM (*e.g.*, total assets under management, company profitability) will also impact this compensation component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Finally, portfolio managers may also receive compensation in the form of offers of equity ownership and the consequent distributions therefrom.

Portfolio managers are also eligible to participate in the company's 401(k) Employee Savings Plan, which includes an annual company contribution based on the profitability of the firm.

As of December 31, 2025, Messrs. Ayer, Black, Trigg, and Tringale did not own any shares of the International Fund.

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***Wilshire***

Nathan R. Palmer, Anthony Wicklund, Josh Emanuel and Suehyun Kim manage Wilshire's portion of the Large Company Growth Portfolio, Large Company Value Portfolio and International Fund. In addition to their portion of the Portfolio, the portfolio managers managed the following other accounts as of December 31, 2025, none of which were subject to a performance-based fee.

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| | | |
|:---|:---|:---|
| **Type of Account** | **Total # of Accounts Managed** | **Total Assets (millions)** |
| *Nathan R. Palmer, CFA* |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $201 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 28 | $2.1 billion |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 |
| *Anthony Wicklund, CFA, CAIA* |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2 | $201 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1 | $82 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 |
| *Josh Emanuel, CFA* |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1 | $1.5 billion |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1 | $80 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 |
| *Suehyun Kim* |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 |

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*Potential Conflicts of Interest.* Wilshire has extensive business relationships with, and may provide services to, investment managers and other financial services providers that may be evaluated or recommended by us. Wilshire, for example, engages sub-advisors to manage portions of its discretionary funds. It may also be engaged as a sub-advisor by third-party funds. As well, Wilshire's manager research team, which produces manager evaluations may participate in providing certain services to financial services providers, including investment managers and financial services providers that Wilshire may recommend to advisory clients. In addition, Wilshire provides products and services that compete with those that we evaluate or recommend. Wilshire recognizes that there are potential conflicts of interest between Wilshire's obligation to provide objective advice to clients and our relationships with the investment managers and financial services providers we recommend to those clients.

Wilshire also receives differentiated fees or other compensation (including performance-based fees) from clients and may have incentives to favor some clients or accounts over others. For example, certain investors that are invested in pooled investment vehicles may pay higher or lower fees and expenses or may be subject to higher or lower incentive allocations than similarly situated investors that are invested in the same pooled investment vehicle. Amounts may vary as a result of differentiated factors that may include the particular circumstances of the investor or the size and scope of the overall relationship. Fee and expense allocations to investors may differ depending on the class of shares.

It is Wilshire's policy to make evaluations, recommendations and decisions based solely upon the best interests of the client and without regard to any benefit (economic or otherwise) that Wilshire receives or might receive. Wilshire is committed to ensuring that it does not consider an investment manager's or financial service provider's business relationship with Wilshire, or lack thereof, in performing evaluations for or making recommendations to its advisory clients. Wilshire has implemented policies and procedures that seek to mitigate conflicts of interest through appropriate oversight, transparency and controls.

**Transparency**

Wilshire has an obligation to make full and fair disclosure of material facts to its clients. A fact is considered to be material when there is a substantial likelihood that a reasonable individual would consider it important or where knowledge of the information would be necessary for the client to make an informed decision.

Wilshire's policy is to disclose material conflicts of interest to its clients and prospective clients. Wilshire will provide existing and prospective investment advisory clients with a Conflicts Disclosure Report ("Disclosure Report"), listing all relationships that Wilshire has with investment managers and other relevant financial services providers along with a summary of the types of services that Wilshire may provide to those entities. Wilshire also provides certain advisory clients with a Disclosure Report when making a manager recommendation or when otherwise deemed appropriate. Clients receiving a Disclosure Report may request more detailed information about managers or service providers with which the client has or is considering a relationship by contacting Compliance. For each manager or financial services provider for which a client has requested additional information, Wilshire will, where appropriate, provide a more detailed report.

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When Wilshire recommends a Wilshire fund or other product to a client, Wilshire will provide the client with relevant disclosures including identification of the potential conflict of interest and the benefits (economic and otherwise) that Wilshire may obtain from a client's investment; and, when deemed necessary, the client will be required to acknowledge and accept such conflict.

**Controls**

Wilshire will seek to implement relevant controls to mitigate conflicts. Controls include managing processes by which we deliver services to clients, assuring relevant and necessary personnel are engaged in appropriate activities at Wilshire and managing the exposure relevant parties within Wilshire may have to sensitive information. An ethical wall is a process for mitigating conflicts of interest by limiting the communication of information between individuals or groups, whether written or oral, which may give rise to a conflict of interest. Where reasonable and appropriate, Wilshire has established ethical walls around business activities where sharing information may create a conflict of interest. The ethical walls seek to prevent members of one group from accessing information that may influence the service they provide to a client. Wilshire recognizes, however, that it may not always be possible to erect ethical walls where it is deemed necessary (*e.g.*, where the personnel necessary for the assignment are limited in number and cannot be divided into select groups around which to erect an ethical wall) and will in such instances seek other means to mitigate the conflict.

As of December 31, 2025, Messrs. Palmer, Emanuel, and Wicklund and Ms. Kim did not own any shares of the Large Company Growth Portfolio, Large Company Value Portfolio or the International Fund.

*Compensation.* Portfolio managers receive a base salary and a performance-based bonus. Base salary is fixed and is typically determined based on market factors and the skill and experience of the portfolio manager. For the performance-based bonus, portfolio managers are evaluated by comparing their performance against specific objectives, such as target benchmarks. Portfolio managers may also receive equity incentive grants which vest based on time and corporate profitability and/or valuation.

**SEC Exemptive Order**

The SEC has issued an order (the "Order") to Wilshire and the Company exempting them from the 1940 Act requirement to submit to stockholders new or materially amended subadvisory agreements for their approval, and reducing the amount of disclosure required to be provided regarding the fees paid to subadvisers. The Order provides that Wilshire may identify, retain and compensate subadvisers that are not "affiliated persons" of Wilshire as defined in the 1940 Act, to manage all or portions of the Portfolios. Wilshire is responsible for, among other things: setting each Portfolio's investment strategy and structure; selecting subadvisers; ongoing monitoring and evaluation of subadvisers; implementing procedures to ensure that subadvisers comply with the Portfolios' investment objectives, policies and guidelines/restrictions; terminating subadvisers; and reallocating assets among subadvisers. Wilshire may allocate portions of each Portfolio's assets among multiple subadvisers with complementary management styles and securities selection disciplines; monitor the performance of each portion of a Portfolio and each Portfolio as a whole; and terminate subadvisers to the extent necessary to achieve the overall objective of the Portfolios. Wilshire's criteria for termination of a subadviser include (but are not limited to) departure of key personnel; acquisition by a third-party; change in or departure from investment style; inadequate investment processes that could result in inconsistent security selection, valuation or compliance; and the inability over time to maintain above-average performance.

The Order was granted subject to, among other things, the following conditions: (1) prior to becoming effective with respect to a Portfolio, the stockholders of such Portfolio would approve operation of such Portfolio in the manner described above (the stockholders of the Portfolios approved such operation on March 29, 2002); (2) a Portfolio's prospectus would describe the Order; (3) if a new subadviser were retained or a subadvisory agreement were materially amended, Wilshire would furnish the relevant stockholders within 90 days all the information that would have been provided in a proxy statement soliciting approval of the subadvisory agreement, except for certain fee information; (4) the majority of the Board would be independent, and new Independent Directors would be nominated by such existing Independent Directors; (5) in approving any change in subadviser, the Board would find that such change is in the best interests of a Portfolio and its stockholders; (6) Wilshire would provide the Board with information about its profitability with respect to a Portfolio on a quarterly basis; (7) whenever a subadviser is retained or terminated, Wilshire would provide an analysis of the effect of the change on its profitability; (8) no Director or officer of the Company or Wilshire would own any interest in any subadviser, subject to certain exceptions; and (9) the Independent Directors of the Company would engage independent counsel to represent them.

**Service Agreements**

*Administrator.* U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202 acts as the Company's administrator pursuant to an administration agreement between Fund Services and the Company. Fund Services provides certain administrative services to the Company, including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Company's independent contractors and agents; preparing for signature by an officer of the Company all of the documents required to be filed for compliance by the Company and the Portfolios with applicable laws and regulations excluding those of the securities laws of various states; arranging for the computation of performance data, including NAV and yield; responding to shareholder inquiries; and arranging for the maintenance of books and records of the Company, and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. In this capacity, Fund Services does not have any responsibility or authority

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for the management of the Portfolios, the determination of investment policy, or for any matter pertaining to the distribution of Portfolio shares. As compensation for its services, Fund Services receives from the Company a combined fee for fund administration and fund accounting services based on each Portfolio's current average daily net assets. Fund Services is also entitled to certain out-of-pocket expenses.

Fund Services also acts as fund accountant, transfer agent ("Transfer Agent"), and dividend disbursing agent under separate agreements with the Company.

The table below describes the administration fees paid by each Portfolio to Fund Services for the fiscal years ended December 31, 2023, 2024, and 2025.

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| | |
|:---|:---|
| **Portfolio** | **Administration & Accounting Fees Payable** |
| Large Company Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $134202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $146598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $194880 |
| Large Company Value Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $108124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $110764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $150531 |
| Small Company Growth Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $34877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $38113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $47616 |
| Small Company Value Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $38189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $41506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $59272 |
| Index Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $156765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $181501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $257126 |
| International Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $166761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $164367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $245895 |
| Income Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | $142125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $137330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $435385 |

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**Expenses**

All expenses incurred in the operation of the Company are borne by the Company, except to the extent specifically assumed by the Administrator, Wilshire, or the Distributor. The expenses borne by the Company include taxes; interest; brokerage fees and commissions, if any; fees of Directors who are not officers, directors, employees or holders of 5% or more of the outstanding voting securities of the Administrator, Wilshire or the Distributor or any of their affiliates; SEC fees; state Blue Sky qualification fees; advisory and administration fees; charges of custodians; transfer and dividend disbursing agents' fees; certain insurance premiums; industry association fees; outside auditing and legal expenses; costs of maintaining the Company's existence; costs of independent pricing services; costs attributable to investor services (including, without limitation, telephone and personnel expenses); costs of shareholders' reports and meetings; costs of preparing and printing prospectuses and SAIs for regulatory purposes and for distribution to existing shareholders; and any extraordinary expenses. Expenses attributable to a particular series or class of shares are charged against the assets of that series or class. Other expenses of the Company are allocated among the Portfolios on a basis determined by

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Wilshire, subject to supervision by the Board, including, but not limited to, proportionately in relation to the net assets of each Portfolio.

*Distributor.* Following the dissolution of its subsidiary, Compass Distributors, LLC ("Compass"), Foreside Fund Services, LLC (the "Distributor" or "Foreside") became the Distributor to the Company effective June 1, 2023. Foreside, located at 190 Middle Street, Suite 301, Portland, Maine 04101, is the distributor for the continuous offering of shares of the Company and acts as agent of the Portfolios in the sale of their shares. The Distribution Agreement provides that the Distributor will use its best efforts to distribute the Portfolios' shares.

The Distribution Agreement continues in effect from year to year so long as such continuance is approved at least annually by a vote of the Board of the Company, including the Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the Distribution Agreement.

The Distribution Agreement automatically terminates in the event of its assignment and may be terminated with respect to a Portfolio at any time without penalty by the Company or by the Distributor upon 60 days' notice. Termination by the Company with respect to a Portfolio may be by vote of a majority of the Board, including a majority of the Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the Distribution Agreement, or a "majority of the outstanding voting securities" of a Portfolio, as defined under the 1940 Act. The Distribution Agreement may not be amended with respect to a Portfolio to increase the fee to be paid by the Portfolio without approval by a majority of the outstanding voting securities of such Portfolio and all material amendments must in any event be approved by the Board in the manner described above with respect to the continuation of the Distribution Agreement.

The table below details the distribution fees paid by the Portfolios to the Distributor for the fiscal years ended December 31, 2023, 2024, and 2025.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2023** | **2024** | **2025** |
| &nbsp;&nbsp;&nbsp;Large Company Growth Portfolio | $136358 | $177101 | $200430 |
| &nbsp;&nbsp;&nbsp;Large Company Value Portfolio | $9498 | $9867 | $9803 |
| &nbsp;&nbsp;&nbsp;Small Company Growth Portfolio | $4433 | $14350 | $13378 |
| &nbsp;&nbsp;&nbsp;Small Company Value Portfolio | $12875 | $13622 | $11495 |
| &nbsp;&nbsp;&nbsp;Index Fund | $354953 | $424695 | $456378 |
| &nbsp;&nbsp;&nbsp;International Fund | $2083 | $1852 | $1973 |
| &nbsp;&nbsp;&nbsp;Income Fund | $783 | $503 | $462 |

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**Service and Distribution Plan**

The Service and Distribution Plan (the "Plan") of the Company adopted pursuant to Section 12(b) of the 1940 Act and Rule 12b-1 thereunder was approved as to the Investment Class Shares of the Portfolios by vote of the majority of both (a) the Directors of the Company and (b) those Independent Directors who have no direct or indirect financial interest in the operation of the Plan or any agreement related to it, in each case cast in person at a meeting called for the purpose of voting on the Plan.

The Investment Class shares of each of the Portfolios reimburses the Distributor for its distribution and shareholder services expenses (the "Distribution Fee") at an annual rate of up to 0.25% of the average daily net assets of each such Portfolio attributable to Investment Class shares. The Distribution Fee is accrued daily and paid monthly or at such other intervals as the Directors of the Company shall determine.

The Plan will continue in effect with respect to the Investment Class Shares of a Portfolio only so long as such continuance is specifically approved at least annually by votes of the majority (or whatever other percentage may, from time to time, be required by Section 12(b) of the 1940 Act or the rules and regulations thereunder) of both (a) the Directors of the Company and (b) the Independent Directors, cast in person at a meeting called for the purpose of voting on the Plan. The Plan may not be amended in any material respect unless such amendment is approved by votes of the majority (or whatever other percentage may, from time to time, be required by Section 12(b) of the 1940 Act or the rules and regulations thereunder) of both (a) the Directors of the Company and (b) the Independent Directors, cast in person at a meeting called for the purpose of voting on the Plan, and may not be amended to increase materially the amount to be spent thereunder without such approvals and approval by vote of at least a majority (as defined in the 1940 Act) of the outstanding shares of the Investment Class Shares of a Portfolio. The Plan may be terminated at any time with respect to the Investment Class Shares of a Portfolio by vote of a majority of the Independent Directors or by vote of a majority (as defined in the 1940 Act) of the outstanding Investment Class Shares of a Portfolio. Amounts spent on behalf of the Investment Class Shares of each Portfolio pursuant to such Plan during the fiscal year ended December 31, 2025 are set forth below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Advertising** | **Printing** | **Compensation to Underwriter** | **Compensation to Broker Dealers** | **Compensation to Sales Personnel** | **Total** |
| Large Company Growth Portfolio | $0 | $0 | $3617 | $196813 | $0 | $200430 |
| Large Company Value Portfolio | $0 | $0 | $2808 | $6995 | $0 | $9803 |
| Small Company Growth Portfolio | $0 | $0 | $3617 | $9761 | $0 | $13378 |
| Small Company Value Portfolio | $0 | $0 | $3219 | $8276 | $0 | $11495 |
| Index Fund | $0 | $0 | $3061 | $453317 | $0 | $456378 |
| International Fund | $0 | $0 | $408 | $1565 | $0 | $1973 |
| Income Fund | $0 | $0 | $50 | $412 | $0 | $462 |

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**Shareholder Servicing Plan**

Each Portfolio has adopted a shareholder services plan with the Distributor for both its Investment Class Shares and Institutional Class Shares to pay the expenses associated with certain shareholder servicing arrangements with third parties. Payments of such fees to any such shareholder service provider may be made by the Investment Class Shares and Institutional Class Shares annually of up to 0.20% and 0.15%, respectively, of a Portfolio's average net assets attributable to the shares held by such service provider. For the fiscal year ended December 31, 2025, the shareholder service fees paid with respect to each class are set forth below.

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| | | |
|:---|:---|:---|
| **Shareholder Service Fees Paid for the Year Ended December 31, 2025** | **Shareholder Service Fees Paid for the Year Ended December 31, 2025** | **Shareholder Service Fees Paid for the Year Ended December 31, 2025** |
| **Portfolio** | **Investment <br>Class** | **Institutional Class** |
| &nbsp;&nbsp;&nbsp;Large Company Growth Portfolio | &nbsp;&nbsp;$105190 | $107388 |
| &nbsp;&nbsp;&nbsp;Large Company Value Portfolio | $2716 | $80495 |
| &nbsp;&nbsp;&nbsp;Small Company Growth Portfolio | &nbsp;&nbsp;$3645 | $23561 |
| &nbsp;&nbsp;&nbsp;Small Company Value Portfolio | $5025 | $22131 |
| &nbsp;&nbsp;&nbsp;Index Fund | &nbsp;&nbsp;$159238 | $26989 |
| &nbsp;&nbsp;&nbsp;International Fund | $1235 | $104632 |
| &nbsp;&nbsp;&nbsp;Income Fund | &nbsp;&nbsp;$242 | $88208 |

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**Custodian**

U.S. Bank, National Association, an affiliate of Fund Services, 1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as custodian of the assets of the Fund. Under the Custody Agreement, U.S. Bank, National Association maintains each Portfolio's securities, administers the purchases and sales of portfolio securities, collects interest and dividends and other distributions made on portfolio securities and performs other ministerial duties as outlined in the Custody Agreement.

**Counsel**

Vedder Price P.C., located at 222 North LaSalle Street, Chicago, IL 60601, serves as legal counsel to the Company and the Independent Directors.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as the Company's independent registered public accounting firm. Its services include auditing the Portfolios' financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**CODE OF ETHICS**

The Board has adopted Codes of Ethics (collectively, the "COE") for the Company and Wilshire, pursuant to Rule 17j-1 under the 1940 Act. The COE restricts the investing activities of Company officers, Directors and advisory persons, and, as described below, imposes additional, more onerous restrictions on Portfolio investment personnel.

Each person covered by the COE is prohibited from purchasing or selling any security which, to such person's knowledge, is being purchased or sold (as the case may be), or is being considered for purchase or sale, by a Portfolio. Investment personnel are subject to additional restrictions such as a ban on acquiring securities in an initial public offering, "blackout periods" which prohibit trading by investment personnel of a Portfolio within periods of trading by a Portfolio in the same security, and a ban on short-term trading in securities. Investment personnel are required to pre-clear any personal securities investment (with limited exceptions, such as government securities) and must comply with ongoing requirements concerning recordkeeping and disclosure of personal securities investments. The pre-clearance requirement and associated procedures are designed to identify any prohibition or limitation applicable to a proposed investment.

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In addition, each Subadviser has adopted codes of ethics under Rule 17j-1 under the 1940 Act. These codes permit personnel, subject to the conditions of the code, to invest in securities including securities that may be purchased or held by the Portfolios.

**PROXY VOTING POLICY AND PROCEDURES**

The Subadvisers have been delegated the responsibility for voting the Portfolios' proxies pursuant to the Investment Subadvisory Agreements. Each Subadviser votes proxies according to proxy voting policies, which are described in Appendix A. Wilshire monitors the Subadvisers' compliance with their stated policies and reports to the Board annually on any proxies that were not voted in accordance with a Subadviser's stated policy and any circumstances in which a conflict of interest was identified and how the proxies were voted.

The Company is required to file an annual report of each proxy voted with respect to portfolio securities of each Portfolio during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year. Information regarding how Wilshire or each Subadviser voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available no later than August 31 of each year (i) without charge, upon request, by calling 1-866-591-1568, or (ii) on the SEC's website at www.sec.gov.

Wilshire votes proxies according to its proxy voting policy which is included in Appendix A of this SAI. Certain information regarding the proxy voting policies of the Subadvisers is summarized in Appendix A.

**PORTFOLIO TRANSACTIONS**

Each Subadviser supervises the placement of orders for the purchase or sale of portfolio securities on behalf of the portion of each Portfolio it serves. In this capacity, each Subadviser allocates portfolio transactions among broker-dealers in the best judgment of the Subadviser and in a manner deemed fair and reasonable to shareholders. The primary consideration is prompt execution of orders at the most favorable net price. Subject to this consideration, the brokers selected may include those that provide statistical data, investment information, economic facts and opinions to the Subadvisers. Information so received is in addition to and not in lieu of services required to be performed by the Subadvisers and their fees are not reduced by the receipt of such supplemental information.

Such information may be useful to the Subadvisers in serving both the Portfolios and other clients which they advise and, conversely, supplemental information obtained by the placement of business of other clients may be useful to the Subadvisers in carrying out their obligations to the Portfolios. Brokers also are selected because of their ability to handle special executions such as are involved in large block trades or broad distributions, provided the primary consideration is met. When transactions are executed in the OTC market, the Portfolios will deal with the primary market makers unless a more favorable price or execution otherwise is obtainable. Each Subadviser has procedures in place to monitor best execution. Neither Wilshire nor any of the Subadvisers considers the sale of each Portfolio's shares in selecting brokers to effect Portfolio transactions.

Although each Subadviser makes investment decisions for a Portfolio independently from those of its other accounts, investments of the kind made by a Portfolio may often also be made by such other accounts. When a Subadviser buys or sells the same security at substantially the same time on behalf of a Portfolio and one or more other accounts managed by that Subadviser, it allocates available investments by such means as, in its judgment, result in fair treatment. Each Subadviser aggregates orders for purchases and sales of securities of the same issuer on the same day among the Portfolio and its other managed accounts, and the price paid to or received by the Portfolio and those accounts is the average obtained in those orders. In some cases, such aggregation and allocation procedures may affect adversely the price paid or received by the Portfolio or the size of the position purchased or sold by the Portfolio.

Portfolio turnover may vary from year to year, as well as within a year. Under normal market conditions, each Portfolio's turnover rate generally will not exceed 80%. High turnover rates, generally as a result of fluctuating market conditions, are likely to result in comparatively greater brokerage expenses and the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to a Portfolio's shareholders. Recognizing this, each Subadviser attempts to minimize the cost per share of trading while at the same time implementing only those trades necessary to maintain the proper style exposure.

The Adviser may direct or suggest to a Subadviser to execute purchases and sales of portfolio securities for the Portfolio through brokers or dealers designated by management of the Adviser for the purpose of providing direct benefits to the Portfolio, subject to the Subadviser seeking best execution. However, brokerage commissions or transaction costs in such transactions may be higher, and a Portfolio may receive less favorable prices, than those which a Subadviser could obtain from another broker or dealer, in order to obtain such benefits for the Portfolio. For the fiscal year ended December 31, 2025, the Portfolios' Subadvisers directed approximately $78,020,620 of transactions through the Portfolios' brokerage commission recapture program, which transactions generated $5056 in aggregate commissions as detailed for each Portfolio below. Of this amount, approximately $673 was retained by the broker and $4383 was returned to the Portfolios to offset Portfolio operating expenses.

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| | |
|:---|:---|
| **Portfolio** | **Fund Commissions Generated from Brokerage Commission Recapture Program for the Fiscal Year Ended 12/31/25** |
| &nbsp;&nbsp;&nbsp;Large Company Growth Portfolio | $847 |
| &nbsp;&nbsp;&nbsp;Large Company Value Portfolio | $392 |
| &nbsp;&nbsp;&nbsp;Small Company Growth Portfolio | $334 |
| &nbsp;&nbsp;&nbsp;Small Company Value Portfolio | $986 |
| &nbsp;&nbsp;&nbsp;Index Fund |  |
| &nbsp;&nbsp;&nbsp;International Fund | $2497 |
| &nbsp;&nbsp;&nbsp;Income Fund |  |

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For the fiscal years ended December 31, 2023, and 2024, and 2025 each Portfolio paid total brokerage commissions as set forth in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2023** | **2024** | **2025** |
| &nbsp;&nbsp;&nbsp;Large Company Growth Portfolio | $53936 | $58917 | $87705 |
| &nbsp;&nbsp;&nbsp;Large Company Value Portfolio | $36465 | $29188 | $27970 |
| &nbsp;&nbsp;&nbsp;Small Company Growth Portfolio | $35263 | $28808 | $32215 |
| &nbsp;&nbsp;&nbsp;Small Company Value Portfolio | $24539 | $23000 | $25068 |
| &nbsp;&nbsp;&nbsp;Index Fund | $5075 | $4105 | $7494 |
| &nbsp;&nbsp;&nbsp;International Fund | $139874 | $130347 | $128854 |
| &nbsp;&nbsp;&nbsp;Income Fund | $10172 | $18918 | $10546 |

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As of December 31, 2025, each Portfolio held the securities of their regular brokers or dealers as set forth below.

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| | |
|:---|:---|
| **Brokers or Dealers** | **Market Value** |
| **Large Company Growth Portfolio** | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC | $971523 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | $383815 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Securities, LLC | $103149 |
| &nbsp;&nbsp;&nbsp;Citigroup Global Markets Inc. | $37808 |
| &nbsp;&nbsp;&nbsp;BOFA Securities Inc. | $1495996 |
| **Large Company Value Portfolio** |  |
| &nbsp;&nbsp;&nbsp;Citigroup Global Markets Inc. | $2124458 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC | $2583555 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | $256855 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Securities, LLC | $2060983 |
| **International Fund** |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC | $777043 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | $352932 |
| &nbsp;&nbsp;&nbsp;Barclays Capital Inc. | $448596 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Securities, LLC | $102156 |
| **Income Fund** |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC | $397761 |
| &nbsp;&nbsp;&nbsp;Citigroup Global Markets Inc. | $572954 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC | $88343 |
| &nbsp;&nbsp;&nbsp;UBS Securities LLC | $394797 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC | $1521583 |

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**NET ASSET VALUE**

The NAV per share of each class of each Portfolio is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. ET, on each day the NYSE is open for trading.

Each Portfolio sells and redeems its shares at NAV per share, without a sales or redemption charge. No minimum purchase or redemption amounts apply. The daily NAV of each Portfolio's shares is determined by dividing the net assets by the number of outstanding shares. Net assets are equal to the total assets of a Portfolio less its liabilities. The price at which a purchase is effected is based on the next calculated NAV after the order is received by the Portfolio. A security listed or traded on a domestic exchange is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the security is valued at the mean between the last bid and asked prices on the exchange. Securities traded OTC (other than on National Association of Securities Dealers Automated Quotation "NASDAQ") in the U.S. are valued at the last current sale price. If there are no such sales, the most recent bid quotation is used. Securities quoted on the NASDAQ System, for which there have been sales, are valued at the NASDAQ Official Closing Price. If there are no such sales, the value is the bid quotation. Equity securities primarily traded on a foreign exchange or market are valued daily at the price, which is an estimate of the fair value price, as provided by an independent pricing service. Foreign securities are converted to U.S. dollars using exchange rates at the close of the NYSE. In the event market quotations are not readily available, securities are valued according to procedures approved by the Board or are valued at fair value as determined in good faith by the Adviser, the Company's Valuation Designee. Securities whose values are considered unreliable because a significant valuation event has occurred may be valued at fair value by the Adviser.

Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Company's pricing agent, if available, and otherwise are valued at amortized cost if the Adviser concludes it approximates fair value. Under the amortized cost method of valuation, the security is initially valued at cost. Then, the Company assumes a constant proportionate amortization in value until maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price that would be received upon the sale of the security. When market quotations are not available, securities are valued at fair value as discussed above.

**PURCHASE OF PORTFOLIO SHARES**

The following information supplements and should be read in conjunction with the section in the prospectus entitled "How to Buy Portfolio Shares." The Company does not have any arrangements with any person to permit frequent purchases and redemptions of Portfolio's shares.

*Transactions Through Securities Dealers.* Portfolio shares may be purchased and redeemed through securities dealers, which may charge a transaction fee for such services. Some dealers will place the Portfolios' shares in an account with their firm. Dealers also may require that the customer invest more than the minimum investment, the customer not request redemption checks to be issued in the customer's name, the customer not purchase fractional shares, or other conditions.

There is no sales or service charge to individual investors by the Company or by the Distributor, although investment dealers, banks and other institutions may make reasonable charges to investors for their services. The services provided and the applicable fees are established by each dealer or other institution acting independently of the Company. The Company understands that these fees may be charged for customer services including, but not limited to, same-day investment of client funds; same-day access to client funds; advice to customers about the status of their accounts, yield currently being paid or income earned to date; provision of periodic account statements showing security and money market positions; and assistance with inquiries related to their investment. Any such fees may be deducted from the investor's account monthly and on smaller accounts could constitute a substantial portion of any distribution by the Portfolios. Small, inactive, long-term accounts involving monthly service charges may not be in the best interest of investors. Investors should be aware that they may purchase shares of the Portfolios directly through the Distributor without any maintenance or service charges, other than those described above.

*In-Kind Purchases.* Payments for each Portfolio's shares may, at the discretion of the Company, be made in the form of securities which are permissible investments for a Portfolio. For further information about this form of payment, please contact the Transfer Agent. Generally, securities which are accepted by the Company as payment for a Portfolio's shares will be valued using a Portfolio's procedures for valuing its own shares at the time a Portfolio's NAV is next determined after receipt of a properly completed order. All dividends, interest, subscription or other rights pertaining to such securities will become the property of a Portfolio and must be delivered to a Portfolio upon receipt from the issuer. The Company will require that (1) it will have good and marketable title to the securities received by it; (2) the securities are in proper form for transfer to a Portfolio and are not subject to any restriction on sale by a Portfolio under the 1933 Act or otherwise; and (3) a Portfolio receives such other documentation as the Company may, in its discretion, deem necessary or appropriate. Investors may recognize a gain or loss for federal income tax purposes on the exchange of securities for shares of a Portfolio.

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**REDEMPTION OF PORTFOLIO SHARES**

The following information supplements and should be read in conjunction with the section in the prospectus entitled "How to Sell Portfolio Shares."

*Wire Redemption Privilege.* By using this privilege, the investor authorizes the Transfer Agent to act on wire or telephone redemption instructions from any person representing himself or herself to be the investor, and reasonably believed by the Transfer Agent to be genuine. Ordinarily, the Company will initiate payment for shares redeemed pursuant to this Privilege on the next business day after receipt if the Transfer Agent receives the redemption request in proper form. Redemption proceeds will be transferred by Federal Reserve wire only to the commercial bank account specified by the investor on the Account Application or Shareholder Services Form, or to a correspondent bank if the investor's bank is not a member of the Federal Reserve System. Fees ordinarily are imposed by such bank and usually are borne by the investor. Immediate notification by the correspondent bank to the investor's bank is necessary to avoid a delay in crediting the funds to the investor's bank account.

To change the commercial bank or account designated to receive wire redemption proceeds, a written request must be sent to the Transfer Agent. This request must be signed by each shareholder, with each signature guaranteed as described below under "Signatures."

*Signatures.* Written redemption requests must be signed by each shareholder, including each holder of a joint account. Certain redemption requests will require a signature guarantee by an eligible guarantor institution.

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

A signature guarantee, from either a Medallion program member or a non-Medallion program member, is required in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ownership is being changed on your account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When redemption proceeds are payable or sent to any person, address or bank account not on record;

&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 30 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all redemptions in excess of $50,000 from any shareholder account.

The Fund may waive any of the above requirements in certain instances. In addition to the situations described above, the Fund(s) and/or the Transfer Agent reserve the right to require a signature guarantee 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 guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source.

*Redemption Commitment.* The Company reserves the right to make payments in whole or in part in securities or other assets in case of an emergency or any time a cash distribution would impair the liquidity of a Portfolio to the detriment of the existing shareholders. In such event, the securities would be readily marketable, to the extent available, and would be valued in the same manner as a Portfolio's investment securities are valued. If the recipient sold such securities, brokerage charges would be incurred. Receipt of such securities is a taxable event for federal income tax purposes.

*Suspension of Redemptions.* The Company may suspend the right of redemption with respect to any Portfolio or postpone the date of payment (a) during any period when the NYSE is closed (other than customary weekend and holiday closings), (b) when trading in the markets a Portfolio ordinarily utilizes is restricted, or when an emergency exists as determined by the SEC so that disposal of the investments or determination of its NAV is not reasonably practicable, or (c) for such other periods as the SEC by order may permit to protect the shareholders.

*New York Stock Exchange Closings.* The holidays (as observed) on which the NYSE is closed currently are: New Year's Day, Presidents' Day, Rev. Martin Luther King, Jr. Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas.

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**DIVIDENDS, DISTRIBUTIONS AND FEDERAL INCOME TAXES**

The following is intended to be a general summary of certain federal income tax consequences of investing in the Portfolios. It is not intended as a complete discussion of all such consequences or a discussion of circumstances applicable to certain types of shareholders. Investors are therefore advised to consult their tax advisers before making an investment decision. This discussion assumes that each investor holds his, her or its shares in a Portfolio as a capital asset and is a U.S. shareholder (except as otherwise specifically provided below).

For purposes of this summary, a "U.S. shareholder" is a beneficial owner of shares of a Portfolio that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons (as such term is defined under the Internal Revenue Code of 1986, as amended (the "IRC")) have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a United States person under the IRC)

A "Non-U.S. shareholder" is a beneficial owner of shares of a Portfolio that is an individual, corporation, trust or estate and is not a U.S. shareholder.

If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds shares of a Portfolio, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A prospective shareholder who is a partner of a partnership holding a Portfolio shares should consult his, her or its tax advisors with respect to the purchase, ownership and disposition of his, her or its Portfolio shares.

**Regulated Investment Companies**

The Company's management believes that each Portfolio qualified as a "regulated investment company" under Subchapter M of the IRC ("regulated investment company"), for the fiscal year ended December 31, 2025 and intends to meet the same qualifications for the fiscal year ending December 31, 2026. Qualification as a regulated investment company relieves a Portfolio from any liability for federal income tax to the extent that its earnings are distributed to shareholders. The term "regulated investment company" does not imply the supervision of management or investment practices or policies by any government agency.

As a regulated investment company, a Portfolio will not be liable for federal income tax provided it timely distributes all of its income and gains. Qualification as a regulated investment company under the IRC requires, among other things, that each Portfolio (a) derive each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such securities or currencies, and net income derived from interests in qualified publicly traded partnerships; (b) diversify its holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Portfolio's total assets is represented by cash, cash items, U.S. government securities, securities of other regulated investment companies, and other securities (for purposes of this calculation generally limited, in respect of any one issuer, to an amount not greater than 5% of the market value of the Portfolio's total assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its total assets is invested, including through corporations in which the Portfolio owns a 20% or more voting stock interest, in the securities of any one issuer (other than U.S. government securities or the securities of other regulated investment companies), of two or more issuers (other than the securities of other regulated investment companies) which the Portfolio controls and which are determined to be engaged in the same, similar or related trades or businesses, or of one or more qualified publicly traded partnerships; and (c) distribute each taxable year at least 90% of its investment company taxable income (which includes dividends, interest, and net short-term capital gains in excess of net long-term capital losses) determined without regard to the deduction for dividends paid and at least 90% of its net tax-exempt interest income, if any.

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Because the Index Fund is established in part as an investment for certain insurance variable annuity contracts, the IRC imposes additional diversification requirements on the Index Fund. Generally, these requirements are that at each calendar quarter end or within 30 days thereafter no more than 55% of the value of the Index Fund's total assets may be in any one investment, no more than 70% of the value in any two investments, no more than 80% of the value in any three investments, and no more than 90% of the value in any four investments.

A Portfolio generally will be subject to a nondeductible federal excise tax of 4% to the extent that it does not meet certain minimum distribution requirements as of the end of each calendar year. To avoid the tax, a Portfolio must distribute or be deemed to have distributed, during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (and adjusted for certain ordinary losses) for the twelve-month period ending on October 31 of the calendar year (or November 30 or December 31 of that year if the Portfolio is permitted to elect and so elects), and (3) all undistributed ordinary income and capital gain net income for previous years. The Portfolios intend to make timely distributions of their income in compliance with these requirements and anticipate that they will not be subject to this excise tax.

Dividends paid by a Portfolio from ordinary income, and distributions of a Portfolio's realized net short-term capital gains, are generally taxable for federal income tax purposes to its U.S. shareholders as ordinary income. Certain distributions to corporate U.S. shareholders will be eligible for the dividends received deduction provided that such U.S. shareholder meets certain holding period and other requirements under the Code in respect of the Portfolio's shares and the Portfolio also meets the same holding period and other requirements, and distributions to U.S. shareholders that are individuals and other noncorporate U.S. shareholders will be eligible for taxation at long-term capital gain rates, to the extent that the income of the Portfolios is derived from certain qualified dividends. Dividend income earned by a Portfolio will be qualified only if a Portfolio has satisfied certain holding period and other requirements. In addition, the U.S. shareholder must meet the same holding period and other requirements that the Portfolio must meet with respect to his, her or its Portfolio shares. If a Portfolio participates in a security lending transaction and receives a payment in lieu of dividends with respect to securities on loan, such income generally will not constitute qualified dividend income or be eligible for the dividends received deduction. After the end of its taxable year, each Portfolio will send to its shareholders a written notice designating the amount of any distributions made during such year which may be taken into account by its shareholders for purposes of such provisions of the IRC. Net capital gain distributions are not eligible for the dividends received deduction or qualified dividend income treatment.

Under the IRC, any distributions designated as being made from net capital gains (*i.e.*, net long-term capital gains in excess of net short-term capital losses) are taxable to a Portfolio's U.S. shareholders as long-term capital gains, regardless of the holding period of the shares held by such shareholders. Such distributions of net capital gains will be designated by each Portfolio as a capital gains distribution in a written notice to its shareholders. The maximum federal income tax rate applicable to long-term capital gains is 20% for U.S. shareholders that are individuals and other noncorporate U.S. shareholders. Corporate U.S. shareholders are taxed on long-term capital gains at the same rates as ordinary income. Dividends and distributions are taxable whether received in cash or reinvested in additional shares of a Portfolio.

Dividends and distributions are generally taxable for federal income tax purposes to U.S. shareholders at the time the distribution is received. A dividend or distribution will be treated as paid on December 31 of the calendar year if it is declared by a Portfolio in October, November, or December of that year to shareholders of record on a date in such a month and paid by the Portfolio during January of the following year. Such dividends or distributions will be taxable to U.S. shareholders (other than those not subject to federal income tax) in the calendar year in which the dividends or distributions are declared, rather than the calendar year in which the dividends or distributions are received.

The sale, exchange or redemption of shares of a Portfolio may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if such shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of shares of a Portfolio will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of such shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the U.S. shareholder with respect to such shares. All or a portion of any loss realized upon a taxable disposition of shares of a Portfolio will be disallowed if other shares of the Portfolio or other substantially identical stock or securities are acquired (including through reinvestment of dividends) within 30 days before or after the disposition. In such a case, the basis of the newly purchased stock or securities will be adjusted to reflect the disallowed loss. A U.S. shareholder's ability to utilize capital losses may be limited by the IRC.

An additional 3.8% Medicare tax contribution is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Portfolio and net gains from redemptions or other taxable dispositions of Portfolio shares) of U.S. shareholders that are 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.

Any dividend or distribution paid shortly after an investor's purchase of shares of a Portfolio may have the effect of reducing the aggregate NAV of his, her or its shares below the cost of his, her or its investment. Such a dividend or distribution would be a return on investment in an economic sense but subject to federal income tax. This is referred to as "buying a dividend."

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Certain distributions reported by a Portfolio as Section 163(j) interest dividends may be treated as interest income by U.S. shareholders for purposes of the interest expense limitations under IRC Section 163(j). This treatment may increase the amount of a shareholder's deductible interest expense. Such treatment by a U.S. shareholder is generally subject to holding period requirements and other potential limitations although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Portfolio is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Portfolio's business interest income over the sum of the Portfolio's (i) business interest expense and (ii) other deductions properly allocable to the Portfolio's business interest income. A Portfolio may choose not to designate Section 163(j) interest dividends.

**Hedging Transactions**

Ordinarily, gains and losses realized from Portfolio transactions will be treated as a capital gain or loss. All or a portion of the gain realized from engaging in "conversion transactions" may be treated as ordinary income under Section 1258 of the IRC. "Conversion transactions" are defined to include certain futures, option and "straddle" transactions, transactions marketed or sold to produce capital gains, or transactions described in Treasury Regulations to be issued in the future.

Under Section 1256 of the IRC, a gain or loss realized by a Portfolio from certain financial futures transactions will be treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss. Gain or loss will arise upon the sale or lapse of such futures as well as from closing transactions. In addition, any such futures positions that are open at the end of a Portfolio's taxable year will be treated as sold for their then fair market value, resulting in additional gain or loss to the Portfolio characterized in the manner described above. In such circumstances, a Portfolio may have to dispose of Portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing cash, to satisfy the distribution requirements to maintain its status as a regulated investment company or to avoid federal income or excise taxes.

Offsetting positions held by a Portfolio involving financial futures may constitute "straddles." Straddles are defined to include "offsetting positions" in actively traded personal property. The federal income tax treatment of straddles is governed by Sections 1092 and 1258 of the IRC, which, in certain circumstances, overrides or modifies the provisions of Section 1256 of the IRC. As such, all or a portion of any short- or long-term capital gain from certain "straddle" and/or conversion transactions may be recharacterized as ordinary income.

If a Portfolio were treated as entering into straddles by reason of its futures transactions, such straddles could be characterized as "mixed straddles" if the futures transactions comprising such straddles were governed by Section 1256 of the IRC. A Portfolio may make one or more elections with respect to "mixed straddles." Depending upon which election is made, if any, the results to a Portfolio may differ. If no election is made, to the extent the straddle rules apply to positions established by a Portfolio, losses realized by a Portfolio will be deferred to the extent of unrealized gain in any offsetting positions. Moreover, as a result of the straddle rules, short-term capital loss on straddle positions may be recharacterized as long-term capital loss, and long-term capital gain on straddle positions may be recharacterized as short-term capital gain, and as a result of the conversion transaction rules, long-term capital gain may be recharacterized as ordinary income.

Under Section 1259 of the IRC, a Portfolio may recognize gain if it enters into a short sale of, or a forward or futures contract to deliver, the same or substantially identical property relating to an appreciated direct position held by the Portfolio. Such transactions may be considered constructive sales of the appreciated direct position for federal income tax purposes.

The application of certain requirements for qualification as a regulated investment company and the application of certain other federal income tax rules may be unclear in some respects in connection with investments in certain derivatives and other investments. As a result, a Portfolio may be required to limit the extent to which it invests in such investments and it is also possible that the IRS may not agree with the Portfolio's treatment of such investments. In addition, the tax treatment of derivatives and certain other investments may be affected by future legislation, Treasury Regulations and guidance issued by the IRS (which could apply retroactively) that could affect the timing, character and amount of a Portfolio's income and gains and distributions to shareholders, affect whether the Portfolio has made sufficient distributions and otherwise satisfied the requirements to maintain its qualification as a regulated investment company and avoid federal income and excise taxes or limit the extent to which the Portfolio may invest in certain derivatives and other investments in the future.

**Other Investments**

If a Portfolio invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the Portfolio elects to include market discount in income currently), the Portfolio must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, a Portfolio must distribute to shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid) and its net tax-exempt income, including such income it is required to accrue to qualify as a regulated investment company and (with respect to its ordinary income and capital gain) to avoid federal income and excise taxes. Therefore, a Portfolio may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.

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A Portfolio may also acquire market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption value (or its adjusted issue price if it is also an original issue discount bond). If a Portfolio invests in a market discount bond, it will be required to treat any gain recognized on the disposition of such market discount bond as ordinary income (instead of capital gain) to the extent of the accrued market discount unless the Portfolio elects to include the market discount in income as it accrues.

A Portfolio's investment in lower-rated or unrated debt securities may present issues for the Portfolio if the issuers of these securities default on their obligations because the federal income tax consequences to a holder of such securities are not certain.

To the extent a Portfolio invests in foreign securities, it may be subject to withholding and other taxes imposed by foreign countries. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. Because the amount of a Portfolio's investments in various countries will change from time to time, it is not possible to determine the effective rate of such taxes in advance. None of the Portfolios (except the International Fund, see below) expect to satisfy the requirements for passing through to its shareholders their pro rata share of qualified foreign taxes paid by the Portfolio, with the result that the Portfolio's net investment income will be reduced by the foreign taxes paid by the Portfolio and the Portfolio's shareholders will not be required to include such taxes in their gross incomes and will not be entitled to a tax deduction or credit for such taxes on their own federal income tax returns.

Foreign exchange gains and losses realized by a Portfolio in connection with certain transactions that involve foreign currency-denominated debt securities, certain foreign currency options, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the IRC, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing, and character of distributions to shareholders. For example, if a Portfolio sold a foreign bond and part of the gain or loss on the sale was attributable to an increase or decrease in the value of a foreign currency, then the currency gain or loss may be treated as ordinary income or loss.

The International Fund may qualify for and make an election permitted under the "pass through" provisions of Section 853 of the IRC, which allows a regulated investment company to pass through its foreign taxes to its shareholders. To be eligible for this treatment, more than 50% of the value of the International Fund's total assets at the close of its taxable year must consist of stock or other securities in foreign corporations, and the International Fund must have distributed at least 90% of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt interest income. If the International Fund makes this election, it may not take any foreign tax credit, and may not take a deduction for foreign taxes paid. However, the International Fund would be allowed to include the amount of foreign taxes paid in a taxable year in its dividends-paid deduction. Each U.S. shareholder would then be required to: (1) include in gross income (in addition to taxable dividends actually received) its pro rata share of such foreign taxes paid by the International Fund; (2) treat its pro rata share of such foreign taxes as having been paid by it; and (3) either deduct its pro rata share of such foreign taxes in computing its taxable income or use it as a foreign tax credit against its U.S. federal income tax, subject in both cases to certain limitations. No deduction for such foreign taxes may be claimed by a U.S. shareholder who does not itemize deductions. Each shareholder will be notified after the close of the International Fund's taxable year whether the foreign taxes paid by the International Fund will "pass-through" for that year. If the International Fund does not make such an election, its net investment income will be reduced by the foreign taxes paid by it and its U.S. shareholders will not be required to include in their gross income, and will not be able to claim a credit or deduction for, their pro rata share of foreign taxes paid by the International Fund.

A Portfolio's investments in REIT equity securities may result in the Portfolio's receipt of cash in excess of the REIT's earnings; if the Portfolio distributes these amounts, these distributions could constitute a return of capital to the Portfolio's shareholders for federal income tax purposes. Investments in REIT equity securities also may require a Portfolio to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Portfolio may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by a Portfolio from a REIT will not qualify for the corporate dividends received deduction and generally will not constitute qualified dividend income.

Under a notice issued by the IRS, a portion of a Portfolio's income from residual interests in real estate mortgage investment conduits ("REMICs") or from a REIT (or other pass-through entity) that is attributable to the REIT's residual interest in a REMIC or an equity interest in a taxable mortgage pool (referred to in the IRC as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides that excess inclusion income of a regulated investment company, such as the Portfolios, 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 or taxable mortgage pool interest 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 a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) 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 federal income tax return, to file a tax return and pay tax on such income, and (iii) in the case of a Non-U.S. shareholder, will not qualify for any treaty exception or reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (as defined by the IRC) is a record holder of a share in a regulated investment company, then the regulated investment

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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 highest federal income tax rate imposed on corporations.

For taxable years beginning after December 31, 2017, qualified REIT dividends (*i.e.*, REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are eligible for a 20% federal income tax deduction in the case of U.S. shareholders that are individuals, trusts and estates. A Portfolio that receives qualified REIT dividends may elect to pass the special character of this income through to its shareholders. To be eligible to treat distributions from a Portfolio as qualified REIT dividends, a shareholder must hold shares of the Portfolio 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 and the shareholder must not be under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. If a Portfolio does not elect to pass the special character of this income through to shareholders or if a shareholder does not satisfy the above holding period requirements, the shareholder will not be entitled to the 20% deduction for the shareholder's share of the Portfolio's qualified REIT dividend income while direct investors in REITs may be entitled to the deduction.

Generally, the character of the income or capital gains that a Portfolio receives from another investment company, including certain ETFs, will pass through to the Portfolio's shareholders as long as the Portfolio and the other investment company each qualify as regulated investment companies. However, if a Portfolio invests in another investment company that qualifies as a regulated investment company and the investment company realizes net losses on its investments for a given taxable year, the Portfolio will not be able to recognize its share of those losses until it disposes of shares of such investment company. Moreover, even when a Portfolio does make such a disposition, a portion of its loss may be recognized as a long-term capital loss.

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gains that a Portfolio will be required to distribute to shareholders will be greater than such amounts would have been had the Portfolio invested directly in the securities held by the investment companies in which it invests, rather than investing in shares of the investment companies. For similar reasons, the character of distributions from a Portfolio (*e.g.*, long-term capital gain, qualified dividend income, etc.) will not necessarily be the same as it would have been had the Portfolio invested directly in the securities held by the investment companies in which it invests.

**Other Tax Information**

The Portfolios may be required to withhold for U.S. federal income tax at a flat rate of 24% on all distributions, sales proceeds, redemption proceeds, and any other payments" payable to U.S. shareholders who fail to provide the Company with their correct taxpayer identification number or to make required certifications, or who have been notified (or if the Company is notified) by the IRS that they are subject to backup withholding. Certain U.S. shareholders specified in the IRC are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the U.S. shareholder's U.S. federal income tax liability on such US shareholder's federal income tax return.

A Portfolio may also be subject to state or local taxes in certain states where it is deemed to be doing business. Further, in those states which have income tax laws, the tax treatment of the Company, the Portfolios and shareholders of a Portfolio may differ from federal income tax treatment. Distributions to shareholders may be subject to additional state and local taxes.

Non-U.S. shareholders should consult their tax advisers concerning the tax consequences of ownership of shares of a Portfolio, including the possibility that distributions may be subject to a 30% U.S. withholding tax (or a reduced rate of withholding provided by an applicable income tax treaty). However, a Portfolio will generally not be required to withhold tax on any amounts paid to a Non-U.S. shareholder with respect to dividends attributable to qualified short-term gain (*i.e.*, the excess of net short-term capital gain over net long-term capital loss) designated as such by the Portfolio and dividends attributable to certain U.S. source interest income that would not be subject to federal withholding tax if earned directly by a Non-U.S. shareholder, provided such amounts are properly designated by the Portfolio. A Portfolio may choose not to designate such amounts.

Sections 1471-1474 of the IRC and the U.S. Treasury and IRS guidance issued thereunder (collectively "FATCA") generally require a Portfolio to obtain information sufficient to identify the status of each of its shareholders. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Portfolio may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on Portfolio dividends and distributions and on the proceeds of the sale, redemption, or exchange of Portfolio shares. Proposed Treasury Regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Portfolio shares. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. A Portfolio may disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation, including investments through an intermediary.

Special rules apply to Non-U.S. shareholders who receive distributions from a Portfolio that are attributable to gain from "United States real property interests" ("USRPIs"). The IRC defines USRPIs to include direct holdings of U.S. real property and any interest (other than an interest solely as a creditor) in a "United States real property holding corporation" or former United States real property

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holding corporation. The IRC defines a United States real property holding corporation as any corporation whose USRPIs make up 50% or more of the fair market value of its USRPIs, its interests in real property located outside the U.S., plus any other assets it uses in a trade or business. In general, if a Portfolio is a United States real property holding corporation (determined without regard to certain exceptions), distributions by the Portfolio that are attributable to (a) gains realized on the disposition of USRPIs by the Portfolio and (b) distributions received by the Portfolio from a lower-tier regulated investment company or REIT that the Portfolio is required to treat as USRPI gain in its hands will retain their character as gains realized from USRPIs in the hands of the Non-U.S. shareholders and will be subject to U.S. federal withholding tax. In addition, such distributions could result in Non-U.S. shareholders being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Non-U.S. shareholder, including the rate of such withholding and character of such distributions (*e.g.*, ordinary income or USRPI gain) will vary depending on the extent of the Non-U.S. shareholder's current and past ownership of a Portfolio.

In addition, if a Portfolio is a United States real property holding corporation or former United States real property holding corporation, the Portfolio may be required to withhold U.S. tax upon a redemption of shares by a greater-than-5% shareholder that is a Non-U.S. shareholder, and that shareholder would be required to file a U.S. income tax return for the year of the disposition of the USRPI and pay any additional tax due on the gain. However, no such withholding is generally required with respect to amounts paid in redemption of shares of a Portfolio if such Portfolio is a domestically controlled qualified investment entity, or, in certain other limited cases, if a Portfolio (whether or not domestically controlled) holds substantial investments in regulated investment companies that are domestically controlled qualified investment entities.

**Capital Loss Carry Forwards**

As of December 31, 2025, the Wilshire Income Opportunities Fund had available for federal income tax purposes unused short-term capital losses in the amount of $6,516,578 and long-term capital losses in the amount of $21,236,472, which do not expire.

During the year ended December 31, 2025, Wilshire Small Company Growth Portfolio utilized $2,183,578 of capital loss carryforwards.

The foregoing is only a summary of certain federal income tax rules affecting a Portfolio and its investors. Shareholders should consult their own tax advisers regarding specific questions as to federal, foreign, state or local taxes in light of their particular circumstances.

**OTHER INFORMATION**

The Company is a Maryland corporation organized on July 30, 1992.

Maryland General Corporation Law provides a statutory framework for the powers, duties, rights and obligations of the Directors and stockholders of the Company, while the more specific powers, duties, rights and obligations of the Directors and stockholders are determined by the Directors as set forth in the Company's articles of incorporation ("Charter") or the Company's by-laws ("By-Laws"). Some of the more significant provisions of the Charter are described below.

**Classes of Shares**

The Charter provides for a definite number of shares to be issued, which may be increased by the Board without stockholder approval. However, the Charter authorizes the Board to fix the price or the minimum price or the consideration or minimum consideration for, and to issue, the shares of stock of the Company. The Board is also authorized to classify or to reclassify, as the case may be, any unissued shares of stock of the Company. Subject to the power of the Board to classify and reclassify unissued shares, shares of each class shall have the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as set forth in the Company's Charter.

The title of each class of each Portfolio is as follows:

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| | |
|:---|:---|
| Large Company Growth Portfolio: | Wilshire 5000 Index<sup>SM</sup> Fund *(formerly the FT Wilshire 5000 Index*<sup>SM</sup>*)*: |
| Large Company Growth Portfolio – Investment Class Shares | Wilshire 5000 Index<sup>SM</sup> Fund – Investment Class Shares |
| Large Company Growth Portfolio – Institutional Class Shares | Wilshire 5000 Index<sup>SM</sup> Fund – Institutional Class Shares |
| Large Company Value Portfolio: | Wilshire International Equity Fund: |
| Large Company Value Portfolio – Investment Class Shares | Wilshire International Equity Fund – Investment Class Shares |
| Large Company Value Portfolio – Institutional Class Shares | Wilshire International Equity Fund – Institutional Class Shares |
| Small Company Growth Portfolio: | Wilshire Income Opportunities Fund: |
| Small Company Growth Portfolio – Investment Class Shares | Wilshire Income Opportunities Fund – Investment Class Shares |
| Small Company Growth Portfolio – Institutional Class Shares | Wilshire Income Opportunities Fund – Institutional Class Shares |
| Small Company Value Portfolio: |  |
| Small Company Value Portfolio – Investment Class Shares |  |
| Small Company Value Portfolio – Institutional Class Shares |  |

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Each share of a Portfolio has one vote and, when issued and paid for in accordance with the terms of the offering, is fully paid and non-assessable. Shares have no preemptive, subscription or conversion rights and are freely transferable. Shares of each class of a Portfolio have equal rights as to dividends and in liquidation. Each class may differ, however, with respect to sales charges, if any, distribution and/or service fees, if any, other expenses allocable exclusively to each class and voting rights on matters exclusively affecting that class. The different sales charges and other expenses applicable to the different classes of shares of the Portfolios will affect the performance of those classes.

**Director and Officer Liability**

Each Director is required to perform his or her duties in good faith and in a manner he or she believes to be in the best interests of the Company. All actions and omissions of Directors are presumed to be in accordance with the foregoing standard of performance, and any person alleging the contrary has the burden of proving that allegation.

The Charter provides that to the fullest extent that limitations on the liability of Directors and officers are permitted under current Maryland law, no Director or Officer of the Company shall have any liability to the Company or its stockholders for damages. This limitation of liability applies to events occurring at the time a person serves as a Director or officer of the Company whether or not such person is a Director or officer of the Company at the time of any proceeding in which liability is asserted.

The Charter requires the Company to indemnify and advance expenses to its currently acting and former Directors to the fullest extent that indemnification of Directors is permitted under current Maryland law. The Charter also requires the Company to indemnify and advance expenses to its officers to the same extent as its Directors and permits the Board to make further provisions for the indemnification of Directors, officers, employees and agents of the Company to the fullest extent permitted under current law.

No provision of the Charter is effective, however, to protect any Director or officer of the Company from liability to the Company or its stockholders to which such Director or officer would otherwise by subject by willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

**Voting Rights**

Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for the Company to hold annual meetings of stockholders. As a result, stockholders may not consider each year the election of Directors or the appointment of an independent registered public accounting firm. However, stockholder meetings for any purpose may be called by the Board or the president and shall be called by the secretary for the purpose of removing a Director and for all other purposes whenever the holders of shares entitled to at least ten percent of all the votes entitled to be cast at such meeting shall make a duly authorized request that such meeting be called. Notwithstanding the foregoing, unless requested by stockholders entitled to cast a majority of the votes entitled to be cast at the meeting, a special meeting of the stockholders need not be called at the request of stockholders to consider any matter that is substantially the same as a matter voted on at any special meeting of the stockholders held during the preceding twelve months.

Rule 18f-2 under the 1940 Act ("Rule 18f-2") provides that any matter required to be submitted under the provisions of the 1940 Act or applicable state law or otherwise to the holders of the outstanding voting securities of an investment company, such as the Company, will not be deemed to have been effectively acted upon unless approved by the holders of the outstanding shares of each series affected by such matter. Rule 18f-2 further provides that a series shall be deemed to be affected by a matter unless it is clear that the interests of all series in the matter are identical or that the matter does not affect any interest of such series. However, Rule 18f-2 exempts the selection of independent accountants and the election of Directors from the separate voting requirements of the Rule. Rule 18f-3 under the 1940 Act ("Rule 18f-3") makes further provision for the voting rights of each class of shares of an investment company which issues more than one class of voting shares. In particular, Rule 18f-3 provides that each class shall have exclusive voting rights on any matter submitted to shareholders that relates solely to the class' arrangement for services and expenses, and shall

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have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class.

**Derivative and Direct Actions**

Unless the Company consents in writing to a selection of an alternative forum, the sole and exclusive form for (a) any derivative action or proceeding brought on behalf of the Company, (b) any action asserting a claim of breach of a fiduciary duty owned by any Director, officer or other employee of the Company to the Company or the Company's stockholders, (c) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law or the Charter or By-Laws, (d) any action to interpret, apply, enforce or determine the validity of the Charter or By-Laws or (e) any action asserting a claim governed by the internal affairs doctrine shall be the Circuit Court for Baltimore City, Maryland, or, if the Circuit Court for Baltimore City, Maryland does not have jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division (each, a "Covered Action"). Any person purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be (i) deemed to have notice of and consented to the provisions of Article IX of the By-Laws, and (ii) deemed to have waived any argument relation got the inconvenience of the forums referenced above in connection with any action or proceeding described in Article IX of the By-Laws.

If any Covered Action is filed in a court other than the Circuit Court for Baltimore City, Maryland or the U.S. District Court for the District of Maryland, Baltimore Division (a "Foreign Action") in the name of any stockholder, such stockholder shall be deemed to have consented to (a) the personal jurisdiction of the Circuit Court for Baltimore City, Maryland or the U.S. District Court for the District of Maryland, Baltimore Division in connection with any action brought in any such courts to enforce the first paragraph of Article IX of the

By-Laws (an "Enforcement Action") and (b) having service of process made upon such stockholder in any such Enforcement Action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

If any provision or provisions of Article IX of the By-Laws shall be held to be invalid, illegal or unenforceable as applied to any person or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provision(s) in any other circumstance and of the remaining provisions of Article IX of the By-Laws (including, without limitation, each portion of any sentence of Article IX of the By-Laws containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons and circumstances shall not in any way be affected or impaired thereby.

**Amendment to the Charter**

Any provision of the Charter may be amended, altered or repealed without any action from stockholders, including amendments which alter the contract rights of any class of stock outstanding.

The Company will send annual and semi-annual financial statements to all of the Portfolios' shareholders.

**FINANCIAL STATEMENTS**

The Company's audited financial statements are contained in the Portfolios' <u>[Form N-CSR](https://www.sec.gov/Archives/edgar/data/890453/000113322826003315/wwmf-efp22306_ncsr.htm)</u> for the fiscal year ended December 31, 2025 and are incorporated into this SAI by reference in their entirety. Such financial statements have been audited by the Company's independent registered public accounting firm, Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, whose report thereon appears in such annual report. Cohen & Company, Ltd.'s services include auditing the Portfolios' financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested. Such financial statements have been incorporated herein in reliance upon such report given upon their authority as experts in accounting and auditing.

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**APPENDIX A – PROXY VOTING POLICIES**

***Alger Management***

***FRED ALGER MANAGEMENT, LLC ("FAM")***

***WEATHERBIE CAPITAL, LLC ('WC")***

***REDWOOD INVESTMENTS, LLC ("RI")***

***(collectively, "Alger")***

***PROXY VOTING POLICIES AND PROCEDURES***

Effective as of September 2024

**Purpose**

Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") requires registered investment advisers, who have discretionary authority to vote the proxies held in their clients' accounts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)adopt and implement written policies and procedures reasonably designed to ensure that they vote proxies in the best interests of their clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)describe their proxy voting policies and procedures to their clients and upon request, provide copies of such policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)disclose to their clients how they may obtain information on how the investment adviser voted their proxies.

Rule 204-2 under the Advisers Act requires, among other things, that registered investment advisers maintain records of its proxy voting policies and procedures; proxy statements received; votes cast on behalf of clients; client requests for proxy voting information; and documents prepared by the investment adviser that were material to making a voting decision.

Form N-PX and Rule 14Ad-1 under the Securities Exchange Act of 1934, as amended, each requires certain investment advisers, such as FAM, WC and RI, to report annually how they voted proxies relating to shareholder advisory votes on executive compensation (or "say-on-pay") matters. This reporting is completed by filing with the Securities and Exchange Commission (the "SEC") a Form N-PX by August 31<sup>st</sup> each year.

**Scope**

This policy applies to FAM, WC, and RI, each an investment adviser registered under the Advisers Act, to ensure that proxies are voted in their clients' best interests.

**Procedures for Implementation**

Alger's Client and Portfolio Administration group ("CPA") is responsible for supervising the proxy voting process, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)maintaining appropriate proxy voting policies and procedures, as well as records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)determining the accounts for which Alger has proxy voting responsibilities as part of the account onboarding process or in connection with amending client agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)establishing new clients in the proxy voting process, including but not limited to establishing the accounts with Institutional Shareholder Services Inc. ("ISS"), Alger's proxy voting vendor, ensuring the custodians are sending proxies to ISS, and setting up required client reporting.

Alger receives and considers the recommendations of ISS when voting proxies on behalf of clients. Alger also delegates the mechanics of voting proxies to ISS.

CPA ensures that ISS can vote the proxies of Alger's clients prior to investing the client assets. Alger provides notification to ISS stating the ISS proxy voting guideline to be used. Alger also instructs the client's custodian to forward all proxy ballots and notices to ISS.

Alger accesses ISS's proxy voting through a website that identifies when a proxy vote is due, provides an analysis of each proxy proposal, and indicates how ISS intends to vote the proxy based on its proxy policies. CPA monitors ISS by reviewing upcoming shareholder meetings through this website.

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ISS issues voting recommendations based on pre-determined voting guidelines intended to vote proxies in the clients' best interests. ISS has developed a variety of different "pre-determined" recommendations based on a client's or adviser's particular objectives. Currently, in the absence of client specific direction, Alger has instructed ISS to base its recommendations from its Socially Responsible Investment Proxy Voting Guidelines. For clients of Alger who are Taft Hartley plans, Alger instructs ISS to base its recommendations from its Taft Hartley Proxy Voting Guidelines if requested by the client. Clients may instruct Alger to follow ISS <u>Global Board-Aligned Proxy</u> <u>Voting Policy Statement and Guidelines</u> to exclude socially responsible considerations from proxy voting. Clients may have their own specific proxy voting guidelines. For such clients, Alger requests ISS to vote proxies based on the clients' instructions. Clients may also advise Alger that they will vote proxies for their accounts. For such clients, Alger takes no action with respect to proxy voting.

If a country's laws allow a company to block the sale of shares in advance of a shareholder meeting, Alger will generally not vote in the shareholder meetings held in that country, unless the company represents that it will not block the sale of its shares in connection with the meeting. Although Alger considers proxy voting to be an important shareholder right, Alger will generally not impede its ability to trade in a stock to vote at a shareholder meeting.

An Alger Portfolio Manager or Analyst may desire to override ISS's voting recommendation. Such override recommendation must be submitted in writing to the appropriate Chief Investment Officer ("CIO") of FAM, WC or RI, as applicable, outlining the reasons for the override and confirming that the Analyst or Portfolio Manager has no conflict of interest in connection with the recommendation to override ISS' recommendation. If the applicable CIO agrees with the override, the recommendation is sent to CPA which will notify ISS of Alger's override vote. If a conflict does exist, the General Counsel reviews the matter with the applicable CIO and they then jointly determine how to cast the vote. All such determinations are documented by CPA and presented quarterly to Alger's Compliance & Controls Committee.

Daily, CPA monitors Proxy Alert notifications received from ISS. Alger will review any Proxy Alerts related to material changes or additional information, including errors, to assess if the ISS vote was in compliance with Alger's voting policy.

On a monthly basis, CPA sends a notice of upcoming shareholder meetings to the Alger Analysts for their review.

On a quarterly basis, CPA verifies that proxies for the previous quarter were voted in accordance with Alger's policies, procedures, and guidelines. Alger randomly selects one issuer's voted proxy and one issuer's prepopulated votes for an upcoming meeting. Alger reviews a sample of the proxy items to ensure that the ISS votes are in compliance with Alger's proxy voting policy for each client that hold the security. A certification from ISS and the result of the sampling is presented to Alger's Compliance & Controls Committee reporting the voting activity from the previous quarter.

On an annual basis, CPA confirms with ISS which issuer proxy votes were say-on-pay matters that require Form N-PX filings. Once confirmed, CPA ensures that the Form N-PX reports are filed with the SEC by the regulatory August 31<sup>st</sup> deadline.

Alger or ISS, on Alger's behalf, maintains records of proxy statements received, votes cast on behalf of clients, client requests for proxy voting information, and documents prepared by the respective investment adviser that were material to making a voting decision. Such records are maintained in an easily accessible place for a period of not less than 5 years in an appropriate office of Alger or ISS. In the event that ISS maintains such records, ISS provides such records to Alger promptly upon Alger's request.

**Conflicts of Interest**

When issuing vote recommendations and casting proxy votes in accordance with its pre-determined proxy voting guidelines, ISS also discloses any conflicts of interest it has with the issuer of such securities that are the subject of its recommendation. To the extent ISS has a material conflict of interest with the company whose proxies are at issue, it may recuse itself from voting proxies. In such cases, Alger instructs ISS how to vote. When ISS does not recuse itself, but still discloses a conflict, Alger reviews ISS's disclosure regarding such conflict. When such relationship involves a payment to ISS of $250,000 or more,

Alger reviews ISS's voting to ensure adherence to the pre-determined proxy voting guidelines and considers whether ISS's recommendation is in its clients' best interests.

Moreover, Alger regularly considers the robustness of ISS's policies and procedures regarding its ability to (i) ensure that its proxy voting recommendations are based on current and accurate information and (ii) identify and address any conflicts of interest.

**Client Disclosure**

Alger provides its clients with a general description of its proxy guidelines. Such description of its proxy voting guidelines can be found in Alger's Form ADV and in Appendix A below. For

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U.S. registered fund shareholders, a description of Alger's proxy voting guidelines can be found in the applicable fund's Statement of Additional Information. Further, Alger informs clients, upon request, of Alger's actual proxy voting policies and procedures, and how Alger voted their proxies. CPA maintains this policy online at www.alger.com.

**How to Obtain Further Information**

For U.S. registered fund shareholders, Alger's voting record is available at www.alger.com. For separate accounts clients, please contact your Client Service Manager (212) 806-8800.

**Appendix A**

<u>SRI Advisory Services Proxy Voting Policy Statement and Guidelines</u>

ISS's Social Advisory Services division recognizes that socially responsible investors have dual objectives: financial and social. Socially responsible investors invest for economic gain, as do all investors, but they also require that the companies in which they invest conduct their business in a socially and environmentally responsible manner.

These dual objectives carry through to socially responsible investors' proxy voting activity once the security selection process is completed. In voting their shares, socially responsible institutional shareholders are concerned not only with sustainable economic returns to shareholders and good corporate governance but also with the ethical behavior of corporations and the social and environmental impact of their actions.

Social Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the dual objectives of socially responsible shareholders. On matters of social and environmental import, the guidelines seek to reflect a broad consensus of the socially responsible investing community. Generally, we take as our frame of reference policies that have been developed by groups such as the Interfaith Center on Corporate Responsibility, the General Board of Pension and Health Benefits of the United Methodist Church, Domini Social Investments, and other leading church shareholders and socially responsible mutual fund companies. Additionally, we incorporate the active ownership and investment philosophies of leading globally recognized initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), the United Nations Principles for Responsible Investment (UNPRI), the United Nations Global Compact, and environmental and social European Union Directives.

On matters of corporate governance, executive compensation, and corporate structure, Social Advisory Services guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance consistent with responsibilities to society as a whole.

The guidelines provide an overview of how Social Advisory Services recommends that its clients vote. We note that there may be cases in which the final vote recommendation on a particular company varies from the vote guideline due to the fact that we closely examine the merits of each proposal and consider relevant information and company-specific circumstances in arriving at our decisions. Where Social Advisory Services acts as voting agent for its clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Social Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social, and corporate governance topics, in addition to evolving market standards, regulatory changes, and client feedback.

<u>Taft-Hartley Advisory Services Proxy Voting Policy Statement and Guidelines</u>

The proxy voting policy of ISS's Taft-Hartley Advisory Services is based upon the AFL-CIO Proxy Voting Guidelines, which comply with all the fiduciary standards delineated by the U.S. Department of Labor.

Taft-Hartley client accounts are governed by the Employee Retirement Income Security Act (ERISA). ERISA sets forth the tenets under which pension fund assets must be managed and invested. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence. The duty of loyalty requires that the voting fiduciary exercise proxy voting authority solely in the economic interest of participants and plan beneficiaries. The duty of prudence requires that decisions be made based on financial criteria and that a clear process exists for evaluating proxy issues.

The Taft-Hartley Advisory Services voting policy was carefully crafted to meet those requirements by promoting long-term shareholder value, emphasizing the "economic best interests" of plan participants and beneficiaries. Taft-Hartley Advisory Services will assess the short-term and long-term impact of a vote and will promote a position that is consistent with the long-term economic best interests of plan members embodied in the principle of a "worker-owner view of value."

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The Taft-Hartley Advisory Services guidelines address a broad range of issues, including election of directors, executive compensation, proxy contests, auditor ratification, and tender offer defenses – all significant voting items that affect long-term shareholder value. In addition, these guidelines delve deeper into workplace issues that may have an impact on corporate performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate policies that affect job security and wage levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate policies that affect local economic development and stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate responsibility to employees, communities and the environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workplace safety and health issues.

Taft-Hartley Advisory Services shall analyze each proxy on a case-by-case basis, informed by the guidelines outlined in the following pages. Taft-Hartley Advisory Services does not intend for these guidelines to be exhaustive. It is neither practical nor productive to fashion voting guidelines and policies which attempt to address every eventuality. Rather, Taft-Hartley Advisory Services' guidelines are intended to cover the most significant and frequent proxy issues that arise. Issues not covered by the guidelines shall be voted in the interest of plan participants and beneficiaries of the plan based on a worker-owner view of long-term corporate value. Taft-Hartley Advisory Services shall revise its guidelines as events warrant and will remain in conformity with the AFL-CIO proxy voting policy.

<u>Global Board-Aligned Proxy Voting Policy Statement and Guidelines</u>

ISS's Global Board-Aligned Policy is designed to enable subscribing investors to vote in a manner that upholds many foundational corporate governance principles as a means of protecting and maximizing their investments, whilst generally aligning with issuers' board recommendations for voting on environmental and social matters.

On matters of corporate governance, executive compensation, and corporate structure, the Global Board-Aligned Policy guidelines are focused on a range of widely accepted good standards of corporate governance and shareholder rights protection, and on the creation and preservation of economic value. On environmental or social matters, the Global Board-Aligned Policy will generally be in line with the board's recommendations, with support limited to circumstances where it is considered that greater disclosure will directly enhance or protect shareholder value and is reflective of a clearly established reporting standard in the market. Although board diversity is a widely accepted factor in assessing board composition and good standards of corporate governance in many markets globally and for many investors, the Global Board-Aligned Policy excludes consideration of board diversity, or any lack thereof, in determining vote recommendations under the policy, taking the approach that the consideration of such matters is the responsibility of the board.

***AllianceBernstein***

Effective August 2024

1. INTRODUCTION

AllianceBernstein L.P.'s ("AB," "we," "us," "our" and similar terms) mission is to work in our clients' best interests to deliver better investment outcomes through differentiated research insights and innovative portfolio solutions. As a fiduciary and investment adviser, we place the interests of our clients first and treat all our clients fairly and equitably, and we have an obligation to responsibly allocate, manage and oversee their investments to seek sustainable, long-term shareholder value.

AB has authority to vote proxies relating to securities in certain client portfolios and, accordingly, AB's fiduciary obligations extend to AB's exercise of such proxy voting authority for each client AB has agreed to exercise that duty. AB's general policy is to vote proxy proposals, amendments, consents or resolutions relating to client securities, including interests in private investment funds, if any (collectively, "proxies"), in a manner that serves the best interests of each respective client as determined by AB in its discretion, after consideration of the relevant clients' investment strategies, and in accordance with this Proxy Voting and Governance Policy ("**Proxy Voting and Governance Policy**" or "**Policy**") and the operative agreements governing the relationship with each respective client ("Governing Agreements"). This Policy outlines our principles for proxy voting, includes a wide range of issues that often appear on voting ballots, and applies to all of AB's internally managed assets, globally. It is intended for use by those involved in the proxy voting decision-making process and those responsible for the administration of proxy voting ("**members of Responsibility team**"), in order to ensure that this Policy and its procedures are implemented consistently.<sup>1</sup>

<sup>1</sup> Please note that while this Policy is intended to be applied globally, in certain jurisdictions in which we operate, a limited number of votes may vary due to local rules and regulations.

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To be effective stewards of our client's investments and maximize shareholder value, we need to vote proxies on behalf of our clients responsibly. This Policy forms part of a suite of policies and frameworks beginning with **AB's Stewardship Statement** that outline our approach to Responsibility, stewardship, engagement, climate change, human rights, global slavery and human trafficking, and controversial investments. Proxy voting is an integral part of this process, enabling us to support strong corporate governance structures, shareholder rights, transparency and disclosure, and encourage corporate action on material environmental, social and governance ("ESG") and climate issues.

This Policy is overseen by the Proxy Voting and Governance Committee ("**Proxy Voting and Governance Committee"** or **"Committee")**, which provides oversight and includes senior representatives from Equities, Fixed Income, Responsibility, Legal and Operations. It is the responsibility of the Committee to evaluate and maintain proxy voting procedures and guidelines, to evaluate proposals and issues not covered by these guidelines, to consider changes in the Policy, and to review the Policy no less frequently than annually. In addition, the Committee meets at least three times a year and as necessary to address special situations.

2. RESEARCH UNDERPINS DECISION MAKING

As a research-driven firm, we approach our proxy voting responsibilities with the same commitment to rigorous research and engagement that we apply to all of our investment activities. The different investment philosophies utilized by our investment teams may occasionally result in different conclusions being drawn regarding certain proposals. In turn, our votes on some proposals may vary by issuer, while maintaining the goal of maximizing the value of the securities in client portfolios.

We sometimes manage accounts where proxy voting is directed by clients or newly acquired subsidiary companies. In these cases, voting decisions may deviate from this Policy. Where we have agreed to vote proxies on behalf of our clients, we have an obligation to vote proxies in a timely manner and we apply the principles in this Policy to our proxy decisions. To the extent there are any inconsistencies between this Policy and a client's Governing Agreements, the Governing Agreements shall supersede this Policy.

RESEARCH SERVICES

We subscribe to the corporate governance and proxy research services of vendors such as Institutional Shareholder Services Inc. ("**ISS**") and Glass Lewis at different levels. This research includes proxy voting recommendations distributed by ISS and Glass Lewis. All our investment professionals can access these materials via the members of the Responsibility team and/or the Committee. ISS and Glass Lewis's research services serve as supplementary data sources in addition to the company filings and reports. AB considers additional disclosures provided by issuers by the companies themselves, or by one of the proxy research services we subscribe to, ahead of the vote cutoff date.

ENGAGEMENT

In evaluating proxy issues and determining our votes, we welcome and seek perspectives of various parties. Internally, Proxy Voting and Governance team may consult the Committee, Chief Investment Officers, Portfolio Managers, and/or Research Analysts across our equities platforms, and Portfolio Managers who manage accounts in which a stock is held.

Externally, we may engage with companies in advance of their Annual General Meeting, and throughout the year. We believe engagement provides the opportunity to share our philosophy, our corporate governance values, and more importantly, affect positive change that we believe will drive shareholder value. Also, these meetings often are joint efforts between the investment professionals, who are best positioned to comment on company-specific details, and members of Responsibility team, who offer a more holistic view of ESG and climate practices and relevant trends. In addition, we engage with shareholder proposal proponents and other stakeholders to understand different viewpoints and objectives.

3. PROXY VOTING GUIDELINES

Our proxy voting guidelines are both principles-based and rules-based. We adhere to a core set of principles that are described in this Policy. We assess each proxy proposal in light of these principles. Our proxy voting "litmus test" will always be guided by what we view as most likely to maximize long-term shareholder value. We believe that authority and accountability for setting and executing corporate policies, goals and compensation generally should rest with a company's board of directors and senior management. In return, we support strong investor rights that allow shareholders to hold directors and management accountable if they fail to act in the best interests of shareholders.

With this as a backdrop, our proxy voting guidelines pertaining to specific issues are set forth below. We generally vote proposals in accordance with these guidelines but, consistent with our "principles-based" approach to proxy voting, we may deviate from these guidelines if we believe that deviating from our stated Policy is necessary to help maximize long- term shareholder value) or as otherwise warranted by the specific facts and circumstances of an investment. In addition, these guidelines are not intended to address all issues that may appear on all proxy ballots. We will evaluate on a case- by-case basis any proposal not specifically addressed by

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these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that, by maximizing long-term shareholder value, are in our clients' best interests.

SHAREHOLDER PROPOSAL ASSESSMENT FRAMEWORK

AB's commitment to maximize the long-term value of clients' portfolios drives how we analyze shareholder proposals. Rather than opting to automatically support all shareholder proposals that mention an ESG or climate issue, we evaluate whether or not each shareholder proposal promotes genuine improvement in the way a company addresses an ESG or climate issue, thereby enhancing shareholder value for our clients in managing a more comprehensive set of risks and opportunities for the company's business. The evaluation of a proposal that addresses an ESG or climate issue will consider (among other things) the following core factors, as necessary:

- Materiality of the mentioned ESG or climate issue for the company's business

- The company's current practice, policy and framework

- Prescriptiveness of the proposal – does the shareholder demand unreasonably restrict management from conducting its business?

- Context of the shareholder proposal – is the proponent tied to any particular interest group(s)? Does the proposal aim to promote the interest of the shareholders or group that they are associated with?

- How does the proposal add value for the shareholders?

This shareholder proposal framework applies to all proposal items labeled "SHP" throughout the Policy and any shareholder proposals that aren't discussed in the Policy but appear in our voting universe.

ESCALATION STRATEGIES

proxy voting and engagements work in conjunction to raise and escalate investor concerns to companies. In cases where we determine that he issuer's behavior isn't aligned with our clients' best interests, we may escalate our voting and engagement by taking actions including those outlines in the AB stewardship Statement. The materiality of the issue and the response of management will drive our approach.

3.1 BOARD AND DIRECTOR PROPOSALS

1. Board Oversight and Director Accountability on Material Environmental and Social Topics Impacting Shareholder Value: Climate Risk Management and Human Rights Oversight CASE-BY-CASE

AB believes that board oversight and director accountability are critical elements of corporate governance. Companies demonstrate effective governance through proactive monitoring of material risks and opportunities, including ESG related risks and opportunities. In evaluating investee companies' adaptiveness to evolving climate risks and human rights oversight, AB engages its significant holdings on climate strategy through a firmwide campaign. Based on each company's response, AB will hold respective directors accountable as defined by the committee charter of the company.

2. Establish New Board Committees and Elect Board Members with Specific Expertise (SHP) CASE-BY-CASE

We believe that establishing committees should be the prerogative of a well-functioning board of directors. However, we may support shareholder proposals to establish additional board committees to address specific shareholder issues, including ESG and climate issues. In some cases, oversight for material ESG issues can be managed effectively by existing committees of the board of directors, depending on the expertise of the directors assigned to such committees. We consider on a case-by-case basis proposals that require the addition of a board member with a specific area of expertise.

3. Changes in Board Structure and Amending the Articles of Incorporation FOR

Companies may propose various provisions with respect to the structure of the board of directors, including changing the manner in which board vacancies are filled, directors are nominated and the number of directors. Such proposals may require amending the charter or by-laws or may otherwise require shareholder approval. When these proposals are not controversial or meant as an anti-takeover device, which is generally the case, we vote in their favor. However, if we believe a proposal is intended as an anti-takeover device and diminishes shareholder rights, we generally vote against.

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We may vote against directors for amending by-laws without seeking shareholder approval and/or restricting or diminishing shareholder rights.

4. Declassify Board (SHP) FOR

A classified board typically is divided into three separate classes in which each class holds office for a term of two or three years. Only a portion of the board can be elected or replaced each year. Because this type of proposal has fundamental anti- takeover implications, we generally support proposals that seek to declassify boards. We may evaluate declassification proposals on a case-by-case basis if a company has an adequate sunset provision, a justifiable financial reason, or the proposals is submitted at a non-operating company such as a closed-end fund. We may also vote against directors that fail to implement shareholder approved proposals to declassify boards that we previously supported.

5. Director Liability and Indemnification CASE-BY-CASE

Some companies argue that increased indemnification and decreased liability for directors are important to ensure the continued availability of competent directors. However, others argue that the risk of such personal liability minimizes the propensity for corruption and recklessness.

We generally support indemnification provisions that are consistent with the local jurisdiction in which the company has been formed. "With respect to acts conducted in the normal course of business, we vote in favor of proposals adopting i) indemnification for directors or ii) exculpation of officers." We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, we believe the director or officer acted in good faith and in the best interests of the company. We oppose proposals to indemnify directors for gross negligence.

6. Disclose CEO Succession Plan (SHP) FOR

Proposals like these are often suggested by shareholders of companies with long-tenured CEOs and/or high employee turnover rates. Even though some markets might not require the disclosure of a CEO succession plan, we do think it is good business practice and will support these proposals.

7. Election of Directors FOR

The election of directors is an important vote. We expect directors to represent shareholder interests at the company and maximize shareholder value. We generally vote in favor of the management-proposed slate of directors while considering a number of factors, including local market best practice. We believe companies should have a majority of independent directors and independent key committees. However, we will incorporate local market regulation and corporate governance codes into our decision making. We may support requirements that surpass market regulation and corporate governance codes implemented in a local market if we believe heightened requirements may improve corporate governance practices. We will generally regard a director as independent if the director satisfies the criteria for independence either (i) espoused by the primary exchange on which the company's shares are traded, or (ii) set forth in the code we determine to be best practice in the country where the subject company is domiciled. We may also take into account affiliations, related-party transactions and prior service to the company. We consider the election of directors who are "bundled" on a single slate to be a poor governance practice and vote on a case-by-case basis considering the amount of information available and an assessment of the group's qualifications.

In addition:

We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may vote against directors (or withhold votes for directors if plurality voting applies) who fail to act on key issues. We oppose directors who fail to attend at least 75% of board meetings within a given year without a reasonable excuse.

We may abstain or vote against (depending on a company's history of disclosure in this regard) directors of issuers where there is insufficient information about the nominees disclosed in the proxy statement.

We may vote against directors for poor compensation, audit or governance practices, including the lack of a formal key committee.

We may vote against directors for unilateral bylaw amendments that diminish shareholder rights.

We also may consider engaging company management (by phone, in writing and in person), until any issues have been satisfactorily resolved.

a. Controlled Company Exemption CASE-BY-CASE

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In certain markets, a different standard for director independence may be applicable for controlled companies, which are companies where more than 50% of the voting power is held by an individual, group or another company, or as otherwise defined by local market standards. We may take these local standards into consideration when determining the appropriate level of independence required for the board and key committees.

Exchanges in certain jurisdictions do not have a controlled company exemption (or something similar). In such a jurisdiction, if a company has a majority shareholder or group of related majority shareholders with a majority economic interest, we generally will not oppose that company's directors simply because the board does not include a majority of independent members, although we may take local standards into consideration when determining the appropriate level of independence required for the board and key committees. We will, however, consider these directors in a negative light if the company has a history of violating the rights of minority shareholders.

b. Voting for Director Nominees in a Contested Election CASE-BY-CASE

Votes in a contested election of directors are evaluated on a case-by-case basis with the goal of maximizing shareholder value.

8. Board Capacity

We believe that assessing each nominee's capacity for a board seat is essential for ensuring meaningful board oversight of management. Nominees who are "over-boarded", or have too many outside board commitments, may be unable to dedicate sufficient time toward their board oversight responsibilities. AB currently votes against the appointment of directors who occupy, or would occupy following the vote: five (5) or more total public company board seats for non-CEOs; four (4) or more total public company board seats for the sitting CEO of the company in question; and three (3) or more total public company board seats for sitting CEOs of companies other than the companies under consideration. We may also exercise flexibility on occasions where the "over-boarded" director nominee's presence on the board is critical, based on company specific contexts in absence of any notable accountability concerns.

9. Board Diversity

Diversity is an important element of assessing the board's quality, as it promotes wider range of perspectives to be considered for companies to both strategize and mitigate risks. In line with this view, several European countries legally require board-level gender diversity at publicly listed companies. Our research indicates that improved board diversity may be correlated with superior financial performance. Accordingly, we recommend boards develop, as part of their regular refreshment process, a framework for identifying qualified diverse candidates for all open board positions. We believe diversity is multifaceted and should incorporate a broad range of factors in order to promote diversity of thought, such gender, ethnicity, nationality, professional experience, age, and tenure.

Taking into account a board's size as well as regional considerations, AB may vote against the nominating committee chair, or a relevant incumbent board member, when the board lacks sufficient diversity, unless there are mitigating factors (e.g. the board has articulated plans to diversify board membership). AB generally looks to gender representation and racial/ethnic representation as indicators of board-level diversity, given these are well disclosed and standardized metrics.

10. Independent Lead Director (SHP) FOR

We support shareholder proposals that request a company to amend its by-laws to establish an independent lead director if the position of chairman is non-independent. We view the existence of a strong independent lead director, whose role is robust and includes clearly defined duties and responsibilities, such as the authority to call meetings and approve agendas, as a good example of the sufficient counter-balancing governance. If a company has such an independent lead director in place, we will generally oppose a proposal to require an independent board chairman, barring any additional board leadership concerns.

11. Limit Term of Directorship (SHP) CASE-BY-CASE

These proposals seek to limit the term during which a director may serve on a board to a set number of years.

Accounting for local market practice, we generally consider a number of factors, such as overall level of board independence, director qualifications, tenure, board diversity and board effectiveness in representing our interests as shareholders, in assessing whether limiting directorship terms is in shareholders' best interests. Accordingly, we evaluate these items case-by-case.

12. Majority Independent Directors (SHP) FOR

Each company's board of directors has a duty to act in the best interest of the company's shareholders at all times. We believe that these interests are best served by having directors who bring objectivity to the company and are free from potential conflicts of

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interests. Accordingly, we support proposals seeking a majority of independent directors on the board while taking into consideration local market regulation and corporate governance codes.

13. Majority Votes for Directors (SHP) FOR

We believe that good corporate governance requires shareholders to have a meaningful voice in the affairs of the company. This objective is strengthened if directors are elected by a majority of votes cast at an annual meeting rather than by the plurality method commonly used. With plurality voting a director could be elected by a single affirmative vote even if the rest of the votes were withheld.

We further believe that majority voting provisions will lead to greater director accountability. Therefore, we support shareholder proposals that companies amend their by-laws to provide that director nominees be elected by an affirmative vote of a majority of the votes cast, provided the proposal includes a carve-out to provide for plurality voting in contested elections where the number of nominees exceeds the number of directors to be elected.

14. Removal of Directors Without Cause (SHP) FOR

Company by-laws sometimes define cause very narrowly, including only conditions of criminal indictment, final adverse adjudication that fiduciary duties were breached or incapacitation, while also providing shareholders with the right to remove directors only upon "cause".

We believe that the circumstances under which shareholders have the right to remove directors should not be limited to those traditionally defined by companies as "cause". We also believe that shareholders should have the right to conduct a vote to remove directors who fail to perform in a manner consistent with their fiduciary duties or representative of shareholders' best interests. And, while we would prefer shareholder proposals that seek to broaden the definition of "cause" to include situations like these, we generally support proposals that would provide shareholders with the right to remove directors without cause.

15. Require Independent Board Chairman (SHP) CASE-BY-CASE

We believe there can be benefits to an executive chairman and to having the positions of chairman and CEO combined as well as split. When the chair is non-independent, the company must have sufficient counter-balancing governance in place, generally through a strong independent lead director. Also, for companies with smaller market capitalizations, separate chairman and CEO positions may not be practical.

16. Cross-Shareholding (Japan) AGAINST

Independent oversight at the board level can be disrupted if top management representatives or directors of the board hold notable amount of shares of another entity for purposes other than meeting the share holding requirement as an executive. Such practice can result in misalignment between the shareholders and their board and management. This has historically been a widely debated concern in Japan. Accordingly, we will vote against the top management on ballot, if 20% or greater of the company's net asset is identifiable to be under cross-shareholding practice.

3.2 COMPENSATION PROPOSALS

1. Pro Rata Vesting of Equity Compensation Awards-Change in Control (SHP) CASE-BY-CASE

We examine proposals on the treatment of equity awards in the event of a change in control on a case-by-case basis. If a change in control is accompanied by termination of employment, often referred to as a double-trigger, we generally support accelerated vesting of equity awards. If, however, there is no termination agreement in connection with a change in control, often referred to as a single-trigger, we generally prefer pro rata vesting of outstanding equity awards.

2. Adopt Policies to Prohibit any Death Benefits to Senior Executives (SHP) AGAINST

We view these bundled proposals as too restrictive and conclude that blanket restrictions on any and all such benefits, including the payment of life insurance premiums for senior executives, could put a company at a competitive disadvantage.

3. Advisory Vote to Ratify Directors' Compensation (SHP) FOR

Similar to advisory votes on executive compensation, shareholders may request a non-binding advisory vote to approve compensation given to board members. We generally support this item

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4. Amend Executive Compensation Plan Tied to Performance (Bonus Banking) (SHP) AGAINST

These proposals seek to force a company to amend executive compensation plans such that compensation awards tied to performance are deferred for shareholder specified and extended periods of time. As a result, awards may be adjusted downward if performance goals achieved during the vesting period are not sustained during the added deferral period.

We believe that most companies have adequate vesting schedules and clawbacks in place. Under such circumstances, we will oppose these proposals. However, if a company does not have what we believe to be adequate vesting and/or clawback requirements, we decide these proposals on a case-by-case basis.

5. Approve Remuneration for Directors and Auditors CASE-BY-CASE

We will vote on a case-by-case basis where we are asked to approve remuneration for directors or auditors. We will generally oppose performance-based remuneration for non-executive directors as this may compromise independent oversight. In addition, where disclosure relating to the details of such remuneration is inadequate or provided without sufficient time for us to consider our vote, we may abstain or vote against, depending on the adequacy of the company's prior disclosures in this regard and the local market practice.

6. Approve Retirement Bonuses for Directors (Japan and South Korea) CASE-BY-CASE

Retirement bonuses are customary in Japan and South Korea. Companies seek approval to give the board authority to grant retirement bonuses for directors and/or auditors and to leave the exact amount of bonuses to the board's discretion. We will analyze such proposals on a case-by-case basis, considering management's commitment to maximizing long-term shareholder value. However, when the details of the retirement bonus are inadequate or undisclosed, we may abstain or vote against.

7. Approve Special Payments to Continuing Directors and Auditors (Japan) CASE-BY-CASE

In conjunction with the abolition of a company's retirement allowance system, we will generally support special payment allowances for continuing directors and auditors if there is no evidence of their independence becoming impaired. However, when the details of the special payments are inadequate or undisclosed, we may abstain or vote against.

8. Disclose Executive and Director Pay (SHP) CASE-BY-CASE

The United States Securities and Exchange Commission ("SEC") has adopted rules requiring increased and/or enhanced compensation-related and corporate governance-related disclosure in proxy statements and Forms 10-K. Similar steps have been taken by regulators in foreign jurisdictions. We believe the rules enacted by the SEC and various foreign regulators generally ensure more complete and transparent disclosure. Therefore, while we will consider them on a case-by-case basis (analyzing whether there are any relevant disclosure concerns), we generally vote against shareholder proposals seeking additional disclosure of executive and director compensation, including proposals that seek to specify the measurement of performance-based compensation, if the company is subject to SEC rules or similar rules espoused by a regulator in a foreign jurisdiction. Similarly, we generally support proposals seeking additional disclosure of executive and director compensation if the company is not subject to any such rules.

9. Executive and Employee Compensation Plans, Policies and Reports CASE-BY-CASE

Compensation plans usually are complex and are a major corporate expense, so we evaluate them carefully and on a case-by-case basis. In all cases, however, we assess each proposed Compensation Plan within the framework of four guiding principles, each of which ensures a company's Compensation Plan helps to align the long-term interests of management with shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valid measures of business performance tied to the firm's strategy and shareholder value creation, which are clearly articulated and incorporate appropriate time periods, should be utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation costs should be managed in the same way as any other expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation should reflect management's handling, or failure to handle, any recent social, environmental, governance, ethical or legal issue that had a significant adverse financial or reputational effect on the company and; In granting compensatory awards, management should exhibit a history of integrity and decision-making based on logic and well thought out processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In granting compensatory awards, management should exhibit a history of integrity and decision-making based on logic and well thought out process.

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We may oppose plans which include, and directors who establish, compensation plan provisions deemed to be poor practice such as automatic acceleration of equity, or single-triggered, in the event of a change in control. Although votes on compensation plans are by nature only broad indications of shareholder views, they do lead to more compensation-related dialogue between management and shareholders and help ensure that management and shareholders meet their common objective: maximizing shareholder value.

In markets where votes on compensation plans are not required for all companies, we will support shareholder proposals asking the board to adopt such a vote on an advisory basis.

Where disclosure relating to the details of Compensation Plans is inadequate or provided without sufficient time for us to consider our vote, we may abstain or vote against, depending on the adequacy of the company's prior disclosures in this regard. Where appropriate, we may raise the issue with the company directly or take other steps.

10. Limit Executive Pay (SHP) CASE-BY-CASE

We believe that management and directors, within reason, should be given latitude in determining the mix and types of awards offered to executive officers. We vote against shareholder proposals seeking to limit executive pay if we deem them too restrictive. Depending on our analysis of the specific circumstances, we are generally against requiring a company to adopt a policy prohibiting tax gross up payments to senior executives.

11. Mandatory Holding Periods (SHP) AGAINST

We generally vote against shareholder proposals asking companies to require a company's executives to hold stock for a specified period of time after acquiring that stock by exercising company-issued stock options (i.e., precluding "cashless" option exercises), unless we believe implementing a mandatory holding period is necessary to help resolve underlying problems at a company that have hurt, and may continue to hurt, shareholder value. We are generally in favor of reasonable stock ownership guidelines for executives.

12. Performance-Based Stock Option Plans (SHP) CASE-BY-CASE

These shareholder proposals require a company to adopt a policy that all or a portion of future stock options granted to executives be performance-based. Performance-based options usually take the form of indexed options (where the option sale price is linked to the company's stock performance versus an industry index), premium priced options (where the strike price is significantly above the market price at the time of the grant) or performance vesting options (where options vest when the company's stock price exceeds a specific target). Proponents argue that performance-based options provide an incentive for executives to outperform the market as a whole and prevent management from being rewarded for average performance. We believe that management, within reason, should be given latitude in determining the mix and types of awards it offers. However, we recognize the benefit of linking a portion of executive compensation to certain types of performance benchmarks. While we will not support proposals that require all options to be performance-based, we will generally support proposals that require a portion of options granted to senior executives be performance-based. However, because performance-based options can also result in unfavorable tax treatment and the company may already have in place an option plan that sufficiently ties executive stock option plans to the company's performance, we will consider such proposals on a case-by-case basis.

13. Prohibit Relocation Benefits to Senior Executives (SHP) AGAINST

We do not consider such perquisites to be problematic pay practices as long as they are properly disclosed. Therefore we will vote against shareholder proposals asking to prohibit relocation benefits.

14. Recovery of Performance-Based Compensation (SHP) FOR

We generally support shareholder proposals requiring the board to seek recovery of performance-based compensation awards to senior management and directors in the event of a fraud or other reasons that resulted in the detriment to shareholder value and/or company reputation due to gross ethical lapses. In deciding how to vote, we consider the adequacy of the existing company clawback policy, if any.

15. Submit Golden Parachutes/Severance Plans to a Shareholder Vote (SHP) FOR

Golden Parachutes assure key officers of a company lucrative compensation packages if the company is acquired and/or if the new owners terminate such officers. We recognize that offering generous compensation packages that are triggered by a change in control may help attract qualified officers. However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism. Accordingly, we support proposals to submit severance plans (including supplemental retirement plans), to a shareholder vote, and we review proposals to ratify or redeem such plans retrospectively on a case-by-case basis.

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16. Submit Golden Parachutes/Severance Plans to a Shareholder Vote Prior to Their Being Negotiated by Management (SHP)

CASE-BY-CASE

We believe that in order to attract qualified employees, companies must be free to negotiate compensation packages without shareholder interference. However, shareholders must be given an opportunity to analyze a compensation plan's final, material terms in order to ensure it is within acceptable limits. Accordingly, we evaluate proposals that require submitting severance plans and/or employment contracts for a shareholder vote prior to being negotiated by management on a case-by-case basis.

17. Submit Survivor Benefit Compensation Plan to Shareholder Vote (SHP) FOR

Survivor benefit compensation plans, or "golden coffins", can require a company to make substantial payments or awards to a senior executive's beneficiaries following the death of the senior executive. The compensation can take the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards. This compensation would not include compensation that the senior executive chooses to defer during his or her lifetime.

We recognize that offering generous compensation packages that are triggered by the passing of senior executives may help attract qualified officers. However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism.

3.3 CAPITAL CHANGES AND ANTI-TAKEOVER PROPOSALS

1. Amend Exclusive Forum Bylaw (SHP) AGAINST

We will generally oppose proposals that ask the board to repeal the company's exclusive forum bylaw. Such bylaws require certain legal action against the company to take place in the state of the company's incorporation. The courts within the state of incorporation are considered best suited to interpret that state's laws.

2. Amend Net Operating Loss ("NOL") Rights Plans FOR

NOL Rights Plans are established to protect a company's net operating loss carry forwards and tax credits, which can be used to offset future income. We believe this is a reasonable strategy for a company to employ. Accordingly, we will vote in favor of NOL Rights Plans unless we believe the terms of the NOL Rights Plan may provide for a long-term anti-takeover device.

3. Authorize Share Repurchase FOR

We generally support share repurchase proposals that are part of a well-articulated and well-conceived capital strategy. We assess proposals to give the board unlimited authorization to repurchase shares on a case-by-case basis.

Furthermore, we would generally support the use of derivative instruments (e.g., put options and call options) as part of a share repurchase plan absent a compelling reason to the contrary. Also, absent a specific concern at the company, we will generally support a repurchase plan that could be continued during a takeover period.

4. Blank Check Preferred Stock AGAINST

Blank check preferred stock proposals authorize the issuance of certain preferred stock at some future point in time and allow the board to establish voting, dividend, conversion and other rights at the time of issuance. While blank check preferred stock can provide a corporation with the flexibility needed to meet changing financial conditions, it also may be used as the vehicle for implementing a "poison pill" defense or some other entrenchment device.

We are concerned that, once this stock has been authorized, shareholders have no further power to determine how or when it will be allocated. Accordingly, we generally oppose this type of proposal.

5. Corporate Restructurings, Merger Proposals and Spin-Offs CASE-BY-CASE

Proposals requesting shareholder approval of corporate restructurings, merger proposals and spin-offs are determined on a case-by-case basis. In evaluating these proposals and determining our votes, we are singularly focused on meeting our goal of maximizing long-term shareholder value.

6. Elimination of Preemptive Rights CASE-BY-CASE

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Preemptive rights allow the shareholders of the company to buy newly issued shares before they are offered to the public in order to maintain their percentage ownership. We believe that, because preemptive rights are an important shareholder right, careful scrutiny must be given to management's attempts to eliminate them. However, because preemptive rights can be prohibitively expensive to widely held companies, the benefit of such rights will be weighed against the economic effect of maintaining them.

7. Expensing Stock Options (SHP) FOR

US generally accepted accounting principles require companies to expense stock options, as do the accounting rules in many other jurisdictions (including those jurisdictions that have adopted IFRS -- international financial reporting standards). If a company is domiciled in a jurisdiction where the accounting rules do not already require the expensing of stock options, we will support shareholder proposals requiring this practice and disclosing information about it.

8. Fair Price Provisions CASE-BY-CASE

A fair price provision in the company's charter or by laws is designed to ensure that each shareholder's securities will be purchased at the same price if the corporation is acquired under a plan not agreed to by the board. In most instances, the provision requires that any tender offer made by a third party must be made to all shareholders at the same price.

Fair pricing provisions attempt to prevent the "two-tiered front-loaded offer" where the acquirer of a company initially offers a premium for a sufficient percentage of shares of the company to gain control and subsequently makes an offer for the remaining shares at a much lower price. The remaining shareholders have no choice but to accept the offer. The two-tiered approach is coercive as it compels a shareholder to sell his or her shares immediately in order to receive the higher price per share. This type of tactic has caused many states to adopt fair price provision statutes to restrict this practice.

We consider fair price provisions on a case-by-case basis. We oppose any provision where there is evidence that management intends to use the provision as an anti-takeover device as well as any provision where the shareholder vote requirement is greater than a majority of disinterested shares (i.e., shares beneficially owned by individuals other than the acquiring party).

9. Increase Authorized Common Stock CASE-BY-CASE

In general we regard increases in authorized common stock as serving a legitimate corporate purpose when used to: implement a stock split, aid in a recapitalization or acquisition, raise needed capital for the firm, or provide for employee savings plans, stock option plans or executive compensation plans. That said, we may oppose a particular proposed increase if we consider the authorization likely to lower the share price (this would happen, for example, if the firm were proposing to use the proceeds to overpay for an acquisition, to invest in a project unlikely to earn the firm's cost of capital, or to compensate employees well above market rates). We oppose increases in authorized common stock where there is evidence that the shares are to be used to implement a "poison pill" or another form of anti-takeover device, or if the issuance of new shares would, in our judgment, excessively dilute the value of the outstanding shares upon issuance. In addition, a satisfactory explanation of a company's intentions—going beyond the standard "general corporate purposes"— must be disclosed in the proxy statement for proposals requesting an increase of greater than 100% of the shares outstanding. We view the use of derivatives, particularly warrants, as legitimate capital-raising instruments and apply these same principles to their use as we do to the authorization of common stock. Under certain circumstances where we believe it is important for shareholders to have an opportunity to maintain their proportional ownership, we may oppose proposals requesting shareholders approve the issuance of additional shares if those shares do not include preemptive rights.

In Hong Kong, it is common for companies to request board authority to issue new shares up to 20% of outstanding share capital. The authority typically lapses after one year. We may vote against plans that do not prohibit issuing shares at a discount, taking into account whether a company has a history of doing so.

10. Issuance of Equity Without Preemptive Rights FOR

We are generally in favor of issuances of equity without preemptive rights of up to 30% of a company's outstanding shares unless there is concern that the issuance will be used in a manner that could hurt shareholder value (e.g., issuing the equity at a discount from the current market price or using the equity to help create a "poison pill" mechanism).

11. Multi Class Equity Structure AGAINST

The one share, one vote principle *—* stating that voting power should be proportional to an investor's economic ownership *—* is generally preferred in order to hold the board accountable to shareholders. AB's general expectation of companies with multi class equity structures is to attach safeguards for minority shareholders when appropriate and in a cost-effective manner, which may include measures such as sunset provisions or requiring periodic shareholder reauthorizations. We expect boards to routinely review existing multi-class vote structures and share their current view.

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With that backdrop, we acknowledge that multi-class structures may be beneficial for a period of time, allowing management to focus on longer-term value creation which benefits all shareholders. Accordingly, AB recommends companies that had an initial public offering (IPO) in the past two (2) years to institute a time-based sunset to be triggered seven (7) years from the year of the IPO. In 2021, we will engage with companies in our significant holdings universe that fall under this category. We may vote against the relevant board member of companies that remain unresponsive starting 2022 AGM, unless there is a valid case to apply an exemption.

For companies that instituted a multi-class share structure unrelated to an IPO event or had an IPO two (2) or more years ago, sunset should be seven (7) years from the year when the issuer implemented the multi-class structure. If the structure was adopted greater than seven (7) years ago, we will expect the issuer to consider the shortest sunset plan that makes sense based on the issuer's context.

12. Net Long Position Requirement FOR

We support proposals that require the ownership level needed to call a special meeting to be based on the net long position of a shareholder or shareholder group. This standard ensures that a significant economic interest accompanies the voting power.

13. Reincorporation CASE-BY-CASE

There are many valid business reasons a corporation may choose to reincorporate in another jurisdiction. We perform a case-by-case review of such proposals, taking into consideration management's stated reasons for the proposed move.

Careful scrutiny also will be given to proposals that seek approval to reincorporate in countries that serve as tax havens. When evaluating such proposals, we consider factors such as the location of the company's business, the statutory protections available in the country to enforce shareholder rights and the tax consequences of the reincorporation to shareholders.

14. Reincorporation to Another Jurisdiction to Permit Majority Voting or Other Changes in

Corporate Governance (SHP) CASE-BY-CASE

If a shareholder proposes that a company move to a jurisdiction where majority voting (among other shareholder-friendly conditions) is permitted, we will generally oppose the move notwithstanding the fact that we favor majority voting for directors. Our rationale is that the legal costs, taxes, other expenses and other factors, such as business disruption, in almost all cases would be material and outweigh the benefit of majority voting. If, however, we should find that these costs are not material and/or do not outweigh the benefit of majority voting, we may vote in favor of this kind of proposal. We will evaluate similarly proposals that would require reincorporation in another state to accomplish other changes in corporate governance.

15. Stock Splits FOR

Stock splits are intended to increase the liquidity of a company's common stock by lowering the price, thereby making the stock seem more attractive to small investors. We generally vote in favor of stock split proposals.

16. Submit Company's Shareholder Rights Plan to Shareholder Vote (SHP) FOR

Most shareholder rights plans (also known as "poison pills") permit the shareholders of a target company involved in a hostile takeover to acquire shares of the target company, the acquiring company, or both, at a substantial discount once a "triggering event" occurs. A triggering event is usually a hostile tender offer or the acquisition by an outside party of a certain percentage of the target company's stock. Because most plans exclude the hostile bidder from the purchase, the effect in most instances is to dilute the equity interest and the voting rights of the potential acquirer once the plan is triggered. A shareholder rights plan is designed to discourage potential acquirers from acquiring shares to make a bid for the issuer. We believe that measures that impede takeovers or entrench management not only infringe on the rights of shareholders but also may have a detrimental effect on the value of the company.

We support shareholder proposals that seek to require the company to submit a shareholder rights plan to a shareholder vote. We evaluate on a case-by-case basis proposals to implement or eliminate a shareholder rights plan.

17. Transferrable Stock Options CASE-BY-CASE

In cases where a compensation plan includes a transferable stock option program, we will consider the plan on a case-by- case basis.

These programs allow stock options to be transferred to third parties in exchange for cash or stock. In effect, management becomes insulated from the downside risk of holding a stock option, while the ordinary shareholder remains exposed to downside risk. This insulation may unacceptably remove management's exposure to downside risk, which significantly misaligns management and shareholder interests. Accordingly, we generally vote against these programs if the transfer can be executed without shareholder

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approval, is available to executive officers or non-employee directors, or we consider the available disclosure relating to the mechanics and structure of the program to be insufficient to determine the costs, benefits and key terms of the program.

3.4 AUDITOR PROPOSALS

1. Appointment of Auditors FOR

We believe that the company is in the best position to choose its accounting firm, and we generally support management's recommendation.

We recognize that there may be inherent conflicts when a company's independent auditors perform substantial non-audit related services for the company. Therefore, in reviewing a proposed auditor, we will consider the amount of fees paid for non-audit related services performed compared to the total audit fees paid by the company to the auditing firm, and whether there are any other reasons for us to question the independence or performance of the firm's auditor such as, for example, tenure. We generally will deem as excessive the non-audit fees paid by a company to its auditor if those fees account for 50% or more of total fees paid. In the UK market, which utilizes a different calculation, we adhere to a non- audit fee cap of 100% of audit fees. Under these circumstances, we generally vote against the auditor and the directors, in particular the members of the company's audit committee. In addition, we generally vote against authorizing the audit committee to set the remuneration of such auditors. We exclude from this analysis non-audit fees related to IPOs, bankruptcy emergence, and spin-offs and other extraordinary events. We may vote against or abstain due to a lack of disclosure of the name of the auditor while taking into account local market practice.

2. Approval of Financial Statements FOR

In some markets, companies are required to submit their financial statements for shareholder approval. This is generally a routine item and, as such, we will vote for the approval of financial statements unless there are appropriate reasons to vote otherwise. We may vote against if the information is not available in advance of the meeting.

3. Approval of Internal Statutory Auditors FOR

Some markets (e.g., Japan) require the annual election of internal statutory auditors. Internal statutory auditors have a number of duties, including supervising management, ensuring compliance with the articles of association and reporting to a company's board on certain financial issues. In most cases, the election of internal statutory auditors is a routine item and we will support management's nominee provided that the nominee meets the regulatory requirements for serving as internal statutory auditors. However, we may vote against nominees who are designated independent statutory auditors who serve as executives of a subsidiary or affiliate of the issuer or if there are other reasons to question the independence of the nominees.

4. Limitation of Liability of External Statutory Auditors (Japan) CASE-BY-CASE

In Japan, companies may limit the liability of external statutory auditors in the event of a shareholder lawsuit through any of three mechanisms: (i) submitting the proposed limits to shareholder vote; (ii) setting limits by modifying the company's articles of incorporation; and (iii) setting limits in contracts with outside directors, outside statutory auditors and external audit firms (requires a modification to the company's articles of incorporation). A vote by 3% or more of shareholders can nullify a limit set through the second mechanism. The third mechanism has historically been the most prevalent.

We review proposals to set limits on auditor liability on a case-by-case basis, considering whether such a provision is necessary to secure appointment and whether it helps to maximize long-term shareholder value.

5. Separating Auditors and Consultants (SHP) CASE-BY-CASE

We believe that a company serves its shareholders' interests by avoiding potential conflicts of interest that might interfere with an auditor's independent judgment. SEC rules adopted as a result of the Sarbanes-Oxley Act of 2002 attempted to address these concerns by prohibiting certain services by a company's independent auditors and requiring additional disclosure of other non-audit related services.

We evaluate on a case-by-case basis proposals that go beyond the SEC rules or other local market standards by prohibiting auditors from performing other non-audit services or calling for the board to adopt a policy to ensure auditor independence.

We take into consideration the policies and procedures the company already has in place to ensure auditor independence and non-audit fees as a percentage of total fees paid to the auditor are not excessive.

3.5 SHAREHOLDER ACCESS AND VOTING PROPOSALS

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1. A Shareholder's Right to Call Special Meetings (SHP) FOR

Most state corporation statutes (though not Delaware, where many US issuers are domiciled) allow shareholders to call a special meeting when they want to take action on certain matters that arise between regularly scheduled annual meetings. This right may apply only if a shareholder, or a group of shareholders, owns a specified percentage as defined by the relevant company bylaws.

We recognize the importance of the right of shareholders to remove poorly performing directors, respond to takeover offers and take other actions without having to wait for the next annual meeting. However, we also believe it is important to protect companies and shareholders from nuisance proposals. We further believe that striking a balance between these competing interests will maximize shareholder value. We believe that encouraging active share ownership among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Accordingly, we will generally support a proposal to establish shareholders' right to call a special meeting unless we see a potential abuse of the right based on the company's current share ownership structure.

2. Adopt Cumulative Voting (SHP) CASE-BY-CASE

Cumulative voting is a method of electing directors that enables each shareholder to multiply the number of his or her shares by the number of directors being considered. A shareholder may then cast the total votes for any one director or a selected group of directors. For example, a holder of 10 shares normally casts 10 votes for each of 12 nominees to the board thus giving the shareholder 120 (10 × 12) votes. Under cumulative voting, the shareholder may cast all 120 votes for a single nominee, 60 for two, 40 for three, or any other combination that the shareholder may choose.

We believe that encouraging activism among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Cumulative voting supports the interests of minority shareholders in contested elections by enabling them to concentrate their votes and dramatically increase their chances of electing a dissident director to a board. Accordingly, we generally will support shareholder proposals to restore or provide for cumulative voting and we generally will oppose management proposals to eliminate cumulative voting. However, we may oppose cumulative voting if a company has in place both proxy access, which allows shareholders to nominate directors to the company's ballot, and majority voting (with a carve-out for plurality voting in situations where there are more nominees than seats), which requires each director to receive the affirmative vote of a majority of votes cast and, we believe, leads to greater director accountability to shareholders.

Also, we support cumulative voting at controlled companies regardless of any other shareholder protections that may be in place.

3. Adopt Cumulative Voting in Dual Shareholder Class Structures (SHP) FOR

In dual class structures (such as A and B shares) where the shareholders with a majority economic interest have a minority voting interest, we generally vote in favor of cumulative voting for those shareholders.

4. Early Disclosure of Voting Results (SHP) AGAINST

These proposals seek to require a company to disclose votes sooner than is required by the local market. In the US, the SEC requires disclosure in the first periodic report filed after the company's annual meeting which we believe is reasonable. We do not support requests that require disclosure earlier than the time required by the local regulator.

5. Limiting a Shareholder's Right to Call Special Meetings AGAINST

Companies contend that limitations on shareholders' rights to call special meetings are needed to prevent minority shareholders from taking control of the company's agenda. However, such limits also have anti-takeover implications because they prevent a shareholder or a group of shareholders who have acquired a significant stake in the company from forcing management to address urgent issues, such as the potential sale of the company. Because most states prohibit shareholders from abusing this right, we see no justifiable reason for management to eliminate this fundamental shareholder right. Accordingly, we generally will vote against such proposals.

In addition, if the board of directors, without shareholder consent, raises the ownership threshold a shareholder must reach before the shareholder can call a special meeting, we will vote against those directors.

6. Permit a Shareholder's Right to Act by Written Consent (SHP) CASE-BY-CASE

Action by written consent enables a large shareholder or group of shareholders to initiate votes on corporate matters prior to the annual meeting. We believe this is a fundamental shareholder right and, accordingly, will generally support shareholder proposals seeking to restore this right. However, in cases where a company has a majority shareholder or group of related majority shareholders with majority economic interest, we will oppose proposals seeking to restore this right as there is a potential risk of abuse by the majority shareholder or group of majority shareholders. We may also vote against the proposal if the company provides shareholders a right to

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call special meetings with an ownership threshold of 15% or below in absence of material restrictions, as we believe that shareholder access rights should be considered from a holistic view rather than promoting all possible access rights that may impede one another in contrast to long-term shareholder value.

7. Proxy Access for Annual Meetings (SHP) (Management) FOR

These proposals allow "qualified shareholders" to nominate directors. We generally vote in favor of management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access (adopted by the SEC in 2010, but vacated by the US District of Columbia Circuit Court of Appeals in 2011), which would have allowed a single shareholder, or group of shareholders, who hold at least 3% of the voting power for at least three years continuously to nominate up to 25% of the current board seats, or two directors, for inclusion in the subject company's annual proxy statement alongside management nominees.

We may vote against proposals that use requirements that are stricter than the SEC's framework including implementation restrictions and against individual board members, or entire boards, who exclude from their ballot properly submitted shareholder proxy access proposals or compete against shareholder proxy access proposals with stricter management proposals on the same ballot We will generally vote in favor of proposals that seek to amend an existing right to more closely align with the SEC framework.

We will evaluate on a case-by-case basis proposals with less stringent requirements than the vacated SEC framework.

From time to time we may receive requests to join with other shareholders to support a shareholder action. We may, for example, receive requests to join a voting block for purposes of influencing management. If the third parties requesting our participation are not affiliated with us and have no business relationships with us, we will consider the request on a case-by-case basis. However, where the requesting party has a business relationship with us (e.g., the requesting party is a client or a significant service provider), agreeing to such a request may pose a potential conflict of interest. As a fiduciary we have an obligation to vote proxies in the best interest of our clients (without regard to our own interests in generating and maintaining business with our other clients) and given our desire to avoid even the appearance of a conflict, we will generally decline such a request.

8. Reduce Meeting Notification from 21 Days to 14 Days (UK) FOR

Companies in the United Kingdom may, with shareholder approval, reduce the notice period for extraordinary general meetings from 21 days to 14 days. A reduced notice period expedites the process of obtaining shareholder approval of additional financing needs and other important matters. Accordingly, we support these proposals.

9. Shareholder Proponent Engagement Process (SHP) FOR

We believe that proper corporate governance requires that proposals receiving support from a majority of shareholders be considered and implemented by the company. Accordingly, we support establishing an engagement process between shareholders and management to ensure proponents of majority-supported proposals, have an established means of communicating with management.

10. Supermajority Vote Requirements AGAINST

A supermajority vote requirement is a charter or by-law requirement that, when implemented, raises the percentage (higher than the customary simple majority) of shareholder votes needed to approve certain proposals, such as mergers, changes of control, or proposals to amend or repeal a portion of the Articles of Incorporation.

In most instances, we oppose these proposals and support shareholder proposals that seek to reinstate the simple majority vote requirement. However, we may support supermajority vote requirements at controlled companies as a protection to minority shareholders from unilateral action of the controlling shareholder.

11. Authorize Virtual-Only Shareholder Meetings CASE-BY-CASE

COVID-19 has called for a need to authorize companies in holding virtual-only shareholder meetings. While recognizing technology has enabled shareholders to remain connected with the board and management, AB acknowledges that virtual only shareholder meetings have resulted in certain companies abusing their authority by limiting shareholders from raising questions and demanding onerous requirements to be able to read their questions during the meeting. Because such practice vary by company and jurisdiction with different safeguard provisions, we will consider—among other things— a company's disclosure on elements such as those below when voting on management or shareholder proposals for authorizing the company to hold virtual-only shareholder meetings:

- Explanation for eliminating the in-person meeting;

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- Clear description of which shareholders are qualified to participate in virtual-only shareholder meetings and how attendees can join the meeting;

- How to submit and ask questions;

- How the company plans to mimic a real-time in-person question and answer session; and

- List of questions received from shareholders in their entirety, both prior to and during the meeting, as well as associated responses from the company

3.6 ENVIRONMENTAL, SOCIAL AND DISCLOSURE PROPOSALS

1. Animal Welfare (SHP) CASE-BY-CASE

These proposals may include reporting requests or policy adoption on items such as pig gestation crates and animal welfare in the supply chain. For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

2. Climate Change (SHP) CASE-BY-CASE

Generally, FOR (on proposals described below). Proposals addressing climate change concerns are plentiful and their scope varies. Climate change increasingly receives investor attention as a potentially critical and material risk to the sustainability of a wide range of business-specific activities. These proposals may include emissions standards or reduction targets, quantitative goals, and impact assessments. We generally support these proposals, while taking into account the materiality of the issue and whether the proposed information is of added benefit to shareholders.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure, while taking into account existing policies and procedures of the company and whether the proposal is of added benefit to shareholders.

3. Say on Climate FOR

Say on Climate is an advisory vote mechanism that seeks to obtain shareholder approval on the company's existing climate risk management related efforts. We recognize both the benefits of having an opportunity to review the company's climate program, but also the risks entailed in formally approving the plan. Accordingly, we are generally supportive of shareholder proposals that require management to establish a say on climate mechanism.

In assessing the climate risk management strategy of issuers, AllianceBernstein considered factors such as following, but not limited to:

Emissions Metrics and Targets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does the company have emissions metrics and targets in place for Scopes 1 snd 2 emissions in alignment with the Paris agreement?

Climate Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does the company perform scenario analysis that includes the use of a widely recognized, scientifically-based 1.5 degree scenario?

Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does the Board provide oversight on the issuer's climate change strategy?

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has the company incurred any recent material failures, or been involved in any controversies, related to managing climate-related risk?

Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Does the company disclose its exposure to climate risk via the framework developed by the Taskforce on Climate related Financial Disclosure?

While Say on Climate ("SOC") vote offers us an additional opportunity to express our view of the company's relevant risk management, AllianceBernstein's engagement and fundamental research processes drive our integration of climate related risks and opportunities apart from the SOC mechanism.

4. Charitable Contributions (SHP) (Management) CASE-BY-CASE

Proposals relating to charitable contributions may be sponsored by either management or shareholders. Management proposals may ask to approve the amount for charitable contributions. We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

5. Environmental Proposals (SHP) CASE-BY-CASE

These proposals can include reporting and policy adoption requests in a wide variety of areas, including, but not limited to, (nuclear) waste, deforestation, packaging and recycling, renewable energy, toxic material, palm oil and water.

We consider company specific contexts as well as our ongoing research and engagements for evaluating the company's existing policies and practices. National standards, best practices and the potential enactment of new regulations in addition to any investment risk regarding the specific issue are also incorporated into our assessments.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

6. Genetically Altered or Engineered Food and Pesticides (SHP) CASE-BY-CASE

These proposals may include reporting requests on pesticides monitoring/use and Genetically Modified Organism (GMO) as well as GMO labeling.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

7. Health Proposals (SHP) CASE-BY-CASE

These proposals may include reports on pharmaceutical pricing, antibiotic use in the meat supply, and tobacco products. We generally support shareholder proposals calling for reports and disclosure while taking into account the current reporting policies of the company and whether the proposed information is of added benefit to shareholders.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue. We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposal is of added benefit to shareholders.

8. Human Rights Policies and Reports (SHP) CASE-BY-CASE

These proposals may include reporting requests on human rights risk assessments ("HRIA"), humanitarian engagement and mediation policies, working conditions, adopting policies on supply chain worker fees and expanding existing policies in these areas. We recognize that many companies have complex supply chains which have led to increased awareness of supply chain issues as an investment risk.

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For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company's incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

For proposals addressing forced labor and supply chain management from the human rights perspective, AB assesses the proposal based on its proprietary framework. The framework considers factors such as oversight of the issue, risk idntification process, action plan to mitigate risks, the effectiveness of the action plan, and future improvement.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

9. Include Sustainability as a Performance Measure (SHP) CASE-BY-CASE

We believe management and directors should be given latitude in determining appropriate performance measurements.

While doing so, consideration should be given to how long-term sustainability issues might affect future company performance. Therefore, we will evaluate on a case-by-case basis proposals requesting companies to consider incorporating specific, measurable, practical goals consisting of sustainability principles and environmental impacts as metrics for incentive compensation and how they are linked with our objectives as long-term shareholders.

10. Lobbying and Political Spending (SHP) FOR

We generally vote in favor of proposals requesting increased disclosure of political contributions and lobbying expenses, including those paid to trade organizations and political action committees, whether at the federal, state, or local level. These proposals may increase transparency.

11. Other Business AGAINST

In certain jurisdictions, these proposals allow management to act on issues that shareholders may raise at the annual meeting. Because it is impossible to know what issues may be raised, we will vote against these proposals.

12. Reimbursement of Shareholder Expenses (SHP) AGAINST

These shareholder proposals would require companies to reimburse the expenses of shareholders who submit proposals that receive a majority of votes cast or the cost of proxy contest expenses. We generally vote against these proposals, unless reimbursement occurs only in cases where management fails to implement a majority passed shareholder proposal, in which case we may vote in favor.

13. Sustainability Report (SHP) FOR

We generally support shareholder proposals calling for reports and disclosure related to sustainability while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

14. Workplace: Diversity (SHP) FOR

We generally support shareholder proposals calling for reports and disclosure surrounding workplace diversity while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

We generally support proposals requiring a company to amend its Equal Employment Opportunity policies to prohibit workplace discrimination based on sexual orientation and gender identity.

15. Workplace: Gender Pay Equity (SHP) FOR

A report on pay disparity between genders typically compares the difference between male and female median earnings expressed as a percentage of male earnings and may include, (i) statistics and rationale explanation pertaining to changes in the size of the gap, (ii) recommended actions, and (iii) information on whether greater oversight is needed over certain aspects of the company's compensation policies. In the U.S., we are generally supportive of proposals to require companies to make similar assessments and disclosure related to the pay disparity between different gender and ethnic/racial groups. Shareholder requests to place a limit on a global median ethnic/racial pay gap will be assessed based on the cultural and the legal context of markets to which the company is exposed.

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The SEC requires US issuers with fiscal years ending on or after January 1, 2017, to contrast CEO pay with median employee pay. This requirement, however, does not specifically address gender pay equity issues in such pay disparity reports. Accordingly, we will generally support proposals requiring gender pay metrics, taking into account the specific metrics and scope of the information requested and whether the SEC's requirement renders the proposal unnecessary.

4. CONFLICTS OF INTEREST

4.1 INTRODUCTION

As a fiduciary, we always must act in our clients' best interests. We strive to avoid even the appearance of a conflict that may compromise the trust our clients have placed in us, and we insist on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. We have adopted a comprehensive Code of Business Conduct and Ethics ("Code") to help us meet these obligations. As part of this responsibility and as expressed throughout the Code, we place the interests of our clients first and attempt to avoid any perceived or actual conflicts of interest.

AB recognizes that potentially material conflicts of interest arise when we engage with a company or vote a proxy solicited by an issuer that sponsors a retirement plan we manage (or administer), that distributes AB-sponsored mutual funds, or with which AB or one or more of our employees have another business or personal relationship , and that such conflicts could affect how we vote on the issuer's proxy. Similarly, potentially material conflicts of interest arise when engaging with and deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. In order to address any perceived or actual conflict of interest, the procedures set forth below in sections 4.2 through 4.8 have been established for use when we encounter a potential conflict to ensure that our engagement activities and voting decisions are in our clients' best interest consistent with our fiduciary duties and seek to maximize shareholder value.

4.2 ADHERENCE TO STATED PROXY VOTING POLICIES

Votes generally are cast in accordance with this Policy. In situations where our Policy involves a case-by-case assessment, the following sections provide criteria that will guide our decision. In situations where our Policy on a particular issue involves a case-by-case assessment and the vote cannot be clearly decided by an application of our stated Policy, a member of the Committee or his/her designee will make the voting decision in accordance with the basic principle of our Policy to vote proxies with the intention of maximizing the value of the securities in our client accounts. In these situations, the voting rationale must be documented either on the voting platform of our proxy services vendor, by retaining relevant emails or another appropriate method. Where appropriate, the views of investment professionals are considered. All votes cast contrary to our stated voting Policy on specific issues must be documented. If a proxy vote involves a potential conflict of interest, the voting decision will be determined in accordance with the processes outlined in section 4.4 of the Policy. On an annual basis, the Committee will receive and review a report of all such votes so as to confirm adherence with the Policy.

4.3 DISCLOSURE OF CONFLICTS

When considering a proxy proposal, members of the Committee or investment professionals involved in the decision- making process must disclose to the Committee any potential conflict (including personal relationships) of which they are aware and any substantive contact that they have had with any interested outside party (including the issuer or shareholder group sponsoring a proposal) regarding the proposal. Any previously unknown conflict will be recorded on the Potential Conflicts List (discussed below). If a member of the Committee has a material conflict of interest, he or she generally must recuse himself or herself from the decision-making process.

4.4 POTENTIAL CONFLICTS LIST

Potential conflicts related to proxy voting may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving ublicly-traded clients of AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving ublicly-traded companies that distribute AB mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes where investment teams have different views;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving any clients that try to advocate for proxy voting support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting contrary to the Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other company subject to a material conflict of which a Committee member becomes aware.

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We determine our votes for all meetings of companies that may present a conflict by applying the processes described in Section 4.5 below. We document all instances when the Conflicts Officer determines our vote.

4.5 DETERMINE EXISTENCE OF CONFLICT OF INTEREST

When we encounter a potential conflict of interest, we review our proposed vote using the following analysis to ensure our voting decision is in the best interest of our clients:

- If our proposed vote is explicitly addressed by and consistent with the Policy, no further review is necessary.

- If our proposed vote is contrary to the Policy (i.e., requires a case-by-case assessment or is not covered by the Policy), the vote will be presented to the Conflicts Officer. The Conflicts Officer's review will be documented using a Proxy Voting Conflict of Interest Form (a copy of which is attached hereto). The Conflicts Officer will determine whether the proposed vote is reasonable. If the Conflicts Officer cannot determine that the proposed vote is reasonable, the Conflicts Officer may instruct AB to refer the votes back to the client(s) or take other actions as the Conflicts Officer deems appropriate in light of the facts and circumstances of the particular potential conflict. The Conflicts Officer may take or recommend that AB take the following steps:

- Recuse or "wall-off" certain personnel from the proxy voting process;

- Confirm whether AB's proposed vote is consistent with the voting recommendations of our proxy research services vendor; or

- Take other actions as the Conflicts Officer deems appropriate.

4.6 REVIEW OF THIRD PARTY PROXY SERVICE VENDORS

AB engages one or more Proxy Service Vendors to provide voting recommendations and voting execution services. From time to time, AB will evaluate each Proxy Service Vendor's services to assess that they are consistent with this Policy and the best interest of our clients. This evaluation may include: (i) a review of pre-populated votes on the Proxy Service Vendor's electronic voting platform before such votes are cast, and (ii) a review of policies that address the consideration of additional information that becomes available regarding a proposal before the vote is cast. AB will also periodically review whether Proxy Service Vendors have the capacity and competency to adequately analyze proxy issues and provide the necessary services to AB. AB will consider, among other things, the adequacy and quality of the Proxy Service Vendor's staffing, personnel and/or technology, as well as whether the Proxy Service Vendor has adequate disclosures regarding its methodologies in formulating voting recommendations. If applicable, we will also review whether any potential factual errors, incompleteness or methodological weaknesses materially affected the Proxy Service Vendor's services and the effectiveness of the Proxy Service Vendor's procedures for obtaining current and accurate information relevant to matters included in its research.

The Committee also takes reasonable steps to review the Proxy Service Vendor's policies and procedures addressing conflicts of interest and verify that the Proxy Service Vendor(s) to which we have a full- level subscription is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing each Proxy Service Vendor's conflict management procedures on an annual basis. When reviewing these conflict management procedures, we will consider, among other things, (i) whether the Proxy Service Vendor has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest; and (ii) whether the Proxy Service Vendor provides adequate disclosure of actual and potential conflicts of interest with respect to the services provided to AB by the Proxy Service Vendor and (iii) whether the Proxy Service Vendor's policies and procedures utilize technology in delivering conflicts disclosure; and (iv) can offer research in an impartial manner and in the best interests of our clients.

4.7 CONFIDENTIAL VOTING

It is AB's policy to support confidentiality before the actual vote has been cast. Employees are prohibited from revealing how we intend to vote except to (i) members of the Committee; (ii) Portfolio Managers who hold the security in their managed accounts; (iii) the Research Analyst(s) who cover(s) the security; (iv) clients, upon request, for the securities held in their portfolios; (v) clients who do not hold the security or for whom AB does not have proxy voting authority, but who provide AB with a signed a Non-Disclosure Agreement; or (vi) declare our stance on an ESG related shareholder proposal(s) that is (are) deemed material for the issuer's business for generating long-term value in our clients' best interests. Once the votes have been cast for our mutual fund clients, they are made public in accordance with mutual fund proxy vote disclosures required by the SEC, and we generally post all votes to our public website one business day after the meeting date.

We may participate in proxy surveys conducted by shareholder groups or consultants so long as such participation does not compromise our confidential voting policy. Specifically, prior to our required SEC disclosures each year, we may respond to surveys asking about our proxy voting policies, but not any specific votes. After our mutual fund proxy vote disclosures required by the SEC

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each year have been made public and/or votes have been posted to our public website, we may respond to surveys that cover specific votes in addition to our voting policies.

On occasion, clients for whom we do not have proxy voting authority may ask us how AB's Policy would be implemented. A member of the Committee or one or more members of Responsibility team may provide the results of a potential implementation of the AB policy to the client's account subject to an understanding with the client that the implementation shall remain confidential.

Any substantive contact regarding proxy issues from the issuer, the issuer's agent or a shareholder group sponsoring a proposal must be reported to the Committee if such contact was material to a decision to vote contrary to this Policy. Routine administrative inquiries from proxy solicitors need not be reported.

4.8 A NOTE REGARDING AB'S STRUCTURE

AB and AllianceBernstein Holding L.P. ("AB Holding") are Delaware limited partnerships. As limited partnerships, neither company is required to produce an annual proxy statement or hold an annual shareholder meeting. In addition, the general partner of AB and AB Holding, AllianceBernstein Corporation is an indirect wholly owned subsidiary of Equitable Holdings, Inc.

As a result, most of the positions we express in this Proxy Voting Policy are inapplicable to our business. For example, although units in AB Holding are publicly traded on the New York Stock Exchange ("NYSE"), the NYSE Listed Company Manual exempts limited partnerships and controlled companies from compliance with various listing requirements, including the requirement that our board have a majority of independent directors.

5. VOTING TRANSPARENCY

We publish our voting records on our website one business day after the shareholder meeting date for each issuer company.

Many clients have requested that we provide them with periodic reports on how we voted their proxies. Clients may obtain information about how we voted proxies on their behalf by contacting their Advisor.

6. RECORDKEEPING

All of the records referenced below will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six (6) years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six (6) or more years. If the local regulation requires that records are kept for more than six (6) or more years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

6.1 PROXY VOTING AND GOVERNANCE POLICY

The Policy shall be maintained in the Legal and Compliance Department and posted on our company intranet and on the AB website.

6.2 PROXY STATEMENTS RECEIVED REGARDING CLIENT SECURITIES

For US Securities, AB relies on the SEC to maintain copies of each proxy statement we receive regarding client securities. For Non-US Securities, we rely on ISS, our proxy voting agent, to retain such proxy statements.

6.3 RECORDS OF VOTES CAST ON BEHALF OF CLIENTS

Records of votes cast by AB are retained electronically by our proxy research service vendor.

6.4 PRE-DISCLOSURE OF VOTE INTENTIONS ON SELECT PROPOSALS

as part of our engagement and stewardship efforts, AB publishes our vote intentions on certain proposals in advance of select shareholder meetings, with an emphasis on issuers where our discretionary managed accounts have significant economic exposure. The selected proposals are chosen because they impact a range of key topics where AB may have expressed our viewpoints publicly, through prior engagement or proxy voting. we do not pre-disclosure our vote intentions on mergers and acquisition activity. The published vote intentions are available on our RI webpage.

Records of votes cast by AB are retained electronically by our proxy research service vendor.

6.5 RECORDS OF CLIENTS REQUESTS FOR PROXY VOTING INFORMATION

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Copies of written requests from clients for information on how AB voted their proxies shall be maintained by the Legal and Compliance Department. Responses to written and oral requests for information on how we voted clients' proxies will be kept in the Client Group.

6.6 DOCUMENTS PREPARED BY AB THAT ARE MATERIAL TO VOTING DECISIONS

The Committee is responsible for maintaining documents prepared by the Committee or any AB employee that were material to a voting decision. Therefore, where an investment professional's opinion is essential to the voting decision, the recommendation from investment professionals must be made in writing to a member of Responsibility team.

7. PROXY VOTING PROCEDURES

7.1 VOTE ADMINISTRATION

In an effort to increase the efficiency of voting proxies, AB currently uses ISS to submit votes electronically for our clients' holdings globally.

Issuers initially send proxy information to the custodians of our client accounts. We instruct these custodian banks to direct proxy related materials to ISS's offices. ISS provides us with research related to each resolution and pre-populates certain ballots based on the guidelines contained in this Policy. Proxy Voting and Governance team assesses the proposals via ISS's web platform, Proxy Exchange, and submit all votes electronically. ISS then returns the proxy ballot forms to the designated returnee for tabulation. In addition, AB's proxy votes are double-checked in a two-tiered approach. Votes for significant holdings, as defined by our stake, are reviewed real-time by an offshore team to verify that the executed votes are in-line with our Policy. Votes outside of the significant holdings universe are sampled and reviewed o a monthly basis by the Proxy Voting and Governance team to ensure their compliance with our Policy.

If necessary, any paper ballots we receive will be voted electronically or via mail or fax.

7.2 SHARE BLOCKING AND ABSTAINING FROM VOTING CLIENT SECURITIES

Proxy voting in certain countries requires "share blocking." Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian banks. We may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during this period. In cases where we want to retain the ability to trade shares, we may determine to not vote those shares.

We seek to vote all proxies for securities held in client accounts for which we have proxy voting authority. However, in some markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, we may receive meeting notices after the cut-off date for voting or without enough time to fully consider the proxy. Similarly, proxy materials for some issuers may not contain disclosure sufficient to arrive at a voting decision, in which cases we may abstain from voting. Some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing our voting instructions.

AB will abstain from voting (which generally requires submission of a proxy voting card) or affirmatively decide not to vote if AB determines that abstaining or not voting would be in the applicable client's best interest. In making such a determination, AB will consider various factors, including, but not limited to: (i) the costs associated with exercising the proxy (e.g., translation or travel costs); (ii) any legal restrictions on trading resulting from the exercise of a proxy (e.g., share-blocking jurisdictions); (iii) whether AB's clients have sold the underlying securities since the record date for the proxy; and (iv) whether casting a vote would not reasonably be expected to have a material effect on the value of the client's investment.

7.3 LOANED SECURITIES

Many of our clients have entered into securities lending arrangements with agent lenders to generate additional revenue. We will not be able to vote securities that are on loan under these types of arrangements. However, for AB managed funds, the agent lenders have standing instructions to recall all securities on loan systemically in a timely manager on a best effort basis in order for AB to vote the proxies on those previously loaned shares.

If you have questions or desire additional information about this Policy, please contact ProxyTeam@alliancebernstein.com**.**

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***Diamond Hill***

Effective as of October 2025

One of the responsibilities of owning stock in a company is the right to vote on issues submitted to a shareholder vote. In order to fulfill its responsibilities under Rule 206(4)-6 and Rule 204-2 of the Investment Advisers Act of 1940, Diamond Hill Capital Management, Inc. (hereinafter "we" or "us" or "our") has adopted the following Proxy Voting Policy, Procedures and Guidelines (the "Proxy Policy") with regard to companies in our clients' investment portfolios.

**Key Objective**

The key objective of our Proxy Policy is to maximize the long-term value of the securities held in our clients' portfolios. These policies and procedures recognize that a company's management is entrusted with the day-to-day operations and long-term strategic planning of the company, subject to the oversight of the company's board of directors. While we believe ordinary business matters are primarily the responsibility of management and should be approved solely by the corporation's board of directors, we also recognize that the company's shareholders must have final say over how management and directors are performing, and how shareholders' rights and ownership interests are handled, especially when matters could have material economic implications for the shareholders.

Therefore, we will pay particular attention to the following matters in exercising our proxy voting responsibilities as a fiduciary for our clients:

*Accountability*. Each company should have effective means in place to hold those entrusted with running a company's business accountable for their actions. Management of a company should be accountable to its board of directors and the board should be accountable to shareholders.

*Alignment of Management and Shareholder Interests*. Each company should endeavor to align the interests of management and the board of directors with the interests of the company's shareholders. For example, we generally believe that compensation should be designed to reward management for doing a good job of creating value for the shareholders of the company.

*Transparency*. Each company should provide timely disclosure of important information about its business operations and financial performance to enable investors to evaluate the company's performance and to make informed decisions about the purchase and sale of the company's securities.

**Decision Methods**

Our recommendation is for clients to delegate the responsibility of voting proxies to us. Many clients recognize that good corporate governance and good investment decisions are complementary. Often, the investment manager is uniquely positioned to judge what is in the client's best economic interest regarding proxy voting issues. Additionally, we can vote in accordance with a client's wishes on any individual issue or shareholder proposal, even in cases where we believe the implementation of a proposal will diminish shareholder value. We believe clients are entitled to a statement of our principles and an articulation of our process when we make investment decisions, and similarly, we believe clients are entitled to an explanation of our voting principles, as both have economic value.

For those clients who prefer to retain the ability to vote the proxies in their account, they will receive proxies from their custodian, transfer agent, or other third-party service provider such as their proxy service provider. They will not receive proxy information from Diamond Hill.

We have developed the guidelines outlined below to guide our proxy voting. In addition, we generally believe that the investment professionals involved in the selection of securities are the most knowledgeable and best suited to make decisions regarding proxy votes. Therefore, the portfolio management team whose strategy owns the shares has the authority to override the guidelines. Also, where the guidelines indicate that an issue will be analyzed on a case-by-case basis or for votes that are not covered by the Proxy Policy, the portfolio management team whose strategy owns the shares has final authority to direct the vote. In special cases, we may seek insight from a variety of sources on how a particular proxy proposal will affect the financial prospects of a company, and then we vote in keeping with our primary objective of maximizing shareholder value over the long term.

Voting to maximize shareholder value over the long term may lead to the unusual circumstance of voting differently on the same issue in different strategies at Diamond Hill. For instance, the Small Cap strategy may own a company that is the subject of a takeover bid by a company owned in the Large Cap strategy. Analysis of the bid may show that the bid is in the best interest of the Large Cap strategy but not in the best interest of the Small Cap strategy; therefore, the Large Cap strategy may vote for the merger whereas the Small Cap strategy may vote against it.

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In addition, when securities are out on loan, our clients collectively hold a significant portion of the company's outstanding securities, and we learn of a pending proxy vote enough in advance of the record date, we will perform a cost/benefit analysis to determine if there is a compelling reason to recall the securities from loan to enable us to vote.

**Conflicts of Interest**

Our proxy voting objective is to maximize the long-term value of the securities held in our clients' portfolios. If a client's objectives differ from this objective, the client should notify us that they will vote their own proxies, either permanently or for a specific meeting. If we do not receive such notice, we will vote the client's shares according to this Policy.

Conflicts of interest can arise, including when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.An issuer soliciting votes on a non-routine matter is also a Diamond Hill institutional separate account client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A proponent of a proposal has a significant business relationship with Diamond Hill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A Diamond Hill employee has a personal interest in the outcome (*e.g.*, a family member works for a public company involved in the vote).

When a conflict exists, Diamond Hill will act in the best interests of its clients and will generally vote according to the guidelines in this Policy. If a material conflict arises and the proposal is not addressed by this Policy, the matter will be escalated to the CCO and/or senior management to determine the appropriate course of action. On an annual basis, the CCO or delegate will test that the guidelines are being appropriately followed and that conflicts of interests are appropriately identified and addressed.

**Recordkeeping**

We will maintain records documenting how proxies are voted. In addition, when we vote contrary to the Proxy Policy or on issues that the Proxy Policy indicates will be analyzed on a case-by-case basis, we will document the rationale for our vote. We will maintain this documentation in accordance with the requirements of the Act and we will provide this information to a client who held the security in question upon the client's request.

**Proxy Voting Principles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*We recognize that the right to vote a proxy has economic value.*

All else being equal, a share with voting rights is worth more than a share of the same company without voting rights. Sometimes, investors may observe a company with both a voting class and a non-voting class in which the non-voting class sells at a higher price than the voting, the exact opposite of the expected result described above; typically, this can be attributed to the voting class being relatively illiquid. Thus, when you buy a share of voting stock, part of the purchase price includes the right to vote in matters concerning the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*We recognize that we incur additional fiduciary responsibility by assuming this proxy voting right.*

In general, acting as a fiduciary when dealing with the assets of others means being held to a higher than ordinary standard in each of the following aspects:

*Loyalty* - We will act only in the best interest of the client. Furthermore, the duty of loyalty extends to the avoidance of conflicts of interest and self-dealing.

*Care* - We will carefully analyze the issues at hand and bring all the skills, knowledge, and insights a professional in the field is expected to have in order to cast an informed vote.

*Prudence* - We will make the preservation of assets and the earning of a reasonable return on those assets primary and secondary objectives as a fiduciary.

*Impartiality* - We will treat all clients fairly.

*Discretion* - We will keep client information confidential. Information concerning client-specific requests is held strictly confidential between the client and us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*We believe that a corporation exists to maximize the value for shareholders.*

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Absent a specific client directive, we will always vote in the manner (to the extent that it can be determined) that we believe will maximize shareholder returns over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*We believe conscientious proxy voting can result in better investment performance.*

The presence of an owner-oriented management is a major consideration in many of our investment decisions. As a result, we typically would not expect to find ourselves at odds with management recommendations on major issues. Furthermore, we do not anticipate entering a position intending to be shareholder activists. Yet, cases will arise in which we feel the current management or management's current strategy is unlikely to result in the maximization of shareholder value. One reason for owning such stock might be that the stock price is at such a significant discount to intrinsic value that the share price need not be "maximized" for us to realize an attractive return. Another reason may be that we anticipate management will soon alter company strategy when it becomes apparent that a new strategy is more appropriate. Additionally, we may disagree with management on a specific issue while still holding admiration for a company, its management, or its corporate governance in general. In certain circumstances, we may engage with management to discuss our concerns and share ideas. We do not subscribe to the "If you don't like management or its strategy, sell the stock" philosophy in many instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*We believe there is relevant and material investment information contained in the proxy statement*.

Closely reviewing a company's proxy materials may reveal insights into management motives, aid in developing quantifiable or objective measures of how a company has managed its resources over a period of time, and, perhaps most importantly, speak volumes about the "corporate culture."

**Proxy Voting Guidelines**

Each proposal put to a shareholder vote is unique. As a result, while each proposal must be considered individually, there are several types of proxy issues that recur frequently at public companies. Below are brief descriptions of various issues and our position on each. Please note that this list is not meant to be all-inclusive. In the absence of exceptional circumstances, we ***generally*** will vote in the manner outlined below on the proposals described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Corporate Governance Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Board of Directors**

The election of the Board of Directors (the "Board") is frequently viewed as a "routine item." Yet, in many ways the election of the Board is the most important issue that comes before shareholders. Inherent conflicts of interest can exist between shareholders (the owners of the company) and management (who run the company). At many companies, plans have been implemented attempting to better align the interests of shareholders and management, including stock ownership requirements and additional compensation systems based on stock performance. Yet, seldom do these perfectly align shareholder and management interests. An ***independent*** Board serves the role of oversight on behalf of shareholders. For this reason, we strongly prefer that the majority of the Board be comprised of independent (also referred to as outside or non-affiliated) directors. Furthermore, we believe key committees should be comprised entirely of independent directors. In cases where a majority of the Board is not independent or a key committee is not entirely independent, we may vote against non-independent directors as well as the nominating and governance committee. When voting non-U.S. proxies, we may take local standards into consideration to determine the appropriate level of independence for both the Board and key committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Cumulative Voting**

Cumulative voting allows the shareholders to distribute the total number of votes they have in any manner they wish when electing directors. In some cases, this may allow a small number of shareholders to elect a minority representative to the Board, thus ensuring representation for all sizes of shareholders. Cumulative voting may also allow a dissident shareholder to obtain representation on the Board in a proxy contest.

Since cumulative voting subjects management to the disciplinary effects of outside shareholder involvement, it should encourage management to maximize shareholder value and promote management accountability. Thus, we will vote **FOR** proposals seeking to permit cumulative 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Majority vs Plurality Voting**

A majority vote requires a candidate to receive support from a majority of votes cast to be elected. Plurality voting provides that the winning candidate only garner more votes than a competing candidate. If a director

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runs unopposed under a plurality voting standard, the director only needs one vote to be elected, so an "against" vote is meaningless. We feel that directors should be elected to the Board by a majority vote simply because it gives us a greater ability to elect Board candidates that represent our clients' best interests. In evaluating majority voting vs. plurality voting, we will vote **FOR** majority voting proposals. However, we find plurality voting acceptable when the number of director nominees exceeds the number of directors up for election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Absenteeism**

Customarily, schedules for regular Board and committee meetings are made well in advance. A person accepting a nomination for a directorship should be prepared to attend meetings. A director who is found to have a high rate of absenteeism (less than 75% attendance) raises significant doubt about that director's ability to effectively represent shareholder interests and contribute experience and guidance to the company. While valid excuses for absences (such as illness) are possible, these are not the norm. Schedule conflicts are not an acceptable reason for absenteeism since it suggests a lack of commitment or an inability to devote sufficient time to make a noteworthy contribution. Thus, we will **WITHHOLD** our vote for (or vote **AGAINST**, if that option is provided) any director who fails to attend at least 75% of the regularly scheduled Board and committee meetings. We may make exceptions when there are extenuating circumstances that prevent a director from attending 75% of the meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Classified Boards**

A classified Board separates directors into more than one class, with only a portion of the full Board standing for election each year. A non-classified Board requires all directors to stand for election every year and serve a one-year term.

While staggering the election of directors on a classified board may maintain a certain level of continuity and stability, a classified Board makes it difficult for shareholders to change control of the Board. A classified Board can delay a takeover advantageous to shareholders yet opposed by management or prevent bidders from approaching a target company if the acquirer fears having to wait more than one year before gaining majority control.

We will vote **FOR** proposals seeking to declassify the Board and **AGAINST** proposals to classify the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Third-Party Transactions**

We will **WITHHOLD** votes or vote **AGAINST** directors who may have a conflict of interest, such as receipt of consulting fees from the corporation (affiliated outsiders) if the fees are significant or represent a significant percent of the director's income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Auditor Ratification**

We believe that management is in the best position to choose its accounting firm, and we will generally support management's recommendation. However, we recognize that there may be conflicts when a company's independent auditors perform substantial non-audit related services for the company. While we will generally vote **FOR** management proposals to ratify the selection of auditors, we may vote against the ratification of an auditor if non-audit related fees are excessive relative to fees paid for audit services, or when an auditor fails to identify issues that violate standards of practice intended to protect shareholder interests. Likewise, we may vote against or withhold votes from audit committee members in instances where the committee does not provide sufficient oversight to ensure effective, independent auditing. Examples of auditing concerns that may lead to an against or withhold vote include accounting irregularities or significant financial restatements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Dual Chair/CEO Role**

While we prefer the separation of roles between the Board Chair and CEO, there may be times when a dual Chair/CEO role is an effective governance structure at a company. Therefore, we will vote on the separation of Board Chair and CEO on a **CASE-BY-CASE** basis, taking into consideration the specific circumstances of the company. Factors that we will consider include the existence of a Lead Independent Director, as well as any past or ongoing governance concerns.

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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;**8.Director Tenure**

We view director tenure as just one data point when considering the overall composition of the Board. While we will not withhold votes from a director based on tenure alone, we will consider the length of a director's Board service on a **CASE-BY-CASE** basis. Characteristics such as average tenure across the Board and overall Board independence may affect our support for directors with lengthy tenures. We will consider the qualifications of the directors on the overall Board and the effectiveness of the Board's existing governance structures as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Proxy Access**

Proxy access is the ability of certain shareholders, or groups of shareholders, to have their own director nominee(s) included in the company's proxy materials. We will vote **CASE-BY-CASE** on proxy access proposals, considering multiple aspects, including the binding nature of the proposal, ownership, and duration thresholds, as well as the company's existing governance structures and historical level of responsiveness to shareholder concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Proxy Contests**

A proxy contest is a campaign to solicit shareholder votes in opposition to management at an annual or special meeting. Typically, the objective of the shareholder(s) initiating the proxy contest is to elect specific directors to the Board or to approve a specific corporate action. Incumbent directors are those directors that currently sit on the Board, and dissident nominees are those directors that shareholder(s) who oppose a firm's management and/or policies seek to elect to the Board.

Due to the unique nature of each proxy contest, we review these on a **CASE-BY-CASE** basis, with the overarching goal of maximizing shareholder value. Among other factors, we will consider the strategic plans of both the incumbents and dissidents and the governance profile of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Board Diversity**

At Diamond Hill, we believe strong, effective corporate boards are comprised of directors with a diversity of skills, perspectives and experience. We believe that cognitive diversity, which we define as having a variety of viewpoints, perspectives, and ways of processing information, is beneficial for organizational decision making, problem solving, and remaining competitive over time. Additionally, we believe that a board's composition should, at a minimum, reflect the diversity of its stakeholders, and boards that include the perspectives of historically under-represented groups including women and minorities can contribute to long-term sustainable value creation and reduce risk over time.

Therefore, we generally oppose the elections and re-elections of Nominating/Governance Committee members if we can find no evidence of board diversity at a company. We will also generally vote in favor of proposals that encourage the adoption of a diverse director search policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Voting/Shareholder Rights**

Shareholder rights are an important tool used to hold boards of directors accountable and ensure that they are acting in the best interest of shareholders. While we do not intend to be shareholder activists, there may be times when an expansion of shareholder rights is needed in order to improve alignment of interests and increase the long-term value of a company. Therefore, we view proposals related to shareholder rights, including proposals for the right to call special meetings and the right to act by written consent, on a **CASE- BY-CASE** basis, taking into consideration each company's ownership concentration and the governance characteristics of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Supermajority Votes**

Most state corporation laws require that mergers, acquisitions, and amendments to the corporate bylaws or charter be approved by a simple majority of the outstanding shares. A company may, however, set a higher requirement for certain corporate actions. We believe a simple majority should be enough to approve mergers and other business combinations, amend corporate governance provisions, and enforce other issues relevant to all shareholders. Requiring a supermajority vote entrenches management and weakens the governance ability of shareholders. We will vote **AGAINST** management proposals to require a

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supermajority vote to enact these changes. In addition, we will vote **FOR** shareholder proposals seeking to lower supermajority vote requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Shareholder Rights Plans (Poison Pills)**

Shareholder rights plans are corporate-sponsored financial devices designed with provisions that, when triggered by a hostile takeover bid, generally result in either: (1) dilution of the acquirer's equity holdings in the target company, (2) dilution of the acquirer's voting rights in the target company, or (3) dilution of the acquirer's equity interest in the post-merger company. This is typically accomplished by distributing share rights to existing shareholders that allow the purchase of stock at a fixed price should a takeover attempt occur.

While shareholder rights plans can benefit shareholders by forcing potential acquirers to negotiate with the target company's Board and achieving a higher premium in the event of a purchase, these plans can also lead to the entrenchment of management and discourage legitimate tender offers by making them prohibitively expensive. Therefore, we will evaluate these proposals on a case-by-case basis. However, we generally will vote **AGAINST** proposals seeking to ratify a poison pill in which the expiration of the plan (sunset provision) is unusually long, the plan does not allow for the poison pill to be rescinded in the face of a bona fide offer, or the existing management has a history of not allowing shareholders to consider legitimate offers. Similarly, we generally will vote **FOR** the rescission of a poison pill where these conditions exist.

We will vote **FOR** proposals requiring shareholder rights plans be submitted to shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Compensation Plans**

Management is an immensely important factor in the performance of a corporation. Management can either create or destroy shareholder value depending on the success it has both operating the business and allocating capital. Well-designed compensation plans can prove essential in setting the right incentives to enhance the probability that both operations and capital allocation are conducted in a rational manner. Ill-designed compensation plans work to the detriment of shareholders in several ways. For instance, there may be outsized compensation for mediocre or poor performance, directly reducing the resources available to the company, or misguided incentives that cloud business judgment. Given the variations in compensation plans, most of these proposals must be considered on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Non-Employee Directors**

In general, we believe stock-based compensation will better align the interests of directors and shareholders than cash-based compensation. Directors should own enough stock (directly or in the form of a stock derivative) that when faced with a situation in which the interests of shareholders and management differ, rational directors will have an incentive to act on behalf of shareholders. However, if the stock compensation or ownership is excessive (especially if management is viewed as the source for this largesse), the plan may not be beneficial to shareholder interests.

We will vote **FOR** proposals to eliminate retirement plans and **AGAINST** proposals to maintain or expand retirement packages for non-employee directors.

We will vote **FOR** proposals requiring compensation of non-employee directors to be paid at least half in company stock. Likewise, we may vote **AGAINST** or **WITHHOLD** votes from directors who sit on the Compensation Committee at companies who do not require non-employee directors to be paid at least half in company stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Stock Incentive Plans**

Stock compensation programs can reward the creation of shareholder value through high payout sensitivity to increases in shareholder value. Of all the recurring issues presented for shareholder approval, these plans typically require the most thorough examination because their economic significance is large and there are many variations among these plans. As a result, we must consider any such plan on a **CASE-BY-CASE** basis.

We recognize that options, stock appreciation rights, and other equity-based grants (whether the grants are made to directors, executive management, employees, or other parties) are a form of compensation. As such, there is a cost to their issuance, and these issues require a cost-benefit analysis. If the costs are excessive, then the benefit will be overwhelmed. Factors that are considered in determining whether the costs are too great (i.e., that shareholders are

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overpaying for the services of management and employees) include: the number of shares involved, the exercise price, the award term, the vesting parameters, and any performance criteria attached to the award. Additionally, objective measures of the company's long-term performance will be factored into what we consider an acceptable amount of dilution. We will also consider past grants in our analysis, as well as the level of the executives' or directors' cash compensation.

We will look particularly closely at companies that have repriced options. Repricing stock options may reward poor performance and lessen the incentive such options are supposed to provide. We will vote **AGAINST** any plan that permits the practice of option repricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Compensation**

The Securities and Exchange Commission adopted rules in 2011 which implement requirements in Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amends the Securities Exchange Act of 1934. The rules concern non-binding shareholder votes on executive compensation related to say-on-pay and golden parachutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Say-on-Pay Votes**

Public companies are required to provide their shareholders with an advisory vote on the compensation of the most highly compensated executives. Support for or against executive compensation will be determined on a **CASE-BY-CASE** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Frequency of Votes**

Companies are required to provide their shareholders with an advisory vote on how frequently they would like to be presented with say-on-pay votes: every one, two, or three years. We generally believe an **ANNUAL** advisory vote on executive compensation is appropriate, as annual say-on-pay voting aligns shareholder feedback with the Board's and Compensation Committee's decision making. In situations where compensation and performance appear to be misaligned, or we have general concerns about the compensation structures in place to such an extent that we have voted against the advisory say-on-pay vote itself, we may also vote against or withhold votes from directors who sit on the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Golden Parachutes**

Companies are required to disclose compensation arrangements and understandings with highly compensated executive officers in connection with an acquisition or merger. In certain circumstances, these companies also are required to conduct a shareholder vote to approve the golden parachute compensation arrangements. We have a bias against golden parachutes, but since each merger or acquisition presents unique facts and circumstances, we will determine our votes on golden parachutes on a **CASE-BY CASE** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Claw back of Incentive Compensation**

From time to time, we may consider proposals for policies regarding the recoupment of incentive compensation from senior executives whose compensation was based on faulty financial reporting or fraudulent business practices. This type of behavior not only causes direct financial harm to shareholders, but it also creates reputational risk to the company that may impact its value over time. We review claw back proposals on a **CASE-BY-CASE** basis, taking into consideration whether the company already has robust policies in place that would address our concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Capital Structure, Classes of Stock, and Recapitalizations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Common Stock Authorization**

Corporations increase the supply of common stock for a variety of ordinary business reasons including: to raise new capital to invest in a project, to make an acquisition for stock, to fund a stock compensation program, or to implement a stock split or stock dividend. When proposing an increase in share authorization, corporations typically request an amount that provides a cushion for unexpected financing needs or opportunities. However, unusually large share authorizations create the potential for abuse. An example would be the targeted placement of a large number of common shares to a friendly party in order to deter a legitimate tender offer. Thus, we generally prefer

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that companies request shareholder approval for all requests for share authorizations that extend beyond what is currently needed and indicate the specific purpose for which the shares are intended. Generally, we will vote **AGAINST** any proposal seeking to increase the total number of authorized shares to more than 120% of the current outstanding and reserved but unissued shares, unless there is a specific purpose for the shares with which we agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Unequal Voting Rights (Dual Class Exchange Offers/ Dual Class Recapitalizations)**

Proposals to issue a class of stock with inferior or no voting rights are sometimes made. Frequently, this class is given a preferential dividend to coax shareholders to cede voting power. In general, we will vote **AGAINST** proposals to authorize or issue voting shares without full voting rights on the grounds that it could entrench management.

However, multi-class structures may be beneficial to companies for limited periods of time, and in such cases, we will evaluate proposals to ensure they include appropriate sunset provisions or require shareholder reauthorization after a predetermined period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.Environmental and Social Issues**

Environment and social issues are often difficult to analyze in terms of their effect on shareholder value. Nonetheless, we expect the companies in which we invest to demonstrate a commitment to a long-term perspective, sustainable competitive advantages, and stakeholder-focused management teams that can add value to the company without impeding the ability of future generations to meet their economic, social, and environmental needs.

Shareholder proposals relating to a company's activities and policies about certain environmental and social issues are prevalent at annual meetings. Due to the complicated nature of each proposal, we consider these issues on a case-by-case basis. We will vote **FOR** any proposal that seeks to have a corporation change its activities or policies when we believe the failure to do so will result in economic harm to the company. Similarly, we will vote **AGAINST** any proposal that requests a change we believe will result in economic harm. We may **ABSTAIN** from voting on certain issues where we do not believe we can determine the effect of the proposal.

When voting, we will consider whether or not a shareholder proposal addressing a material environmental or social issue will promote long-term shareholder value in the context of the company's existing business practices. We will generally support proposals requesting increased transparency or disclosure of workplace diversity, gender pay equity, lobbying and political spending, and climate change and sustainability efforts in instances where a company is not already disclosing sufficient information. We will not support requests for increased disclosure when such information would reveal sensitive or proprietary information that could place the company at a competitive disadvantage, or if increased disclosure is administratively impractical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Voting Non-US Securities**

Voting proxies of non-US issuers can be much different than voting proxies of US-domiciled companies. It can be more difficult due to issues such as share blocking and country requirements for investors to obtain power of attorney in local markets. In addition, the SEC has acknowledged that in some cases it can be in an investor's best interests not to vote a proxy, for instance, when the costs of voting outweigh the potential benefits of voting. Therefore, proxy voting for non-US issuers will be evaluated and voted, or not voted, on a **CASE-BY-CASE** basis.

***DoubleLine***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Background**

Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires investment advisers that exercise voting authority with respect to client securities to: (i) adopt and implement written policies and procedures reasonably designed to ensure that client securities are voted in the best interest of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (ii) provide a concise summary of its proxy voting policies and procedures and, upon request, furnish a copy of the full policies and procedures to its clients; and (iii) disclose how clients may obtain information with respect to how the adviser voted their securities.

This Proxy Voting, Corporate Actions and Class Actions Policy (the "Proxy Policy") is adopted by DoubleLine Capital LP, DoubleLine Alternatives LP and DoubleLine ETF Adviser LP (the "Advisers," or each applicable "Adviser") to govern the Advisers' proxy voting, corporate actions and class actions activities involving client investments, and along with the DoubleLine Funds Trust ("DFT"), the DoubleLine ETF Trust ("DET"), the DoubleLine Opportunistic Credit Fund ("DBL"), the DoubleLine Income Solutions Fund ("DSL"), and the DoubleLine Yield Opportunities Fund ("DLY") (DBL, DSL, and DLY are collectively, the "DoubleLine

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Closed-End Funds" and together with DFT and DET, each a "Fund," collectively the "Funds," and together with the Advisers, "DoubleLine"), to help ensure compliance with applicable disclosure and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Policy**

**Employees must handle all proxy voting, corporate actions and class actions ("Proxy Matters") with reasonable care and diligence, and solely in the best interest of DoubleLine clients. Accordingly, all Proxy Matter proposals must immediately be forwarded to the Trade Management team to ensure that each proposal is processed timely and in accordance with the Proxy Policy.**

The Adviser generally will exercise proxy voting, corporate actions and class actions authority on behalf of clients only where the client has expressly delegated such authority in writing. If directed to do so by the client, the Adviser will process each proposal in a manner that seeks to enhance the economic value of client investments.

*<u>Proxy Voting Guidelines and Corporate Actions</u>*

Designated employees from the Portfolio Management team will review the specific facts and circumstances surrounding each proxy and corporate action proposal to determine a course of action that promotes the best interest of clients (including, if so directed, to maximize the value of client investments). The Advisers adopt the Proxy Voting Guidelines (the "Guidelines," see Attachment A) as a framework for analyzing proxy and corporate action proposals on a consistent basis.

The Portfolio Management team may, in their discretion, vote proxies and corporate actions in a manner that is inconsistent with the Guidelines (or instruct applicable parties to do so) when they determine, after conducting reasonable due diligence, that doing so is in the best interest of the client. They may consult with the Proxy Voting Committee (the "Proxy Committee"), DoubleLine senior management or a third-party expert such as a proxy voting service provider to make such determinations.

*<u>Class Actions</u>*

In the event that a client investment becomes the subject of a class action lawsuit, the Adviser will assess, among other factors, the potential financial impact of participating in such legal action. If the Adviser determines that participating in the class action is in the best interest of the client, the Adviser will recommend that the client or its custodian submit appropriate documentation on the client's behalf, subject to contractual or other authority. The Adviser may consider other factors in determining whether participation in a class action lawsuit is in the best interest of the client, including (i) the costs that likely would be incurred by the client, (ii) the resources that likely would be expended in participating in the class action, and (iii) other available options for pursuing legal recourse against the issuer. If appropriate, the Adviser may also notify the client about the class action without making a recommendation as to participation, which would allow clients to decide on how to proceed. The Advisers provide no assurance to former clients that applicable class action information will be delivered to them.

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

Employees must be diligent with respect to actual and potential conflicts of interest when handling client investments. This covers conflicts between the interests of DoubleLine, employees and clients, including conflicts between two or more clients. As a general matter, conflicts should be avoided where practicable. In cases where it cannot be avoided, the conflict must be mitigated as much as possible and then fully and fairly disclosed to the client, such that the client can make an informed decision and, where applicable, provide an informed consent. **As required under the Code of Ethics and the Outside Business Activities and Affiliations Policy, employees must report, and in some cases request pre-approval for, certain transactions, activities and affiliations that may present a conflict of interest.** Moreover, employees from the Portfolio Management and Trade Management teams who are directly involved in the implementation of the Proxy Policy and members of the Proxy Committee should seek to identify, and report to the Proxy Committee, any conflict of interest related to any proposal or the Proxy Policy in general.

If a material conflict involving a client is deemed to exist with respect to a proposal, the Proxy Committee will generally seek to resolve such conflicts in the best interest of the applicable client by pursuing any one of the following courses of action: (i) voting (or not voting) in accordance with the Guidelines; (ii) convening a Proxy Committee meeting to assess and implement available measures, including directing the Adviser(s) on how to vote in accordance with a client's best interest as determined by the Proxy Committee in its sole discretion; (iii) voting in accordance with the recommendation of an independent third-party service provider chosen by the Proxy Committee; (iv) voting (or not voting) in accordance with the instructions of such client; (v) not voting with respect to the proposal if consistent with the Adviser's fiduciary obligations; or (vi) take any other action as determined appropriate by the Proxy Committee.

If an Adviser invests the Adviser's proprietary assets in a Fund with other public shareholders, the Adviser will vote its shares of such Fund in the same proportion as the votes of the other shareholders or by applying one or more of the methods discussed in this Proxy Policy.

*<u>Client Inquiries</u>*

**Employees must immediately forward any inquiry about DoubleLine's proxy voting policy and practices, including historical voting records, to the Trade Management team.** The Trade Management team will record the identity of the client, the date of the

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request, and the disposition of each request and coordinate the appropriate response with the Investor Services team or other applicable party.

The Adviser shall furnish the information requested, free of charge, to the client within ten (10) business days. A copy of the written response should be attached and maintained with the client's written request, if applicable, and stored in an appropriate file. Clients can require the delivery of the proxy voting record relevant to their accounts for the five-year period prior to their request.

The Funds are required to furnish a description of the Proxy Policy within three (3) business days of receipt of a shareholder request, by first-class mail or other means designed to ensure equally prompt delivery. The Funds rely upon the fund administrator to process such requests.

The Trade Management team shall forward to the Proxy Committee all Proxy Matter inquiries, including proxy solicitations or an Adviser's voting intention on a pending proposal, from third parties that are not duly authorized by a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Third-Party Proxy Agent**

To assist in carrying out its proxy voting obligations, DoubleLine has retained a third-party proxy voting service provider, currently Glass, Lewis & Co. ("Glass Lewis"), as its proxy voting agent. Pursuant to an agreement with DoubleLine, Glass Lewis obtains proxy ballots related to client investments, evaluates the facts and circumstances relating to each proposal and communicates to the Adviser the recommendation from the issuer's management (where available) and Glass Lewis' broad recommendation. The Adviser shall vote on proposals in its discretion and in a manner consistent with the Proxy Policy or instructs Glass Lewis to do so on its behalf.

In the event that DoubleLine determines that a recommendation from Glass Lewis (or from any other third-party proxy voting service provider retained by DoubleLine) was based on a material factual error, DoubleLine will investigate the error, taking into account, among other things, the nature of the error and the recommendation, and seek to determine whether the vote or other actions related to the proposal would change in light of the error and whether the service provider is taking reasonable steps to reduce similar errors in the future. DoubleLine will also inform the Proxy Committee of the error to determine if it is a material compliance matter under Rule 206(4)-7 of the Advisers Act or Rule 38a-1 of the Investment Company Act of 1940, as amended (the "1940 Act"), or if further remedial action is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.Responsible Investment Matters**

The Advisers integrate environmental, social and governance ("ESG") factors into its research and decision-making process to gain a more holistic view of the relevant investment risks, better understand the potential drivers of performance, and strive for better risk-adjusted returns. In particular, the Advisers seek to identify and understand material ESG factors that have a potential financial impact on an issuer and the valuation of client investments. As stewards of client investments, the Advisers view proxy voting as an opportunity to influence the financial impact of such material ESG factors (if applicable) and, through the Guidelines, ensure that proposals are consistently reviewed and voted in a manner that seeks to enhance the economic value of client investments. The Advisers also may consider material ESG factors in determining how to address corporate actions and class actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Limitations**

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

The Adviser may not be able to take action with respect to a proposal when the client's relevant securities are on loan in accordance with a securities lending program or are controlled by a securities lending agent or custodian acting independently of DoubleLine. In addition, the Adviser will not recall securities if the potential economic impact of the proposal is insignificant or less than the economic benefit gained if the securities remained on loan (such as the interest income from the loan arrangement) or if recalling the securities is otherwise not in the best interest of the client. In the event that the Adviser determines that a proposal could reasonably enhance the economic value of the client's investment, the Adviser will make reasonable efforts to inform the client and recall the securities. Employees cannot make any representation that any securities on loan will be recalled successfully or in time for submitting a vote on a pending proposal.

*<u>Foreign Markets</u>*

In certain markets, shares of securities may be blocked or frozen at the custodian or other designated depositary for certain periods typically around the shareholder meeting date. In such cases, the Adviser cannot guarantee that the blocked securities can be processed in time for submitting a vote on a pending proposal. In addition, where the Adviser determines that there are unusual costs to the client or administrative difficulties associated with voting on a proposal, which more typically might be the case with respect to proposals involving non-U.S. issuers and foreign markets, the Adviser reserves the right to not vote on the proposal unless the Adviser determines that the potential benefits exceed the anticipated cost to the client.

*<u>Proofs-of-Claim</u>*

The Advisers do not complete proofs-of-claim on behalf of clients for current or historical holdings other than for the Funds and private funds offered by DoubleLine; however, an Adviser may provide reasonable assistance to other existing clients by sharing related information that is in the Adviser's possession. The Advisers do not undertake to complete, or provide any assistance for,

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proofs-of-claim involving securities that had been held by any former client. The Advisers will complete proofs-of-claim for the Funds and private funds offered by DoubleLine or provide reasonable access to the applicable administrator to file such proofs-of-claim when appropriate.

*<u>Contractual Obligations</u>*

In certain limited circumstances, particularly in the area of structured finance, the Adviser may, on behalf of clients, enter into voting agreements or other contractual obligations that govern proxy and corporate action proposals. In the event of a conflict between any such contractual requirements and the Guidelines, the Adviser will vote in accordance with its contractual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.Other Regulatory Matters and Responsibilities**

*<u>Form N-PX Filings</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Rule 30b1-4 under the 1940 Act requires open-end and closed-end management investment companies to file an annual record of proxies voted on Form N-PX. The Funds shall file Form N-PX in compliance with Rule 30b1-4, including certain requirements which include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Identification of Proxy Voting Matters* – funds must use the same language as the issuer's proxy card (where a proxy card is required under Rule 14a-4 of the Securities Exchange Act of 1934, as amended, or the "Exchange Act"); and if the matter relates to an election of directors, identify each director separately in the same order as on the proxy card, even if the election of directors is presented as a single matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Categorization of Voting Matters* – funds are required to categorize the votes reported on Form N-PX consistent with a list of categories outlined in the amended form. The categories will be non- exclusive, and funds must select all categories applicable to each proxy matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Quantitative Disclosures and Securities Lending* – funds must disclose the number of shares voted or instructed to be cast (if the fund had not received confirmation of the actual number of votes cast) and how those shares were voted (*e.g.*, for, against or abstain). If the votes were cast in multiple manners (*e.g.*, both for and against), funds will be required to disclose the number of shares voted or instructed to be voted in each manner. Additionally, funds must disclose the number of shares loaned but not recalled and, therefore, not voted by the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Structured Data Language* – funds must file their reports using a custom XML format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Joint Reporting* – funds are permitted to report on its Form N-PX on behalf of a series or a manager so long as the fund presents the complete voting record of each included series separately and provide the required quantitative information for each included manager separately. Funds must also provide certain information (generally, their name and other identifying information such as their legal entity identifier) in the summary page about the included series or managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Standardized Order* – funds must submit information based on the specific Form N-PX format and standardized order of disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fund Notice Reports* – funds are now permitted to indicate on the cover page of Form N-PX if no securities were subject to a vote and, therefore, do not have any proxy votes to report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Website Posting* – funds that have a website must make the most recently filed Form N-PX report publicly available as soon as reasonably practicable. Funds may satisfy the requirement by providing a direct link to the relevant HTML-rendered Form N-PX report on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Rule 14Ad-1 under the Exchange Act requires institutional investment managers subject to section 13(f) of the Exchange Act, which may include certain Advisers, to report annually on Form N-PX how the managers voted proxies relating to executive compensation matters (commonly referred to as "say-on-pay" votes). When reporting say-on-pay votes, managers are required to comply with the other requirements of Form N-PX for their say-on-pay votes (including the new requirements as described above, except that a manager is not required to disclose or provide access to its proxy voting records on its website).

The Legal team shall be primarily responsible for DoubleLine's Form N-PX filings. DoubleLine may rely on the applicable fund administrator or other service provider to prepare and submit required Form N-PX filings. The Trade Management team shall assist the Legal team and, as necessary, the relevant service provider by furnishing complete and accurate information required under Form N-PX (including by causing such information to be provided by any third-party proxy voting service provider). Form N-PX must be filed each year no later than August 31 and must contain applicable proxy voting records for the most recent twelve-month period ending June 30.

*<u>Proxy Voting Disclosures</u>*

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The Legal team will ensure that (i) a concise summary of the Proxy Policy which includes how conflicts of interest are addressed, and (ii) instructions for obtaining a copy of the Proxy Policy and accessing relevant proxy voting records free of charge (e.g., via a toll-free telephone number, the Funds' website, etc.) are provided within each Adviser's Form ADV Part 2A and the Funds' Statement of Additional Information, registration statement and Form N-CSR, in accordance with applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Policy Governance**

DoubleLine established the Proxy Voting Committee to help ensure compliance with the Proxy Policy. The Proxy Committee, whose members include the Chief Risk Officer and the Chief Compliance Officer (or their respective designees), meets on an as-needed basis. The Proxy Committee will (i) monitor compliance with the Proxy Policy, including by periodically sampling Proxy Matters for review, (ii) review, no less frequently than annually, the adequacy of the Proxy Policy to ensure it has been effectively implemented and that it continues to be designed to ensure that Proxy Matters are addressed in a manner that promotes the best interest of clients, (iii) periodically review, as needed, the adequacy and effectiveness of Glass Lewis or other third-party proxy voting service provider retained by DoubleLine, and (iv) review conflicts of interest that may arise under the Proxy Policy, including changes to the businesses of DoubleLine or the service provider retained by DoubleLine to determine whether those changes present new or additional conflicts of interest that should be addressed pursuant to the Proxy Policy.

The Proxy Committee shall have primary responsibility for managing DoubleLine's relationship with Glass Lewis and any other third-party proxy voting service provider, including overseeing their compliance with the Proxy Policy, as well as reviewing periodically instances in which Glass Lewis does not provide a recommendation with respect to a proposal, or when Glass Lewis commits material errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.Books and Records**

The Trade Management team shall maintain all proxy voting records whether internally or through a third party in compliance with Rule 204-2 of the Advisers Act. The Trade Management team will maintain records which include, but are not limited to: (i) copies of each proxy statement that each Adviser receives regarding securities held by clients; (ii) a record of each vote that each Adviser cast on behalf of each client; (iii) any documentation that is material to each Adviser's decision on voting a proxy or that describes the basis for that decision; (iv) a written description of each Adviser's analysis when deciding to vote a proxy in a manner inconsistent with the Guidelines or when an Adviser has identified a material conflict of interest, (v) each written request from a client for information about how the Adviser voted proxies; and (vi) the Adviser's written response to each client oral or written request for such information. The Trade Management team shall also ensure that comparable documentation related to corporate actions and class actions involving client investments is maintained.

The Legal team shall maintain investment management agreements which may include the Adviser's written authorization to process Proxy Matters or client-specified proxy voting guidelines.

DoubleLine must maintain all books and records described in the Proxy Policy for a period of not less than five (5) years from the end of the fiscal year during which the last entry was made on such record, the first two (2) years of which shall be onsite at its place of business.

**History of Amendments:**

Effective as of November 2025

Approved by the Boards of DFT, DET and DoubleLine Closed-End Funds: November 18, 2025

Effective as of August 2023

Approved by the Boards of DFT, DET and DoubleLine Closed-End Funds: August 17, 2023

Effective as of August 2022

Approved by the Boards of DFT, DET and Closed-End Funds: August 18, 2022

Updated and effective as of May 2022

Approved by the Boards of DFT, DET and Closed-End Funds: May 19, 2022

Updated and effective as of February 15, 2022

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Approved by the Boards of DFT, DET, DSL, DBL and DLY: February 15, 2022

Updated and effective as of January 2022

Effective as of January 2021

Approved by the boards of DFT, DSL, DBL and DLY: December 15, 2020

Last reviewed December 2020

Updated and effective as of February 2020

Approved by the boards of DFT, DSL, DBL and DLY: November 21, 2019

Last reviewed November 2019

**Attachment A to the Proxy Voting, Corporate Actions and Class Actions Policy**

Effective November 1, 2025

Guidelines

The Advisers have a fiduciary duty to clients, and shall exercise diligence and care, with respect to its proxy voting authority. Accordingly, the Advisers will review each proposal to determine the relevant facts and circumstances and adopt the following guidelines as a framework for analysis in seeking to maximize the value of client investments. The guidelines do not address all potential voting matters and actual votes by the Advisers may vary based on specific facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Director Elections

Directors play a critical role in ensuring that the company and its management serve the interests of its shareholders by providing leadership and appropriate oversight. We believe that the board of directors should have the requisite industry knowledge, business acumen and understanding of company stakeholders in order to discharge its duties effectively.

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| | | |
|:---|:---|:---|
| Proposal | Shareholder Proposal | Anticipated Vote |
| **Frequency of Elections**<br>Electing all directors annually. | | <br>**For** |
| **Uncontested Elections**<br>Voting management nominees, unless the nominee lacks independence or focus, has had chronic absences or presents other material concerns to the detriment of the effectiveness of the board. | | <br>**For** |
| **Majority Voting**<br>Allowing majority voting unless incumbent directors must resign if they do not receive a majority vote in an uncontested election. | | <br>**For** |
| **Cumulative Voting**<br>Allowing cumulative voting unless the company previously adopted a majority voting policy. | | <br>**For** |
| **Changes in Board Structure**<br>Changing the board structure, such as the process for vacancies or director nominations, or the board size, unless there is an indication that the change is an anti-takeover device, or it diminishes shareholder rights. | | <br>**For** |
| **Stock Ownership**<br>Requiring directors to own company shares. | <br>X | <br>**Against** |
| **Contested Election**<br>The qualifications of nominees on both slates, management track record and strategic plan for enhancing shareholder value, and company financial performance generally will be considered when voting nominees in a contested election. | <br>X | <br>**Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Section 14A Say-On-Pay Votes

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Current law requires companies to allow shareholders to cast non-binding advisory votes on the compensation for named executive officers, including the frequency of such votes. The Advisers generally support proposals for annual votes, as well as the ratification of executive compensation unless the compensation structure or any prior actions taken by the board or compensation committee warrant a case-by-case analysis.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Frequency of Say-On-Pay Votes**<br>Annual shareholder advisory votes regarding executive compensation. | <br>X | <br>**For** |
| &nbsp;&nbsp;**Compensation Disclosures**<br>Seeking additional disclosures related to executive and director pay unless similar information is already provided in existing disclosures or reporting. | <br>X | <br>**For** |
| &nbsp;&nbsp;**Executive Compensation Advisory**<br>Executive compensation proposals generally will be assessed based on its structure, prevailing industry practice and benchmarks, and any problematic prior pay practices or related issues involving the board/compensation committee. | <br>X | <br>**Case-by-Case** |
| &nbsp;&nbsp;**Golden Parachute Advisory**<br>Golden parachute proposals, in general, will be assessed based on the existing change-in-control arrangements, the nature and terms of the triggering event(s) and the amount to be paid. | <br>X | <br>**Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Audit-Related

The Advisers generally support proposals for the selection or ratification of independent auditors, subject to a consideration of any conflicts of interest, poor accounting practices or inaccurate prior opinions and related fees.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Appointment of Auditors**<br>Selecting or ratifying independent auditors, unless there is a material conflict of interest, a history of poor accounting practice or inaccurate opinions, or excessive fees. | | <br>**For** |
| &nbsp;&nbsp;**Non-Audit/Consulting Services**<br>Other alternative service providers, conflicts of interest, and company disclosures are areas of consideration when voting proposals to limit other engagements with auditors. | <br>X | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Case-by-Case** |
| &nbsp;&nbsp;**Indemnification of Auditors**<br>Indemnification of auditors generally will be assessed based on the nature of the engagement, the auditor's work history and field of expertise, and the terms of the agreement such as its impact on the ability of shareholders to pursue legal recourse against the auditor for certain acts or omissions. | <br>X | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Case-by-Case** |
| &nbsp;&nbsp;**Rotation of Auditors**<br>Shareholder proposals requiring auditor rotation generally will be assessed based on any audit issues involving the company, the auditor's tenure with the company, and policies and practices surrounding auditor evaluations. | <br>X | <br>**Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Investment Company Matters

When the Advisers invest the Advisers' proprietary assets in a DoubleLine Fund with other public shareholders, the Advisers will vote its shares of such fund in the same proportion as the votes of the other shareholders or by applying one or more of the methods discussed in the Proxy Policy. With respect to specific proposals involving the DoubleLine Funds, the Advisers generally support recommendations by the fund's board unless applicable laws and regulations prohibit the Advisers from doing so.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Share Classes**<br>Issuance of new classes or series of shares. | **For** |
| &nbsp;&nbsp;**Investment Objectives**<br>Changing a fundamental investment objective to nonfundamental. | **Against** |
| &nbsp;&nbsp;**Investment Restrictions**<br>Changing fundamental restrictions to nonfundamental generally will be assessed in consideration of the target investments, reason(s) for the change and its impact on the portfolio. | **Case-by-Case** |
| &nbsp;&nbsp;**Distribution Agreements**<br>Distribution agreements generally will be assessed based on the distributor's services and reputation, applicable fees, and other terms of the agreement. | **Case-by-Case** |
| &nbsp;&nbsp;**Investment Advisory Agreements**<br>Investment advisory agreements generally will be assessed based on the applicable fees, fund category and investment objective, and performance. | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Shareholder Rights and Defenses

The Advisers believe that companies have a fundamental obligation to protect the rights of shareholders. Therefore, the Advisers generally support proposals that hold the board and management accountable in serving the best interest of shareholders and that uphold their rights. However, the Advisers generally will not support proposals from certain shareholders that are hostile, disruptive, or are otherwise counter to the best interest of the Advisers' clients.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Appraisal Rights**<br>Providing shareholders with rights of appraisal. | <br>X | **For** |
| &nbsp;&nbsp;**Fair Price Provision**<br>Fair price provisions that ensures each shareholder's securities will be purchased at the same price if the company is acquired in disagreement with the board. However, fair price provisions may not be supported if it is used as an anti-takeover device by the board. | <br>X | **For** |
| &nbsp;&nbsp;**Special Meetings**<br>Providing or restoring rights to call a special meeting so long as the threshold to call a meeting is no less than 10 percent of outstanding shares. | <br>X | **For** |
| &nbsp;&nbsp;**Confidential Voting**<br>Allowing shareholders to vote confidentially. | <br>X | **For** |
| &nbsp;&nbsp;**Written Consents**<br>Allowing shareholders to act by written cosents. | <br>X | **For** |
| &nbsp;&nbsp;**Greenmail**<br>Adopting anti-greenmail charter or bylaw amendments or otherwise restricting the company's ability to make greenmail payments for repurchasing shares at a premium to prevent a hostile takeover. | <br>X | **For** |
| &nbsp;&nbsp;**Supermajority Vote**<br>Requiring a supermajority vote, unless there are disproportionate substantial shareholders that weaken minority votes. |  | **Against** |
| &nbsp;&nbsp;**Bundled Proposals**<br>Bundled or conditional proposals generally will be reviewed to determine the benefit or cost of the matters included or if there is a controversy or any matter that is adverse to shareholder interests. |  | **Case-by-Case** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preemptive Rights**<br>Preemptive rights, in general, will be assessed based on the size of the company and its shareholder base, for which larger publicly held companies with a broad shareholder base may be less ideal. | | **Case-by-Case** |
| &nbsp;&nbsp;**Shareholder Rights Plans (Poison Pills)**<br>Poison pills generally will be assessed based on the company's governance practices, existing takeover defenses, and the terms of the plan, including the triggering mechanism, duration, and redemption/rescission features. Requests to have shareholders ratify plans generally will be supported. | <br>X | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Extraordinary Transactions

Proposals for transactions that may affect the ownership interests or voting rights of shareholders, such as mergers, asset sales and corporate or debt restructuring, will be assessed on a case-by-case basis generally in consideration of the economic outcome for shareholders, the potential dilution of shareholder rights and its impact on corporate governance, among other relevant factors.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Reincorporation**<br>Reincorporating in another state or country in support of the rights and economic interests of shareholders. | | **For** |
| &nbsp;&nbsp;**Merger, Corporate Restructuring and Spin Offs**<br>Merger, corporate restructuring and spin off proposals generally will be assessed with the view of maximizing the economic value of shareholder interests. The purchase or sale price and other deal terms will be reviewed, among other factors, to ensure that that the transaction is aligned with the long-term interests of shareholders. | | **Case-by-Case** |
| &nbsp;&nbsp;**Debt Restructuring**<br>The terms of the transaction, current capital markets environment, and conflicts of interest are factors that generally will be considered for ensuring that the proposal enhances the economic value of shareholder interests. | | **Case-by-Case** |
| &nbsp;&nbsp;**Liquidations and Asset Sales**<br>As with other transaction proposals, the long-term economic impact of the transaction will be the focus of review of such proposals and, in general, factors such as the sale price, costs and conflicts of interest will be considered. | | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Capital Structure

The Advisers believe that the prudent management of debt and equity to finance company operations and growth, and which is supportive of shareholders' rights and economic interests, is critical to financial viability.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Common Stock**<br>Issuing common stock for recapitalizations, stock splits, dividends or otherwise reasonably amending outstanding shares for a specific purpose. | | **For** |
| &nbsp;&nbsp;**Multi-Class Shares**<br>Adopting multi-class share structures so long as they have equal voting rights. | | **For** |
| &nbsp;&nbsp;**Repurchase Programs**<br>Adopting plans to repurchase shares in the open market unless shareholders cannot participate on equal terms. | | **For** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Blank Check Preferred Stock**<br>Allowing the board to issue preferred shares without prior shareholder approval and setting the terms and voting rights of preferred shares at the board's discretion. | **Against** |
| &nbsp;&nbsp;**Recapitalization Plans**<br>The rationale and objectives; current capital markets environment; impact on shareholder interests including conversion terms, dividends and voting rights; and any material conflicts of interest are factors that generally will be considered when reviewing proposals to reclassify debt or equity capital. | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Compensation

The Advisers believe that compensation arrangements should align the economic interests of directors, management, and employees with those of shareholders and consider factors such as (1) local norms, (2) industry- specific practices and performance benchmarks, and (3) the structure of base and incentive compensation. The Advisers generally support transparency (e.g., disclosures related to the performance metrics and how they promote better corporate performance, etc.) and periodic reporting with respect to compensation.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Employee 401 (k) Plan**<br>Adopting a 401 (k) plan for employees. |  | **For** |
| &nbsp;&nbsp;**Employee Stock Option Plan (ESOP)**<br>Requiring shareholder approval to adopt a broad-based ESOP or to increase outstanding shares for an existing plan unless the allocation of outstanding shares to the ESOP exceeds five percent or 10 percent among all stock-based plans |  | **For** |
| &nbsp;&nbsp;**Recoupment Provisions (Clawbacks)**<br>Adopting clawback provisions in cases of revised financial results or performance indicators on which prior compensation payments were based, as well as for willful misconduct or violations of law or regulation that result in financial or reputational harm to the company. | <br>X | **For** |
| &nbsp;&nbsp;**Limits on Executive or Director Compensation**<br>Setting limits on executive or director compensation unless there is a substantial deviation from industry practice or any problematic issue involving the board/compensation committee or prior pay practices. | <br>X | **Against** |
| &nbsp;&nbsp;**Equity-Based and Other Incentive Plans**<br>Incentive plans, in general, will be assessed based on the prevailing local and industry-specific practices and performance benchmarks, the terms of the plan and whether they are aligned with company goals and shareholder interests, the cost of the plan, and the overall compensation structure. |  | **Case-by-Case** |
| &nbsp;&nbsp;**Severance Agreements for Executives (Golden Parachutes)** Golden parachutes generally will be assessed based on the existing change-in-control arrangements, the nature and terms of the triggering event(s) and the amount to be paid. |  | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Corporate Governance

The Advisers believe that authority and accountability for establishing business strategies, corporate policies and compensation generally should rest with the board and management. The independence, qualifications, and integrity of the board as well as the effectiveness of management and their oversight, which must be aligned with shareholder interests, are essential to good governance. The following general guidelines reflect these principles although material environmental, social and governance (ESG) factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Quorum Requirements**<br>Establishing a majority requirement, unless shareholder turnout has been an issue, or a reduced quorum is reasonable based on applicable laws or regulations and the market capitalization or ownership structure of the company. | | **For** |
| &nbsp;&nbsp;**Annual Meetings**<br>Changing the date, time, or location of annual meetings, unless the proposed schedule or location is unreasonable. | | **For** |
| &nbsp;&nbsp;**Board Size**<br>Setting the board size, so long as the proposal is consistent with the prevailing industry practice and applicable laws or regulations. | | **For** |
| &nbsp;&nbsp;**Proxy Access**<br>Allowing shareholders to nominate director candidates in proxy ballots with reasonable limitations (e.g., minimum percentage and duration of ownership and a cap on board representation) for preventing potential abuse by certain shareholders. | <br>X | **For** |
| &nbsp;&nbsp;**Independent Directors**<br>Requiring the board chair and a majority of directors<br>independent directors. Proposals for a lead independent director may be supported in cases where the board chair is not independent. | <br>X | **For** |
| &nbsp;&nbsp;**Independent Committees**<br>Requiring independent directors exclusively for the audit, compensation, nominating and governance committees. | <br>X | **For** |
| &nbsp;&nbsp;**Removal of Directors**<br>Removing a director without cause. | <br>X | **For** |
| &nbsp;&nbsp;**Indemnification of Directors and Officers**<br>Indemnifying directors and officers for acts and omissions made in good faith and were believed to be in the best interest of the company. Limitations on liability involving willful misconduct or violations of law or regulation, or a breach of fiduciary duty, generally will be voted against. | | **For** |
| &nbsp;&nbsp;**Term Limits for Directors**<br>Imposing term limits on directors unless the director evaluation process is ineffective and related issues persist. | <br>X | **Against** |
| &nbsp;&nbsp;**Classified Boards**<br>Establishing a classified board. | | **Against** |
| &nbsp;&nbsp;**Adjournment of Meetings**<br>Providing management the authority to adjourn annual or special meetings without reasonable grounds. | | **Against** |
| &nbsp;&nbsp;**Amendments to Bylaws**<br>Giving the board the authority to amend bylaws without shareholder approval. | | **Against** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Environment or Climate

The Advisers would generally consider the recommendations of management for shareholder proposals involving environmental issues as it believes that, in most cases, elected directors and management are in the best position to address such matters. In addition, reporting that provides meaningful information for evaluating the financial impact of environmental policies and practices is generally supported unless it is unduly costly or burdensome or it places the company at a competitive disadvantage. Material ESG factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Environmental and Climate Disclosures**<br>Providing environmental/climate-related disclosures and reporting unless it is duplicative or unsuitable. | | **For** |
| &nbsp;&nbsp;**Environmental and Climate Policies**<br>Environmental and climate policies generally will be assessed based on the company's related governance practices, local and industry-specific practices, the nature and extent of environmental and climate risks applicable to the company, and the economic benefit to shareholders. | | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Human Rights or Human Capital/Workforce

The Advisers would generally consider the recommendations of management for shareholder proposals involving social issues as it believes that, in most cases, elected directors and management are in the best position to address such matters. In addition, reporting that provides meaningful information for evaluating the financial impact of social policies and practices is generally supported unless it is unduly costly or burdensome or it places the company at a competitive disadvantage. Material ESG factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Human Rights and Labor Disclosures**<br>Providing human rights and labor-related disclosures and reporting unless it is duplicative or unsuitable. | | **For** |
| &nbsp;&nbsp;**Human Rights and Labor Policies**<br>Human rights and labor policies generally will be assessed based on the company's related governance practices, applicable law or regulations, local and industry-specific practices, the nature and extent of supply chain or reputational risks applicable to the company, and their economic benefit to shareholders. | | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Diversity, Equity, and Inclusion

The Advisers generally support reporting that provides meaningful information for evaluating the financial impact of diversity, equity, and inclusion (DEI) policies and practices unless it is unduly costly or burdensome. For policy proposals, the Advisers will consider existing policies, regulations and applicable local standards and best practices, to determine if they provide an added benefit to shareholders. Material ESG factors, which have a potential financial impact on the company and the valuation of client investments, if any, are also considered.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**DEI Disclosure**<br>Providing Equal Employment Opportunity (EEO-1) Reports, and other additional disclosures or reporting unless it is duplicative or unsuitable. |  | **For** |
| &nbsp;&nbsp;**Anti-Discrimination Policy**<br>Adopting an anti-discrimination and harassment policy. |  | **For** |
| &nbsp;&nbsp;**Other DEI Policies**<br>Other DEI policies generally will be assessed based on the company's related governance practices, applicable law or regulations, and local and industry-specific practices. |  | **Case-by-Case** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.Other Social Issues

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Proposal | &nbsp;&nbsp;Shareholder Proposal | &nbsp;&nbsp;Anticipated Vote |
| &nbsp;&nbsp;**Political Contribution and Activity**<br>Political contributions and lobbying activities generally will be reviewed in consideration of legal restrictions and requirements, applicable policies and historical practice, and its cost-benefit to the company. Related disclosures to shareholders generally are supported. | | **Case-by-Case** |
| &nbsp;&nbsp;**Charitable Contribution**<br>Charitable contributions, in general, will be reviewed in consideration of applicable policies and historical practice, conflicts of interests, as well as the cost-benefit of charitable spending. Related disclosures to shareholders generally are supported. | | **Case-by-Case** |

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***Hotchkis & Wiley***

Effective as of March 2023

OUR MANDATE

Our primary responsibility is to act as a fiduciary for our clients when voting proxies. We evaluate and vote each proposed proxy in a manner that encourages sustainable business practices which in turn maximizes long-term shareholder value.

There are instances such as unique client guidelines, regulatory requirements, share blocking, securities lending, or other technical limitations where we are unable to vote a particular proxy. In those instances where we do not have voting responsibility, we will generally forward our recommendation to such person our client designates.

OUR PROCESS

**Analyst Role**

To the extent we are asked to vote a client's proxy, our investment analysts are given the final authority on how to vote a particular proposal as these analysts' understanding of the company makes them the best person to apply our policy to a particular company's proxy ballot.

**Voting Resources**

To assist our analysts in their voting, we provide them with a report that compares the company's board of directors' recommendation against H&W's proxy policy guideline recommendation and with third-party proxy research (Institutional Shareholder Services "ISS" sustainability and climate benchmarks) and third-party ESG analysis (Morgan Stanley Capital International "MSCI").

**Engagement**

As part of our normal due diligence and monitoring of investments, we engage management, board members, or their representatives on material business issues including environmental, social, and governance ("ESG") matters. Each proxy to be voted is an opportunity to give company management and board members formal feedback on these important matters.

If our policy recommendation is contrary to management's recommendation, our analyst is expected, but not required, to engage management. If the ballot issue is a materially important issue (i.e., the issue impacts the intrinsic value of the company), the analyst is required to engage with the company. Based on the engagement and the analyst's investment judgment, the analyst will submit a vote instruction to the Managing Director of Portfolio Services via email.

**Collaboration**

We are not "activists" and we do not form "groups" as defined by the SEC. However, we do engage with other institutional shareholders on important ESG proxy matters.

**Exceptions To Policy**

Any deviation from the H&W policy recommendation requires a written statement from the analyst that summarizes their decision to deviate from policy. Typical rationales include the issue raised is not material, the proposal is moot (e.g., the company already complies with proposal), the company has a credible plan to improve, policy does not fit unique circumstances of company, analyst's assessment of the issue is in-line with intent of policy, or the proposal usurps management's role in managing the company.

Exceptions to policy are reviewed annually by the ESG Investment Oversight Group.

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**Administration**

The Managing Director of Portfolio Services coordinates the solicitation of analysts' votes, the collection of exception rationales, and the implementation of those votes by our third-party proxy advisor, ISS.

CONFLICTS OF INTEREST

All conflicts of interest are adjudicated based on what is deemed to be in the best interest of our clients and their beneficiaries. Our Proxy Oversight Committee ("POC") is responsible for reviewing proxies voted by the firm to determine that the vote was consistent with established guidelines in situations where potential conflicts of interests may exist when voting proxies. In general, when a conflict presents itself, we will follow the recommendation of our third-party proxy advisor, ISS.

OVERSIGHT AND ROLES

**ESG Investment Oversight Group**

The ESG Investment Oversight Group is responsible for overseeing all ESG investment related issues. This mandate includes oversight of proxy voting policies and procedures as they relate to investment activity including the monitoring of proxy engagements, review of proxy voting exceptions and rationales, assessment of proxy voting issues, determination of ESG proxy goals, and education of investment staff on proxy matters. The group is staffed by members of the investment team and reports to the firm's Chief Executive Officer.

**Proxy Oversight Committee**

The Proxy Oversight Committee is responsible for overseeing proxy administration and conflicts of interest issues. The committee is comprised of the Chief Operating Officer, Chief Compliance Officer, the chair of the ESG Investment Oversight Group, and Managing Director of Portfolio Services. This group oversees H&W's proxy voting policies and procedures by providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws. This committee manages our third-party proxy advisory relationship.

**Investment Analyst**

The investment analyst is responsible for analyzing and voting all proxies. The investment analyst has the final authority on individual proxy votes. The ESG Investment Oversight Group has final authority on creating and amending the proxy policy.

VOTING GUIDELINES

This section summarizes our stance on important issues that are commonly found on proxy ballots, though each vote is unique and there will be occasional exceptions to these guidelines. The purpose of our proxy guidelines is to ensure decision making is consistent with our responsibilities as a fiduciary.

These guidelines are divided into seven categories based on issues that frequently appear on proxy ballots.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards and Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental and Social Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Auditors and Related Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital and Restructuring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive and Board Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Routine and Miscellaneous Matters

**Boards and Directors**

<u>Board Independence</u>

We believe an independent board is crucial to protecting and serving the interests of public shareholders. We will generally withhold from or vote against any insiders when such insider sits on the audit, compensation, or nominating committees; or if independent directors comprise less than 50% of the board. Insiders are non- independent directors who may have inherent conflicts of interest that could prevent them from acting in the best interest of shareholders. Examples of non-independent directors include current and former company executives, persons with personal or professional relationships with the company and or its executives, and shareholders with large ownership positions.

<u>Board Composition</u>

We believe directors should attend meetings, be focused on the company, be responsive to shareholders, and be accountable for their decisions.

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We will generally withhold from or vote against directors who attend less than 75% of meetings held during their tenure without just cause, sit on more than 5 public company boards (for CEOs only 2 outside boards), support measures that limit shareholder rights, or fail to act on shareholder proposals that passed with a majority of votes.

<u>Board Diversity</u>

Boards should consider diversity when nominating new candidates, including gender, race, ethnicity, age, and professional experience. We encourage companies to have at least one female and one diverse (e.g., race, ethnicity) director or have a plan to do so.

<u>Board Size</u>

We do not see a standard number of directors that is ideal for all companies. In general, we do not want to see board sizes changed without shareholder approval as changing board size can be abused in the context of a takeover battle.

<u>Board Tenure</u>

In general, we will evaluate on a case-by-case basis whether the board is adequately refreshed with new talent and the proposed changes are not designed to reduce board independence.

<u>Classified Boards</u>

We oppose classified boards because, among other things, it can make change in control more difficult to achieve and limit shareholder rights by reducing board accountability.

<u>Cumulative Voting</u>

Generally, we oppose cumulative voting because we believe that economic interests and voting interests should be aligned in most circumstances.

<u>Independent Board Chair</u>

Generally, we favor a separate independent chair that is not filled by an insider. If the CEO is also the board chair, we require 2/3 of the board to be independent, a strong independent director (i.e., has formal input on board agendas and can call/preside over meetings of independent directors), and the CEO cannot serve on the nominating or compensation committees.

<u>Proxy Contests</u>

Proxy contests are unusual events that require a case-by-case assessment of the unique facts and circumstances of each contested proxy campaign. Our policy is to defer to the judgement of our analysts on what best serves our clients' interests. Our analysts will evaluate the validity of the dissident's concerns, the likelihood that the dissident plan will improve shareholder value, the qualifications of the dissident's candidates, and management's historical record of creating or destroying shareholder value.

<u>Risk Oversight</u>

Generally, companies should have established processes for managing material threats to their businesses, including ESG risks. We encourage transparency and vote to improve transparency to help facilitate appropriate risk oversight.

**Environmental and Social Matters**

We believe the oversight of ESG risks is an important responsibility of the board of directors and is a prerequisite for a well-managed company. Transparent disclosures are necessary to identify and evaluate environmental and social risks and opportunities. A lack of transparency will increase the likelihood that environmental and social risks are not being sufficiently managed/limited/mitigated. In general, we will engage companies with substandard disclosure to encourage them to provide adequate disclosure on E&S risks that typically align with Sustainability Accounting Standards Board ("SASB") recommendations.

In general, we support proposals that encourage disclosure of risks provided they are not overly burdensome or disclose sensitive competitive information balanced against the materiality of the risk. We also consider whether the proposal is more effectively addressed through other means, like legislation or regulation.

*Environmental Issues*

<u>Climate Change and Green House Gas Emissions</u> 

Climate change has become an important factor in companies' long-term sustainability. Understanding a company's strategy in managing these risks and opportunities is necessary in evaluating an investment's prospects. We support disclosures related to the risks and/or opportunities a company faces related to climate change, including information on how the company identifies and manages such risks/opportunities.

<u>Energy Efficiency</u>

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We generally support proposals requesting that a company report on its energy efficiency policies. Exceptions may include a request that is overly burdensome or provides unrealistic deadlines.

<u>Hydraulic Fracturing</u>

We support proposals requesting greater disclosure of a company's hydraulic fracturing operations. This includes steps the company has taken, or plans to take, regarding mitigating and managing its environmental impact overall and on surrounding communities.

<u>Renewable Energy</u>

We support requests for reports on renewable energy accomplishments and future plans. Exceptions may include duplicative, irrelevant, or otherwise unreasonable requests.

*Social Issues*

<u>Equal Opportunity</u>

We support proposals requesting disclosures of companies' policies and/or future initiatives related to diversity, including current data regarding the diversity of its workforce.

<u>Gender Identity and Sexual Orientation</u> 

We support proposals to revise diversity policies to prohibit discrimination based on sexual orientation and/or gender identity.

<u>Human Rights Proposals</u>

We support proposals requesting disclosure related to labor and/or human rights policies.

<u>Political Activities</u>

We support the disclosure of a company's policies and procedures related to political contributions and lobbying activities.

<u>Sexual Harassment</u>

We vote on a case-by-case basis regarding proposals seeking reports on company actions related to sexual harassment. We evaluate the company's current policies, oversight, and disclosures. We also consider the company's history and any related litigation or regulatory actions related to sexual harassment, and support proposals we believe will prevent such behavior when systemic issues are suspected.

**Auditors and Related Matters**

Generally, we will support the board's recommendation of auditors provided that the auditors are independent, non-audit fees are less than the sum of all audit and tax related fees, and there are no indications of fraud or misleading audit opinions.

**Shareholder Rights**

We do not support proposals that limit shareholder rights. When a company chronically underperforms minimal expectations due to poor execution, poor strategic decisions, or poor capital allocation, there may arise the need for shareholders to effect change at the board level. Proposals that have the effect of entrenching boards or managements, thwarting the will of the majority of shareholders, or advantaging one class of shareholders at the expense of other shareholders will not be supported.

<u>Amendment to Charter/Articles/Bylaws</u>

We do not support proposals that give the board exclusive authority to amend the bylaws. We believe amendments to charter/articles/bylaws should be approved by a vote of the majority of shareholders.

<u>One Share, One Vote</u>

Generally, we do not support proposals to create dual class voting structures that give one set of shareholders super voting rights that are disproportionate from their economic interest in the company. Generally, we will support proposals to eliminate dual class structures.

<u>Poison Pills</u>

In general, we do not support anti-takeover measures such as poison pills. Such actions can lead to outcomes that are not in shareholders' bests interests and impede maximum shareholder returns. It can also lead to management entrenchment. We may support poison pills intended to protect NOL assets.

<u>Proxy Access</u>

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Generally, we support proposals that enable shareholders with an ownership level of 3% for a period of three years or more, or an ownership level of 10% and a holding period of one year or more.

<u>Right to Act by Written Consent</u>

We believe that shareholders should have the right to solicit votes by written consent in certain circumstances. These circumstances generally include but are not limited to situations where more than a narrow group of shareholders support the cause to avoid unnecessary resource waste, the proposal does not exclude minority shareholders to the benefit of a large/majority shareholder, and shareholders receive more than 50% support to set up action by written consent.

<u>Special Meetings</u>

Generally, we support proposals that enable shareholders to call a special meeting provided shareholders own at least 15% of the outstanding shares.

<u>Virtual Meetings</u>

We believe shareholders should have the opportunity to participate in the annual and special meetings, as current communications technology such as video conferencing is broadly available to facilitate such interactions. This improves shareholders' ability to hear directly from management and the board of the directors, and to provide feedback as needed.

**Capital and Restructuring**

Events such as takeover offers, buyouts, mergers, asset purchases and sales, corporate restructuring, recapitalizations, dilutive equity issuance, or other major corporate events are considered by our analysts on a case-by-case basis. Our policy is to vote for transactions that maximize the long-term risk adjusted return to shareholders considering management's historical record of creating shareholder value, the likelihood of success, and the risk of not supporting the proposal.

<u>Dual Class Shares</u>

We do not support dual class shares unless the economic and voting interests are equal.

<u>Issuance of Common Stock</u>

In general, we will consider the issuance of additional shares in light of the stated purpose, the magnitude of the increase, the company's historical shareholder value creation, and historical use of shares. We are less likely to support issuance when discounts or re-pricing of options has been an issue in the past.

**Executive and Board Compensation**

We expect the board of directors to design, implement, and monitor pay practices that promote pay-for-performance, alignment of interest with long-term shareholder value creation, retention and attraction of key employees. In general, we will evaluate executive compensation in light of historical value creation, peer group pay practices, and our view on management's stewardship of the company.

We expect the board of directors to maintain an independent and effective compensation committee that has members with the appropriate skills, knowledge, experience, and ability to access third-party advice.

We expect the board of directors to provide shareholders with clear and understandable compensation disclosures that enable shareholders to evaluate the effectiveness and fairness of executive pay packages.

And finally, we expect the board of directors' own compensation to be reasonable and not set at a level that undermines their independence from management.

<u>Golden Parachutes</u>

Golden parachutes can serve as encouragement to management to consider transactions that benefit shareholders; however, substantial payouts may present a conflict of interest where management is incentivized to support a suboptimal deal. We view cash severance greater than 3x base salary and bonus to be excessive unless approved by a majority of shareholders in a say-on-pay advisory vote.

<u>Incentive Options and Repricing</u>

We generally support long-term incentive programs tied to pay-for-performance. In general, we believe 50% or more of top executive pay should be tied to long-term performance goals and that those goals should be tied to shareholder value creation metrics. We do not support plans that reset when management fails to attain goals or require more than 10% of outstanding shares to be issued. In general, we do not support the exchange or repricing of options.

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<u>Say-on-Pay</u>

We believe annual say-on-pay votes are an effective mechanism to provide feedback to the board on executive pay and performance. We support non-binding proposals that are worded in a manner such that the actual implementation of the plan is not restricted. In general, we will vote against plans where there is a serious misalignment of CEO pay and performance or the company maintains problematic pay practices. In general, we will withhold votes from members of the compensation committee if there is no say-on-pay on the ballot, the board fails to respond to a previous say-on-pay proposal that received less than 70% support, the company has implemented problematic pay practices such as repricing options or its pay plans are egregious.

**Routine and Miscellaneous Matters**

We generally support routine board proposals such as updating bylaws (provided they are of a housekeeping nature), change of the corporate name or change of the time or location of the annual meeting.

<u>Adjournment of Meeting</u>

We do not support proposals that give management the authority to adjourn a special meeting absent compelling reasons to support the proposal.

<u>Amend Quorum Requirements</u>

We do not support proposals to reduce quorum requirements for shareholder meetings without support from a majority of the shares outstanding without compelling justification.

<u>Other Business</u>

We do not support proposals on matters where we have not been provided sufficient opportunity to review the matters at hand.

***Lazard***

Effective as of November 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Introduction**

Lazard Asset Management LLC and its investment advisory subsidiaries ("Lazard" or the "firm") provide investment management services for client accounts, including proxy voting services. As a fiduciary, Lazard is obligated to vote proxies in the best interests of its clients over the long-term. Lazard has developed a structure that is designed to ensure that proxy voting is conducted in an appropriate manner, consistent with clients' best interests, and within the framework of this Proxy Voting Policy (the "Policy"). <sup>2</sup>

Lazard manages assets for a variety of clients worldwide, including institutions, financial intermediaries, sovereign wealth funds, and private clients. To the extent that proxy voting authority is delegated to Lazard, Lazard's general policy is to vote proxies on a given issue in the same manner for all of its clients. This Policy is based on the view that Lazard, in its role as investment adviser, must vote proxies based on what it believes (i) will maximize sustainable shareholder value as a long-term investor; (ii) is in the best interest of its clients; and (iii) the votes that it casts are intended in good faith to accomplish those objectives.

This Policy recognizes that there may be times when meeting agendas or proposals may create the appearance of a material conflict of interest for Lazard. Lazard will look to alleviate the potential conflict by voting according to pre-approved guide- lines. In conflict situations where a pre-approved guideline is to vote case-by-case, Lazard will vote according to the recommendation of one of the proxy voting services Lazard retains to provide independent analysis. More information on how Lazard handles material conflicts of interest in proxy voting is provided in Section F of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Responsibility to Vote Proxies**

Generally, Lazard is willing to accept delegation from its clients to vote proxies. Lazard does not delegate that authority to any other person or entity, but retains complete authority for voting all proxies on behalf of its clients. Not all clients delegate proxy-voting authority to Lazard, however, and Lazard will not vote proxies, or provide advice to clients on how to vote proxies, in the absence of a specific delegation of authority or an obligation under applicable law. For example, securities that are held in an investment advisory account for which Lazard exercises no investment discretion are not voted by Lazard, nor are shares that a client

<sup>2</sup> In accordance with this Policy, Lazard's exclusive purpose when voting proxies is to (i) maximize long-term shareholder value; (ii) prioritize our clients' pecuniary interests; and (iii) ensure that the votes cast are intended in good faith to accomplish these objectives, while adhering to our fiduciary responsibility. All proxy votes are cast in alignment with this purpose, demonstrating Lazard's commitment to act in the best interest of our clients.

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has authorized their custodian bank to use in a stock loan program which passes voting rights to the party with possession of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.General Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Overview and Governance

Lazard's proxy voting process is administered by members of its Operations Department ("the Proxy Administration Team"). Oversight of the process is provided by Lazard's Legal & Compliance Department and by a Proxy Committee comprised of senior investment professionals, members of the Legal & Compliance Department, the firm's Co-Heads of Sustainable Investment & Environmental, Social and Corporate Governance ("ESG") and other personnel. The Proxy Committee meets regularly, generally on a quarterly basis, to review this Policy and other matters relating to the firm's proxy voting functions. Meetings may be convened more frequently (for example, to discuss a specific proxy agenda or proposal) as needed. A representative of Lazard's Legal & Compliance Department will participate in all Proxy Committee meetings.

A quorum for the conduct of any meeting will be met if a majority of the Proxy Committee's members are in attendance by phone or in person. Decisions of the Proxy Committee will be made by consensus and minutes of each meeting will be taken and maintained by the Legal & Compliance Department. The Proxy Committee may, upon consultation with Lazard's Chief Compliance Officer, General Counsel or his/her designee, take any action that it believes to be necessary or appropriate to carry out the pur- poses of the Policy. The Chief Compliance Officer, General Counsel or his/her designee, is responsible for updating this Policy, interpreting this Policy, and may act on behalf of the Proxy Committee in circumstances where a meeting of the members is not feasible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Role of Third Parties

Lazard currently subscribes to advisory and other proxy voting services provided by Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"). These proxy advisory services provide independent analysis and recommendations regarding various companies' proxy proposals. While this research serves to help improve our understanding of the issues surrounding a company's proxy proposals, Lazard's Portfolio Manager/ Analysts and Research Analysts (collectively, "Portfolio Management") are responsible for providing the vote recommendation for a given proposal except when the Conflicts of Interest policy applies (see Section F).

ISS provides additional proxy-related administrative services to Lazard. ISS receives on Lazard's behalf all proxy information sent by custodians that hold securities on behalf of Lazard's clients and sponsored funds. ISS posts all relevant information regarding the proxy on its password-protected website for Lazard to review, including meeting dates, all agendas and ISS' analysis. The Proxy Administration Team reviews this information on a daily basis and regularly communicates with representatives of ISS to ensure that all agendas are considered and proxies are voted on a timely basis. ISS also provides Lazard with vote execution, recordkeeping and reporting sup- port services. Members of the Proxy Committee, along with members of the Legal & Compliance Team, conducts periodic due diligence of ISS and Glass Lewis consisting of an annual questionnaire and, as appropriate, on site visits.

The Proxy Committee believes that the Policy is consistent with the firm's Corporate Governance Principals and ESG and Climate Change Policies at at https://www.lazardassetmanage- ment.com/about/esg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Voting Process

The Proxy Committee has approved proxy voting guidelines applicable to specific types of common proxy proposals (the "Approved Guidelines"). As discussed more fully below in Section D of this Policy, depending on the proposal, an Approved Guideline may provide that Lazard should vote for or against the proposal, or that the proposal should be considered on a case-by-case basis.

For each shareholder meeting the Proxy Administration Team provides Portfolio Management with the agenda and proposals, the Approved Guidelines, independent vote recommendations from Glass Lewis and ISS and supporting analyses for each proposal. Unless Portfolio Management disagrees with the Approved Guideline for a specific proposal, or where a potential material conflict of interest exists, the Proxy Administration Team will generally vote the proposal according to the Approved Guideline. In cases where Portfolio Management recommends a vote contrary to the Approved Guideline, a member of the Proxy Administration Team will contact a member of the Legal & Compliance Department advising the Proxy Committee. Such communication, which may be in the form of an e-mail, shall include: the name of the issuer, a description of the proposal, the Approved Guideline, any potential conflict of interest presented and the reason(s) Portfolio Management believes a proxy vote in this manner is in the best interest of clients In such cases, the Proxy Committee and the Legal & Compliance Department will review the proposal and make a determination.

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Where the Approved Guideline for a particular type of proxy proposal is to vote on a case-by-case basis, Lazard believes that Portfolio Management is best able to evaluate the potential impact to shareholders resulting from a particular proposal.

Similarly, with respect to certain Lazard strategies, as discussed more fully in Sections F and G below, the Proxy Administration Team will consult with Portfolio Management to determine when it would be appropriate to abstain from voting. The Proxy Administration Team seeks Portfolio Management's recommendation on how to vote all such proposals. The Proxy Administration Team may also consult with Lazard's Chief Compliance Officer, General Counsel or his/her designee, and may seek the final approval of the Proxy Committee regarding a recommendation by Portfolio Management.

As a global firm, we recognize that there are differing governance models adopted in various countries and that local laws and practices vary widely. Although the Approved Guidelines are intended to be applied uniformly world-wide, where appropriate, Lazard will consider regional/local law and guidance in applying the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Specific Proxy Items**

Shareholders receive proxies involving many different proposals. Many proposals are routine in nature, such as a change in a company's name. Others are more complicated, such as items regarding corporate governance and shareholder rights, changes to capital structure, stock option plans and other executive compensation/ issues, election of directors, mergers and other significant transactions and social or political issues. Lazard's Approved Guidelines for certain common agenda items are outlined below. The Proxy Committee will also consider any other proposals presented and determine whether to implement a new Approved Guideline.

Certain strategy-specific considerations may result in Lazard voting proxies other than according to the Approved Guidelines, not voting shares at all, issuing standing instructions to ISS on how to vote certain proxy matters on behalf of Lazard, or taking other action where unique circumstances require special voting efforts or considerations. These considerations are discussed in more detail in Section G, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Routine Items

Lazard generally votes routine items as recommended by the issuer's management and board of directors, based on the view that management is generally in a better position to assess these matters. Lazard considers routine items to be those that do not change the structure, charter, bylaws, or operations of an issuer in any way that is material to long-term shareholder value.

Routine items generally 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;• issues relating to the timing or conduct of annual meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisionary financial budgets and strategy for the current year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals that allow votes submitted for the first call of the shareholder meeting to be considered in the event of a second call;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to receive or approve of variety of routine reports (Lazard will generally vote FOR the approval of financial statements and director and auditor reports unless there are concerns about the accounts presented or audit procedures used or the company is not responsive to shareholder questions about specific items that should be publicly disclosed); 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;• changes to a company's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Amendments to Board Policy/Charter/Regulation:

Proposals to amend a company's Articles of Association and other bylaws are commonly seen at shareholder meetings. Companies usually disclose what is being amended, or the amended bylaws, or both in their meeting circulars. Amendments are nearly always bundled together as a single voting resolution, and Lazard's general approach is to review these amendments on a case-by-case basis and to oppose article amendments as a whole when they include changes Lazard opposes.

**Lazard has Approved Guidelines generally to vote FOR** bylaw amendments that are driven by regulatory changes and are technical in nature or meant to update company-specific information such as address and/or business scope.

**Lazard has Approved Guidelines generally to vote AGAINST** bylaw amendments 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;• there is no disclosure on the proposed amendments or full text of the amended bylaw; or

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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;• the amendments include increase in the decision authority of what is considered "excessive" and the company fails to provide a compelling justification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Corporate Governance and Shareholder Rights

Many proposals address issues related to corporate governance and shareholder rights. These items often relate to a board of directors and its committees, anti-takeover measures, and the conduct of the company's shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Board of Directors and its Committees<sup>3</sup>

Lazard votes in favor of provisions that it believes will increase the effectiveness of an issuer's board of directors.

**Lazard has Approved Guidelines generally to vote FOR the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the establishment of an independent nominating committee, audit committee or compensation committee of a board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement that a substantial majority (e.g., 2/3) of a company's directors be independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a proposal that a majority of the entirety of the board's committees be comprised of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to declassify a board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the implementation of director stock retention/holding periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals relating to the establishment of directors' mandatory retirement age and age restrictions for directors especially where such proposals seek to facilitate the improvement of the diversity of the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the articles of association and other relevant documents which are in the long-term interests of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment or (re)election of internal statutory auditors/fiscal council members unless (a) the name of the management nominees are not disclosed in a timely manner prior to the meeting, (b) there are serious concerns about statutory reports presented or the audit procedures used, (c) questions exist concerning any of the auditors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the auditors have previously served the company in an executive capacity (or are otherwise considered affiliated) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minority shareholders have presented timely disclosure of minority fiscal council nominee(s) to be elected under separate elections.

**Lazard has Approved Guidelines generally to vote on a CASE by CASE Basis for the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to require an independent board chair or the separation of chairman and CEO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishment of shareholder advisory committees.

**Lazard has Approved Guidelines generally to vote AGAINST the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to classify a board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the election of directors where the board does not have independent "key committees" or sufficient board independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-independent directors who serve on key committees that are not sufficiently independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals relating to cumulative voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals where the names of the candidates (in the case of an election) or the principles for the establishment of a committee (where a new committee is being created) have not been disclosed in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of restrictions on competitive activities of directors<sup>4</sup> if (a) there is a lack of disclosure on the key information including identities of directors in question, current position in the company and outside boards they are serving on or (b) the non-nomination system is employed by the company for the director election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discharge of directors, including members of the management board and/or supervisory board and auditors, unless there is reliable information about significant and compelling concerns that the board is not fulfilling its fiduciary duties;<sup>5</sup> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the chair of the board's nominating committee, or all incumbent nominating committee members in the absence of the chair, if there is not at least one female on the board of directors.

<sup>3</sup> Given the governance practices unique to the Japanese market, the voting structure described herein is aligned with the Japanese Stewardship Code.

<sup>4</sup> This is intended to cover instances where directors engage in commercial transactions with the company and/or are involved with other companies (outside board memberships).

<sup>5</sup> For example, a lack of oversight or actions by board members which invoke shareholder distrust, legal issues aiming to hold the board responsible for breach of trust or egregious governance issues.

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US Listed Corporates

Given the governance practices unique to the United States market, Lazard has adopted the following principles-based approach to proxy voting that is designed to address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board effectiveness – supporting board structure, diversity of cognitive thought, independence and avoiding over- boarding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability – in conjunction with the immediately preceding bullet point, emphasizing individual account- ability, for example holding the Chair of the Nomination Committee accountable where weaknesses and conflicts have been identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Anti-takeover Measures

Certain proposals are intended to deter outside parties from taking control of a company. Such proposals could entrench management and adversely affect shareholder rights and the value of the company's shares.

**Consequently, Lazard has adopted Approved Guidelines to vote AGAINST:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to adopt supermajority vote requirements or increase vote requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to adopt fair price provisions and on a case-by-case basis regarding proposals seeking to rescind them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "blank check" preferred stock

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis** regarding other provisions seeking to amend a company's by-laws or charter regarding anti-takeover provisions or shareholder rights plans (also known as "poison pill plans").

**Lazard has adopted an Approved Guideline to vote FOR** proposals that ask management to submit any new poison pill plan to shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Conduct of Shareholder Meetings

Lazard generally opposes any effort by management to restrict or limit shareholder participation in shareholder meetings, and is in favor of efforts to enhance shareholder participation. **Lazard has therefore adopted Approved Guidelines to vote AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to adjourn US meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to eliminate or restrict shareholders' right to call a special meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• efforts to eliminate or restrict right of shareholders to act by written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to adopt supermajority vote requirements, or increase vote requirements.

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis** on changes to quorum requirements and **FOR** proposals providing for confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Changes to Capital Structure

Lazard receives many proxies that include proposals relating to a company's capital structure. These proposals vary greatly, as each one is unique to the circumstances of the company involved, as well as the general economic and market conditions existing at the time of the proposal. A board and management may have many legitimate business reasons in seeking to effect changes to the issuer's capital structure, including investing in financial products and raising additional capital for appropriate business reasons, cash flow and market conditions. Lazard generally believes that these decisions are best left to management but will monitor these proposals closely to ensure that they are aligned with the long-term interests of shareholders.

**Lazard has adopted Approved Guidelines to vote FOR:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management proposals to increase or decrease authorized common or preferred stock (unless it is believed that doing so is intended to serve as an anti-takeover measure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock splits and reverse stock splits;

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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;• investments in financial products unless the company fails to provide meaningful shareholder vote or there are significant concerns with the company's previous similar investments;<sup>6</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;• requests to reissue any repurchased shares unless there is clear evidence of abuse of authority in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management proposals to adopt or amend dividend reinvestment plans; 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;• dividend distribution policies unless (a) the dividend payout ratio has been consistently below 30% without adequate explanation or (b) the payout is excessive given the company's financial position.

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis for:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• matters affecting shareholder rights, such as amending votes- per-share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management proposals to issue a new class of common or preferred shares (unless covered by an Approved Guideline relating to the disapplication of preemption rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of proceeds and the company's past share issuances;<sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to approve or amend stock ownership limitations or transfer restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan and financing proposals. In assessing requests for loan financing provided by a related party the following factors will be considered: (a) use of proceeds, size or specific amount of loan requested, interest rate and relation of the party providing the loan.

**Lazard has adopted Approved Guidelines to vote AGAINST:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in capital structure designed to be used in poison pill plans or which seeks to disregard pre-emption rights in a way that does not follow guidance set by the UK Pre-Emption Group's Statement of Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision of loans to clients, controlling shareholders and actual controlling persons of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision of loans to an entity in which the company's ownership stake is less than 75% and the financing provision is not proportionate to the company's equity stake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Executive Compensation Issues

Lazard supports efforts by companies to adopt compensation and incentive programs to attract and retain the highest caliber management possible, and to align the interests of a board, management and employees with those of long-term shareholders. Lazard generally favors programs intended to reward management and employees for positive and sustained, long-term performance but will take into account various considerations such as whether compensation appears to be appropriate for the company after an analysis of the totality of the circumstances (including the company's time in history and evolution).

**Lazard has Approved Guidelines generally to vote FOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee stock purchase plans, deferred compensation plans, stock option plans and stock appreciation rights plans that are in the long-term interests of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to submit severance agreements to shareholders for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual advisory votes on compensation outcomes where the outcomes are considered to be aligned with the interest of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual compensation policy votes where the policy structures are considered to be aligned with the interest of shareholders.

**Lazard has Approved Guidelines generally to vote on a CASE by CASE basis regarding:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restricted stock plans that do not define performance criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to approve executive loans to exercise options.

**Lazard has Approved Guidelines generally to vote AGAINST:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to re-price underwater options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual advisory votes on remuneration outcomes where the outcomes are considered not to be in the interests of share- holders; and annual remuneration policy vote where the policy structures are considered not to be in the interests of shareholders.

<sup>6</sup> Evaluate (a) any known concerns with previous investments, (b) amount of the proposed investment relative to the company's assets and (c) disclosure of the nature of products in which the company proposed to invest and associated risks of the investment.

<sup>7</sup> Specifically, with respect to the issuance of shares to raise funds for general financing purposes, Lazard will consider the Measures for the Administration of the Issuance of Securities by Listed Companies 2006 and the Detailed Rules for Private Placement by Listed Companies, the China Securities Regulatory Commission.

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US Listed Corporates

Given the governance practices unique to the United States market, Lazard maintains the view that votes regarding Say on Pay should in principle, support fair and transparent remuneration. In addition, we also consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the level of dissent on previous Say on Pay votes; 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;▪ individual accountability, for example holding the Chair of the Compensation Committee accountable where weaknesses have been identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Mergers and Other Significant Transactions

Shareholders are asked to consider a number of different types of significant transactions, including mergers, acquisitions, sales of all or substantially all of a company's assets, reorganizations involving business combinations and liquidations. Each of these transactions is unique. Therefore, Lazard's Approved Guideline is to vote on a CASE by CASE basis for these proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Environmental, Social, and Corporate Governance

Proposals involving environmental, social, and corporate governance issues take many forms and cover a wide array of issues. Some examples may include: proposals to have a company increase its environmental disclosure; adoption of principles to limit or eliminate certain business activities; adoption of certain conservation efforts; adoption of proposals to improve the diversity of the board, the senior management team and the workforce in general; adoption of proposals to improve human capital management or the adoption of certain principles regarding employment practices or discrimination policies. These items are often presented by shareholders and are often opposed by the company's management and its board of directors.

As set out in Lazard's separate ESG Policy, Lazard is committed to an investment approach that incorporates ESG considerations in a comprehensive manner in order to safeguard the long-term interests of our clients and to manage more effectively long-term investment risks and opportunities related to ESG matters. Lazard generally supports the notion that corporations should be expected to act as good citizens. Lazard generally votes on environmental, social and corporate governance proposals in a way that it believes will most increase long-term shareholder value.

**Lazard's Approved Guidelines are structured to evaluate many environmental, social and corporate governance proposals on a case-by-case basis.**

However, as a guide, **Lazard will generally vote FOR proposals**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asking for a company to increase its environmental/social disclosures (e.g., to provide a corporate sustainability report);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seeking the approval of anti-discrimination policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which are considered socially responsible agenda items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which improve an investee company's ESG risk management and related disclosures; 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;• deemed to be in the long-term interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Shareholder Proposals

Lazard believes in the ability of shareholders to leverage their rights related to the use of shareholder proposals to address deficits in best practices and related disclosures by companies. Many ESG issues are improved through such use of shareholder proposals. For example, some companies are collaborating with shareholders on such proposals by voicing their support and recommending that shareholders vote in-line with such proposals.

**Lazard has Approved Guidelines generally to vote FOR** shareholder proposals which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek improved disclosure of an investee company's ESG practices over an appropriate timeframe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek improved transparency over how the investee company is supporting the transition to a low carbon economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to improve the diversity of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek improved disclosures on the diversity of the board and the wider workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to establish minimum stock-ownership requirements for directors over an appropriate time frame;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to eliminate or restrict severance agreements, or

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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;• are deemed to be in the long-term interests of shareholders including Lazard's clients.

**Lazard has Approved Guidelines generally to vote AGAINST** shareholder proposals which**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to infringe excessively on management's decision- making flexibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to establish additional board committees (absent demonstrable need);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to establish term limits for directors if this is unnecessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to change the size of a board (unless this facilitates improved board diversity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to require two candidates for each board seat; 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;• are considered not to be in the long-terms interests of share- holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Voting Securities in Different Countries**

Laws and regulations regarding shareholder rights and voting procedures differ dramatically across the world. In certain countries, the requirements or restrictions imposed before proxies may be voted may outweigh any benefit that could be realized by voting the proxies involved. For example, certain countries restrict a shareholder's ability to sell shares for a certain period of time if the shareholder votes proxies at a meeting (a practice known as "share blocking"). In other instances, the costs of voting a proxy (i.e., by being routinely required to send a representative to the meeting) may simply outweigh any benefit to the client if the proxy is voted. Generally, the Proxy Administration Team will consult with Portfolio Management in determining whether to vote these proxies.

There may be other instances where Portfolio Management may wish to refrain from voting proxies (See Section G.1. below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Overview

This Policy and related procedures implemented by Lazard are designed to address potential conflicts of interest posed by

Lazard's business and organizational structure. Examples of such potential conflicts of interest are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lazard Frères & Co. LLC ("LF&Co."), Lazard's parent company and a registered broker- dealer, or a financial advisory affiliate, has a relationship with a company the shares of which are held in accounts of Lazard clients, and has provided financial advisory or related services to the company with respect to an upcoming significant proxy proposal (i.e., a merger or other significant transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lazard serves as an investment adviser for a company the management of which supports a particular 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lazard serves as an investment adviser for the pension plan of an organization that sponsors a proposal; 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;• A Lazard employee who would otherwise be involved in the decision-making process regarding a particular proposal has a material relationship with the issuer or owns shares of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.General Policy

All proxies must be voted in the best long-term interest of each Lazard client, without consideration of the interests of Lazard, LF&Co. or any of their employees or affiliates. The Proxy Administration Team is responsible for all proxy voting in accordance with this Policy after consulting with the appropriate member or members of Portfolio Management, the Proxy Committee and/or the Legal & Compliance Department. No other employees of Lazard, LF&Co. or their affiliates may influence or attempt to influence the vote on any proposal. Violations of this Policy could result in disciplinary action, including letter of censure, fine or suspension, or termination of employment. Any such conduct may also violate state and Federal securities and other laws, as well as Lazard's client agreements, which could result in severe civil and criminal penalties being imposed, including the violator being prohibited from ever working for any organization engaged in a securities business. Every officer and employee of Lazard who participates in any way in the decision-making process regarding proxy voting is responsible for considering whether they have a conflicting interest or the appearance of a conflicting interest on any proposal. A conflict could arise, for example, if an officer or employee has a family member who is an officer of the issuer or owns securities of the issuer. If an officer or employee believes such a conflict exists or may appear to exist, he or she should notify the Chief Compliance Officer immediately and, unless determined otherwise, should not continue to participate in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Monitoring for Conflicts and Voting When a Material Conflict Exists

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The Proxy Administration Team monitors for potential conflicts of interest that could be viewed as influencing the outcome of Lazard's voting decision. Consequently, the steps that Lazard takes to monitor conflicts, and voting proposals when the appearance of a material conflict exists, differ depending on whether the Approved Guideline for the specific item is clearly defined to vote for or against, or is to vote on a case-by-case basis. Any questions regarding application of these conflict procedures, including whether a conflict exists, should be addressed to Lazard's Chief Compliance Officer or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Where Approved Guideline Is For or Against

Lazard has an Approved Guideline to vote for or against regarding most proxy agenda/proposals. Generally, unless Portfolio Management disagrees with the Approved Guideline for a specific proposal, the Proxy Administration Team votes according to the Approved Guideline. It is therefore necessary to consider whether an apparent conflict of interest exists when Portfolio Management disagrees with the Approved Guideline. The Proxy Administration Team will use its best efforts to determine whether a conflict of interest or potential conflict of interest exists. If conflict appears to exist, then the proposal will be voted according to the Approved Guideline. Lazard also reserves its right to Abstain.

In addition, in the event of a conflict that arises in connection with a proposal for Lazard to vote shares held by Lazard clients in a Lazard mutual fund, Lazard will typically vote each proposal for or against proportion to the shares voted by other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Where Approved Guideline Is Case-by-Case

In situations where the Approved Guideline is to vote case-by-case and a material conflict of interest appears to exist, Lazard's policy is to vote the proxy item according to the majority recommendation of the independent proxy services to which we subscribe. Lazard also reserves the right to Abstain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Other Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Issues Relating to Management of Specific Lazard Strategies

Due to the nature of certain strategies managed by Lazard, there may be times when Lazard believes that it may not be in the best interests of its clients to vote in accordance with the Approved Guidelines, or to vote proxies at all. In certain markets, the fact that Lazard is voting proxies may become public information, and, given the nature of those markets, may impact the price of the securities involved. Lazard may simply require more time to fully understand and address a situation prior to determining what would be in the best interests of shareholders. In these cases the Proxy Administration Team will look to Portfolio Management to provide guidance on proxy voting rather than vote in accordance with the Approved Guidelines, and will obtain the Proxy Committee's confirmation accordingly.

Additionally, Lazard may not receive notice of a shareholder meeting in time to vote proxies for or may simply be prevented from voting proxies in connection with a particular meeting. Due to the compressed time frame for notification of shareholder meetings and Lazard's obligation to vote proxies on behalf of its clients, Lazard may issue standing instructions to ISS on how to vote on certain matters.

Different strategies managed by Lazard may hold the same securities. However, due to the differences between the strategies and their related investment objectives, one Portfolio Management team may desire to vote differently than the other, or one team may desire to abstain from voting proxies while the other may desire to vote proxies. In this event, Lazard would generally defer to the recommendation of the Portfolio Management teams to determine what action would be in the best interests of its clients. The Chief Compliance Officer or General Counsel, in consultation with members of the Proxy Committee will determine whether it is appropriate to approve a request to split votes among one or more Portfolio Management teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Stock Lending

As noted in Section B above, Lazard does not generally vote proxies for securities that a client has authorized their custodian bank to use in a stock loan program, which passes voting rights to the party with possession of the shares. Under certain circumstances, Lazard may determine to recall loaned stocks in order to vote the proxies associated with those securities. For example, if Lazard determines that the entity in possession of the stock has borrowed the stock solely to be able to obtain control over the issuer of the stock by voting proxies, or if the client should specifically request Lazard to vote the shares on loan, Lazard may determine to recall the stock and vote the proxies itself. However, it is expected that this will be done only in exceptional circumstances. In such event, Portfolio Management will make this determination and the Proxy Administration Team will vote the proxies in accordance with the Approved Guidelines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.Reporting**

Separately managed account clients of Lazard who have authorized Lazard to vote proxies on their behalf will receive information on proxy voting with respect to that account. Additionally, the US mutual funds managed by Lazard will disclose proxy voting information on an annual basis on Form N-PX which is filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Recordkeeping**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.Review of Policy and Approved Guidelines**

The Proxy Committee will review this Policy at least annually to consider whether any changes should be made to it or to any of the Approved Guidelines. The Proxy Committee will make revisions to its Approved Guidelines when it determines it is appropriate or when it sees an opportunity to materially improve outcomes for clients. Questions or concerns regarding the Policy should be raised with Lazard's General Counsel or Chief Compliance Officer.

***Lord Abbett***

**Proxy Voting Policy**

February 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.<u>POLICY SCOPE</u>**

Lord, Abbett & Co. LLC, and its advisory affiliates (the "Lord Abbett Advisers") view proxy voting as an important element of the portfolio management services they provide to advisory clients who have granted the Lord Abbett Advisers with the authority to vote proxies on their behalf. The Lord Abbett Advisers will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with their fiduciary obligations or in accordance with written client instructions, if applicable. In this regard, the Lord Abbett Advisers seek to ensure that all votes are free from unwarranted and inappropriate influences. Accordingly, the guiding principle of the Lord Abbett Advisers' approach to proxy voting is the belief that effective proxy voting creates a sound corporate governance framework that best serves the long-term interests of a company's shareholders.

This Proxy Voting Policy (the "Policy") and the related proxy voting guidelines set forth in Appendix A (the "Guidelines") were developed to implement the Lord Abbett Advisers' proxy voting philosophy and address a broad range of issues that arise most frequently. These Guidelines are not exhaustive, and these Guidelines represent our general views. The Lord Abbett Advisers will vote in their discretion on any specific proposal consistent with a client's long term best interest. The Lord Abbett Advisers are not obligated to vote pursuant to the Guidelines, and, when voting, will review each matter on a case-by-case basis.

Certain terms used in this Policy are defined in Section VII.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.<u>OVERVIEW</u>**

Investment teams vote proxies on behalf of: (i) pooled investment vehicles advised by a Lord Abbett Adviser, including the Lord Abbett Family of Funds and the Lord Abbett Alternatives Funds (the "Lord Abbett Funds") and; (ii) advisory clients that have explicitly granted a Lord Abbett Adviser the authority to vote proxies on their behalf. The Lord Abbett Advisers will generally vote proxies in accordance with the Guidelines, unless the client has provided specific proxy voting instructions in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities held across multiple client accounts*: When multiple investment teams manage one or more portfolios that hold the same voting security, the Proxy Governance Team may engage with the investment teams, as needed, to determine a vote recommendation. In these situations, the Lord Abbett Advisers will generally vote with the investment team that manages the largest number of shares of the security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign security considerations:* Voting proxies of companies located in certain jurisdictions may raise issues that will restrict or prevent the ability to vote such proxies or entail significant costs. These issues include but are not limited to: (i) ballots written in a language other than English: (ii) untimely or insufficient notice of shareholder meetings; and (iii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes. Accordingly, a Lord Abbett Adviser will vote non-U.S. proxies on a reasonable best efforts basis only, after weighing the costs and benefits of voting such proxies.

In certain foreign jurisdictions the voting of proxies can result in other restrictions that have an economic impact or cost to the security, such as "share blocking." Share blocking would prevent a Lord Abbett Adviser from selling the shares of the foreign security for a period of time if the Lord Abbett Adviser votes the proxy. In determining whether to vote proxies subject to such restrictions, the Lord Abbett Advisers, in consultation with the Proxy Governance Team, consider whether the vote itself or together with the votes of other shareholders, is expected to have an effect on the value of the investment that will outweigh the cost of voting. Accordingly, the Lord Abbett Advisers may determine not to vote such proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities lending:* Certain Lord Abbett Funds may participate in a securities lending program. In circumstances where shares are on loan, the voting rights of those shares are transferred to the borrower. A Lord Abbett Adviser will generally attempt to recall all securities that are on loan prior to the meeting record date, so that the relevant Fund will be entitled to vote those shares. However, a Lord Abbett Adviser may be unable to recall shares or may choose not to recall shares for several reasons, including if timely notice of a meeting is not received or if the Lord Abbett Adviser determines that the opportunity for the Fund to generate securities lending revenue outweighs the benefits of voting.

Clients other than the Lord Abbett Funds may participate in externally managed securities lending programs. In these cases, client preference, operational processes, and other factors determine whether the loaned securities are recalled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Funds of funds:* Certain Lord Abbett Funds are structured as funds of funds and invest their assets primarily in other Lord Abbett Funds (the "Funds of Funds"). Accordingly, a Fund of Funds is a shareholder in an underlying Lord Abbett Fund (the "Underlying Fund") and may be requested to vote on a matter pertaining to such Underlying Fund. With respect to any such scenario, the Fund of Funds shall vote its shares of the Underlying Fund in accordance with the recommendation set forth in the proxy statement.

A Fund of Funds may also invest in funds that are not affiliated with the Fund of Funds (the "Unaffiliated Underlying Fund"). If a Fund of Fund's ownership in an Unaffiliated Underlying Fund exceeds 25% of the voting securities of the Unaffiliated Underlying Fund (10% for a business development company or closed end fund), the Fund of Funds will vote its shares in the Unaffiliated Underlying Fund in the same proportion as the votes of all other shareholders of the Unaffiliated Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.<u>CONFLICTS OF INTEREST</u>**

There may be occasions where voting a proxy may present a perceived or actual conflict of interest between the Firm, including the Lord Abbett Advisers, and one or more clients or vendors. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm-level: A conflict of interest may exist if the Firm has a material business relationship with either the issuer soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, when the company soliciting the proxy is a client or serves as a vendor or service provider to the Firm, a Lord Abbett Adviser, or the Lord Abbett Funds.

When Firm-level conflicts exist, it is possible that by voting against the company management recommendations, the Firm may lose revenue or jeopardize a strategic business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual: A conflict may exist where a Firm employee has a known personal or business relationship with participants in proxy contests, corporate directors or candidates for directorship. Firm employees must always act in the best interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.

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Individuals with proxy voting responsibilities must report any known personal or business conflicts of interest regarding proxy issues with which they are involved to the Proxy Governance Team. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

When conflicts of interest arise in connection with proxy voting, the Firm's Standards & Practices Committee ("SPC") serves as the primary point of escalation. (See Section IV).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.<u>PROXY GOVERNANCE: OVERSIGHT AND ADMINISTRATION</u>**

**Proxy Governance Team**

The Proxy Governance Team oversees the proxy voting process. Absent a conflict of interest, the Proxy Governance Team will review all relevant information pursuant to the voting process and communicate the decision to the Proxy Service Provider.

**Proxy Service Provider**

The Lord Abbett Advisers have retained an independent third party service provider (the "Proxy Service Provider") to analyze proxy issues and recommend how to vote on those issues, and to support the administration of the proxy process.

When voting proxies, the Lord Abbett Advisers consider the recommendations of the Proxy Service Provider but make an independent voting decision while taking into account the best interest of clients, including the Lord Abbett Funds and their shareholders.

The Proxy Governance Team is also responsible for oversight of the Proxy Service Provider and performs periodic due diligence which includes conflicts of interest, methodologies for developing vote recommendations, changes in leadership and resources.

**Standards & Practices Committee**

The SPC serves as a point of escalation for proxy voting matters that pose a conflict of interest and involve a recommendation that is contrary to that of the Proxy Service Provider. In those circumstances, the matter shall be reviewed by the SPC for resolution of the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.<u>OTHER MATTERS</u>**

**Material Non-Public Information**

On occasion, a proxy solicitor may contact investment or other personnel in advance of the distribution of proxy solicitation materials to solicit support for certain proposals. This contact and subsequent discussion may result in the receipt of material, non-public information by the investment person or other recipient. In such a case, Global Compliance must be contacted immediately and such information may not be shared with others at the Firm, and no trading or recommendation regarding trading may be done or made while in possession of such information, in each case without the approval of Global Compliance.

In certain circumstances, it may be appropriate to share the Lord Abbett Advisers' general approach to voting certain issues. However, employees are prohibited from disclosing to proxy solicitors or other third parties how a Lord Abbett Adviser is expecting to vote during a pre-solicitation communication without the prior approval of Global Compliance. Employees who are contacted in advance of the distribution of proxy solicitation materials must contact the Proxy Governance Team immediately.

**Shareholder Resolutions**

The Lord Abbett Advisers may consider sponsoring or co-sponsoring a shareholder resolution to address an issue of concern if engagement and proxy voting are deemed to be ineffective. In such a case, the Legal Department must be consulted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.<u>REGULATORY FILINGS AND REPORTING</u>**

**Filings**

The Lord Abbett Advisers make their proxy voting records publicly available in compliance with applicable regulatory requirements and industry best practices:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Lord Abbett Funds and the applicable Lord Abbett Alternatives Funds shall annually disclose their proxy voting record for the most recent 12-month period ended June 30 on Form N-PX and shall post a link to the completed Form N-PX on the Lord Abbett Funds' public web-site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Lord Abbett Advisers that are Form 13F filers shall annually report on Form N-PX how it voted proxies concerning certain shareholder advisory votes on executive compensation ("say on pay").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Lord Abbett Adviser serves as a sub-adviser to a registered investment company with a Form N-PX filing requirement (a "Sub-Advised Fund"), the Lord Abbett Adviser shall, upon request, promptly furnish the Sub-Advised Fund's proxy voting information to the sponsor of the Sub-Advised Fund.

**Reporting**

At least annually (and if applicable) the Proxy Governance Team shall provide the Boards of the Lord Abbett Funds with a proxy voting report which shall include, among other things, the results of the most recently completed proxy voting season, conflicts of interest resolution, including conflicts that were escalated to the SPC and the outcome of such votes, proxies involving foreign securities, proxies involving securities on loan, enhancements or changes made to this Policy or the Guidelines and any other proxy voting information that the Boards or their counsel shall request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. <u>DEFINED TERMS</u>**

***Firm*** means Lord, Abbett & Co. LLC, and its affiliates.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended. ***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended. ***Lord Abbett Advisers*** means Lord, Abbett & Co. LLC, and its advisory affiliates.

***Lord Abbett Alternatives Funds*** means the family of funds consisting of: (i) closed-end investment companies that have elected to be regulated as business development companies under the Investment Company Act and advised by a Lord Abbett Adviser, and (ii) the closed-end interval funds registered under the Investment Company and advised by a Lord Abbett Adviser.

***Lord Abbett Family of Funds*** means the family of open-end mutual funds registered under the Investment Company Act and advised by a Lord Abbett Adviser.

***Lord Abbett Funds*** means collectively, the Lord Abbett Family of Funds and the Lord Abbett Alternative Funds.

***Proxy Governance Team*** means the team within the Office of the Chief Operating Officer (Investments) that is responsible for the oversight of the proxy voting process for the Lord Abbett Advisers.

***SEC*** means the U.S. Securities and Exchange Commission.

***Securities Act*** means the U.S. Securities Act of 1933, as amended.

APPENDIX A

**PROXY VOTING GUIDELINES**

The Lord Abbett Advisers' Proxy Voting Guidelines pertaining to specific issues are set forth below. Proposals will generally be voted consistent with these Guidelines but may deviate based on the facts and circumstances of the matter under consideration.

**Corporate Governance**

Investors and businesses have benefited from positive changes in corporate governance. Shareholders have taken a more active role in businesses in which they invest, and companies are communicating more with shareholders. Companies are more conscious of the need for transparent and effective governance policies, and there has been progress in the evolution of these practices. Companies with a principled governance approach are better positioned to manage the risks inherent in business and recognize opportunities that help deliver sustainable growth and returns for shareholders. In formulating an approach, the Lord Abbett Advisers are focused on best practice standards for governance, including industry approved frameworks and guidance.

**Directors**

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A company's board of directors oversees all aspects of its business. Companies and, under certain circumstances, their shareholders, may nominate directors for election by shareholders. In evaluating the candidacy of a director nominee to the board of a company, the Lord Abbett Advisers will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominee's experience, qualifications, attributes, and skills, as disclosed in the company's proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the composition of the board and its committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the nominee is independent of the company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominee's board meeting attendance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominee's history of representing shareholder interests on the company's board or other boards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total number of outside board positions held by the nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominee's investment in the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's long-term performance relative to a relevant market index; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• takeover activity.

We may withhold votes for some or all a company's director nominees on a case-by-case basis. In evaluating an audit, nominating, governance, or compensation committee nominee's candidacy, the Lord Abbett Advisers will consider additional factors related to the specific committee's oversight responsibilities.

Competent boards add value and represent shareholders' perspectives effectively during board deliberations. Companies with effective boards have a competitive advantage, as boards provide invaluable oversight and actively contribute to critical management choices that bolster long-term financial performance. With this in mind, the Lord Abbett Advisers believe companies that draw from a larger pool of candidates and attract and retain a diversity of talent from many backgrounds are better positioned for long-term, sustainable success. The Lord Abbett Advisers encourages boards to periodically assess director qualifications and skills to ensure relevant experience and diverse perspectives are represented.

The Lord Abbett Advisers believe that diversity and inclusivity presents the flow of novel perspectives and skills that lead to overall better risk management and the company's competitiveness over time. We encourage boards to pursue diversity and inclusivity. We recognize that diversity can be defined across a number of dimensions. However, if a board is to be considered meaningfully diverse, we take the view that diversity across gender, race, or ethnicity should be evident.

The Lord Abbett Advisers will consider their engagement history with a company and vote on proposals related to board diversity on a case-by-case basis taking into consideration if the company has articulated a plan for advancing diversity on the board.

**Governance Practices**

The Lord Abbett Advisers may consider a vote against, or withhold votes for, certain director nominees at companies that have material governance shortcomings, including those implemented at the time of an initial public offering, with no articulated plan to sunset certain provisions. Governance shortcomings may include dual-class voting structures, or supermajority vote standards, among others**.**

**Majority Voting**

The Lord Abbett Advisers generally favor a majority voting standard, under which director nominees are elected by an affirmative majority of the votes cast and we will generally support proposals that seek to adopt a majority voting standard.

Board Classification

The Lord Abbett Advisers generally believe that directors should be elected annually and will typically support proposals that seek to remove a classified board structure though not for investment products (such as business development companies) where such structures are usual and customary. When evaluating board classification proposals, the following factors, may be considered, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's long-term strategic plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which continuity of leadership is necessary to advance that plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need to guard against takeover attempts.

**Board Independence**

Director independence – from management, significant shareholders, or other related parties – is a key principle of sound corporate governance. The Lord Abbett Advisers encourage boards to have a sufficient number of independent directors, free from conflicts of

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interest or undue influence, to ensure objectivity in the board's decision-making and oversight of the company's management. We generally consider it a sound practice for the board to be comprised of a majority of independent members.

Circumstances that may raise questions as to independence include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current or recent employment at the company or a related entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being, or representing, a shareholder with a substantial ownership interest in the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having any other interest, business or other relationship which could, or be perceived to, materially interfere with a director's ability to act in the best interests of the company and its shareholders.

We may withhold votes or vote against non-independent board nominees if their election would cause a majority of board members to be non-independent.

**Independent Board Chair**

Proponents of proposals to require independent board chair seek to enhance board accountability and mitigate a company's risk-taking behavior by requiring that the role of the chair of the company's board of directors be filled by an independent director. The Lord Abbett Advisers vote on a case-by-case basis on proposals that call for an independent board chair, and will consider a variety of factors, including whether we believe that a company's governance structure promotes independent oversight through other means, such as a lead director, a board composed of a majority of independent directors, or independent board committees. In evaluating independent chair proposals, we will focus on the presence of a lead director, who is an independent director designated by a board with a non-independent chair to serve as the primary liaison between company management and the independent directors and act as the independent directors' spokesperson.

**Overboarding**

The Lord Abbett Advisers believe that director nominees should be able to dedicate sufficient time to each of the companies they represent to fully execute their board oversight responsibilities. It is important that directors not be "overboarded" to avoid excessive time-commitments and provide consistent contributions to all boards on which they serve. We may vote against directors that we deem to be "overboarded" and will consider voting against director nominees if they sit on more than five public company boards, or if they are an active executive who sits on more than two outside public company boards.

**Compensation and Benefits**

The Lord Abbett Advisers pay particular attention to the nature and amount of compensation paid by a company to its executive officers and other employees. Because a company has exclusive knowledge of material information not available to shareholders regarding its business, financial condition, and prospects, the company itself usually is in the best position to make decisions about compensation and benefits. However, we believe that companies should provide detailed disclosure of their compensation practices to allow investors to properly analyze the effectiveness and appropriateness of the company's compensation structure.

The Lord Abbett Advisers review all issues related to compensation on a case-by-case basis and may oppose management if we believe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company's compensation ratio to be excessive or inconsistent with that of its peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company's compensation measures do not foster a long-term focus among its executive officers and other employees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company has not met performance expectations, among other reasons.

**Advisory Vote on Executive Compensation**

"Say-on-pay" proposals give shareholders a nonbinding vote on executive compensation and serve as a means of conveying to company management shareholder concerns, if any, about executive compensation. The Lord Abbett Advisers generally prefer that say-on-pay proposals occur on an annual basis and will evaluate say-on-pay proposals on a case-by-case basis. We consider a variety of factors in evaluating compensation, including whether we believe that compensation has been excessive or not properly aligned with long-term performance and whether we engaged with the company and they provided more detailed information regarding compensation.

**Equity Compensation Plans**

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Equity compensation plans are intended to reward an executive's performance through various stock-based incentives and should be designed to align an executive's compensation with a company's long-term performance. The Lord Abbett Advisers will vote on equity compensation plans on a case-by-case basis. In evaluating such proposals, we will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether or to what extent the plan has any potential to dilute the voting power or economic interests of other shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate at which a company grants equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the features of the plan and costs associated with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the plan allows for repricing or replacement of underwater stock options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quantitative data regarding compensation ranges by industry and company size.

We scrutinize any proposed repricing or replacement of underwater stock options, taking into consideration the stock's volatility, management's rationale for the repricing or replacement, the new exercise price, and any other factors we deem relevant.

**Employee Stock Purchase Plans**

Employee stock purchase plans permit employees to purchase company stock at discounted prices and, under certain circumstances, receive favorable tax treatment when they sell the stock. The Lord Abbett Advisers will vote on a case-by-case basis on employee stock purchase plans and will consider overall incentive structure and any dilutive effects of such plans, among other factors.

**Clawback Provisions**

The Lord Abbett Advisers believe that clawback provisions generally encourage executive accountability and help mitigate a company's risk-taking behavior. We will evaluate proposals to require clawback provisions on a case-by-case basis and will consider a variety of factors, including concerns about the amount of compensation paid to the executive, the executive's or the company's performance, or accounting irregularities, among other relevant factors.

**Tax Gross-ups**

The Lord Abbett Advisers generally support the adoption of anti-tax gross-up policies, which limit payments by a company to an executive intended to reimburse some or all the executive's tax liability with respect to compensation, perquisites, and other benefits.

**Severance Agreements**

Severance (also referred to as "golden parachute") payments are sometimes made to departing executives after termination or upon a company's change in control. The Lord Abbett Advisers will consider severance arrangements in the overall evaluation of executive compensation and may scrutinize cases in which benefits are especially lucrative, granted despite the executive's or the company's poor performance, or materially amended shortly before a triggering event. We will vote shareholder proposals related to severance agreements on a case-by-case basis.

**Shareholder Rights**

**Proxy Access**

Proxy access proposals advocate permitting shareholders to have their nominees for election to a company's board of directors included in the company's proxy statement in opposition to the company's own nominees. Proxy access initiatives enable shareholders to nominate their own directors without incurring the often substantial cost of preparing and mailing a proxy statement, making it less expensive and easier for shareholders to challenge incumbent directors. The Lord Abbett Advisers vote on a case-by-case basis and will evaluate proposals that seek to allow proxy access based on the merits of each situation.

Similarly, we evaluate proposals that seek to amend the terms of an already existing proxy access by-law ("proxy fix-it" proposals) on a case-by-case basis but may vote against these proposals if the existing proxy access by-law has reasonable provisions already in place.

**Shareholder Rights Plans**

Shareholder rights plans or "poison pills" are a mechanism of defending a company against takeover efforts. Poison pills allow current shareholders to purchase stock at discounted prices or redeem shares at a premium after a takeover, effectively making the company more expensive and less attractive to potential acquirers. The Lord Abbett Advisers believe that poison pills can serve to entrench

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management and discourage takeover offers that may be attractive to shareholders. Accordingly, we generally vote in favor of proposals to eliminate poison pills and proposals to require that companies submit poison pills for shareholder ratification.

In evaluating a poison pill proposal, however, the Lord Abbett Advisers may consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duration of the poison pill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether we believe the poison pill facilitates a legitimate business strategy that is likely to enhance shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our level of confidence in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether we believe the poison pill will be used to force potential acquirers to negotiate with management and assure a degree of stability that will support long-term corporate goals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need to guard against takeover attempts.

Rights to Call Special Shareholder Meetings

The Lord Abbett Advisers typically support the right to call special shareholder meetings. In evaluating such a proposal, we will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the stock ownership threshold required to call a special meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purposes for which shareholders may call a special meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the company's annual meetings offer an adequate forum in which shareholders may raise their concerns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated economic impact on the company of having to hold additional shareholder meetings.

Similarly, we evaluate proposals that seek to amend the terms of an existing special meeting right on a case-by-case basis. We may vote against these proposals if the existing provision has a reasonable threshold in place.

**Rights to Act by Written Consent**

The Lord Abbett Advisers vote on a case-by-case basis on proposals requesting rights to act by written consent, though we may vote against these proposals if the company already grants shareholders the right to call special shareholder meetings at a reasonable threshold.

**Virtual Shareholder Meetings**

Companies should hold annual special shareholder meetings in a manner that best services the needs of its shareholders and the company. Shareholders should have the opportunity to participate in such meetings. Shareholder meetings provide shareholders with the opportunity to provide feedback or raise concerns and hear from the board and company management.

The Lord Abbett Advisers will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform). We will consider proposals to authorize the company to hold virtual only meetings (held entirely through a virtual platform with no in-person component) on a case-by-case basis.

**Supermajority Vote Requirements**

A proposal that is subject to a supermajority vote must receive the support of more than a simple majority to pass. Supermajority vote requirements can have the effect of entrenching management by making it more difficult to effect change for a company and its corporate governance practices. The Lord Abbett Advisers typically support the ability of shareholders to approve or reject proposals based on a simple majority vote and will generally vote for proposals to remove supermajority vote requirements and against proposals to add them.

**Cumulative Voting**

The Lord Abbett Advisers generally vote against cumulative voting proposals. Cumulative voting provides that shareholders may concentrate their votes for one or more candidates, a system that can enable a minority block to place representation on a board.

**Confidential Voting**

The Lord Abbett Advisers believe that confidential voting allows shareholders to vote without fear of retribution or coercion based on their views. Thus, we generally support proposals that seek to preserve shareholders' anonymity.

**Reimbursing Proxy Solicitation Expenses**

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The Lord Abbett Advisers vote on a case-by-case basis on shareholder proposals to require a company to reimburse reasonable expenses incurred by one or more shareholders in a successful proxy contest.

**Transacting Other Business**

The Lord Abbett Advisers believe that proposals to allow shareholders to transact other business at a meeting may deprive other shareholders of sufficient time and information needed to carefully evaluate the relevant business issues and determine how to vote with respect to them. Therefore, we typically vote against such proposals.

**Corporate Matters**

**Charter Amendments**

A company's charter documents, which may consist of articles of incorporation or a declaration of trust and bylaws, govern the company's organizational matters and affairs. The Lord Abbett Advisers consider proposals related to charter amendments on a case-by-case basis to the extent they are not explicitly covered by these Guidelines.

**Capital Structure**

A company may propose amendments to its charter documents to change the number of authorized shares or create new classes of stock. The Lord Abbett Advisers will generally support proposals to increase a company's number of authorized shares if the company has articulated a clear and reasonable purpose for the increase (*e.g*., to facilitate a stock split, merger, acquisition, or restructuring). However, we generally oppose share capital increases that would have a substantial dilutive effect.

The Lord Abbett Advisers generally believe that all shares should have equal voting rights at publicly traded companies and will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally oppose proposals to create a new class of stock with superior voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• typically vote for proposals to eliminate a dual or multi-class voting structure.

**Reincorporation**

The Lord Abbett Advisers generally follow management's recommendation regarding proposals to change a company's state of incorporation, although we consider the rationale for the reincorporation and the financial, legal, and corporate governance implications of the reincorporation. We will vote against reincorporation proposals that we believe contravene shareholders' interests.

**Mergers, Acquisitions, and Restructurings**

The Lord Abbett Advisers view the decision to approve or reject a potential merger, acquisition, or restructuring as being equivalent to an investment decision and evaluate such proposals on a case-by-case basis. In evaluating such proposals, we may consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated financial and operating benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the offer price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prospects of the resulting company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any expected changes in corporate governance and their impact on shareholder rights.

**Political Contributions and Lobbying**

The Lord Abbett Advisers recognize that companies may participate in the political process within legal limits to help shape public policy consistent with a company's strategy. While we understand the rationale for involvement in certain political activities, we generally encourage transparency in the process to help stakeholders evaluate potential risks that may impact returns. The Lord Abbett Advisers generally encourage the disclosure of oversight mechanisms related to political contributions and lobbying processes, including board oversight.

We will vote proposals related to political contributions and lobbying on a case-by-case basis. In evaluating these proposals, we will consider the current level of disclosure, peer disclosure, previous litigation or controversies, the consistency between a company's public statements on issues and the nature of its lobbying activity, engagement, and reputational or legal risks, among other factors.

**Climate Proposals**

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The Lord Abbett Advisers will vote proposals relating to environmental matters on a case-by-case basis. In evaluating these proposals, we consider materiality and risk and return potential as well as a company's governance framework, current disclosures, peer disclosures, engagement, related controversies, and environmental commitments, among other factors.

**Human Rights**

The Lord Abbett Advisers support and respect the protection of internationally proclaimed human rights and companies that are not complicit in human rights abuses. In evaluating proposals related to human rights, the Lord Abbett Advisers will consider current company disclosures, peer disclosures, engagement, and related controversies, among other factors and vote such matters on a case-by-case basis.

**Auditors**

The Lord Abbett Advisers believe that companies normally are in the best position to select their auditors. However, we will evaluate such proposals on a case-by-case basis and may consider any concerns about impaired independence, accounting irregularities, controversies, or failure of the auditors to act in shareholders' best economic interests, among other relevant factors.

***Los Angeles Capital Management LLC***

**Proxy Policy**

Effective: May 21, 2024

<u>I.</u><u>Introduction</u>

Los Angeles Capital Management LLC ("Los Angeles Capital" or the "Firm") has adopted and implemented policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with U.S. Securities and Exchange Commission ("SEC") Rule 206(4) - 6 under the Investment Advisers Act of 1940 (the "Advisers Act") and its obligations under the Employee Retirement Income Security Act of 1974 ("ERISA"). Los Angeles Capital provides investment advisory or sub-advisory services to various types of institutional clients. When clients give Los Angeles Capital the authority to vote proxies held in their client accounts such authority is specified in the advisory contract or other governing agreements.

<u>II.</u><u>Proxy Policy Statement</u>

Los Angeles Capital has retained Glass, Lewis & Co., LLC ("Glass Lewis") an unaffiliated third-party, to act as an independent proxy voting agent. Glass Lewis provides proxy analysis, voting recommendations and administration, recordkeeping, and manages other operational and reporting matters of the proxy voting process. If at any time a material conflict arises in connection with the Firm voting proxies for a client account, it would be resolved in the best interest of the client.

When Los Angeles Capital is given proxy voting authority together with a client's voting policy, the Firm oversees compliance with such policy. When the client elects to use the Firm's standard proxy guidelines, the Firm will vote in accordance with the guidelines approved by the Firm's Proxy Committee ("Committee"). The Committee has approved the use of Glass Lewis' market-based U.S. and Global guidelines<sup>8</sup>, as may be modified from time to time (the "Firm's Guidelines"). Clients with specific proxy voting goals may direct the Firm to apply a thematic set of proxy guidelines developed by Glass Lewis or provide the Firm with an alternative set of custom guidelines for use in voting proxies for the client's account.

A.Proxy Voting Guidelines

On an annual basis, the Committee reviews the Firm's Guidelines. Members of the Committee also selectively review a sampling of the voting recommendations and the related proxy materials in determining whether to modify the approved Firm Guidelines.

Where the Firm has proxy voting authority, the Firm ultimately retains the right to cast each vote on a case-by-case basis, taking into consideration the applicable proxy guidelines including any contractual obligations or the specific voting policy of the particular portfolio as well as all relevant facts and circumstances including information that might be gathered from sources beyond Glass Lewis. Management of issuers, as well as other interested parties, will sometimes release supplemental information (after the proxy statement) that relates to a pending proxy vote. Glass Lewis and the Firm will not always be able to consider such additional information depending on when it is released.

<sup>8</sup> https://www.glasslewis.com/voting-policies-current/

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In the event there is a disagreement with the Glass Lewis analysis as to a particular vote, the Committee will determine whether it is appropriate to vote contrary to the Glass Lewis analysis provided that such decision is consistent with the approved guideline. In the rare circumstance that the Committee believes it is in the best interest of a client to vote contrary to an approved guideline, the Committee will seek client consent prior to placing a vote that is contrary to such approved guideline(s).

Los Angeles Capital recognizes that a client may issue specific directives regarding how particular proxy issues are to be voted for the client's portfolio holdings. The Firm requires that the advisory or sub-advisory contract specify such instructions, including instructions as to how those votes will be managed, particularly where they differ from the Firm's Guidelines.

It is unlikely that serious conflicts of interest will arise in the context of the Firm's proxy voting because the Firm does not engage in other financial businesses such as brokerage or managing public companies, underwriting, or investment banking. Nevertheless, should a conflict of interest arise in connection with proxy voting or Glass Lewis, such conflict will be handled as described below under Section IV B, "Conflicts of Interest." As a matter of policy, the Firm and its employees are required to put the interests of clients ahead of their own.

B.Limitations

In limited circumstances, the Firm may elect to abstain from voting or may be unable to vote a client's proxy. These circumstances include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the Firm concludes that the effect on shareholder's economic interests or the value of the portfolio holding is indeterminable or insignificant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the securities related to the vote participate in a ***securities lending program*** and are out on loan. In many cases, where a client directs the securities lending, Los Angeles Capital may not be aware when the security is out on loan and thus may not be able to recall the security before the record date, subject to the Special Considerations outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the related securities are issued in a country that participates in ***share blocking*** because it is disruptive to the management of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where multiple global custodian accounts roll up into one ***omnibus sub-custodian account***. In the specific markets where this may occur, the account managed by Los Angeles Capital is not registered individually. Therefore, if ballots are voted differently for the underlying accounts, the omnibus vote is considered split and is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where in the Firm's judgement the ***unjustifiable costs***<sup>9</sup> or disadvantages of voting the proxy would exceed the anticipated benefit of voting (e.g., certain non-U.S. securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a required ***Power of Attorney*** is not on file or it is not feasible to get one on file.

C.Special Considerations

Certain accounts may warrant specialized treatment in voting proxies. Contractual stipulations, individual client direction, and special guideline arrangements will dictate how voting will be done in these cases.

Mutual Funds

Where the Firm votes proxies for a mutual fund that it sub-advises, unless otherwise directed and agreed with such fund and its adviser, the proxies typically will be voted in accordance with the Firm's proxy guidelines Proxies of a mutual fund's portfolio companies may be voted in accordance with resolutions or other instructions from an authorized person of the fund.

ERISA Accounts

<sup>9</sup> *The DOL has indicated that such costs include, but are not limited to, expenditures related to developing proxy resolutions, proxy voting services and the analysis of the likely net effect of a particular issue on the economic value of the plan's investment. Fiduciaries must take into consideration whether the exercise of its rights to vote a proxy is expected to have an effect on the economic value of the plan's investment that will outweigh the costs of exercising such rights. With respect to proxies for shares of foreign corporations, a fiduciary, in deciding whether to purchase shares of a foreign corporation, should consider whether any additional difficulty and expense in voting such shares is reflected in their market price.*

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The Department of Labor ("DOL") rules emphasize that a fiduciary's duties extend to management of shareholder rights including with respect to proxy voting. Responsibilities for voting ERISA accounts include: the duty of loyalty, prudence, compliance with the plan, as well as a duty to avoid prohibited transactions. The DOL rules require voting with a focus on relevant risk-return factors and not voting in a manner that sacrifices investment returns or takes on risks that promote benefits or goals unrelated to the interests of participants and beneficiaries. Where the Firm has authority to vote proxies for an ERISA account, the Firm employs the Firm's Guidelines unless otherwise specifically directed by the ERISA plan fiduciary. Where the Firm has authority to vote proxies for a commingled fund that is an ERISA plan asset fund, the Firm employs the Firm's Guidelines.

Securities Lending Program

Certain situations where Los Angeles Capital may recall securities on loan to vote proxies, if operationally feasible, include: (i) where Los Angeles Capital deems a holding materially significant, (ii) where Los Angeles Capital is directing the securities lending, or (iii) where a client has made arrangements with its custodian to permit standing instructions for the recall of securities out on loan and Los Angeles Capital has agreed to implement the standing instructions.

<u>III.</u><u>Responsibility and Oversight</u>

The Committee was established to provide oversight to the proxy voting process and is responsible for developing, implementing, and updating the Firm's proxy policy, reviewing approving, and/or formulating the Firm's Guidelines, selecting and overseeing the third-party proxy vendor, identifying any conflicts of interest, determining the votes for issues it elects to vote independently from, or that cannot be voted by, Glass Lewis, monitoring legislative and corporate governance developments surrounding proxy issues, and meeting to discuss any material issues regarding the proxy voting process. The Committee meets annually and as necessary to fulfill its obligations.

As part of the Committee's ongoing oversight of its third-party proxy vendor, the Committee considers (i) the adequacy and quality of the proxy vendor's staffing and personnel; (ii) the presence of conflicts and processes to address those conflicts; (iii) the robustness of the proxy vendor's policies and procedures for ensuring that its recommendations are based on current and accurate information; and (iv) any other appropriate considerations as to the nature and quality of the proxy vendor's services. In addition, Compliance conducts periodic reviews of ballots voted by the proxy vendor to ensure they are in line with proxy voting procedures.

In cases where the Committee votes a proxy ballot it may conduct research internally and/or use the resources of an independent research consultant or use information from any of the following sources: legislative materials, studies of corporate governance and other proxy voting issues, reports by issuers' management on pending proxy votes, and/or published analyses of shareholder and management proposals. In such voting circumstances, two votes from voting members of the Committee or one voting member of the Committee and an internal legal counsel are required.

Los Angeles Capital's Operations Department handles the day-to-day administration of the proxy voting process.

<u>IV.</u><u>Proxy Voting Procedures</u>

Glass Lewis provides for the timely execution of specified proxy votes on the Firm's behalf, which includes complete account set-up, vote execution, reporting, recordkeeping, and compliance with ERISA.

Los Angeles Capital's responsibility for voting proxies is generally determined by the obligations set forth under each client's Investment Management Agreement, Limited Partnership Agreement, Prospectus, Trust Agreement or other legal documentation governing the account. Voting ERISA client proxies is a fiduciary act of plan asset management that must be performed by the adviser or delegated to a sub-adviser unless the voting right is retained by a named fiduciary of the plan. If an advisory or sub-advisory contract or similar document states that Los Angeles Capital does not have the authority to vote client proxies, then voting is the responsibility of some other named fiduciary.

While Los Angeles Capital will accept direction from clients on specific proxy issues for their account, the Firm reserves the right to maintain its standard position on all other client accounts for which the Firm has proxy voting authority.

A.Materiality

The Committee has designated certain materiality thresholds for situations in which the Committee may vote independently from Glass Lewis or may take separate actions in regard to securities lending limitations. Materiality thresholds are monitored daily and are escalated to the Committee for review.

B.Conflicts of Interest

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Los Angeles Capital attempts to minimize the risks of conflicts and reviews the Conflict of Interest Statement prepared by Glass Lewis on an annual basis.

If Glass Lewis identifies a potential conflict of interest between it and a publicly held company, it will disclose the relationship on the relevant proxy paper research report. In these situations, members of the Committee will review the proxy paper research report and vote the proxy in accordance with the Committee charter.

If an unforeseen conflict requires specialized treatment, alternate measures may be taken, up to and including having Glass Lewis refrain from writing a proxy paper research report and abstaining from making a voting recommendation on the company. In this scenario Glass Lewis would procure a substitute research report from an alternative qualified provider, and the Committee may be required to research and vote the proxy.

If the Committee identifies a potential material conflict of interest between Los Angeles Capital or an affiliated person of the Firm and the issuer whose ballot is being voted, the client whose account holds the shares of such issuer will be notified. If no directive on how to vote is issued by the client, the Committee will vote in such a way that, in the Committee's opinion, fairly addresses the conflict in the best interest of the client.

C.Disclosure

Los Angeles Capital will provide all clients with a copy of the Firm's current proxy policies and procedures upon request. In addition, clients may request, at any time, a copy of the Firm's voting records for their respective account(s) by making a formal request to Los Angeles Capital. Los Angeles Capital will make this information available to a client upon its request within a reasonable time. For further information, please contact a member of Operations at operations@lacapm.com.

Los Angeles Capital generally will not disclose how it intends to vote on behalf of a client account except as required by applicable law but may disclose such information to a client regarding their portfolio who itself may decide or may be required to make public such information. Los Angeles Capital will not disclose past votes or share amounts voted except: (i) for a valid business purpose as determined in the discretion of the Chief Compliance Officer or Chief Legal Officer, (ii) to the respective client, (iii) as required on Form N-PX related to Say-on-Pay votes, or (iv) as otherwise required by law.

D.Recordkeeping

ERISA Accounts

Los Angeles Capital's maintains access to proxy voting records (both procedures and actions taken in individual situations) to enable the named fiduciary to determine whether Los Angeles Capital is fulfilling its obligations. Such records may be maintained via Glass Lewis' electronic system. Retention may include: (1) issuer name and meeting; (2) issues voted on and record of the vote; (3) number of shares eligible to be voted on the record date; (4) number of shares voted; and (5) where appropriate, cost-benefit analyses.

Duration

Proxy voting books and records will be maintained in an easily accessible place for at least five years from the end of the fiscal year during which the last entry was made on such records. For the first two years, the records are fully accessible in Los Angeles Capital's office and electronically.

***Manulife***

**Effective February 2025**

**Executive summary**

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Each investment team at Manulife Investment Management (Manulife IM)<sup>10</sup> is responsible for investing in line with its investment strategy and clients' objectives. Manulife IM's approach to proxy voting leverages the skills and knowledge of multiple individuals and teams across the company, including those with expertise on investments, legal matters, corporate governance, environmental matters, social issues, and investment stewardship. Manulife IM's proxy voting practices align with our organizational structure and consider financially material factors in support of long-term value.

This global proxy voting policy and procedures (policy) applies to each of the Manulife IM advisory affiliates listed in Appendix A. In seeking to adhere to local regulatory requirements of the jurisdiction in which advisory affiliate operates, additional procedures specific to that affilate may be implemented to ensure compliance, where applicable. The policy is not intended to cover every possible situation that may arise in the course of business, but rather to act as a decision-making guide. It is therefore subject to change and interpretation from time to time as facts and circumstances dictate.

Manulife IM sets forth broad proxy voting guidelines in our separate Manulife IM global proxy voting guidelines (the guidelines). The guidelines express our general approach to specific proxy voting proposals and subject matter and are intended to be read in conjunction with our various issue-specific statements.<sup>11</sup> The guidelines are an important public disclosure reflecting what we, as fiduciaries, believe drive long-term value, and we vote consistently with those principles. While the guidelines broadly indicate our approach to voting on environmental, social, and governance (ESG) integrated strategies,<sup>12</sup> we also maintain some additional and differentiated voting guidelines for our thematic strategies. Our thematic strategies are those investment strategies that focus on specific ESG issues or trends.<sup>13</sup> AN active decision to invest in a company and usually in the incumbent management team and, therefore, we often support management's voting recommendations, but management recommendations are only one of the factors we consider. Public disclosure of our voting guidelines is intended to assist portfolio company management in understanding our perspective and ensure an effective dialogue. Manulife IM applies these guidelines with discretion, such that investment professionals may consider the facts and circumstance of individual ballot items.

**Statement of Policy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The right to vote is a basic component of share ownership and is an important control. Where clients delegate proxy voting authority to Manulife IM, Manulife IM has an obligations to manage voting rights in a manner consistent with our fiduciary responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM seeks to achieve the state objective of the investment strategy for our clients throughout the investment process, including through proxy voting and wider stewardship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We encourage good corporate governance at companies as ewe believe it enhances longer-term resilience by positioning companies to best manage risks and supporting long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where we believe that sustainability factors can materially affect financial value, we integrate financially material sustainability risks and opportunities into our investing processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We look to establish constructive relationships with board of companies in which we invest and look to integrate those dialogues into our proxy voting decision-making processes.<sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We strive to leverage a range of expertise in our company across our decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, we will seek to ensure process are received, voted, or not voted with a view to maximize the economic value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM has implemented processes to prevent and mitigate identified potential conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM will disclosure information about our proxy voting policies and procedures to our clients.

<sup>10</sup> Manulife Investment Management is the unified global brand for Manulife's global wealth and asset management business, which serves individual investors and institutional clients in three business; retirement, retail, and institutional asset management (public markets and private markets).

<sup>11</sup> Our issue-specific statements include, as examples, our climate change statement, our nature statement, and our executive compensation statement.

<sup>12</sup> Including ESG integration and quantitative screening.

<sup>13</sup> Including sustainable, sustainable thematic, and impact (e.g., clean energy, climate mitigation).

<sup>14</sup> For more information on our engagement activities please see the Manulife Investment Management global issuer engagement policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By articulating public positions on a range of issues, developed by an appropriate range of expertise, Manulife IM articulates our opinion on how a range of issues may affect investors financially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM will maintain records relating to proxy voting.

**Standards**

**Scope of proxy voting authority** 

Manulife IM's authority to vote proxies is determined by our agreements with clients. Where Manulife IM is granted and accepts responsibility for voting proxies for client accounts, we will seek to ensure proxies are received and voted in the best interests of the clients with a view to maximize the economic value of their investments unless we determine that it is in the best interest of clients to refrain from voting a given proxy. We believe that our proxy voting policies and procedures are reasonably designed to ensure that proxy voting is conducted in the best interest of clients and in accordance with our fiduciary duties and any applicable rules and regulations.

when clients have granted Manulife IM authority to vote securities in their accounts, we will vote in accordance with our proxy voting policy and standards, and clients cannot direct our vote in a particular proxy solicitation. Clients who have not provided us authority to vote securities in their accounts should reach out to their other service providers. We will not generally provide advice on proxy voting to clients who have not granted us voting authority.

**Receipt of ballots and proxy materials** 

Except in instances in which a client retains voting authority, Manulife IM will instruct custodians of client accounts to forward all proxy statements and materials received in respect of client accounts to the proxy voting service provider. Proxies received are reconciled against the client's holdings, and the custodian bank will be notified if proxies have not been forwarded to the proxy service provider when due.

**Use of a proxy voting services provider** 

Manulife IM has deployed the services of a proxy voting services provider to ensure the timely casting of votes, to provide relevant and timely proxy voting research to inform our voting decisions, and to keep associated records. In addition to fulfilling other responsibilities, the proxy voting service provider has been engaged by Manulife IM to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide research and make voting recommendations, taking into account the product's strategy. Manulife IM has adopted the Institutional Shareholder Service (ISS) Benchmark Policy for our ESG integrated strategies<sup>12</sup> and the ISS Sustainability Policy for our thematic strategies.<sup>13</sup> These policies were selected as their underlying principles, and recommendations are aligned with the strategies with which they are paired. Both policies are reviewed on a regular basis to ensure broad alignment with the various Manulife IM issue-specific statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure proxies are voted and submitted in a timely manner ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide alerts when companies file additional materials related to proxy voting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perform other administrative functions of proxy voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain records of proxy statement and provide copies of such proxy statement promptly on request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain records of votes cast; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide recommendations with respect to proxy voting matters in general.

Through the proxy voting execution process, the proxy voting services provider populates initial recommended voting decisions using the relevant policy that considers a range of issues.

These voting recommendations are then submitted, processed, and ultimately tabulated. Manulife IM retains the authority and operational functionality to submit different voting instructions after these initial recommendations from the proxy voting services provider have been submitted based on Manulife IM's assessment of each situation. As Manulife IM reviews voting recommendations and decisions, as articulated below, Manulife IM may change voting instructions based on those reviews.

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**Vote review and decision process**

The firm actively reviews voting options where Manulife IM holds a significant ownership position in an investment. A significant ownership position in an investment is defined as those cases in which Manulife IM holds at least 2% of a company's issued share capital in aggregate across all Manulife IM client accounts. The investment professionals may also review other proxy voting items for their holdings and may make voting suggestions and/or determinations as discussed further below. Where Manulife IM holds a significant ownership position in a company, the investment professional is notified of the matter and the related voting proposals are reviewed.

Manulife IM investment professionals apply the expertise of individuals across the organization in conducting proxy voting research and providing advice. Any such advice is supplemental to the research and recommendations provided by our proxy voting services provider and review by investment professionals.

Manulife IM investment professionals may seek internal review by and advice from the sustainability team when it considers the facts and circumstances of an individual ballot item. After considering all available information, the investment professional will make a voting decision. Where the vote is different from the initial recommendation provided by the proxy voting services provider, the sustainability team will execute the change and record the rationale for the decision.

On occasion, there may be proxy votes that are not within the research and recommendation coverage universe of the proxy voting services provider. Investment professionals responsible for the proxy votes will provide voting recommendations to the Manulife IM proxy operations team, which will execute the votes accordingly.

**Securities lending**

Manulife IM clients retain the authority and may choose to lend shareholdings. Manulife IM, however, generally retains the ability to restrict shares from being lent and to recall shares on loan in order to preserve proxy voting rights. Manulife IM is focused in particular on preserving voting rights for companies in which the firms holds 2% or more of a company's voting shares aggregated across client accounts. Manulife IM has a process in place to systematically restrict and recall shares on a best-efforts basis for those companies in which we own an aggregate of 2% or more across all Manulife IM client accounts.

**Where Manulife IM may refrain from voting**

Manulife IM may refrain from voting a proxy where we have agreed with a client in advance to limit the situations in which we will execute votes. Manulife IM may also refrain from voting due to logistical considerations that may have a detrimental effect on our ability to vote. These issues may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with voting the proxy exceed the expected benefits to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• underlying securities that have been lent out pursuant to a client's securities that are on loan according to a client's securities lending program and have not been subjected to recall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• short notice of a shareholder meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements to vote proxies in person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on a nonnational's ability to exercise votes, determined by local market regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the sale of securities in proximity to the shareholder meeting (i.e., share blocking);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements to disclose commercially sensitive information that may be made public (i.e. reregistration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements to provide local agents with the power of attorney to facilitate the voting instructions (such proxies are voted on a best-efforts basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient information available to confirm Manulife IM is authorized to execute voting rights for certain shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability of a clients's custodian to forward and process proxies electronically.

**Manulife IM does not engage in empty voting**

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Manulife IM does not engage in the practice of empty voting.<sup>15</sup> Manulife IM advisory affiliates are prohibited from creating large hedge positions solely to gain the vote while avoiding economic exposure to the market. Manulife IM will not knowingly vote borrowed shares (shares borrowed for short sales and hedging transactions).

**Conflicts of interest**

Manulife IM has a fiduciary duty to our clients. We recognize that conflicts of interest may arise in our proxy voting activities, and we seek to identify, disclose, and mitigate potential conflicts in accordance with our fiduciary responsibilities.

We have identified the following potential conflicts of interest related to our proxy voting activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting at a company that is the sponsor of one of our institutional clients or where the company otherwise ahs a material commercial relationship with either Manulife Financial Corporation (MFC) or another member of the Manulife group, and Manulife IM could be unduly influenced by the relationship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM employees could have a material relationship with a company, which could affect voting activities

Manulife IM has implemented processed to prevent and mitigate identified potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Manulife IM employee is subject to a global code of ethics and general principles of business conduct, which reinforces fiduciary obligations and reminds employees of the requirement to put the interest of our clients first. Where a material conflict is identified between an employee and a company, the conflict must be disclosed to the employee's manager and our legal/compliance departments as needed to determine if it is appropriate for such employee to influence vote decisions for that company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manulife IM uses an organizational structure that separates reporting lines for the sustainability team and investments professionals from sales and vendor functions in order to minimize real, or potential, conflicts of interest and to help ensure that voting is conducted in the best interest of the underlying clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting decisions are executed independently of our parent company, MFC, or any of its related entities.

**Voting shares of MFC**

MFC is the publicly listed parent company of Manulife IM. Generally, legislation restricts the ability of a public company (and its subsidiaries) to hold shares in itself within its own accounts. Accordingly, the MFC shares investment policy outlines the limited circumstances in which MFC, or its subsidiaries, may or may not invest or hold shares in MFC on behalf of MFC or its subsidiaries.<sup>16</sup>

The MFC share investment policy does not apply to investments made on behalf of unaffiliated third parties, which remain assets of the client.<sup>17</sup> Such investing may be restricted, however, by specific client guidelines, other Manulife IM policies, or other applicable laws.

Where Manulife IM is charged with voting MFC shares, we will seek to either vote shares in line with the voting recommendations of our external proxy voting service provider or not execute those votes in order to mitigate any conflict of interests.

**Policy responsibility and oversight** 

The public markets sustainability committee (SC) oversees and monitors this policy and Manulife IM's proxy voting function, as well as the third-party proxy voting service provider.

Manulife IM's proxy operations team is responsible for the daily administration of proxy voting operational matters while the sustainability team is responsible for research and analysis of voting decisions and execution of change votes. Significant proxy voting issues identified by Manulife IM's proxy operations team are escalated to the sustainability team and may be reviewed by compliance and the SEC.

<sup>15</sup> Empty voting is a term embracing a variety of factual circumstances that result in a partial, or total, separation of the right to vote at a shareholders meeting from beneficial ownership of the shares on the meeting date.

<sup>16</sup> This includes general funds, affiliated segregated funds or separate accounts, and affiliated mutual/pooled funds.

<sup>17</sup> This includes assets managed or advised for unaffiliated third parties, such as unaffiliated mutual/pooled funds and unaffiliated institutional advisory portfolios.

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The SC is responsible for the proper oversight of any service providers hired by Manulife IM to assist it in the proxy voting process. This oversight includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Annual due diligence:** Manulife IM conducts an annual due diligence review of the proxy voting service provider. This oversight includes an evaluation of the service provider's industry reputation, points of risk, compliance with laws and regulations, and technology infrastructure. Manulife IM also reviews the service provider's capabilities to meet Manulife IM's requirements, including reporting competencies, the adequacy and quality of the service provider's staffing and personnel, the quality and accuracy of sources of data and information, the strength of policies and procedures that enable it to make proxy voting recommendations based on current and accurate information, and the strength of policies and procedures to address conflicts of interest of the service provider related to its voting recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regular updates:** Manulife IM requests that the proxy voting service provider deliver updates regarding any business changes that alter the service provider's ability to provide independent proxy voting advice and services aligned with our policies.

**Recordkeeping and reporting** 

Manulife IM provides clients with a copy of the proxy voting policy on request, and the proxy voting policy is also available on our website. Manulife IM describes our proxy voting processes to our clients in the relevant or required disclosure documents and discloses to our clients the process to obtain information on how Manulife IM voted that client's proxies.

Manulife IM keeps records of our proxy voting activities, which include proxy voting policies and procedures, records of votes cast on behalf of clients, records of clients requests for proxy voting information, and any documents generate in making a vote decision. These documents may be available for inspection by regulatory authorities or government agencies.

Manulife IM discloses voting records, and those records are updated on a monthly basis. The voting records generally reflect the voting decisions made for retail, institutional, and other client funds in the aggregate.

**Policy amendments and exceptions**

This policy is subject to periodic review by the SEC in additional to a review a minimum of every three years. The SC may recommend and approve amendments to this policy.

Any deviation from this policy will only be permitted with the prior approval of the global chief investment officer in consultation with the chief sustainability officer, Manulife IM.

**Apendix A**

**Manulife IM advisory affiliates in scope of policy and investment management business only** 

Manulife Investment Management Limited

Manulife Investment Management (North America) Limited

Manulife Investment Management (Hong Kong) Limited

PT Manulife Aset Manajemen Indonesia<sup>18</sup>

Manulife Investment Management (Japan) Limited

Manulife Investment Management (Malaysia) Bhd. Manulife Investment Management and Trust Corporation

Manulife Investment Management (Singapore) Pte. Ltd.

Manulife IM (Switzerland) LLC

<sup>18</sup> By reason of certain local regulations and laws with respect to voting, for example, manual/physical voting processes or the absence of a third-party proxy voting service provider for those jurisdictions, PT Manulife Aset Manajemen Indonesia does not engage a third-party service provider to assist in their proxy voting processes. Manulife Investment Management (Taiwan) Co. Ltd. uses the third-party proxy voting service provider to execute votes for non-Taiwanese entities only.

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Manulife Investment Management (Taiwan) Co., Ltd.<sup>15</sup>

Manulife Investment Management (Europe) Limited

Manulife Investment Management (US) LLC

***MASSACHUSETTS FINANCIAL SERVICES COMPANY***

Effective January 1, 2026

At MFS Investment Management, our core purpose is to create value responsibly. In serving the long-term economic interests of our clients, we rely on deep fundamental research, risk awareness, engagement, and effective stewardship to generate long-term risk-adjusted returns for our clients. A core component of this approach is our proxy voting activity. We believe that robust ownership practices can help protect and enhance long-term shareholder value. Such ownership practices include diligently exercising our voting rights as well as engaging with our issuers on a variety of proxy voting topics. We recognize that environmental, social and governance ("ESG") issues may impact the long-term value of an investment, and, therefore, we consider ESG issues in light of our fiduciary obligation to vote proxies in what we believe to be in the best long- term economic interest of our clients.

MFS Investment Management and its subsidiaries that perform discretionary investment activities (collectively, "MFS") have adopted these proxy voting policies and procedures ("MFS Proxy Voting Policies and Procedures") with respect to securities owned by the clients for which MFS serves as investment adviser and has been delegated the power to vote proxies on behalf of such clients. These clients include pooled investment vehicles sponsored by MFS (an "MFS Fund" or collectively, the "MFS Funds").

**Our approach to proxy voting is guided by the overall principle that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of our clients for which we have been delegated with the authority to vote on their behalf, and not in the interests of any other party, including company management or in MFS' corporate interests, including interests such as the distribution of MFS Fund shares and institutional client relationships.** These Proxy Voting Policies and Procedures include voting guidelines that govern how MFS generally will vote on specific matters as well as how we monitor potential material conflicts of interest on the part of MFS that could arise in connection with the voting of proxies on behalf of MFS' clients.

Our approach to proxy voting is guided by the following additional principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Consistency in application of the policy across multiple client portfolios:** While MFS generally seeks a single vote position on the same matter when securities of an issuer are held by multiple client portfolios, MFS may vote differently on the matter for different client portfolios under certain circumstances. For example, we may vote differently for a client portfolio if we have received explicit voting instructions to vote differently from such client for its own account. Likewise, MFS may vote differently if the portfolio management team responsible for a particular client account believes that a different voting instruction is in the best long-term economic interest of such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Consistency in application of policy across shareholder meetings in most instances:** As a general matter, MFS seeks to vote consistently on similar proxy proposals across all shareholder meetings. However, as many proxy proposals (e.g., mergers, acquisitions, and shareholder proposals) are analyzed on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal MFS may vote similar proposals differently at different shareholder meetings. In addition, MFS also reserves the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Consideration of company specific context and informed by engagement:** As noted above MFS will seek to consider a company's specific context in determining its voting decision. Where there are significant, complex or unusual voting items we may seek to engage with a company before making the vote to further inform our decision. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management is warranted to reflect our concerns and encourage change in the best long-term economic interests of our clients for which MFS has been delegated with the authority to vote on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Clear decisions to best support issuer processes and decision making:** To best support improved issuer decision making we strive to generally provide clear decisions by voting either For or Against each item. We may however vote to Abstain in certain situations if we believe a vote either For or Against may produce a result not in the best long-term economic interests of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Transparency in approach and implementation:** Our voting data is reported to clients upon request and publicly on a quarterly and annual basis on our website (under Proxy Voting Records & Reports). For more information about reporting on our proxy voting activities, please refer to Section F below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.VOTING GUIDELINES**

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The following guidelines govern how MFS will generally vote on specific matters presented for shareholder vote. These guidelines are not exhaustive, and MFS may vote on matters not identified below. In such circumstances, MFS will be governed by its general policy to vote in what MFS believes to be in the best long-term economic interest of its clients. MFS reserves the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

Additionally, these guidelines are written to apply to the markets and companies where MFS has significant assets invested. There will be markets and companies, such as controlled companies and smaller markets, where local governance practices are taken into consideration and exceptions may need to be applied that are not explicitly stated below. There are also markets and companies where transparency and related data limit the ability to apply these guidelines.

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|:---|:---|
| &nbsp;&nbsp;**Board structure & performance** | &nbsp;&nbsp;**Board structure & performance** |
| &nbsp;&nbsp;MFS generally supports the election and/or discharge of directors proposed by uncontested or non-contentious elections, unless concerns have been identified as described below. | &nbsp;&nbsp;MFS generally supports the election and/or discharge of directors proposed by uncontested or non-contentious elections, unless concerns have been identified as described below. |
| &nbsp;&nbsp;***Director Independence*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a general matter, MFS will not support a nominee to a board if, as a result of such nominee being elected to the board, the board would consist of less than a simple majority of members who are "independent" (as determined by MFS in its sole discretion). MFS' determination of "independence" may be different than that of the company, the exchange on which the company is listed, or a third party (e.g., proxy advisory firm).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a general matter, MFS will vote against any non-independent nominee if MFS does not believe a key committee of the board (such as audit, nomination and compensation/remuneration committee) is "sufficiently independent." MFS' view of what constitutes "sufficiently independent" and which board committees are "key committees" varies by market.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may accept lower levels of independence in certain circumstances, such as companies required to have non-shareholder representatives on the board, controlled companies, and companies in certain markets. |
| &nbsp;&nbsp;***Independent Chairs*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board or a lead independent director. We review the merits of a change in leadership structure on a case-by-case basis. |
| &nbsp;&nbsp;***Tenure in leadership roles*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may vote against a chair who is designated independent, or a lead independent overall tenure on the board equals or exceed (20) years, if refreshment is not being considered by the company's board or MFS identifies other concerns that suggest more immediate refreshment is necessary. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Overboarding*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe that all directors should have sufficient time and attention to fulfil their duties and play their part in effective oversight, both in normal and exceptional circumstances. As a general guideline, MFS will generally vote against a director's election if we believe that the director's service on boards of outside public companies is "excessive". Our view as to what constitutes "excessive" varies by market and role that the director serves with the public company (i.e., executive or non-executive). In cases of a director nominee who serves as a CEO or executive chair of a public company, MFS will likely only apply a vote against director's election at the meetings of the companies where the director is a non-executive.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When analyzing whether a director's service on boards of multiple public companies is excessive, MFS may also consider: (i) whether the company has disclosed the director's plans to step down from one or more public company boards within a reasonable time; or (ii) whether the director serves on the multiple boards of affiliated companies, or on more than one investment company within the same investment company complex (as defined by applicable law). MFS may also vote in favor of a director whose service on outside public company boards we would otherwise deem to be excessive if after engagement we believe the director's ability to dedicate sufficient time and attention is not impaired by the external roles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may also vote against any director if we deem such nominee to have board or committee roles or other outside time commitments that we believe would impair their ability to dedicate sufficient time and attention to their director role. |
| &nbsp;&nbsp;***Diversity*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that a well-balanced board with diverse perspectives is a foundation for sound corporate governance. MFS takes a holistic view on the dimensions of diversity that can lead to a diversity of perspectives.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gender diversity is one such dimension and if data is available, MFS will generally vote against the chair of the nominating and governance committee or other most relevant position at any company whose board, in our view, is comprised of an insufficient representation of directors who are women. Our view as to what constitutes insufficient representation varies by market.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may consider other dimensions of diversity if we believe that the board will benefit from more diverse perspectives.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS considers exceptions to our approach if we believe that the company is transitioning towards a well-balanced board with diverse perspectives or has provided clear and compelling reasons for why they have been unable to do so. |

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| | |
|:---|:---|
| &nbsp;&nbsp;***Board size*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that the size of the board can have an effect on the board's ability to function efficiently and effectively. MFS evaluates board size on a case-by-case basis. |
| &nbsp;&nbsp;***Other Concerns*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will generally not support a nominee if MFS can determine that the nominee attended less than 75% of the board and/or relevant committee meetings in the previous year without a valid reason stated in the proxy materials or other company communications.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may not support some or all nominees standing for re-election to a board if MFS determines (i) there are concerns with a director or board regarding performance, governance, or oversight; (ii) the board or relevant committee has not adequately responded to an issue that received a significant vote against management from shareholders; or (iii) the board has implemented a poison pill without shareholder approval since the last annual meeting and such poison pill is not on the subsequent shareholder meeting's agenda; or (iv) a Japanese company allocates a significant portion of its net assets to cross-shareholdings.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may also not support some or all nominees standing for election to a compensation/remuneration committee if (i) MFS votes against consecutive executive compensation votes; (ii) MFS determines that a particularly egregious executive compensation practice has occurred; (iii) MFS believes the committee is inadequately incentivizing or rewarding executives, or is overseeing pay practices that MFS believes are detrimental to the long-term success of the company; or (iii) an advisory pay vote is not presented to shareholders, or the company has not implemented the advisory vote frequency supported by a plurality/majority of shareholders.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless the concern is commonly accepted market practice, MFS may also not support some or all nominees standing for election to a nominating committee if we determine (in our sole discretion) that the chair of the board is not independent and there is no strong lead independent director role in place, or an executive director is a member of a key board committee.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the election of directors is bundled MFS may vote against the whole group if there is concern with an individual director and no other vote related to that director. |

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|:---|:---|
| &nbsp;&nbsp;***Discharge of Directors*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where individual directors are not presented for election in the year MFS may apply the same vote position described above to votes on the discharge of the director. |
| &nbsp;&nbsp;***Proxy contests*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, a shareholder may propose a slate of director nominees different than the slate of director nominees proposed by the company (a "proxy contest"). MFS will analyze proxy contests on a case-by-case basis, taking into consideration the track record and current recommended initiatives of both company management and the dissident shareholder(s). MFS will support the director nominee(s) that we believe is in the best, long-term economic interest of our client. |

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|:---|:---|
| &nbsp;&nbsp;**Board Accountability** | &nbsp;&nbsp;**Board Accountability** |
| &nbsp;&nbsp;***Majority voting for the election of directors*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally supports reasonably crafted proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors (including binding resolutions requesting that the board amend the company's bylaws), provided the proposal includes a carve-out for a plurality voting standard when there are more director nominees than board seats (e.g., contested elections). |
| &nbsp;&nbsp;***Declassified boards*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally supports proposals to declassify a board (i.e., a board in which only a sub-set of board members is elected each year) for all issuers other than for certain closed-end investment companies. MFS generally opposes proposals to classify a board for issuers other than for certain closed-end investment companies. |
| &nbsp;&nbsp;***The right to call a special meeting or act by written consent*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that there should be an appropriate balance between the ability of shareholders to exercise the right to call special meetings or act by written consent with the cost of conducting such special meetings or actions.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will generally support management proposals to establish these rights where they do not currently exist.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will generally support shareholder proposals to adjust existing rights if we believe that the shareholder proposal appropriately balances shareholder and company interests (generally a threshold of 15% for large and widely held companies and a threshold between 15%-25% for other companies).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will support shareholder proposals to establish the right to act by majority written consent if shareholders do not have the right to call a special meeting at the thresholds described above or lower.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may also support shareholder proposals to establish these rights if no existing right exists if we believe that to do so appropriately balances the interests of shareholders and the company. In such circumstances, we may support proposals thresholds lower than the thresholds that we would support if proposed by management or a shareholder requesting an adjustment to an existing right. |

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|:---|:---|
| &nbsp;&nbsp;***Proxy access*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement ("proxy access") may have corporate governance benefits. However, such potential benefits must be balanced by its potential misuse by shareholders.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally supports proxy access proposals at U.S. issuers that establish ownership criteria of 3% of the company held continuously for a period of 3 years. In our view, such qualifying shareholders should have the ability to nominate at least 2 directors. |
| &nbsp;&nbsp;**Shareholder rights** | &nbsp;&nbsp;**Shareholder rights** |
| &nbsp;&nbsp;***Anti-takeover measures*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, MFS votes against any measure that inhibits capital appreciation in a stock, including proposals that protect management from action by shareholders. These types of proposals take many forms, ranging from "poison pills" and "shark repellents" to super-majority requirements<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While MFS may consider the adoption of a prospective "poison pill" or the continuation of an existing "poison pill" on a case-by-case basis, MFS generally votes against such anti-takeover devices.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will consider any poison pills designed to protect a company's net-operating loss carryforwards on a case-by-case basis, weighing the accounting and tax benefits of such a pill against the risk of deterring future a<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will also consider, on a case-by-case basis, proposals designed to prevent tenders which are disadvantageous to shareholders such as tenders at below market prices and tenders for substantially less than all shares of an issuer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally supports proposals that seek to remove governance structures that insulate management from shareholders.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally votes for proposals to rescind existing "poison pills" and proposals that would require shareholder approval to adopt prospective "poison pills." |

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|:---|:---|
| &nbsp;&nbsp;***Cumulative voting*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally opposes proposals that seek to introduce cumulative voting and supports proposals that seek to eliminate cumulative voting. In either case, MFS will consider whether cumulative voting is likely to enhance the interests of MFS' clients as minority shareholders. |
| &nbsp;&nbsp;***One-share one-vote*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a general matter, MFS supports proportional alignment of voting rights with economic interest and may not support a proposal that deviates from this approach.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For companies listing with multiple share classes or other forms of disproportionate control are in place, we expect these to have sunset provisions of generally no longer than seven years after which the structure becomes single class one-share one-vote. |

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|:---|:---|:---|
| | &nbsp;&nbsp;***Reincorporation and reorganization proposals*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When presented with a proposal to reincorporate a company under the laws of a different state, or to effect some other type of corporate reorganization, MFS considers the underlying purpose and ultimate effect of such a proposal in determining whether or not to support such a measure. MFS generally votes with management in regard to these types of proposals; however, if MFS believes the proposal is not in the best long-term economic interests of its clients, then MFS may vote against management (e.g., the intent or effect would be to create additional inappropriate impediments to possible acquisitions or takeovers). |
| | &nbsp;&nbsp;***Other business*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally votes against "other business" proposals as the content of any such matter is not known at the time of our vote. |
| &nbsp;&nbsp;**Capitalization proposals, capital allocation & corporate actions** | &nbsp;&nbsp;**Capitalization proposals, capital allocation & corporate actions** | &nbsp;&nbsp;**Capitalization proposals, capital allocation & corporate actions** |

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|:---|:---|:---|:---|
| | | &nbsp;&nbsp;***Issuance of stock*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are many legitimate reasons for the issuance of stock. Nevertheless, MFS may vote a stock option plan as noted below under "Executive Compensation-Stock Plans."<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS typically votes against proposals where management is asking for authorization to issue common or preferred stock with no reason stated (a "blank check") because the unexplained authorization could work as a potential anti-takeover device.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may also vote against the authorization or issuance of common or preferred stock if MFS determines that the requested authorization is excessive or not warranted. MFS will consider the duration of the authority and the company's history in using such authorities in making its decision. |
| | | &nbsp;&nbsp;***Repurchase programs*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally supports proposals to institute share repurchase plans in which all shareholders have the opportunity to participate on an equal basis. Such plans may include a company acquiring its own shares on the open market, or a company making a tender offer to its own shareholders |
| | | &nbsp;&nbsp;***Mergers, acquisitions & other special transactions*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS considers proposals with respect to mergers, acquisitions, sale of company assets, share and debt issuances and other transactions that have the potential to affect ownership interests on a case-by-case basis. When analyzing such proposals, we use a variety of materials and information, including our own internal research as well as the research of third-party |
| &nbsp;&nbsp;**Independent Auditors** | &nbsp;&nbsp;**Independent Auditors** | &nbsp;&nbsp;**Independent Auditors** | &nbsp;&nbsp;**Independent Auditors** |
| | &nbsp;&nbsp;MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion. | &nbsp;&nbsp;MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion. | &nbsp;&nbsp;MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion. |

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| &nbsp;&nbsp;**Executive Compensation** | &nbsp;&nbsp;**Executive Compensation** | &nbsp;&nbsp;**Executive Compensation** |
| | &nbsp;&nbsp;***Executive Compensation Package*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that competitive compensation packages are necessary to attract, motivate and retain executives. We seek compensation plans that we believe are geared towards durable long-term value creation and aligned with shareholder interests and experience.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will analyze votes on executive compensation on a case-by-case basis. When analyzing compensation practices, MFS generally uses a two-step process. MFS first seeks to identify any compensation practices that are potentially of concern. Where such practices are identified, MFS will then analyze the compensation practices in light of relevant facts and circumstances.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will vote against an issuer's executive compensation practices if MFS determines that such practices are not geared towards durable long-term value creation and are misaligned with the best, long-term economic interest of our clients. When analyzing whether an issuer's compensation practices are aligned with the best, long-term economic interest of our clients, MFS uses a variety of materials and information, including our own internal research and engagement with issuers as well as the research of third-party service providers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally supports proposals to include an advisory shareholder vote on an issuer's executive compensation practices on an annual basis.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS does not have formal voting guideline in regard to the inclusion of ESG incentives in a company's compensation plan; however, where such incentives are included, we believe (i) the incentives should be tied to issues that are financially material for the issuer in question; (ii) they should predominantly include quantitative or other externally verifiable outcomes rather than qualitative measures; and (iii) the weighting of incentives should be appropriately balanced with other strategic priorities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe non-executive directors may be compensated in cash or stock, but these should not be performance-based. |

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|:---|:---|
| &nbsp;&nbsp;***Stock Plans*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a general matter, MFS will vote against restricted stock, stock option, non-employee director, omnibus stock plans and any other stock plan that it views as having potential excessive dilution, considering aggregate dilution and burn rate.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, MFS may oppose stock option programs and restricted stock plans if they:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Allow the board or the compensation committee to re-price underwater options or to automatically replenish shares without shareholder approval.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Do not require an investment by the optionee, give "free rides" on the stock price, or permit grants of stock options with an exercise price below fair market value on the date the options are granted.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the cases where a stock plan amendment is seeking qualitative changes and not additional shares, MFS will vote on a case-by-case basis.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS will consider proposals to exchange existing options for newly issued options, restricted stock or cash on a case-by-case basis, taking into account certain factors, including, but not limited to, whether there is a reasonable value-for-value exchange and whether senior executives are excluded from participating in the exchange.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, MFS may evaluate a separate, advisory vote on severance packages or "golden parachutes" to certain executives at the same time as a vote on a proposed merger or acquisition. MFS will generally vote on a severance package on a case-by-case basis, and MFS may vote against the severance package regardless of whether MFS supports the proposed merger or acquisition.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS supports the use of a broad-based employee stock purchase plans to increase company stock ownership by employees, provided that shares purchased under the plan are acquired for no less than 85% of their market value and do not result in excessive dilution. |

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| | | &nbsp;&nbsp;***Shareholder Proposals on Executive Compensation*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS generally opposes shareholder proposals that seek to set rigid restrictions on executive compensation as MFS believes that compensation committees should retain flexibility to determine the appropriate pay package for executives.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS may support reasonably crafted shareholder proposals that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Require shareholder approval of any severance package for an executive officer that exceeds a certain multiple of such officer's annual compensation that is not determined in MFS' judgment to be excessive;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Require the issuer to adopt a policy to recover the portion of performance-based bonuses and awards paid to senior executives that were not earned based upon a significant negative restatement of earnings, or other significant misconduct or corporate failure, unless the company already has adopted a satisfactory policy on the matter;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Expressly prohibit the backdating of stock options; or,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Prohibit the acceleration of vesting of equity awards upon a broad definition of a "change-in-control" (e.g., single or modified single-trigger). |
| &nbsp;&nbsp;**Environmental & Social Proposals** | &nbsp;&nbsp;**Environmental & Social Proposals** | &nbsp;&nbsp;**Environmental & Social Proposals** | &nbsp;&nbsp;**Environmental & Social Proposals** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that a company's environmental or social practices may have an impact on the company's long-term economic financial performance, and we analyze such proposals on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis, and we will support them if in light of the relevant facts and circumstances we believe that to do so is in the best long-term interests of our clients.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that a company's environmental or social practices may have an impact on the company's long-term economic financial performance, and we analyze such proposals on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis, and we will support them if in light of the relevant facts and circumstances we believe that to do so is in the best long-term interests of our clients.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS believes that a company's environmental or social practices may have an impact on the company's long-term economic financial performance, and we analyze such proposals on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis, and we will support them if in light of the relevant facts and circumstances we believe that to do so is in the best long-term interests of our clients.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.GOVERNANCE OF PROXY VOTING ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.MFS Proxy Voting Committee**

The administration of these MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which includes senior personnel from the MFS Legal and Global Investment and Client Support Departments as well as members of the investment team. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. The MFS Proxy Voting Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Reviews these MFS Proxy Voting Policies and Procedures at least annually and recommends any amendments considered to be necessary or advisable;

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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;b.Determines whether any potential material conflict of interest exists;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Considers special proxy issues as they may arise from time to time; 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;d.Determines engagement priorities and strategies with respect to MFS' proxy voting activities

The day-to-day application of the MFS Proxy Voting Policies and Procedures are conducted by the MFS Stewardship Team led by MFS' Director of Global Stewardship. The Stewardship Team are members of MFS' investment team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Potential Conflicts of Interest**

These policies and procedures are intended to address any potential material conflicts of interest on the part of MFS or its subsidiaries that are likely to arise in connection with the voting of proxies on behalf of MFS' clients. If such potential material conflicts of interest do arise, MFS will analyze, document and report on such potential material conflicts of interest (see below) and shall ultimately vote the relevant ballot items in what MFS believes to be the best long-term economic interests of its clients.

The MFS Proxy Voting Committee is responsible for monitoring potential material conflicts of interest on the part of MFS or its subsidiaries that could arise in connection with the voting of proxies on behalf of MFS' clients. Due to the client focus of our investment management business, we believe that the potential for actual material conflict of interest issues is small. Nonetheless, we have developed precautions to assure that all votes are cast in the best long-term economic interest of its clients.<sup>19</sup> Other MFS internal policies require all MFS employees to avoid actual and potential conflicts of interests between personal activities and MFS' client activities. If an employee (including investment professionals and members of the Proxy Voting Committee or the Stewardship Team) identifies an actual or potential conflict of interest with respect to any voting decision (including the ownership of securities in their individual portfolio), then that employee must recuse himself/herself from participating in the voting process. Any significant attempt by an employee of MFS or its subsidiaries to unduly influence MFS' voting on a particular proxy matter should also be reported to the MFS Proxy Voting Committee. Furthermore, the Proxy Voting Committee does not include individuals whose job responsibilities primarily include client relationship management, marketing, or sales.

Additionally, MFS will follow the process set forth 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Compare the name of the issuer of such ballot or the name of the shareholder (if identified in the proxy materials) making such proposal against a list of significant current (i) distributors of MFS Fund shares, and (ii) MFS institutional clients (the "MFS Significant Distributor and Client List");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of the issuer does not appear on the MFS Significant Distributor and Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted as otherwise determined by the MFS Proxy Voting Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the name of the issuer appears on the MFS Significant Distributor and Client List, then the MFS Proxy Voting Committee will be apprised of that fact and each member of the MFS Proxy Voting Committee (with the participation of MFS' Conflicts Officer) will carefully evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what MFS believes to be the best long-term economic interests of MFS' clients, and not in MFS' corporate interests; 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;d.For all potential material conflicts of interest identified under clause (c) above, the MFS Proxy Voting Committee will document: the name of the issuer, the issuer's relationship to MFS, the analysis of the matters submitted for proxy vote, the votes as to be cast and the reasons why the MFS Proxy Voting Committee determined that the votes were cast in the best long-term economic interests of MFS' clients, and not in MFS' corporate interests. A copy of the foregoing documentation will be provided to MFS' Conflicts Officer.

The members of the MFS Proxy Voting Committee are responsible for creating and maintaining the MFS Significant Distributor and Client List, in consultation with MFS' distribution and institutional business units. The MFS Significant Distributor and Client List will be reviewed and updated periodically, as appropriate.

For instances where MFS is evaluating a director nominee who also serves as a director/trustee of the MFS Funds, then the MFS Proxy Voting Committee will adhere to the procedures described in section (c) above regardless of whether the portfolio company appears on our Significant Distributor and Client List. In doing so, the MFS Proxy Voting Committee will adhere to such procedures for all matters at the company's shareholder meeting at which the director nominee is standing for election.

If an MFS client has the right to vote on a matter submitted to shareholders by Sun Life Financial, Inc. or any of its affiliates (collectively "Sun Life"), MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that a client

<sup>19</sup> For clarification purposes, note that MFS votes in what we believe to be the best, long-term economic interest of our clients entitled to vote at the shareholder meeting, regardless of whether other MFS clients hold "short" positions in the same issuer or whether other MFS clients hold an interest in the company that is not entitled to vote at the shareholder meeting (e.g., bond holder).

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instruction is unavailable pursuant to the recommendations of Institutional Shareholder Services, Inc.'s ("ISS") benchmark policy, or as required by law. Likewise, if an MFS client has the right to vote on a matter submitted to shareholders by a public company for which an MFS Fund director/trustee serves as an executive officer, MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that client instruction is unavailable pursuant to the recommendations of ISS or as required by law.

Except as described in the MFS Fund's Prospectus, from time to time, certain MFS Funds (the "top tier fund") may own shares of other MFS Funds (the "underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what MFS believes to be in the top tier fund's best long-term economic interest. If an MFS client has the right to vote on a matter submitted to shareholders by a pooled investment vehicle advised by MFS (excluding those vehicles for which MFS' role is primarily portfolio management and is overseen by another investment adviser), MFS will cast a vote on behalf of such MFS client in the same proportion as the other shareholders of the pooled investment vehicle.<sup>20</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Review of Policy**

The MFS Proxy Voting Policies and Procedures are available on www.mfs.com and may be accessed by both MFS' clients and the companies in which MFS' clients invest. The MFS Proxy Voting Policies and Procedures are reviewed by the Proxy Voting Committee annually. From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.OTHER ADMINISTRATIVE MATTERS & USE OF PROXY ADVISORY FIRMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Use of Proxy Advisory Firms**

MFS, on behalf of itself and certain of its clients (including the MFS Funds) has entered into an agreement with an independent proxy administration firm pursuant to which the proxy administration firm performs various proxy vote related administrative services such as vote processing and recordkeeping functions. Except as noted below, the proxy administration firm for MFS and its clients, including the MFS Funds, is ISS. The proxy administration firm for MFS Development Funds, LLC is Glass, Lewis & Co., Inc. ("Glass Lewis"; Glass Lewis and ISS are each hereinafter referred to as the "Proxy Administrator").

The Proxy Administrator receives proxy statements and proxy ballots directly or indirectly from various custodians, logs these materials into its database and matches upcoming meetings with MFS Fund and client portfolio holdings, which are inputted into the Proxy Administrator's system by an MFS holdings data-feed. The Proxy Administrator then reconciles a list of all MFS accounts that hold shares of a company's stock and the number of shares held on the record date by these accounts with the Proxy Administrator's list of any upcoming shareholder's meeting of that company. If a proxy ballot has not been received, the Proxy Administrator and/or MFS may contact the client's custodian requesting the reason as to why a ballot has not been received. Through the use of the Proxy Administrator system, ballots and proxy material summaries for all upcoming shareholders' meetings are available on-line to certain MFS employees and members of the MFS Proxy Voting Committee.

MFS also receives research reports and vote recommendations from proxy advisory firms. These reports are only one input among many in our voting analysis, which includes other sources of information such as proxy materials, company engagement discussions, other third-party research and data. MFS has due diligence procedures in place to help ensure that the research we receive from our proxy advisory firms is materially accurate and that we address any material conflicts of interest involving these proxy advisory firms. This due diligence includes an analysis of the adequacy and quality of the advisory firm staff, its conflict of interest policies and procedures and independent audit reports. We also review the proxy policies, methodologies and peer-group-composition methodology of our proxy advisory firms at least annually. Additionally, we also receive reports from our proxy advisory firms regarding any violations or changes to conflict of interest procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Analyzing and Voting Proxies**

Proxies are voted in accordance with these MFS Proxy Voting Policies and Procedures. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment with respect to these

<sup>20</sup> MFS Fund Distributors, Inc. ("MFD"), the principal underwriter of each series of the MFS Active Exchange Traded Funds Trust (each series, an "MFS Active ETF" and collectively, the "MFS Active ETFs"), has been appointed by each authorized participant with authority to vote such participant's shares of each MFS Active ETF on any matter submitted to a vote of the shareholders of the MFS Active ETF. If an MFS Active ETF submits a matter to a shareholder vote, MFD will vote (or abstain from voting) an authorized participant's shares in the same proportion as the other shareholders of the MFS Active ETF. If there are no other shareholders in the MFS Active ETF, MFS will vote in what MFS believes to be in the MFS Active ETF's best interest.

In addition, in the event MFS or an MFS subsidiary hold shares of an MFS Fund (including an MFS Active ETF) as seed money and the MFS Fund submits a matter to a shareholder vote, MFS or the MFS subsidiary, as the case may be, will vote (or abstain from voting) its shares in the same proportion as the other shareholders of the MFS Fund. If there are no other shareholders in the MFS Fund, MFS or the MFS subsidiary, as the case may be, will vote in what MFS believes to be in the MFS Fund's best interest.

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MFS Proxy Voting Policies and Procedures as determined by MFS. In these circumstances, if the Proxy Administrator, based on MFS' prior direction, expects to vote against management with respect to a proxy matter and MFS becomes aware that the issuer has filed or will file additional soliciting materials sufficiently in advance of the deadline for casting a vote at the meeting, MFS will consider such information when casting its vote. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee or its representatives considers and votes on those proxy matters. In analyzing all proxy matters, MFS uses a variety of materials and information, including, but not limited to, the issuer's proxy statement and other proxy solicitation materials (including supplemental materials), our own internal research and research and recommendations provided by other third parties (including research of the Proxy Administrator). As described herein, MFS may also determine that it is beneficial in analyzing a proxy voting matter for members of the Proxy Voting Committee or its representatives to engage with the company on such matter. MFS also uses its own internal research, the research of Proxy Administrators and/or other third party research tools and vendors to identify (i) circumstances in which a board may have approved an executive compensation plan that is excessive or poorly aligned with the portfolio company's business or its shareholders, (ii) environmental, social and governance proposals that warrant further consideration, or (iii) circumstances in which a company is not in compliance with local governance or compensation best practices. Representatives of the MFS Proxy Voting Committee review, as appropriate, votes cast to ensure conformity with these MFS Proxy Voting Policies and Procedures.

For certain types of votes (e.g., mergers and acquisitions, proxy contests and capitalization matters), MFS' Stewardship Team will seek a recommendation from the MFS investment analyst that is responsible for analyzing the company and/or portfolio managers that holds the security in their portfolio. For certain other votes that require a case-by-case analysis per these policies (e.g., potentially excessive executive compensation issues, or certain shareholder proposals), the Stewardship Team will likewise consult with MFS investment analysts and/or portfolio managers.<sup>21</sup> However, the MFS Proxy Voting Committee will ultimately be responsible for the manner in which all ballots are voted.

As noted above, MFS reserves the right to override the guidelines when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in these policies.

In accordance with its contract with MFS, the Proxy Administrator also generates a variety of reports for the MFS Proxy Voting Committee and makes available on-line various other types of information so that the MFS Proxy Voting Committee or its representatives may review and monitor the votes cast by the Proxy Administrator on behalf of MFS' clients.

For those markets that utilize a "record date" to determine which shareholders are eligible to vote, MFS generally will vote all eligible shares pursuant to these guidelines regardless of whether all (or a portion of) the shares held by our clients have been sold prior to the meeting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Securities Lending**

From time to time, certain MFS Funds may participate in a securities lending program. In the event MFS or its agent receives timely notice of a shareholder meeting for a U.S. security, MFS and its agent will attempt to recall any securities on loan before the meeting's record date so that MFS will be entitled to vote these shares. However, there may be instances in which MFS is unable to timely recall securities on loan for a U.S. security, in which cases MFS will not be able to vote these shares. MFS will report to the appropriate board of the MFS Funds those instances in which MFS is not able to timely recall the loaned securities. MFS generally does not recall non-

U.S. securities on loan because there may be insufficient advance notice of proxy materials, record dates, or vote cut-off dates to allow MFS to timely recall the shares in certain markets on an automated basis. As a result, non-U.S. securities that are on loan will not generally be voted. If MFS receives timely notice of what MFS determines to be an unusual, significant vote for a non-

U.S. security whereas MFS shares are on loan and determines that voting is in the best long-term economic interest of shareholders, then MFS will attempt to timely recall the loaned shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Potential impediments to voting**

In accordance with local law or business practices, some companies or custodians prevent the sale 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 or subsequent 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). Due to these restrictions, MFS must balance the benefits to its clients of voting proxies against the

<sup>21</sup> From time to time, due to travel schedules and other commitments, an appropriate portfolio manager or research analyst may not be available to provide a vote recommendation. If such a recommendation cannot be obtained within a reasonable time prior to the cut-off date of the shareholder meeting, the MFS Proxy Voting Committee may determine to abstain from voting.

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potentially serious portfolio management consequences of a reduced flexibility to sell the underlying shares at the most advantageous time. For companies in countries with share blocking periods or in markets where some custodians may block shares, 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, MFS will not vote those proxies in the absence of an unusual, significant vote that outweighs the disadvantage of being unable to sell the stock.

From time to time, governments may impose economic sanctions which may prohibit us from transacting business with certain companies or individuals. These sanctions may also prohibit the voting of proxies at certain companies or on certain individuals. In such instances, MFS will not vote at certain companies or on certain individuals if it determines that doing so is in violation of the sanctions.

In limited circumstances, other market specific impediments to voting shares may limit our ability to cast votes, including, but not limited to, late delivery of proxy materials, untimely vote cut-off dates, power of attorney and share re-registration requirements, or any other unusual voting requirements. In these limited instances, MFS votes securities on a best-efforts basis in the context of the guidelines described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.ENGAGEMENT**

As part of its approach to stewardship MFS engages with companies in which it invests on a range of priority issues. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management may be warranted to reflect our concerns and influence for change in the best long-term economic interests of our clients.<sup>22</sup>

MFS may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders specifically regarding certain matters on the company's proxy statement that are of concern to shareholders, including environmental, social and governance matters. This may be to discuss and build our understanding of a certain proposal, or to provide further context to the company on our vote decision.

A company or shareholder may also seek to engage with members of the MFS Proxy Voting Committee or Stewardship Team in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain contemplated proposals. For further information on requesting engagement with MFS on proxy voting issues or information about MFS' engagement priorities, please contact proxyteam@mfs.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.RECORDS RETENTION**

MFS will retain copies of these MFS Proxy Voting Policies and Procedures in effect from time to time and will retain all proxy voting reports submitted to the Board of Trustees of the MFS Funds for the period required by applicable law. All proxy voting materials and supporting documentation, including records generated by the Proxy Administrator's system as to proxies processed, including the dates when proxy ballots were received and submitted, and the votes on each company's proxy issues, are retained as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.REPORTS**

**<u>U.S. Registered MFS Funds</u>**

MFS publicly discloses the proxy voting records of the U.S. registered MFS Funds on a quarterly basis. MFS will also report the results of its voting to the Board of Trustees of the U.S. registered MFS Funds. Based on these reviews, the Trustees of the U.S. registered MFS Funds will consider possible modifications to these policies to the extent necessary or advisable.

**<u>Other MFS Clients</u>**

MFS may publicly disclose the proxy voting records of certain other clients (including certain MFS Funds) or the votes it casts with respect to certain matters as required by law. A report can also be printed by MFS for each client who has requested that MFS furnish a record of votes cast. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue and, upon request, may identify situations where MFS did not vote in accordance with the MFS Proxy Voting Policies and Procedures.

**<u>Firm-wide Voting Records</u>**

MFS also publicly discloses its firm-wide proxy voting records on a quarterly basis.

Except as described above, MFS generally will not divulge actual voting practices to any party other than the client or its representatives because we consider that information to be confidential and proprietary to the client. However, as noted above, MFS may determine that it is appropriate and beneficial to engage in a dialogue with a company regarding certain matters.

<sup>22</sup> When engaging with companies, including engagements on proxy voting topics, MFS' focus is discussing, gathering information about, and seeking appropriate transparency on matters so that MFS may make an informed voting decision that advances MFS clients' long-term economic interests. MFS does not engage for the purpose of trying to change or influence control of a company. Engagements may consist of ongoing communications with a company.

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***Pzena***

Effective as of November 2025

<u>INTRODUCTION</u>

As a registered investment adviser and fiduciary, Pzena Investment Management, LLC ("PIM") 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 PIM's fiduciary responsibilities and applicable regulations under the Investment Company Act, Advisers Act and ERISA.

<u>GENERAL APPROACH</u>

Each proxy that comes to PIM 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.

PIM's standard Investment Advisory Agreement provides that until notified by the client to the contrary, PIM shall have the right to vote all proxies for securities held in that client's account. Where PIM 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 PIM 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, PIM determines that ERISA would require voting a proxy in a manner different from these Guidelines, PIM 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 PIM 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, PIM 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 PIM 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 PIM'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 PIM 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, PIM has confidence in the abilities and motives of the board and management of the companies in which we invest.

1)&nbsp;&nbsp;&nbsp;&nbsp;ROUTINE BUSINESS

PIM will typically vote in accordance with the board and management on the items below and other routine issues &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;when adequate information on the proposal is provided.

&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;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;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;iv.Reincorporation (unless to prevent takeover attempts);

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&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;vi.Amend bylaws/articles of association to bring in line with changes in local laws and regulations.

PIM 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)&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL STRUCTURE

***Stock Issuance***

PIM 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;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;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;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;iv.Potential dilutive impact.

PIM 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. PIM 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)&nbsp;&nbsp;&nbsp;&nbsp;AUDIT SERVICES

PIM 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;i.Independence is compromised;

&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>23</sup>, audit-related fees<sup>24</sup> and permissible tax fees<sup>25</sup>;

&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;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.

PIM 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.

4)&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION

PIM supports reasonable incentive programs designed to attract and retain key talent. PIM typically supports management's discretion to set compensation for executive officers, so long as the plan aligns management and shareholder interests. PIM 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***

PIM 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), PIM will support them. In evaluating these proposals, PIM will generally consider, at minimum:

<sup>23</sup> Audit fees shall mean fees for statutory audits, comfort letters, attest services, consents, and review of filings with the SEC

<sup>24</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>25</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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company performance, pay practices relative to industry peers, potentially problematic pay practices and/or past unresponsive behavior.

Circumstances where PIM 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;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;ii.Restricts an otherwise responsible management team in some other way harmful to the company.

***Pay for Performance***

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; vesting schedule; equity-based plan costs; and dilution.

***Incentive Options***

PIM 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. PIM 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 PIM 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;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;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;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;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.

***Golden Parachutes / Severance Agreements***

PIM 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.

PIM 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;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;ii.The proposed parachute or severance arrangement is considerably more financially attractive than continued employment. Although PIM 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;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)&nbsp;&nbsp;&nbsp;&nbsp;BOARD

***Director Elections***

PIM 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. PIM will apply a case-by-case approach to determine

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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***

PIM will generally withhold votes from or vote against any insiders and affiliated outsiders on boards that are not at least majority independent. PIM also prefers companies to have audit committees composed of entirely independent directors.

PIM may vote in favor of any such directors in exceptional circumstances where the company has shown significant improvement.

***Board Size***

PIM believes there is no optimal size or composition that fits every company. However, PIM 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***

PIM 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, PIM prefers that boards do not have more than 50% of members serving for longer than ten years to avoid board entrenchment and 'group-think'.

***Chairman/CEO***

PIM 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, PIM prefers that the company has a lead independent director to provide some independent oversight.

***Cumulative Voting***

PIM will generally vote against proposals to establish cumulative voting, as this leads to misaligned voting and economic interest in a company. PIM will, however, vote in favor of proposals for cumulative voting at controlled companies where insider voting power is greater than 50%.

***Director Over-Boarding***

PIM 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 PIM will consider, at minimum, management tenure, director business expertise and director performance.

***Classified Boards***

PIM 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***

PIM is generally supportive of a diverse board (age, experience, race, gender etc.) that is representative of its customers and stakeholders. That said, PIM 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)&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDER RIGHTS

In general PIM does not support any proposals designed to limit shareholder rights; below we have outlined some of the issues we consider most important.

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***Special Meetings***

PIM 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***

PIM 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, PIM will review proposals to eliminate a dual-class structure on a case-by-case basis, considering, at minimum, management's prior record.

***Supermajority***

PIM 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***

PIM 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)&nbsp;&nbsp;&nbsp;&nbsp;SOCIAL/ENVIRONMENTAL

PIM will consider environmental and social proposals on their own merits and make a case-by-case assessment. PIM 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 PIM 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)&nbsp;&nbsp;&nbsp;&nbsp;ANTI-TAKEOVER

PIM 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>

PIM 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, PIM 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 PIM. PIM retains responsibility for instructing ISS how to vote, and we still apply our own Guidelines as set forth herein. PIM 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 PIM 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 PIM for instruction (when there is no PIM policy covering the vote).

When voting a proxy for a security that PIM'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.

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PIM 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, PIM'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. PIM's Proxy Coordinator reconciles votable holdings against the ISS portal sharecount before each meeting. PIM also samples and reviews proxy votes when testing our Proxy Voting Policy, as part of our regular compliance testing procedures. Further, PIM 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 PIM.

<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;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;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;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;iv.Where applicable, any specific guidelines designated in writing by a client.

<u>Proxy Voting Committee</u>

To help make sure that PIM 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 PIM'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>

PIM is sensitive to conflicts of interest that may arise in the proxy voting process. PIM 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, PIM 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;i.PIM 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;ii.PIM 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;iii.A PIM 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.

If a potential material conflict of interest exists, the following procedures will be followed:

&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;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

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&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;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;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.

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.

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. PIM 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. PIM'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 PIM 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;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;ii.Where PIM determines that it is in the best interest of our clients to vote against that proposal, a designated member of PIM's client service team will notify the client-proponent and give that client the option to direct PIM 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;iii.If the proponent of a shareholder proposal is a PIM client whose assets under management with PIM constitute 30% or more of PIM's total assets under management, and PIM has determined that it is in the best interest of our clients to vote for that proposal, PIM 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 PIM has authority to vote proxies. If a client does not object to the vote within three business days of delivery of such disclosure, PIM 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 PIM who has a personal or financial interest in the outcome of the vote is prohibited from attempting to influence the proxy voting decision of PIM 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.

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***Vote Processing***

It is understood that PIM'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. PIM will not be liable for any action or inaction by any Custodian or bank with respect to proxy ballots and voting.

***Client Communication***

PIM 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> 

PIM 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 PIM's portfolio accounting system, and properly executed by the custodian banks for all eligible portfolios. On a daily basis, a file of PIM'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, PIM 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.

***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>

PIM 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> 

PIM or ISS, on PIM's behalf, maintains (i) copies of the proxy materials received by PIM 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 PIM 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 PIM to inform and/or memorialize a voting decision,

<u>POLICY REVIEW</u>

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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 PIM and applicable regulations under the Investment Company Act, Advisers Act and ERISA.

***Ranger***

Effective February 2026

**General Policy**

Ranger Investment Management, L.P. (or the "Firm"), as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of the clients. Our firm maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice include the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

The Firm views seriously its responsibility to exercise voting authority over securities which form part of its investors' portfolios. Proxy statements increasingly contain controversial issues involving shareholder rights and corporate governance, among others, which deserve careful review and consideration.

It is the Firm's policy to review each proxy statement on an individual basis and to base its voting decision exclusively on its judgment of what will best serve the financial interests of the beneficial owners of the security. These beneficial owners include the Private Funds, Mutual Funds, and a portion of the Separate Accounts we manage.

Several recurring proxy issues can be identified with respect to the governance of a company and actions proposed by that company's board. The Firm follows an internal proxy voting policy that allows the Firm to vote on these issues in a uniform manner.

The Firm, in exercising its voting powers, also has regard for the statutes and rules applicable to registered investment advisers. An overview of how votes are cast by the Firm is reported to investors by delivery of this Proxy Voting Policy. In addition, the Firm will provide, upon request, a list of how each proxy was voted for an investor.

From time to time, the Firm may receive notices regarding class action lawsuits involving securities that are or were held by the portfolios it advises. As a matter of policy, the Firm refrains from serving as the lead plaintiff in class action matters and refrains from submitting proofs of claim where the Firm believes, in its sole discretion, that either the recovery amounts are likely to be negligible or such participation is not in the interest of the applicable account. As a result, the Firm may on behalf of Clients forgo participation in class action lawsuits.

**Responsibility**

The Investment Team has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**Delegation of Proxy Voting Authority and Voting Obligations**

Terms and conditions defining and/or limiting the scope of Ranger Investment Management, L.P.'s proxy voting authority and voting obligations, as agreed upon with the client, are documented as part of the investment policies and objectives or included in the Investment Management Agreement of such client(s).

**Voting Procedure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, L.P. has engaged the services of a third-party proxy services, ISS, to assist with the administration of the proxy voting process; ISS services include proxy voting recommendations based upon research and guidelines published by ISS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Investment Team reviews every proxy on a case-by-case evaluation of each issue that may result in proxy votes that differ from the ISS recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Investment Team will determine which client accounts hold the security to which the proxy relates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxies are generally considered by the Investment Team members responsible for monitoring the security being voted. That person will cast their votes in accordance with this policy. Any non-routine matters are referred to the Portfolio Manager.

**Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, L.P. will provide required disclosures in response to Item 17 of Form ADV Part 2A summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how Ranger Investment Management, L.P. voted a client's proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, L.P.'s disclosure summary will include a description of how clients may obtain a copy of the firm's proxy voting policies and procedures; and

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**Client Requests for Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client requests for information regarding proxy votes, or policies and procedures received by any employee should be forwarded to Investment Team; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In response to any request, the Marketing and Client Service Team will prepare a written response to the client with the information requested, and as applicable will include the name of the issuer, the proposal voted upon, and how Ranger Investment Management, L.P. voted the client's proxy with respect to each proposal about which client inquired.

**Voting Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the absence of specific voting guidelines from the client, the Firm will obtain reasonable understanding of the client's objectives in order to vote proxies in the best interests of each particular client. Ranger Investment Management, L.P.'s policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on Ranger Investment Management, L.P.'s voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In most cases, Ranger Investment Management, L.P. will vote for management's proposed directors in uncontested elections. For contested elections, the Firm votes for candidates it believes best serve shareholders' interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will generally vote in favor of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Votes to ratify management's appointment of independent auditors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Votes for Increase Authorized Capital proposals in the absence of unusual circumstances. There are many business reasons for companies to increase their authorized capital. The additional shares often are intended to be used for general corporate purposes, to raise new investment capital for acquisitions, stock splits, recapitalizations or debt restructurings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Votes against proposals to divide share capital into two or more classes or to otherwise create classes of shares with unequal voting and dividend rights. The Firm is concerned that the effect of these proposals, over time, is to consolidate voting power in the hands of relatively few insiders, disproportionate to their percentage ownership of the company's share capital as a whole. This concentration of voting power can effectively block any takeover which management opposes and dilute accountability to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger and acquisition proposals are reviewed on a case-by-case basis by taking the following into consideration: 1) whether the proposed acquisition price represents fair value; 2) whether shareholders could realize greater value through other means; and 3) whether all shareholders receive equal/fair treatment under the merger acquisition terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring/recapitalization proposals are reviewed on a case-by-case basis taking the following into consideration: 1) whether the proposed restructuring/recapitalization is the best means of enhancing shareholder value; and 2) whether the company's longer-term prospects will be positively affected by the proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, L.P. will vote for proposals to provide corporate indemnification for directors if consistent with all relevant laws. Corporations face great obstacles in attracting and retaining capable directors. The Firm believes such proposals will contribute to corporations' ability to attract qualified individuals and will enhance the stability of corporate management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In reviewing proposals, Ranger Investment Management, LP. will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the potential effect of the vote is significant to the value of clients' investments or where the matter is not addressed by our policies and procedures, Ranger Investment Management, LP. will conduct a more detailed analysis than what is contemplated by the general voting guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, LP. will conduct sample testing to determine that votes are cast (either internally or by third-party proxy advisory firms) consistently with our voting policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, LP.'s proxy voting responsibilities and scope of voting arrangements will be agreed upon and clearly stated in writing.

**Shareholder Proposals – Corporate Governance Issues**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will generally vote for proposals calling for a majority independent board. The Firm believes that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, LP. will generally vote against proposals to restrict Employee compensation. The Firm feels that the specific amounts and types of Employee compensation are within the ordinary business responsibilities of the Board of Directors and company management; provided, however, that share option plans meet our guidelines for such plans as set forth herein. On a case-by-case basis, the Firm will vote for proposals requesting more detailed disclosure of Employee compensation, especially if the company does not have a majority outside board.

**ESG Factors**

The Firm's proxy voting guidelines are grounded in financial materiality as informed by SASB/IFRS and our ESG "core considerations". These are not intended to be rules, but a framework for proxy decision-making. For a full review of our proxy voting process, please see the "Proxy Voting" section in our Compliance Manual.

We generally support environmental proposals that seek 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;• Improve climate-related disclosures in a prudent and fiscally responsible manner and within a reasonable time frame. This includes alignment with voluntary climate reporting frameworks such as SASB/ISSB, GRI, and TCFD.

We generally support social proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve human capital disclosures in a prudent and fiscally responsible manner and within a reasonable time frame. This includes diversity, equity, and inclusion disclosures, EEO-1 reports, employee health and safety initiatives, and data security and privacy initiatives.

We generally support governance proposals that seek to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve board composition, independence, and diversity of skillsets. In the election of directors, we consider how proposals may benefit or hinder board independence, average board tenure, and overall board expertise that we deem important to the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve board structure such as the separation of the CEO and Chair roles, a declassified board structure, majority voting rights, and a single class of stock which prohibits unequal voting rights. We carefully consider the potential impacts to board independence and diversity when these topics are related to director elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Better align executive compensation with the interests of shareholders. For proposals related to equity-based compensation, we consider the dilutive impact of stock options on a case-by-case basis and do not support proposals where we deem dilution to be excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ISS provides logistical support as well as advisory services. We utilize two ISS policies as a reference tool in proxy voting research: the ISS Benchmark Policy and the ISS Sustainability Policy. On most matters of corporate governance, such as board independence, director tenure, or CEO/ Chairman structure, the two policies are in alignment. Both policies offer guidance based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On matters of environmental or social import, ISS' Proxy Voting Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of the environment, fair labor practices, non-discrimination, and the protection of human rights.

**Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ranger Investment Management, L.P. stays abreast of any conflict that may exist between the Firm and the client by reviewing the relationship of the Firm with the issuer of each security to determine if Ranger Investment Management, L.P. or any of its employees has any financial, business or personal relationship with the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a material conflict of interest exists, Investment Team will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will maintain a record of the voting resolution and the informed consent forms obtained from our clients in any conflict of interest.

**Recordkeeping**

The Firm shall retain the following proxy records in accordance with the SEC's five-year retention requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• These policies and procedures and any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each proxy statement that Ranger Investment Management, L.P. receives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of each vote that Ranger Investment Management, L.P. casts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any document Ranger Investment Management, L.P. created that was material to making a decision how to vote proxies, or that memorializes that decision including reports to Investment Team or proxy committee, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each written request from a client for information on how Ranger Investment Management, L.P. voted such client's proxies, and a copy of any written response.

On an annual basis, the Firm will review and document the adequacy of our voting policies and procedures to ensure that they have been formulated reasonably and implemented effectively, including whether the applicable policies and procedures continue to be reasonably designed to ensure that the firm casts votes on behalf of our clients in the best interest of such clients.

In addition to conducting initial due diligence prior to engaging the services of any third-party proxy service firm, Ranger Investment Management, LP. will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitor and review such services at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate any conflicts of interest, consistency of voting with guidelines, assessment of the proxy service firm's accurate analysis of relevant information, and fees and disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider whether the proxy advisory firm has adequately disclosed its methodologies in formulating voting recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review any third-party information sources that the proxy advisory firm uses as a basis for its voting recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider whether the proxy advisory firm has the capacity and competency to adequately analyze voting matters, including staffing personnel and/or technology and whether the proxy voting firm has an effective process for seeking timely input from issuers and proxy advisory firm clients.

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***Voya***

Effective as of March 19, 2025

**Introduction**

Voya Investment Management ("Voya IM") as a fiduciary must vote proxies in the best interest of our clients. To this end, this document sets forth the proxy voting procedures ("Procedures") and guidelines ("Guidelines"), collectively the "Proxy Voting Policy", that Voya IM shall follow when voting proxies on behalf of our clients. Voya IM considers many factors, including, without limitation, environmental, social and governance (ESG) factors which may impact the investment risk and return profiles of our clients' investments. As such, the Voya IM Proxy Voting Policy ("Policy") was developed to summarize Voya IM's philosophy on various issues of concern to investors and provide a general indication of how Voya IM will vote its clients' portfolio securities with regard to these issues in order to maximize shareholder value and mitigate risks.

**This Policy:**

■Is global in scope

■Covers accounts managed by Voya IM for which the client has delegated voting authority to Voya IM

■Reflects the usual voting position on certain recurring proxy issues

■May not anticipate every proposal or involve unusual circumstances

■Is subject to change without immediate notification as issues arise; and

■Should not be construed as binding.

While Voya IM will vote proxies similarly across accounts for which it has voting authority, Voya IM may, when agreed upon in writing, vote proxies for certain clients or funds in accordance with the client's or fund's own proxy voting policy.

**Proxy Voting Responsibility**

**Proxy Committee**

Voya IM has a Proxy Committee that is comprised of senior leaders of fundamental equity, compliance, active ownership, ESG investment research, legal, client service, and operations. The Proxy Committee is responsible for ensuring that proxies are voted consistent with Voya IM's Policy. In so doing, the Proxy Committee reviews and evaluates the Policy, oversees the development and implementation of the Policy, and resolves ad hoc issues that may arise. The Proxy Committee will conduct its activities in accordance with its charter.

Voya IM has a Proxy Committee that is comprised of senior leaders of fundamental equity, compliance, active ownership, ESG investment research, legal, client service, and operations. The Proxy Committee is responsible for ensuring that proxies are voted consistent with Voya IM's Policy. In so doing, the Proxy Committee reviews and evaluates the Policy, oversees the development and implementation of the Policy, and resolves ad hoc issues that may arise. The Proxy Committee will conduct its activities in accordance with its charter.

**Active Ownership Team**

The Voya IM Active Ownership team ("AO Team") is responsible for overseeing the Proxy Advisory Firm (as defined in the Proxy Advisory Firm section below) and voting proxies in accordance with the Policy.

The AO Team is authorized to direct the Proxy Advisory Firm to vote a proxy in accordance with the Policy.

The AO Team works with various Voya IM teams and clients' custodians to ensure proper set-up and maintenance of all accounts with the Proxy Advisory Firm.

The AO Team collaborates with the investment professionals when voting certain proposals and/or engaging with portfolio companies.

The AO Team reviews and, consistent with fiduciary obligations, votes certain proposals on a case-by-case basis and may provide the rationale for such vote to member(s) of the Voya IM Investment Team as defined below.

The AO Team is also responsible for identifying and informing the Proxy Committee of potential conflicts as discussed below.

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**Investment Team**

Members of the Investment Team (defined for purposes of the Policy to include Voya IM Portfolio Managers and Research Analysts, collectively the "Investment Team") are encouraged to submit recommendations to the AO Team regarding the voting of proxies related to the portfolio securities over which they have day-to-day portfolio management responsibility. Input from relevant members of the Investment Team will be considered in determining how the proxy will be voted.

**Proxy Advisory Firm**

Voya IM uses Institutional Shareholder Services Inc. ("ISS") as its Proxy Advisory Firm to assist in managing its proxy voting responsibilities. ISS is an independent proxy voting adviser that specializes in providing a variety of fiduciary-level proxy related services to institutional investment managers, plan sponsors, and other institutional investors. The services Voya IM receives from ISS include in-depth research and vote recommendations based on Voya IM's custom guidelines. Voya IM also receives in-depth research from Glass Lewis. ISS coordinates with Voya IM's clients' custodians to ensure that all proxy materials relating to the portfolio securities are processed in a timely fashion.

The services Voya IM receives from ISS include in-depth research and vote recommendations based on Voya IM's custom guidelines. Voya IM also receives in-depth research from Glass Lewis.

ISS coordinates with Voya IM's clients' custodians to ensure that all proxy materials relating to the portfolio securities are processed in a timely fashion.

**Proxy Voting Procedures**

**Voting Practices**

Best efforts will be used to vote proxies in all instances. However, where it is in the best interest of clients, Voya IM may determine not to vote proxies under certain circumstances including the:

■Economic effect on a client's interests or the value of the portfolio holding is indeterminable or insignificant, e.g., proxies in connection with fractional shares or securities no longer held in a client portfolio, or proxies being considered on behalf of an account that has been liquidated or is otherwise no longer in existence;

■Extensive jurisdictional requirements that challenge the economic benefit of voting such as meeting- or market-specific restrictions, require additional documentation, or impose share blocking practices that may result in trading restrictions, and

■Ballots cannot be secured by the Proxy Advisory Firm in time to execute the vote by the stated deadline, e.g., certain international proxies with early voting deadlines.

**Matters Requiring Case-by-Case Consideration**

■The Proxy Advisory Firm will refer proxy proposals to the AO Team when the ISS Benchmark and Sustainability policies recommendations differ. Additionally, the Proxy Advisory Firm will refer any proxy proposal under circumstances where the application of the Policy is unclear, appears to involve unusual or controversial issues, or is silent regarding the proposal.

■Upon receipt of a referral from the Proxy Advisory Firm, the AO Team may solicit additional research or clarification from the Proxy Advisory Firm, Investment Team(s), or other sources.

■Proposals may be addressed, as necessary, on a case-by-case basis rather than according to the Policy, factoring in the merits of the rationale and disclosure provided.

**Securities Lending**

Voya IM will not be able to vote on behalf of an account if the account participates in the lending of its securities. When a security is out on loan, certain rights are transferred to the borrower, including voting rights. Therefore, if all the shares of a particular security are on loan on the record date for the company's shareholder meeting, the account's custodian will not forward the ballot for the security to the Proxy Advisory Firm for voting.

**Conflicts of Interest**

Voya IM has procedures to identify and address conflicts that may arise from time to time, including those concerning ISS or its affiliates (each a "Potential ISS Conflict") and Voya IM or its affiliates, Voya IM clients, certain trading counterparties and / or key vendors of Voya IM (each a "Potential Voya IM Conflict").

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■Potential Proxy Advisory Firm's Conflicts

Voya IM has adopted annual and periodic assessment procedures in which actions are taken to: (1) reasonably ensure ISS' independence, competence, and impartiality and (2) identify and address conflicts that may arise from time to time concerning ISS or its affiliates. The procedures include comprehensive due diligence regarding policies, practices, and activities of ISS and its affiliates as well as specific analysis of ISS' services on behalf of Voya IM and its clients.

■Potential Voya IM Conflicts

The AO Team maintains a Potential Proxy Conflicts List that it used to screen for Potential Voya IM Conflicts.

If a Potential Voya IM Conflict exists, and a member of the Investment Team or the AO Team wishes to vote contrary to the Policy, the AO Team will call a meeting of the Proxy Committee. The Proxy Committee will then consider the matter and vote on the best course of action. Additional insight may be provided to the Proxy Committee from internal analysts who cover the applicable security.

The AO Team will use best efforts to convene the Proxy Committee with respect to all matters requiring its consideration. In the event quorum requirements cannot be timely met in connection with a voting deadline, the vote will be executed in accordance with the Policy.

A record will be maintained regarding any determination to vote contrary to the Policy, including those where a Potential Voya IM Conflict is present, referencing the rationale for it.

**Share-blocking Countries**

Voya IM does not generally vote proxies in countries that impose share-blocking or for which custodians may impose share-blocking. Voya IM may vote proxies in share-blocking countries if the proxy is listed as non-share-blocking by the Proxy Advisory Firm.

**Unverified Accounts**

From time to time, ballots may be posted by the Proxy Advisory Firm to accounts designated as Voya IM accounts but not yet verified as such. Voya IM will not vote ballots until the account has been verified as a Voya IM account for which Voya IM has been given voting authority.

**Proxy Voting Guidelines**

**Overview**

Proxy voting is an important method to protect shareholder rights and maximize the long-term value of the companies in which Voya IM invests.

Consistent with applicable legal and fiduciary standards, Voya IM incorporates relevant factors into our analysis of the long-term performance outlook of a company and the value of its securities. As a signatory to the Principles for Responsible Investment, Voya IM understands that ESG factors can impact the investment risk and return profiles of our investments.

A company's board of directors and management should act in shareholders' best interest when establishing effective governance structure and business strategies, while managing risks and promoting sustainable best business practices to prudently increase the long-term value of the company. Accordingly, the Guidelines below describe Voya IM's approach to voting on various issues.

Voya IM may indicate disagreement with an issuer's policies or practices by withholding support from the relevant proposal.

In cases in which Voya IM's disagreement is assigned to the board of directors, Voya IM may withhold support from incumbent director(s) deemed responsible for the specific concerns under review in accordance with its Vote Accountability Guideline outlined below.

Vote Accountability Guideline: Voya IM may withhold support from an incumbent relevant committee chair, relevant committee member(s), the board chair, the lead independent director, or all incumbent directors if deemed directly or indirectly responsible for a specific concern. . Additionally, Voya IM shall typically support a director in connection with the specific concerns under review if the director did not serve on the board or relevant committee during the majority of the time period relevant to the concerns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Audit-related**

The effectiveness and independence of a company's audit committee and the work of the external auditor are an important component in the board's oversight of financial reporting, internal controls, and risk management.

Therefore, proposals relating to audit committee members, audit matters, and/or external auditors may be opposed if there is evidence of failures in oversight including material weaknesses in financial reporting, internal controls without sufficient mitigation, or excessive non-audit fees that may compromise independence.

Voya IM considers shareholder proposals on audit matters involving prohibition of engagement in non-audit services and audit firm rotation taking into account the nature of the non-audit services and various characteristics that reveal the operation and effectiveness of the audit committee and the auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Board of Directors' Accountabilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.Board Independence**

Board and committee independence are critical for ensuring accountability to shareholders and protecting shareholders' investment. Therefore, boards should be comprised of a majority of independent directors and key committees should be comprised exclusively of independent directors, depending on the market requirements.

Voya IM will oppose any executive director serving on a key committee. Voya IM will also oppose a proposal to ratify the executive director's position on a key committee.

Further, boards should generally have an independent board chair. If the board has an executive chair, it must have a lead independent director with very robust roles and responsibilities. Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline should a lead independent director not be appointed when the board does not have an independent chair.

Voya IM will generally support shareholder proposals that require the board chair to be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.Board Composition and Diversity**

Boards should be comprised of directors who bring a variety of skills, expertise, experience, and diversity, including gender and racial/ethnicity; and should disclose sufficient information regarding the directors thereby allowing shareholders to assess the boards and the directors' effectiveness and adequacy.

Voya IM will oppose incumbent directors according to the Vote Accountability Guideline if the board lacks gender diversity, i.e., at least one gender diverse director. Voya IM will consider directors on a case-by-case basis if gender diversity existed prior to the most recent annual meeting.

Voya IM will oppose incumbent directors according to the Vote Accountability Guideline at companies if the board lacks racial/ethnic diversity, i.e., at least one racial/ethnic diverse director, and there is a market expectation or listing requirement for racial/ethnic diversity on public company boards. Voya IM will consider directors on a case-by-case basis if racial/ethnic diversity existed prior to the most recent annual meeting.

Boards need to stay abreast of emerging matters affecting the company and ensure they can address these matters. Accordingly, boards should have a robust evaluation process and appropriate board refreshment; and the average board tenure of directors should not exceed 15 years.

Voya IM will oppose incumbent directors according to the Vote Accountability Guideline when the average board tenure of directors exceeds 15 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.Directors' Commitment**

Given the responsibility and commitment required of directors, Voya IM will oppose directors who:

■Serve on five or more public company boards

■Serve on four or more public company boards and is the board chair at two or more of these public companies, withholding support on the boards which they are not the chair

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■Serves on more than two public company boards and are named executive officers at any public company, withholding support only at their outside boards, and

■Attend less than 75% of the board meetings each year unless they disclose a reasonable explanation of their absence. Failure of a director to meet the attendance expectations over two years will also result in opposition votes against the chair and/or members of the nominating committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.Board Responsiveness to Shareholder Proposals**

Boards should be responsive and transparent if a shareholder proposal received majority support, or a management proposal received low support regardless if the proposal passed. Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline in situations in which a company has not been adequately responsive to shareholder proposals receiving majority support or management proposals receiving low support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.Board's Establishing Shareholder Rights**

Boards should establish a governance structure that protects shareholders' interests and does not diminish shareholder rights, including:

■a majority vote standard

■annual elections of directors

■reasonable thresholds for shareholders' to be able to call a special meeting

■the right to act by written consent

■asking shareholders to vote on non-administrative charter or bylaw amendments, and

■adopting a single-class capital structure or a multi-class capital structure *with equal voting rights.*

Should a company implement a multi-class capital structure prior to or in connection with its Initial Public Offering (IPO) in which the classes have unequal voting rights, the multi-class structure should be subject to a reasonable sunset provision (e.g., fewer than seven (7) years).

Voya IM will oppose all incumbent directors if a company has implemented a multi-class capital structure in which the classes have unequal voting rights without subjecting the structure to a reasonable sunset provision (e.g., fewer than seven (7) years).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.Board's Responsibility for Executive Compensation**

As discussed in the Executive Compensation section, boards should develop an effective executive compensation structure that:

■is aligned with company performance and shareholder value

■properly balances the often-competing objectives of maximizing shareholder value, motivating and retaining executives, and minimizing risks

■discloses the approach and rationale for the executive compensation decisions, detailing the specific factors / metrics / peer groups used to develop the program, and

■does not contain problematic features such as

■excessive compensation and/or severance arrangements

■reloading of options

■repricing of underwater options

■multi-year guaranteed awards that are not tied to rigorous performance conditions, or

■unnecessarily generous perquisites.

Voya IM may withhold support of directors if the board was not responsive to a "Say on Pay" proposal that received low support, or a "Say on Pay" proposal is not on the agenda, particularly if the compensation program contains problematic features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.Board's Responsibility for Material ESG Matters**

Boards should consider all company stakeholders, including shareholders, employees, customers, and the community in which the company operates and/or serves. Voya IM will generally support reasonable proposals as to the creation of a board level committee overseeing sustainable/corporate social responsibility issues.

Further, boards should have appropriate measures in place for company oversight, including material ESG matters. Accordingly, material failures of governance, stewardship, risk oversight, or fiduciary responsibilities, including management of material ESG risks, may result in opposition of appropriate directors.

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Shareholder proposals relating to such matters should take into account the materiality of the issue, the potential effect on the company's long-term sustainability/value, and the company's method to managing such issues.

Therefore, boards need to ensure management:

■identifies and manages the company's material ESG risks and opportunities, and

■provides adequate disclosure/reporting of how it is addressing their material ESG risks and opportunities.

Further, Voya IM will generally support shareholder proposals requesting the company to provide a report or information on matters that are materially relevant to the company's business and the company does not appear to be addressing the issue or is lagging their peers in disclosing such information.

All companies should take appropriate steps to understand, assess, and mitigate material risks related to climate change, and the board should be responsible for the ultimate oversight of these risks. Accordingly, directors will be considered on a case-by-case basis if a company is deemed to be a significant greenhouse gas (GHG) emitter, it appears the company is not sufficiently managing or disclosing these risks and has not set GHG reduction targets for Net Zero by 2050 for at least Scopes 1 and 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.Board's Responsibilities for Audit Matters**

Audit committee members are a vital component in the board's oversight of financial reporting, internal controls, and risk management. Therefore, audit committee members need to ensure proper oversight is in place to:

■prevent any material weaknesses in financial reporting and internal controls

■avoid excessive non-audit fees that may compromise independence and/or committee, independence due to business affiliation, and

■assess the external auditor's tenure and competences periodically.

Boards who implement and enhance these fundamental principles will contribute to the long-term value and sustainability of the company. Therefore, Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline if a director, committee, or the board fails to meet these expectations.

Boards should have policies to address the various risks associated with share pledging in order to mitigate the risks that may arise for both the director and the company in connection with pledging. Accordingly, Voya IM will generally oppose incumbent directors according to the Vote Accountability Guideline due to share pledging concerns,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• factoring in the pledged amount,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unwinding time, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any historical concerns raised.

Voya IM will also generally oppose the pledgor, if a director, where the pledged amount and unwinding time are deemed significant and therefore an unnecessary risk to the company and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Capital Restructuring**

Companies should explicitly disclose the terms and their rationale when requesting to increase common stock or issue preferred shares in order to permit shareholders to evaluate the affect and risks associated with the increase or issuance.

The board's history of using authorized shares, the purpose and dilutive impact of the request, and the risks that may result if the request is not approved by shareholders will be considered when determining to support the proposal.

Reverse stock splits will generally be supported if there is a proportionate reduction in the number of authorized shares.

Nevertheless, proposals to increase or issue blank check preferred stock, to facilitate an anti-takeover device, or increase stock that has superior voting rights will not be supported.

Merger, acquisition and restructuring proposals will be evaluated on the merits and drawbacks of the proposed transaction.

Golden parachute proposals will generally be opposed if there are single or modified single trigger severance provisions, and/or the total named executive officer payout is excessive as a percentage of the total equity value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Executive Compensation**

As noted above, to be effective, executive compensation programs should align with shareholder value and incentivize management to prudently increase the long-term value of the company. Expanding on that premise, companies should design their executive compensation program to balance the often-competing objectives of maximizing shareholder value, motivating and retaining executives, and minimizing risks. Additionally, the executive compensation program should promote long-term sustainability and align with the interests of the company's various stakeholders (employees, shareholders, communities, etc.). Further advisory votes on executive compensation should be put forth annually for shareholder vote.

Given the complexity of designing a compensation program that accomplishes these objectives, the compensation committee (comprised of independent directors) is in the best position to establish an effective compensation program that not only incorporates the earlier objectives, but also adequately discloses the approach and rationale for the executive compensation decisions, detailing the specific factors / metrics / peer groups used to develop the program.

The successful development and implementation of an effective executive compensation program requires that companies engage with its shareholders and other stakeholders to understand and potentially address any concerns shareholders may have regarding the compensation program, particularly if the "Say on Pay" proposal received low support.

Compensation programs ***should***:

■align with shareholder interests, including mid- to long-term TSR

■have an appropriate mix between fixed and variable pay (including performance-based pay)

■incorporate challenging performance goals

■use a minimum of a 3-year performance period for the long-term incentive plan

■have a reasonable percent of base pay relative to peers for both the short- and long-term incentive plans

■have double trigger cash and equity provisions in the severance for golden parachute payments.

■include clawback provisions in the case of malfeasance or material accounting restatement.

Accordingly, Voya IM will generally oppose a compensation program that does not does not meet these expectations, and/or has problematic issues outlined below.

Compensation programs ***should not:***

■be excessive relative to peers

■contain inappropriate incentives that would not align with shareholders' interest

■have less than a three-year performance period in the long-term incentive plan

■allow for guaranteed, multi-year awards

■include excessive non-performance-based pay elements

■be excessively dilutive to shareholders' holdings

■allow for liberal share recycling, and

■permit repricing or replacing stock options that are underwater without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Environmental and Social Matters**

Voya IM and other institutional shareholders have been scrutinizing an increasing number of proposals regarding environmental and social matters. Accordingly, in addition to the company's material governance risks and opportunities, companies should also assess their material environmental and social risks and opportunities as it pertains to its stakeholders including its employees, communities, suppliers, and customers.

Companies should adequately disclose how they evaluate and mitigate such material risks to allow shareholders to assess how well the companies are mitigating and leveraging these risks and opportunities.

Consistent with applicable legal and fiduciary standards, Voya IM will generally support reasonable shareholder proposals related to material ESG matters, if management is not able to provide a credible reason as to why it should not be supported, *and* if the proposal:

■is applicable to the company's business

■enhances long-term shareholder value

■requests more transparency and commitment to improve the company's material environmental and/or social risks

■aims to benefit the company's stakeholders

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■is reasonable and not unduly onerous or costly, or

■is not requesting data that is primarily duplicative to data the company already publicly provides.

Consistent with applicable legal and fiduciary standards, Voya IM will generally support reasonable shareholder proposals relating to environmental impact that are material to the company but are not being addressed sufficiently, including proposals that:

■aim to reduce negative environmental impact, including the reduction of GHG emissions and other contributing factors to global climate change

■request reports related to environmental policies, practices and management

■request reports related to a company's resource consumption and/or efficiency, and

■requests reports to assess the company's operational vulnerability as well as physical and regulatory exposure to climate change and the global effort to compact it.

All companies should take appropriate steps to understand, assess, and mitigate material risks related to climate change, and the board should be responsible for the ultimate oversight of these risks. Accordingly, Say on Climate proposals will be considered on a case-by-case basis.

Consistent with applicable legal and fiduciary standards, Voya IM will generally support reasonable shareholder proposals relating to social risks that are material to the company yet are not being addressed sufficiently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Routine / Miscellaneous**

Voya IM will generally support management proposals that are administrative in nature and are not considered to be detrimental to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Mutual Fund Proxies** 

Voya IM will generally support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the establishment of new classes or series of shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the hiring and terminating of sub-advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the establishment of a master-feeder structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ management proposals that authorize the board to hire and terminate sub-advisers.

Voya IM will generally oppose shareholder proposals for the establishment of a director ownership requirement. All other matters will be examined on a case-by-case basis.

***WCM Investment Management***

Effective as of August 2022

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 proxy voting responsibility 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

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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;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

&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:

&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;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;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;d.Reports proxy voting record to Client, as requested.

&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;a.Monitors the integrity of the data feed between the Client's registered owner of record and Broadridge/ProxyEdge;

&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;c.Ensures all votes are cast in a timely manner.

&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;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;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;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;a.Agrees with the voting recommendation of the Proxy Adviser, no further action is required;

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&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;1.Deal with conflicts of interest, as described below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Provide updated voting instructions to the Proxy Admin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Document the rationale for the decision, which is provided to Compliance.

&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;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;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.

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;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;a.The CCO must determine whether WCM has a conflict of interest with respect to the issuer 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.*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.

&nbsp;&nbsp;&nbsp;&nbsp;&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.*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;b.If the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO shall determine whether the conflict is "material" to any specific proposal included within the proxy. The CCO shall determine whether a proposal is material as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&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.*Routine Proxy Proposals – P*roxy 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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&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-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 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).

&nbsp;&nbsp;&nbsp;&nbsp;&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.*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;c.For any proposal where the CCO determines that WCM has a material conflict of interest, WCM may vote a proxy regarding that proposal in any of the following manners:

&nbsp;&nbsp;&nbsp;&nbsp;&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.*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).

&nbsp;&nbsp;&nbsp;&nbsp;&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.*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;d.For any proposal where the CCO determines that WCM does not have a material conflict of interest, 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;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;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;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;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;8.<u>Maintenance of Proxy Voting Records</u>

As required by Rule 204-2 under the Advisers Act, and for ERISA accounts, the DOL's Proxy Voting Rule, 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;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;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;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;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 Rule 204-2(c), 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 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).

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&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;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;• 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;• 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;• 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;• 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.

**Wilshire Funds Management Proxy Voting Policy Dated 08/25/20**

***Wilshire***

Wilshire Advisors LLC ("Wilshire"), may have responsibility for voting proxies for certain clients. This policy is intended to fulfill applicable requirements imposed on Wilshire under Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended ("Act"), where it has been delegated to do so.

&nbsp;&nbsp;&nbsp;&nbsp;**I. POLICY**

Wilshire owes each client duties of care and loyalty with respect to the services undertaken for them, including the voting of proxies. In those circumstances where Wilshire will be voting proxies of portfolio securities held directly by a client, Wilshire, guided by general fiduciary principles, will act prudently and solely in the best interest of its clients. Wilshire will attempt to consider relevant factors of its vote that could affect the value of its investments and will vote proxies in the manner that it believes will be consistent with efforts to maximize shareholder value.

Attached to this policy are Proxy Voting Guidelines ("Guidelines") that Wilshire will use when voting proxies. The Guidelines help to ensure Wilshire's duty of care and loyalty to clients when voting proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Duty of Care**

Wilshire's proxy policy mandates the monitoring of corporate events and the voting of client proxies. However, there may be occasions when Wilshire determines that not voting a proxy may be in the best interests of its clients; for example, when the cost of voting the proxy exceeds the expected benefit to the client. There may also be times when clients have instructed Wilshire not to vote proxies or direct Wilshire to vote proxies in a certain manner. Wilshire will maintain written instructions from clients with respect to directing proxy votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Duty of Loyalty**

Wilshire will ensure proxy votes are cast in a manner consistent with the best interests of the client. Wilshire will use the following process to address conflicts of interest: a) identify potential conflicts of interest; b) determine which conflicts, if any, are

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material; and c) establish procedures to ensure that Wilshire's voting decisions are based on the best interests of clients and are not a product of the conflict.

&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. Identify Potential Conflicts of Interest**

Conflicts of interest may occur due to business, personal or family relationships. Potential conflicts may include votes affecting Wilshire.

&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. Determine which Conflicts are Material**

A "material" conflict should generally be viewed as one that is reasonably likely to be viewed as important by the average shareholder. For example, an issue may not be viewed as material unless it has the potential to affect at least 1% of an adviser's annual revenue.

&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. Establish Procedures to Address Material Conflicts.**

Wilshire has established multiple methods to address voting items it has identified as those in which it has a material conflict of 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;&nbsp;&nbsp;&nbsp;&nbsp;i. Use an independent third party to recommend how a proxy presenting a conflict should be voted or authorize the third party to vote the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Refer the proposal to the client and obtain the client's instruction on how to 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;iii. Disclose the conflict to the client and obtain the client's consent to Wilshire's vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Proxy Referrals.**

For securities held within an account whose strategy either involves passive management or whose stock selection is based solely upon quantitative analysis and does not involve fundamental analysis of the issuer, proxies will be referred to a third-party proxy service for voting in accordance with their policies and guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Different Policies and Procedures**

Wilshire may have different voting policies and procedures for different clients and may vote proxies of different clients differently, if appropriate in the fulfillment of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. DOCUMENTATION**

Wilshire shall maintain the following types of records relating to proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Wilshire Advisors LLC Proxy Voting Policy and all amendments thereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proxy statements received for client securities. Wilshire may rely on proxy statements filed on EDGAR instead of keeping copies or, if applicable, rely on statements maintained by a proxy voting service provided that Wilshire has obtained an undertaking from the service that it will provide a copy of the statements promptly upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Records of votes cast on behalf of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any document prepared by Wilshire that is material to making a proxy voting decision or that memorialized the basis for that decision.

Such records shall be maintained for the period of time specified in Rule 204-2(c)(2) of the Act. To the extent that Wilshire is authorized to vote proxies for a United States Registered Investment Company, Wilshire shall maintain such records as are necessary to allow such fund to comply with its recordkeeping, reporting and disclosure obligations under applicable laws, rules and regulations.

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**Wilshire Advisors LLC Proxy Voting Policy** 

**Proxy Voting Guidelines**

The following guidelines will be used when deciding how to vote proxies on behalf of clients. These are policy guidelines that can always be superseded, subject to the duty to act in the best interest of the beneficial owners of accounts, by the investment management professionals responsible for the account holding the shares being voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Election of Directors**

&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. We generally vote for all director nominees, except in situations where there is a potential conflict of interest, including but not limited to the nomination of a director who also serves on a compensation committee of a company's board and/or audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Auditors**

&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. Ratifying Auditors – we generally vote in favor for such proposals, unless the auditor is affiliated or has a financial interest in the company.

&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. Financial Statements & Auditor Reports – we generally vote in favor of approving financial and auditor reports.

&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. Compensation – we generally vote in favor for such proposals.

&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. Indemnification – we vote against indemnification of auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Executive & Director Compensation**

&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. We generally vote in favor for such proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Miscellaneous and Non-Routine matters**

&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. We vote miscellaneous proposals on a case-by-case basis, in the best interest of shareholders.

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**APPENDIX B**

 **DESCRIPTION OF BOND RATINGS ASSIGNED BY** 

**S&P GLOBAL RATINGS, MOODY'S INVESTORS SERVICE INC., AND FITCH RATINGS**

A Portfolio's investments may range in quality from securities rated in the lowest category in which the Portfolio is permitted to invest to securities rated in the highest category (as rated by Moody's, S&P or Fitch Ratings ("Fitch") or, if unrated, determined by the Subadviser to be of comparable quality). The percentage of a Portfolio's assets invested in securities in a particular rating category will vary. The following is a description of Moody's, S&P's and Fitch's and rating categories applicable to fixed income securities.

**<u>Moody's Investors Service</u>**

<u>Global Rating Scales</u>

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 non-standard 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. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody's issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.

Moody's differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however, Moody's aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

<u>Global Long-Term Rating Scale</u>

**Aaa**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may

possess certain speculative characteristics.

**Ba**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of

recovery of principal and interest.

**C**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of

principal or interest.

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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. \*

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

<u>Global Short-Term Rating Scale</u>

**P-1:** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2**: Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3**: Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP**: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**<u>U.S. Municipal Short-Term Debt and Demand Obligation Ratings</u>**

<u>Short-Term Obligation Ratings</u>

Moody's uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

For other short-term municipal obligations, Moody's uses one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales discussed below.

Moody's uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

<u>MIG Scale</u>

**MIG 1**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This designation denotes strong credit quality. Margins of protection are ample, although not as large as in

the preceding group.

**MIG 3**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This designation denotes speculative-grade credit quality. Debt instruments in this category may lack

sufficient margins of protection.

<u>Demand Obligation Ratings</u>

In the case of variable rate demand obligations (VRDOs), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

------

<u>VMIG Scale</u>

**VMIG 1**:&nbsp;&nbsp;&nbsp;&nbsp;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.

**VMIG 2**:&nbsp;&nbsp;&nbsp;&nbsp;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.

**VMIG 3**:&nbsp;&nbsp;&nbsp;&nbsp;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.

**SG**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This designation denotes speculative-grade credit quality. Demand features rated in this category may be

supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the

tructural or legal protections.

**<u>S&P Global Ratings</u>**

**<u>Issue Credit Rating Definitions</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 this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P Global Ratings would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P Global Ratings assigns to certain instruments may diverge from these guidelines based on market practices.

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature and provisions of the financial obligation, and the promise we impute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

<u>Long-Term Issue Credit Ratings\*</u>

**AAA**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;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 exposure to adverse conditions.

**BB**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor

currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial,

or economic conditions will likely impair the obligor's capacity or willingness to meet its financial

commitments on the obligation.

**CCC**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business,

financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In

the event of adverse business, financial, or economic conditions, the obligor is not likely to have the

capacity to meet its financial commitments on the obligation.

**CC**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 with 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 the next five business days in the absence

of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D'

rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where

default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an

obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**\*** 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.

<u>Short-Term Issue Credit Ratings</u>

**A-1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's

capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic

conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics.

The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

------

**C:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable

business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital

instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

<u>SPUR (S&P Underlying Rating)</u>

A SPUR is an opinion about the stand-alone capacity of an obligor to pay debt service on a credit-enhanced debt issue, without giving effect to the enhancement that applies to it. These ratings are published only at the request of the debt issuer or obligor with the designation SPUR to distinguish them from the credit-enhanced rating that applies to the debt issue. S&P Global Ratings maintains surveillance of an issue with a published SPUR.

<u>Municipal Short-Term 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule--the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and

economic changes over the term of the notes.

**SP-3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Speculative capacity to pay principal and interest.

**D:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the

filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

<u>Dual Ratings</u>

Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

<u>Active Qualifiers (Currently applied and/or outstanding)</u>

------

S&P Global Ratings uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a 'p' qualifier, which indicates the rating addresses the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating.

**L:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratings qualified with 'L' apply only to amounts invested up to federal deposit insurance limits.

**p:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This suffix is used for issues in which the credit factors, the terms, or both that determine the likelihood of

receipt of payment of principal are different from the credit factors, terms, or both that determine the likelihood of receipt of interest on the obligation. The 'p' suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated.

**prelim**:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary ratings, with the 'prelim' suffix, may be assigned to obligors or obligations, including financial

programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&P Global Ratings of appropriate documentation. S&P Global Ratings reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor's emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation, and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&P Global Ratings' opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing, or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&P Global Ratings would likely withdraw these preliminary ratings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.

**t:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This symbol indicates termination structures that are designed to honor their contracts to full maturity or,

should certain events occur, to terminate and cash settle all their contracts before their final maturity date.

**cir:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This symbol indicates a counterparty instrument rating (CIR), which is a forward-looking opinion about the

creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness of payment.

<u>Inactive Qualifiers (No longer applied or outstanding)</u>

**\*:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This symbol indicated that the rating was contingent upon S&P Global Ratings' receipt of an executed copy

of the escrow agreement or closing documentation confirming investments and cash flows. Discontinued use in August 1998.

**c:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This qualifier was used to provide additional information to investors that the bank may terminate its

obligation to purchase tendered bonds if the long-term credit rating of the issuer was lowered to below an investment-grade level and/or the issuer's bonds were deemed taxable. Discontinued use in January 2001.

------

**G:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The letter 'G' followed the rating symbol when a fund's portfolio consisted primarily of direct U.S.

government securities.

**i:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This suffix was used for issues in which the credit factors, terms, or both that determine the likelihood of

receipt of payment of interest are different from the credit factors, terms, or both that determine the likelihood of receipt of principal on the obligation. The 'i' suffix indicated that the rating addressed the interest portion of the obligation only. The 'i' suffix was always used in conjunction with the 'p' suffix, which addresses likelihood of receipt of principal. For example, a rated obligation could have been assigned a rating of 'AAApNRi' indicating that the principal portion was rated 'AAA' and the interest portion of the obligation was not rated.

**pi:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**This qualifier was used to indicate ratings that were based on an analysis of an issuer's published financial

information, as well as additional information in the public domain. Such ratings did not, however, reflect in-depth meetings with an issuer's management and therefore could have been based on less comprehensive information than ratings without a 'pi' suffix. Discontinued use as of December 2014 and as of August 2015 for Lloyd's Syndicate Assessments.

**pr:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The letters 'pr' indicate that the rating was provisional. A provisional rating assumed the successful

completion of a project financed by the debt being rated and indicates that payment of debt service requirements was largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, made no comment on the likelihood of or the risk of default upon failure of such completion.

**q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A 'q' subscript indicates that the rating is based solely on quantitative analysis of publicly available

information. Discontinued use in April 2001.

**r:** The 'r' modifier was assigned to securities containing extraordinary risks, particularly market risks, that are

not covered in the credit rating. The absence of an 'r' modifier should not be taken as an indication that an obligation would not exhibit extraordinary noncredit-related risks. S&P Global Ratings discontinued the use of the 'r' modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002.

<u>Local Currency and Foreign Currency Ratings</u>

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 can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus obligations denominated in a foreign currency.

**<u>Fitch Ratings</u>**

**<u>Issuer Default Ratings</u>**

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings ("IDRs"). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

<u>Long-Term Rating Scales</u>

**AAA: Highest Credit Quality.**

'AAA' ratings denote the lowest expectation of default 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: Very High Credit Quality.**

------

'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A: High Credit Quality.**

'A' ratings denote expectations of low default 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: Good Credit Quality.**

'BBB' ratings indicate that expectations of default 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: Speculative.**

'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B: Highly Speculative.**

'B' ratings indicate that material default 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: Substantial Credit Risk.**

Very low margin for safety. Default is a real possibility.

**CC: Very High Levels of Credit Risk.**

Default of some kind appears probable.

**C: Near Default**

A default or default-like process has begun or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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: Restricted Default.**

'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not otherwise ceased operating.

This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The uncured expiry of any applicable original grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

**D: Default.**

'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

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.

<u>Short-Term Rating Scales</u>

------

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

**F1: Highest Short-Term Credit Quality.**

Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added '+' to denote any exceptionally strong credit feature.

**F2: Good Short-Term Credit Quality.**

Good intrinsic capacity for timely payment of financial commitments.

**F3: Fair Short-Term Credit Quality.**

The intrinsic capacity for timely payment of financial commitments is adequate.

**B: Speculative Short-Term Credit Quality.**

Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C: 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.

------

**WILSHIRE MUTUAL FUNDS, INC.**

**PART C—OTHER INFORMATION**

**Item 28. Exhibits:**

Portions of various exhibits have been omitted because the information redacted is both not material and the type that Wilshire Mutual Funds, Inc. treats as private or confidential.

---

| | | |
|:---|:---|:---|
| (a) | (1) | Articles of Incorporation dated July 30, 1992 are incorporated by reference to Post-Effective Amendment No. 3 to the Registration Statement on Form N-1A which was filed on November 12, 1993 ("Post-Effective Amendment No. 3"). |
|  | (2) | Articles of Amendment dated August 20, 1992 to the Articles of Incorporation are incorporated by reference to Post-Effective Amendment No. 3. |
|  | (3) | <u>[Articles Supplementary dated June 24, 1997 to the Articles of Incorporation establishing and classifying shares of the Intermediate Portfolio Corporate Bond and Long-Term Corporate Bond Portfolio of the Fund are incorporated by reference to Post-Effective Amendment No. 11 to the Registration Statement on Form N-1A which was filed on July 10, 1997 ("Post-Effective Amendment No. 11").](https://www.sec.gov/Archives/edgar/data/890453/0000927405-97-000245.txt)</u> |
|  | (4) | <u>[Articles Supplementary dated June 8, 1998 to the Articles of Incorporation establishing and classifying shares of the Dow Jones FT Wilshire 5000 IndexSM Portfolio are incorporated by reference to Post-Effective Amendment No. 13 to the Registration Statement on Form N-1A which was filed on November 2, 1998.](https://www.sec.gov/Archives/edgar/data/890453/0000927405-98-000318.txt)</u> |
|  | (5) | <u>[Articles Supplementary dated June 7, 1999 to the Articles of Incorporation reclassifying shares of the Dow Jones FT Wilshire 5000 IndexSM Portfolio are incorporated by reference to Post-Effective Amendment No. 16 to the Registration Statement on Form N-1A which was filed on July 2, 1999 ("Post-Effective Amendment No. 16").](https://www.sec.gov/Archives/edgar/data/890453/000092740599000227/0000927405-99-000227.txt)</u> |
|  | (6) | <u>[Articles of Amendment dated July 21, 2003 to the Articles of Incorporation amending the name of the Fund are incorporated by reference to Post-Effective Amendment No. 24 to the Registration Statement on Form N-1A which was filed on April 29, 2004.](https://www.sec.gov/Archives/edgar/data/890453/000093506904000654/exha8.txt)</u> |
|  | (7) | <u>[Articles Supplementary dated August 24, 2007 to the Articles of Incorporation establishing and classifying shares of the Wilshire Large Cap Core 130/30 Fund are incorporated by reference to Post-Effective Amendment No. 29 to the Registration Statement on Form N-1A which was filed on August 28, 2007.](https://www.sec.gov/Archives/edgar/data/890453/000093506904000654/exha8.txt)</u> |
|  | (8) | <u>[Articles of Amendment dated October 25, 2007 to the Articles of Incorporation amending the 130/30 Fund are incorporated by reference to Post-Effective Amendment No. 32 to the Registration Statement on Form N-1A which was filed on November 16, 2007 ("Post-Effective Amendment No. 32").](https://www.sec.gov/Archives/edgar/data/890453/000119312507249549/dex99a10.htm)</u> |
|  | (9) | <u>[Articles Supplementary dated February 13, 2008 establishing and classifying shares of the Wilshire/MAXAM Diversity Fund are incorporated by reference to Post-Effective Amendment No. 33 to the Registration Statement on Form N-14 which was filed on February 19, 2008 ("Post-Effective Amendment No. 33").](https://www.sec.gov/Archives/edgar/data/890453/000119312508033242/dex99a11.htm)</u> |
|  | (10) | <u>[Articles Supplementary dated March 5, 2009 liquidating the Wilshire/MAXAM Diversity Fund are incorporated by reference to Post-Effective Amendment No. 44 to the Registration Statement on Form N-1A which was filed on April 30, 2009 ("Post-Effective Amendment No. 44").](https://www.sec.gov/Archives/edgar/data/890453/000139834409000462/fp0000605_ex9923a12.htm)</u> |
|  | (11) | <u>[Articles of Amendment dated April 28, 2009 amending the name of the Index Fund are incorporated by reference to Post-Effective Amendment No. 44.](https://www.sec.gov/Archives/edgar/data/890453/000139834409000462/fp0000605_ex9923a13.htm)</u> |
|  | (12) | <u>[Articles of Amendment changing the name of the Wilshire Large Cap Core 130/30 Fund to the Wilshire Large Cap Core Plus Fund dated April 15, 2011 are incorporated by reference to Post-Effective Amendment No. 47.](https://www.sec.gov/Archives/edgar/data/890453/000139834411000936/fp0002569_ex9928a14.htm)</u> |
|  | (13) | <u>[Articles of Amendment changing the name of the Wilshire Large Cap Core Plus Fund to the Wilshire International Equity Fund dated April 2, 2013 are incorporated by reference to Post-Effective Amendment No. 54.](https://www.sec.gov/Archives/edgar/data/890453/000139834413001770/fp0006487_ex9928a15.htm)</u> |
|  | (14) | <u>[Articles Supplementary to the Articles of Incorporation dated March 22, 2016 establishing and classifying shares of the Wilshire Income Opportunities Fund 2013 are incorporated by reference to Post-Effective Amendment No. 61](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0008775_e9928a16.htm)[.](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0008775_e9928a16.htm)</u> |
|  | (15) | <u>[Articles Supplementary to the Articles of Incorporation dated March 28, 2016 establishing and classifying shares of the Wilshire Income Opportunities Fund 2013 are incorporated by reference to Post-Effective Amendment No. 61.](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0008775_ex9928a17.htm)</u> |

---

------

(16) <u>[Articles of Amendment dated May 23, 1996 to the Articles of Incorporation changing the name of the Fund and the name of a class of shares of each Series of the Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a16.htm)</u>

(17) <u>[Articles Supplementary dated May 23, 1996 to the Articles of Incorporation classifying shares of each Series of the Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a17.htm)</u>

(18) <u>[Articles Supplementary dated December 7, 1998 to the Articles of Incorporation renaming the FT Wilshire 5000 Plus Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a18.htm)</u>

(19) <u>[Articles of Amendment dated June 1, 2007 to the Articles of Incorporation renaming the FT Wilshire 5000 IndexSM Portfolio are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a19.htm)</u>

(20) <u>[Articles Supplementary dated August 16, 2016 to the Articles of Incorporation reclassifying shares of the FT Wilshire 5000 Index SM Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a20.htm)</u>

(21) <u>[Articles Supplementary dated February 28, 2017 to the Articles of Incorporation reclassifying shares of the FT Wilshire 5000 Index SM Fund are incorporated by reference to Post-Effective Amendment No. 65.](https://www.sec.gov/Archives/edgar/data/890453/000139834417005480/fp0025357_ex9928a21.htm)</u>

(22) <u>[Articles of Amendment dated February 23, 2026 to the Articles of Incorporation changing the name of the FT Wilshire 5000 Index Fund](wilshiremfi-articlesofamen.htm)</u> **are filed herewith.**

---

| | | |
|:---|:---|:---|
| (b) | (1) | By-Laws dated July 30, 1992, as revised September 17, 1992, are incorporated by reference to Post-Effective Amendment No. 3. |
|  | (2) | <u>[Amended By-Laws dated September 9, 1996, as subsequently amended October 1, 1996, are incorporated by reference to Post-Effective Amendment No. 10 to the Registration Statement on Form N-1A which was filed on October 30, 1996.](https://www.sec.gov/Archives/edgar/data/890453/0000927405-96-000424.txt)</u> |
|  | (3) | <u>[Amended By-Laws dated February 24, 2005 are incorporated by reference to Post-Effective Amendment No. 27 to the Registration Statement on Form N-1A which was filed on May 1, 2006 ("Post-Effective Amendment No. 27").](https://www.sec.gov/Archives/edgar/data/890453/000119312506095165/dex99b3.txt)</u> |
|  | (4) | <u>[Amended By-Laws dated June 20, 2005 are incorporated by reference to Post-Effective Amendment No. 27.](https://www.sec.gov/Archives/edgar/data/890453/000119312506095165/dex99b4.txt)</u> |
|  | (5) | <u>[Amended By-Laws dated March 4, 2011 are incorporated by reference to Post-Effective Amendment No. 47.](https://www.sec.gov/Archives/edgar/data/890453/000139834411000936/fp0002569_ex9928b5.htm)</u> |
|  | (6) | <u>[Amended By-Laws dated February 23, 2016 are incorporated by reference to Post-Effective Amendment No. 61.](https://www.sec.gov/Archives/edgar/data/890453/000139834416011439/fp0018775_ex9928b6.htm)</u> |
|  | (7) | <u>[Amended By-Laws dated May 16, 2017 are incorporated by reference to Post-Effective Amendment No. 67 which was filed on April 30, 2018 ("Post-Effective Amendment No. 67").](https://www.sec.gov/Archives/edgar/data/890453/000139834418006343/fp0032794_ex9928b7.htm)</u> |
|  | (8) | <u>[Amended By-Laws dated October 7, 2020 are incorporated by reference to Post-Effective Amendment No. 74 which was filed on April 29, 2021 (Post-Effective Amendment No. 74").](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wilshiremfiamendedby-laws.htm)</u> |
| (c) |  | Not Applicable |
| (d) | (1) | <u>[Investment Advisory Agreement between Wilshire Mutual Funds, Inc. and Wilshire Advisors LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 74.](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/investmentadvisoryagreemen.htm)</u> |
|  | (2) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Los Angeles Capital Management LLC](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[dated](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[Januar](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[y 1, 2024](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[is incorporated by reference to Post](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[-Effective Amendment No. 77](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)[.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wmflosangelescapital-subxa.htm)</u> |
|  | (3) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Pzena Investment Management, LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/pzenainvestmentsub-advisor.htm)</u> |
|  | (4) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Ranger Investment Management, L.P., dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagref.htm)</u> |
|  | (5) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and WCM Investment Management, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagreg.htm)</u> |
|  | (6) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)[D](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)[iamond H](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)[ill C](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)[apital Management](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)[, Inc.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)[, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrea.htm)</u> |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | (7) | (i) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Fred Alger Management, LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrec.htm)</u> |
| | | (ii) | <u>[Amendment to Investment Sub-Advisory Agreement between Wilshire Advisors LLC and](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[Fred Alger](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[Management, LLC](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[is incorporated by reference to Post](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)[75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirealgersub-advisorya.htm)</u> |
| | (8) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Lazard Asset Management LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagrei.htm)</u> |
| | (9) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and DoubleLine Capital LP, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagreb.htm)</u> |
| | (10) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Manulife Investment Management (US) LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagre.htm)</u> |
| | (11) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Voya Investment Management Co. LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/voyainvestmentsub-advisory.htm)</u> |
| | (12) | (i) | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Hotchkis & Wiley Capital Management, LLC, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/hwinvestmentsub-advisoryag.htm)</u> |
| | | (ii) | <u>[Amendment to Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Hotchkis & Wiley Capital Management, LLC is incorporated by reference to Post-Effective Amendment No. 75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshirehwamendedsub-advis.htm)</u> |
| | (13) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Massachusetts Financial Services Company (d/b/a MFS Investment Management), dated January 20, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/investmentsub-advisoryagree.htm)</u> |
| | (14) | | <u>[Investment Sub](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshireab_sub-advisoryxag.htm)[-Advisory Agreement between Wilshire Advisors LLC and AllianceBernstein, L.P.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshireab_sub-advisoryxag.htm)[is incorporated by reference to Post-Effective Amendment No. 75.](https://www.sec.gov/Archives/edgar/data/890453/000089418922003759/wilshireab_sub-advisoryxag.htm)</u> |
| | (15) | | <u>[Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Lord, Abbett & Co. LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/wilshiremfi-subxadvisoryag.htm)</u>  |
| | (16) | | <u>[Amendment to Investment Sub-Advisory Agreement between Wilshire Advisors LLC and Diamond Hill Capital Management, Inc.](wilshiremfiamendedinvestme.htm)</u> **is filed herewith.** |
| (e) | (1) |  | <u>[Distribution Agreement with Compass Distributors LLC, dated November 5, 2019 is incorporated by reference to Post-Effective Amendment No. 71 to the Registration Statement on Form N-1A which was filed on April 28, 2020 ("Post-Effective Amendment No. 71").](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/wmfcompassdistributionagre.htm)</u> |
|  | (2) |  | <u>[N](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[ovation Agreemen](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[t](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[is incorporated by reference to Post](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[-Effective Amendment No. 76 to t](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[he Registration Statement on](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[Form N-1A which was filed on April](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[27](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)[, 2023.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> |
| (f) |  |  | Not Applicable. |
| (g) | (1) |  | <u>[Custody Agreement between Wilshire Mutual Funds, Inc. and U.S. Bank National Association dated November 25, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbcustodyagreement-wilshi.htm)</u> |
|  | (2) |  | <u>[Addendum to Custody Agreement between Wilshire Mutual Funds, Inc. and U.S. Bank National Association dated November 21, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbcustodyaddendum-wilshire.htm)</u> |
| (h) | (1) |  | <u>[Fund Administration Servicing Agreement between Wilshire Mutual Funds, Inc. and U.S. Bancorp Fund Services, LLC dated November 25, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbadminagreement-wilshire.htm)</u> |
|  | (2) |  | <u>[Securities Lending Agreement with U.S. Bank National Association is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbseclendingagreementforw.htm)</u> |
|  | (3) |  | <u>[First Amendment to Securities Lending Agreement is incorporated by reference to Post-Effective Amendment No. 74.](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wmf1stamendmentsecuritiesl.htm)</u> |
|  | (4) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc., on behalf of the Small Company Growth Portfolio](wilshirescgela.htm)</u> **is filed herewith.** |
|  | (5) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc., on behalf of the](wilshirescvela.htm)[Small Company Value Portfolio](wilshirescvela.htm)</u> **is filed herewith.** |
|  | (6) |  | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc. on behalf of the Wilshire International Equity Fund](wilshireinternationaleqela.htm)</u> **is filed herewith.** |

---

------

---

| | | |
|:---|:---|:---|
| | (7) | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc., on behalf of the Wilshire Income Opportunities Fund](wilshireincomeoppela.htm)</u> **is filed herewith.** |
| | (8) | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc. on behalf of the Large Company Growth Portfolio](wilshirelcgexpenselimitati.htm)</u> **is filed herewith.** |
| | (9) | <u>[Expense Limitation Agreement between Wilshire Advisors LLC and Wilshire Mutual Funds, Inc. on behalf of the Large Company](wmf_lcvela.htm)[Value](wmf_lcvela.htm)[Portfolio](wmf_lcvela.htm)</u> **is filed herewith.** |
| | (10) | <u>[Fund Accounting Servicing Agreement between Wilshire Mutual Funds, Inc. and U.S. Bancorp Fund Services, LLC dated November 25, 2019 is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/usbaccountingagreement-wil.htm)</u> |
| | (11) | <u>[Form of Commission Recapture Agreement with Cowen and Company, LLC is incorporated by reference to Post-Effective Amendment No. 69.](https://www.sec.gov/Archives/edgar/data/890453/000139834419007380/fp0041718_ex9928h14.htm)</u> |
| | (12) | <u>[Form of Loan Agreement between Wilshire Mutual Funds, Inc., Wilshire Variable Insurance Trust, and U.S. Bank National Association, dated January 8, 2021 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/wilshireloanagreementusban.htm)</u> |
| | (13) | <u>[Transfer Agent Servicing Agreement between Wilshire Mutual Funds, Inc. and U.S. Bancorp Fund Services, LLC dated June 1, 2020 is incorporated by reference to Post-Effective Amendment No. 73.](https://www.sec.gov/Archives/edgar/data/890453/000089418921001310/usbtaagreement-wilshire.htm)</u> |
| | (14) | <u>[Form of Loan Agreement between Wilshire Mutual Funds, Inc., Wilshire Variable Insurance Trust, and U.S. Bank National Association, dated January 8, 2021](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wilshireloanagreementusban.htm)[is incorporated by reference to Post-Effective Amendment No. 74.](https://www.sec.gov/Archives/edgar/data/890453/000089418921002633/wilshireloanagreementusban.htm)</u> |
| (i) |  | <u>[Opinion and Consent of Counsel is incorporated by reference to Post-Effective Amendment No. 67.](https://www.sec.gov/Archives/edgar/data/890453/000139834418006343/fp0032794_ex9928i.htm)</u> |
| (j) |  | <u>[Consent of independent registered public accountant](wilshiremfiauditorconsent2.htm)</u> **is filed herewith.**  |
| (k) |  | Not Applicable. |
| (l) |  | <u>[Purchase Agreement between Wilshire Mutual Funds, Inc. and Wilshire Advisors LLC (f/k/a Wilshire Associates Incorporated) dated November 6, 1998 relating to the Dow Jones FT Wilshire 5000 Index Portfolio is incorporated by reference to Post-Effective Amendment No. 14 to the Registration Statement on Form N-1A which was filed on November 25, 1998.](https://www.sec.gov/Archives/edgar/data/890453/0000927405-98-000338.txt)</u> |
| (m) |  | <u>[Shareholder Services Plan under Rule 12b-1, for Investment Class shares is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/wilshire12b-1august_23x202.htm)</u>  |
| (n) |  | <u>[Amended and Restated Rule 18f-3(d) Plan, adopted as of June 7, 1999 is incorporated by reference to Post-Effective Amendment No. 16.](https://www.sec.gov/Archives/edgar/data/890453/000092740599000227/0000927405-99-000227.txt)</u> |
| (o) |  | Reserved. |
| (p) | (1) | <u>[Amended Code of Ethics of Wilshire Advisors LLC](wilshire_codexofxethicsx20.htm)</u> **is filed herewith.** |
|  | (2) | <u>[Amended Code of Ethics of Wilshire Mutual Funds, Inc. is incorporated by reference to Post-Effective Amendment No. 77.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/wilshiremfandvit-codeofeth.htm)</u> |
|  | (3) | <u>[Amended Code of Ethics of Los Angeles Capital Management LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/lacmcodeofethics202407.htm)</u>  |
|  | (4) | <u>[Amended Code of Business Conduct and Ethics of Pzena Investment Management, LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/codeofbusinessconductethic.htm)</u>  |
|  | (5) | <u>[Amended Code of Conduct and Code of Ethics of Ranger Investment Management, L.P. is incorporated by reference to Post-Effective Amendment No. 77.](https://www.sec.gov/Archives/edgar/data/890453/000089418924002642/rangercoe-02122024.htm)</u> |
|  | (6) | <u>[Amended Code of Ethics of WCM Investment Management](wcmcodeofethicsjune2025.htm)</u> **is filed herewith.**  |
|  | (7) | <u>[Amended Code of Ethics of MFS Investment Management](mfscodeofethics.htm)</u> **is filed herewith.** |
|  | (8) | <u>[Amended Code of Ethics of DoubleLine Capital LP](doublelinecodeofethics_joi.htm)</u> **is filed herewith.** |
|  | (9) | <u>[Amended Code of Ethics of Manulife Asset Management (US) LLC is incorporated by reference to Post-Effective Amendment No. 78.](https://www.sec.gov/Archives/edgar/data/890453/000089418925002928/manulifecode-ofxethicsxxxe.htm)</u> |
|  | (10) | <u>[Amended Code of Ethics of Voya Investment Management Co. LLC](voyaimcodeofethicsjanuary5.htm)</u> **is filed herewith.** |
|  | (11) | <u>[Amended Code of Ethics of Diamond Hill Capital Management, Inc.](pvdiamondhillcodeofethics.htm)</u> **is filed herewith.** |
|  | (12) | <u>[Code of Ethics of Hotchkis & Wiley Capital Management, LLC](hotchkis-03xcodeofconductx.htm)</u> **is filed herewith.** |
|  | (13) | <u>[Amended Code of Ethics of Fred Alger Management](fredalgercodeofethicsdecem.htm)</u> **is filed herewith.** |
|  | (14) | <u>[Code of Ethics of Lazard Asset Management, LLC is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/lazardcodeofethicsseptembe.htm)</u> |
|  | (15) | <u>[Amended Code of Ethics of AllianceBernstein L.P.](alliancebernstein-codeofet.htm)</u> **is filed herewith.** |

---

------

---

| | | |
|:---|:---|:---|
| | (16) | <u>[Amended](lordabbettcodeofethicsaugu.htm)[Code of Ethics of Lord, Abbett & Co. LLC](lordabbettcodeofethicsaugu.htm)</u> **is filed herewith.** |
| (q) | (1) | <u>[Power of Attorney for Elizabeth A. Levy-Navarro is incorporated by reference to Post-Effective Amendment No. 71.](https://www.sec.gov/Archives/edgar/data/890453/000089418920003040/wmflimitedpoalizlevy-navar.htm)</u> |
|  | (2) | <u>[Power of Attorney for Matt Forstenhausler](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> <u>[is incorporated by reference to Post-Effective Amendment No. 76.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000890453/000089418923003022/ck0000890453-20221231.htm)</u> |

---

**Item 29. Persons Controlled By or Under Common Control with Registrant**

Not Applicable.

**Item 30. Indemnification**

The statement as to the general effect of any contract, arrangements, or statute under which a Director, officer, underwriter, or affiliated person of the Registrant is insured or indemnified in any manner against any liability which may be incurred in such capacity, other than insurance provided by any director, officer, affiliated person, or underwriter for his/her own protection, is incorporated by reference to Item 27 of Part C of Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A which was filed on September 23, 1992.

Reference is also made to the Distribution Agreement incorporated by reference as Exhibit (e).

**Item 31. Business and Other Connections of Investment Adviser**

This Item incorporated by reference each investment adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Registrant's Statement of Additional Information.

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No.</u> |
| Wilshire Advisors LLC | 801-36233 |
| AllianceBernstein L.P. | 801-56720 |
| Diamond Hill Capital Management, Inc. | 801-32176 |
| DoubleLine Capital LP | 801-70942 |
| Fred Alger Management, LLC | 801-6709 |
| Hotchkis & Wiley Capital Management, LLC | 801-60512 |
| Lazard Asset Management, LLC | 801-61701 |
| Lord, Abbett & Co. LLC | 801-6997 |
| Los Angeles Capital Capital Management LLC | 801-60934 |
| Massachusetts Financial Services Company (d/b/a MFS Investment Management) | 801-17352 |
| Manulife Asset Management (US) LLC | 801-42023 |
| Pzena Investment Management, LLC | 801-50838 |
| Ranger Investment Management, L.P. | 801-62397 |
| Voya Investment Management Co. LLC | 801-9046 |
| WCM Investment Management | 801-11916 |

---

------

**Item 32. Principal Underwriters:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. Alternative Strategies Income Fund

14. American Century ETF Trust

15. AMG ETF Trust

16. Amplify ETF Trust

17. Applied Finance Dividend Fund, Series of World Funds Trust

18. Applied Finance Explorer Fund, Series of World Funds Trust

19. Applied Finance Select Fund, Series of World Funds Trust

20. Ardian Access LLC

21. ARK ETF Trust

22. ARK Venture Fund

23. Bitwise Funds Trust

24. BondBloxx ETF Trust

25. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

26. Bridgeway Funds, Inc.

27. Brinker Capital Destinations Trust

28. Brookfield Real Assets Income Fund Inc.

29. Build Funds Trust

30. Calamos Convertible and High Income Fund

31. Calamos Convertible Opportunities and Income Fund

32. Calamos Dynamic Convertible and Income Fund

33. Calamos Global Dynamic Income Fund

34. Calamos Global Total Return Fund

35. Calamos Strategic Total Return Fund

36. Carlyle Tactical Private Credit Fund

37. Cascade Private Capital Fund

38. Catalyst/Perini Strategic Income Fund

39. CBRE Global Real Estate Income Fund

40. Center Coast Brookfield MLP & Energy Infrastructure Fund

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

46. CrossingBridge Ultra-Short Duration ETF, Series of Trust for Professional Managers

47. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

48. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

49. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

50. Davis Fundamental ETF Trust

51. Defiance BMNR Option Income ETF, Series of ETF Series Solutions

52. Defiance Connective Technologies ETF, Series of ETF Series Solutions

------

53. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

54. Defiance Quantum ETF, Series of ETF Series Solutions

55. Defiance Retail Kings ETF, Series of ETF Series Solutions

56. Denali Structured Return Strategy Fund

57. Dodge & Cox Funds

58. DoubleLine ETF Trust

59. DoubleLine Income Solutions Fund

60. DoubleLine Opportunistic Credit Fund

61. DoubleLine Yield Opportunities Fund

62. DriveWealth ETF Trust

63. EIP Investment Trust

64. Ellington Income Opportunities Fund

65. ETF Opportunities Trust

66. Exchange Listed Funds Trust

67. Exchange Place Advisors Trust

68. FIS Trust

69. FlexShares Trust

70. Fortuna Hedged Bitcoin ETF, Series of Listed Funds Trust

71. Forum Funds

72. Forum Funds II

73. Forum Real Estate Income Fund

74. GMO ETF Trust

75. GoldenTree Opportunistic Credit Fund

76. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

77. Grayscale Funds Trust

78. Guinness Atkinson Funds

79. Harbor ETF Trust

80. Harris Oakmark ETF Trust

81. Hawaiian Tax-Free Trust

82. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

83. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

84. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

85. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

86. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

87. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

88. Horizon Kinetics Texas ETF, Series of Listed Funds Trust

89. Innovator ETFs Trust

90. Ironwood Institutional Multi-Strategy Fund LLC

91. Ironwood Multi-Strategy Fund LLC

92. Jensen Quality Growth ETF, Series of Trust for Professional Managers

93. John Hancock Exchange-Traded Fund Trust

94. Kurv ETF Trust

95. Lazard Active ETF Trust

96. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

97. Lone Peak Value Fund, Series of World Funds Trust

98. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

99. Mairs & Power Fund, Series of Trust for Professional Managers

100. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

101. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

102. Manor Investment Funds

103. MoA Funds Corporation

104. Moerus Worldwide Fund, Series of Northern Lights Fund Trust IV

105. Morgan Stanley ETF Trust

106. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

107. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

108. Morningstar Funds Trust

109. NEOS ETF Trust

------

110. Niagara Income Opportunities Fund

111. NXG Cushing® Midstream Energy Fund

112. NXG NextGen Infrastructure Income Fund

113. OTG Latin American Fund, Series of World Funds Trust

114. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

115. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

116. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

117. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

118. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

119. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

120. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

121. Palmer Square Funds Trust

122. Palmer Square Opportunistic Income Fund

123. Partners Group Private Income Opportunities, LLC

124. Perkins Discovery Fund, Series of World Funds Trust

125. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

126. Plan Investment Fund, Inc.

127. Point Bridge America First ETF, Series of ETF Series Solutions

128. Precidian ETFs Trust

129. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

130. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

131. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

132. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

133. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

134. Renaissance Capital Greenwich Funds

135. REX ETF Trust

136. Reynolds Funds, Inc.

137. RMB Investors Trust

138. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

139. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

140. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

141. Roundhill Cannabis ETF, Series of Listed Funds Trust

142. Roundhill ETF Trust

143. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

144. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

145. Roundhill Video Games ETF, Series of Listed Funds Trust

146. Rule One Fund, Series of World Funds Trust

147. Russell Investments Exchange Traded Funds

148. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

149. Six Circles Trust

150. Sound Shore Fund, Inc.

151. SP Funds Trust

152. Sparrow Funds

153. Spear Alpha ETF, Series of Listed Funds Trust

154. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

155. STF Tactical Growth ETF, Series of Listed Funds Trust

156. Strategic Trust

157. Strategy Shares

158. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

159. Tekla World Healthcare Fund

160. Tema ETF Trust

161. The 2023 ETF Series Trust

162. The Community Development Fund

163. The Cook & Bynum Fund, Series of World Funds Trust

164. The Private Shares Fund

165. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

166. Third Avenue Trust

------

167. Third Avenue Variable Series Trust

168. Tidal Trust I

169. Tidal Trust II

170. Tidal Trust III

171. Tidal Trust IV

172. TIFF Investment Program

173. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy Plan International ETF, Series of The Timothy Plan

175. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

177. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

178. Total Fund Solution

179. Touchstone ETF Trust

180. Trailmark Series Trust

181. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

183. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

184. T-Rex 2x Long Ether Daily Target ETF

185. U.S. Global Investors Funds

186. Union Street Partners Value Fund, Series of World Funds Trust

187. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

188. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

189. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

190. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

191. Virtus Stone Harbor Emerging Markets Income Fund

192. Volatility Shares Trust

193. WEBs ETF Trust

194. Wedbush Series Trust

195. Wellington Global Multi-Strategy Fund

196. Wilshire Mutual Funds, Inc.

197. Wilshire Variable Insurance Trust

198. WisdomTree Trust

199. XAI Octagon Floating Rate & Alternative Income Term Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, Maine 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, Maine 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

**Item 33. Location of Accounts and Records**

1. U.S. Bancorp Fund Services, LLC 615 East Wisconsin Avenue, Milwaukee, Wisconsin 53202 (records relating to its function as fund accountant and administrator)

2. Foreside Fund Services, LLC 190 Middle Street, Suite 301, Portland, Maine 04101 (records relating to its functions as Distributor)

3. U.S. Bank National Association 1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin 53212 (records relating to its function as custodian)

4. Wilshire Advisors LLC 1299 Ocean Avenue Suite 600 Santa Monica, CA 90401 (records relating to its function as investment adviser)

5. AllianceBernstein, L.P. 501 Commerce Street Nashville, Tennessee 37203 (records relating to its function as investment sub-adviser)

6. Diamond Hill Capital Management, Inc. 325 John H. McConnel Boulevard, Suite 200 Columbus, Ohio, 43215 (records relating to its function as investment sub-adviser)

7. DoubleLine Capital LP 333 South Grand Avenue, Suite 1800 Los Angeles, CA 90071 (records relating to its function as investment sub-adviser)

------

8. Hotchkis & Wiley Capital Management, LLC 601 South Figueroa Street, 39th Floor Los Angeles, California 90017 (records relating to its function as investment sub-adviser)

9. Fred Alger Management, LLC 100 Park Street, 27th Floor New York, New York 10004 (records relating to its function as investment sub-adviser)

10. Lazard Asset Management, LLC 30 Rockefeller Plaza, New York, NY 10112 (records relating to its function as investment sub-adviser)

11. Lord, Abbett & Co. LLC 30 Hudson Street Jersey City, NJ 07302 (records relating to its function as investment sub-adviser)

12. Los Angeles Capital Management LLC 11150 Santa Monica Blvd. Suite 200 Los Angeles, CA 90025 (records relating to its function as investment sub-adviser)

13. Manulife Asset Management (US) LLC 197 Clarendon Street Boston, MA 02116 (records relating to its function as investment sub-adviser)

14. Massachusetts Financial Services Company (d/b/a MFS Investment Management) 111 Huntington Avenue Boston, MA 02199. (records relating to its function as investment sub-adviser)

15. Pzena Investment Management, LLC 320 Park Avenue 8th Floor New York, New York 10022 (records relating to its function as investment sub-adviser)

16. Ranger Investment Management, L.P. 2828 N. Harwood Street, Suite 1900 Dallas, TX 75201 (records relating to its function as investment sub-adviser)

17. Voya Investment Management Co LLC 230 Park Avenue, New York NY 10169 (records relating to its function as investment sub-adviser)

18. WCM Investment Management 281 Brooks Street Laguna Beach, CA 92651 (records relating to its function as investment sub-adviser)

**Item 34. Management Services**

Not Applicable.

**Item 35. Undertakings**

Not Applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities 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 under Rule 485(b) under the Securities Act and has caused this Post-Effective Amendment No. 80 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Santa Monica, and the State of California, on April 29, 2026.

---

| | |
|:---|:---|
| WILSHIRE MUTUAL FUNDS, INC. | WILSHIRE MUTUAL FUNDS, INC. |
| By: | /s/ Jason A. Schwarz |
|  | Jason A. Schwarz, President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated as of April 29, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| Elizabeth A. Levy-Navarro\* | Director |
| Elizabeth A. Levy-Navarro |  |
| Matt Forstenhausler\* | Director |
| Matt Forstenhausler |  |
| /s/Michael Wauters | Treasurer<br>Principal Financial and Accounting Officer |
| Michael Wauters |  |
| /s/ Jason A. Schwarz | Director and President<br>Principal Executive Officer |
| Jason A. Schwarz |  |
| \*By: /s/ Michael Wauters |  |
| Michael Wauters |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;As Attorney-in-Fact and Agent pursuant to the powers of attorney previously filed or filed herewith.

## Ex-99.(A)(22)

WILSHIRE MUTUAL FUNDS, INC. ARTICLES OF AMENDMENT

Wilshire Mutual Funds, Inc., a Maryland corporation having its principal office in the State of Maryland in Baltimore City, Maryland (hereinafter called the "corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST:&nbsp;&nbsp;&nbsp;&nbsp;The charter of the corporation is hereby amended to provide that, upon the Effective Time (as defined below), the shares of authorized capital stock of the Corporation currently designated as the "FT Wilshire 5000 Index<sup>SM</sup> Fund" series is hereby changed to and redesignated as the "Wilshire 5000 Index<sup>SM</sup> Fund" series.

SECOND: The foregoing amendment to the charter of the corporation was approved by a majority of the entire Board of Directors of the corporation and the amendment to the charter is limited to changes expressly permitted by Section 2-605(a)(2) of the Maryland General Corporation Law to be made without action by stockholders.

THIRD:&nbsp;&nbsp;&nbsp;&nbsp;These Articles of Amendment shall be effective on February 27, 2026 at 9:00 a.m. Eastern Time (the "Effective Time").

FOURTH: These Articles of Amendment do not increase the authorized stock of the corporation.

IN WITNESS WHEREOF, Wilshire Mutual Funds, Inc. has caused these presents to be signed in its name and on its behalf as of the 23rd day of February, 2026 by its duly authorized officers, who acknowledge that these Articles of Amendment are the act of the corporation and that to the best of their knowledge, information and belief, all matters and facts set forth herein

------

relating to the authorization and approval of these Articles are true in all material respects and that this statement is made under the penalties of perjury.

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason A. Schwarz</u> 

Name: Jason A. Schwarz

Title: President

WITNESS:

By: <u>/s/ Patrick Dennis</u>

Name: Patrick Dennis

Title: Secretary

ADDRESS:

Wilshire Advisors LLC

1299 Ocean Avenue, Suite 600 Santa Monica, CA 90401

## Ex-99.(D)(16)

**SECOND AMENDED INVESTMENT SUB-ADVISORY AGREEMENT**

This Second Amended Investment Sub-Advisory Agreement ("Agreement") is made as of the 22nd day of April, 2026 (the "Effective Date") by and between Wilshire Advisors, LLC (formerly "Wilshire Associates Incorporated"), a California limited liability company ("Adviser"), and Diamond Hill Capital Management, Inc., a registered investment adviser ("Sub-Adviser").

**Whereas** Adviser is the investment adviser of the Wilshire Mutual Funds, Inc. (the "Fund"), an open-end diversified, management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), currently consisting of seven separate series or portfolios (collectively, the "Fund Portfolios") including the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, the Wilshire 5000 Index Fund, the Wilshire International Equity Fund and the Wilshire Income Opportunities Fund;

**Whereas** Adviser desires to retain Sub-Adviser to furnish investment advisory services for the Fund Portfolio(s) as described in Exhibit 1 – Fund Portfolio Listing, as may be amended from time to time, and Sub-Adviser wishes to provide such services, upon the terms and conditions set forth herein;

**Whereas** Adviser and Sub-Adviser entered into an Investment Sub-Advisory Agreement dated as of December 3, 2019, as further amended January 8, 2021, whereby Adviser retained Sub-Adviser to furnish investment advisory services for the Fund Portfolio(s) (the initial agreement and amended agreement together, the "Initial Sub-Advisory Agreement");

**Whereas** Adviser desires, and Sub-Advisor is willing, to amend the Initial Sub-Advisory Agreement and replace it with this Agreement in connection with Adviser's change in control.

**Now Therefore**, in consideration of the mutual covenants herein contained, the parties agree as follows:

**1. Appointment**. Adviser hereby appoints Sub-Adviser to provide certain sub-investment advisory services to each Fund Portfolio described in Exhibit 1 for the period and on the terms set forth in this Agreement. Sub-Adviser hereby accepts such appointment and agrees to furnish the services set forth for the compensation herein provided.

**Sub-Adviser Services**. Subject always to the supervision of the Fund's Board of Directors and Adviser, Sub-Adviser will furnish an investment program in respect of, and make investment decisions for, such portion of the assets of each Fund Portfolio as Adviser shall from time to time designate (each a "Portfolio Segment") and place all orders for the purchase and sale of securities on behalf of each Portfolio Segment. In the performance of its duties, Sub-Adviser will satisfy its fiduciary duties to the Fund and each Fund Portfolio and will monitor a Portfolio Segment's investments, and will comply with the provisions of the Fund's Articles of Incorporation and By-laws, as amended from time to time, and the stated investment objectives, policies and restrictions of each Fund Portfolio as set forth in the prospectus and Statement of Additional Information for

------

each Fund Portfolio, as amended from time to time, as well as any other objectives, policies or limitations as may be provided by Adviser to Sub-Adviser in writing from time to time.

Sub-Adviser is hereby appointed as the Fund's attorney-in-fact to execute all documentation to facilitate investments for the Portfolio Segment, including without limitation, broker dealer agreements, counterparty agreements, and futures commission agreements and any other documentation deemed necessary to effect the investments to the extent permitted by this Agreement and any investment guidelines ("Trading Agreements"). Sub-Adviser is authorized to execute amendments to the Trading Agreements, including without limitation "protocols" or similar agreements entered into to reflect the adoption of industry-wide standard terms and terms deemed applicable for meeting any regulatory compliance requirements.

Under no circumstances shall Sub-Adviser, unless otherwise agreed to in writing by each Fund, have or maintain, within the meaning of Rule 206(4)-2 of the Investment Advisers Act of 1940, custody and/or physical control of the assets in the Portfolio Segments. Sub-Adviser shall not be deemed to have or maintain custody and/or physical control of assets in the Portfolio Segments by virtue of Sub-Adviser's authority to direct the custodian to make payments and deliveries of assets in the Portfolio Segments or accept payments and deliveries of cash and assets of third parties for the Fund in connection with investments and transactions effected by the Sub-Adviser for the Fund. Such payments and deliveries may include transfers and/or deliveries of assets of the Portfolio Segments as well as receipt of third party assets as collateral or security in connection investments or transactions effected by the Sub-Adviser for the Fund and deemed appropriate or necessary pursuant to the Sub-Adviser's duties under this Agreement. The Sub-Adviser agrees to promptly provide the Adviser and the Fund with copies of any such agreements executed on behalf of the Adviser or the Fund. Sub-Adviser will provide reports at least quarterly to the Board of Directors and to Adviser. Sub-Adviser will make its officers and employees available to Adviser and the Board of Directors from time to time at reasonable times to review investment policies of each Fund Portfolio with respect to each Portfolio Segment and to consult with Adviser regarding the investment affairs of each Portfolio Segment.

Sub-Adviser agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)will use the same skill and care in providing such services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)will conform with all applicable provisions of the 1940 Act and rules and regulations of the Securities and Exchange Commission in all material respects and in addition will conduct its activities under this Agreement in accordance with any applicable laws and regulations of any governmental authority pertaining to its investment advisory activities, including all portfolio diversification requirements necessary for each Portfolio Segment to comply with subchapter M of the Internal Revenue Code as if each were a regulated investment company thereunder;

to the extent authorized by Adviser in writing, and to the extent permitted by law, will execute purchases and sales of portfolio securities and other investments for each Portfolio Segment through brokers or dealers designated by management of the Fund to Adviser for the purpose of providing direct benefits to the Fund, provided that Sub-Adviser

------

determines that such brokers or dealers will provide best execution in view of all appropriate factors, and is hereby authorized as the agent of the Fund to give instructions to the Fund's custodian as to deliveries of securities or other investments and payments of cash of each Portfolio Segment to such brokers or dealers for the account of the relevant Fund Portfolio. Adviser and the Fund understand that the brokerage commissions or transaction costs in such transactions may be higher than those which the Sub-Adviser could obtain from another broker or dealer, in order to obtain such benefits for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is authorized to and will select all other brokers or dealers that will execute the purchases and sales of portfolio securities for each Portfolio Segment and is hereby authorized as the agent of the Fund to give instructions to the Fund's custodian as to deliveries of securities or other investments and payments of cash of each Portfolio Segment for the account of each Fund Portfolio. In making such selection, Sub-Adviser is directed to use its best efforts to obtain best execution, which includes most favorable net results and execution of a Portfolio Segment's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. With respect to transactions under sub-paragraph

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) or this sub-paragraph (d), it is understood that Sub-Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or in respect of any Fund Portfolio, or be in breach of any obligation owing to the Fund or in respect of any Fund Portfolio under this Agreement, or otherwise, solely by reason of its having caused a Fund Portfolio to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction of a Fund Portfolio in excess of the amount of commission another member of an exchange, broker or dealer would have charged if Sub-Adviser determined in good faith that the commission paid was reasonable in relation to the brokerage and research services provided by such member, broker, or dealer, viewed in terms of that particular transaction or Sub-Adviser's overall responsibilities with respect to its accounts, including the Fund, as to which it exercises investment discretion. The Adviser may, from time to time, engage other sub-advisers to advise portions of a Fund Portfolio other than the Portfolio Segment. The Sub-Adviser agrees that it will not consult with any other sub-adviser engaged by the Adviser with respect to transactions in securities or other assets concerning a Fund Portfolio, except to the extent permitted by certain exemptive rules under the 1940 Act that permit certain transactions with a sub-adviser or its affiliates.

is authorized to consider for investment by each Portfolio Segment securities that may also be appropriate for other funds and/or clients served by Sub-Adviser. To assure fair treatment of each Portfolio Segment and all other clients of Sub-Adviser in situations in which two or more clients' accounts participate simultaneously in a buy or sell program involving the same security, such transactions will be allocated among each Portfolio Segment and other clients in a manner deemed equitable by Sub-Adviser. Sub-Adviser is authorized to aggregate purchase and sale orders for securities held (or to be held) in each Portfolio Segment with similar orders being made on the same day for other client accounts or portfolios managed by Sub-Adviser. When an order is so aggregated, the actual prices applicable to the aggregated transaction will be averaged and each Portfolio Segment and each other account or portfolio participating in the aggregated transaction will be treated as having purchased or sold its portion of the securities at such average price, and all

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transaction costs incurred in effecting the aggregated transaction will be shared on a pro-rata basis among the accounts or portfolios (including each Portfolio Segment) participating in the transaction. Adviser and the Fund understand that Sub-Adviser may not be able to aggregate transactions through brokers or dealers designated by Adviser with transactions through brokers or dealers selected by Sub-Adviser, in which event the prices paid or received by each Portfolio Segment will not be so averaged and may be higher or lower than those paid or received by other accounts or portfolios of Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)will report regularly to Adviser and to the Board of Directors and will make appropriate persons available for the purpose of reviewing with representatives of Adviser and the Board of Directors on a regular basis at reasonable times the management of each Portfolio Segment, including without limitation, review of the general investment strategies of each Portfolio Segment, the performance of each Portfolio Segment in relation to standard industry indices, interest rate considerations and general conditions affecting the marketplace, and will provide various other reports from time to time as reasonably requested by Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)will prepare such books and records with respect to each Portfolio Segment's securities transactions as requested by Adviser and will furnish Adviser and the Fund's Board of Directors such periodic and special reports as the Board or Adviser may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)will vote all proxies with respect to securities in each Portfolio Segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)will not file proof of claim forms in connection with any litigation or other proceeding based upon the Sub-Adviser's records regarding any security held in the Portfolio Segment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)will act upon reasonable instructions from Adviser which, in the reasonable determination of Sub-Adviser, are not inconsistent with Sub-Adviser's fiduciary duties under this Agreement.

**2. Expenses**. During the term of this Agreement, Sub-Adviser will provide the office space, furnishings, equipment and personnel required to perform its activities under this Agreement, and will pay all customary management expenses incurred by it in connection with its activities under this Agreement, which shall not include the cost of securities (including brokerage commissions, if any) purchased for each Portfolio Segment. Sub-Adviser agrees to bear any Portfolio expenses caused by future changes at Sub-Adviser, such expenses including but not limited to preparing, printing, and mailing to Portfolio shareholders of information statements or stickers to or complete prospectuses or statements of additional information. Sub-Adviser also agrees to bear any costs and expenses incurred by Adviser in connection with third party document requests or subpoenas for production of information relating to the services provided by Sub-Adviser hereunder.

**Compensation**. For the services provided and the expenses assumed under this Agreement, Adviser will pay Sub-Adviser, and Sub-Adviser agrees to accept as full compensation therefore, a sub-advisory fee computed and paid as set forth in Exhibit 2 - Fee Schedule.

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**3. Other Services**. Sub-Adviser will for all purposes herein be deemed to be an independent contractor and will, unless otherwise expressly provided or authorized, have no authority to act for or represent Adviser, the Fund or a Fund Portfolio or otherwise be deemed an agent of Adviser, the Fund or a Fund Portfolio. Adviser understands and has advised the Fund's Board of Directors that Sub-Adviser may act as an investment adviser or sub-investment adviser to other investment companies and other advisory clients. Sub-Adviser understands that during the term of this Agreement Adviser may retain one or more other sub-advisers with respect to any portion of the assets of a Fund Portfolio other than each Portfolio Segment.

**4. Affiliated Broker**. Sub-Adviser or an affiliated person of Sub-Adviser may act as broker for each Fund Portfolio in connection with the purchase or sale of securities or other investments for each Portfolio Segment, subject to: (a) the requirement that Sub-Adviser seek to obtain best execution as set forth above; (b) the provisions of the Investment Advisers Act of 1940, as amended (the "Advisers Act"); (c) the provisions of the Securities Exchange Act of 1934, as amended; and (d) other applicable provisions of law. Subject to the requirements of applicable law and any procedures adopted by the Fund's Board of Directors, Sub-Adviser or its affiliated persons may receive brokerage commissions, fees or other remuneration from the Fund Portfolio or the Fund for such services in addition to Sub-Adviser's fees for services under this Agreement.

**5. Representations of Sub-Adviser**. Sub-Adviser is registered with the Securities and Exchange Commission under the Advisers Act. Sub-Adviser shall remain so registered throughout the term of this Agreement and shall notify Adviser immediately if Sub-Adviser ceases to be so registered as an investment adviser. Sub-Adviser: (a) is duly organized and validly existing under the laws of the state of its organization with the power to own and possess its assets and carry on its business as it is now being conducted, (b) has the authority to enter into and perform the services contemplated by this Agreement, (c) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement, (d) has met, and will continue to seek to meet for the duration of this Agreement, any other applicable federal or state requirements, and the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform its services under this Agreement, (e) will promptly notify Adviser of the occurrence of any event that would disqualify it from serving as an investment adviser to an investment company pursuant to Section 9(a) of the 1940 Act, and (f) will notify Adviser of any change in control of the Sub-Adviser within a reasonable time after such change.

**6. Survival of Representations and Warranties; Duty to Update Information.** All representations and warranties made by the Sub-Adviser pursuant to the recitals above, including without limitation Section 7, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true or accurate in all material aspects.

**Books and Records**. Sub-Adviser will maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act, all records relating to each Portfolio Segment's investments that are required to be maintained by the Fund pursuant to the requirements of paragraphs (b)(5), (b)(6), (b)(7), (b)(9), (b)(10) and (f) of Rule 31a-1 under the 1940 Act. Sub-Adviser agrees that all books and records which it maintains for each Fund Portfolio or the Fund are the property of the Fund and further agrees to surrender promptly to the Adviser or the Fund any such books, records or information upon the Adviser's or the Fund's request (provided, however, that Sub-

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Adviser may retain copies of such records). All such books and records shall be made available, within five business days of a written request, to the Fund's accountants or auditors during regular business hours at Sub-Adviser's offices. Adviser and the Fund or either of their authorized representatives shall have the right to copy any records in the possession of Sub-Adviser which pertain to each Fund Portfolio or the Fund. Such books, records, information or reports shall be made available to properly authorized government representatives consistent with state and federal law and/or regulations. In the event of the termination of this Agreement, all such books, records or other information shall be returned to Adviser or the Fund (provided, however, that Sub-Adviser may retain copies of such records as required by law).

Sub-Adviser agrees that it will not disclose or use any records or confidential information obtained pursuant to this Agreement in any manner whatsoever except as authorized in this Agreement or in writing by Adviser or the Fund, or if such disclosure is required by federal or state regulatory authorities. Sub-Adviser may disclose the investment performance of each Portfolio Segment, provided that such disclosure does not reveal the identity of Adviser, each Fund Portfolio or the Fund or the composition of each Portfolio Segment. Sub-Adviser may, disclose that Adviser, the Fund and each Fund Portfolio are its clients; provided, however, that Sub-Adviser will not advertise or market its relationship with Adviser or the Fund or issue press releases regarding such relationships without the express written prior consent of Adviser. Notwithstanding the foregoing, Sub-Adviser may disclose (i) the investment performance of each Portfolio Segment to Fund officers and directors and other service providers of the Fund, and (ii) any investment performance that is public information to any person.

**7. Code of Ethics**. Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Adviser and the Fund with a copy of such code. Within 35 days of the end of each calendar quarter during which this Agreement remains in effect, the chief compliance officer of Sub-Adviser shall certify to Adviser or the Fund that Sub-Adviser has complied with the requirements of Rule 17j-1 during the previous quarter and that there have been no violations of Sub-Adviser's code of ethics or, if any violation has occurred that is material to the Fund, the nature of such violation and of the action taken in response to such violation.

**8. Limitation of Liability**. Neither Sub-Adviser nor any of its partners, officers, stockholders, agents or employees shall have any liability to Adviser, the Fund or any shareholder of the Fund for any error of judgment, mistake of law, or loss arising out of any investment, or for any other act or omission in the performance by Sub-Adviser of its duties hereunder, except for liability resulting from willful misfeasance, bad faith, or negligence on Sub-Adviser's part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement, except to the extent otherwise provided in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services.

Sub-Adviser agrees to indemnify and defend Adviser, its officers, directors, employees and any person who controls Adviser for any loss or expense (including reasonable attorneys' fees) arising out of or in connection with any claim, demand, action, suit or proceeding relating to any actual or alleged material misstatement or omission in the Fund's registration statement, any proxy

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statement, or any communication to current or prospective investors in each Fund Portfolio, made by Sub-Adviser and provided to Adviser or the Fund by Sub-Adviser.

**9. Term and Termination**. This Agreement shall become effective with respect to each Portfolio Segment on the Effective Date and shall remain in full force until August 31, 2026, unless sooner terminated as hereinafter provided. This Agreement shall continue in force from year to year thereafter with respect to each Fund Portfolio, but only as long as such continuance is specifically approved for each Fund Portfolio at least annually in the manner required by the 1940 Act and the rules, regulations and any exemptive relief thereunder; provided, however, that if the continuation of this Agreement is not approved for a Fund Portfolio, Sub-Adviser may continue to serve in such capacity for such Fund Portfolio in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder.

This Agreement shall terminate as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall automatically terminate in the event of its assignment (as defined in the 1940 Act) and may be terminated with respect to any Fund Portfolio at any time without the payment of any penalty by Adviser or by Sub-Adviser on sixty days written notice to the other party. This Agreement may also be terminated by the Fund with respect to any Fund Portfolio by action of the Board of Directors or by a vote of a majority of the outstanding voting securities of such Fund Portfolio (as defined in the 1940 Act) on sixty days written notice to Sub-Adviser by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement may be terminated with respect to any Fund Portfolios at any time without payment of any penalty by Adviser, the Board of Directors or a vote of majority of the outstanding voting securities of such Fund Portfolio in the event that Sub-Adviser or any officer or director of Sub-Adviser has taken any action which results in a material breach of the covenants of Sub-Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement shall automatically terminate with respect to a Fund Portfolio in the event the Investment Management Agreement between Adviser and the Fund with respect to that Fund Portfolio is terminated, assigned or not renewed.

Termination of this Agreement shall not affect the right of Sub-Adviser to receive payments of any unpaid balance of the compensation described in Section 4 earned prior to such termination.

**10. Notice**. Any notice under this Agreement by a party shall be in writing, addressed and delivered, mailed postage prepaid, or sent by email transmission with confirmation of receipt, to the other party at such address as such other party may designate for the receipt of such notice.

**Limitations on Liability**. The obligations of the Fund entered into in the name or on behalf thereof by any of its directors, representatives or agents are made not individually but only in such capacities and are not binding upon any of the directors, officers, or shareholders of the Fund individually but are binding upon only the assets and property of the Fund, and persons dealing with the Fund must look solely to the assets of the Fund and those assets belonging to each Fund Portfolio for the enforcement of any claims.

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**11. Adviser Responsibility**. Adviser will provide Sub-Adviser with copies of the Fund's Articles of Incorporation, By-laws, prospectus, and Statement of Additional Information and any amendment thereto, and any objectives, policies or limitations not appearing therein as they may be relevant to Sub-Adviser's performance under this Agreement; provided, however, that no changes or modifications to the foregoing shall be binding on Sub-Adviser until it is notified thereof.

**12. Arbitration of Disputes**. Any claim or controversy arising out of or relating to this Agreement which is not settled by agreement of the parties shall be settled by arbitration in Santa Monica, California before a panel of three arbitrators in accordance with the commercial arbitration rules of the American Arbitration Association then in effect. The parties agree that such arbitration shall be the exclusive remedy hereunder, and each party expressly waives any right it may have to seek redress in any other forum. Any arbitrator acting hereunder shall be empowered to assess no remedy other than payment of fees and out-of-pocket damages. Each party shall bear its own expenses of arbitration, and the expenses of the arbitrators and of a transcript of any arbitration proceeding shall be divided equally between the parties. Any decision and award of the arbitrators shall be binding upon the parties, and judgment thereon may be entered in the Superior Court of the State of California or any other court having jurisdiction. If litigation is commenced to enforce any such award, the prevailing party will be entitled to recover reasonable attorneys' fees and costs.

**13. Miscellaneous**. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof and may be amended only by written consent of both parties. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby. This Agreement will be binding upon and shall inure to the benefit of the parties and their respective successors.

**14. Applicable Law**. This Agreement shall be construed in accordance with applicable federal law and the laws of the state of California.

Adviser and Sub-Adviser have caused this Agreement to be executed as of the date and year first above written.

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| | |
|:---|:---|
| **WILSHIRE ADVISORS, LLC** | **DIAMOND HILL CAPITAL MANAGEMENT, INC.** |
| By: <u>/s/ Jason Schwarz</u> | By: <u>/s/ Heather Brilliant</u> |
| Title: <u>Chief Executive Officer</u> | Title: <u>CEO</u> |

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EXHIBIT 1

FUND PORTFOLIO LISTING

1. Wilshire Mutual Funds Small Company Value Portfolio

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EXHIBIT 2 FEE SCHEDULE

Adviser shall pay Sub-Adviser, promptly after receipt by Adviser of its advisory fee from the Fund with respect to each Fund Portfolio each calendar month during the term of this Agreement, a fee based on the average daily net assets of each Portfolio Segment, at the following annual rates:

Wilshire Mutual Funds - Small Company Value Portfolio:

____% on average daily net assets of the Portfolio Segment

Sub-Adviser's fee shall be accrued daily at 1/365th of the annual rate set forth above. For the purpose of accruing compensation, the net assets of each Portfolio Segment will be determined in the manner and on the dates set forth in the current prospectus of the Fund with respect to each Fund Portfolio and, on days on which the net assets are not so determined, the net asset value computation to be used will be as determined on the immediately preceding day on which the net assets were determined. Upon the termination of this Agreement, all compensation due through the date of termination will be calculated on a pro-rata basis through the date of termination and paid within thirty business days of the date of termination.

## Ex-99.(H)(4)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "**Agreement**"), effective as of May 1, 2026, by and between Wilshire Advisors, LLC, a California limited liability company (the "**Adviser**") and Wilshire Mutual Funds, Inc. (the "**Company**") on behalf of the Small Company Growth Portfolio (the "**Fund**").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 (the "**Advisory Agreement**"), pursuant to which the Adviser provides investment management services to the Funds for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit.</u> To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding distribution fees, shareholder servicing fees, taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("**Fund Operating Expenses**"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "**Excess Amount**") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.03% and 0.96% (annualized) of the average daily net assets of their Investment Class and Institutional Class Shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit.</u> The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation.</u> To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "**Reimbursement Amount**") within three years

1

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from the date in which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2027. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions.</u> The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation.</u> Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-

Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions.</u> Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments.</u> This Agreement may be amended only by a written agreement signed by each of the parties hereto.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(5)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "**Agreement**"), effective as of May 1, 2026, by and between Wilshire Advisors, LLC, a California limited liability company (the "**Adviser**") and Wilshire Mutual Funds, Inc. (the "**Company**") on behalf of the Small Company Growth Portfolio (the "**Fund**").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 (the "**Advisory Agreement**"), pursuant to which the Adviser provides investment management services to the Funds for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit.</u> To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding distribution fees, shareholder servicing fees, taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("**Fund Operating Expenses**"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "**Excess Amount**") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 0.99% and 0.98% (annualized) of the average daily net assets of their Investment Class and Institutional Class Shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit.</u> The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation.</u> To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "**Reimbursement Amount**") within three years

1

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from the date in which the Adviser waived or reduced investment advisory fees or reimbursed expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2027. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions.</u> The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation.</u> Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-

Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions.</u> Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments.</u> This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(6)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2026, by and between Wilshire Advisors, LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Wilshire International Equity Fund (the "Fund").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding distribution fees, shareholder servicing fees, taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.09% and 1.20% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Advisor shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date in which the Adviser waived or reduced investment advisory fees or reimbursed

1

------

expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2027. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(7)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2026, by and between Wilshire Advisors, LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Wilshire Income Opportunities Fund (the "Fund").

WHEREAS, the Company is a Maryland corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Trust;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding distribution fees, shareholder servicing fees, taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 0.77% and 0.85% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date in which the Adviser waived or reduced investment advisory fees or reimbursed

1

------

expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2027. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(8)

**EXPENSE LIMITATION AGREEMENT**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2026, by and between Wilshire Advisors, LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Large Company Growth Portfolio (the "Fund").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding distribution fees, shareholder servicing fees, taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 0.92% and 0.94% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Advisor shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date in which the Adviser waived or reduced investment advisory fees or reimbursed

1

------

expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This initial Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2027. Notwithstanding the foregoing, this Agreement shall automatically renew for additional one-year periods if not terminated, in writing, by either party before April 1<sup>st</sup> of each year. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

2

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

3

## Ex-99.(H)(9)

**EXPENSE LIMITATION AGREEMENT** 

**LARGE COMPANY VALUE PORTFOLIO**

EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of May 1, 2026, by and between Wilshire Advisors LLC, a California limited liability company (the "Adviser") and Wilshire Mutual Funds, Inc. (the "Company"), on behalf of the Large Company Value Portfolio (the "Fund").

WHEREAS, the Company is a Maryland Corporation, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Company;

WHEREAS, the Company and the Adviser have entered into an Investment Advisory Agreement dated January 8, 2021 ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows: 1.<u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.1</u><u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund in any fiscal year, including but not limited to investment advisory fees of the Adviser, but excluding distributions fees, shareholder servicing fees, taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.2</u><u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 0.98% and 0.95% (annualized) of the average daily net assets of the Fund for its Investment Class and Institutional Class shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.3</u><u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.4</u><u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Advisor shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Company may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser.

2.<u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses of the Fund for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") within three years from the date on which the Adviser waived or reduced investment advisory fees or reimbursed

------

expenses, to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

3.<u>TERM AND TERMINATION OF AGREEMENT.</u>

This Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on April 30, 2027. The obligation of the Adviser under Section 1 of this Agreement and of the Company under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

4.<u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.1</u><u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.2</u><u>Interpretation</u>. Nothing herein contained shall be deemed to require the Company or the Fund to take any action contrary to the Company's Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Company's Board of Directors of its responsibility for and control of the conduct of the affairs of the Company or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.3</u><u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.4</u><u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

WILSHIRE ADVISORS, LLC

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jason Schwarz

Title: President

WILSHIRE MUTUAL FUNDS, INC.

By: <u>/s/ Jason Schwarz&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Jason Schwarz

Title: President

## Ex-99.(J)

![image_0b.jpg](image_0b.jpg)![image_1.jpg](image_1.jpg)![image_2b.jpg](image_2b.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 27, 2026, relating to the financial statements and financial highlights of Wilshire Mutual Funds, Inc. comprising Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index<sup>SM</sup> Fund (formerly FT Wilshire 5000 IndexSM Fund), Wilshire International Equity Fund, and Wilshire Income Opportunities Fund, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Investment Advisory and Other Services" and "Financial Statements" in the Statement of Additional Information.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.

Cleveland, Ohio

April 28, 2026

![cohennewfooter.jpg](cohennewfooter.jpg)

## Ex-99.(P)(1)

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| | | | |
|:---|:---|:---|:---|
| **Wilshire Code of Ethics** | **Wilshire Code of Ethics** | **Wilshire Code of Ethics** | **Wilshire Code of Ethics** |
| **Document Number:** | **WIL-COM-003** | **Version:** | **3.0** |
| **Effective Date:** | **12/31/2025** | **Review Date:** | **December 2026** |

---

**1Purpose**

The Code of Ethics ("Code") for Wilshire Advisors LLC, Wilshire Associates Europe B.V., Wilshire Advisors UK Limited, and the other relevant entities within, or that become part of, the common control structure that forms the global Wilshire group (collectively, "Wilshire" or the "Firm") has been adopted in compliance with the requirements of the Investment Advisers Act Rule 204A-1 and Investment Company Act Rule 17j-1, and other relevant rules and regulations in the relevant jurisdictions.

**2Document Approvers**

The following stakeholders have approved this document, and the related information security framework, and commit to maintaining compliance within their scope of responsibilities.

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| | | |
|:---|:---|:---|
| Role | Title | Signature |
| <br>Author | SVP - Compliance | /s/ Patrick Dennis |
| <br>Approver | <br>Chief Compliance Officer | /s/ Steven O'Connor |

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**3Responsibilities**

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| | |
|:---|:---|
| Role | Responsibility |
| Document Author (DA) | Typically has subject matter expertise in a particular discipline and identifies a Wilshire-level issue that requires further control design and definition. This applies to new controlled documents as well as changes to existing controlled documents. Has ultimate responsibility whether to<br>accept or reject suggested edits made by reviewers. |
| Document Reviewer (DR) | Has subject matter expertise in the area covered by the controlled document. Provides guidance and suggested edits on document drafts. Edits should be tracked in the Word document. |
| Document Approver (AP) | Has a leadership role in the deployment of, and compliance with the<br>controlled document. Approves the document for implementation into the organization. |
| Document Librarian (DL) | Manages the Controlled Document development and review process. |

---

**4Definitions**

Term Definition <br> <u>Access Person<sup>1</sup></u> <u>An individual for which any of the following apply:i. Directors and officers of Wilshire (or other persons occupying a similar status or performing similar functions) and directors or officers of</u>

<sup>1</sup> SEC Rule 204A-1 requires investment advisers to adopt a Code of Ethics that sets standards of conduct for supervised persons and imposes additional reporting obligations on access persons. By defining Access Persons as described herein, the Firm establishes that all supervised persons are subject to the Code's requirements.

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

affiliated entities only to the extent they are engaged in Wilshire's advisory activities or subject to Wilshire's supervision and contro[l](#i7d1f028c6d9142c79f808a81cb327ebb_4)<sup>2</sup>.<br>ii.Employees of Wilshire<br>iii.Persons who act as an agent on behalf of Wilshire and are subject to Wilshire's supervision and control (including temporary workers; consultants certain employees of affiliates; or particular persons designated by the CCO) engaged in offering or providing investment advice on behalf of Wilshire<br>iv.Persons designated by the CCO as Access Persons.<sup>2</sup><br>

**5Scope**

The principles emphasized in this Code detail Wilshire's overarching fiduciary duty to its investment

management and advisory clients and the obligation of the Firm's personnel to uphold that fundamental duty.

**6Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1**&nbsp;&nbsp;&nbsp;&nbsp;**Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws**

At all times, Wilshire and its Access Persons must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets. The Compliance Department administers the Code. All questions regarding the Code should be directed to the Compliance Department. Access Persons must cooperate to the fullest extent reasonably requested by the Compliance Department to enable Wilshire to comply with all applicable Federal Securities Laws.

Access Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with Clients, the public, prospects, third-party service providers, regulators, and fellow Access Persons. Access Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Wilshire's services, and engaging in other professional activities.

Access Persons are generally expected to discuss any perceived risks, or concerns about Wilshire's business practices, with their direct supervisor. However, if an Access Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the attention of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2**&nbsp;&nbsp;&nbsp;&nbsp;**Reporting Violations**

Improper actions by Wilshire or its Access Persons could have severe negative consequences for Wilshire, its Clients, and its Access Persons. Impropriety, or even the appearance of impropriety, could negatively impact all Access Persons, including people who were not involved in the such activities.

Access Persons should report violations of the Firm's Code promptly to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Confidentiality*. Such reports shall be confidential to the extent permitted by law and investigated promptly and appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Types of Reporting*. Examples of the types of reports Access Persons should make, include, but are not limited 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;i.Noncompliance with applicable laws, rules, and regulations

<sup>2</sup> For the avoidance of doubt, this shall not include Directors of any Wilshire parent companies nor Directors/Trustees of any of Wilshire's affiliated Investment Companies, within the meaning of the Investment Company Act, to the extent that such persons are not otherwise Access Persons of Wilshire.

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

&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.Noncompliance with the Code

&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.Fraud or illegal acts involving any aspect of the Firm's business

&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.Material misstatements in regulatory filings, internal books and records, client records or reports

&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.Activity that is harmful to clients, including fund shareholders

&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.Deviations from required controls and procedures that safeguard clients and the Firm

Violations of this Code may warrant sanctions including, without limitation:

&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.requiring that personal trades be reversed,

&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.requiring the disgorgement of profits or gifts,

&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.issuing a letter of caution or warning,

&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.suspending personal trading rights,

&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.imposing a fine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.suspending employment (with or without compensation),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.making a civil referral to the SEC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.making a criminal referral,

&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.terminating employment for cause, 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;j.a combination of the foregoing.

If an Access Person believes or suspects that they may have engaged in conduct that could constitute a violation of the Code, they are required to promptly report the matter to the Compliance Department. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations. Violations may also subject an Access Person to civil, regulatory or criminal sanctions.

For the avoidance of doubt, nothing in this Code prohibits Access Persons from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Access Persons do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with Wilshire to make any such reports or disclosures and do not need to notify Wilshire that they have made such reports or disclosures. Additionally, nothing in this Code prohibits Access Persons from recovering an award pursuant to a whistleblower program of a government agency or entity. Retaliation against any Access Person who reports a violation of the Code in good faith is strictly prohibited.

Wilshire uses FaceUp, a secure third-party platform, to collect anonymous reports. Access Persons can submit concerns through the specific Wilshire FaceUp website link (available on the Wilshire Intranet Compliance page) or by calling a dedicated hotline. All reports are exclusively review by Wilshire's CCO and Senior Compliance Officers. FaceUp is GDPR-compliant, ISO 27001 certified, offers end-to-end encryption, and supports anonymous, two-way communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1**&nbsp;&nbsp;&nbsp;&nbsp;**Distribution of the Code and Acknowledgement of Receipt**

Wilshire will distribute this Code to each Access Person upon the commencement of employment or relationship with Wilshire, annually, and after any material change to the Code.

All Access Persons must use Compliance Alpha to acknowledge that they have received, read, understood, and

agree to comply with the Company's policies and procedures including this Code.

------

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Transactions**

Access Person trades should be executed in a manner consistent with Wilshire's fiduciary obligations to its Clients. Trades should avoid actual improprieties, as well as the appearance of impropriety. Access Person trades must not be timed to precede orders placed for any Client, nor should trading activity be so excessive as to conflict with the individual's ability to fulfil daily job responsibilities.

Wilshire's Personal Securities Transactions policies and procedures apply to all accounts holding any securities over which Access Persons have any beneficial ownership interest, which typically includes accounts held by immediate family members sharing the same household, or non-Clients over which Access Persons exercise investment discretion. Immediate family members include children, stepchildren, grandchildren, parents, stepparents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria. For the avoidance of doubt, this policy applies to any trading accounts tied to an Access Person's Health Savings Account (HSA) or any 401(k) account that includes a self-directed brokerage feature, should either account type allow the individual to select and trade securities, other than selecting from a set menu of mutual funds, at their discretion. Transaction in these accounts involving Reportable Securities (as defined below) require reporting and preclearance.

It may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts, or if the Access Person can rebut the presumption of beneficial ownership over family members' accounts. Access Persons should consult with the Compliance Department before excluding any accounts held personally or by immediate family members sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1**&nbsp;&nbsp;&nbsp;&nbsp;**Reportable Securities**

Wilshire requires Access Persons to provide periodic reports regarding transactions and holdings in all

"Reportable Securities," which include any Security, **<u>except</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end investment companies registered under the Investment Company Act of 1940, other than investment companies advised or underwritten by Wilshire or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in 529 college savings plans;

Interests in 401(k) or HSA accounts where the only holdings are selected from a menu of mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the Investment Company Act of 1940, none of which are advised, sub-advised or underwritten by Wilshire or an affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bitcoin ("BTC"), Ethereum ("ETH"), Non-Fungible Tokens ("NFTs") and other Digital Assets (i.e., cryptocurrencies, stablecoins, and similar blockchain-based tokens) -Wilshire currently excludes all Digital Assets from its Reportable Securities reporting requirements. This exclusion reflects Wilshire's current investment strategies, which do not involve Digital Assets. However, this policy may change if Wilshire's strategies evolve to include Digital Assets or if regulatory guidance changes. Any changes will be reflected in the Code of Ethics and communicated to all Access Persons.

------

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

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Exchange-traded funds, or ETFs and exchange traded notes, or ETNs, while somewhat similar to open-end registered investment companies, are Reportable Securities and subject to the reporting requirements contained in Wilshire's Personal Securities Transactions policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2**&nbsp;&nbsp;&nbsp;&nbsp;**Preclearance Procedures**

Access Persons must have the Compliance Department's written pre-clearance for all transactions in Reportable Securities in which the Access Person has or will have beneficial ownership (including transactions in initial public offerings and private placements in private funds not offered by Wilshire). Access Persons must use Compliance Alpha to submit trade pre-clearance requests for Reportable Securities. Please note, requests for pre-clearance of private investments and IPOs may take an extended period of time to process due to the need to evaluate potential conflicts of interest.

Pre-clearance is valid for two consecutive trading days (two consecutive days on which the New York Stock Exchange is open for business), with the first day being the day that approval is granted. After two trading days, the pre-clearance expires, and any trading would need to be pre-cleared again. Wilshire may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. Access Persons should be cautious when submitting good-until-cancelled orders to avoid inadvertent violations of Wilshire's pre-clearance procedures.

The following transactions are exempt from Wilshire's pre-clearance requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected pursuant to an Automatic Investment Plan, including dividend-reinvestment plans, provided the plan was previously approved by Compliance and established in accordance with this Code. An Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in accounts over which the Access Person had no direct or indirect influence or control, such as an account managed by an investment adviser on a discretionary basis. Persons who claim they have no direct or indirect influence or control over an account are also required to complete the *Exempt Accounts Certification* in Compliance Alpha upon commencement of their employment and on an annual basis thereafter*.*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The automatic exercise of options or similar rights, provided that (a) the initial purchase or grant of the option was properly pre-cleared, and (b) the exercise is automatic and not initiated by the Access Person.

Wilshire's Compliance Department will maintain a Restricted List of issuers that Wilshire might have received Material Non-public Information in relation thereto. Securities that are associated with any issuers on the Restricted List will not be pre-cleared, subject to the Chief Compliance Officer's review and discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3**&nbsp;&nbsp;&nbsp;&nbsp;**Reporting**

Wilshire must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must submit quarterly reports regarding Securities transactions and newly opened accounts, as well as annual reports regarding holdings and existing accounts.

*Quarterly Transaction Reports*

Each quarter, Access Persons must report all Reportable Securities transactions in accounts in which they have a Beneficial Interest. Access Persons must also report any accounts opened during the quarter that hold any Securities (including Securities excluded from the definition of a Reportable Security). Reports regarding Securities transactions and newly opened accounts must be submitted to the Compliance Department via Compliance Alpha no later than 30 days after the end of each calendar quarter.

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

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Access Persons must use Compliance Alpha to report all quarterly transactions, including any trades that took place outside of a brokerage account (such as investments in private funds).

If an Access Person did not have any transactions or account openings to report, this should be indicated in Compliance Alpha within 30 days of the end of each calendar quarter.

*Initial and Annual Holdings Reports*

Access Persons must periodically report the existence of any account that holds any Securities (including Securities excluded from the definition of a Reportable Security), as well as all Reportable Securities holdings. Reports regarding accounts and holdings must be submitted via Compliance Alpha on or before February 14th of each year, and within 10 days of an individual first becoming an Access Person. Annual reports must be current as of December 31st; initial reports must be current as of a date no more than 45 days prior to the date that the person became an Access Person. Initial and annual holdings reports should be submitted through Compliance Alpha.

Initial and annual reports must disclose the existence of all accounts that hold any Securities, even if none of

those Securities fall within the definition of a "Reportable Security."

If an Access Person does not have any holdings and/or accounts to report, this should be indicated in Compliance Alpha within 10 days of becoming an Access Person and by February 14th of each year.

*Personal Trading and Holdings Reviews*

Wilshire's Personal Securities Transactions policies and procedures are designed to mitigate any potential material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the Compliance Department (or designee) will closely monitor Access Persons' investment patterns to detect the following potentially abusive behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequent and/or short-term trades in any Security, with particular attention paid to potential market-timing of mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading opposite of Client trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading ahead of Client trades; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading that appears to be based on Material Non-public Information.

The Compliance Department will review all reports submitted pursuant to the Personal Securities Transactions policies and procedures for potentially abusive behavior and will compare Access Person trading with Clients' trades as necessary. Any personal trading that appears abusive may result in further inquiry by the Compliance Department and/or sanctions, up to and including dismissal.

The CCO's designee will use Compliance Alpha to monitor the CCO's personal Securities transactions for

compliance with the Personal Securities Transactions policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4**&nbsp;&nbsp;&nbsp;&nbsp;**Disclosure of the Code of Ethics**

Wilshire will describe its Code in Part 2 of Form ADV and, upon request, furnish Clients with a copy of the Code. All Client requests for Wilshire's Code should be directed to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading**

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Non-public Information by such investment adviser or any associated person. In the past, the Federal Securities Laws have been interpreted to prohibit the following activities:

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider while in possession of Material Non-public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider who obtained Material Non-public Information through unlawful means such as computer hacking; 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;• Communicating Material Non-public Information to others in breach of a fiduciary duty.

Access Persons should be aware that the receipt of Material, Non-public Information in the context of a private investment will result in the restriction of trading the public securities of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1**&nbsp;&nbsp;&nbsp;&nbsp;**What Information is Material**

Many types of information may be considered material, including, without limitation, advance knowledge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend or earnings announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset write-downs or write-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additions to reserves for bad debts or contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion or curtailment of company or major division operations;

Merger, acquisition or joint venture announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product/service announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery or research developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal, civil and government investigations and indictments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt service or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tender offers and stock repurchase plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recapitalization plans.

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing Material Non-public Information applies to a wide range of financial instruments including, but not limited to, equities, bonds, warrants, options, futures, forwards, swaps, commercial paper, government-issued securities, and certain types of virtual currency or cryptocurrency coins or tokens that were created in connection with an initial coin offering or ICO. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Access Persons should consult with the Compliance Department if there is any question as to whether non-public information is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2**&nbsp;&nbsp;&nbsp;&nbsp;**What Information is Non-public?**

Once information has been effectively distributed to the investing public, it is no longer non-public. However, the distribution of Material Non-public Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination.

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be non-public information. Examples of the ways in which non-public information might be transmitted include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During a presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By email, instant messaging, or Bloomberg messaging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By text message; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a social networking site.

Access Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Non-public Information. Access Persons should consult with the Compliance Department if there is any question as to whether material information is non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2.1&nbsp;&nbsp;&nbsp;&nbsp;Penalties for Trading on Material Non-public Information**

Severe penalties exist for firms and individuals that engage in Insider Trading, including civil injunctions, disgorgement of profits and jail sentences. Further, fines for Insider Trading may be levied against individuals and companies in amounts up to three times the profit gained or loss avoided. Wilshire is not obligated to pay legal fees, penalties, or other costs incurred by **Access Persons** found guilty of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2.1&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures**

Access Persons are strictly forbidden from engaging in Insider Trading, either personally or on behalf of Wilshire's Clients. Wilshire's Insider Trading Policies and Procedures apply to all Access Persons. The policy also applies to transactions by corporations in which the Access Person is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Access Person is a partner unless the Access Person has no direct or indirect control over the partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2.1&nbsp;&nbsp;&nbsp;&nbsp;Procedures for Recipients of Material Non-public Information

If an Access Person is in possession of Material Non-public Information they must notify the Compliance Department as soon as possible upon receipt of such information. If an Access Person has questions as to whether they are in possession of Material Non-public Information, they must inform the Compliance Department as soon as possible. The Compliance Department will conduct research to determine, among other things, if the information is likely to be considered material, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in Insider Trading, an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must immediately report the potential receipt of Material Non-public Information to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not trade the securities of any company about which they may possess Material Non-public Information, or derivatives related to the issuer in question, or the securities of any other company whose value may reasonably be expected to be affected by that Material Non-public information. This includes securities of companies that are economically linked, in the same sector or industry, or otherwise likely to be impacted by the information received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not discuss any potentially Material Non-public Information with colleagues, except as specifically required by their position; and

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not conduct research, trading, or other investment activities regarding a security for which they may have Material Non-public Information until the Compliance Department dictates an appropriate course of action.

If the Compliance Department determines that the information is material and non-public, they will place the security on the Restricted List. Wilshire and its Access Persons will not place any trades in securities for which it has Material Non-public Information.

Trading in affected securities may resume, and other responses may be adjusted or eliminated, when the Compliance Department determines that the information has become public and/or immaterial. At such time, the Compliance Department will amend the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2.1&nbsp;&nbsp;&nbsp;&nbsp;Selective Disclosure

Non-public information about Wilshire's investment strategies, trading, and Client holdings is to be considered confidential and may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. Access Persons must never disclose proposed or pending trades or other sensitive information to any third party without the prior approval of the Compliance Department. Federal Securities Laws may prohibit the dissemination of such information and doing so may be considered a violation of the fiduciary duty that Wilshire owes to its Clients. Further, Access Persons shall take all appropriate steps to preserve the confidentiality of such information. For example, Access Persons should restrict access to files or computer records containing confidential information, should never leave confidential documents in unattended rooms, discard confidential documents in trash cans, discuss confidential information in public areas and should never copy confidential documents for their personal use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2.2&nbsp;&nbsp;&nbsp;&nbsp;Relationships with Potential Insiders

Wilshire Clients, Investors, third-party fund managers, and other parties Access Persons may come into contact with may possess Material Non-public Information. Access to such information could come as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being employed by a public company or issuer (or sitting on the public company's or issuer's board of

directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working for an investment bank, consulting firm, supplier, or customer of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working for a broker-dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accessing an Alpha-capture system that receives information from insiders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sitting on an issuer's creditors committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an elected official, or otherwise being involved in non-public political processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meetings or idea dinners with investment bankers or other connected individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal relationships with connected individuals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A spouse's involvement in any of the preceding activities

Individuals with access to Material Non-public Information may have an incentive to disclose the information to Wilshire due to the potential for personal gain. Access Persons should be extremely cautious about investment recommendations, or information about issuers, that it receives from Clients, Investors, third-party fund managers, or other parties. Access Persons should inquire about the basis for any such recommendations or information and should consult with the Compliance Department if there is any appearance that the recommendations or information are based on Material Non-public Information.

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

If an Access Person expects that discussions with an outsider might involve the transmission of Material Non-public Information, the Access Person should disclose whether or not Wilshire is an insider and should seek a representation regarding the counterparty's status as a potential insider. When practicable, this disclosure and representation should be communicated by email. Access Persons should consult with the Compliance Department if there is any question regarding the appropriate types of information that can be provided to, or received from, an outside individual or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2.1 Subadvisory Relationships

Wilshire delegates management of Client assets to third-party fund managers. In doing so, Wilshire may receive Material Non-public Information about these managers' investment strategies and trading activities. Access Persons are prohibited from trading on, or improperly utilizing, Material Non-public Information obtained from third-party fund managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2.1 Rumors

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws. Such conduct is contradictory to the Code, as well as the Firm's expectations regarding appropriate behavior of its Access Persons. Access Persons are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between Access Persons of Wilshire and other market participants and trading counterparties. Access Persons should consult with the Compliance Department regarding questions about the appropriateness of any communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2.1 Value Added Investors

Wilshire Private Funds may accept investments from so-called "value-added" investors. Although the term value-added investor is not defined in the Advisers Act or elsewhere, it is generally understood to refer to an investor who may provide some benefit to the adviser (such as industry expertise or access to individuals in the investor's network) beyond just the value of their investment. Examples of such investors could include, without limitation, executive-level officers or directors of company or personnel that are affiliated with other investment advisers and/or private funds.

Due to the nature of their position, such investors may possess Material Non-public Information. Therefore, Access Persons should always remain alert to the possibility that they could inadvertently come into possession of Material Non-public Information when communicating with such Investors. Access Persons should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor.

If there is any question as to whether information received from an Investor could be Material Non-public Information, Access Persons are expected to notify the Compliance Department immediately, and otherwise act in accordance with the procedures described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment**

Access Persons may generally give and receive gifts and entertainment, so long as such gifts and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1.1&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures**

Wilshire holds its Access Persons to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient.

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

It should be noted that these policies and procedures apply only in the context of business-related gifts and entertainment. The giving and receipt of gifts or entertainment of a personal nature or based on personal relationships are not governed by these policies. Business-related gifts and entertainment are those with a purpose of furthering Wilshire's business, and are with parties with whom Wilshire does, or expects to do, business.

In the event an Access Person pays the fair value of the entertainment or gift themselves, it is no longer considered a gift or entertainment. For example, if an Access Person were invited to a sporting event, and paid the fair value of the ticket (not the face value) as determined in good faith, then that would not be considered a gift or entertainment. If Wilshire pays the cost of the gift or entertainment, then it is not considered a gift or entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1.1.1&nbsp;&nbsp;&nbsp;&nbsp;Specific Policies and Procedures – Gifts

Access Persons are prohibited from giving or receiving gifts in excess of $100 in the aggregate during a single calendar year to or from any Client, Investor, prospect, or individual or entity that Wilshire does, or is seeking to do, business with without seeking prior written approval from the Compliance Department.

Access Persons should seek approval in Compliance Alpha prior to giving or accepting any gift in excess of

$100*.* To the extent that a gift is received as part of a conference or other event where it would be impractical to seek prior approval, approval must be sought promptly following receipt. In such situations, Compliance may require return of the gift after considering all the relevant facts and circumstances.

All gifts given or received to or from any Client, Investor, prospect, or individual or entity that Wilshire does, or is seeking to do, business with, with a value of less than $100, must be reported to the Compliance Department in Compliance Alpha within 10 business days of gifting or receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1.1.2&nbsp;&nbsp;&nbsp;&nbsp;Specific Policies and Procedures – Entertainment

Access Persons are prohibited from giving or receiving entertainment that may appear lavish or excessive without seeking approval from the Compliance Department. Entertainment requires both provider and recipient to be present at the event. Where both parties are not in attendance, the activity is treated as a gift. The entertainment should be related to a business purpose.

Entertainment, given or received, that is expected to have a market value (which may or may not be greater than the nominal value) more than $500 per attendee should be approved by the Access Persons's supervisor and approved by Compliance prior to engagement. The total cost of entertainment should be evaluated in determining the value of the engagement (e.g., if the activity is a conference the costs of travel, accommodation, and activities should be considered as one and not piecemeal when determining the market value). Entertainment with a market value of less than $500 per attendee must be reported to the Compliance Department in Compliance Alpha within 10 business days of the entertainment taking place.

Wilshire expects that it, or the clients and/or funds that it manages, will bear the costs of Access Persons travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than Wilshire they should be treated as a gift to the Access Person for purposes of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1.1.3&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment Given to Union Officials

Any gift or entertainment provided by Wilshire to a labor union or a union official in excess of $250 per fiscal year must be reported on Department of Labor Form LM-10 within 90 days following the end of Wilshire's fiscal year. Consequently, Access Persons must obtain approval before giving any gifts or entertainment to labor unions or union officials, regardless of value. Pre-clearance must be obtained from the Compliance Department in Compliance Alpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1.1.4&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment Given to ERISA Plan Fiduciaries

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

Wilshire is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, Access Persons must obtain approval from the Compliance Department in Compliance Alpha before giving any gifts or entertainment to ERISA plan fiduciaries, regardless of value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1.1.5&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment Given to State and Local Pension Officials

Wilshire must be mindful that myriad state and municipal regulations exist around the exchange of gifts and entertainment with such officials. These rules may apply broadly to any individuals involved with the management, oversight, or administration of state or local pensions plans, including employees, board members, consultants and other representatives. Accordingly, Access Persons must obtain approval from the Compliance Department before providing any gifts or entertainment, regardless of value, in connection with the solicitation of state and municipal pension, and similar plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1.1.1&nbsp;&nbsp;&nbsp;&nbsp;Internal Controls

Gifts and Entertainment Tracking – The Compliance Department uses Compliance Alpha to track Access Persons' provision and receipt of gifts and entertainment. All gifts and entertainment, regardless of dollar amount, must be reported through Compliance Alpha. The CCO's designee will be responsible for reviewing any gifts and entertainment reported by the CCO.

Monitoring Third Parties – The Compliance Department is responsible for assessing whether agreements with third parties should include anti-bribery representations, and for ensuring that any necessary representations are included in executed agreements. The Compliance Department may also require that third parties acting on behalf of Wilshire attend the Company's anti-bribery training sessions. Access Persons may not execute agreements with third parties that are reasonably expected to interact with government officials, union representatives or ERISA plan fiduciaries without the Compliance Department's approval.

If a third party is reasonably expected to interact with government officials, union representatives or ERISA plan fiduciaries, the Compliance Department will review any expense claims submitted by the third party and may require explanations and supplemental documentation to ensure that the third party has not provided improper gifts or entertainment on Wilshire's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment to Foreign Governments and "Government Instrumentalities"**

Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities" – The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. Wilshire and its Access Persons must comply with the spirit and the letter of the FCPA at all times. Access Persons must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA *except* food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.

Access Persons must use Compliance Alpha to disclose all gifts and entertainment that may be subject to the FCPA, irrespective of value and including food and beverages provided during a legitimate business meeting.

------

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

Access Persons must consult with the Compliance Department if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6&nbsp;&nbsp;&nbsp;&nbsp;Political and Charitable Contributions and Public Positions**

Individuals may have important personal reasons for seeking public office, supporting candidates for public office, or making charitable contributions. However, such activities could pose risks to an investment adviser. For example, federal and state "pay-to-play" laws have the potential to significantly limit an adviser's ability to manage assets and provide other services to government-related clients or investors.

Rule 206(4)-5 (the "Pay-to-Play Rule") limits political contributions to state and local government officials,

candidates, and political parties by:

Registered investment advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Advisers that would be required to register with the SEC but for the "foreign private advisor" exemption provided by Section 203(b)(3) of the Advisers Act, or that are exempt reporting advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Firms that solicit clients or investors on behalf of the types of advisers described above; 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;▪ "Covered associates" (as defined below) of the entities listed above.

The Pay-to-Play Rule defines "contributions" broadly to include gifts, loans, the payment of debts, and the provision of any other thing of value. The SEC's enforcement staff has interpreted contributions to include substantive donations of an adviser's communications networks and other resources. Rule 206(4)-5 also includes a provision that prohibits any indirect action that would be prohibited if the same action was done directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.1**&nbsp;&nbsp;&nbsp;&nbsp;**Restrictions on Receipt of Advisory Fees**

The Pay-to-Play Rule prohibits the receipt of compensation from a government entity for advisory services for two years following a contribution by the adviser or any of its "covered associates".

A "covered associate" of an adviser is defined to include:

Any general partner, managing member or executive officer, or other individual with a similar status or function;

Any employee that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and

Any political action committees ("PACs") controlled by the adviser or by any person that meets the definition

of a "covered associate" under Rule 206(4)-5.

For the purpose of the Code, Wilshire treats all Access Persons as "covered associates".

However, there is an exception available for contributions from natural persons of $150 per election, or $350 per election if the contributor is eligible to vote in the election on the day of the contribution. An exception is also available for otherwise prohibited contributions that are returned, so long as the contribution in question is less than $350, is discovered within four months of being given, and is returned within 60 days of being discovered. The exception for returned contributions is available no more than twice per calendar year for advisers with 50 or fewer employees; advisers with more than 50 employees can rely on this exception three times per calendar year. However, an adviser cannot rely on the exception for returned contributions more than once for any particular employee, irrespective of the amount of time that passes between returned contributions.

------

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

The restrictions on contributions and payments imposed by the Pay-to-Play Rule apply to Wilshire and all Access Persons. The Rule's look-back period for such contributions is two years (or six months for individuals who become Access Persons after making a contribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.2**&nbsp;&nbsp;&nbsp;&nbsp;**Restrictions on Payments for the Solicitation of Clients or Investors**

The Pay-to-Play Rule prohibits the compensation of any person to solicit a government entity unless the solicitor is an officer or employee of the adviser, or unless the recipient of the compensation (i.e., solicitation fee) is another registered investment adviser or a registered broker/dealer.

However, a registered investment adviser will be ineligible to receive compensation for soliciting government entities if the adviser or its covered associates made, coordinated, or solicited contributions or payments to the government entity during the prior two years.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.3**&nbsp;&nbsp;&nbsp;&nbsp;**Restrictions on the Coordination or Solicitation of Contributions**

The Pay-to-Play Rule prohibits an adviser and its covered associates from coordinating or soliciting any contribution or payment to an official of the government entity, or a related local or state political party where the adviser is providing or seeking to provide investment advisory services to the government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.4**&nbsp;&nbsp;&nbsp;&nbsp;**Recordkeeping Obligations**

The Advisers Act imposes recordkeeping requirements on registered investment advisers that have any clients or investors in private funds that fall within Rule 206(4)-5's definition of a "government entity<sup>4</sup>" Among other things, advisers with "government entity" clients or investors must keep records showing political contributions by "covered associates" and a listing of all "government entity" clients and investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.5**&nbsp;&nbsp;&nbsp;&nbsp;**Guidance Regarding Bona-Fide Charitable Contributions**

Charitable donations to legitimate not-for-profit organizations, even at the request of an official of a government entity, do not implicate Rule 206(4)-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.6**&nbsp;&nbsp;&nbsp;&nbsp;**Applicability of Rule 206(4)-5 to Different Types of Advisory Products and Services Being Offered**

The Pay-to-Play Rule applies equally 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;▪ Advisers that provide advisory services to a government entity (including, among other things, through the management of a separate account or through an investment in a pooled private fund); 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;▪ Advisers that manage a registered investment company (such as a mutual fund) that is an investment option of a plan or program of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.7**&nbsp;&nbsp;&nbsp;&nbsp;**Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.7.1 Political Contributions**

Though Access Persons may participate in the political process including personal political contributions, State and Federal regulations exist and may have consequences for certain political activity.

Accordingly, Access Persons:

<sup>3</sup> FINRA adopted, and the SEC approved, FINRA Rules 2030 (Engaging in Distribution and Solicitation Activities with Government Entities) and 4580 (Books and Records Requirements for Government Distribution and Solicitation Activities) to establish "pay-to-play" rules and related rules regulating the activities of member firms that engage in distribution or solicitation activities for compensation with government entities on behalf of investment advisers, which became effective August 20, 2017.

<sup>4</sup> Government entity means any State or political subdivision of a State, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any agency, authority, or instrumentality of the State or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumental ity thereof, including, but not

limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a State general fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A plan or program of a government entity; and

Officers, agents, or employees of the State or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

------

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.May participate in the political process as an individual, not as a representative of Wilshire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.May not work on a political fundraiser or other campaign activity during work hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.May not make political contributions in order to obtain or retain business or to obtain any other improper benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.May not use corporate assets, facilities, or other personnel to improperly benefit any candidate, campaign, political party, or political committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Will obtain pre-approval of political contributions from themselves or their spouses for elections involving state and local officials or offices with Compliance prior to making such contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Are periodically required to certify that no political contributions have been made; or affirm that any political contributions to political figures in a position to influence the selection of the adviser by a government entity:

&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.Are limited to $350 (including contributions from one's spouse) per election, per candidate if the

Access Person is entitled to vote for the candidate on the date of the contribution; 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;ii.Are limited to $150 (including contributions from one's spouse) per election, per candidate if the

Access Person is not entitled to vote for the candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.7.2&nbsp;&nbsp;&nbsp;&nbsp;Public Office**

Access Persons must obtain written pre-approval from the Compliance Department prior to running for any public office. Access Persons may not hold a public office if it presents any actual or apparent conflict of interest with Wilshire's business activities. In addition, Access Persons must notify the Compliance Department if their spouse is running for public office, so that any potential conflicts of interests can be assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.1**&nbsp;&nbsp;&nbsp;&nbsp;**Charitable Donations**

Donations by Wilshire or Access Persons to charities with the intention of influencing such charities to become Clients or Investors are strictly prohibited. Access Persons should notify the Compliance Department about any actual or apparent conflict of interest in connection with any charitable contribution, or about any contribution that could give an appearance of impropriety. Access Persons must use the Conflicts of Interest form in Compliance Alpha to report any potential conflicts of interest to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7&nbsp;&nbsp;&nbsp;&nbsp;Outside Business Activities**

Access Persons may, under certain circumstances, be granted permission to engage in outside business activities with public or private corporations, partnerships, not-for-profit institutions, and other entities. Access Persons may also be granted permission to participate in investment clubs. However, such activities can expose the participant to potentially Material Non-public Information and can create conflicts of interest.

Access Persons may be subject to compliance risks or conflicts of interest in connection with information or relationships associated with prior employment with other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.1**&nbsp;&nbsp;&nbsp;&nbsp;**Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.1.1&nbsp;&nbsp;&nbsp;&nbsp;Outside Business Activities and Investment Clubs**

Access Persons must obtain preclearance from the Compliance Department before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving on boards of directors, or serving on boards of companies that a Client has made an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making investment decisions on behalf of non-Clients other than as reported pursuant to the *Personal Securities Transactions* policies and procedures, and

------

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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;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participating in investment clubs.

Approval will be granted on a case-by-case basis, subject to careful consideration of potential conflicts of interest, disclosure obligations, and any other relevant regulatory issues. Access Persons must use Compliance Alpha to seek approval for the activities. The Compliance Department will track Access Persons' participation in such activities.

No Access Persons may utilize property of Wilshire or utilize the services of Wilshire or its Access Persons, for his or her personal benefit or the benefit of another person or entity, without approval of the Compliance Department. For this purpose, "property" means both tangible and intangible property, including funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property, proprietary processes, and ideas for new research or services.

An Access Person may not participate in any business opportunity that comes to his or her attention as a result of his or her association with Wilshire and in which he or she knows that Wilshire might be expected to participate or have an interest, without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosing necessary facts to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Offering the particular opportunity to Wilshire; 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;▪ Obtaining authorization to participate from the Compliance Department.

Any personal or family interest in any of Wilshire's business activities or transactions must be immediately disclosed to the Compliance Department. For example, if a transaction by Wilshire may benefit that Access Person or a family member, either directly or indirectly, then the Access Person must immediately disclose this possibility to the Compliance Department. Access Persons may use the Conflicts of Interest form in Compliance Alpha to inform the Compliance Department of any such issues.

No Access Person may borrow from or become indebted to any person, business or company having business dealings or a relationship with Wilshire, except with respect to customary personal loans (such as home mortgage loans, automobile loans, and lines of credit), unless the arrangement is disclosed and prior approval is received from the Compliance Department. No Access Person may use Wilshire's name, position in a particular market, or goodwill to receive any benefit on loan transactions without the prior express written consent of the Compliance Department.

An Access Person who is granted approval to engage in an outside business activity must not transmit Material Non-public Information between Wilshire and the outside entity. If participation in the outside business activity may result in the Access Person's receipt of Material Non-public Information the Access Person must discuss the scope and nature of the information flow with the Compliance Department. Similarly, if an Access Person receives approval to engage in an outside business activity and subsequently becomes aware of any conflict of interest that was not disclosed when the approval was granted, the conflict must be promptly brought to the attention of the Compliance Department.

New Access Persons must report any outside business activities within 10 days of employment using the Compliance Alpha system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.1.2&nbsp;&nbsp;&nbsp;&nbsp;Prior Employment Arrangements**

Access Persons are expected to act with professionalism, to avoid any improper disclosure of proprietary information, and to satisfy all other obligations owed to Wilshire and to any prior employers. Access Persons should discuss any concerns regarding their prior employment with the Compliance Department. Such concerns may include, but are not limited to, possession of Material Non-public Information from a prior employer, a non-solicitation and/or non-compete clause in the Access Persons's previous employment agreement, and any prior political contributions made by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8&nbsp;&nbsp;&nbsp;&nbsp;The Code of Ethics**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

Wilshire has adopted this Code in order to reflect the Company's obligations under the Federal Securities Laws, including the Advisers Act and associated rules. The Compliance Department is responsible for maintaining this Code; Access Persons should notify the Compliance Department immediately if the Code does not address a material compliance risk or is inconsistent with Wilshire's practices. Access Persons are prohibited from modifying the Code without the Compliance Department's written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Reporting**

Wilshire has implemented the Compliance Alpha electronic reporting system to centralize and automate many Access Person reporting obligations, compliance activities and related documents. Access Persons are expected to use Compliance Alpha 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;• Acknowledge receipt, understanding, and compliance with compliance policies and procedures, including this Code; as well as any other policies deemed necessary by the Compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report Brokerage Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report Reportable Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report potential conflicts of 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;• Pre-clear personal trades (including Private Placements)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear managed accounts and automatic investment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically report personal trades and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear and report gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear gifts and entertainment to Government Officials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request beneficial ownership exceptions; 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;• Pre-clear outside business activities.

Any questions about how to use Compliance Alpha should be directed to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9&nbsp;&nbsp;&nbsp;&nbsp;Ongoing Monitoring and Testing**

Wilshire's Compliance Department will monitor and periodically test Access Persons' compliance with the Code. In addition to contemporaneous monitoring of individual transactions and other activities, the Compliance Department, in conjunction with other Wilshire business groups as may be appropriate, will periodically analyze Wilshire's books and records to detect patterns that may be indicative of compliance breaches. These tests seek to identify patterns showing potentially abusive activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Training**

Wilshire's Compliance Department will review the Code with all new Access Persons. The Compliance Department (or designee, including a third-party consultant) will also conduct compliance training with Access Persons, either individually or in groups, as necessary.

**7References**

---

| | | |
|:---|:---|:---|
| Ref | Document title | Document number |
| [1] | | WIL-XXX-nnn |
| [2] | | WIL-XXX-nnn |
| [3] | | WIL-XXX-nnn |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wilshire** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Controlled Document Template** |
| **Document Number:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIL-COM-003 | **Version:** | 3.0 |
| **Effective Date:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | **Next Review Date:** | December 2026 |

---

[4] WIL-XXX-nnn <br> <u>[5]</u>  <u>WIL-XXX-nnn</u>

**8Revisions**

---

| | | |
|:---|:---|:---|
| Version | Details of revisions, including revision author and approvers | Date of version |
| 1.0 | | |
| 1.1 | | |
| 1.2 | | |

---

## Ex-99.(P)(6)

**WCM Investment Management, LLC**

**CODE OF ETHICS**

*A copy of this Code of Ethics is maintained in the WCM's Common Firm Docs and My* 

*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.*

**WCM Investment Management, LLC** 

**281 Brooks Street**

**Laguna Beach, CA 92651** 

**949.380.0200** **Reviewed and adopted: 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.GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS

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.Executing Transactions or Exercising Discretion Without Proper

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

CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "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.RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS,

AND TRANSACTIONS BY WCM ACCESS PERSONS18

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.Short Term Trading Restriction and Personal Trading Cap24

L.Waivers25

X.[REPORTING](#ic9c138949f5041b1bcb77421165ea77a_43)[TO](#ic9c138949f5041b1bcb77421165ea77a_43)[THE](#ic9c138949f5041b1bcb77421165ea77a_43)[MUTUAL](#ic9c138949f5041b1bcb77421165ea77a_43)[FUND BOARD](#ic9c138949f5041b1bcb77421165ea77a_43)[25](#ic9c138949f5041b1bcb77421165ea77a_43)

WCM Code of Ethics

**Code of Ethics**

**I.STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT** 

**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

abilities and our integrity. As fiduciaries, we place our clients' interests above our own. Meeting

this commitment is the responsibility of WCM and each and every one of our Supervised

Persons.

Failure to comply with this policy may result in significant civil and criminal penalties,

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.

The Compliance Team is responsible for investigating any potential violations, 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.

Any capitalized terms used but not defined in this Code of Ethics will have the meanings

assigned to them by the applicable law or regulation.

**II.ANTI-FRAUD AND FIDUCIARY OBLIGATION**

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's policy to notice file in all 50 states. In conducting WCM's investment advisory business,

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

been disclosed to the client and the client has (or may be considered to have) waived the conflict;

and (vi) treat all clients fairly and equitably.

WCM Code of 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

up to and including termination of employment. All Supervised Persons are required to promptly

report violations of this Code of Ethics to the Chief Compliance Officer.

**III.ANTI-CORRUPTION AND BRIBERY**

As a global investment adviser, WCM is presented with the unique challenge of trying to

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.Foreign Corrupt Practices Act ("FCPA")**

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or

indirectly paying or giving, offering or promising to pay, giving or authorizing or approving such

offer or payment, of any funds, gifts, services or anything else of any value to any foreign official

or other person (each, a "Covered Person") for the purpose of obtaining business, favorable

treatment, or other commercial benefits, whether by:

• influencing any act or decision of the Covered Person in his official capacity;

• inducing the Covered Person to act or not act in violation of his lawful duty; or

• inducing the Covered Person to use his influence to that end with a foreign government

or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for

example, a Covered Person's friend, relative, business or law firm), or other person while knowing

that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such

purpose.

For purposes of this Anti-Corruption and Bribery policy, a "Covered Person" is any foreign

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 official capacity for or on behalf of any

such government, department, agency, instrumentality, or enterprise). It also includes any foreign

political party, party official or candidate for political office.

**B.WCM's Policy**

Bribery and corruption are not only against WCM's values, they are illegal and can expose

both the employee and WCM to fines and penalties, including imprisonment and reputational

damage.

WCM Code of Ethics

**1. Supervised Persons**

WCM strictly prohibits bribery and other corrupt practices. Neither the Firm, nor its

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 Persons and representatives of WCM are expected to decline any opportunity

which would place our ethical principles and reputation at risk. While certain laws apply only to

bribes of government officials (domestic and foreign; see Political Contributions Policy), this

policy applies to all dealings including non-government business partners.

**2. Third Parties**

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, even if no one in the Firm had actual knowledge of the bribe. Therefore, whenever WCM

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:

• Due diligence should be performed to ensure that the third party is a bona fide

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:

oA representation that the third party will remain in compliance with all relevant

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. Government officials**

Sales to Government Officials or government entities may present increased anti-

corruption risk. Where WCM sells investment products or services to Government Officials or

entities, such as public pensions, other state-owned financial institutions, or government

affiliated institutions, the sales/marketing efforts related to these government clients should be

clearly documented. As noted above, any expenditures made in connection with such business

(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.

WCM Code of Ethics

***Before such expenses are incurred, Supervised Persons must obtain prior approval***

***from the Compliance Team.***

A Government Official is any:

• individual elected or appointed to a governmental entity;

• official or employee of a government;

• official or employee of a company wholly or partially controlled by a government

(such as state-owned companies);

• candidate for political office;

• political party or official of a political party; or

• person acting in an official capacity for any of the above regardless of rank or

position.

The definition of what could constitute a bribe to a Government Official is broad and can

occur even when the benefit being offered is small, such as gifts, entertainment and even

business meals.

**4. Facilitation payments**

"Facilitation or grease payments" are payments that facilitate a normal governmental

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

questions or concerns regarding activities under consideration or the interpretation of any law. 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.

Failure to comply with this policy may result in significant civil and criminal penalties,

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

by the Firm, or another Supervised Person, must promptly be reported to the Compliance Team.

**IV.INITIAL/ANNUAL ACKNOWLEDGEMENTS**

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

completing the Annual Acknowledgement via MCO. From time to time, the COE will be revised

or supplemented. The CCO, or his delegate, is responsible for providing each Supervised Person

with a revised copy of this COE when material changes have occurred.

WCM Code of Ethics

Each year, Supervised Persons must also complete the Disciplinary History questionnaire

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, military court or regulatory or self-regulatory body. The employment of any person who is

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

change in any of this information. Failure to accurately complete the questionnaire or to notify

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.GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES**

**A.Use of WCM Funds or Property**

WCM's policy is to require each Supervised Person to respect the funds and property

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. Personal Use of WCM Funds or Property**

No Supervised Person may take or permit any other Supervised Person to take, for his

personal use, any funds or property belonging to WCM. Misappropriation of funds or property is

theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties,

will result in WCM disciplinary action up to, and including, dismissal.

**2. Payments to Others**

No WCM funds or property may be used for any unlawful or unethical purpose, nor may

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

avoid inadvertent violations of government ethics rules. (Also, see following section on ***Political***

***Contributions*** regarding important rules.)

**3. Improper Expenditures**

No payment by or on behalf of WCM will be approved or made if any part of the

payment is to be used for any purpose other than that described in the documents supporting the

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.

Any questions concerning the propriety of any use of WCM funds or property should be

directed to the Compliance Team.

WCM Code of Ethics

**B.Conflicts of Interest and WCM Opportunities**

It is not possible to provide a precise or comprehensive definition of a conflict of interest.

However, one factor that is common to all conflict of interest situations is the possibility that a

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

involve a conflict of interest even though it does not result in any financial loss to WCM, its

affiliates or its clients or any gain to WCM or the Supervised Person, and irrespective of the

motivations of the Supervised Person involved.

**1. Outside Business Activities and Interest in Competitors, Clients or** 

**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

appear to create a conflict of interest. In no event should any Supervised Person have any outside

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.

Each Supervised Person must pre-clear all outside business activities on MCO, for profit

or non-profit. In addition, no Supervised Person or member of his or her "Immediate

Family" (including any relative by blood or marriage living in 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

clients or the interests or reputation of WCM will be prohibited. The Chief Compliance Officer'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

potential conflicts of interest. Outside activities will be approved only if any conflict of interest

issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of

Form ADV.

**2. Gifts and Entertainment**

Giving, receiving or soliciting gifts and/or entertainment ("G&E") in a business setting

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

fiduciary and acting as an investment adviser to government entities, ERISA and Taft-Hartley

plans, and mutual funds.

Therefore, WCM has adopted the following policies and procedures.

• Entertainment over $250 per person may be restricted; therefore, it must be

reported without undue delay via MCO and approved by the Compliance Team.

WCM Code of Ethics

oEntertainment is an <u>event</u> which includes participation by both parties for

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.

• Gifts over $250 per person may be restricted; therefore, it must be reported

without undue delay via MCO and approved by the Compliance Team.

oGifts are <u>things</u> given or received by a Supervised Person. Charitable

donations are considered gifts.

• <u>ANY</u> G&E to or from state or city pension plan representatives or non-U.S.

government entities must be pre-cleared.

• <u>ANY</u> G&E to or from ERISA or Taft-Hartley plans is 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

accepting any sort of compensation for the purchase or sale of property to or from

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

or entity other than WCM, pre-approval must be sought as such travel expenses will be treated as

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

Supervised Person has any questions regarding what constitutes G&E or how to handle it, it is

their responsibility to ask the Compliance Team.

***Note:*** *Registered Representatives of ACA Foreside have additional requirements. Please* 

*see your Supervising Principal and ACA Foreside Compliance Manual for more details.*

**3. Charitable Contributions**

Charitable contributions, sponsorships and grants, including those that are solicited by

business partners and Government Officials may present increased corruption risk. Proposed

charitable contributions, sponsorships or grants must not be used to conceal a bribe or otherwise

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.

WCM Code of Ethics

Covered Associates are therefore not permitted to coordinate, or to solicit any person or political

action committee to make, any:

• Contribution to an official of a government entity to which the investment adviser

is providing or seeking to provide investment advisory services; or

• Payment to a political party of a State or locality where the investment adviser is

providing or seeking to provide investment advisory services to a government

entity.

For purposes of this Political Contribution policy, a Covered Associate is defined as:

• any general partner, managing member or executive officer of WCM, or other

individual with a similar status or function;

• any employee who solicits a government entity for WCM or any person who

supervises, directly or indirectly, such employee; and

• any political action committee ("PAC") controlled by WCM or by any such

persons described above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make

aggregate contributions, without triggering the two-year "time out," of up to $350 per election to

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

entitled to vote. These de minimis exceptions are available only for contributions by Covered

Associates, not WCM.

<u>Exceptions</u> <u>for</u> <u>Return</u> <u>Contributions</u>. This exception, created to enable Advisers to cure

an inadvertent political contribution made by a Covered Associate to an official for whom the

Covered Associate is not entitled to vote, is available for contributions that in the aggregate, 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

present a conflict of interest or harm WCM's ability to obtain clients will the Covered Associate

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

Contributions and which in the aggregate do not exceed $350 to any one official, per election, 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.

Indirect actions by a Covered Associate that would result in a violation of the Political

Contribution Rule, ***Rule 206(4)-5***, if done directly, are prohibited.

WCM Code of 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

to the Rule's effective date. Furthermore, the Rule's look-back requirements continue to apply to

an Adviser that does not currently have any government entity clients. Consequently, an Adviser

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

hired Covered Associate has made a prohibited contribution prior to the commencement of his or

her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for

a "look-back" period of up to two years, beginning from the date of the contribution. 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.

As such, all newly hired Covered Associates must report to the Compliance Team, upon

employment, all political contributions made two years prior to the commencement of his or her

employment.

Furthermore, the two-year or six-month ban will continue to apply to the Adviser for the

duration of the ban period if the Covered Associate who made the relevant contribution is no

longer employed by WCM. The SEC has indicated that this 'look-forward' provision is intended

to prevent a firm from channeling contributions through departing employees.

Periodically, the Compliance Team will review the list of Covered Associates, and the

list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

The following will be maintained by the Compliance Team for a period of five years

from fiscal year end of last use, with at least two years on-site:

• Names, titles and address (business & home) of Covered Associates

• Clients that are government entities (past 5 years, not prior to September 13,

2010)

• All direct and indirect contributions made by adviser and Covered Associate (in

chronological order) indicating:

oName and title of each contributor

oName and title of each recipient

oAmount and date of each contribution or payment

oWhether subject to exception from returned contributions

WCM Code of Ethics

**5. Interest in Transactions**

No Supervised Person, or member of his or her Immediate Family, shall engage in any

transaction involving WCM if the Supervised Person or a member of his Immediate Family has a

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. Acting as a Registered Representative of a Broker-Dealer**

A Supervised Person of WCM may only act as a Registered Representative of a Broker-

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. Diversion of WCM Business or Investment Opportunity**

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,

offering the opportunity to WCM or its clients, and receiving specific written authorization from

the Chief Compliance Officer.

**VI.GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS** 

**AND PROSPECTIVE CLIENTS**

Supervised Persons of WCM must adhere to the following standards at all times:

**A.Fair and Equitable Treatment of Clients**

All clients must be treated fairly and equitably. No client may be favored over another.

**B.No Guarantees Against Loss**

No Supervised Person may guarantee a client against losses with respect to any securities

investments or investment strategies.

**C.No Guarantees or Representations as to Performance**

No guarantee may be made that a specific level of performance will be achieved or

exceeded. Any mention of an investment's past performance or value must include a statement

that it does not necessarily indicate or imply a guarantee of future performance or value.

**D.No Legal or Tax Advice**

No Supervised Person may give or offer any legal or tax advice to any client regardless of

whether the Supervised Person offering such advice is qualified to do so.

**E.No Sharing in Profits or Losses**

No Supervised Person may directly share in the profits or losses of a client's account.

WCM Code of Ethics

**F.No Borrowing From or Lending To a Client**

No Supervised Person may borrow funds or securities from, or lend funds or securities to,

any client of WCM.

**G.Supervised persons May Not Act as a Custodian of a Client**

No Supervised Person may act as custodian of securities, money, or other funds or

property of a client.

**H.Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents**

No Supervised Person shall place an order to purchase or sell a security for a client

through a broker-dealer or agent or any bank unless such broker-dealer or agent or bank is

properly registered or is exempt from registration in the state in which the client resides.

**I.Executing Transactions or Exercising Discretion Without Proper** 

**Authorization**

No Supervised Person shall execute any transaction on behalf of a client or exercise any

discretionary power in effecting any transaction for a client account unless WCM has (i)

obtained written authority from the client and (ii) authorized the Supervised Person's execution

of client transactions or exercises discretionary authority with respect to that client.

**VII.PROTECTION OF MATERIAL, NONPUBLIC AND OTHER** 

**CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER** 

**TRADING AND TIPPING**

**A.Need for Policy**

WCM and its Supervised Persons have access to confidential information about clients of

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, deceptive or fraudulent purposes. The kinds of activities prohibited include "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 clients in that security which is 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

violating federal securities laws for insider trading or tipping if they advise clients concerning, or

WCM Code of 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

WCM Code of Ethics

by any of its Supervised Persons, unless WCM has implemented procedures to prevent the flow

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

and its Supervised Persons. Violations of the laws against insider trading and tipping by WCM

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

responsibilities to maintain the confidence of WCM's clients, and to protect as valuable assets,

confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal

investment activities, it is important that such practices avoid any appearance of impropriety and

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.General Policies and Procedures Concerning Insider Trading and Tipping**

WCM has adopted the following policies and procedures to: (i) ensure the propriety of

Supervised Person trading activity; (ii) protect and segment the flow of material, nonpublic and

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

derivative instruments with respect to such securities and other securities that are convertible into

or exchangeable for such securities.

**1."Material"**

The question of whether information is "material" is not always 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

the securities in question, or where the information, if disclosed, could be viewed by a reasonable

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

WCM Code of Ethics

"market information," such as information concerning an impending securities transaction, 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"**

Information is "nonpublic" until it has been made available to investors generally. In this

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."Advisory Information"**

Information concerning: (i) specific recommendations made to clients by WCM; or (ii)

prospective securities transactions by clients of WCM ("Advisory Information") is strictly

confidential. Under some circumstances, Advisory Information may be material and nonpublic,

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**

In the handling of information obtained as a result of employment with WCM and when

engaging in securities transactions, WCM Supervised Persons:

• Shall not disclose material, nonpublic or other confidential information (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

transactions in any security while in possession of MNPI about that security;

• Shall abstain from transactions for their own personal accounts or for the account

of any client, in any security while in possession of MNPI regarding that security;

and

• Shall abstain from personal transactions in any security while in possession of

Advisory Information regarding that security, except in compliance with the

section for ***Rules Governing Personal Securities Accounts, Holdings, And***

***Transactions By WCM Access Persons***.

WCM Code of Ethics

**D.Protection of Material, Nonpublic Information**

No Supervised Person of WCM shall intentionally seek, receive, or accept information

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. The Supervised Person

should notify the Compliance Team immediately and file a report in MCO using the "Material

Nonpublic Information" form.

**E.Procedures to Safeguard Material, Nonpublic Information**

While MNPI may be encountered in many ways, there are certain areas that present a

greater risk of exposure based on WCM's business practices.

**1. Expert Networks**

One such area is WCM's use of "Expert Networks". To mitigate this risk, any new expert

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

Compliance Team will track all interactions (e.g., emails, calls, meetings) between WCM and the

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. Interacting with Potential Insiders**

Another area of risk occurs when Supervised Persons meet directly with personnel of

publicly and privately traded companies. The typical (and preferred) method for interaction with

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

publicly traded companies for which WCM may hold a security. If any connection is discovered,

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

WCM Code of Ethics

believe, may be MNPI – regardless of the source (e.g. clients, fund investors, 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

traded company, or industry analyst, via non-business channels (such as personal email or phone,

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. Alternative Data 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

analyses of aggregate social media and internet search data, or other data obtained from apps and

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.

Like when encountering any other MNPI data point, Supervised Persons are required to

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."Wall Cross" 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

certain Supervised Persons from normal trading activities to prevent any potential misuse of this

information and ensure that MNPI does not influence trading decisions within WCM.

As a result, the following procedures must be followed:

• <u>Identification and Authorization</u>: Before agreeing to a "wall cross" request and

before bringing any other Supervised Persons "over the wall", the relevant

Supervised Person must receive written approval from the Compliance Team. 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

trading activities. This includes physical and electronic separation of information,

where possible, and restricting access to MNPI to only those Supervised Persons

who are authorized to possess such information.

WCM Code of Ethics

• <u>Restricted</u> <u>List</u> <u>Management</u>: Until the information becomes public, companies or

securities involved in a "wall cross" will typically be placed on a restricted list for

both personal and firm trading. The restricted list will be regularly updated and

maintained on MCO and INDATA, as appropriate.

**5. Review and Monitoring**

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

applicable review Expert Network and other relevant business activity, conduct a targeted email

review, and examine trading patterns.

**F.Protection of Other Confidential Information**

Information relating to past, present, or future activities of WCM or clients that has not

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, or personal affairs is confidential and may not be disclosed to any person,

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.Procedures to Safeguard Other Confidential Information**

In the handling of other confidential information, including Advisory Information,

Supervised Persons of WCM shall take appropriate steps to safeguard the confidentiality 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

information in plain view in potentially public areas of WCM's offices. 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** 

**CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE** 

**WALL" PROCEDURES**

WCM has adopted the following policies and procedures to limit access to Advisory

Information to those Supervised Persons of WCM who have a legitimate need to know that

information:

WCM Code of Ethics

**A.Designation of Advisory Persons, Access Persons, and Supervised Persons**

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's

Supervised Persons who make or participate in decisions as to what advice or recommendations

should be given to clients or what securities transactions should be affected for client accounts,

whose duties or functions relate to the making of such recommendations or who otherwise have

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

recommendations to clients, or has access to such recommendations that are nonpublic. All of the

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

provides investment advice on behalf of WCM and is subject to WCM's supervision and control.

This may include temporary workers, consultants, independent contractors, and anyone else

designated by the Chief Compliance Officer.

**B.Obligations of Advisory Persons**

In the handling of Advisory Information, Advisory Persons shall take appropriate

measures to protect the confidentiality of such information. Specifically, Advisory Persons shall

refrain from:

• Disclosing Advisory Information to anyone other than another Advisory Person,

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

(other than a WCM client) engage in transactions — in any security to which the

Advisory Information relates.

**C.General Policy Concerning Non-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

Advisory Information, he or she should 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. If a Non-Advisory Person of WCM obtains

Advisory Information, he or she should promptly notify the Chief Compliance Officer.

**D.Monitoring Compliance with Insider Trading and Tipping Policies and** 

**Procedures and Effectiveness of "Chinese Wall" Procedures**

The Chief Compliance Officer or his designee shall use MCO to review initial and annual

holdings reports and quarterly transaction reports for Supervised Person accounts. This review is

WCM Code of 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.

The Compliance Team shall report to the Leadership Team any findings of possible

irregularity or impropriety.

**IX.RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS,** 

**AND TRANSACTIONS BY WCM ACCESS PERSONS**

The personal investing activities of all WCM Supervised Persons must be conducted in a manner

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.

The following policies and procedures were adopted to meet WCM's responsibilities to

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.

All Supervised Persons should read these requirements carefully and be sure that they are

understood. It is particularly important to understand and accept that these pre-clearance

requirements may mean that a Supervised Person will 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.Who is Covered by These Requirements**

Apart from short term or temporary interns who are prohibited from personal trading, 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.What Accounts and Transactions Are Covered**

These personal securities policies and procedures cover all personal securities accounts

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.

WCM Code of 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***

***same home with an Access Person) is considered the same as a transaction and holding by the***

***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-

averaged or settled at the worst price of the day. All Access Person trades must bear the fiduciary

responsibility of putting the clients' interests first.

**C.What Securities are Covered by These Requirements ("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.,

treasury securities); (2) bankers' acceptances, bank certificates of deposit, commercial paper, 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.What Transactions are Prohibited by these Requirements**

**1. Front-Running or Scalping**

Access Persons of WCM are not permitted to "front-run" any securities transaction of a

client or WCM, or to "scalp" by making securities recommendations for clients with the intent of

personally profiting from personal holdings of or transactions in the same or related securities, as

noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information***

***And Prevention Of Insider Trading And Tipping***.

**2. Short Sales of a Security Held by a Client**

No Access Person may sell short any security held in a client's account managed by

WCM.

**3. Use of Confidential or Material, Nonpublic Information**

Access Persons may not buy or sell any security if he or she has material, nonpublic

information about the security or the market for the security obtained in the course of his or her

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***.

WCM Code of Ethics

**E.Personal Securities Transactions Which Must Be Pre-Cleared**

Before placing any order to purchase or sell any security, or otherwise acquiring or

disposing of a security, including participation in initial public offerings ("IPO") and limited or

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-

clear any subsequent investment in that issuer. However, investments in private equity or private

credit funds do not require pre-clearance for each capital call once the initial investment and

commitment amount have been approved.

WCM Code of Ethics

Temporary or short-term interns are prohibited from engaging in personal trading while

working for WCM.

Pre-clearance is **<u>not</u>** required for:

• U.S. government securities;

• U.S. government agency securities;

• Municipal bonds

• shares of any open-end mutual funds and securities of any other registered

investment company, e.g., closed-end funds, exchange traded funds or unit

investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

• high quality short-term debt instruments, such as bankers' acceptances,

commercial paper, repurchase agreements and bank certificates of deposit;

• purchases through automatic reinvestment of dividends pursuant to a dividend

reinvestment plan;

• involuntary acquisitions or dispositions of securities, such as by inheritance or

court-order upon divorce;

• transactions effected for any account or entity over which the Access Person does

not have or share investment control, such as a "blind trust";

• transactions in securities through an employer sponsored or other tax qualified

employee benefit plan, such as a 401(k) plan;

• purchases or sales resulting from the exercise or assignment of options;

• purchases or sells in an Access Person's account which is managed and directed

by WCM;

• Index Futures, Commodity Futures, Interest Rate Futures, Index Options,

Commodity Options and Interest Rate Options.

• purchases or sales in an intern's Immediate Family Member's account who shares

the same household as the Access Person, except trades that are in IPOs, private

placements & limited offerings.

• Cryptocurrency (*Note: If you are a registered representative of ACA Foreside,* 

*you may have separate requirements regarding digital asset reporting)*

• such other securities or transactions as may be added to this list of exceptions in

WCM Code of Ethics

writing by the Chief Compliance Officer.

**F.Obtaining Pre-Clearance**

To obtain pre-clearance, an Access Person must log into MCO and submit a pre-

clearance form. Most requests are automatically approved or denied based on conflicts with firm

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."

A pre-clearance approval is valid until the subsequent close of the applicable market.

*Several examples:*

• *Pre-clearance approval for a trade executed in the U.S. market expires at the* 

*subsequent close of the U.S. market (typically 4PM Eastern Time).*

o*Pre-clearance approval on Tuesday evening after the close of market on* 

*Tuesday is valid until the close of market on Wednesday.*

o*Pre-clearance approval on Friday evening after the close of market on* 

*Friday is valid until the close of market on Monday (assuming the market* 

*is open on Monday.)*

o*Pre-clearance approval on Thursday during market hours is valid until* 

*the close of market on Thursday.*

• *Pre-clearance approvals for a trade executed in a non-U.S. market expires at the* 

*subsequent close of that market.*

For trades in instruments or securities that do not adhere to market hours (such as Limited

Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failure to follow the pre-clearance requirements places the firm at risk and therefore is a

consequential matter. In the event an Access Person violates the pre-clearance requirements, 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.Identification of Securities Accounts and Reports of Securities Holdings**

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

Ethics Rule, Rule 204A-1, (1) no later than 30 days after the end of each calendar quarter and (2)

in the case of new Access Persons, within 10 days of the individual becoming an Access Person.

WCM Code of Ethics

The as-of date for initial reports (i.e., when an individual first becomes an Access Person) must

not be older than 45 days.

<u>Accounts</u> **<u>with</u>** <u>"reportable</u> <u>securities"</u>. Reports for securities accounts holding

"***reportable securities***" must contain:

1. The title and type of security, and as applicable the exchange ticker symbol or

CUSIP number, number of shares, and principal amount of each reportable

security;

2. The name of any broker, dealer or bank with which the Access Person maintains

an account in which any securities are held for the Access Person's direct or

indirect benefit; and

3. The date the Access Person submits the report.

<u>Accounts</u> **<u>without</u>** <u>"reportable securities"</u>. Reports for securities accounts holding

securities excluded from the list of "***reportable securities***" requires only the name of any broker,

dealer or bank with which the Access Person maintains an account and the date the Access

Person submits the report.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in

which the account is linked. If a securities account cannot be linked to MCO or there is a period

of time that the account is not linked, the information noted above must be manually entered into

the form within MCO, or, with approval, e-mailed to the Chief Compliance Office or their

designee.

These reports are reviewed by the Chief Compliance Officer or his designee. The reports

of the Chief Compliance Officer are reviewed by the COO and/or his designee.

If an Access Person has no securities accounts or holdings to report, they must affirm so

through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not

acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an

Access Person, including possible termination.

**H.Reporting of Securities Transactions**

SEC rules impose strict requirements on WCM and its Access Persons with respect to the

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.

WCM Code of Ethics

<u>Transactions</u> <u>of</u> <u>"reportable</u> <u>securities"</u>. Reports for transactions of "***reportable***

***securities***" must contain:

1. the date of the transaction, the title, and as applicable the exchange ticker symbol

or CUSIP number, interest rate and maturity date, number of shares, and principal

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, dealer or bank with or through which the transaction was effected; and the

date the Access Person submits the report.

<u>Transactions</u> <u>of</u> <u>non-"reportable</u> <u>securities".</u> These transactions do not need to be

reported.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in

which the account is linked. If a securities account cannot be linked to MCO or there is a period

of time that the account is not linked, the information noted above must be manually entered into

the form within MCO, or, with approval, e-mailed to the Chief Compliance Officer or their

designee.

These personal securities transaction reports will be reviewed by the Chief Compliance

Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the

COO and/or his designee.

If an Access Person has no reportable securities transactions to report, they must affirm

so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not

acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an

Access Person, including possible termination.

**I.Confidentiality of Personal Securities Information**

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

Compliance Officer with review of the reports and pre-clearance. All such materials will be kept

confidential, subject to the right of inspection by the SEC or other government agencies, outside

counsel for compliance purposes, and WCM's Leadership Team.

**J.Addressing Personal Trading Conflicts with Advisory Persons**

WCM's compliance program seeks to provide the greatest amount of flexibility while

still achieving the objective of protecting clients and following rules. Although Advisory Persons

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.

WCM Code of Ethics

One potential conflict exists when Advisory Persons profit, or perceive to have profited, from

the firm trading of our clients. WCM addresses this potential conflict by restricting Advisory

Persons' trading within two weeks of a firm trade program in the same security, 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

Advisory Person may receive approval to trade a certain security after submitting a preclear, 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>**

• Same side trade

• 2 weeks (14 calendar days) before the beginning of client trading

**<u>Back</u> <u>side</u>**

• Opposite side trade

• 2 weeks (14 calendar days) after the last client

trade An Advisory Person can choose one of the following

options:

1. Reverse their trade and donate profits; or

2. Maintain their position and compare their execution price against the least-

favored client execution price, donating any profitable difference.

The procedure above aims to mitigate potential conflicts that may exist with Advisory

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.

The CCO, or his designee, will ensure that the appropriate corrective action is taken by the

Advisory Person to neutralize the resulting conflict.

**K.Personal Trading Cap**

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

instruments like CDs and money market funds), whether those trades require preclearance or not.

WCM Code of Ethics

Once an Access Person reaches this cap, their personal trading activity will be restricted for

the remainder of the year.

**L.Short Term and Speculative Trading Restriction**

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

strictly prohibited. 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.

Those permissible options or future positions not tied to firm holdings must have at least an

expiration period and minimum holding period of 90 days from the date of purchase or initiation.

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

donated to a charitable organization approved by the Compliance Team. The Access Person will

absorb any losses incurred.

**M.Waivers**

The Chief Compliance Officer may, in his discretion, after consultation with the

Leadership Team, waive compliance by any person with any of the restrictions and pre-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

basis for the waiver. The Chief Compliance Officer shall promptly send a copy of the waiver to

the Leadership Team and shall maintain a copy in the Compliance program folders or MCO.

**X.REPORTING TO THE MUTUAL FUND BOARD**

No less frequently than quarterly, the Chief Compliance Officer or his/her designee will

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

violations of the Code of Ethics, or procedures and sanctions imposed in response

to any material violations; and

• Certification that WCM has adopted procedures reasonably necessary to prevent

Supervised Persons, including Access Persons, from violating the Code of Ethics.

WCM Code of Ethics

The Firm will furnish to the Board of Directors of all mutual funds managed by WCM, a

copy of the Code of Ethics and any material changes to the Code of Ethics.

## Ex-99.(P)(7)

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## Ex-99.(P)(8)

![image_0a.jpg](image_0a.jpg)

**Code of Ethics for**

**DoubleLine Group LP** 

**DoubleLine Capital LP** 

**DoubleLine Equity LP** 

**DoubleLine Alternatives LP**

**DoubleLine ETF Adviser LP**

**DoubleLine Investment Management Asia Ltd.**

**DoubleLine Funds Trust** 

**DoubleLine Income Solutions Fund**

**DoubleLine Opportunistic Credit Fund** 

**DoubleLine Yield Opportunities Fund**

**DoubleLine ETF Trust**

Effective date: October 1, 2025

------

**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*I.<u>[Introduction](#ica0c4e88586049058004955ad0e8f4f3_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_10)</u>*<u>[1](#ica0c4e88586049058004955ad0e8f4f3_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>[Applicable to all Personnel](#ica0c4e88586049058004955ad0e8f4f3_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_10)[2](#ica0c4e88586049058004955ad0e8f4f3_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>[Access to the Code](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[2](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>[Regulatory Requirements](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[2](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.<u>[Other Topics Covered In the Code](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[3](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.<u>[Code May be Supplemented by Other Applicable Policies](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[3](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.<u>[Best Judgment and Further Advice](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[4](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*II.<u>[Duty to Report Violations of this Code, Sanctions and Acknowledgement](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)</u>*<u>[4](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>[Duty to Report Violations of this Code](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[4](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>[Sanctions](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[5](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>[Acknowledgement](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[6](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*III.<u>[General Standard of Conduct](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)</u>*<u>[7](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>[Fiduciary Duty](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[7](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>[Adherence to Good Business Practices](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[8](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>[Compliance with Applicable Federal Securities Laws and Other Requirements](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[8](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.<u>[Client Representations](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[8](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.<u>[Market Rumors](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[8](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.<u>[General Antifraud Prohibitions](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[9](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*IV.<u>[Conflicts of Interest](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)</u>*<u>[10](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>[General Statement of Policy](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[10](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>[General Description of Conflicts](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[10](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>[Particular Conflicts](#ica0c4e88586049058004955ad0e8f4f3_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_13)[11](#ica0c4e88586049058004955ad0e8f4f3_13)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*V.Confidentiality/Privacy&nbsp;&nbsp;&nbsp;&nbsp;*12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>[General Statement of Policy -- Confidentiality](#ica0c4e88586049058004955ad0e8f4f3_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_16)[12](#ica0c4e88586049058004955ad0e8f4f3_16)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>[Sharing of Information Within the Companies](#ica0c4e88586049058004955ad0e8f4f3_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_19)[13](#ica0c4e88586049058004955ad0e8f4f3_19)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>[Sharing of Information Outside the Companies](#ica0c4e88586049058004955ad0e8f4f3_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_19)[13](#ica0c4e88586049058004955ad0e8f4f3_19)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.<u>[Reporting of Possible Confidentiality Breach](#ica0c4e88586049058004955ad0e8f4f3_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#ica0c4e88586049058004955ad0e8f4f3_19)[14](#ica0c4e88586049058004955ad0e8f4f3_19)</u>

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

*VI.* *Reporting of Accounts and Transactions Involving Securities and Other Financial Products* 24

A. General Statement of Companies' Policy With Respect to Account and Notification 24

*VII.* *Investment Activities* 28

A. Overview 28

B. Provisions of General Applicability 28

C. Prohibitions and Pre-Approval Requirements of General Applicability 29

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*IX.Annual Review by Trustees&nbsp;&nbsp;&nbsp;&nbsp;*36

- i -

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.INTRODUCTION**

A number of entities affiliated with DoubleLine Group LP ("Group")<sup>1</sup> have jointly adopted this Code of Ethics (the "**Code**") to set forth the ethical and professional standards required of those entities listed and defined below (collectively, the "**Companies**") and to demonstrate the commitment of the Companies and their management to maintaining the trust and confidence of the investors in the funds offered by DoubleLine Funds Trust ("DFT"), DoubleLine ETF Trust ("DET") (DFT and DET collectively, the "Trusts"), (each series thereof individually, a "Fund", and together with the other series, the "Trust"), DoubleLine Opportunistic Credit Fund ("DBL"), DoubleLine Opportunistic Income Fund ("DSL"), DoubleLine Yield Opportunities Fund ("DLY")(DLY, SDL, DBL, and the individual series of the Trusts are together referred to herein as the "**Funds**") and of the Adviser's clients, to upholding high standards of integrity and business ethics and professionalism, and to comply with legal and regulatory requirements and with the Companies' internal policies and procedures. Various employees of Group, which provides operational support for the Trusts, DBL, DSL and DLY will perform certain actions discussed herein on behalf of DBL, DSL, DLY and the Trusts.

The entities comprising the Companies are:

DoubleLine Group LP ("Group")

DoubleLine Capital LP ("Adviser", "DoubleLine", "Capital") DoubleLine Equity LP ("Adviser", "DoubleLine", "Equity") DoubleLine Alternatives LP ("Adviser", "DoubleLine", "Alternatives")

DoubleLine ETF Adviser LP ("Adviser", "DoubleLine", "ETF Adviser")

DoubleLine Opportunistic Credit Fund ("DBL")

DoubleLine Funds Trust ("DFT") DoubleLine Income Solutions Fund ("DSL")

DoubleLine Investment Management Asia Ltd. ("DIMA") DoubleLine Yield Opportunities Fund ("DLY")

DoubleLine ETF Trust ("DET")

Together, the series of funds within the Trusts are known as the "DoubleLine Funds".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Applicable to all Personnel**

The Code covers all personnel of Group, DBL, DSL, DLY, the Trusts, the Advisers and DIMA, including partners, officers, directors (and other persons occupying a similar status or performing similar functions except "Disinterested Trustees" as defined below are not Personnel for these purposes; See section (i) below for provisions of this Code that apply to Disinterested Trustees), and employees, as well as individuals associated with the Companies in any manner that provide investment advice on their behalf and are subject to their supervision and control (collectively, hereinafter, the "**DoubleLine Personnel**" or "**Personnel**"). The term "Personnel" shall also include any individuals who are members of the DoubleLine Capital GP LLC, which is Capital's general partner. Temporary employees and consultants that, in each case, are engaged by any of the Companies to provide clerical, administrative or professional services that are not directly investment related will not be considered to be Personnel subject to this Code except to the extent the Chief Compliance Officer ("CCO")<sup>2</sup> or designee notifies them to the contrary.

New employees, including any temporary employees, independent contractors or consultants designated by the CCO or designee, shall be briefed as to the requirements of the Code of Ethics. The

<sup>1</sup> Group is an entity which serves as the employer of the persons termed as "DoubleLine Personnel" under the Code. However, while it provides these persons to supply services to the Advisers under various service contracts, Group itself does not conduct activities requiring registration as a registered investment adviser. Group adopts this Code solely as an administrative convenience, to ensure that all persons employed by Group are subject to the Code because of the services rendered to registered investment advisers.

<sup>2</sup> References to CCO within the Code shall be construed to mean the CCO of DoubleLine Capital LP (the "Capital CCO") except where expressly indicated otherwise. It is expected that the Capital CCO will involve the CCO of Alternatives (or other entities) as and when necessary.

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briefing is not a substitute for reading the Code in its entirety at least annually. The fact that a briefing has not occurred or that the CCO or designee has not made a determination of any existing employee's change of status does not in any way limit the obligation of any person to comply with all applicable provisions of the Code.

&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.Applicability of this Code to the Disinterested Trustees**

Unless expressly provided otherwise, the various provisions of this Code do not apply to the Trustees of the Trusts, DBL, DSL or DLY who are not "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 (the "**Disinterested Trustees**").

However, Disinterested Trustees are subject to the general anti-fraud provisions of Subsection (f) of Section III and the general duty of confidentiality included in subsection (a) of Section V and Disinterested Trustees are required to comply with only Subsection A(5) of Section VII (Reporting of Accounts and Transactions Involving Securities and Other Financial Products). For the avoidance of doubt and notwithstanding any other term herein, the provisions of this Code shall be construed to apply to the Disinterested Trustees only to the extent such application is required by Rule 17j-1 under the Investment Company Act of 1940.

<u>Presentations to the Fund's Trustees</u>

In presenting or furnishing a report to the Fund's Trustees, representatives of service providers (such as an Adviser) to the Funds generally should refrain from identifying or discussing Fund portfolio transactions that occurred within the preceding 15 calendar days or Fund portfolio transactions that will occur or are actively being considered within the following 15 calendar days (a "Disclosed Portfolio Transaction"). Exceptions to the foregoing policy may be made upon the request of a Trustee, with the permission of the CCO or as is otherwise necessary for the Trustees to fulfill their oversight responsibilities.

<u>Notification to Disinterested Trustees</u>

For the purposes of assisting the Disinterested Trustees in fulfilling their reporting obligations under

the Code, whenever the CCO is informed or otherwise becomes aware of a Disclosed Portfolio Transaction, the CCO shall provide the Disinterested Trustees with specific notice of such fact and remind them of the reporting requirements applicable to the Disinterested Trustees with respect to the applicable securities. Notwithstanding such obligation on the part of the CCO, any failure by the CCO to provide such notice shall not affect or otherwise lessen in any way any reporting obligation that the Disinterested Trustees may have under this Code or otherwise.

&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.Authority to Exempt Any Person from Coverage**

Notwithstanding the foregoing, the CCO may exempt any person from all or any portion of the Code upon a finding that such person is neither an "**Access Person,**" as defined at Rule 17j-1(a)(1) under the Investment Company Act of 1940 (the "**Investment Company Act**") or Rule 204A-1 of the Investment Advisers Act of 1940 (the "**Advisers Act**") or a "**supervised person**," as defined at Section 202(a)(25) of the Advisers Act, and that, such person's duties and responsibilities are such that application of all or any particular portion of this Code to such person is not reasonably necessary. Accordingly, all persons subject to the Code shall be considered to be Access Persons, regardless of whether they meet any particular definition thereof while persons that have been exempted from all or any particular portion of the Code shall not be considered to be Access Persons to the extent of that exemption.

The CCO also may waive provisions of the Code on a case-by-case basis, after reviewing the circumstances surrounding the request for a waiver. An example of such a waiver would be the waiver of the two-day requirement to execute a trade. The CCO shall keep a written record of all such waivers and the basis for such waiver, which typically shall be recorded on a trade approval form or via email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Access to the Code**

All Personnel will be provided access to the Code, either in hard copy or on the Companies' Compliance section of the intranet. Personnel should keep the Code available for easy reference.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Regulatory Requirements**

The Code has been adopted in connection with the Companies' compliance with Rule 204A-1 under the Advisers Act or Rule 17j-1(c) under the Investment Company Act, as applicable.

Investment advisers registered pursuant to Rule 204A-1, are required to establish, maintain and enforce a written code of ethics that, at a minimum:

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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;i.Sets forth the general standard of conduct required of all supervised persons, which standard reflects the fiduciary duties that the Advisers and all such individuals owe to the Advisers' 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;ii.Requires compliance by all supervised persons with applicable federal securities laws.

&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.Requires certain supervised persons to report, and for the Advisers to review, their personal securities transactions and holdings periodically.

&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.Requires prompt reporting by all supervised persons of any violations of this Code.

&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.Requires distribution by the Advisers of the Code and of any amendments to all supervised persons and for the Advisers to obtain written acknowledgements from all such individuals as to their receipt of the Code.

DBL, DSL, DLY, the Trusts and the Advisers also are required pursuant to Rule 17j-1 under the Investment Company Act to adopt a written code of ethics that contain provisions reasonably necessary to prevent their "Access Persons," as defined in Investment Company Act Rule 17j-1(a)(1), from:

&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.employing any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.making any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to a Fund, considering the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a Fund; 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;ix.engaging in any manipulative practice with respect to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Other Topics Covered in the Code**

In addition to the minimum requirements set forth above, the Code also addresses the Companies' policies and procedures regarding:

&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.Sanctions for violating the Code

&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.Safeguarding and maintaining confidential information

&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.Prohibitions against insider trading

&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.Investment activities

&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.Annual review by Trustees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Code May be Supplemented by Other Applicable Policies**

The Code has been drafted in a manner that allows it to apply equally to all Personnel regardless of their specific functions or responsibilities. As a result of this "one size fits all" approach, the Companies may, from time-to-time, supplement the Code as it applies to Personnel that perform certain functions or that have responsibilities by the adoption of separate, more specialized policies and procedures. Where this is the case, Personnel to whom these separate policies and procedures apply must comply

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with both the Code and these additional policies – or the more restrictive of the two in the case of a conflict. More generally, the existence of the Code should not be understood as relieving Personnel, in any manner, from their continuing responsibility to familiarize themselves, and to comply, with all applicable policies and procedures of the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Best Judgment and Further Advice**

It is not reasonable to expect this Code or other applicable policies or procedures of the Companies to cover all the possible situations that Personnel may encounter. For this reason, nothing in this Code removes the need for all Personnel to use their best judgment in order to maintain high professional standards and to consult with their *supervisor*s as well as appropriate members of the Compliance Team ("Compliance Personnel"), as needed.

Personnel that are unsure how to handle a situation are urged to consult with their *supervisor* or Compliance Personnel for advice.

![image_2a.jpg](image_2a.jpg)

References:&nbsp;&nbsp;&nbsp;&nbsp;Advisers Act Section 202(a)(25): Definitions (definition of "Supervised Person")

Advisers Act Rule 204A-1(a): Investment Adviser Codes of Ethics (adoption of code of ethics)

Investment Company Act Section 17: Transaction of Certain Affiliated Persons and Underwriters

Investment Company Act Rule 17j-1: Personal Investment Activities of Investment Company Personnel

![image_3a.jpg](image_3a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.DUTY TO REPORT VIOLATIONS OF THIS CODE, SANCTIONS AND ACKNOWLEDGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Duty to Report Violations of this Code**

DoubleLine Personnel are required to report promptly any violation or potential violation of the Code to the CCO. Any such report shall be maintained in confidence and no retaliation shall be made against the individual for making a report and, indeed, any retaliation for reporting a violation of the Code shall itself constitute a violation of the Code.

&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.Review and Investigation**

The CCO shall be responsible for the prompt review and investigation of any violations of the Code reported to, or independently discovered by, the CCO. The CCO shall be responsible for reporting any substantiated material violations of the Code to appropriate senior management within the Companies and to the Board of Trustees of the Trusts, DSL, DBL or DLY (as applicable) (the "**Trustees**") and for appropriately documenting such review and investigation, the reporting thereof to senior management, and any action, including any sanctions, taken as a result thereof.

&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.Involvement of Legal Counsel**

Notwithstanding the assignment of responsibility to the CCO with respect to the review and investigation and reporting of violations, where either the CCO, counsel, or the Disinterested Trustees determine that sufficient reasons exist for any such review, investigation, or reporting to be conducted

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under the direction of legal counsel or such outside counsel as shall engage for such purpose, such legal or outside counsel shall have the ultimate responsibility for the conduct of such review, investigation, and the reporting and documentation thereof.

&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.Where the CCO is Implicated by the Violation Being Reported**

Notwithstanding the foregoing, where a person making a report believes that the CCO is implicated in any violation being reported, the reporting person may report such violation to any of the Companies' senior management, including the Disinterested Trustees, as such individual believes is appropriate (the "**Receiving Person**"). Upon the receipt of a report of a violation, the Receiving Person shall either cause the Companies to undertake such review and investigation of the reported violation and to take such other action as is contemplated above or promptly report such matter to another member of senior management as the Receiving Person believes is appropriate, who, upon receipt of such report, shall have the responsibility of a Receiving Person.

![image_4a.jpg](image_4a.jpg)

References:&nbsp;&nbsp;&nbsp;&nbsp;Advisers Act Rule 204A-1(a)(4): Investment Adviser Codes of Ethics (duty to report violations)

Advisers Act Rule 204-2(a)(12)(ii): Books and Records to be Maintained by Investment Advisers (record of any violation of the Code and action taken as a result)

Advisers Act Rule 204-2(e)(1): Books and Records to be Maintained by Investment Advisers (holding periods for certain required records)

Investment Company Act Rule 17j-1(c)(2)(ii)(A): Personal Investment Activities of Investment Company Personnel (Administration of Code of Ethics)

Investment Company Act Rule 17j-1(f)(B): Personal Investment Activities of Investment Company Personnel (Recordkeeping Requirements)

![image_5a.jpg](image_5a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Sanctions**

&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.Requirement that CCO be Informed of all Internal Discipline**

No internal discipline shall be imposed, nor any decision reached to not impose discipline, on any DoubleLine Personnel for violation of this Code without the underlying matter and the sanction to be imposed being first brought to the attention of 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;**ii.Possible Sanctions**

Possible sanctions for violation of this Code may include, but need not be limited to, verbal or written warnings, reversal of trades or reallocation of trades to client accounts, disgorgement of profits, suspension or termination of trading or investment privileges, monetary penalty, heightened supervision, job modification, suspension or termination, and/or civil or criminal referral to the appropriate governmental authority. Sanctions are imposed by the Code of Ethics Committee, which generally shall consist of the General Counsel, Chief Risk Officer, CCO, President and other senior Personnel that they may designate.

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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;**iii.Heightened Supervision or Other Responsive Actions**

The CCO shall be responsible for determining whether any violation of the Code that is brought to the CCO's attention indicates a need (i) for heightened supervisory procedures, and, if so, the means by which such need should be addressed, and (ii) any change in the Companies' procedures or policies or applicable controls. In addition, the CCO, after conferring with outside counsel, shall also be responsible for determining whether the violation, or any sanction imposed as a result thereof, requires additional disclosure or reporting, including to the Companies' clients or, any regulatory, law enforcement or other outside party. The CCO shall be responsible for appropriately documenting each determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Acknowledgement**

All Personnel must read, understand and adhere to this Code as well as any amendments or changes to the Code. Personnel (except for the Trustees) are required to sign<sup>3</sup> an Acknowledgement that they have read the entire Code, and from time-to-time, any amendments, and have had an opportunity to review any portions with their supervisor and a member of the Compliance Department.

By signing the Acknowledgement, each signatory agrees to perform fully all applicable responsibilities and to comply with all applicable restrictions, limitations, and requirements set forth in the Code and acknowledge that any such failure may result in disciplinary action, up to and including termination. Failure to comply with the terms of this Code can also subject the Companies and responsible *supervisor*s and involved individuals to fines, penalties and potentially even criminal proceedings in addition to significant reputational harm and regulatory sanctions. From time-to-time, the Companies may ask any recipient of this Code to certify his or her continued compliance with the applicable terms and/or with any other applicable restrictions, limitations or requirements and to sign an Acknowledgement with respect to any amendments hereto.

![image_6a.jpg](image_6a.jpg)

References:&nbsp;&nbsp;&nbsp;&nbsp;Advisers Act Rule 204A-1(a)(5): Investment Adviser Codes of Ethics (written acknowledgement)

Advisers Act Rule 204-2(a)(12)(iii): Books and Records to be Maintained by Investment Advisers (record of written acknowledgement)

Investment Company Act Rule 17j-1: Personal Investment Activities of Investment Company Personnel

![image_7a.jpg](image_7a.jpg)

![image_8a.jpg](image_8a.jpg)

3 "Sign" shall be construed to indicate the use of electronic means, including through any systems used by the Companies to monitor the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.GENERAL STANDARD OF CONDUCT**

The Companies are committed to maintaining the trust and confidence of their shareholders and clients, to upholding high standards of integrity and business ethics and professionalism, and to compliance with legal and regulatory requirements and its own internal policies and procedures.

Compliance with these standards is crucial to the Companies' long-term success. Simply put, the Companies' continued success is dependent upon its reputation and there is no more certain way to diminish the Companies' reputation than by failing to put their shareholders and clients first. If the Companies serve their shareholders and clients honestly and equitably and to the best of their abilities, their success will follow.

The general standard of conduct required by all Personnel reflects several underlying requirements including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fiduciary duty owed by the Companies and their Personnel to the Funds' shareholders and the Adviser's 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;• the Companies' intent to adhere to good business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• applicable legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Companies' own internal policies and procedures; 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;• representations that the Companies have made to its clients in agreements, offering documents or other written materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Fiduciary Duty**

The Companies and all Personnel owe a fiduciary duty to the Funds and to the Adviser's other clients. This fiduciary duty is composed of both a duty of care and a duty of loyalty. The duty of care requires the Companies and all Personnel (i) to provide advice to the Funds and to the Adviser's other clients that is in the best interest of, and is suitable for, the Fund or the client, (ii) to seek best execution of transactions where the Companies and the Personnel have responsibility to select executing broker- dealers, and (iii) to provide advice and monitoring over the course of the Companies' relationship with the Fund or the Adviser's other clients, as applicable. The duty of loyalty means that the Companies and their Personnel must always place the interests of the Funds and the Adviser's other clients first. More specifically, the Companies' fiduciary duty to the Funds and the Adviser's other clients requires that Personnel adhere to the following standards:

&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.Any recommendation to a client must have a reasonable basis and must be suitable for the client considering the client's needs, financial circumstances, and investment objectives;

&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.Facts that may be material to the client's economic interest or decision-making must be disclosed fully and fairly and Personnel must refrain from engaging in fraudulent, deceptive or manipulative conduct;

&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.Best execution must be provided with respect to client transactions where the Companies have discretion to select executing broker-dealers; and

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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;iv.Conflicts of interest should be mitigating wherever possible and, failing that, must be fully disclosed and managed (as discussed more fully at Section IV hereof).

All Personnel should note that various topics mentioned within the Code, such as but not limited to, best execution or soft dollars are addressed in more detail in other policies, which also should be consulted when researching the Companies' policies on such topics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Adherence to Good Business Practices**

The Companies expect all Personnel to adhere to the principles of good business practice. At a minimum, this requires Personnel to engage in fair and honest conduct in all their dealings and to perform their functions and meet their responsibilities with a degree of professionalism reasonable to the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Compliance with Applicable Federal Securities Laws and Other Requirements**

Inherent in the above standard is the requirement that the Companies and all Personnel comply at all times with all applicable securities laws as well as the Companies' own internal policies and procedures.

While many applicable legal and regulatory requirements are reflected in this Code or the Companies' other policies and procedures, Personnel should not assume that this is true of every relevant securities law or regulation. As a result, Personnel must take the responsibility to inform themselves of, and understand, the legal and regulatory requirements applicable to their activities. For this same reason, the Companies expect all Personnel to stay current with respect to applicable regulatory and legislative developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Client Representations**

The Companies and all Personnel are also expected to comply with any written representations that the Companies have made to their clients, including, but not limited to, representations that are made in formal agreements between the Companies and their clients or the offering documents for any of the Companies' products (where applicable). This is particularly relevant with respect to adherence to stated objectives and constraints applicable to a portfolio or fund. Personnel tasked with managing client relationships are responsible for memorializing, in writing, any material oral representations made to clients and prospective clients with respect to their investments with the Companies or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Market Rumors**

No officer or employee of the Companies shall originate or, except as permitted below, circulate in any manner a false or misleading rumor about a security or its issuer for the purpose of influencing the market price of the security. A statement that is clearly an expression of an individual's or the Companies' opinion, such as an analyst's view of the prospects of a company, is not considered to be a rumor, and is excluded from these restrictions.

Where a legitimate business reason exists for discussing a rumor, for example where a client is seeking an explanation for an erratic share price movement which could be explained by the rumor, care should be taken to ensure that the rumor is communicated in a manner that:

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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;i.sources the origin of the information (where possible);

&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.gives it no additional credibility or embellishment;

&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.makes clear that the information is a rumor; 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;iv.makes clear that the information has not been verified.

If in doubt, Personnel should consult with the CCO regarding questions about the appropriateness of any communications about specific securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.General Antifraud Prohibitions**

DoubleLine Personnel are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.employing any device, scheme, or artifice to defraud a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&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.engaging in any transaction, practice, or course of business that operates as a fraud or deceit upon a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&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.making any untrue statement of a material fact to a client or omitting to state a material fact necessary to make a statement made not misleading; 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;iv.engaging in any act, practice or course of business that is fraudulent, deceptive, or manipulative.

![image_9a.jpg](image_9a.jpg)

References:&nbsp;&nbsp;&nbsp;&nbsp;Advisers Act Section 206: Prohibited Transactions by Investment Advisers Advisers Act Rule 204A-1(a)(1) and (2): Investment Adviser Codes of Ethics

(adoption of general standard of business conduct and requirement of

compliance with applicable Federal securities laws)

Advisers Act Rule 204A-1(e)(4): Investment Adviser Codes of Ethics (definition of "Federal Securities Laws")

Investment Company Act Rule 17j-1(b): Personal Investment Activities of Investment Company Personnel (Unlawful Actions)

Investment Company Act Rule 17j-1(c): Personal Investment Activities of Investment Company Personnel (Code of Ethics)

Investment Company Act Rule 38a-1(f)(1): Compliance Procedures and Practices of Certain Investment Companies (definition of "Federal Securities Laws")

![image_10a.jpg](image_10a.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.CONFLICTS OF INTEREST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.General Statement of Policy**

The fiduciary duties imposed on the Companies and Personnel require all Personnel to be diligent with respect to the possibility of conflicts of interest, whether real or apparent, in transactions with clients. This includes conflicts between the interest of the Companies or their Personnel and their clients, and conflicts between two client accounts. As a general matter, conflicts should be avoided where practicable. Where they cannot be avoided, it will generally be the case that a conflict must be mitigated as much as possible and then fully and fairly disclosed to the client, such that the client can make an informed investment decision and, where applicable, provide an informed consent. When in doubt, Personnel should contact their supervisor or a member of Compliance Personnel for advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.General Description of Conflicts**

While it is impossible to describe all conflicts that may arise, in general, conflicts will include various practices in which the Companies or any Personnel have a pecuniary or other interest in recommending or undertaking a transaction for a client. It is important to understand that a conflict does not require that the client suffer any actual harm. It also does not require that the improper interest in question be tangible or otherwise quantifiable or even certain. It is enough if the improper interest is, or could be viewed as, a motivating factor in the Companies or Personnel recommending or undertaking the transaction. Conflicts of interest can also exist across clients, for example where one client account owns debt in an issuer undergoing bankruptcy and another client account owns equity in the same issuer, and their interests are not aligned as a result of the right related to the bankruptcy proceeding.

An improper interest may be economic, personal or otherwise. In the case of an economic interest, the interest may be a positive benefit or the avoidance, or minimization of, a negative economic result, *e.g.*, the avoidance of an expense or a loss, or loss minimization.

Improper interests can include a wide variety of situations, including situations where:

&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 transaction allows the Companies or Personnel to generate fees or profits, or avoid losses or expenses, from another relationship as, for example, is the case with respect to soft dollars (discussed further below), the receipt of finder's fees, outside commissions or bonuses;

&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 Companies or Personnel are directly interested in the transaction as, for example, is the case with respect to principal transactions;

&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 transaction benefits a third party in which the Companies or any Personnel has an ownership or other economic 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;**iv.**The transaction provides a benefit to a third party, rather than to the Companies or any Personnel directly, for an improper purpose as, for example, one that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.involves any *quid pro quo*, *e.g.*, where the benefit is returned to the Companies or Personnel in some manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.is done to benefit a spouse or child or other person for personal reasons; or

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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;c.is done to repay a favor or out of gratitude or for the purpose of obtaining or continuing to receive lavish gifts or entertainment (as discussed further below).

Without limiting the generality of the foregoing, all Personnel should avoid any investment, interest, association or other relationship of a personal nature that interferes, might interfere, or even might be perceived as interfering with the independent exercise by the individual of good judgment in the best interest of the Advisers' clients or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Particular Conflicts**

&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.Conflicts Related to the Provision of Disinterested and Impartial Advice or Undertaking a Transaction on Behalf of a Client**

Where any advice or recommendation, or transaction undertaken on behalf of a client, is not effected on a fully disinterested and impartial basis, the applicable Adviser must mitigate the conflict to the extent possible (e.g., waive or reduce a fee that creates a conflict) and fully and fairly disclose and residual conflict to the Fund shareholders or other Adviser client, as applicable. An interest in a security or issuer, whether direct or indirect, or a relationship with an issuer, may support an inference that advice or a recommendation or the undertaking concerning such security, or the securities of an issuer was not disinterested and impartial.

Accordingly, to minimize the possibility of such conflicts the Companies have adopted policies to address the conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 investment activities of DoubleLine Personnel (see Sections VII and VIII hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.the holding of any position (*e.g.*, as a director or trustee) with an issuer or its affiliates (see the Companies' Outside Business Activities and Affiliations Policy); 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;c.any present or proposed business relationship with an issuer or its affiliates (see the Companies' Outside Business Activities and Affiliations Policy).

&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.Appropriation of Client Information for Personal Benefit**

DoubleLine Personnel may not trade or recommend trading in securities based on client information, including information related to client positions, trades, or strategies. This means that trades and recommended trades by Personnel should always be based upon an investment assessment that is independent of any nonpublic client information.

&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.Selecting Suppliers and Service Providers**

The acceptance of any compensation or other benefit from a supplier or service provider to the Companies, especially one involving expenses that are, directly or indirectly, borne by an Adviser's clients, may also be perceived as a conflict in that it may lead to a perception that the provider's selection may not be in the clients' best interest. Accordingly, the Companies' use of any brokerage firm or other vendor, or service provider may be subject to separate policies and procedures of the Companies subjecting such use to a pre-approval process and other requirements for the purpose of minimizing the possibility of such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.Potential Conflicts of Interest Arising from Transactions in Affiliated Entities**

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affiliated with DoubleLine that could be adverse to some or all shareholders, equity holders or noteholders in these sponsored or affiliated investment opportunities. The Code of Ethics Committee is responsible to review and resolve or seek to mitigate such conflicts through appropriate controls.

References:

Exchange Act Section 28(e): Effect on Existing Law (exchange, broker, and dealer commissions; brokerage and research services)

Advisers Act Section 206: Prohibited Transactions by Investment Advisers Advisers Act

Rule 204A-1(a)(1) and (2): Investment Adviser Codes of Ethics (adoption of general standard of business conduct and requirement of compliance with applicable Federal securities laws)

Investment Company Act Rule 17j-1(b): Personal Investment Activities of Investment Company Personnel (Unlawful Actions)

Investment Company Act Rule 17j-1(c): Personal Investment Activities of Investment Company Personnel (Code of Ethics)

Investment Company Act Rule 38a-1(f)(1): Compliance Procedures and Practices of Certain Investment Companies (definition of "Federal Securities Laws")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.CONFIDENTIALITY/PRIVACY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.General Statement of Policy -- Confidentiality**

All DoubleLine Personnel have a duty to safeguard and treat as confidential all nonpublic information concerning the Companies, investors in the Funds, clients of the Advisers, and all transactions in which the Advisers or its clients are involved. This includes all information concerning a client's financial circumstances and holdings, and advice furnished to the client. Moreover, employees may only use Companies or client information within the scope of their employment and, accordingly, may not appropriate such information for their own use or benefit or the use or benefit of any third party.

Confidential information also shall be construed to mean any information acquired from a third party pursuant to a non-disclosure (confidentiality) agreement ("NDA") or confidentiality clauses contained in contractual arrangements with such third parties. Such NDAs or confidentiality clauses generally require DoubleLine to keep the other party's Confidential Information in confidence using a reasonable degree of care, which shall be at least the same degree of care that DoubleLine uses to maintain its own Confidential Information of like importance, and to use the other party's Confidential Information only to carry out its obligations and exercise its rights under the applicable agreement. DoubleLine Personnel are encouraged and reminded to allow access to such third parties' confidential information only to those of employees having a need to know such information. DoubleLine Personnel also should consult members of the Legal Department if any questions arise about the terms of any NDA or the confidentiality clause of any applicable contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Sharing of Information Within the Companies**

DoubleLine Personnel should only share client or proprietary information within the Companies with individuals that have a legitimate business need for knowing the information. In addition, employees should not share information in violation of any Information Walls implemented by the Companies as a means of isolating certain kinds of sensitive information within the Companies so that it is not available to employees that perform "public" functions, such as the making of recommendations or giving of advice with respect to trading. Employees should bring to the attention of the CCO any attempt by other Personnel to solicit or obtain client or proprietary information for which they do not have a legitimate business need.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Sharing of Information Outside the Companies**

DoubleLine Personnel should not discuss or share client or proprietary information with individuals outside the Companies, other than with parties that both have a legitimate need to know such information and have either provided a confidentially agreement that covers such information, which, in accordance with the Companies' policies, has been reviewed and approved by the Companies' Legal/Compliance Department (or outside legal counsel, as appropriate) or are themselves under a separate duty to maintain the confidentiality of the information, such as, for example, the Companies' outside counsel or accounting firm, or employees of regulated entities such as prime brokers, clearing firms or transfer agents. When any doubt exists as to the need for a confidentiality agreement, employees should contact the Companies' Legal/Compliance Department or legal counsel if appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Reporting of Possible Confidentiality Breach**

Employees should promptly bring to the attention of the CCO or legal counsel (if deemed appropriate) any suspicion that an unauthorized person has obtained confidential information.

&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.Special Considerations Involving Information Disclosure About Publicly Traded**

**Clients**

The inadvertent disclosure of nonpublic information about a client that has publicly traded securities outstanding may trigger a disclosure requirement on the part of the client. Accordingly, anyone who unintentionally discloses nonpublic information regarding a client that has publicly traded securities should immediately contact the CCO so that a determination can be made as to whether there is a need to take any action, including alerting such client of such disclosure so that it will have an opportunity to publicly disclose such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.PROHIBITION AGAINST INSIDER TRADING**

All Personnel are required to comply with DoubleLine's Insider Trading Policy, which may be found in the Compliance section on the intranet. Personnel should immediately notify the CCO or designee if they believe they have come into possession of or were exposed to material nonpublic information, or if they are unsure if the information is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.REPORTING OF ACCOUNTS AND TRANSACTIONS INVOLVING SECURITIES AND OTHER FINANCIAL PRODUCTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.General Statement of Companies' Policy with Respect to Account and Notification**

All DoubleLine Personnel, other than Disinterested Trustees, are required to notify the Companies promptly, in the manner provided below, upon the opening of any outside account by a DoubleLine Personnel or an **Immediate Family Member** of a DoubleLine Personnel, each as hereinafter defined, for the purchase, holding or disposition of any financial product, *e.g.*, a security, future, commodity, or any derivative thereon. To the extent you report an account over which neither you nor any other Immediate Family Member has any direct or indirect influence or control over, you may be required to certify in writing that they have no direct or indirect influence or control over such account. See also the section below entitled "Non-Volitional Transactions" below.

DoubleLine Personnel, other than Disinterested Trustees, must report any account that is beneficially owned by (i) them; (ii) their spouse or domestic partner; (iii) any Immediate Family Member (as defined below); and (iv) any account as to which any of the foregoing has discretionary authority or direct influence or control, including any account for which an individual acts as trustee, executor or custodian, but excluding any account for an Adviser's client to the extent the discretion is exercised on behalf of the Adviser.

The term "Immediate Family Member" shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or domestic partner, sibling, mother-in-law, father-in-law, son-in law, brother-in law, or sister-in-law, including all adoptive relationships, but only to the extent such family member shares a household with the individual.

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Personnel who are new to the Companies must promptly notify the Companies within ten (10) business

days of all existing accounts that would otherwise fall within the foregoing notification. All DoubleLine Personnel are also required to notify the Companies promptly upon any change in the account set up information, *e.g.*, a change to the name of the account or the account number, or the closing of such account.

Any information required to be submitted to the Companies pursuant to this Section VII may be delivered, at the Companies' option, through authorized and designated compliance systems designed for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&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.Account and Initial Holdings Notification**

All account and initial holding notifications, including account openings, changes to an account and account closings, must be made in writing or through electronic delivery of the relevant information to designated Code of Ethics Team ("Code Personnel"), and in the case of account openings, shall include the name of the broker, dealer, bank or other party with whom the account was established. Such notification should be provided using the designated compliance system). All initial holding notifications shall be submitted within ten (10) days of a person being designated as an Access Person and being subjected to the requirements of the Code. Information submitted in initial account and holdings reports must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person.

At the time any such notification is made, the brokerage or other firm that is to carry the account also must be notified by DoubleLine Personnel of the need to provide copies of account statements and confirmations to the Companies.

&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.Right of Companies to Limit Where Accounts May be Carried**

Notwithstanding anything herein, the Companies reserve the right to limit the firms at which personal securities accounts of DoubleLine Personnel and their Immediate Family Members may be opened and carried, provided that the CCO may grant exceptions to such policy in the case of hardship or for other good cause. All DoubleLine Personnel and those of their Immediate Family Members must maintain accounts only with broker dealers or other financial institutions on the designated brokers list. The criterion for broker approval is whether a broker is able to provide electronic feeds to DoubleLine for purposes of monitoring and administration of the Code and the designated compliance system can effectively accommodate the electronic feeds. A list of designated brokers shall be published by the Compliance Department for reference by employees. Limited exceptions may be granted by the CCO in such cases as may be necessary or prudent on a case-by-case basis (such as accounts of immediate family members of employees).

New employees must transfer their existing accounts within a specified period of time as determined by the Compliance Department if their account is not held at a broker listed on the designated broker list. Accounts subject to this Code and previously reported to the Compliance Department as of January 1, 2021 are not subject to the requirement that they be with a designated broker.

&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. Disclosure and Furnishing of Quarterly Transaction Reports Regarding Financial Products**

No later than thirty (30) calendar days after the end of each calendar quarter, all Personnel, other than Disinterested Trustees, must provide designated Code Personnel with the following information with respect to all transactions during such quarter involving a security or financial product, other than "**Excluded Transaction**," as defined below, in which they have any direct or indirect beneficial 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The date of the transaction, the type of product and, as applicable, the exchange ticker symbol or CUSIP, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each security or financial product involved;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The price of the security or financial product at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.The name of the broker, dealer, bank or other party with or through which the transaction was effected; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The date that the report is submitted.

**Excluded Transactions**

For purposes hereof, the term "Excluded Transaction" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.A transaction involving an Excluded Product (as defined in Section VII A 7) or a Non-Volitional Transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.A transaction as to which all the information required to be reported is contained in a broker trade confirmation or account statement that has been previously provided hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.A transaction pursuant to an "**Automatic Investment Plan**," which, in accordance with Investment Company Act Rule 17j-1(a)(11), means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation and which includes a dividend reinvestment plan.

&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.Annual Holdings Reports**

As required by Rule 204A-1 under the Advisers Act, and Rule 17j-1 under the Investment Company Act, not later than 45 days after January 1<sup>st</sup>, all Personnel, other than Disinterested Trustees, are required to report in a dated writing to the CCO the following information, which must be current as of December 31st:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.The title, number of shares and principal amount of each security or financial product, other than an Excluded Product, in which the individual has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.The name of any broker, dealer, bank or other party through whom an account is held for the direct or indirect benefit of the individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.The timing of the submission of these reports is designed to coincide with a quarterly transaction report to alleviate confusion about the submission of reports.

&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.Reporting Requirements Applicable to Disinterested Trustees**

While Disinterested Trustees are not subject to the foregoing reporting requirements, they are required to report any transaction, other than a "**Non-Reportable Transaction**" (as hereinafter defined), involving a security, other than one that is an Excluded Product, undertaken by the Disinterested Trustee or any DoubleLine Personnel or any Immediate Family Member, if the Disinterested Trustee knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of a Fund, should have known that, during a 15-day period immediately preceding or after the date of the transaction, (i) a Fund purchased or sold such security, or (ii) a Fund or an adviser to a Fund was considered the purchasing or selling of such security (such transaction a "**Covered Transaction**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Reporting Requirements

Any Disinterested Trustee that is required to report a Covered Transaction shall, no later than thirty

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)calendar days after the end of the calendar quarter in which such transaction occurred, file such report containing such information with respect to such transaction and any account in which the transacted securities were held with the Funds' 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Definition of Non-Reportable Transaction

For purposes hereof, the term "**Non-Reportable Transaction**" means any transaction taken as part of an Automatic Investment Plan or a Non-Volitional Transaction.

&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.Other Reports or Information**

Notwithstanding the foregoing, all Personnel may be required to provide such additional information regarding any holdings of, or transactions in, financial products at such times and in such manner as designated Code Personnel may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.Excluded Products**

For purposes hereof, the term "Excluded Products" means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Direct obligations of the federal government of the United States (Note for clarification: this does not include obligations of any state, including obligations of any municipality or state agency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Shares in open-end investment companies (mutual funds) (Note: this does **<u>not</u>** include open-end investment companies that are advised or sub-advised by DoubleLine or any affiliate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds not advised by DoubleLine or any affiliate. (Mutual funds and ETFs advised or sub-advised by DoubleLine or any affiliate are "Reportable Funds".)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Purchases or sales of physical currencies and physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Investments in 529 plans not managed, distributed, marketed or underwritten by a DoubleLine or any of its affiliates.<sup>5</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Direct purchases or sales of cryptocurrencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.Non-Volitional Transactions**

For purposes hereof, the term "Non-Volitional Transaction" means any transaction effected in an account over which neither the applicable Personnel nor any of the Personnel's relevant Immediate Family Members have any direct or indirect influence or control, including transactions such as demutualization, stock splits, stock from mergers or spin-offs, automatic tender offers or stock dividends.

![image_17a.jpg](image_17a.jpg)

References:&nbsp;&nbsp;&nbsp;&nbsp;Advisers Act Rule 204A-1(a) (3): Investment Adviser Codes of Ethics (review of securities transactions and holdings)

Advisers Act Rule 204A-1(b): Investment Adviser Codes of Ethics (reporting requirements)

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Advisers Act Rule 204-2(a)(13)(1): Books and Records to be Maintained by Investment Advisers (record of report with respect to securities transactions)

Advisers Act Rule 204-2(e): Books and Records to be Maintained by Investment Advisers (holding period for certain records)

Investment Company Act Rule 17j-1(d): Personal Investment Activities of Investment Company Personnel (Reporting Requirements of Access Persons)

![image_18a.jpg](image_18a.jpg)

5 See SEC no-action letter, WilmerHale, July 28, 2010.

Investment Company Act Rule 17j-1(e): Personal Investment Activities of Investment Company Personnel (Preapproval of Investments in IPOs and Limited Offerings)

Investment Company Act Rule 17j-1(f): Personal Investment Activities of Investment Company Personnel (Recordkeeping Requirements)

![image_19a.jpg](image_19a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.INVESTMENT ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Overview**

The Companies impose a number of restrictions on trading and investment activities by DoubleLine Personnel, other than Disinterested Trustees. These restrictions are designed to assist the Companies in complying with applicable legal and regulatory requirements; to help avoid conflicts of interest, including apparent conflicts; and, ultimately, to protect the Companies' reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Provisions of General Applicability**

&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.Prohibition on Doing Indirectly What Cannot Be Done Directly**

DoubleLine Personnel are expected to comply with both the letter and the spirit of the restrictions and prohibitions set forth in this Code. Accordingly, to the extent any transaction would put an individual in an economic position that would be substantially equivalent to a prohibited or restricted transaction, such transaction is similarly prohibited or restricted. By way of illustration, where a long position in an underlying equity would be prohibited, it would be prohibited for an individual to establish a derivative or synthetic position that achieves similar economics.

&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.When in Doubt**

When in doubt as to the applicability of these restrictions and prohibitions to any transaction, Personnel should either refrain from entering into the transaction or discuss the matter with their supervisor or Code Personnel.

&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.Unwinding Transactions**

As all or part of a sanction imposed, the Companies may require that Personnel break or unwind any transaction entered by any Personnel in violation of these provisions. In such case, the Companies shall not have any obligation to reimburse the individual for any loss suffered as a result thereof and any realized profits shall be disgorged and provided to a charitable organization chosen by the Companies.

&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.Hardship**

The CCO may grant exceptions to certain restrictions or prohibitions set forth herein in the case of hardship or for other good cause, provided that any such exemption shall be documented and otherwise in compliance with any applicable legal requirements.

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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;**v.Trade Request Submission Requirements and Timing Expectations**

***<u>Personnel should understand that the Approving Officers will be under no obligation to respond to</u> <u>any request for approval within any stated time and once any such matter is considered may withhold</u> <u>approval for any reason or for no reason at all and, in any event, may withhold approval where it is</u> <u>determined that any such transaction may be legally uncertain, may give the appearance of a conflict</u> <u>of interest, or may expose the Companies to reputational risk, risk of regulatory inquiry or other</u> <u>harm, no matter how remote.</u>***

**All personal trades must be submitted through the designated compliance system. Certain transactions may require additional documentation at the discretion of the Approving Officers.**

Approving Officers will review personal trade requests and Personnel will receive notification whether a trade is approved or denied via the designated compliance system. If a trade is approved, the approval is valid for the current business day through the following business day. If the terms of the trade request change or if the trade is not executed during the granted approval window, a new trade request must be resubmitted for pre-approval before a trade may be effected. Pre-approvals for DoubleLine Closed-End Funds are only valid through the end of the same business day that pre-approval is granted.

Should any person use email to make a personal trade request, such person is presumed to be making all the representations that are present on the forms available in the designated compliance system. The use of email to make such requests should be restricted to situations such as when the requestor is out of office or the use of the prescribed form is otherwise impractical and such procedure should be the exception to the general procedure of requesting pre-approval through the designated compliance system.

NOTE: Post-approval is not permitted. Any trade completed before pre-approval is obtained or after the approval window has terminated may be broken or unwound as provided at Section VIII. B. 3 and may result in disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Prohibitions and Pre-Approval Requirements of General Applicability**

&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.Prohibited Transactions**

<u>Nonpublic Information</u>. All DoubleLine Personnel are strictly prohibited from trading or participating in any investment activity, including without limitation the making of any recommendation, whether on their own behalf or on behalf of a shareholder or client of the Companies or other third party, based on material nonpublic information or nonpublic client information, including client securities information.

<u>Manipulative Conduct</u>. Personnel are strictly prohibited from engaging in any trading or investment activity that constitutes manipulative conduct. This would include trades that do not have a bona fide purpose, *e.g*., that are done to influence market price or convey a false appearance of price movement or volume.

<u>Fraud</u>. Personnel are strictly prohibited from participating in any investment activity that is known to any such individual to involve fraudulent activities such as forgery, non-disclosure or misstatement of material facts or the taking of any action that is meant to conceal or misrepresent the facts of a matter. This would include, for example, knowingly backdating a document or recording a trade as occurring at an incorrect time.

<u>Restricted List</u>. Absent an exception specifically granted by the CCO, Personnel are prohibited from trading or participating in any investment activity in any security on the Companies' Restricted List.

<u>Uncovered Short Trade</u>. Personnel are prohibited from entering into an uncovered short trade.

<u>Uncovered Option</u>. Personnel are prohibited from writing an uncovered option.

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Initial Public Offerings or Expected Initial Public Offerings. Unless an exception is granted and preclearance is obtained from the CCO or his designee, Personnel are restricted from participating in transactions involving initial public offerings.

&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.Transactions Requiring Additional Documentation to obtain Pre-Approval**

All DoubleLine Personnel are prohibited from engaging in any **Restricted Transaction** (as defined below) without first obtaining prior approval by the CCO or the CCO's designees (collectively, the "Approving Officers").

For purposes hereof, a Restricted Transaction shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.transfers of interest in private placements sponsored by the Companies, other than transfers for estate planning purposes or that are court-mandated.

For purposes of the foregoing, the terms "limited offering" or "private placement" shall each mean an offering of securities that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2), which provides an exemption for transactions by an issuer not involving any public offering, or Section 4(6), which involve offers or sales by an issuer solely to one or more accredited investors, or pursuant to Rule 504, Rule 505, or Rule 506 of Regulation D, which allow offerings for a limited dollar amount and/or to a limited number of investors, or any other applicable exemption from registration under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Transactions involving any closed end fund advised or sub advised by DoubleLine must be pre-approved without exception. It may prove necessary for the Code of Ethics Committee to discuss such requests and reach agreement as to whether that transaction can be approved considering the circumstances.

Certain DoubleLine Personnel may be deemed insiders and may be subject to additional reporting obligations under the Section 16 Policy, including Forms 3, 4, and 5 filings with the SEC regarding their transactions in shares of a DoubleLine CEF.

Closed end funds not managed by DoubleLine require preapproval as described below under "Transactions requiring pre-approval".

Requests for approval of all Restricted Transactions must be submitted directly to the CCO. When considering approval of any request, the Approving Officers will take into consideration whether the investment opportunity is one that should have been reserved for an Adviser's clients and whether the opportunity is being offered by virtue of the individual's position with an Adviser.

![image_20a.jpg](image_20a.jpg)

References:&nbsp;&nbsp;&nbsp;&nbsp;Advisers Act Section 204A: Prevention of Misuse of Nonpublic Information

Advisers Act Section 206: Prohibited Transactions by Investment Advisers Advisers Act Rule 204A-1(c): Investment Adviser Codes of Ethics (pre-

approval of certain investments)

Advisers Act Rule 204-2(a)(13)(iii): Books and Records to be Maintained by Investment Advisers (record of decision regarding certain securities

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acquisitions)

Investment Company Act Rule 17j-1(e): Personal Investment Activities of Investment Company Personnel (Pre-Approval of Investments in IPOs and Limited Offerings)

![image_21a.jpg](image_21a.jpg)

&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.Transactions Requiring Pre-approval**

Before you execute a personal trade, the trade may need to be pre-approved (i.e., pre-cleared) to ensure that there is no conflict with the Companies' current trading activities on behalf of its clients (including the Funds). All trades in any security must be pre-cleared, except as provided 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.Pre-Approval is required for the following types of transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Any Security (unless excluded below):** You must preclear trades in any security, which means any bond, stock, debenture, certificate of interest or participation in any profit-sharing venture, warrant, right and generally anything that meets the definition of "security" under the Investment Advisers Act of 1940 and the Investment Company Act of 1940. Except for money market instruments and G- 7 government direct obligations, all fixed income securities must be precleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Common Stocks:** You are required to preclear all stocks (any equity security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives:** Trades in any financial instrument related to a security or commodity interest that is required to be pre-cleared, including options on securities, futures contracts, single stock futures, options on futures contracts and any other derivative must be precleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **ETFs:** You are required to preclear all trades in any ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares in any Closed-end Fund:** Preclearance is required if you purchase or sell shares of any closed-end funds, including any advised or sub-advised by the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Systematic Investment Plans:** Preclearance is required when executing an initial instruction for any purchases or sales that are made pursuant to a systematic investment or withdrawal plan involving a security that requires preclearance. A systematic investment or withdrawal plan is one pursuant to which a prescribed purchase or sale will be automatically made on a regular, predetermined basis without affirmative action by the Access Person. As such, only the initial investment instruction (and any subsequent changes to the instruction) requires preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Private Placement Securities:** All DoubleLine Personnel must preclear a<u>ny</u> trades in private placement securities (i.e., any offering, in fixed income or otherwise, that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or 4(6) or pursuant to rule 504, rule 505, or rule 506 under

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the Securities Act of 1933). This requirement includes all private investment partnerships or funds such as hedge funds and private real estate holding partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commercial and Residential Real Estate:** Transactions that involve the purchase or sale of commercial real estate or residential real estate, excluding residential real estate used as a primary residence or solely for personal use, must be pre-approved by the CCO or designee, regardless of whether such transaction is effected through an entity controlled by the Access Person or in such Access Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares of Preferred Stock**: All transactions in shares of preferred stock must be pre-cleared.

&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.*De minimis* transactions**

Any personal trades of any equity security that, in the aggregate, do not exceed 5,000 shares in a rolling 30-day period or $35,000 total market value, per issuer with a <u>market capitalization of</u> 

<u>$10 billion or greater</u>, will be processed as a *de minimis transaction*.

**PLEASE NOTE: Even if a personal trade qualifies as a de minimis transaction, it still <u>must</u> be submitted for pre-approval to the Compliance Department.**

De minimis transactions may **<u>not</u>** be used for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any bond (debt security) trade (except trades in direct obligations of the federal government of the United States or municipal bonds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any security issued by a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any private placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any closed end funds managed by the Companies – either as adviser or sub- adviser;

De minimis transactions may not be used to avoid compliance with other aspects of this Code.

&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.Pre-approval is not required for the following types of transactions:**

&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.**Government Securities:** Trades in any direct obligations of the U.S. Government or any G7 government are not required to be pre-cleared. This does not include obligations of any state, including obligations of any municipality or state agency.

&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.**High Quality Short-term Debt Instruments:** High quality short-term debt instruments including bankers' acceptances, bank certificates of deposit, commercial

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paper, variable-rate demand notes, repurchase agreements and other high quality short- term debt instruments (meaning any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization, such as S&P or Moody's) are not required to be pre-cleared.

&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.**Money Market Funds:** Trades in any investment company or fund that is a money market fund are not required to be pre-cleared.

&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.**Open-End Mutual Funds (other than ETFs):** Subject to applicable blackout periods, trades in open-end mutual funds, **<u>including open-end mutual funds advised or sub- advised by the Companies</u>.** Note: Trades in the Companies' open-ended mutual funds advised or sub-advised by the Companies are not required to be pre- cleared but are required to be reported if you hold them in your investment accounts, and from time to time may be subject to blackout period or holding period requirements.

&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.**Transactions in Retirement Accounts and Deferred Compensation Plans**: Purchases or sales of investment companies or funds in the Companies' 401(k) participant account or Deferred Compensation Plans (<u>including open-end mutual funds advised or sub-advised by the Companies</u>) are not required to be pre-cleared.

&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.**Systematic Investment Plans**: Any purchases or sales that are made pursuant to a systematic investment or withdrawal plan that has previously been approved by a Compliance Officer. A systematic investment plan is any plan where a sale or purchase will be automatically made on a regular, predetermined basis without your authorization for each transaction. The first instruction must be pre-cleared, but each subsequent purchase is not required to be pre-cleared unless changes are made to the terms of the standing order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Certain Corporate Actions:** Any acquisition of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin- offs, exercise of rights or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities is not required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;**529 College Savings Plans:** Any transaction in units of a college savings plan established under Section 529 of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Direct purchases or sales of crytpocurrencies:** Any direct transactions in cryptocurrency are not required to be pre-cleared. However, ETFs or Unit Trusts that hold cryptocurrencies, Derivatives on cryptocurrencies, or any other investment vehicles relating to cryptocurrencies are subject to the pre-clearance and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous:** Any transaction in any other securities as the CCO may designate on the grounds that the risk of abuse is minimal or non-existent.

If you place a Good-until-Canceled ("GTC") or Limit Order and the order is not fully executed or filled by the end of the second business day after pre-clearance is received, you must repeat the preclearance process.

DoubleLine Personnel that are registered representatives of a broker dealer also must request written pre- approval from that broker dealer before engaging in private securities transactions.

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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;**v.Short-Term Trading Restrictions**

&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.After making a purchase, you generally must hold that security for at least 60 calendar days unless specifically exempted 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;2.DoubleLine closed-end funds are subject to a minimum sex-month holding period. Option positions with an expiration date that is within 60 days from the opening date will not be approved.

&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.Holding periods apply for all securities except transactions in money market funds, government/sovereign securities issued by G-7 countries, high quality short-term debt instruments, and open-end mutual funds that are not advised or sub-advised by DoubleLine.

&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.This limitation applies to any purchases or sales in your individual retirement account, deferred compensation plan, or any similar retirement plan or investment account for you or your immediate family. There is no holding period for purchases or sales done through a systematic investment or withdrawal plan.<sup>6</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;**vi.Blackout Periods**

&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.You may not transact in a security if you know that a Company intends to transact in that issuer on behalf of a client in the coming seven calendar days. Similarly, you may not transact in a security if you know that a Company has transacted in that same issuer on behalf of a client within the past seven calendar days. These restrictions do not apply to de minimis transactions as described above.

&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.All transactions in a Doubleline closed-end fund are subject to the blackout calendar found in the Compliance section of the intranet. Additionally, blackout periods may be imposed for an extended amount of time, without prior notice.

![image_18a.jpg](image_18a.jpg)

6 The 60-day holding period shall not apply to open-end DoubleLine mutual funds held in the Companies' 401k plan.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\* THE FOLLOWING SUMMARY OF PERSONAL SECURITIES TRADING REQUIREMENTS IS PROVIDED TO ASSIST THE READER. IT IS NOT A SUBSTITUTE FOR THE DETAILED DISCUSSION WITHIN THIS CODE OF ETHICS OF THE PERSONAL SECURITIES TRADING REQUIREMENTS. THE INTERPRETATION OF THE CODE OF ETHICS BY THE CAPITAL CCO SHALL SERVE AS THE FINAL ARBITRATION OF THE CODE OF ETHICS PERSONAL TRADING REQUIREMENTS.

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![picture6a.jpg](picture6a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX. ANNUAL REVIEW BY TRUSTEES**

No less frequently than annually, the Chief of Compliance and other senior management shall furnish a written report to the Trustees, which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describe any issues arising under the Code of Ethics or "material compliance matter," as such term is defined at Rule 38a-1(e)(2) of the Investment Company Act, not previously reported to the Trustees, including any information regarding sanctions and remedial actions taken in response thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that the CCO has reviewed the Code and the compliance and supervisory policies and procedures of the Companies and has found that they are reasonably designed to prevent violations of the Federal Securities Laws and of the Code itself.

The CCO shall provide reports similar to those described above (and elsewhere in the Code) to the boards of trustees (or directors) of other registered investment companies for which an Adviser serves as an adviser or sub-adviser.

## Ex-99.(P)(10)

![picture1a.jpg](picture1a.jpg)

This Code of Ethics (the "Code") supersedes all codes of ethics previously included in the Voya Investment Management Compliance Policies and Procedures Manual. Voya Investment Management reserves the right to modify any provision in this Code at any time in the future. Such changes will be distributed by electronic communication or by other means, as appropriate.

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.[Adoption](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10)[Code](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10) [Ethics](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10)[4](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.[Covered](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13) [Persons](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[5](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.[Violations](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[of the](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13) [Code](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[5](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.[Exceptions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[to](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[the](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[Code](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[5](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.[Statement](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[Fiduciary](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[Standards](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)[5](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.[Duty](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16) [Confidentiality](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[6](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.[Duty](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[to](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[Comply](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[with](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[Federal](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[Securities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16) [Laws](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)[6](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_16)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.[Personal](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[Trading](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19) [Restrictions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[7](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.[Pre-Clearance](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[of Securities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[Transactions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[7](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.[Requirements](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[for](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[Voya](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[Financial](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19) [Securities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)[7](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_19)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.[Exceptions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[to](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Pre-Clearance](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Securities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Transactions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[8](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.[Prohibition](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Initial Public](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Offerings](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[and](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Initial](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Coin](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Offerings](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[9](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.[Restrictions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[on](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Private](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Placements](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[9](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.[Borrowing](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Money from](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Suppliers or](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Clients](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[9](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.[Intraday](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Trading](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Prohibition](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[9](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.[Reportable](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Funds](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[9](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.[Closed-End](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Funds](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[9](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.[Prohibition](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[on Short-Term Trading](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Profits](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[10](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.[Reporting](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Obligations](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[10](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.[Disinterested](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Directors/Trustees](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[10](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.[Initial](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Disclosure](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Personal](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Holdings](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[10](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.[Securities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Transaction](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Records](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[10](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.[Quarterly](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Account](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [and Transaction](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Reports](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.[Annual](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Holdings](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Report.](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6.[Information](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[to](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[be](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Reported](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.[Initial](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[and](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Annual](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Holdings](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Reports](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[must](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[include](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[the:](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8.[Quarterly](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Transaction](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Reports must include](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[the:](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.[Gift](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Entertainment](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Policy](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.[Nominal](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Business](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Gifts and](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[Business](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) [Entertainment](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)[11](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.[Outside](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25) [Business](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25) [Activities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[14](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.[Outside](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[Business Interests](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[and Private](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25) [Investments](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[14](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.["Control"](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[Persons of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[Public](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25) [Companies](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)[14](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_25)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.[Political](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28) [Activity](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[15](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)

**[Code](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[of](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[Ethics](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[Guide –](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[Securities](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[Transactions](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28) [Matrix](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)[17](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_28)**

**[Bank](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)[Loan](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)[and](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)[Global](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)[CLO](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37) [Group](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)[&nbsp;&nbsp;&nbsp;&nbsp;](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)[20](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_37)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Adoption of Code of Ethics

This Code of Ethics (the "Code") has been adopted by each of the registered investment companies advised by Voya Investments, LLC (or an affiliate) and operating under the Voya funds umbrella (the "Voya funds") and by each of the following Voya Entities (collectively referred to as "Voya Entities"):

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| | |
|:---|:---|
| Voya Alternative Asset Management LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pomona Management LLC |
| Voya Investment Management Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Investments Distributor, LLC |
| Voya Investment Management LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Investment Trust Co |
| Voya Investment Management (UK) Limited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Realty Group LLC |
| Voya Investments. LLC | |

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The provisions of the Code are applicable to all directors, trustees, officers and persons employed or appointed by one or more of the Voya Entities as well as their immediate family members living in such designated person's household<sup>1</sup> (collectively referred to as "Employees") unless otherwise noted. Employees on short-term disability, whose access rights have not been revoked will still be subject to the Code. Employees on long-term disability, whose access rights have been revoked, will not be subject to the Code during the leave period.

Temporary contract workers, interns, independent contractors, or independent consultants, as well as certain persons of other affiliated entities are considered "Employees" for purposes of this Code if such person provides investment advice to clients on behalf of the Voya Entities, is subject to the supervision and control of the Voya Entities, has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. The Chief Compliance Officer ("CCO") may exempt such persons from any requirement hereunder if the CCO determines that such exemption would not have a material adverse effect on any client account and for those contingent workers subject to a contractual arrangement with the Voya Entities that addresses insider trading and/or similar potential conflicts of interest.

In addition, the Code is applicable to the trustees/directors of each of the Voya funds (the "Voya funds Directors").

All Employees and the Voya funds Directors (collectively referred to as "Covered Persons") will be provided with a copy of this Code upon employment with the Voya Entities or appointment and notified when any material amendments are made to the Code.

The Code is not intended to supersede or otherwise replace the Voya Code of Business Conduct and Ethics. All of the policies and guidelines contained in the Voya Code of Business Conduct and Ethics shall remain in full force and effect as to Employees.

<sup>1</sup>An "immediate family member" includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse (including domestic partners), sibling and in-laws, as well as any person sharing the same household with the Employee in which the Employee contributes to the material financial support of such person. A person who holds account(s) in which the Employee is a joint owner, has trading authority, or beneficial ownership would also be considered an immediate family member, regardless of if that person lives in the same household as the Employee.

Beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the 1934 Act in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. Rule 16a-1(2) under the 1934 Act specifies that to have beneficial ownership, a person must have a "direct or indirect pecuniary interest", which is the opportunity to profit directly or indirectly from a transaction in securities. Thus, a Covered Person may be deemed to have beneficial ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Covered Persons

**Certification of Compliance.** All Covered Persons are required to certify annually that they have:

■read and understand the provisions contained in the Code;

■complied with all the requirements of the Code; and

■reported all transactional information required by the Code.

Generally, as an Employee of the Company, you may be held personally liable for any improper or illegal acts committed during the course of your employment; non-compliance with this Policy may be deemed to encompass one of these acts. Accordingly, you must read this policy and comply with the spirit and the strict letter of its provisions. Failure to comply may result in the imposition of serious sanctions, which may include, but are not limited to, letter of written reprimand, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, dismissal, and referral to law enforcement or regulatory agencies.

Covered Persons are required to certify their receipt and understanding of and compliance with the Code within ten days of becoming a Covered Person. On an annual basis, all Covered Persons are required to certify their understanding of and compliance with the Code. Additionally, whenever the Code is materially amended, Covered Persons must certify that they have received the amended Code and that they have read, understand, and will abide by the terms and provisions of the Code. You will be provided with timely notification of these certification requirements and directions on how to complete them by the Code of Ethics Office. Other reporting and

certification requirements are set forth in the Gift & Entertainment ("G&E"), Political Contributions, and Personal Securities Transactions sections of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Violations of the Code

Strict compliance with the provisions of the Code is considered to be a basic provision of employment. Employees are required to report any known or suspected violations of the Code to Compliance immediately. An Employee who violates this Code or fails to report a violation of the Code may result in disciplinary action, which may include, but is not limited to a warning, unwinding of trades, disgorgement of profits, suspension of personal trading privileges, and suspension or termination of employment. Repeated offenses will likely be subject to additional sanctions of increasing severity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Exceptions to the Code

Exceptions to the Code will only be made under extraordinary circumstances. No exception may be granted for those sections of the Code that are mandated by regulation.

Exceptions may be made only upon prior request, and no exception will be granted subsequent to a violation of the Code. To be granted an exception to the Code, a written request regarding the nature of the exception must be made and submitted to the CCO and approved by her or him and a member of the Voya Entities' Executive Leadership Team. Exceptions to the Code shall be reported as applicable to the CCO of the Voya funds and the Voya funds Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Statement of Fiduciary Standards

A fiduciary is a person or organization that manages money or property for another, usually a client, and, as a result, has a legal duty to act in the best interests of that client. This Code is based on the overriding principle that the Employees have a fiduciary duty to clients, including the Voya funds, while the Voya funds' Directors have a fiduciary duty only to the Voya funds. Our investment advisers owe a fiduciary duty to the Clients for which they serve as an adviser or sub-adviser. Covered Persons of our investment advisers must avoid activities, interests,

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and relationships that could interfere or appear to interfere with our advisers' fiduciary duties. Accordingly, Covered Persons shall conduct their activities in accordance with the following standards:

![picture3.jpg](picture3.jpg)

All activities of Covered Persons shall be guided by, and adhere to, these fiduciary standards. The remainder of this Code sets forth specific rules and procedures that are consistent with these fiduciary standards. However, all activities by Employees are required to conform to these standards regardless of whether the activity is specifically covered in this Code. Any violation of the Code by an Employee may include but not be limited to reprimand, suspension, disgorgement of trading profits and termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Duty of Confidentiality

Covered Persons must keep confidential any non-public information regarding Voya, a Voya Entity, a Voya fund, and any client or any entity whose securities they know or should know are under investment review by a portfolio management team acting on behalf of a Voya Entity. Covered Persons have the highest fiduciary obligation not to reveal confidential information of any nature to any party that does not have an explicitly clear and compelling need to know such information.

All information submitted by a Covered Person to Compliance pursuant to this Code will be treated as confidential information. It may, however, be made available to senior management, governmental and governmental agencies with regulatory authority over the Voya Entities, as well as to the Voya funds Directors, and each of their auditors and legal advisors, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Duty to Comply with Federal Securities Laws

Voya Entities' activities are governed by the federal securities laws, including the Investment Advisers Act of 1940, as amended (the "Advisers Act") and the Investment Company Act of 1940 (the "1940 Act"), as amended.

Covered Persons are expected to adhere to the federal securities laws, whether or not the activity is specifically covered in this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Personal Trading Restrictions

The restrictions of this section apply to all Employees covered under the personal trading policies and procedures of the Voya Entities, and to accounts over which they have the authority to make investment decisions, for all transactions involving 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.Pre-Clearance of Securities Transactions**

Except for the transactions listed below, approval must be obtained from Compliance before entering an order to buy or sell or transfer securities by gift, engaging in derivative transactions, or selling of shares in connection with margin calls. **An approval to trade is only valid on the business day it is received (*note*: such approvals terminate at close of business day on the date such approval is granted).** If you receive approval and do not complete the trade that same day, you must seek pre-clearance to complete the trade the next (or any subsequent) business day. Except as noted below, approval must be received for every transaction. Pre-clearance approvals for securities *traded on a U.S. exchange or in a U.S. market* are effective until the close of business on the day that your pre-clearance request has been approved. Pre-clearance approvals for securities *traded on a foreign exchange or in a foreign market* are

effective until the close of business on the business day following approval of your pre-clearance request. If you want to modify your trade request previously submitted in any way (*e.g.*, date of execution or share quantity), you must submit a new pre-clearance request.

The Voya Entities utilize a vendor system to process personal trading. All pre-clearance requests shall be made via the system, which can be accessed at: StarCompliance.

Employees assigned portfolio management or trading responsibilities are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.Requirements for Voya Financial Securities.**

**Employees must obtain pre-clearance for transactions involving Voya Financial securities, including:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Open market purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Gifting or making a charitable contribution of your holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in Voya Company Stock Fund in the 401(k) (other than automatic purchases made pursuant to an established payroll-deduction program, or transactions involving automatic and/or pro-rata rebalances); 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;&nbsp;&nbsp;&nbsp;&nbsp;▪ Sales of performance shares units or restricted stock units.

**Employees who wish to transact in Voya securities should consider the following before seeking pre-clearance and transacting:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Voya Securities must be held for a **minimum of 60 calendar days** from the acquisition date, including the Voya Company Stock Fund in Voya 401(k) accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Prohibition of Short Selling and Derivatives of Voya Securities.** Because of the heightened legal risk, the potential misalignment of your interests and those of Voya Financial and its shareholders, and the inappropriateness of engaging in speculative transactions involving Voya Financial securities, you may not engage in:

Short sales of Voya Financial common stock. For example, you cannot sell Voya Financial common stock that you do not own, or if you own the stock, you cannot deliver it against such sale, and borrowing shares to complete the sale; or

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Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Prohibition of Trading in Voya Securities during the "Closed Period."** Employees are prohibited from trading Voya Securities, including the Voya Company Stock Fund in Voya's 401(k) plan, during the "Closed Period for Voya's Financial Instruments" as set forth by Voya Financial. The Voya Closed Periods are set forth on the StarCompliance vendor system utilized to process personal trading requests.

***Warning:*** *Failure to pre-clear will result in sanctions including suspension of personal trading privileges.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.Exceptions to Pre-Clearance of Securities Transactions.**

The following types of transactions are not subject to the pre-clearance requirements of this Code; however, certain transactions listed below are subject to the reporting and holding period requirements of the Code. Please reference the *Code of Ethics Guide – Securities Transactions Matrix* for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the Government of the United States ("U.S.") and its agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the Government of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ High quality short-term debt instruments, including bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of open-end funds, including shares held in Voya's 401(k) plan (as defined in *Reportable Funds,* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in accounts over which an Employee has no direct or indirect control or influence (managed or discretionary accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions under any incentive compensation plan sponsored by the Voya Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions made through an automatic dividend reinvestment plan, automatic payroll deduction or similar program (excluding Self-Directed Brokerage Accounts) where the timing of purchases and sales is controlled by someone other than the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving Bitcoins or other cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions made through a fully discretionary Robo-Advisor program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An exercise of pro-rata rights issued by a company to all the holders of a class of its 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ On any given day, transactions involving 100 shares or less (per account) of common stock issued by companies included in the S&P 500 Index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving exchange-traded funds (ETFs) and exchange-traded notes (ETNs) (apart from single-stock ETFs and ETNs and non-Voya ETFs and ETNs sub-advised by the Voya

Entities)<sup>2</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;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving penny stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving listed index options, index futures, and other securities with an index as underlying; 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;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions involving unaffiliated[3](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_22) closed-end registered funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.Prohibition of Initial Public Offerings and Initial Coin Offerings.** Employees are prohibited from acquiring securities in initial public offerings, except for transactions made pursuant to an

<sup>2</sup> A list of Voya ETFs and sub-advised ETFs is available in the Document Library within StarCompliance.

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employee incentive compensation, retention or other program put in place by a Voya Entity, and initial coin offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.Restrictions on Private Placements.** Employees are prohibited from acquiring non-public securities (a private placement) without the prior approval of Compliance. If an Employee is granted approval to make such a personal investment, that Employee will not participate in any

consideration of whether clients should invest in the same issuer's public or non-public 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.Borrowing Money from Suppliers or Clients.** Employees may not borrow money from any of Voya suppliers, consultants, or clients. However, the receipt of credit on customary terms in connection with the purchase of goods or services is not considered to be borrowing within the foregoing prohibition. In addition, acceptance of loans from other banks or financial institutions on customary terms to finance proper and usual activities, such as home mortgage loans, is permitted except where prohibited by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Intraday Trading Prohibition

Covered persons are prohibited from the purchase and sale, and sale and purchase, of the same security, on the same day (intraday trading). This prohibition does not apply to transactions that are fully exempt from pre-clearance, reporting, and holding period requirements. Exceptions to this prohibition are subject to prior approval by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Reportable Funds

Reportable Fund<sup>3</sup> means any open-end investment company for which any of the Voya Entities serves as an investment adviser or sub-adviser. Open-end investment companies include: U.S. open-end mutual funds (other than money market and short-term bond funds), ETFs, UCITS, SICAVs, and any fund managed by any of the Voya Entities that is an investment option offered as part of a variable annuity. Other than non-Voya ETFs and ETNs sub-advised by the Voya Entities, Reportable Funds do not require pre-clearance. However, all transactions and holdings involving Reportable Funds must be reported, regardless of whether pre-clearance is required.

All transactions in Reportable Funds must be in accordance with the policies and procedures set forth in the Prospectus and Statement of Additional Information, or other applicable fund documents, for the relevant fund, including but not limited to the fund's policies and procedures relating to short-term trading and forward pricing of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Closed-End Funds

Certain Covered Persons may be considered insiders to a closed-end fund advised or sub-advised by the Voya Entities. In such cases, these persons will be notified of their status as well as advised of additional restrictions imposed on them and their ability to transact in such closed-end fund.

Solely to facilitate compliance with timely Form 4 and 5 filing requirements with the Securities and Exchange Commission ("SEC"), all such insiders must submit a written report of any transaction involving the closed-end fund on the trade date of such transaction to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Prohibition on Short-Term Trading Profits

<sup>3</sup> Affiliated includes advised and sub-advised closed-end funds. A list of affiliated closed-end funds and Reportable Funds is available in the Document Library within StarCompliance.

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The firm discourages its Employees from engaging in short-term trading strategies for their own accounts. Any excessive or inappropriate trading that, in the firm's view, interferes with job performance, or compromises the duty that the firm owes to its Clients, will not be tolerated. Employees must always conduct their personal trading activities lawfully, properly, and responsibly.

Employees may not profit from short-term trading, which is defined as transactions of securities, except as noted below and set forth in the *Code of Ethics Guide – Securities Transactions Matrix*, that are initiated and closed (the purchase and sale, or sale and purchase, of the same (or related) securities) within **30 calendar days.**

For Reportable Funds, the 30-calendar day holding period is measured from the time of the most recent purchase date of the applicable shares.

Voya Financial securities must be held for 60 calendar days. Exception: You may sell Voya Financial securities within the 60-day holding period as part of the default option to cover taxes due upon the receipt or vesting of equity-based compensation as described in the Voya Financial Personal Trading Policy. Similarly, you may sell all or a portion of your Voya Financial securities deposited into your account as a result of equity-based compensation grants or vesting events within the 60-day holding period.

Profits made in connection with short-term trades may be subject to disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Reporting Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.Disinterested Directors/Trustees.** Voya funds Directors/Trustees who are not deemed to be "interested persons" (as that term is defined under the 1940 Act) of a Voya fund, its investment adviser, or the investment adviser's affiliates (the "Disinterested Directors") must submit a quarterly report containing the information set forth in 13.2 - 13.5 below, only with respect to those transactions for which such person knew or, in the ordinary course of fulfilling his or her official duties as a Disinterested Director, should have known, that during the 15-day period immediately before or after the Disinterested Director's transaction in securities that are otherwise subject to the reporting requirements described herein, an applicable Voya fund had purchased or sold the security at issue or that an investment adviser or sub-adviser for an applicable Voya fund had considered purchasing or selling such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.Initial Disclosure of Personal Holdings.** Employees are required to disclose all their personal securities holdings to Compliance within 10 days of commencing employment with a Voya Entity. The holdings report must be current as of a date not more than 45 days prior to the commencement of employment.

**Securities Transaction Records.** Employees should be aware that the Voya Entities maintain a list of designated broker-dealers with whom Employees may maintain a brokerage account. Employees shall notify Compliance if they intend to open, or have opened, a brokerage account. If requested, Employees shall direct their brokers to supply Compliance with duplicate confirmation statements of their securities transactions and copies of all periodic statements for their accounts. Employees must report new authorized brokerage accounts to Compliance within thirty (30) days of funding the account. Note: Employees may not trade in the new account prior to reporting the account. Any brokerage account opened to facilitate cryptocurrency trading is a reportable account under the Code and must be held with an approved designated broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.Quarterly Account and Transaction Reports.** Employees are required to submit a report listing their securities transactions made during the previous quarter within 30 days of the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.Annual Holdings Report.** Employees are required to submit a report listing all securities held as of December 31 of the year reported within 30 days of the end of the calendar year. The holdings

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reports must be current as of a date not more than 45 days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5.Information to be Reported.** Employees are required to provide the following information when submitting reports as required by 13.2. through 13.5., above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6.Initial and Annual Holdings Reports must include the:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ title or description and type of security, the exchange ticker symbol or CUSIP number, the number of shares or principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ broker-dealer or bank where accounts are held; 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;&nbsp;&nbsp;&nbsp;&nbsp;▪ date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7.Quarterly Transaction Reports must include the:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ title or description and type of security, the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each security (as well as the interest rate and maturity date, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ trade date and type of transaction (*i.e.*, buy, sell, open, close, etc.):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ price of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ broker-dealer or bank account through which the transaction was affected; 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;&nbsp;&nbsp;&nbsp;&nbsp;▪ date the report is submitted.

All reports, other than the Initial Disclosure of Personal Holdings, shall be made via the vendor system, which can be accessed at: StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Gift & Entertainment Policy

As a general rule, an Employee should not give or accept an inappropriate or significant gift or entertainment

to/from a third party that has any business dealings with Voya Financial. All Employees who are also Financial Industry Regulatory Authority ("FINRA") registered representatives are, to the extent they are conducting business on behalf of the Voya Entities, do so under Voya Investments Distributor, LLC ("VID"), a registered broker-dealer with the SEC and a member of FINRA. (Note: those requirements are described more fully in the VID Written Supervisory Procedures.)

This Policy should be read in conjunction with the Voya Financial Gift, Entertainment, and Conflicts of Interest Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.Nominal Business Gifts and Business Entertainment**

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or raise a potential conflict of interest. It could also, depending on facts and circumstances, qualify as paying or receiving non-cash compensation for a testimonial or endorsement under Rule 206(4)-1. As a general rule, Employees should not give to or accept from a third party (*e.g.*, client, broker, or vendor) any gift or gratuity. However, gifts less than $100 per year per person as well as occasional, normal and customary meals and/or business entertainment (where the person providing the entertainment is present) that on a fair market value basis does not exceed $750 per incident (note: dinner and a show or golf and lunch would be considered one business entertainment event) or $2,500 per year, the cost of which would be paid for by Voya as a reasonable business expense if not paid for by the third party, and which is not given or accepted in exchange for a testimonial or endorsement, are permitted. Any G&E in excess of these limits should be declined or returned. If it is not practical to return a gift, provide it to Human Resources for donation. In the case of a perishable item worth more than $100, the gift may be shared with the Covered Person's entire department.

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Ultimately, except for personal gifts explained more fully below, G&E must have a clear connection with Voya's business and are not permitted if an independent third party might think that the Employee would be influenced in conducting business or might otherwise provide an endorsement of that third party. Any G&E given or received in connection with Voya giving or receiving a testimonial or endorsement will qualify as a paid testimonial or endorsement under Rule 206(4)-1. While G&E under $1,000<sup>4</sup> are considered "de minimis" compensation and testimonials/endorsements given for de minimis compensation are exempt from some of the provisions of Rule 206(4)-1, such arrangements with third parties are still subject to adviser oversight and required disclosures. Employees should seek prior approval from Legal and Compliance prior to engaging in a testimonial or endorsement arrangement.

Family members (including domestic partners) of Employees are not permitted to accept fees, G&E, invitations to seminars/conferences, payments or other favors in connection with any business of Voya. Any questions should be directed to your supervisor or Compliance Officer, and in the case of FINRA registered representatives conducting business on behalf of VID, your broker-dealer supervisor.

Employees who plan G&E to anyone affiliated with a public entity, including but not limited to

state and municipal pension plans, have a special responsibility to both know and adhere to the policy stated above, and to comply fully with additional policies, procedures, and restrictions placed on such Employees by statue statutes, municipal regulations or internal policies. Public entity employees may be under **even more stringent restrictions or outright prohibitions** with regard to receipt of meals and entertainment. Any Voya employee seeking to entertain a public entity employee should first check with Compliance and Legal to see what, if any, additional restrictions may apply. Compliance and Legal can assist in determining what such restrictions are prior to the gifting to and entertaining of such individuals.

The Voya Entities generally restrict employees from providing gifts and/or entertainment to government officials. However, under certain circumstances, expenditures for meals, entertainment and other normal social amenities for government officials may be permitted, provided it is not extravagant and otherwise complies with the laws and customs of the state or country in which the expenditure is incurred. Similarly, gifts may be given only if the gifts are of reasonable value and conform to laws and normal social customs in the recipient's state or country.

***Any employee seeking to provide gifts, entertainment, or social amenities to a government official should obtain prior authorization from their Executive Leadership Team representative and from Compliance***. This request should be submitted through StarCompliance.

**Gifts**

The following are some guidelines or examples of acceptable gifts. These guidelines also apply when employees are attending conferences sponsored by Clients, prospects, brokers, vendors and other third parties.

■An acceptable gift may not exceed a face value of $100 per third party, per year.

■Purely personal gifts are permissible. Personal gifts are gifts that serve a personal (not business) purpose, are paid by the giver (not the giver's employer) and are between close friends or family members (*e.g.*, gifts that are related to commonly recognized personal events, such as births,

promotion, wedding, or retirement).

■Discounts or rebates on merchandise or services that do not exceed those available to arm's length clients. The final total cost or value of goods or services is subject to a $100 limit per third party, per year.

<sup>4</sup> For purposes of Rule 206(4)-1.

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■Occasional gifts with a modest nominal value and that are widely distributed and include a company logo (*e.g.*, shirts, caps, pens, books, bags, cups, golf balls, towels, desk ornaments) do not count toward the annual limit as long as they are infrequent and the reasonably estimated value of the item does not exceed $75. Receipt of such gifts is permitted without any approval or reporting obligation.

**Business Meals and Entertainment**

The following are some guidelines regarding acceptable business meals and entertainment. These guidelines also apply when employees are attending conferences sponsored by Clients, prospects, brokers, vendors and other third parties.

■Normal, customary, and occasional business meals or entertainment where the meal or entertainment takes place in one event and the person providing the entertainment is present. A good test is whether Voya would consider such an expense reasonable, if not paid for by a third party. Also, a good rule of thumb is whether an Employee can eat, drink, or enjoy the entertainment in one sitting.

■Business meals and entertainment should be consistent with FINRA guidance and advice. As such, the total fair market value of the event may not exceed $750 per Employee, per event (note: dinner and a show or golf and lunch would be considered one event), subject to an annual maximum amount of $2,500 per third party.<sup>5</sup>

■Entertainment, such as tickets to sporting events, golf fees, or ski lift tickets, will be evaluated based on the published ticket price. Again, in all cases both the giver and the recipient must be present.

■The cost of local transportation does not count towards the $750 per event/$2,500 annual limit, provided that the mode of transportation must be reasonable. Any travel and lodging related to the event should be paid for by Voya subject to the Voya Financial Travel and Entertainment Policy.

Any exceptions to the above guidelines must be approved by the Employee's manager and an Executive Leadership Team representative prior to acceptance.

In order to monitor compliance, employees are required to regularly report the receipt of gifts and entertainment (via StarCompliance) and regularly certify that they have complied with the Gift & Entertainment Policy.

<sup>5</sup> Nominal lunches (*e.g.*, snacks, sandwiches) provided by a broker-dealer during business-related meetings on company premises are exempt from reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.Outside Business Interests and Private Investments**

All Employees are required to devote their full time and efforts to the business of Voya. You are not to maintain outside employment activities that compromise job performance or interfere with your regular duties. In addition, no person may make use of either his or her position as an Employee or information acquired during employment or make personal investments in a manner that may create a conflict, or the appearance of a conflict, between the Employee's personal interests and the interests of Voya.

To assist in ensuring that such conflicts of interest are avoided, an Employee must obtain the written approval of the Employee's supervisor **and** Compliance prior 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;&nbsp;&nbsp;&nbsp;&nbsp;▪ Serving as a director, officer, general partner or trustee of, or as a consultant to, any business, corporation or partnership, including family-owned businesses and charitable, non-profit and political organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Serving as a registered representative of any broker-dealer other than VID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Making any monetary investment in any non-publicly traded business, corporation or partnership, including passive investments in private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Accepting employment of any kind or engaging in any other business outside of Voya.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Acting or representing that the Employee is acting as agent for Voya, an Adviser or any other firm in any investment banking matter or as a consultant or finder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Forming or participating in any stockholders' or creditors' committee that purports to represent security holders or claimants in connection with a bankruptcy or distressed situation or in becoming actively involved in a proxy contest (see also Personal Trading Restrictions above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Receiving compensation of any nature, directly or indirectly, from any person, firm, corporation, estate, trust or association other than Voya, whether as a fee, commission, bonus or other consideration such as stock, options or warrants other than compensation earned prior to commencement of employment with Voya.

Every Employee is required to complete a disclosure form on the StarCompliance site and have such form approved by the Employee's supervisor and Compliance prior to serving in any of the capacities or making any of the investments described heretofore. ***Similarly, each Employee is required to maintain the data initially disclosed on such form and notify Compliance (and the Employee's supervisor) in the event of any change to the information provided after initial approval. From time to time, Employees may be asked to renew their OBA information.***

In addition, an Employee must advise Legal and his or her supervisor if the Employee is or believes that he or she may become a participant, either as a plaintiff, defendant or witness, in any litigation or arbitration that could reasonably relate to the business of Voya. Written confirmation of such advice should be obtained from the Employee's supervisor and Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2."Control" Persons of Public Companies**

Every Employee must disclose to Voya if their spouse, domestic partner, or any of their parents, siblings or children, regardless of living in the same household, ("family members") hold a position as a director or executive officer of any public company. Voya may, in its sole discretion, place limitations on an Employee's investment activities in the event an Employee's family member holds a position as a director or executive officer of any public company. ***Similarly, each***

***Employee is required to maintain the data initially disclosed on such form and notify***

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***Compliance (and the Employee's supervisor) in the event of any change after initial approval.***

From time to time, an Employee may be offered a position as an executive officer or director of a publicly traded company, which, if accepted, would subject the Employee to requirements arising under Section 16 of the 1934 Act ("Section 16"). Prior to accepting the position, the Employee must receive clearance from the CCO and a member of the Voya Entities senior management team. If the Employee is permitted to accept the position, the Employee will also be subject to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Trades for client accounts or funds over which the Employee has sole or shared investment discretion must also comply with the publicly traded company's policies and procedures. It is the responsibility of the Employee to understand and adhere to such company's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Appropriate disclosure must be provided to affected clients. The disclosure can be provided via offering documents or other communications sent to affected investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **In accordance with the Voya Entities' policies on confidential information and insider trading, the Employee may not, under any circumstances, trade in the company's**

**securities – whether for personal or client accounts – if the Employee is in possession of material non-public information regarding the company. Likewise, material non-public information regarding the company may not be shared with other Voya personnel, other than Legal or Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.Political Activity**

While Voya maintains a political action committee, political contributions from Advisers or their respective Employees<sup>6</sup> may raise various legal and regulatory issues. Most notably, Rule 206(4)-5 under the Advisers Act prohibits an Adviser from receiving compensation from a government entity for two years if the Adviser or certain Employees contributed money to a government official who is in a position to influence the selection of the Adviser to manage a public fund or provide investment advice to a government entity. Also, some states and municipalities may have laws disqualifying an Adviser from managing assets for various governmental entities if the Adviser or certain of its representatives have made contributions or provided gifts to certain candidates for office. To ensure compliance with these laws and to avoid actual and potential conflicts of interest, the Voya Entities have adopted the procedures described below, which requires pre-approval by Compliance and the Voya Political Activity Review Committee ("PARC") of political activities. The activities requiring pre-approval and the procedures for obtaining pre-approval are set out below.

<u>Prior</u> to making any personal contribution (whether it be monetary, or event driven, such as hosting a fundraiser) in an individual capacity to an incumbent or candidate, political party committee or political action committee, all Employees must submit a request for approval from Compliance and PARC through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Personal political activities of Employees must be kept separate from employment and any expenses related to these activities may not be charged to an Adviser; personal political contributions will not be reimbursed. Also, Employees are not to use Voya's facilities (such as telephones and photocopiers) and may not use working hours for political campaign purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When acting in a volunteer capacity to an incumbent or candidate running for office, you must obtain pre-approval from Compliance. All requests must be submitted through the StarCompliance site. For volunteer activity, it is important that your activities cannot be viewed as connected with your position with Voya. To the extent that your volunteer activity involves

<sup>6</sup> As a reminder, all references to Employees also apply to an Employee's immediate family members.

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soliciting or fundraising for political contributions, you will also be required to obtain pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees should take extra care when soliciting fellow Employees to ensure that the solicitation never gives the appearance of being coercive or otherwise related to their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who seek or are appointed to any government position, federal, state or local, paid or unpaid, must obtain pre-approval from Compliance of such activity to ensure compliance with applicable conflict of interest laws. All requests must be submitted through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees may not engage in any lobbying activities on behalf of the Voya Entities or any

affiliated entity without prior approval from Compliance. Please contact Compliance if you are not sure whether your activities would be considered lobbying.

The use of an Adviser's funds in connection with an election is generally prohibited by law. In order to avoid any allegations of impropriety, it is the Voya Entities' policy that its funds may not be contributed to federal, state or local election campaigns. Any exception to this item, such as requests for company support of political events, political candidates and their campaigns, political parties or political action committees, must be pre-approved by Compliance. All requests must be submitted through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Gifts to government officials, including entertainment and meals, are generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ State and local laws dealing with campaign fund raising vary from jurisdiction to jurisdiction. Some laws expressly prohibit government officials from contracting, on behalf of their political organizations, with any firm(s) whose employees have made a donation to that official's political campaign.

Employees are required to complete a Political Contribution/Activity Certification on a quarterly basis. Please note that Compliance will keep necessary records based on the information gathered, in compliance with SEC Rule 204-2.

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**Code of Ethics Guide – Securities Transactions Matrix[1](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_31)**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Type of Security** | **Pre-Clearance Required** | **Reporting Required** | **Intraday Trading**<br>**Restriction** | <br>**Holding Period** |
| &nbsp;&nbsp;&nbsp;**Covered Securities Transactions for Pre-Clearance** | &nbsp;&nbsp;&nbsp;**Covered Securities Transactions for Pre-Clearance** | &nbsp;&nbsp;&nbsp;**Covered Securities Transactions for Pre-Clearance** | &nbsp;&nbsp;&nbsp;**Covered Securities Transactions for Pre-Clearance** | &nbsp;&nbsp;&nbsp;**Covered Securities Transactions for Pre-Clearance** |
| Stocks (common or preferred) | Yes | Yes | Yes | 30 calendar days |
| Warrants and rights | Yes | Yes | Yes | 30 calendar days |
| Depository receipts (ADRs or GDRs) | Yes | Yes | Yes | 30 calendar days |
| Fixed income securities (excluding direct obligations of the U.S. and UK Government and U.S. agency bonds) | <br>Yes | <br>Yes | <br>Yes | <br>30 calendar days |
| Affiliated[2](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_31) closed-end funds | Yes | Yes | Yes | 30 calendar days |
| Single-stock ETFs and ETNs | Yes | Yes | Yes | 30 calendar days |
| <br>ETFs and ETNs sub-advised2 by the Voya Entities (excluding the Voya ETFs) | <br>Yes | <br>Yes | <br>Yes | 30 calendar days from the time of the most recent purchase date |
| Structured notes | Yes | Yes | Yes | 30 calendar days |
| Transactions involving Voya securities, including the Voya Company Stock Fund in Voya's 401(k) plan accounts | <br>Yes | <br>Yes | <br>Yes | <br>60 calendar days |
| Sales of Voya performance shares units (PSU) and restricted stock units (RSU) acquired from a vesting | <br>Yes | <br>Yes | <br>N/A | <br>N/A |
| Sales of restricted stock | Yes | Yes | N/A | N/A |
| Sales of stock acquired via Stock Purchase Plans including sales of Voya stock acquired through Voya's Stock Purchase Plan | <br>Yes | <br>Yes | <br>N/A | <br>N/A |
| **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** |
| Private placements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A |
| Outside activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A |

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_______________________________

1 ***Applicable pre-clearance, reporting, and holding period requirements also apply to derivates of these securities.***

2 Affiliated includes advised and sub-advised funds. A list of affiliated closed-end funds, sub-advised ETFs, and Voya ETFs is available in the Document Library within StarCompliance.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Type of Security** | **Pre-Clearance Required** | &nbsp;&nbsp;&nbsp;**Reporting Required** | **Intraday Trading**<br>**Restriction** | <br>**Holding Period** |
| **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** |
| Direct obligations of the Government of the U.S. and the UK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>No | <br>No | <br>No |
| U.S. Government agency bonds (*e.g.,* GNMA, FNMA, FHLB, FHLMC) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>Yes | <br>30 calendar days |
| High quality short-term debt instruments (<u>Including</u>: bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>No | <br>No | <br>No |
| ETFs or ETNs (apart from single-stock ETFs and ETNs and ETFs or ETNs that are sub-advised[3](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_34) by the Voya Entities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>Yes | <br>No |
| <br>Voya ETFs3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>Yes | 30 calendar days from the time of the most recent purchase date |
| Unaffiliated open-end funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No | No[4](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_34) | No4 |
| Affiliated[5](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_34) open-end funds (<u>Including</u>: funds held within the Voya 401(k)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>Yes | 30 calendar days from the time of the most recent purchase date4 |
| Managed or discretionary accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes | No | No |
| Incentive compensation plan sponsored by the Voya Entities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes | N/A | No |
| Automatic dividend reinvestment plan, automatic payroll deduction<br><u>Excluding</u>: Self Directed Brokerage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>N/A | <br>No |
| Bitcoin or other cryptocurrencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No | No | No |

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_______________________________

3 A list of sub-advised ETFs and open-end funds, and Voya ETFs, is available in the Document Library within StarCompliance.

4 Please review the market timing policy described in the prospectus of each open-end fund in which you invest. Each Employee must comply with that fund's specific market timing policy.

5 Affiliated includes advised and sub-advised funds. A list of affiliated open-end funds is available in the Document Library within StarCompliance.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Type of Security** | **Pre-Clearance Required** | &nbsp;&nbsp;&nbsp;**Reporting Required** | **Intraday Trading**<br>**Restriction** | <br>**Holding Period** |
| Exercise of pro-rata rights issued by a company to all the holders of a class of its securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes | N/A | No |
| On any given day, transactions involving 100 shares or less (per account) of common stock issued by companies included in the S&P 500 Index[6](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>Yes | <br>30 calendar days |
| Penny stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes | Yes | 30 calendar days |
| Index options, index futures, and other securities with an index as underlying | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>Yes | <br>Yes | <br>No |
| Unaffiliated closed-end funds[7](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_34) (IPO issuances are prohibited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes | Yes | 30 calendar days |
| **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** |
| Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock |
| Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) |
| Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" |
| Initial Public Offerings |  |  |  |  |
| Initial Coin Offerings |  |  |  |  |
| Borrowing money from clients or suppliers | Borrowing money from clients or suppliers | Borrowing money from clients or suppliers | Borrowing money from clients or suppliers | Borrowing money from clients or suppliers |
| **Other Key Reminders** | **Other Key Reminders** | **Other Key Reminders** | **Other Key Reminders** | **Other Key Reminders** |
| Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) | Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) | Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) | Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) | Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) |
| Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved | Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved | Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved | Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved | Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved |
| Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval | Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval | Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval | Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval | Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval |

---

_______________________________

6 A list of companies included in the S&P 500 Index is available in the Document Library within StarCompliance.

7 A list of affiliated closed-end funds is available in the Document Library within StarCompliance.

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Bank Loan and Global CLO Group Supplemental Code of Ethics

**Scope**

This Supplemental Code of Ethics (this "Supplemental Code") has been adopted by the Voya Bank Loan and Global CLO Group (the "BLGC Group") of Voya Investment Management Co. LLC ("Voya IM") and applies to all: (a) Voya IM personnel employed within the BLGC Group and (b) Voya IM personnel serving outside of the Group who have routine access to the trading systems utilized by the BLGC Group in order to: (1) provide services (*e.g.*, settlements and operational support) to the BLGC Group; or (2) monitor BLGC Group trading activity (each a "Covered Person").

**Relation to Other Voya IM Policies**

This Supplemental Code is intended to supplement existing Voya IM policies. If any aspect of this Supplemental Code conflicts with any other Voya IM policy (as now or hereafter in effect), the provisions of such other policy shall control, *provided that* Covered Persons will comply with the requirement to pre-clear S&P Small Lot Transactions, as defined and discussed below.

**Responsibilities**

Each Covered Person must read this Supplemental Code and comply with its terms.

**Personal Trading**

**In General**

Covered Persons may not purchase, sell, or own any equity or debt interest issued by any entity (or any of such entity's affiliates) if the BLGC Group is in possession of any current non-public information about such entity or any of its affiliates. For the purposes of this Policy, the BLGC Group is deemed to be in possession of current non-public information about an entity if:

■The BLGC Group has determined to operate on the private side of the market with regard to such entity; and/or

■The BLGC Group received any non-public information, such as, but not limited to, a "bank book" or other solicitation to invest in an issuance by such entity or any of its affiliates, within the most recent three months (unless such non-public information has been made public or is otherwise determined to no longer constitute non-public information).

**Pre-clearance**

All proposed personal securities transactions by Covered Persons will be checked against the BLGC Group's records to prevent any violations of the above restriction. For all trades, including S&P Small Lot Transactions (see below), Covered Persons must obtain preclearance as a part of Voya IM's normal pre-clearance procedure for personal securities transactions using the StarCompliance system (or any successor thereto). The required pre-clearance against the BLGC Group's records will occur as part of the Voya IM approval process, *i.e.*, the Covered Person does not need to take any additional action in this regard.

------

**S&P 500 Small Lot Transactions**

Voya IM employees are not required to seek pre-clearance approval on daily transactions involving small lots (100 shares or less) of the common stock of companies in the S&P 500 (an "S&P Small Lot Transaction"). This exception to Voya IM's general rule that all securities transactions must receive pre-clearance does not supersede the BLGC Group's policy stated above prohibiting transactions in debt or equity securities of companies about which the BLGC Group is in possession of current material non-public information.

Therefore, before undertaking an S&P Small Lot Transaction, Covered Persons must obtain pre-clearance. The pre-clearance procedure for S&P Small Lot Transactions is the same as the normal Voya IM pre-clearance procedure using the StarCompliance (or successor) system.

**Involving Relatives, Friends and Personal Business Associates in Voya IM Business Matters**

In the course of acting on behalf of and in the best interests of Voya IM and its customers, occasions may arise where a Covered Person (each, a "PR Covered Person") has a personal relationship[1](#i0e1bac2e23fc40e0b79ff5f9da06fd6e_40) with a person or entity that could provide services for compensation to Voya IM, is a customer of Voya IM or is an entity in whose loans or securities a Voya IM-managed portfolio has invested. If a PR Covered Person believes that such a situation exists, the PR Covered Person may not make any contact with such person or entity with regards to such situation, nor may the PR Covered Person provide any non-public information to such person or entity. Instead, the PR Covered Person must inform his or her manager and the Group Head of the situation and, if requested by the Group Head, provide appropriate contact information.

The Group Head may authorize contact with such person or entity, but any such contact shall be made by a Covered Person other than the PR Covered Person, as designated by the Group Head. The PR Covered Person shall not have any contact with the person or entity with which PR Covered Person has a personal relationship with regard to the subject matter. In addition, if such a contact is approved, the PR Covered Person shall be relieved of any and all responsibility with regard to the subject matter insofar as it relates to the participation or involvement of such person or entity, or the terms and conditions thereof.

The restriction in this section applies only to situations where there is the expectation that compensation will be paid. It does not apply to situations where advice or services may be provided without compensation or other financial benefit to the person or entity with which the Covered Person has a personal relationship. In all cases, however, the Covered Person may not receive any compensation or other financial benefit.

_______________________________

1 Personal relationship includes, without limitation, family members and relatives, close personal friends, former employers, etc.

## Ex-99.(P)(11)

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**Diamond Hill Capital Management, Inc. Diamond Hill Funds**

**Diamond Hill Securitized Credit Fund**

**Code of Ethics**

**Statement of General Principles**

This Code of Ethics (the "Code") has been adopted by the Diamond Hill Funds and the Diamond Hill Securitized Credit Fund (collectively, the "Funds"), and Diamond Hill Capital Management, Inc. ("Diamond Hill"), which serves as the investment adviser to the Funds. The adoption of this Code is in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Terms that are capitalized are defined within this document and in the Appendix.

The officers and employees of Diamond Hill owe a fiduciary duty to clients to which Diamond Hill provides investment advisory and related services, which include separate accounts, collective investment trusts ("CITs"), mutual funds, private funds, other pooled vehicles including sub-advised funds, model delivery programs, and their respective shareholders (collectively, "Clients"). In addition, the Funds' officers and trustees also owe a fiduciary duty to the Funds and their shareholders. A fiduciary duty means a duty of loyalty, fairness, good faith, and the obligation to adhere not only to the specific provisions of this Code, but also to the general principles that guide the Code and to other applicable provisions of federal securities laws ("General Principles"). The General Principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty to govern, which is the obligation imposed on trustees to manage the business affairs of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty of diligence, which is the standard of care to which Affiliated Persons are expected to adhere when performing the duties of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty of loyalty to Clients, which requires Affiliated Persons to avoid any conflict of interest or self-dealing, and bars them from taking advantage of a business opportunity that comes to their attention only by virtue of their position(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that the interests of Clients be placed before the interests of Affiliated Persons at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all personal Securities transactions be conducted in a manner consistent with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an Affiliated Person's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all Affiliated Persons comply with applicable federal securities laws and all other applicable laws and governmental rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all Affiliated Persons fully disclose all potential conflicts of interest.

Affiliated Persons must at all times safeguard Client information by maintaining the confidentiality of Client identities, Security holdings, Security transactions, financial circumstances, and other Confidential Information. Affiliated Persons are prohibited both during and following their employment with Diamond Hill from taking, using, disclosing, distributing, or disseminating any Client Confidential Information or the Client's affiliation with the Funds: (i) for their own benefit, or (ii) for the

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benefit of others, including any new employer or prospective new employer.

Affiliated Persons must promptly report any violations or suspected violations of this Code to the Chief Compliance Officer ("CCO"). Additionally, Affiliated Persons may report a violation of the federal securities laws to the CCO or to the SEC as defined in Rule 21F-3 of the Securities Exchange Act of 1934. If the suspected infringement violates both the Code and federal securities laws, Affiliated Persons may elect to report this violation to the CCO, SEC or both. Any retaliation for the reporting of a violation under this Code (*i.e.*, "whistleblowing") will constitute a violation of the Code.

**Section 1: Personal Investment Policies**

At the core of Diamond Hill's business philosophy is the unwavering commitment to ensuring that Clients' interests come first, and Employees' interests are aligned with Clients. The collective investments of Employees across all Diamond Hill strategies serve as the most meaningful reflection of this alignment.

Employees are encouraged to invest in Diamond Hill strategies and adopt a long-term perspective, aligning with Diamond Hill's investment principles and prioritizing the best interests of the Funds and their shareholders. The Funds are not designed to serve as a vehicle for frequent trading, and thus, do not authorize, and use reasonable methods to discourage, short-term or excessive trading. Employees must be familiar with each Fund's Market Timing and Frequent Trading Policy described in the prospectus in which they invest and must not engage in trading activity that may violate the purpose or intent of a particular Fund's Market Timing and Frequent Trading Policy.

Additionally, to further align Employee investment activities with the interests of Clients, Employees are restricted from trading mutual funds classified under specific Morningstar categories in which Diamond Hill competes. By limiting trading in these funds, we reinforce our commitment to ensuring that our personal investments do not conflict with the investment strategies and objectives we implement on behalf of our Clients.

It is imperative that Employees conduct their personal trading activities with the highest regard for the General Principles to avoid any possible conflict of interest, any appearance of a conflict, or engage in activities that could lead to disciplinary action. Employees' personal Securities transactions must also comply with: (i) Diamond Hill's Insider Trading Policy, and (ii) Rule 17j-1 under the Company Act and Rule 204A-1 under the Advisers Act. Under these rules, no Employee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme, or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a false statement of a material fact to a Client or fail to disclose a material fact, if doing so, considering the circumstances, would mislead the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to a Client.

**Permitted Securities – Reporting Required**

Employees are permitted to transact in the following Securities, which require reporting as outlined in Section 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds for which Diamond Hill serves as the sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds (both open-end and closed-end), exchange-traded funds ("ETFs"), and variable annuities except those classified in the following Morningstar Categories:

oSmall Value

oMid-Cap Value

oLarge Value

oLong-Short Equity

oForeign Large Value

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oSecuritized Bond - Diversified

oIntermediate Core Bond

oIntermediate Core Plus Bond

oNon-Traditional Bond

Exceptions to the Morningstar Category Restriction:

oThis restriction does not apply to Diamond Hill's or a Family Member's 401(k) plans, 529 Plans, and Health Savings Accounts (collectively referred to as "Unrestricted Plan Accounts").

oFamily Members investing in their current employer's mutual funds are also exempt from this restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of publicly traded equity Securities issued by an Employee's or Family Member's current employer, provided they were:

oObtained through Unrestricted Plan Accounts,

oAcquired through an employee stock ownership plan ("ESOP"), or

oGranted as compensation.

**Permitted Securities - Exempt from all Reporting**

Employees are permitted to transact in the following Securities, which are exempt from all reporting ("Exempt Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the US Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market instruments (bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and other high quality short-term debt instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated mutual funds offered within Unrestricted Plan Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds managed by a Family Member's current employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated mutual funds offered within unit investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investment in cryptocurrencies (*e.g.*, Bitcoin), that are not classified as "securities" by the SEC1.

**Permitted Securities - Exempt from Pre-Clearance**

All transactions conducted by Employees do not require pre-clearance, except for certain legacy Security transactions and private placement Security transactions, which must follow the pre-clearance procedures outlined in their respective sections below.

**Prohibited Securities**

Employees may *<u>not</u>* purchase any of the following Securities ("Prohibited Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial public offerings, which includes initial coin offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US and non-US equities (excluding shares of Diamond Hill Investment Group, Inc.), which include American depository receipts, real estate investment trusts, master limited partnerships, and business development corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US and non-US taxable fixed income Securities, excluding direct obligations of the US Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Puts, calls, futures, or any other derivative on US or non-US equity and taxable fixed income Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds (both open-end and closed-end), ETFs, and variable annuities that are in any one of the following Morningstar Categories2:

<sup>1</sup> Indirect investment in Bitcoin or other virtual cryptocurrencies through a publicly tradable security, such as a statutory trust traded in the over-the-counter market, is permitted under this Code but must be disclosed pursuant to the procedures in Section 2 below.

<sup>2</sup> For funds not categorized by Morningstar, Compliance will determine eligibility on a case-by-case basis.

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oSmall Value

oMid-Cap Value

oLarge Value

oLong-Short Equity

oForeign Large Value

oShort-Term Bond

oIntermediate Core Bond

oIntermediate Core Plus Bond

oNon-Traditional Bond

Exceptions to the Morningstar Category Restriction:

oThis restriction does not apply to Diamond Hill's or a Family Member's Unrestricted Plan Accounts.

oFamily Members investing in their current employer's mutual funds are also exempt from this restriction.

**Legacy Security Transactions**

Employees may sell a Prohibited Security that was owned prior to either commencing employment at Diamond Hill or the adoption of this revised Code if the following criteria are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Total sale proceeds do not exceed $50,000 per trading day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Security has a market capitalization in excess of $1 billion.

If an Employee wants to sell a Prohibited Security that does not meet the criteria above, they must consult with the CCO or delegate, who will determine an appropriate time for the Employee to sell the Prohibited Security to ensure that it is not within seven (7) calendar days before or after the same Security or Related Security has been executed on behalf of a Client.

**Private Placement Security Transactions**

Any purchase of a private placement Security must be pre-approved by the CCO. In connection with a private placement acquisition, the CCO will take into account, among other factors, whether: (i) the investment opportunity should be reserved for a Client; (ii) the opportunity is being offered to the Employee by virtue of the Employee's position with the Funds or Diamond Hill; and/or (iii) the investment opportunity is consistent with the overall spirit of the Code. The CCO will retain a record of any such pre-approval. If authorized, Employees must disclose any subsequent investment in the same issuer if and when it occurs. To avoid a conflict of interest, any decision to purchase Securities of the same issuer on behalf of a Client will be independently reviewed by Diamond Hill personnel who have no personal interest in the issuer.

**Disclosure of Newly-Opened Brokerage or Securities Accounts**

Employees are required to disclose any accounts that hold or have the ability to hold non-Exempt Securities. If an account can hold securities beyond Exempt Securities, it must be disclosed. For example, an Unrestricted Plan Account that only allows investments in unaffiliated mutual funds does not need to be disclosed. However, if the account can hold Diamond Hill Funds, individual stocks, or other non-Exempt Securities, it must be disclosed.

Employees must disclose their new brokerage or Securities accounts in the compliance reporting system upon opening the account, but no later than 30 days after the calendar quarter-end in which the account was opened.

Prior to opening an account, Employees should confirm with Compliance if an electronic feed has been established with the broker or custodian. If an electronic feed has not been established, Employees should consider the broker

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or custodian's ability to electronically send transaction and holding reports to the compliance reporting system as required in Section 2 of the Code. If electronic reporting is not possible, it is the Employee's responsibility to manually input the required disclosures in the compliance reporting system.

**Requests for Code Exceptions**

Employees wishing to request an exception to the provisions outlined in this Code should submit a written request to the CCO setting forth the pertinent facts and justification for the exception. The CCO will only approve such requests when it is clear beyond dispute that Client interests will not be adversely affected or compromised. Written approval from the CCO must be received before the Employee can engage in the particular activity.

**Section 2: Personal Investment Disclosures and Affirmation Procedures**

Disclosures made pursuant to the Code requirements will be maintained securely in the compliance reporting system. Access to such disclosures will be limited to members of the Compliance Team and will be reviewed by Compliance to verify compliance with the Code.

**New Employee Certification and Disclosures**

Within ten (10) days of becoming an Employee, each new Employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Certify they have received, read, and understand this Code and acknowledge they are subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose Security holdings in Employee Accounts, other than Exempt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.With respect to ownership in an account where full investment discretion has been granted to a third party via a contract or agreement between the Employee and the third party (a "Managed Account"), disclose the account and provide an attestation from an authorized third-party representative stating the third party has not purchased or sold Securities based on direct or indirect influence or control from the Employee.

**Quarterly Transaction Reports**

Within 30 days after the end of each calendar quarter, each Employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Disclose Employee Accounts, which includes all of the following accounts that hold Securities that are not Exempt 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;a.Accounts of the Employee;

&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.Accounts of the Employee's Family Members;

&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.Accounts for which the Employee acts as trustee;

&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.Accounts for which the Employee has a direct or indirect interest; 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;e.Any other type of account for which the Employee exercises security trading and selection discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose personal Security transactions conducted in an Employee Account. Employees are not required to disclose the following Security transactions:

&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.In a Managed Account as long as the third party has full discretion in executing all transactions without direct or indirect influence or control from the Employee;

&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.Pursuant to an Automatic Investment Plan; 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 the report would duplicate information contained in an electronic feed from a broker or custodian that will be received no later than 30 days after the end of the applicable calendar quarter.

**Annual Certifications and Holdings Reports**

At least once in each 12-month period (generally as of December 31 of each year), each Employee must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Certify that they have read and understand the Code and acknowledge they are subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose Security holdings in Employee Accounts, other than Exempt Securities, within 45 days of each calendar year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.With respect to their ownership in a Managed Account, provide within 45 days of calendar year end an attestation from an authorized third-party representative stating the third party has full discretion in executing all transactions with no direct or indirect influence or control from the Employee and the third party has not requested approval or direction from the Employee when executing transactions.

**Exceptions to Reporting**

Transactions and holdings in charitable giving accounts are excluded from the above reporting requirements so long as the Employee or Family Member does not have investment discretion over the assets in the account.

**Roommate Disclosure**

Employees must disclose if they live in the same household with anyone who is not their spouse or their child and is 18 years of age or older ("Roommate"). New Employees must complete this disclosure within ten (10) days of becoming an Employee, and existing Employees have a continuous ongoing obligation to promptly disclose any new arrangement of living in the same household with a Roommate. Employees living with a Roommate must also affirm annually the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.They have not and will not disclose information to their Roommate about any Security transactions executed or under consideration for execution on behalf of Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.They are not aware of any inadvertent disclosure to their Roommate of Security transactions described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.If they are aware of any Security transactions executed by their Roommate as a result of intentional or inadvertent disclosure of Security transactions described above, they will immediately report it to the CCO.

**Reporting by Independent Trustees**

Independent Trustees must report a Security transaction to the CCO only if such trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling their official duties as a trustee, should have known that, during the 15-day period immediately before or after the date of the transaction by the trustee, such Security was purchased or sold by the Funds or was being considered by the Funds or Diamond Hill for purchase or sale by the Funds.

**Compliance Monitoring and Reporting Procedures**

Compliance will review Employee trade confirmations or transactions no less frequently than quarterly, to determine whether any violations of this Code occurred and to identify any trading patterns that may be inconsistent with this Code. If any issues or concerns arise during the review of the CCO's trade confirmations or transactions, they will be escalated to the CCO's direct manager.

At least annually, the CCO will report to the Funds' board of trustees a written report describing any issues that have arisen under the Code since the last report and certifying that the adopted procedures are reasonably designed to prevent violations of the Code. The CCO will also certify to the Funds' board of trustees that the Funds and Diamond Hill have adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will identify any violations of this Code, any significant remedial action taken during the past year, and any recommended procedural or substantive changes to this Code based on the CCO's experience, evolving industry practices, or legal developments.

Code of EthicsLast Amended: November 1, 2025

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Compliance will inform the Employees of their reporting obligations, supply a copy of the Code, and receive from Employees an acknowledgement of their receipt of this Code. Compliance will cause the Funds and Diamond Hill to maintain records in the manner and to the extent set out in Rule 17j-1(f) under the Company Act and Rule 204A-1 under the Advisers Act.

**Section 3: Outside Business Activities and Other Disclosures**

To properly identify, manage, and mitigate potential conflicts of interest, it is necessary for Employees to disclose their Outside Business Activities and relationships to Compliance for review of any potential conflicts of interest.

**Outside Business Activity**

Employees may not engage in outside employment or other outside activity that conflicts or otherwise interferes with their duties and responsibilities at Diamond Hill. Employees are to avoid outside employment or other outside activity that competes with Diamond Hill or conflicts with the interests of Diamond Hill or its Clients.

Certain types of Outside Business Activities may create a conflict of interest or the appearance of a conflict of interest. For the purposes of this Code, an "Outside Business Activity" includes any role in which an Employee receives or expects to receive income, wages, or other compensation for services performed or provided. Additionally, OBAs also encompass unpaid roles where the Employee serves in a board position (including an advisory board) or on a committee, or a management capacity at an academic institution, charitable organization, or other non-profit. These roles may involve governance responsibilities, such as hiring vendors, selecting money managers, or overseeing financial or investment accounts, either directly or indirectly.

Routine volunteer activities, where the Employee does not hold a governance or decision-making role, are not considered Outside Business Activities under this policy.

**Family Member Relationships**

Employees must disclose relationships when a Family Member or other close relative's employment, board membership, political position, or other activity could create a potential conflict or the appearance of a conflict with Diamond Hill or its Clients. The following are examples of relationships that must be disclosed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's spouse is employed at a firm that Diamond Hill or the Funds do business with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's aunt or uncle works in the C-suite or other senior position of a publicly-traded company (where they may frequently be in possession of material non-public information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's parent or in-law works on the sell-side trade desk at broker or dealer with which Diamond Hill executes transactions or otherwise does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's child is a research analyst at an institutional consultant with which Diamond Hill does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's close cousin is a trustee for a city retirement plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's sibling is directly involved in (or has oversight of) manager selection at their employer or at a charitable organization they serve.

**Policy**

Employees must disclose Outside Business Activities or family member relationships, such as those described above, that may present a potential conflict, an actual conflict, or the appearance of a conflict of interest with Diamond Hill or its Clients. To mitigate potential conflicts of interest, Diamond Hill may impose specific conditions or limitations on an Employee's Outside Business Activity or where circumstances warrant, prohibit the activity outright.

Code of EthicsLast Amended: November 1, 2025

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**Disclosure Procedure**

Within ten (10) days of becoming an Employee, each new Employee must disclose any Outside Business Activities or family member relationships in the compliance reporting system.

Employees have a continuous ongoing obligation to promptly disclose any new Outside Business Activity or family member relationship. An Outside Business Activity must be approved by the Employee's manager and Compliance prior to commencement. In addition, Employees will be required to review and confirm their disclosed Outside Business Activities and family member relationships on an annual basis.

Employees are prohibited from serving on the boards of directors of: (1) publicly-traded companies unaffiliated with Diamond Hill, and (2) not-for-profit organizations where the Employee acts in any investment-related capacity (*i.e.,* any direct or indirect role relating to providing investment advice or choosing investment advisers) without prior approval from the Employee's manager and the CCO.

The CCO or the CCO's delegate will monitor and evaluate all Employee disclosures to determine if the disclosed activity or relationship could create a conflict of interest with Diamond Hill or Clients. The CCO will also evaluate the materiality of any conflicts to determine if it requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Additional policies and procedures to mitigate or manage the conflict; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclosure to Clients.

**Section 4: Sanctions**

Strict compliance with the provisions of the Code is a condition of employment. Any violation of this Code by an Employee may result in disciplinary action, which may include, but is not limited to, unwinding of trades, warnings, monetary fines or censures, suspension of personal trading privileges, and suspension or termination of employment. In addition, Employees must disgorge and donate to a selected charity of their choice all profits realized on transactions prohibited by this Code, including transactions in Prohibited Securities that are required to be unwound, except for de minimis profits of less than $20. Repeated offenses will likely subject an Employee to additional sanctions of increasing severity.

**Section 5: Training**

On an annual basis, Compliance will conduct Employee training to inform Employees about, and help ensure compliance with, the requirements of this Code.

Code of EthicsLast Amended: November 1, 2025

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**Appendix - Definitions**

<u>Affiliated Persons</u>: An employee, officer, or trustee of the Funds or an employee or officer of Diamond Hill Capital Management, Inc.

<u>Beneficial Interest</u>: Ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a Security.

<u>Broker</u>: Any person or organization engaged in the business of effecting transactions in Securities for the account of others.

<u>CCO</u>: The Chief Compliance Officer of Diamond Hill and the Funds, including any such designee(s) of the CCO. <u>Compliance:</u> The compliance team for Diamond Hill.

<u>Confidential Information</u>: Includes but is not limited to: (1) any Client information that is not already public information, (2) any Employee personal, financial, or employment data, (3) any non-public investment research information obtained or derived (data or written), and (4) any other corporate information not already disclosed on the Diamond Hill's web site or in other public filings.

<u>Cryptocurrency</u>: Any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under federal securities laws.

<u>Independent Trustees</u>: Trustees who are not interested persons of the Funds, as defined in the Company Act and whose affiliation with the Funds is solely by reason of being a trustee of the Funds.

<u>Employees</u>: The officers of the Funds and the employees and officers of Diamond Hill Capital Management, Inc. All Employees are considered to have access to non-public information regarding a Fund's purchase or sale of securities and its portfolio holdings and are, therefore, considered ("Access Persons"), as that term is defined in Rule 17j-1 under the Company Act.

<u>Employee Account</u>: Each account in which an Employee or Family Member has any direct or indirect Beneficial Interest or over which such person exercises control or discretion, including but not limited to any joint account, partnership, corporation, trust, or estate. Employee Accounts do not include accounts in which an Employee's Family Member exercises investment discretion in a fiduciary capacity for the benefit of others who are not considered Family Members as defined in this paragraph.

<u>Family Member</u>: Includes immediate family members living in the same household and any other relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes or who the Employee exercises discretion on securities transactions.

<u>Initial Coin Offering</u>: Initial coin offerings, virtual tokens offerings, virtual coin offerings (also called ICOs, virtual coins or token sales) are digital assets used by individuals or entities to raise capital. In return a purchaser receives certain rights, ranging from access to a future service once launched to rights to future profits. Virtual coins or tokens are purchased with either traditional currencies or virtual currencies. After they are issued, virtual coins or tokens may be resold to others in a secondary market.

<u>Managed Account</u>: An account where full investment discretion has been granted to a third party via a contract or agreement between the Employee and the third party.

<u>Security</u>: Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or

Code of EthicsLast Amended: November 1, 2025

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subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

<u>Related Security</u>: Securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

Code of EthicsLast Amended: November 1, 2025

## Ex-99.(P)(12)

Hotchkis and Wiley Capital Management Compliance Manual

3 – Code of Conduct

![picture1.jpg](picture1.jpg)

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3– CODE OF CONDUCT

________________________________________________________________________________________________

This *Code of Conduct* is intended to assist you and our other employees in meeting the high standards we follow in conducting our business. One of our most important assets is our reputation for integrity and professionalism. The responsibility of maintaining that reputation rests with you and our other employees. This shared commitment underlies our success as individuals and as a business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1Additional Personal Trading Restrictions

*(These Restrictions are In Addition to Those Included in our Code of Ethics)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1Trading Restrictions Applicable to All Employees

In addition to the personal trading restrictions described in our *Code of Ethics* and those described in this section, you must also follow the requirements described below in connection with all personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Trading</u> <u>Activity</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are subject to the following trading restrictions on all personal securities transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Transactions must not be timed to precede orders placed for any client, including our funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Trading activity must not be excessive in terms of your financial resources or in terms of time spent on your own investments; 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;&nbsp;&nbsp;&nbsp;&nbsp;◦ Transfers of funds or securities between client accounts and employee accounts are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sanctions</u>

Any trading-related violation, including failure to properly preclear a non-exempt personal trade, may incur the following sanctions based on the facts and circumstances of the violation.

*First Failure to Preclear*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Memo to employee with copy to supervisor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics will be provided to employee who will be advised to read it carefully

*Second Failure to Preclear within Three Months*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee must obtain written approval from supervisor for each trade for a 30-day period

Code of Ethics will be provided to employee and employee will be required to acknowledge his or her understanding of the Code of Ethics

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*Additional Non-Preclearances within Three Months*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee will meet with the Chief Executive Officer, President, Chief Operating Officer and/or Chief Compliance Officer of H&W

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of trading privileges for up to 60 days (except to close out open positions when a severe financial hardship is demonstrated) may be considered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Written warning to employee's personnel file

*Substantive Violations*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Busting of trades or disgorgement of profits for each non-preclearance when the trade would not otherwise have been precleared by the Compliance Department (e.g., the trade poses a conflict of interest, violates a blackout period, or results in a non-permissible short-term profit)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades properly precleared but otherwise violating the Code of Ethics (e.g., those subsequently determined to constitute frontrunning) will require at a minimum, a meeting with the CEO, President, COO and/or CCO, 30-day supervisor approval for subsequent trades and a written warning to the employee's personnel file.

*Chronic Violations*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meeting with the CEO, President, COO and/or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanctions may include (but not limited to) busting of trades, disgorgement of profits and/or absorption of trading costs, supervisor approval for subsequent trades, suspension of personal trading privileges, suspension of employment (with or without compensation), and termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2Insider Trading

Under the Insider Trading and Securities Fraud Enforcement Act of 1988 and Section 204A of the Investment Advisers Act of 1940, Hotchkis and Wiley Capital Management, LLC ("H&W" or the "Firm") must establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of material, non-public information ("Inside Information"). Accordingly, the Firm 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 (i.e., Insider Trading) or communicate material, nonpublic information about a company to another person where the communication leads to, or is intended to lead to, a purchase or sale of securities of such company. In addition, the Firm and each of its Employees have a fiduciary obligation to the Firm's clients to protect the confidentiality of all proprietary, sensitive or other confidential information communicated to Adviser or such Employees by its clients. Finally, because the Firm and each of its Employees is a fiduciary to its clients, the Firm and such Employees must also maintain the highest ethical standards and refrain from engaging in activities that may create actual or apparent conflicts of interest between the interests of the Firm or such Employees and the interests of its clients.

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To ensure that Insider Trading laws are not violated, that client confidences are maintained, and that conflicts of interest are avoided, the Firm has adopted the policies and procedures set forth in this Manual. The policies and procedures set forth herein are intended to articulate the Firm's policies, educate the Employees about the issues and the Firm's policies, establish procedures for complying with those policies, monitor compliance with such policies and procedures, and ensure, to the extent feasible, that the Firm satisfies its obligations in this area. By doing so, the Firm hopes that the highest ethical standards are maintained and that the reputation of the Firm is sustained.

Regulation Fair Disclosure ("FD") bars certain issuers of securities from sharing "material non-public information" with security holders and securities market professionals (such as portfolio managers ("PMs") and analysts) unless that information is simultaneously disseminated through public channels. Regulation FD expressly places its prohibitions on issuers who disseminate information, not those who receive selectively disclosed information, and should not significantly impact the manner in which PMs and analysts seek and obtain information from companies.

Issuers may, however, increasingly seek oral or written "confidentiality agreements" before speaking to a portfolio manager ("PM") or an analyst. Although Regulation FD specifically permits disclosure of material nonpublic information to persons who agree to keep the information confidential, a PM or analyst who enters into such a confidentiality agreement will be prohibited from trading upon that information. Accordingly, PMs and analysts must refrain from agreeing to any confidentiality agreements and that any request to execute a confidentiality agreement must immediately be referred to the COO, CCO or approved designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1Insider Trading Defined

The term "Insider Trading" is generally used to refer to (1) a person's use of material, nonpublic information in connection with transactions in securities and (2) certain communications of material, nonpublic information. The laws concerning Insider Trading generally prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase or sale of securities by an insider, on the basis of material, nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase or sale of securities by a non-insider, on the basis of material, nonpublic information where the information was disclosed to the non-insider in violation of an insider's duty to keep the information confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The communication of material, nonpublic information in violation of a confidentiality obligation where the information leads to a purchase or sale of securities.

Who is an "Insider"?

The concept of "insider" is broad. It generally includes officers, directors, partners, employees and controlling shareholders of a company or other entity. 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,

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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 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.

What is "Material Information"?

Trading on the basis of inside information is not a basis for liability unless the information is "material." "Material information" generally includes information for which there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision, or it could reasonably be expected to have a substantial effect on the price of the issuer's securities.

No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. Because materiality determinations are often challenged with the benefit of hindsight, if you have any doubt whether certain information is "material" so as to require you or others to refrain from trading or sharing information, those doubts must be resolved *against* trading or communicating the information. You must contact the COO or CCO in these circumstances.

What is "Non-Public"Information?

Information is "nonpublic" if it has not been disclosed to the general public by means of a press release, SEC filing, other media for broad public access, or at a meeting at which the public was given notice and allowed to attend. You must be able to point to some fact to show that the information is generally public.

<u>Examples</u> <u>of</u> <u>"Public"</u> <u>Information</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information may be deemed to have been made public – and thus not subject to the prohibitions on insider trading – in a number of different ways, including when the information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appears in the press or in a widely disseminated source or publication (*e.g.*, Dow Jones tape, Reuters, The Wall Street Journal, The New York Times);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is included in publicly available regulatory filings (*e.g.,* when the information is available through the public data base of a federal regulatory agency, such as the SEC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is disclosed in a stockholder report or a press release from the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is announced in a public forum such as a stockholder meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is provided by the issuer freely to anyone making an inquiry;

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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;• Is being disseminated to traders generally by brokers or institutional analysts, unless there is a reasonable basis to believe that such information is confidential and came from a corporate insider; 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;• Is received by a person who does not have a relationship with the issuer or who does not otherwise owe a duty of confidentiality to the issuer or another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material, non-public information that is later made public is no longer subject to the prohibitions on insider trading. You must allow sufficient time for the market to absorb the information and for an investment's price to reflect the information, prior to trading.

What is "Trading on the Basis of" Material Nonpublic 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 of sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2Examples of Inside Information (Non-Public, Material Information)

Information must be presumed to be inside information if the information is non-public and relates to the matters identified 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;• Dividend changes, including increases or decreases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant expansions or curtailments of operations or significant increases or decreases of orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Planned offerings of securities (including offerings underwritten by one of our affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extraordinary borrowings or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate actions the issuer is considering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposed favorable or unfavorable news articles featuring the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings information, including whether the issuer will or will not meet expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflows or outflows of client assets or assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in control, mergers, acquisitions, tender offers, joint ventures, divestitures, or changes in assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New products or discoveries, or developments regarding customers or suppliers (e.g., the acquisition or loss of an important contract);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in management, key personnel, or employee turnover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in compensation policy;

A change in auditors or auditor notification that an issuer may no longer rely on an audit report;

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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;• Events regarding an issuer's securities – e.g., defaults on senior securities, calls of securities for redemption, repurchase plans, stock splits or changes in dividends, changes to the rights of security holders, public or private sales of additional 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;• Significant litigation; 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;• Bankruptcy, corporate restructuring or receivership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3Communications With Public Company Insiders

For substantive public company insider meetings (in-person or telephone calls), the analyst is required to document such meetings on the firm's centralized Investment Team Interactions Log. At a minimum, such documentation must record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date and nature of the meeting or call;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The names of the Employees that participated in the meeting or call;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The names and titles of the company insiders that participated in the meeting or call; 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;• The name of the broker-dealer sponsoring the meeting, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4Identifying Types of Inside Information <u>Commonly Asked Questions</u>:

Questions arise from time to time with respect to what constitutes inside

information. With that in mind, we have set forth below some commonly asked questions and answers to serve as guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: My decision making is based on my own security analysis. My conclusions are not published in the marketplace. Are my conclusions inside information preventing me from trading?

*A: We liken a security analyst's conclusions drawn from available information to a craftsman's creation of a mosaic picture from pieces of tile. Assuming that no piece itself is based on inside information, a security analyst may put the pieces together to form a total picture. The "picture" that is the security analyst's own work product is <u>not</u> inside information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: What if the analysis comes from a sell-side analyst?

*A: The same considerations described in the first question apply to a sell-side analyst's work product as to a portfolio personnel's work product. The sell-side analyst's recommendation or report is not considered inside information if no part of the information is based on inside information.*

*Further Explanation: You may generally assume that information provided by a reputable sell side firm is lawfully gathered. However, if you have reason to believe that the information was obtained by a breach of confidence or other illegal means (e.g., the sales coverage says, "I* 

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*was told by the investment banker on the deal…" or "we think the information was leaked from a magazine or rating agency") that information may not be used. In these circumstances, do not trade the security without the prior approval of the CCO or COO.*

*Although we may be the sell side firm's first (or even only) call, you may use a sell side analyst's proper work product immediately. There is no requirement that the analysis must be publicly disseminated before it can be used.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: When I talk to the issuer, is the information I receive "inside" information?

*A: The presumption is that the information you receive from talking to an "authorized person" at the issuer is not inside information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: Who is an "authorized person" at an issuer?

*A: An authorized person is a person authorized to talk to investors about the particular topic in the ordinary course of the person's duties. Unless you know otherwise, you may consider any CEO, COO, CFO or Investor or Public Relations official as authorized to talk to you about any topic. In addition, any other officer, employee, or agent of the issuer who regularly communicates with any securities professionals or shareholders is considered an authorized person.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: What if I am the only securities analyst who bothers to talk to the authorized person?

*A: In itself, that creates no problem. You may presume (unless you know otherwise) that if the authorized person will talk to you, the authorized person would be willing to talk to other investors and research firms. Our clients are not disadvantaged because our personnel are more diligent.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: Can I use information provided to me by an authorized person in the course of that person's duties?

*A: Ordinarily, yes. However, we consider some information material per se and you must not trade based on that information without the prior approval from the CCO or COO, even if its source is an authorized person acting in the ordinary course of business.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q: If I obtain information whose ultimate source involved a breach of a duty or an illegal act, may I trade the security if I had no direct contact with the offending person?

*A: No. If you have reason to know that the information originated through a tainted source, it remains tainted in our hands -- and you cannot trade the security without the prior written approval of the CCO or COO.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5Investment Information Relating to our Funds and Institutional Accounts is Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the course of your employment, you may learn about the current or pending investment activities of our funds and institutional clients (*e.g.*, actual or pending purchases and sales of securities). Using or sharing this information other than in connection with the investment of client accounts is considered acting on inside information and is therefore prohibited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional trading restrictions that you and others must follow in connection with the investment activities of our funds and private accounts are included under *Code of Ethics* and under *Additional Personal Trading Restrictions (Section 3.1)*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6Procedures to Prevent Insider Trading

What You Must Do If You Receive Inside Information

If you receive information that you believe constitutes Inside Information, you must adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information immediately along with its source to the COO or CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain from trading any securities of the issuer to which the information relates for yourself or others (including our funds and client accounts), unless you receive prior approval from the COO or CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain from disclosing the information to any other person, including other investment team members, family members and friends, or making any other use of the information without the prior approval of the COO or CCO.

Handling of Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The COO and/or CCO, with the assistance of outside counsel, as required, will determine whether any potential "inside information" received by an Employee is of a nature that requires any trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W shall establish an informational barrier to confine Inside Information to a given individual, group or department. Only employees with a "need to know" to perform their job responsibilities shall have access to Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event the information obtained is determined to be Inside Information, the specific issuer will be placed on the firm's Restricted List. Trading activity in the specific issuer in client and employee accounts will be restricted while in possession of Inside Information. In certain limited circumstances where Inside Information has been confined to specific individuals through effective informational barriers (and subject to approval by the firm's Investment Conflicts Committee), trading restrictions of the specific issuer may not be applied firm-wide and only to specific individuals and/or investment strategies. The trading restriction of the specific issuer can be removed once the determination is made that such information becomes public (and there is sufficient time for the market to absorb the information), or is no longer considered material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7Penalties for Insider 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 even if he or she does not personally benefit from the violation. Penalties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail sentences;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the person who committed the violation of up to three times the profit gained or loss avoided (per violation or illegal trade), whether or not the person actually benefited from the violation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 times the amount of the profit gained or loss avoided (per violation or illegal trade).

In addition, any violation of the procedures set forth in this Code can be expected to result in serious sanctions by H&W, including dismissal of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8Policy Statement Regarding Insider Trading

H&W expects that each of its employees will obey the law and not trade on the basis of material, nonpublic information. In addition, the Firm discourages its employees from seeking or knowingly obtaining material, nonpublic information.

"Shadow Trading" is Insider Trading

Employees may not attempt to circumvent insider trading restrictions by using material, nonpublic information to facilitate trading in economically-linked firms, a practice known as "Shadow Trading." Specifically, H&W and its employees are prohibited from purchasing or selling a security on the basis of material, nonpublic information, or communicating such information about a company to another person where the information leads to, or is intended to lead to, a purchase or sale of securities of another publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3Use of Expert Network Firms

H&W may utilize expert networks for specialized information or research services, including access to sponsored meetings or events. H&W's policy prohibits the receipt and use of any Material Non-Public Information (MNPI). If you receive any information from an expert that you believe may be MNPI, consult with the Chief Compliance Officer (CCO) or Chief Operating Officer (COO) immediately. Also, refer to Section 3.2.6 - Procedures to Prevent Insider Trading.

All expert network firms must be approved by the CCO, COO or designee. Prior to approving an expert network firm, the following factors will be considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the expert network firm has policies and procedures in place that are designed to prohibit and prevent disclosure of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The depth and scope of such policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the expert network firm requires their consultants to provide representations and warranties to the provider that help protect H&W against the receipt of MNPI.

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H&W's consultations with the expert network firm will abide with each firm's specific compliance policies and procedures. H&W's investment team shall receive specialized training on MNPI and relevant policies and procedures on a periodic basis. Expert network activities will be reviewed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance shall periodically review expert network consultations (on a sample basis) against client and employee trading activities to identify any unusual trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The designated supervisor of equity research providers shall periodically review the list of expert network consultations periodically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calls with expert network consultants will be logged and tracked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expert network meeting attendees will take and retain notes if the information, in an analyst's best judgment, can be used in his or her investment research of an industry, market, company, or other relevant area, and Compliance will perform a periodic review of the meeting notes on a sample basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4Sharing Investment-Related Information/Other Information Barriers

H&W has established procedures that create information barriers between the professionals within the Firm and those of our affiliate, Stephens-H&W, LLC and their affiliates ("Stephens"). The procedures are designed to prevent the dissemination of inside, confidential and proprietary information. Because of the broad nature of the financial service activities H&W and our affiliate conduct, these procedures are required by law and critically important. You must have a working knowledge of these procedures to prevent inappropriate dissemination of information to our affiliate. Stephens may also be subject to their own information barriers, which govern the dissemination of information among their employees and to our professionals and those of other affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1Prohibition on Communications of Confidential Information

<u>All</u> communications whether written, oral, electronic or otherwise between the Firm and Stephens involving the exchange of confidential information are prohibited. This policy applies regardless of whether or not the confidential information is material. To further this policy, Stephens personnel shall not make any inquiry of H&W personnel, and H&W personnel shall not make any inquiry of Stephens personnel, regarding matters which the person making the inquiry knows or reasonably should know would require the disclosure of confidential information. For example, H&W personnel shall not inquire of Stephens personnel regarding any aspect of Stephens' role in a potential business combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exception on a Need-to Know Basis – Exceptions may be made in certain cases on a Need-to-Know Basis after consideration and approval by the COO, CCO or an appropriate designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirement to Notify Compliance of Breach of Policy – In the event that any H&W personnel believes that they have received any confidential information from Stephens personnel, or been asked to provide confidential information to Stephens personnel, they must inform the COO or CCO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2Communication between H&W and Stephens

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Stephens may provide H&W Compliance Department with a list of their securities underwriting participations for periodic and/or ad hoc monitoring purposes. This list is maintained within the H&W Compliance Department.

The Firm may provide Stephens with model portfolios of H&W strategies subject to an advisory agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5Other Confidential Information

Certain information obtained by H&W that does not constitute "inside" information still constitutes confidential information that must be protected by the Firm and its Employees. Compliance procedures regarding the use and treatment of that confidential information are set forth below.

"*Confidential Information*" means any non-public information concerning H&W's activities or developed by H&W or received by H&W under an express or implied agreement or understanding the information will be treated in confidence or used only for a limited purpose, regardless of whether or not it would be considered to be important by any other person.

Confidential Information may be in written, audio, video or computer readable form, or may be acquired through conversations in which an Employee is a party or which he or she has overheard. Such Confidential Information may include, among other things, information entrusted to H&W by its clients, including his or her name and related financial information, the names of securities H&W intends to buy or sell, and new product information or business plans.

Given the breadth of the above, *all* information that an Employee obtains through the Firm should be considered confidential unless that information is specifically available to the public.

&nbsp;&nbsp;&nbsp;&nbsp;3.5.1Policy Statement Regarding Use and Treatment of Confidential Information All Confidential Information, whatever the source, may be used only in the

performance of the Employee's duties with H&W. Confidential Information may not be used for any personal purpose, including the purchase or sale of securities for a personal account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2Procedures Regarding Use and Treatment of Confidential Information Employees have an obligation to be aware of, and sensitive to their treatment of

Confidential Information. To safeguard this information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Precautions must be taken to avoid storing Confidential Information in plain view in public areas of H&W'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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visitors must be supervised while in our office by Employees.

Particular care must be exercised when Confidential Information must be discussed in public places, such as restaurants, elevators, taxicabs, trains or airplanes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless required by law, Confidential Information may not be shared with any person, including any spouse or other family member, who is not an Employee (or is not otherwise subject to a confidentiality agreement with H&W) and who does not have a reason relating to such Employee's responsibilities within H&W to know that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6Trading Stock to Affect the Markets/Manipulative Trading Practices

In addition to the prohibitions on insider trading, the federal securities laws prohibit you and others from engaging in manipulative trading practices. If you violate these laws, you may be responsible for the damages sustained as a result of the manipulative activity, in addition to other sanctions. These laws prohibit you, when acting for yourself or for others (including our client accounts), from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in trading or apparent trading activity for the purpose of causing the price of a registered security to move up or down, and then taking advantage of the price movement by buying or selling at the "artificial" price level (a practice known as "pumping and dumping");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using the mail or any other method of interstate commerce to manipulate securities prices by creating a false or misleading appearance of active trading (a practice known as "mail fraud"); and

Circulating or disseminating, in the ordinary course of business, information to affect the price of any security (a practice known as "rumor mongering").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7General Business Conduct/Conflicts of Interest

H&W is committed to the highest standards of business conduct. As a consequence, the conduct of each employee is vitally important to us. A single misstep can disadvantage our clients and undermine our reputation. Employees must always protect the integrity of the Firm and act in the best interests of our clients.

To address conflicts of interests that may arise in connection with H&W's investment advisory services, H&W has adopted guidelines on investment-related conflicts, which are included as Appendix 3-E. To assist in the review of such conflicts and determination of the course of action to be taken under the situation, H&W has established an Investment Conflicts Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1Gifts and Entertainment

Giving or accepting gifts or entertainment in connection with your employment can raise questions about your impartiality and the Firm's ethical values. To address these concerns, the firm has established the below policy and procedures that apply to the giving or accepting of gifts or entertainment in the course of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Prohibition of Gifts or Entertainment for Compensation*: Employees are prohibited from the acceptance of any gifts, entertainment or any other forms of consideration as compensation for the purchase or sale of any property to or for any of the firm's clients, including securities and portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Prohibition of Gifts or Entertainment to Influence Business Decisions*: Employees are prohibited from the giving of any gifts, entertainment or any other forms of consideration as compensation if they could be interpreted as creating an obligation or could be perceived to influence business decisions

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related to the firm's investment advisory services. However, as detailed below, reasonable offers of gifts or entertainment may be offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gifts of Nominal Value:* You may not, directly or indirectly, give or receive gifts or other considerations in the form of cash, merchandise, services or any other benefit of more than $100 USD in value from any person or other entity (per year) that does business, or proposes to do business, with the firm. Gifts of reminder advertising (e.g. pens, mugs, etc., with company logo) are exempt from this limit. Gifts given to the firm and are shared by all the employees of the firm are also exempt from this limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gifts Preclearance:* All gifts to be <u>given</u> by employees must be precleared through the Compliance Department. In addition, all gifts <u>received</u> by employees must be reported to the Compliance Department. These gifts do not include reminder gifts and gifts shared by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ordinary Business Entertainment:* You may give or accept business entertainment (*e.g.*, meals, sporting event or theatre tickets, and golf course fees) in the ordinary course of business interactions even though the cost of such items exceed the $100 limit as long as the business courtesy is not so frequent or significant in amount as to potentially impair your judgement to act in the best interest of H&W and our clients. The sponsoring party must be in attendance as a host of the event. If the sponsoring party is not in attendance as host, then the cost of the entertainment will be viewed as a gift and will be subject to the $100 limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Preclearance of Entertainment above $500:* Employees must pre-clear through the Compliance Department any entertainment to be received from a vendor where the estimated cost (on a best efforts basis) is above $500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reporting of Business Entertainment by Vendors:* Employees are required to report to the Compliance Department any entertainment by vendors (including brokers and other third-party service providers) where the cost per employee is over $100 per event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All gifts and entertainment of any (1) foreign, federal, state and local government officials or (2) pension plan (including Taft-Hartley plan) officials subject to the Employee Retirement Income Security Act of 1974 (ERISA) must be precleared through the Compliance Department. Business entertainment of non-government or non-ERISA (non-Taft Hartley plan) officials does not require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Travel and Lodging:* You may not directly or indirectly accept payment for travel or lodging expenses from any person or other entity that does business, or proposes to do business, with us or our affiliates in conjunction with attendance at seminars, meetings, conferences, etc., without prior written approval of your Supervisor and the Compliance Department. Similarly, you may not directly or indirectly provide payment for travel or lodging expenses in these circumstances without prior written approval of your Supervisor and the Compliance Department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2Outside Activities

Without the prior written approval of the CCO or COO, you may not engage in any outside business activities that may give rise to conflicts of interest or the appearance of conflicts of interest or otherwise jeopardize the integrity or reputation of the Firm or any of our affiliates. Although we do not require approval of outside activities undertaken by family members, you must contact the CCO or COO if you believe that any such outside activities may raise or appear to raise a conflict of interest in connection with your employment or the business activities of the Firm or one of our affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Considerations</u> <u>for</u> <u>Approving</u> <u>Outside</u> <u>Activities</u>*:* Whether a particular outside activity may be approved or continued in the future will depend on a variety of factors including the extent to which the proposed activity could violate any law or regulation, interfere with your responsibilities to us, involve prolonged absences during business hours, or compete with our interests. Additionally, the possibility of adverse publicity and potential liability will be weighed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Without</u> <u>the</u> <u>written</u> <u>approval</u> <u>of</u> <u>your</u> <u>Supervisor</u> <u>and</u> <u>the</u> <u>CCO</u> <u>or</u> <u>COO,</u> <u>you</u> <u>must</u> <u>not:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be employed or compensated by any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have active involvement in any other business including part-time, evening or weekend employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve as an officer, director, partner, etc. in any publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hold a seat in public office, or commit to a candidacy or a formal position on a campaign committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operate a hedge fund or sponsor or participate in an association or group formed to invest in securities (*e.g.*, an investment club); 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;• Recommend another firm's investment management, brokerage, or similar services for a referral fee, unless the recommendation is allowed by a program we have established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.3&nbsp;&nbsp;&nbsp;&nbsp;Electronic Communications

H&W strives to maintain a professional work environment in every respect, including matters related to electronic communications. Any misuse of the Firm's resources can result in disciplinary action, including termination of Internet access privileges and immediate dismissal. Electronic communications, including connections to Internet and Intranet Web sites conducted using the Firm's computing or network resources, are the property of the Firm and are subject to monitoring.

H&W's e-mail system should be used for all business-related electronic communications. Employees are prohibited from using their personal e-mail systems for any business purposes.

*<u>Electronic</u> <u>Communications</u> <u>Collection</u> <u>&</u> <u>Retention</u>*

H&W's electronic communications (includes all forms of approved electronic communications by the firm that are permissible for business related purposes) are retained utilizing a third-party electronic communications archiving system. H&W

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recognizes that many of the records it is required to maintain under Applicable Laws and Rules are in electronic communication form, and as such its Access Persons will comply with the following Electronic Communications Collection and Retention Procedures.

*Electronic Communications Definition*

Any electronic communications collected or maintained pursuant to these procedures shall 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;• Content of the electronic communications, including text and electronic communication addresses in the address fields; 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;• Data format of the electronic communications, including support to display any attachment.

*Electronic Communications Capture*

H&W shall capture all internal (e.g., from one Access Person to another) and external (e.g., from a Client to an Access Person or vice versa) electronic communications received and sent by Access Persons by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using software that automatically captures the messages from the server during the routing process; 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;• Some other method that ensures the prompt and complete recapture of electronic communications.

*Archiving Electronic Communications*

H&W shall archive all internal and external electronic communications received and sent by Access Persons in an electronic storage medium that, 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;• Ensures that electronic communications are maintained in a non-rewritable and non-erasable media for users; 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;• Assigns a unique ID to the original electronic communication and any duplicates of the electronic communication.

Through the third-party system, H&W will archive electronic communications on a system that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allows access to electronic communications and provides H&W with the ability to download and produce copies of those electronic communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facilitates the location of particular electronic communications, categories of electronic communications (e.g., a range of dates), or indexes for production to regulatory inspectors or other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limits access to archived electronic communications via passwords or other methods to a limited number of authorized Access Persons ("Authorized Persons") so as to minimize the possibility of the destruction or corruption of archived electronic communications; and

Prohibits a non-Authorized Person from searching for, opening, viewing, deleting, or altering an archived electronic communication without (i) the permission of an Authorized Person; and (ii) a legitimate business

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purpose for taking such action.

*Electronic Communications Audit Trail*

H&W, with assistance of IT support, shall maintain a system that is designed to preserve the integrity of the archived electronic communications by, at a minimum, creating an audit trail or records of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs of electronic communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes or alterations to archived electronic communications; 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;• Destruction of electronic communications.

*Electronic Communications Destruction*

H&W does not have an electronic communications destruction policy in place at this time. Should such a policy be implemented, records related to governmental investigations, lawsuits and similar matters may not be destroyed in any circumstances.

*Electronic Communications Review*

In an attempt to monitor the compliance of Access Persons with H&W's electronic communications policy and to detect possible fraudulent or other improper activities, the firm shall periodically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pull random and/or targeted samples of incoming, outgoing and deleted electronic communications from a cross-section of Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review random and/or targeted samples of intra-Access Persons electronic communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review the selected electronic communications for improper or irregular communications and communications suggesting improper or illegal activity on behalf of the Access Person; 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;• Advise Access Persons of H&W's policy to selectively review electronic communications as a means of deterring the use of electronic communications for unauthorized activities.

In an attempt to detect possible fraudulent or other improper activities, the firm may, if practical:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use vendor provided policy review templates and/or internal lists of potential "red flag" or key words to be reviewed periodically and no less than annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage a vendor to assist and/or supplement the firm's monitoring of employee electronic communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically review (on a sample basis) electronic communications flagged through "red flag" or key words to investigate any potential securities law violations, policy violations or other serious improper activity;

Report the results of such investigation to Senior Management for appropriate action.

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*Instant Messages*: Employees are prohibited from using instant messaging (IM) for business related communications, unless the IM platform is approved by the Chief Technology Officer and Compliance. The approved IM platforms are Bloomberg IM and Microsoft Teams. Instant messages are subject to the Electronic Communications Collection & Retention policies and procedures outlined above.

*Text Messages*: Text messaging is not an approved form of business communication for the firm. Employees are not allowed to send text messages for business related purposes using their personal devices. In certain limited situations (e.g, disaster scenario, etc.), text messages can be utilized for business related communications; however, such incidents require retention of such text messages and notification/reporting to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.4Social Media

H&W will utilize the firm's account on certain designated social networking sites to post "Advisor" and "HW Funds" marketing materials. To ensure that we maintain our brand and our messaging, the designated social networking site(s) and the type of marketing related activity to be conducted on such site(s) on behalf of the firm require approval by the Head of Distribution, Chief Operating Officer, and Compliance. At this time, the only approved social media site for posting of "Advisor" and "HW Funds" marketing materials is LinkedIn. For purposes of this policy, "Advisor" marketing materials will consist of marketing materials related to the firm's investment advisory services and "HW Funds" marketing materials will consist of marketing materials related to the Hotchkis and Wiley Funds.

Only the firm's account and certain designated employees are authorized to use LinkedIn for approved firm purposes. At this time, only designated employees whose job responsibility involves marketing the firm will be authorized to post or share firm-related content ("Authorized Employees"). In addition, the only firm-related activity that is approved on LinkedIn is the posting of approved "Advisor" and "HW Funds" marketing materials and career opportunities of H&W. Authorized Employees cannot provide any comments, or post any firm-related materials on LinkedIn unless such comments and/or materials are approved by the Managing Director (MD) of Marketing Communications and Compliance (and the HW Funds' Distributor, if related to the HW Funds). Authorized Employees can only utilize LinkedIn for approved types of activities as clarified in the firm's policy guidelines stated below.

For any approved social networking site, H&W is required to retain a record of any communications/posting through the social media site as required under SEC Rule 204-2 under the Investment Advisers Act. In addition, H&W has oversight responsibilities for any social media account that is used for firm-related purposes. H&W has established the following policy guidelines for its use of LinkedIn for firm-related purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W and Authorized Employees cannot accept any endorsement of H&W's services and/or products by a third-party firm/person on LinkedIn (this feature will be turned-off).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W and Authorized Employees cannot endorse services provided by H&W and/or a third-party firm/person on LinkedIn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only approved "Advisor" marketing materials are permitted to be posted on LinkedIn. In addition, the posting of any "Advisor" marketing materials needs to be pre-cleared by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only approved "HW Funds" marketing materials are permitted to be posted on LinkedIn. In addition, the posting of "HW Funds" marketing materials require the pre-approval of the HW Funds' Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only Authorized Employees can use LinkedIn's e-mail (messaging) system to post or share firm-related materials or for firm-related communications (e.g., prospecting request for introductory meetings, connection requests, etc.). H&W reserves the right to determine who is an Authorized Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To use LinkedIn's e-mail (messaging) system or to post or share firm-related approved marketing materials, the Authorized Employee must sign a written Consent Form to have <u>ALL</u> electronic communications and activities on LinkedIn archived by the firm and subject to the firm's supervision (including reviews/monitoring of all communications and/or activities). Employees should have no expectation of privacy in regards to any emails sent through LinkedIn's email system. Signing the Consent Form is completely voluntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To use LinkedIn for firm-related activities, Authorized Employees are required to use their work e-mail address and phone number as their contact information on LinkedIn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only Authorized Employees who have signed a Consent Form (as set forth above) can share, re-post or "like" H&W's and/or HW Funds' posts (and marketing materials) on LinkedIn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As noted above, any specific comments posted on LinkedIn require pre-approval by the MD of Marketing Communications and Compliance. If comments relate to the HW Funds, the HW Funds' Distributor requires pre-approval. Once template language is approved, Authorized Employees who use the approved template language do not need to obtain a separate approval for each use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At this time, the use of hashtags on LinkedIn is only permitted in original posts by the MD of Marketing Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Authorized Employees who do not comply with the firm's policy are subject to having their authorization suspended and/or revoked depending on the facts and circumstances of the exception(s)/violation(s).

The firm's LinkedIn account is overseen by the MD of Marketing Communications who has responsibility to ensure that only approved firm-related activities are conducted on the social media platform. Other professional networking activities by Authorized Employees are also subject to the firm's supervision since the LinkedIn platform is used for firm-related activities.

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The MD of Marketing Communications will monitor the social media site for adherence to the firm's established policies and procedures. On at least a quarterly basis, Marketing will provide to Compliance a summary of the review of Authorized Employees' communications and/or activities on LinkedIn, including any exceptions identified to the firm's social media policy. In addition, the HW Funds' Distributor will perform periodic reviews of social media communications/activities of Authorized Employees who have their securities licenses sponsored by the distributor and such communications/activities relate to the HW Funds. On at least an annual basis, the firm will review its social media policy and guidelines to determine whether any revisions and/or additional requirements are necessary to continue the use of social media for firm-related activities.

Except for Authorized Employees, all other employees are prohibited from engaging in social media activities related to H&W's business activities. Non-authorized employees can participate in social media networks for <u>personal</u> use only. Non-authorized employees who use social media to network with other professionals should only include basic "business card" or "resume" information (name, job position/title, employer, work history and contact information) on respective social media network sites. If firm-related communications are directed to a non-authorized employee on a social media network site, the employee should not respond other than to direct the individual to his/her work e-mail and/or provide a work phone number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.5Global Anti-Corruption Policy

No payments of any kind may be made by H&W or by an employee or any other person, directly or indirectly, to any person, government, corporation, or other entity for the purpose of obtaining or retaining business, influencing any acts or decisions, or ensuring an improper advantage, or for any other purpose other than as allowed by the Foreign Corrupt Practices Act or other laws and regulations that apply in various countries and legal jurisdictions influencing favorable consideration of applications for a business activity or other matter. Under the Foreign Corrupt Practices Act and other applicable regulations (including various countries and legal jurisdictions), there are severe penalties that may be imposed on the firm and on individuals who violate these laws and regulations. Refer to Appendix 3-G – Global Anti-Corruption Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.6Political Contributions and Other Political Activities

All employees are required to pre-clear with the Compliance Department personal contributions (including contributions by spouse and dependent family members) to individual political officials/candidates (at the federal, state, or local government levels) and political parties/committees. In addition, pre-clearance by the Compliance Department is required for any political fundraising activities. To comply with federal, state, and local governments' pay-to-play regulations, the Firm's policies and procedures on political contributions and activities are included as Appendix 3-D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.7Entertainment of Public Officials

We have adopted procedures that apply to entertainment of public officials.

These procedures are included as Appendix 3-A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.8Entertainment of Pension Plan (including Taft-Hartley) Officials

*<u>Pension</u> <u>Plans</u> <u>under</u> <u>the</u> <u>Employee</u> <u>Retirement</u> <u>Income</u> <u>Security</u> <u>Act</u> <u>of</u> <u>1974</u> <u>(ERISA)</u>*

Section 406(b)(3) under ERISA prohibits plan fiduciaries from receiving "any consideration" for their personal benefit in connection with a transaction or transactions involving plan assets. General guidance issued by the U.S. Department of Labor ("DOL") limits the receipt by a fiduciary from any one entity of gifts (other than cash), meals, and entertainment to less than $250 (aggregate annual value). All gifts and entertainment of officials of ERISA pension plans (including Taft-Hartley plans) must be pre-cleared by the Compliance Department. The pre-clearance procedures are included as Appendix 3-A.

*<u>Taft-Hartley</u> <u>Plans</u>*

The DOL requires notification of entertainment of employees of union-affiliated pension plans (commonly called "Taft-Hartley" plans) by service providers, including investment managers. Any employer, as defined by the Labor-Management Reporting and Disclosure Act of 1959, as amended (LMRDA), who has engaged in certain financial transactions or arrangements, of the type described in Section 203(a) of the LMRDA, with any labor organization, union official, employee or labor relations consultant, or who has made expenditures for certain objects relating to activities of employees or a union, must file a Form LM-10. Any gifts or payments (collectively "gifts"), including gifts such as a client dinner, made by H&W to a covered person must be reported and filed on the DOL's Office of Labor-Management Standards Form LM-10. The pre-clearance procedures for ERISA plan officials (includes Taft-Hartley plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.9Contribution Requests

From time to time, we may receive requests for contributions or sponsorship of a charitable event from our clients. Such requests should be forwarded to the Compliance Department for preapproval. The Compliance Department will determine if there are any conflicts of interest before the request is sent to the CEO, President and COO for final approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8Regulatory, Legal and Other Contacts

Care must be taken in responding to oral or written inquiries from regulatory agencies, government officials and others outside of the Firm (as described below), since their questions may relate to matters beyond our ordinary business or concern serious issues. You must follow the procedures described below (which require the CCO's or COO's immediate notification) if you receive these inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1Inquiries from Regulatory Agencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All inquiries, written or oral, for information by governmental or self-regulatory authorities, including but not limited to representatives of the SEC, FINRA, CFTC, the Internal Revenue Service, the Department of Labor, and the states, must be reported immediately to the CCO or COO.

**-&nbsp;&nbsp;&nbsp;&nbsp;**In the case of telephone inquiries, you must obtain the name, agency, address, and telephone number of the representative making the inquiry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2Litigation Relating to the Firm or Your Employment with Us

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only authorized employees may accept legal process on our behalf.

**-**If an attempt is made to serve you with a legal process intended for the Firm, you must refuse it and immediately notify the CCO or COO.

**-**If you are served with a subpoena that relates to your employment with us or directly to us, clients, or other employees, you must notify the CCO or COO. See also the section relating to *Breaches of Our Policies and Procedures/Legal Violations* below for further guidance regarding our procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.3Other Contacts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically, attorneys, accountants, broker/dealers, other investment advisers, credit agencies and others may request information about our operations, clients or employees.

**-&nbsp;&nbsp;&nbsp;&nbsp;**Any request for information that is not generally released by us in the ordinary course of business must be referred immediately to the CCO or COO.

&nbsp;&nbsp;&nbsp;&nbsp;3.9Oral and Written Business-Related Communications with the Press and the Public We have adopted procedures that apply to all communications that are business-

related, including speeches, interviews and articles you write. These procedures are included in our Media Guidelines (attached as Appendix 3-B). Specific guidance is provided with respect to discussions about portfolio holdings and general conduct in a Question and Answer Format. While these procedures apply to all employees, they are particularly important for our investment-related professionals (e.g., portfolio managers) who are more likely to come in contact with the press and others outside of the Firm.

We have also adopted procedures regarding the public dissemination of portfolio holdings (attached as Appendix 3-C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10Breaches of Firm Policies and Procedures/Legal Violations

Protecting our reputation is everyone's job. Employees have an obligation to question any action or proposed action that may violate our Code of Conduct or other policies and procedures. Employees must report any known or suspected violation of our policies and procedures or any other action or proposed action that could adversely affect your fellow employees, our clients or vendors or the integrity of the Firm. The normal process for such reporting is to your immediate Supervisor, Human Resources and/or to the CCO or COO. Any retaliation against any employee who reports a suspected violation of the Code is prohibited and constitutes a further violation of the firm's Code of Conduct. Employees may also submit any suspected violations of the Code anonymously. H&W has adopted a Whistleblower Protection Policy, which is included as Appendix 3-F.

<u>Notifying</u> <u>the</u> <u>CCO</u> <u>or</u> <u>COO</u>: The CCO or COO must be immediately notified of incidents where the Firm and/or employees have violated any securities laws or regulations, the Code of Conduct or other policies and procedures.

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<u>Escalation</u> <u>and</u> <u>Remediation</u>: The Compliance Department will review all relevant facts and circumstances to determine an appropriate course of action to remediate any breach or violation of the firm's policies and/or applicable laws or regulations. In all situations, the COO must be notified of compliance related breaches or violations and their remediation. In addition, the Chief Executive Officer and/or President may also be notified, depending on the type and materiality of the breach/violation.

Employees who commit a breach of our policies and procedures or otherwise violate the law may be subject to sanctions as described below. In addition, the Firm may be required to notify the appropriate regulatory authorities depending on the type and materiality of the violation of the law or regulation.

<u>Sanctions:</u>

Internal

We must take appropriate disciplinary actions against you for violating the policies and procedures contained in this Manual as well as in the event of other legal violations. Penalties are imposed in light of the circumstances of each case after taking into account, for example, the severity of the violation and whether the violation is a first time or repeated offense. The penalties we may impose include a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of activities (*e.g.*, your ability to trade for personal accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fine, including a reduction in bonuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting the offense to the appropriate government authorities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A combination of the foregoing.

External

Government authorities and regulatory bodies, such as the SEC and FINRA, may impose penalties for violations of securities laws. These penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formal censure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension from securities-related activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disbarment from the securities industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Imprisonment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A combination of the foregoing.

<u>Documentation and</u> <u>Reporting</u>: The firm maintains documentation of violations of the firm's policies and regulations, including remediation actions taken by the firm. Starting

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in August 2021, H&W shall maintain a compliance event log for tracking and reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11Affiliates

The COO maintains a list of owners and affiliates of H&W. On at least an annual basis, the COO updates the firm's affiliates list and distributes the affiliates list to the Compliance Department.

H&W has determined that owners of Stephens-H&W, LLC, a minority shareholder of H&W, do not fall within the SEC's definition of advisory affiliates under the Advisers Act. In addition, the United States Department of Labor Regulations prohibit a fiduciary of a plan subject to the Employee Retirement Income Security Act o1974 (ERISA) from exercising its fiduciary authority to cause the ERISA plan to pay a service fee to a person in whom the fiduciary has an interest that may affect the exercise of its best judgment as a fiduciary. Regardless of whether Stephens Inc. (a broker-dealer) might be considered to be a person in which H&W has such an interest, H&W will not use its authority as a fiduciary of any ERISA plan to engage Stephens Inc. to provide paid services to that plan.

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Appendix 3-A

HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC ("H&W") ENTERTAINMENT OF GOVERNMENT AND ERISA PENSION PLAN (INCLUDING TAFT-HARTLEY) OFFICIALS / EMPLOYEES

________________________________________________________________________________________________

The following guidelines apply to expenditures incurred by employees of the Firm *and* to expenditures incurred directly by H&W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.U.S. Federal Government and Foreign Government Officials/Employees

Rules regarding travel and/or entertainment expenditures incurred by the Firm or its employees on behalf of U.S. federal government and/or foreign government officials/employees are very strict and provide little room for normal business entertainment. Accordingly, all expenditures involving U.S. federal government and/or foreign government officials/employees must be pre-cleared with the Compliance Department.

*Foreign government officials* include: executive, legislative and judicial personnel of a foreign government or any department, agency, or instrumentality thereof, or any person acting in an official capacity for or on behalf of any such foreign – owned or government-controlled commercial enterprises; foreign political party officials and candidates for foreign political office; and personnel of international governmental organizations (e.g., World Bank, European Union and Inter-American Development Bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.U.S. State and Local Government Officials

Rules regarding the entertainment of U.S. state and local government officials/employees are complex and vary widely from state to state and locality to locality. State gift, gratuity and lobbying laws may impose monetary or other restrictions on the provision of entertainment to public officials/employees and/or require the registration of the Firm and/or individual employees as lobbyists (employees *may not* take any steps toward lobby registration without

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involving the Compliance Department) and the filing of expense reports with the appropriate state authorities.

Accordingly, *Gifts,* including but not limited to meals, tickets, trips, hotel, transportation, or anything else of value, *may not* be given to state or local officials or employees without pre-clearance by the Compliance Department.

For purposes of this memorandum, *U.S. state and local government* officials include any person who is compensated in any way through appropriated funds of either a state or local government or an officer or employee of a corporation of which a state or local government is at least a majority owner. *By way of example only, government officials would include employees (e.g., investment officers and portfolio managers) of state or local treasurers' offices, or state or local government pension boards or agencies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.<u>Pension</u> <u>Plans</u> <u>under</u> <u>the</u> <u>Employee</u> <u>Retirement</u> <u>Income</u> <u>Security</u> <u>Act</u> <u>of</u> <u>1974</u> <u>(ERISA), including Taft-Hartley Plans</u>

The Finance Department maintains a list of ERISA plan clients, which is used by the Compliance Department for monitoring gifts or entertainment given to ERISA plan clients. Any gifts or entertainment of ERISA plan (including Taft-Hartley plan) officials require pre-clearance from the Compliance Department. A gifts and entertainment log is maintained by the Compliance Department. The pre-clearance requirement also applies to gifts and entertainment of ERISA plan prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV.Taft-Hartley Officials

Any employer, as defined by the Labor-Management Reporting and Disclosure Act of 1959, as amended (LMRDA), who has engaged in certain financial transactions or arrangements, of the type described in Section 203(a) of the LMRDA, with any labor organization, union official, employee or labor relations consultant, or who has made expenditures for certain objects relating to activities of employees or a union, must file a Form LM-10. The LM-10 form allows exclusion of "sporadic or occasional gifts or gratuities of insubstantial value given under the circumstances and terms unrelated to the recipient's status in a labor organization." The Department of Labor has decided that gifts and gratuities with an aggregate annual value of $250 or less per recipient are insubstantial for reporting on Form LM-10. In general, the Form LM-10 must be filed annually within 90 days after the end of the employer's fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V.Procedure for Pre-Clearance and Recordkeeping

For all gifts and entertainment of government and ERISA (including Taft-Hartley) officials/employees, you must complete the preclearance form available in the SchwabCT system, which will notify the Compliance Department to review such request. You are required to provide the specific names and titles of the official/employee as well as the full details of the

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proposed entertainment and anticipated expenses per individual. You should submit the form as far in advance of the proposed entertainment as possible to permit timely review of the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Compliance Department will keep a log of all government and ERISA (including Taft-Hartley) client or prospective client gifts and entertainment paid by H&W and will check all new requests to ensure that we do not exceed the applicable federal/state restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.If the gift/entertainment request is approved, the Compliance Department will notify the employee of the approval. A record of the approval is maintained in SchwabCT system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Employees must include a copy of the approved form with their T&E reports submitted to the Finance Department for reimbursement of expenses.

If you have any questions on the foregoing, contact the Compliance Department.

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Appendix 3-B

HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC ("H&W") MEDIA COMMUNICATIONS GUIDELINES

Updated: September 1, 2020

________________________________________________________________________________________________

The firm's media communications guidelines should be followed in all forums in which you may be communicating directly or indirectly with the public (including, without limitation, speeches, television or print interviews, appearances on discussion panels at industry forums, participation in internet chat discussions or any contribution to any media likely to be seen by persons who are not H&W employees). If you have any questions about these guidelines or public communications, please contact the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must obtain prior approval to appear in any public forum involving the firm from the Managing Director (MD) of Marketing Communications (effective September 1, 2020). In situations where H&W is featured as the primary contributor of the public forum/media event, pre-clearance is required from the CEO or President and Compliance. The MD of Marketing Communications is responsible for obtaining the required approvals and maintaining the firm's log of its participation in public forums/media events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications with the public must be made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Untrue statements or omissions of material facts are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications may not contain a promise of specific results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exaggerated or unwarranted statements and claims are not permitted. Opinions must have a reasonable basis and forecasts must be clearly labeled as forecasts. The inherent risk of investing in securities must be considered in making any communications with the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Always make clear that your comments are your views (<u>not</u> those of H&W) as of that day and are subject to change at any time based on market or other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You can discuss individual securities. If you discuss individual securities, you will be subject to the restrictions discussed in the paragraph below.

If you discuss individual securities, you will not be able to trade against your public position for a period of 7 calendar days for either client or personal accounts except under the limited circumstances identified below. Thus, if you speak favorably about a specific security, you will not be able to sell that security for 7 calendar days and if you speak negatively about a specific security, you will not be able to buy that security for 7 calendar days.

The reason for this prohibition is to protect you and H&W from allegations that you were attempting to manipulate the market by generating interest (or driving down

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interest) in a particular stock so that you could then take advantage of the price change following your comments.

The limited circumstances under which you may trade for client accounts in a security which you have made a public comment are trades done to rebalance the accounts as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.When there is cash flow in to or out of the account and the trades are done generally on a proportional basis. For example, if the account has a redemption within 7 calendar days after a favorable public comment about a security, you may reduce your position in that security in proportion to the reduction in assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.A trade for a particular account results in the position being adjusted back to pre-established target weighting for that security or across a group of similar accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The trade is done at client direction or to maintain compliance with client guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Upon permission from the Compliance Department, upon a showing that the proposed trade would be in the client's best interest. If you believe that circumstances have changed since your public comment that would make a trade in the best interest of a client, you should discuss with the Compliance Department the reasons why you believe a trade is in the best interest of the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not mention any separate account client or discuss specifically a separate account client's account without authorization from the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All handouts or other written materials must be reviewed by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should not permit the reprinting or rebroadcasting of any public communication without ensuring that it has received the approval of the Compliance Department. In instances where a mutual fund is mentioned, reprints and rebroadcasts may be deemed mutual fund "sales literature" and require certain disclosures under SEC and/or FINRA regulations.

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PROCEDURES FOR MEDIA COMMUNICATIONS:

All communications with the media must be coordinated with H&W Marketing Communications and Hewes Communications (See contact information below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before speaking with the media, you must obtain prior approval from the CEO or President and Compliance when you are featured as the primary contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inform the Compliance Department of the interview if you are planning to highlight certain securities (either positively or negatively). These securities need to be pre-cleared by Compliance. Please be aware of the following restriction:

*Securities for which we have an open (buy or sell) order for any "target" trades on the trading desk should not be mentioned in the interview. Open orders are sent via e-mail to all portfolio managers and analysts on a daily basis by the trader.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the interview, either H&W Marketing Communications or Hewes Communications will provide the Compliance Department with a transcript of the interview or a copy of the article before dissemination to the public, if possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W Marketing Communications will inform Compliance of the anticipated first date of dissemination to the public. This will count as the first day of the securities restriction, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When securities are discussed during the interview, Compliance will set up the restrictions in the trading system to monitor for any securities subject to the media restrictions.

Important Contact Information:

H&W Marketing Communications John Haase

Office: 213-430-1932; john.haase@hwcm.com

Mobile: 802-522-6710

Hewes Communications, Inc. 1270 Avenue of the Americas New York, NY 10022-5501 Phone: 212-207-9450

Fax: 212-207-9475

Tucker Hewes

Office: 212-207-9451; tucker@hewescomm.com

Mobile: 917-873-5220; 9178735220@mobile.att.net

Tony Denninger

Office: 212-207-9452; tony@hewescomm.com

Mobile: 917-951-4292; 9179514292@mobile.att.net

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Howard Monaghan

Office: 212-207-9453; howard@hewescomm.com

Mobile: 917-873-5867; 9178735867@mobile.att.net GENERAL GUIDELINES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify Yourself

Before beginning any conversation with a reporter, clarify whether you are talking on or off the record, as well as the entity you represent (i.e. *H&W*). Confine your comments to those matters for which you have direct responsibility. Under no circumstances should you discuss H&W corporate policies or strategy either on or off the record. Inquiries about these matters should be directed to the CEO or President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Express <u>Your</u> View/Opinion

Make it clear that your comments are your views, and not those of H&W, as of that day and are subject to change based on market conditions or other developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Think Before You Speak

Be very cautious about off the record conversations. What you say in such conversations may still be used in various ways, even if it cannot be attributed to you. Take care to consider the impact such unattributed statements might have on our clients and on H&W's overall reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be Clear

To avoid being misquoted, ensure that media interviewers fully understand your comments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speak the Truth

All public communications must be made in good faith. Untrue statements or omissions of material facts are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inside Information – Special Care Needed

Employees in possession of material non-public information regarding a company may not discuss that company or the information with the media or anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid Negative Comments

Negative comments (about a company's or a sector's prospects, for example) generally should be avoided. Care should be taken if speaking about a relatively small sector dominated by one company that any remarks are not a thinly-veiled reference only to that company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid Comments on H&W Business Matters

Do not discuss profitability of H&W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be Aware of Confidentiality

Never breach the confidentiality of customer accounts. Do not disclose a client's name without the client's authorization.

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Don't Discuss Legal Issues

Do not comment upon matters that involve legal or compliance issues that relate to matters you know are in litigation or that you believe are likely to be the subject of litigation. Refer inquiries on such matters to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid Sensitive Topics

Do not comment upon activities of former employees, compensation, or activities of competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Don't Make Promises You Can't Keep

Communications may not contain a promise of specific results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stand on Solid Ground

Exaggerated or unwarranted statements and claims are not permitted. Opinions must have a reasonable basis, and forecasts must be clearly identified as forecasts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Follow Guidelines for Discussion of Individual Securities

When discussing individual securities or your present or future intentions with respect to individual securities, you will be subject to the restrictions discussed previously under "Discussion of Portfolio Holdings". Focus your comments regarding individual securities on long-term holdings with strategic implications for your portfolio and avoid short-term developments. You may not under any circumstances discuss a particular company if you possess material non-public information about that company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid Conflicts of Interest Regarding Your Own Investments

You should refrain from making any public statements about companies in which you or your immediate family members have invested, especially in connection with small cap, less liquid securities. If you do discuss such securities, you need to disclose your investment in the securities.

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Appendix 3-C

HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC ("H&W")

Disclosure of Portfolio Holdings Policy and Procedures

________________________________________________________________________________________________

U.S. Regulatory Filings

H&W files the following regulatory filings with the SEC that includes portfolio securities transactions and/or holdings information when the firm has discretionary authority over such securities held in client accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Form</u> <u>13F</u>* – Quarter-end information regarding reportable securities purchased by H&W for all discretionary client accounts. Reports are due and filed within 45 calendar days after quarter-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Schedule</u> <u>13D</u>* – Filing required where H&W has beneficial ownership of more than 5 percent of a class of Section 12 Securities and is ineligible to file Schedule 13G or where beneficial ownership of a class of Section 12 Securities equals or exceeds 20%. Reports are due within 10 days of the transaction triggering a reportable event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Schedule</u> <u>13G</u>* – Annual filing where H&W has "acquired" an aggregate of more than 5% of a class of Section 12 Securities for its discretionary client accounts. Reports are due and filed within 45 calendar days after calendar year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Schedule</u> <u>13G</u> <u>Amendments</u>* – Monthly filing required where H&W has "acquired" an aggregate of more than 10% of a security during the year, or a 5% change in position (positive or negative) after an increase to a 10% ownership. A Schedule 13G must be filed within 10 calendar days after the month that the ownership threshold or change is reached.

These filings are available to the general public and are posted on the SEC's website at www.sec.gov.

Non-U.S. Regulatory Filings

For certain non-US (foreign) securities markets, H&W is required to file with the respective regulatory agencies and/or securities exchanges portfolio securities transactions and/or holdings information when the firm's discretionary client accounts' ownership meets a certain reporting threshold and/or criteria (e.g, company merger/acquisition, etc.). Non-US securities filing requirements vary across the different foreign regulatory jurisdictions.

Client Reporting

H&W provides portfolio holdings to clients and their consultants as requested. Clients also have direct access to their accounts through their custodian.

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Portfolio Holdings on the Website

Each strategy's top 10 holdings, portfolio characteristics and commentaries will be generally available eight to ten business days after quarter-end on H&W's website, depending on the timing for each respective strategy.

Disclosure of Holdings in Request for Proposals, Consultant Databases, and Marketing Materials

In general, each investment strategy's monthly (unaudited) portfolio holdings can be disclosed by the last business day of the following month. A representative account may be used for each strategy, and may disclose (among other details) ticker/cusip, description, and/or percentage weight. If numbers of shares and/or market values are requested by security, a hypothetical amount (ex. $100 million portfolio) should be applied to the percentage weight to calculate the representative portfolio.

Disclosure of Portfolio Attribution and Characteristics in Request for Proposals, Consultant Databases, and Marketing Materials

Disclosure of monthly portfolio attribution and characteristics of the strategy's composite or a representative account for each strategy can be made on the eighth business day after month-end.

Disclosure of Holdings to Service Providers and Other Parties

H&W's portfolio holdings are disclosed to service providers on an on-going basis in the performance of their contractual duties. These providers include, but are not limited to, the client's custodian, fund accountants, fund administration, printing companies, public accounting firm and attorneys. Holdings are disclosed to service providers that perform operational services for all of the accounts managed by H&W which include back office services, portfolio accounting and performance systems services, proxy voting services, and analytical and trading systems (such as FactSet, Bloomberg, and Charles River).

Employees of H&W also may have frequent access to portfolio holdings. The frequency of disclosure to these parties varies and may be as frequently as intra-day with no lag.

Various broker/dealer and other parties involved in the trading and settlement process have access to H&W's portfolio information when H&W is buying and selling securities for various clients.

On certain occasions, a client may hire a transition manager to build their portfolio before giving the account to H&W to manage. All portfolios sent to transition managers must be cleared through the Compliance Department. H&W will send a current model portfolio to the transition manager only at a client's request.

Portfolio holdings may be disclosed to governmental and self-regulatory authorities pursuant to applicable laws or regulations, or a judicial, regulatory or other similar demand or request.

Disclosure of Individual Portfolio Holdings

Employees of H&W may discuss specific portfolio holdings with the public and/or the media. H&W maintains policies and procedures regarding pre-approval prior to discussing the firm's view (or positioning) of a specific security held in clients'

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portfolios. In addition, the confirmation of whether a stock is held in a portfolio and the specific weighting must follow the public disclosure procedures as described above.

Prior Approval

Any other distribution of portfolio holdings information (including historical portfolio holdings) requires the prior approval of the Chief Compliance Officer, or designee.

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Appendix 3-D

Hotchkis and Wiley Capital Management, LLC ("H&W") Political Contributions and Activities

________________________________________________________________________________________________

*Overview*

In the United States, both federal and state laws impose limitations, and in some cases restrictions, on certain kinds of political contributions and activities. These laws apply not only to U.S. citizens, but also to foreign nationals and both U.S. and foreign corporations and other institutions. Accordingly, Hotchkis and Wiley Capital Management, LLC ('H&W" or the "Firm") has adopted these policies and procedures concerning political contributions and activities regarding federal, state, and local candidates/officials and political parties/committees.

All H&W Employees, including officers of the Firm, ("Employees") are responsible for being familiar with and complying with these policies and procedures. Failure to comply could result in civil or criminal penalties for H&W and the individuals involved.

These policies are intended solely to comply with these laws and regulations and to avoid any appearance of impropriety. These policies are not intended to otherwise interfere with an individual's right to participate in the political process.

H&W may render services in connection with investment funds, investment companies or separate accounts to state and local pension plans or other government accounts. There are <u>significant and materially detrimental consequences</u> to H&W's business (including but not limited to the possible forfeiture of management fees for multiple years) if H&W and its employees fail to observe applicable federal, state and/or local regulations relating to political contributions and activities. Under this policy, H&W and Employees are prohibited from engaging in any form of political contributions to federal, state, and local political officials/candidates, political parties/committees, or any political soliciting/fundraising activities without prior approval from the Chief Compliance Officer (CCO), or designee.

If an Employee has any questions about political contributions and activities, he or she should contact the Compliance Department.

*Definitions*

<u>Political</u> <u>Contribution</u> *-* any gift, subscription, loan, advance, or deposit of money or anything of value made for:

-The purpose of influencing any election for federal, state or local office;

-The payment of debt incurred in connection with any such election; or

-Transition or inaugural expenses incurred by the successful candidate for state or local office.

This includes not only monetary contributions, but also in-kind contributions such as payment for services or use of facilities, personnel or other resources to benefit any

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federal, state or local candidate campaign, political party committee, or other political committee or political organization exempt from federal income taxes under Section 527 of the Internal Revenue Code (such as the Republican or Democratic Governors Association); or the inaugural committee or transition team of a successful candidate.

<u>Coordinating</u> <u>Political</u> <u>Contributions</u> - means bundling, pooling, or otherwise facilitating the Political Contributions made by other persons.

<u>Soliciting</u> <u>Political</u> <u>Contributions</u> - means to communicate, directly or indirectly, for the purpose of obtaining or arranging a Political Contribution.

*Contributions by, or on behalf of, H&W*

Federal law prohibits political contributions by H&W (or in H&W's name) in support of candidates for federal office. While some states allow contributions for political candidates, legal restrictions on corporate donations to state and local candidates apply. Any H&W political contribution must be approved, in writing, by the CCO, or designee, who will maintain a copy.

*Political Contributions to Obtain or Retain Business*

All persons, including Employees, consultants or anyone working on behalf of H&W, are prohibited from making, soliciting, or coordinating political contributions where the purpose is to assist H&W in obtaining or retaining business. The SEC and certain states have adopted "pay to play" restrictions that have the effect of severely limiting how political contributions can be made by Employees, consultants or anyone working on behalf of H&W. These restrictions may also, in certain circumstances, apply to a spouse or dependent family member of an Employee.

*Covered Associates*

Rule 206(4)-5 (the "Rule") under the Investment Advisers Act (Advisers Act) prohibits an investment adviser from receiving compensation from a state or local government entity for two years after the investment adviser or any of its Covered Associates makes a political contribution to covered "officials" of the government entity (which includes incumbents, candidates, or successful candidates for office if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an adviser, or has the authority to appoint such adviser). Covered Associates include executive officers and certain employees involved in soliciting clients and their supervisors. Executive officers are defined as the Executive Chairman, Chief Executive Officer, President, department heads, and any other officer/employee of the investment adviser who has a policy-making function. The Firm's list of Covered Associates shall be maintained by the Compliance Department.

*Pre-clearance and Reporting Requirements*

Since H&W and Covered Associates are subject to Rule 206(4)-5 and other applicable federal, state and/or local regulations relating to political contributions, <u>Covered</u> <u>Associates</u> <u>must</u> <u>obtain</u> <u>pre-clearance</u> <u>from</u> <u>the</u> <u>CCO,</u> <u>or</u> <u>designee,</u> <u>prior</u> <u>to:</u> <u>(1)</u> <u>making</u> <u>any political contributions to federal, state, or local political officials/candidates</u> <u>(including any contributions</u> <u>to a</u> <u>political</u> <u>party</u> <u>or</u> <u>political</u> <u>action</u> <u>committee);</u> <u>(2)</u> <u>coordinating political contributions made by other persons; (3) engaging in any</u> <u>solicitations or fundraising activities on behalf of a political official/candidate, political</u> <u>party</u> <u>or</u> <u>political</u> <u>action</u> <u>committee;</u> <u>and</u> <u>(4)</u> <u>establishing</u> <u>or</u> <u>being</u> <u>involved</u> <u>with</u> <u>a</u> <u>political</u>

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<u>action</u> <u>committee,</u> <u>or</u> <u>any</u> <u>other</u> <u>entity</u> <u>that</u> <u>makes</u> <u>political</u> <u>contributions</u>. The Compliance Department will maintain a log of political contributions by Covered Associates and other political activities covered under this policy engaged by Covered Associates.

<u>The Firm is</u> <u>also requiring that</u> <u>all</u> <u>Employees</u> <u>comply</u> <u>with</u> <u>the above pre-clearance and</u> <u>reporting requirements before making any political contributions and engaging in any</u> <u>other</u> <u>political</u> <u>activities</u> <u>covered</u> <u>under</u> <u>this</u> <u>policy</u> <u>(including</u> <u>the</u> <u>coordination</u> <u>of</u> <u>political</u> <u>contributions, political solicitations or fundraising activities, or establishing or being</u> <u>involved with a political action committee)</u>.

*Employee Spouses and Dependent Family Members*

<u>State</u> <u>or</u> <u>local</u> <u>government</u> <u>office</u> - The pre-clearance and reporting requirements for any political contributions to state or local government officials and/or candidates apply to employee spouses and dependent family members since certain states and local governments have more restrictive prohibitions than the Advisers Act that may define "covered employees" more broadly and include spouses and dependent family members.

<u>Federal</u> <u>government</u> <u>office</u> - Employee spouses and dependent family members are <u>not</u> required to pre-clear and report political contributions to officials/candidates at the federal office level, national political parties (i.e., Republican National Committee, Democratic National Committee, etc.), and federal political action committees.

<u>Employees</u> <u>are</u> <u>prohibited</u> <u>from</u> <u>coordinating</u> <u>political</u> <u>contributions</u> <u>through</u> <u>their</u> <u>spouses and/or dependent family members to circumvent the firm's policy and</u> <u>federal/state/local government regulations.</u>

*Firm Approval*

Each political contribution request by Employees will be reviewed and approved based on each request's specific facts and circumstances.

Executive committee members who are not H&W employees may be subject to periodic reporting of their political contributions and solicitation activity (including political contributions and solicitation activity by their spouses and dependent family members) at the state or local government level.

*De Minimis Limits*

As a general guideline, Rule 206(4)-5 provides de minimis limits where a political contribution by a Covered Associate would not trigger the compensation prohibition on the investment adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $350 to any one official or candidate, per election and Covered Associate must be entitled to vote at time of contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $150 to any one official or candidate per election and Covered Associate cannot be entitled to vote at time of contribution.

Although there are de minimis limits established under the Rule, <u>pre-clearance</u> <u>by</u> <u>the</u> <u>CCO,</u> <u>or</u> <u>designee,</u> <u>is</u> <u>still</u> <u>required</u> <u>in</u> <u>all</u> <u>cases</u> <u>of</u> <u>political</u> <u>contributions</u> <u>by</u> <u>Employees</u>. *[Note: some states or local governments have no de minimis limits.]*

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*Look-back Provision*

Rule 206(4)-5 includes a "look-back" provision that attributes to an adviser any contributions made by a person prior to becoming a Covered Associate" of the Firm. The Rule requires a two-year look-back for "new" Covered Associates who solicit clients and a six month look-back for "new" Covered Associates who do not solicit clients. "New" Covered Associates include new hires or current employees with a change of job responsibilities.

For any "new" Covered Associate, H&W will review all of his/her political contributions made in the two-year period prior to his/her employment or change of job responsibilities to determine if a contribution was made that would trigger the compensation prohibition under the Rule.

*Employee Separations*

Under Rule 206(4)-5, the departure or termination of a Covered Associate will not prevent his/her political contributions made while an employee from being attributed to the Firm, nor stay the application or continuation of the two-year prohibition period on receipt of compensation.

*Solicitations of Employees on Behalf of Federal, State or Local Candidates (including Political Parties or Political Action Committees)*

No Employee shall apply pressure, direct or implied, on any other Employee that infringes upon an individual's right to decide whether, to whom, in what capacity, or in what amount or extent, to engage in political activities.

*Prohibitions and General Guidelines Regarding Political Contributions, Solicitations and Volunteering*

All Employees must comply with the following guidelines when making political contributions, engaging in political activities or soliciting political contributions to candidates, political parties or political action committees, or volunteering for political campaigns or parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Employees are <u>prohibited</u> from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making political solicitations under the auspices of H&W, unless authorized in writing by the CCO (or designee) who will maintain a copy. Use of H&W letterhead is prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using H&W's address on political contributions, unless required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursing others for political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volunteering for political campaigns or parties on firm time or with the use of firm resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using H&W's name (even in biographical or professional descriptors) in connection with explicit political activities of individuals unless required by law or permission has been granted by the CCO (or designee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Causing H&W to incur additional expenses by using H&W resources for political activities, including expenditures such as the use of photocopier paper for political flyers, postage, or H&W-provided refreshments at a political event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using H&W's facilities (meeting spaces, reproduction equipment, computers, etc.) for political purposes, unless authorized in writing by the CCO (or designee) who will maintain a copy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Doing indirectly or through another person anything prohibited by these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Solicitations or invitations to fundraisers must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Originate from the individual's home address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make clear that the solicitation is not sponsored by H&W, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make clear that the contribution is voluntary on the part of the person being solicited.

*Political Contributions and Activities by Foreign Nationals and Foreign Businesses* Foreign nationals (persons who are not U.S. citizens or permanent resident aliens) and foreign businesses are prohibited by law from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making contributions, donations, expenditures, or disbursements (either directly or indirectly) in connection with any federal, state, or local elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributing or donating to federal, state or local political parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making disbursements for federal, state, or local electioneering communications.

*Volunteers Who Are of Subordinate Rank*

Any employee considering the use of the services of a subordinate employee (whether or not in the same reporting line) for political activities must inform the subordinate that his or her participation is strictly voluntary and that he or she may decline to participate without risk of retaliation or any adverse job action.

*Responsibility for Personal Contribution Limits*

Federal law and the laws of many states and localities establish contribution limits for individuals and political action committees. Knowing and remaining within those limits is each employee's responsibility. In some jurisdictions, contribution limits apply to the aggregate of all of the employee contributions within the jurisdiction.

*Certifications*

All Employees are required to complete a quarterly political contributions and activities certification. Employee political contribution records shall be treated as confidential and may only be reviewed by persons(s) with a "need to know" or for purposes of making necessary disclosures to any regulatory agencies, if required.

*Recordkeeping Requirements*

The Compliance Department will keep the necessary records based on the information gathered under this Policy, in compliance SEC Rule 204-2.

<u>Covered</u> <u>Investment</u> <u>Pools</u> <u>-</u> To satisfy the recordkeeping requirement of SEC Rule 204-2(a)(18)(i)(B), H&W shall rely on the Investment Management Staff No-Action Letter: Investment Company Institute (September 12, 2011) that does not require advisers to pierce their omnibus accounts or seek information from their omnibus accountholders in

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order to comply with the rule. H&W shall satisfy its recordkeeping requirements under Rule 204-2(a)(18)(i)(B) by maintaining a record that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each government entity that invests in a Covered Investment Pool where the account of such government entity can reasonably be identified as being held in the name of or for the benefit of such government entity on the records of the Covered Investment Pool or its transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each government entity, the account of which was identified as that of a government entity – at or around the time of the initial investment – to the adviser or one of its client servicing employees, regulated persons or covered associates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each government entity that sponsors or establishes a 529 Plan and has selected a specific Covered Investment Pool as an option to be offered by such 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each government entity that has been solicited to invest in a Covered Investment Pool either (i) by a covered associate or regulated person of the adviser; or (ii) by an intermediary or affiliate of the Covered Investment Pool if a covered associate, regulated person, or client servicing employee of the adviser participated in or was involved in such solicitation, regardless of whether such government entity invested in the Covered Investment Pool.

Effective Date: March 14, 2011

Updated: September 30, 2011

Updated: June 1, 2012

Updated: September 12, 2019

Updated: August 15, 2025

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Appendix 3-E

Hotchkis and Wiley Capital Management, LLC (H&W) Guidelines on Investment-Related Conflicts *Adopted: November 1, 2016*

________________________________________________________________________________________________

Overview

In connection with H&W's investment advisory services, the interests of our clients may come into conflict with the interests of other clients in different investment strategies and products managed by the firm, including any proprietary/affiliate investment products or accounts. These issues may be elevated when clients invest in similar investment opportunities and in different parts of an issuer's capital structure.

These guidelines provide an overview of certain conflict of interest considerations relevant to the evaluation and management of H&W's investment activities across its strategies and products, including any proprietary/affiliate products or accounts.

General Principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of interest are highly fact-intensive and will be reviewed on a case-by-case basis, taking into consideration (among other factors) (i) the interests of the relevant H&W clients, (ii) the circumstances giving rise to the conflict, (iii) applicable laws and (iv) the extent to which the conflict is disclosed in the firm's Form ADV and other relevant client or offering documents.

Examples of Conflicts of Interest

Investment-related conflicts of interest include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments by H&W clients at different levels of an issuer's capital structure, as well as subsequent decisions with respect to such investments (e.g., votes, foreclosures, events of default, workouts, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Side-by-side investments involving separate accounts, registered funds, ERISA accounts, and non-registered (private) funds, even if at the same level of the capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade allocations by portfolio managers that manage both separate accounts, registered funds, ERISA accounts, and private funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cross trades involving separate accounts, registered funds, ERISA accounts and private funds, including securities for which market quotations are not readily available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments by H&W clients in firm or affiliates sponsored private funds and/or products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W's utilization of affiliated service providers for registered funds or private (non-registered) funds.

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Potential Steps to Mitigate Conflicts of Interest

It is not always clear whether a situation involves a conflict of interest, and portfolio management personnel should consult the COO, CCO or other designee as soon as possible after becoming aware of an actual or potential conflict involving H&W clients, even if the situation is not included in the list above.

H&W has established policies and procedures to address conflicts of interests that may arise from its business activities. In certain situations where the conflict of interests requires further review, H&W has established an Investment Conflicts Committee (ICC) to assist in the determination of the course of action to be taken under the situation.

The ICC shall include the CEO, President, Designated Portfolio Managers, COO, CCO or others as considered necessary. At least two members should be involved in the determination of any course of action to be taken. The steps taken to mitigate such conflict will vary depending on the specific facts, and may include (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W, in its best efforts, to avoid the conflict of interest, if possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client accounts foregoing, or disposing of their position in, the subject investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client accounts being subject to certain limitations with respect to the investment (e.g., restrictions on taking an ‟active" or ‟control" position); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forming separate portfolio manager teams to represent the relevant H&W client accounts, if possible given the situation. If situation involves material non-public information (MNPI), refer to the firm's Compliance Manual - Section 3.2 – Insider Trading.

In a conflict of interest situation presented to the ICC, the firm shall retain documentation of its review and determination of the course of action to be taken.

Compliance with Existing H&W Policies and Procedures

H&W employees must also comply with existing firm policies and procedures that have been developed to mitigate investment-related conflicts, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W's Cross Trading Policy and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W's Trade Allocation Policy and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W's Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• H&W's Proxy Voting Policies and Procedures.

Failure to comply with these guidelines can result in: (i) substantial monetary liability to the firm and/or proprietary funds; (ii) regulatory action against the firm and/or proprietary funds; (iii) severe reputational harm; and/or (iv) subject an employee to disciplinary action up to and including termination of employment.

Questions

If you have any questions regarding these guidelines, please contact the COO, CCO or other designee.

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------

Appendix 3-F

Hotchkis & Wiley Capital Management, LLC Whistleblower Protection Policy

*Adopted: March 1, 2017*

________________________________________________________________________________________________

Statement of Policy

Hotchkis and Wiley Capital Management, LLC (H&W) has adopted this Whistleblower Protection Policy ("Policy"). This Policy is designed to address complaints and concerns and encourage reporting of any potential conduct that is dishonest, illegal or unethical, including, but not limited to, conduct that involves violations of any rules and regulations adopted by the Securities and Exchange Commission ("SEC"), as well as any federal securities laws relating to fraud. H&W has voluntarily adopted these procedures in accordance with recommended best practices for the industry. These procedures are designed to be similar to those established by reporting companies under the Sarbanes-Oxley Act of 2002 and Rule 10A-3 under the Securities Exchange Act of 1934. H&W is committed to integrity and high ethical standards and its policies and procedures are designed to foster a culture of compliance. The Policy covers employees, temporary/contract staff and service providers utilized by the firm (referred to in this policy as "Covered Persons").

Covered Persons must never keep silent or look the other way when faced with questionable legal or ethical conduct. This Policy also ensures protection from retaliation against those Covered Persons reporting potential or actual violations of the federal securities laws, and/or SEC rules and regulations.

If any Covered Person believes, observes or becomes aware of conduct—whether by an employee, a supervisor, client, consultant, agent, supplier or other third party—that he or she believes in good faith may violate the federal securities laws, an SEC rule or regulation, H&W's policies or procedures, or may otherwise be improper, that Covered Person should promptly contact his or her supervisor, Human Resources or the Chief Compliance Officer (CCO) in order to express any such concerns. Your concerns will be maintained in confidence to the extent possible and will be thoroughly investigated.

Covered Persons Procedures

Contact Your Supervisor, Human Resources or CCO: If possible, you should first discuss your concern or question with your immediate supervisor, Human Resources or the CCO to determine if the issue can be resolved, or if you need additional help. If you are uncomfortable or feel it would be unreasonable to report the issue to your immediate supervisor, Human Resources or the CCO, you are strongly encouraged to raise the matter to the Chief Executive Officer (CEO) or President. If a Covered Person does not want to be identified with the submission, he or she should not include his or her name in the correspondence but, instead, prominently indicate on the submission that it is a "*Confidential, Anonymous Submission*."

Process for Handling Complaints

Receipt of a Complaint

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Upon receipt of a complaint by a Covered Person, the CEO, President, CCO and Chief Operating Officer (COO) will be notified of such complaint. Unless the complaint is made anonymously, the CCO will acknowledge receipt of the complaint to the sender. The CCO, COO and President/CEO will then: (1) verify that the complaint pertains to a matter covered by this Policy and (2) develop a recommended strategy for appropriate investigation. The CCO will document and maintain a record of each complaint under this Policy. Given the sensitivity of such matters, any written correspondence regarding a complaint will be marked "*Confidential*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive Committee Oversight

In the event that the complaint cannot be resolved by H&W's senior management, the CCO will report such complaints under this Policy to the firm's Executive Committee. Once a complaint is received, the Executive Committee will take all appropriate actions to investigate any complaints, which actions may (but are not required to) include the use of internal or external counsel, accountants, or other personnel.

The Executive Committee may take any action it deems appropriate to investigate any complaints of which it becomes aware, which may include initiating an independent investigation. The Executive Committee also may choose to take no action.

Confidentiality

Confidentiality will be maintained to the fullest extent possible, consistent with the need to conduct an adequate review.

Corrective Action

Prompt and appropriate corrective action will be taken as warranted in the judgment of the CCO, CEO, President, and/or COO and, as necessary, the Executive Committee. H&W may take appropriate remedial or self-reporting action as deemed appropriate.

Prohibition Against Retaliation

H&W prohibits retaliation of any kind for reports or complaints pursuant to this Policy that are made in good faith regarding a potential or actual violation. These protections apply to a Covered Person acting alone, or Covered Persons acting together who provide information. H&W also prohibits any action that would impede a Covered Person from communicating directly with the SEC or other regulators about a potential or actual violation of the federal securities laws, SEC rules or other regulations.

H&W will not terminate, demote, suspend, threaten, harass or in any manner discriminate against any Covered Persons in the terms and conditions of his/her employment (or service contract, if applicable) based upon any lawful actions of any such Covered Person with respect to good faith reporting of a matter covered by this Policy.

Retention of Complaints and Investigations

The CCO will maintain records of all complaints under this Policy and track their receipt, investigation and resolution. These materials will be retained for a period of five (5) years or such longer period as may be required by law. Any records relating to a report may, if necessary, be redacted (or similar steps taken) to preserve the confidentiality of

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the person(s) submitting the report. Copies of all complaints and investigation records will also be maintained in accordance with the firm's document retention policy.

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## Ex-99.(P)(13)

![image_0c.jpg](image_0c.jpg)

---

| |
|:---|
| **FRED ALGER MANAGEMENT, LLC ("FAM")**<br>**FRED ALGER & COMPANY, LLC ("FAC")**<br>**WEATHERBIE CAPITAL, LLC ("WC")**<br>**REDWOOD INVESTMENTS, LLC ("RI")**<br>**ALGER MANAGEMENT, LTD. ("AML")**<br>**THE ALGER FUNDS**<br>**THE ALGER FUNDS II**<br>**THE ALGER INTERNATIONAL FUNDS**<br>**THE ALGER PORTFOLIOS**<br>**ALGER GLOBAL EQUITY FUND**<br>**THE ALGER ETF TRUST**<br>**ALGER NEXT GEN GROWTH FUND** |
| **CODE OF ETHICS** |
| Effective as of December 2025 |

---

------

**Table of Contents**

<u>[OVERVIEW AND SCOPE](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[3](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Purpose](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[3](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Definitions](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[3](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[General Principles of Conduct](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[5](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[PERSONAL SECURITIES TRANSACTIONS](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[6](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Brokerage Accounts](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[6](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Securities Not Held in a Brokerage Account](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[7](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Pre-Clearance Transactions](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[7](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Private Placements](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[8](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Prohibited Personal Securities Transactions](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[8](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Considerations for Approval of Personal Securities Transactions](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[8](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Restrictions and Blackout Periods](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[8](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Holding Period](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[9](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Excessive Trading](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[9](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[INITIAL AND ONGOING REPORTING REQUIREMENTS](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[9](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Brokerage Accounts](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[9](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Discretionary Account](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[10](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Securities Not Held in a Brokerage Account](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[10](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Personal Securities Transactions](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[10](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Private Placements](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[10](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Current Directorships](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[1](#i3f727648c64447dd9a4f7d26f16d6013_7)[1](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Outside Activities](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[11](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Confidentiality](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[11](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[ADMINISTRATION OF THE CODE](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[1](#i3f727648c64447dd9a4f7d26f16d6013_7)[2](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Responsibilities of the Chief Compliance Officer](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[1](#i3f727648c64447dd9a4f7d26f16d6013_7)[2](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Fund Board of Trustees Reporting and Approval](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[12](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Use of Preferred Brokers](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[1](#i3f727648c64447dd9a4f7d26f16d6013_7)[3](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Exceptions to the Code](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[1](#i3f727648c64447dd9a4f7d26f16d6013_7)[3](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Violations and Sanctions](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[13](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

<u>[Maintenance of Records](#i3f727648c64447dd9a4f7d26f16d6013_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3f727648c64447dd9a4f7d26f16d6013_7)[13](#i3f727648c64447dd9a4f7d26f16d6013_7)</u>

------

**OVERVIEW AND SCOPE**

**Purpose** 

This Code of Ethics (the "Code") is adopted by Fred Alger Management, LLC ("FAM"), Fred Alger & Company, LLC ("FAC"), Weatherbie Capital, LLC ("WC"), Redwood Investments, LLC ("RI"), and Alger Management, Ltd. ("AML"), and The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Equity Fund, The Alger ETF Trust and the Alger Next Gen Growth Fund (each a "Fund" and collectively the "Alger Funds") in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act"), as amended. FAM, FAC, WC, RI, AML and the Alger Funds will collectively be referred to as "Alger" throughout this Code.

The purpose of the Code is to ensure that all activities comply with Federal securities laws as well as all other laws and regulations that apply to Alger. For the purposes of this Code, the Federal securities laws include (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act and Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing statutes, and (ii) the Bank Secrecy Act (as it applies to Alger and any investment companies (public or private) advised by it) and any rules adopted thereunder by the SEC or the Department of the Treasury. AML is governed by personal dealings regulations set forth under the Financial Services and Markets Act 2000, as amended by the Financial Services Act of 2012.

If you have reason to believe that certain acts, actions, or practices engaged in by an Alger employee would constitute a violation of Federal or state securities laws to which Alger is subject or would violate Alger's policies or procedures inclusive of the Code, you must report it to a member of the Compliance or Legal Departments.

All Access Persons are responsible for, and have agreed as a requirement of their employment, to review, be familiar with, and comply with the Code. Any questions with respect to the Code should be directed to the Chief Compliance Officer ("CCO") or a member of the Compliance Department of Alger.

A list of terms and related definitions can be found below.

**Definitions**

<u>Access Person</u> - An employee of any Alger entity, including any full-time consultant or contractor, and any long-term temporary worker on more than a six (6) month assignment.

<u>Analyst</u> - A person employed by Alger as a Senior Analyst, Analyst, Associate Analyst, Research Associate or in a comparable position whose function relates to providing information, advice or recommendations.

<u>Beneficial Owner</u> - A person is the Beneficial Owner of the following securities (which may be held in a Brokerage Account or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held in the person's own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held with another in joint tenancy, community property or other joint ownership;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a bank or broker as nominee or custodian on behalf of an Access Person or pledged as collateral for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by members of the Access Person's immediate family sharing the same household ("immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a relative of an Access Person not residing in the person's home if the Access Person is a custodian, guardian, or otherwise has controlling influence over the purchase, sale or voting of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trust of which the Access Person is a beneficiary and has or shares the power to make purchase or sale decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trust for which the Access Person serves as a trustee and in which the person has a pecuniary interest (including pecuniary interests by virtue of performance fees or by virtue of holdings by the person's immediate family);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a general partnership or limited partnership in which the Access Person is a general partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a corporation in which the Access Person has a control position or in which the Access Person has or shares investment control over the portfolio securities (other than a registered investment company).

<u>Brokerage Account</u> - Any account which is an arrangement between an Access Person (or account over which the Access Person has a beneficial interest and/or discretion) and a licensed brokerage firm that allows the Access Person to deposit funds with the firm and place investment orders for securities through the brokerage firm, which then carries out the transactions on the Access Person's behalf. Brokerage Accounts where only exchange-traded funds ("ETFs"), and open- and closed-end investment companies are the only investment option are excluded from this definition. An example of these types of accounts includes retirement accounts that do not have individual equities, fixed income or other similar securities as an investment option. Robo-advisor accounts such as Betterment, Acorn, Intelligent (Schwab) and Wealthfront are not exempt if such accounts permit investments in individual equities, fixed income or other similar securities as an investment option.

<u>Client</u> - Any person, entity or investment vehicle to which any Alger entity provides investment advisory or other services.

<u>Compliance system</u> – MyComplianceOffice or such other comparable system that may be used from time to time.

<u>Alger Trustee</u> - A Trustee of the Board of Trustees of any Alger entity who is not an Officer or employee of Alger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alger Trustees are only subject to the quarterly reporting requirements of this Code to the extent that a trustee knows, or, in the ordinary course of fulfilling his/her duties as a trustee of a Fund or Alger, should know that during the fifteen (15) day period immediately before or after the date of the transaction in a Security by the trustee, a Fund or account has purchased or sold the Security or such purchase or sale by a Fund or account was

------

considered by the Fund or Alger. In such case, the Alger Trustee should seek pre-clearance for the transaction with the CCO.

<u>Portfolio Manager</u> – An Alger employee with the responsibility, authority, and ability to make investment decisions with respect to a Client.

<u>Personal Security Transaction</u> - A transaction in any Security in which an Access Person is or will become a Beneficial Owner.

<u>Private Placement</u> - A Private Placement is a passive investment in any securities of an issuing entity that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act of 1933, as amended.

<u>Security</u> - Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit), or relating to foreign currency, or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate of participation for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing.

<u>Trader</u> - Any person employed by Alger who is responsible for placing trades on behalf of Clients.

**General Principles of Conduct**

Access Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act in the best interests of Clients at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not consider their personal financial (or any other personal) situation in connection with transactions for any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct themselves in a manner to avoid any actual, potential or perceived conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not abuse their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not take inappropriate advantage of their position in relationship to Clients;

In consideration of these General Principles of Conduct, an Access Person may not recommend a transaction in any Security for any Client unless they have first disclosed to the Compliance Department their interest in such Security (or, if relevant, the issuer of such Security), including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct or indirect Beneficial Ownership of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any position with the issuer of such Security or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any current or proposed business relationship with the issuer of such Security, its affiliates, or any party which has a significant interest in the Security or its issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in a Security acquired through a Private Placement, where transactions in securities of the same issuer are now being considered for any Client.

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In furtherance of these principles, an Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain prior written authorization of the CCO to serve on the board of directors (or trustees) of any company. Such authorization will be based on a determination that the board service would be consistent with the interests of its Clients or would otherwise not conflict with Alger's ability to provide services to its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose all business, investment, or charity-related outside activities regardless of their nature or scope (e.g., additional employment, volunteer work, investment in real estate).

**PERSONAL SECURITIES TRANSACTIONS**

**Brokerage Accounts**

No Access Person shall open or maintain a Brokerage Account in which they have a Beneficial Interest without the express prior written approval of the Compliance Department. An Access Person must report to the Compliance Department all Brokerage Account(s) in which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established and the date the account was established. An Access Person is responsible for ensuring that the Compliance Department receives duplicate copies of all confirmations and account statements *prior to trading* in any Brokerage Account. Please see the exemptions for accounts that only transact in open- and closed-end funds and ETFs.

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security (or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment that allow the participant to hold individual securities and not just mutual funds.

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security (or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment that allow the participant to hold individual securities and not just mutual funds.

**Pre-Clearance Transactions**

All Access Persons must pre-clear all Personal Securities Transactions (including Private Placements, options or futures on broad-based market indices and ETFs, single stock ETFs, and foreign local shares of a security) with the Compliance Department, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a transaction effected under an arrangement through which an Access Person has given a third-party full trading discretion over the Access Person's Brokerage Account and/or assets and, the Access Person does not have any direct or indirect influence or control over the transactions in such Brokerage Account. The Access Person must have first provided the discretionary agreement or letter with the third-party to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales pursuant to tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions pursuant to stock splits and involuntary share buy-backs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gifts or bequests (either receiving or giving), although the sale of any Security received as a gift or bequest must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in municipal securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in shares of open- and closed-end investment companies (exception does not apply to closed-end investment companies for which Alger acts as sub-adviser; such closed-end investment companies must be pre-cleared); Employees subject to Section 16 filing requirements for closed-end investment companies must inform the Legal department by emailing legal@alger.com prior to transacting in such closed-end investment company as referenced in the Policies and Procedures for Filings Pursuant to Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs (exception does not apply to single stock ETFs; single stock ETFs must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banker's acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perpetual bonds and similar instruments that are not redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency transactions including currency options and futures

An Access Person may engage in no more than five (5) de minimis transactions at or below a value of $5,000 in a calendar month; however, such transactions require pre-clearance from Compliance.

The de minimis exception may not be used as a means for building a position in a security, and such activity is not permitted under the Code.

An Access Person may only make a request for a Personal Securities Transaction prior to 10 a.m. by submitting a pre-clearance form through the Compliance system. Compliance will use its best efforts to review and approve pre-clearance requests received after 10 a.m. A pre-clearance form for de minimis transactions may be submitted any time throughout the day.

Any approval to place a Personal Security Transaction is valid only for the day on which it is granted. The Compliance Department will communicate approval or denial of the trade via email or by logging into the Compliance system. Please note all trades are considered denied until official approval is granted. If approved, an Access Person may only transact in a Security on the date the approval is given (or during trading hours for foreign securities traded in foreign markets) and for the approximate number of shares/units of each Security requested. If the Access Person does not transact within this time period, they must re-submit their request before placing the transaction in the future.

**Private Placements**

An Access Person shall not make an investment in a Private Placement without the express prior written approval of a member of the Compliance Department.

**Prohibited Personal Securities Transactions**

An Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire any Security in an initial public offering;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in "short-selling" in an individual Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase or sell (write) options or futures on an individual Security.

**Considerations for Approval of Personal Securities Transactions** 

***Restrictions and Blackout Periods***

An Access Person will not be able to execute a Personal Securities Transaction if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a pending transaction in such Security for a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *If currently Alger does not hold position in any Client account*: an Analyst (or the sector/industry head if the Security in question is not covered by any Analyst), currently intends to (or believes that there are circumstances about the Security which may lead him/her to) issue a recommendation to transact in such Security within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *If Alger currently holds a position in any Client account*: any Portfolio Manager or Analyst who owns such Security (or such Security is otherwise appropriate for a Portfolio Manager or Analyst to own) for a Client indicates their intent to purchase or sell the Security for a Client within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction in the Security for a Client has occurred in the past seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Security is held in or will be added to the Alger Russell Innovation Index during the Index rebalancing period (4 times per year).

An Analyst and Portfolio Manager will not be able to execute a Personal Securities Transaction in any Security in the primary industry or industries that they cover. The de minimis requirement of $5,000 will not apply in this situation. For purposes of this Code, Portfolio Managers, Traders and Analysts who are generalists are deemed to cover all industries.

***Holding Period***

An Access Person may not sell a Security that they have purchased within any sixty (60) day period unless they are selling the Security at a loss. An Access Person who sells a Security that they have purchased within sixty (60) days at a gain may be required to donate to a charity of the employee's choice equivalent to the profit made from the sale of the Security or face further sanctions. For clarity, open- and closed-end funds, and ETFs (except single stock ETFs, and funds subadvised by Alger) are not subject to the 60-day holding period. The holding period is calculated using the LIFO (last-in first-out) method.

***Excessive Trading***

Excessive or inappropriate trading is prohibited. The Compliance Department monitors all Access Persons' trading. In the determination of the CCO, a pattern of excessive trading may lead to disciplinary action under the Code up to and including termination. Excessive trading includes successive trades in the same security even if such trades are within the de minimis exception listed above.

**INITIAL AND ONGOING REPORTING REQUIREMENTS**

No later than ten (10) calendar days after an Access Person becomes employed by Alger and thereafter generally within twenty (20) calendar days after the end of each calendar quarter, each Access Person shall submit a quarterly compliance certification to the Compliance Department containing the following information:

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**Brokerage Accounts**

For all Brokerage Accounts for which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established, and the date the account was established. Accounts that only transact in open- and closed-end funds and/or ETFs are exempt from reporting (*e.g.* 529 plans, certain 401(k) accounts, etc.).

**Discretionary Account**

With respect to an Access Person who has given discretion to have transactions placed by a third party and for which the Access Person does not have any direct or indirect influence or control over the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a discretionary agreement or letter with the third-party must be provided to the Compliance Department at initial reporting of the account, and periodically, as requested

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the Security (or Securities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quantity held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Security was acquired.

This includes 401(k) plans from prior employment that allow the participant to hold individual Securities and not just mutual funds.

**Personal Securities Transactions**

With respect to all Personal Securities Transactions (including those mentioned above):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker-dealer or bank with or through whom the transaction was effected.

**Private Placements**

With respect to all Private Placements and prior to engaging in such transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction will be effected; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the draft Private Placement Memorandum Offering and any other relevant documents.

Upon approval from a member of the Compliance Department, and following execution of the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executed Private Placement Memorandum Offering and other relevant documents.

Digital Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investment in digital assets, investment in such assets are not subject to pre-clearance requirements; however, annually through the certification Access Persons will report the year-end value of digital assets held by asset type and the approximate number of trades made in digital assets during the prior year.

**Current Directorships**

An Access Person must disclose if they serve on the board of directors (or trustees) of any company.

**Outside Activities**

An Access Person must disclose all outside activities regardless of their nature or scope (*e.g.* additional employment, volunteer work (specifically leadership roles), investment in real estate). If Compliance determines that the number of outside activities and/or hours are deemed to be excessive, Compliance will contact the Access Person's manager for further discussion. In addition, if an outside activity might potentially be inconsistent with Alger's business activities and values, it may be denied.

*If the information required to be reported in this section has already been provided through another medium (such as information contained in broker trade confirmations or account statements, or a personal trade pre-clearance form received by the Compliance Department), that information does not need to be reported again, provided that a quarterly report is filed with respect to any account established or closed during the quarter by the Access Person. Additionally, the Access Person is not relieved of reporting responsibilities with respect to any information not reported through other mediums and required by the Code.*

**Confidentiality**

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of employee activities hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**ADMINISTRATION OF THE CODE**

**Responsibilities of the Chief Compliance Officer**

The CCO is responsible for the administration of the Code. The oversight duties of the CCO or his/her designees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance of a current list of all Access Persons with a description of their title or employment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• furnishing all Access Persons a copy of this Code and initially and periodically informing them of their duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing transaction and holdings reports of Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining all records required by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing listings of all transactions effected by Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interpreting of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting such inspections or investigations, as shall reasonably be required to detect and report any apparent or actual violations of this Code to Alger and to the Trustees of the Alger Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submitting a quarterly report to the Board of Directors of each entity as applicable that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ certifies that the procedures to implement the Code are reasonably necessary to prevent violations of the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ summarizes the existing procedures to monitor the Code and any changes to the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ provides statistics regarding activity under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ describes any violation of the Code and any sanctions imposed as a result, and summarizes any interpretations issued,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ details any exemptions granted,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ reports on any training provided, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ reports any other significant information concerning the Code.

**Fund Board of Trustees Reporting and Approval**

The Board of Trustees of each Fund, as applicable, including a majority of the Alger Funds' Trustees who are not "interested persons" of each Fund (as such term is defined in the Investment Company Act), must approve this Code and any material changes to it. This approval shall be based on the determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Alger shall provide a certification to the Board that Alger and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Alger shall furnish to the Board of Trustees, and the Board of Trustees must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the Funds and Alger have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**Use of Preferred Brokers**

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All Access Persons are strongly encouraged to maintain their personal trading accounts at, and execute all transactions in Covered Securities through, one or more brokers that provide automated feeds to the Compliance system. Accounts with brokers who provide account information to Compliance electronically may be more accurate and require less reconciliation for the Access Person at certification time. Please contact the Compliance Department for a list of such brokers. *Note that an Access Person is not relieved of reporting responsibilities with respect to any information not reported electronically through the Compliance system and required by the Code.*

For non-electronic brokerage accounts, duplicate statements must be provided by the employee or received directly from the broker.

**Exceptions to the Code**

Exceptions to the Code may be granted from time to time by the CCO or his or her designee. All exceptions, unless otherwise stated below, shall be documented and shall provide the details of the transaction including the name and title of the Access Person, the amount of shares, direction of the trade (buy or sell), trade date, Security description, and rationale for the granting of the exception.

**Violations and Sanctions**

Access Persons must report any violations or potential violations of this Code promptly to the CCO or another member of the Compliance Department immediately upon becoming aware of such violation.

Upon discovering that an Access Person has not complied with the requirements of this Code, the CCO, in consultation with other senior officers of Alger and/or the Trustees of the Alger Funds, may impose on that person whatever sanctions they deem appropriate, including, among other things, disgorgement of profits, fines, censure, suspension of trading, or termination of employment. Severity of sanctions may depend on the type of violation, severity of the violation, and prior history of violations, among other considerations. For example, a first-time violation that is deemed immaterial may result in a warning and training for the employee, while a repeat violation may result in additional monitoring or more severe sanctions.

**Maintenance of Records**

Alger shall maintain and make available records with respect to the implementation of the Code in the manner and for the time required by the Federal securities laws, including without limitation,

Rule 17j-1(d) under the Investment Company Act. Specifically, the CCO shall maintain the following for the time and manner specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any Code that is in effect, or at any time within the past five (5) years was in effect, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of any such Code, and of any action taken as a result of such violation, must be maintained in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made by an Access Person, as well as trade confirmations and/or account statements that contain information not duplicated in such reports, must be maintained for at least five (5) years after the end of the fiscal year in which the report was made or the information was provided, the first two (2) years in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made must be maintained for at least five (5) years after the end of the fiscal year in which it was made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons, currently or within the past five (5) years, who are or were required to make reports pursuant to Rule 17j-1 and this Code, and a list of those persons responsible for reviewing these reports must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision, (i) to permit an Access Person to invest in a Private Placement, (ii) any exceptions granted by the CCO from the requirements of the Code, and (iii) relating to any material violation of the Code by an Access Person must be maintained for at least five years after the end of the fiscal year in which the approval was granted.

## Ex-99.(P)(15)

**CODE OF BUSINESS CONDUCT AND ETHICS**

**Personal Trading Policies and Procedures** 

**(Appendix A)**

**January 2025**

501 Commerce Street, Nashville, TN 37203

**A Message from Seth Bernstein,** 

**Chief Executive Officer of AllianceBernstein**

*Client trust is the foundation of a financial services company. As we have seen, trust takes years* 

*to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty,* 

*integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this* 

*most critical asset.*

*Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and* 

*foremost -- and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has* 

*long been committed to maintaining and promoting high ethical standards and business practices. We* 

*have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common* 

*vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations* 

*governing our businesses, the Code is intended to establish certain guiding principles for all of us.*

*Separately, the firm has in place a series of ethics, fiduciary and business-related policies and* 

*procedures, which set forth detailed requirements to which employees are subject. We also have* 

*prepared various Compliance Manuals, which provide in summary form, an overview of the concepts* 

*described in more detail both in this Code and in our other policies and procedures.*

*You should take the time to familiarize yourself with the policies in this Code and use common* 

*sense in applying them to your daily work environment and circumstances. Your own personal integrity* 

*and good judgment are the best guides to ethical and responsible conduct. If you have questions, you* 

*should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer or a* 

*representative of the Legal and Compliance Department or Human Capital. If the normal channels for* 

*reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the* 

*attention of the Company Ombudsman, who is an independent, informal and confidential resource for* 

*concerns about AllianceBernstein business matters that may raise issues of ethics or questionable* 

*practices.*

*Our continued success depends on each of us maintaining high ethical standards and business* 

*practices. I count on each of you to place our clients' interests first – and to do so always by applying* 

*good ethics and sound judgment in your daily responsibilities.*

*Seth Bernstein*

**AllianceBernstein L.P.**

**CODE OF BUSINESS CONDUCT AND ETHICS**

1.[Introduction](#i717530b84a81481da52fd3a2feaad39f_16)**[1](#i717530b84a81481da52fd3a2feaad39f_16)**

2.[The](#i717530b84a81481da52fd3a2feaad39f_16)[AB Fiduciary](#i717530b84a81481da52fd3a2feaad39f_16) [Culture](#i717530b84a81481da52fd3a2feaad39f_16)**[1](#i717530b84a81481da52fd3a2feaad39f_16)**

3.[Compliance](#i717530b84a81481da52fd3a2feaad39f_19)[with](#i717530b84a81481da52fd3a2feaad39f_19)[Laws,](#i717530b84a81481da52fd3a2feaad39f_19)[Rules](#i717530b84a81481da52fd3a2feaad39f_19)[and](#i717530b84a81481da52fd3a2feaad39f_19)[Regulations](#i717530b84a81481da52fd3a2feaad39f_19)**[2](#i717530b84a81481da52fd3a2feaad39f_19)**

4.[Policy](#i717530b84a81481da52fd3a2feaad39f_19)[Against](#i717530b84a81481da52fd3a2feaad39f_19)[Discrimination](#i717530b84a81481da52fd3a2feaad39f_19)[and](#i717530b84a81481da52fd3a2feaad39f_19)[Sexual](#i717530b84a81481da52fd3a2feaad39f_19)[and](#i717530b84a81481da52fd3a2feaad39f_19)[Unlawful](#i717530b84a81481da52fd3a2feaad39f_19) [Harassment](#i717530b84a81481da52fd3a2feaad39f_19)**[2](#i717530b84a81481da52fd3a2feaad39f_19)**

5.[Conflicts](#i717530b84a81481da52fd3a2feaad39f_19)[of Interest](#i717530b84a81481da52fd3a2feaad39f_19)[/](#i717530b84a81481da52fd3a2feaad39f_19)[Unlawful](#i717530b84a81481da52fd3a2feaad39f_19) [Actions](#i717530b84a81481da52fd3a2feaad39f_19)**[3](#i717530b84a81481da52fd3a2feaad39f_19)**

6.[Insider](#i717530b84a81481da52fd3a2feaad39f_19) [Trading](#i717530b84a81481da52fd3a2feaad39f_19)**[4](#i717530b84a81481da52fd3a2feaad39f_19)**

7.[Personal](#i717530b84a81481da52fd3a2feaad39f_22)[Trading:](#i717530b84a81481da52fd3a2feaad39f_22)[Summary](#i717530b84a81481da52fd3a2feaad39f_22)[of](#i717530b84a81481da52fd3a2feaad39f_22) [Restrictions](#i717530b84a81481da52fd3a2feaad39f_22)**[5](#i717530b84a81481da52fd3a2feaad39f_22)**

8.[Outside](#i717530b84a81481da52fd3a2feaad39f_25)[Directorships](#i717530b84a81481da52fd3a2feaad39f_25)[and Other Outside Activities and](#i717530b84a81481da52fd3a2feaad39f_25) [Interests](#i717530b84a81481da52fd3a2feaad39f_25)**[6](#i717530b84a81481da52fd3a2feaad39f_25)**

a.[Board](#i717530b84a81481da52fd3a2feaad39f_25)[Member](#i717530b84a81481da52fd3a2feaad39f_25)[or](#i717530b84a81481da52fd3a2feaad39f_25) [Trustee](#i717530b84a81481da52fd3a2feaad39f_25)[6](#i717530b84a81481da52fd3a2feaad39f_25)

b.[Other](#i717530b84a81481da52fd3a2feaad39f_28) [Affiliations](#i717530b84a81481da52fd3a2feaad39f_28)[7](#i717530b84a81481da52fd3a2feaad39f_28)

c.[Outside](#i717530b84a81481da52fd3a2feaad39f_31)[Financial](#i717530b84a81481da52fd3a2feaad39f_31)[or](#i717530b84a81481da52fd3a2feaad39f_31)[Business](#i717530b84a81481da52fd3a2feaad39f_31) [Interests](#i717530b84a81481da52fd3a2feaad39f_31)[8](#i717530b84a81481da52fd3a2feaad39f_31)

9.[Gifts,](#i717530b84a81481da52fd3a2feaad39f_31)[Entertainment,](#i717530b84a81481da52fd3a2feaad39f_31)[and](#i717530b84a81481da52fd3a2feaad39f_31) [Inducements](#i717530b84a81481da52fd3a2feaad39f_31)**[8](#i717530b84a81481da52fd3a2feaad39f_31)**

10.[Compliance](#i717530b84a81481da52fd3a2feaad39f_31)[with Anti-Corruption](#i717530b84a81481da52fd3a2feaad39f_31) [Laws](#i717530b84a81481da52fd3a2feaad39f_31)**[9](#i717530b84a81481da52fd3a2feaad39f_31)**

11.[Political](#i717530b84a81481da52fd3a2feaad39f_31) [Contributions/Activities](#i717530b84a81481da52fd3a2feaad39f_31)**[9](#i717530b84a81481da52fd3a2feaad39f_31)**

a.[By](#i717530b84a81481da52fd3a2feaad39f_31)[or on behalf of](#i717530b84a81481da52fd3a2feaad39f_31)[AB](#i717530b84a81481da52fd3a2feaad39f_31)[9](#i717530b84a81481da52fd3a2feaad39f_31)

b.[By](#i717530b84a81481da52fd3a2feaad39f_31)[Employees](#i717530b84a81481da52fd3a2feaad39f_31)[/](#i717530b84a81481da52fd3a2feaad39f_31)[Directors](#i717530b84a81481da52fd3a2feaad39f_31)[10](#i717530b84a81481da52fd3a2feaad39f_31)

12.["Ethical](#i717530b84a81481da52fd3a2feaad39f_31)[Wall"](#i717530b84a81481da52fd3a2feaad39f_31) [Policy](#i717530b84a81481da52fd3a2feaad39f_31)**[10](#i717530b84a81481da52fd3a2feaad39f_31)**

13.[Use](#i717530b84a81481da52fd3a2feaad39f_31)[of](#i717530b84a81481da52fd3a2feaad39f_31)[Client](#i717530b84a81481da52fd3a2feaad39f_31) [Relationships](#i717530b84a81481da52fd3a2feaad39f_31)**[11](#i717530b84a81481da52fd3a2feaad39f_31)**

14.[Corporate](#i717530b84a81481da52fd3a2feaad39f_31)[Opportunities](#i717530b84a81481da52fd3a2feaad39f_31)[and](#i717530b84a81481da52fd3a2feaad39f_31) [Resources](#i717530b84a81481da52fd3a2feaad39f_31)**[11](#i717530b84a81481da52fd3a2feaad39f_31)**

15.[Antitrust](#i717530b84a81481da52fd3a2feaad39f_34)[and Fair](#i717530b84a81481da52fd3a2feaad39f_34) [Dealing](#i717530b84a81481da52fd3a2feaad39f_34)**[12](#i717530b84a81481da52fd3a2feaad39f_34)**

16.[Recordkeeping](#i717530b84a81481da52fd3a2feaad39f_34)[and](#i717530b84a81481da52fd3a2feaad39f_34) [Retention](#i717530b84a81481da52fd3a2feaad39f_34)**[12](#i717530b84a81481da52fd3a2feaad39f_34)**

17.[Improper](#i717530b84a81481da52fd3a2feaad39f_34)[Influence](#i717530b84a81481da52fd3a2feaad39f_34)[on Conduct](#i717530b84a81481da52fd3a2feaad39f_34)[of](#i717530b84a81481da52fd3a2feaad39f_34)[Audits](#i717530b84a81481da52fd3a2feaad39f_34)**[12](#i717530b84a81481da52fd3a2feaad39f_34)**

18.[Accuracy](#i717530b84a81481da52fd3a2feaad39f_37)[of](#i717530b84a81481da52fd3a2feaad39f_37) [Disclosure](#i717530b84a81481da52fd3a2feaad39f_37)**[13](#i717530b84a81481da52fd3a2feaad39f_37)**

19.[Confidentiality](#i717530b84a81481da52fd3a2feaad39f_37)**[13](#i717530b84a81481da52fd3a2feaad39f_37)**

20.[Protection](#i717530b84a81481da52fd3a2feaad39f_37)[and Proper Use](#i717530b84a81481da52fd3a2feaad39f_37)[of](#i717530b84a81481da52fd3a2feaad39f_37)[AB](#i717530b84a81481da52fd3a2feaad39f_37)[Assets](#i717530b84a81481da52fd3a2feaad39f_37)**[14](#i717530b84a81481da52fd3a2feaad39f_37)**

21.[Policy](#i717530b84a81481da52fd3a2feaad39f_37)[on Intellectual](#i717530b84a81481da52fd3a2feaad39f_37) [Property](#i717530b84a81481da52fd3a2feaad39f_37)**[14](#i717530b84a81481da52fd3a2feaad39f_37)**

a.[Overview](#i717530b84a81481da52fd3a2feaad39f_37)[14](#i717530b84a81481da52fd3a2feaad39f_37)

b.[Employee](#i717530b84a81481da52fd3a2feaad39f_37) [Responsibilities](#i717530b84a81481da52fd3a2feaad39f_37)[15](#i717530b84a81481da52fd3a2feaad39f_37)

c.[Company](#i717530b84a81481da52fd3a2feaad39f_37)[Policies](#i717530b84a81481da52fd3a2feaad39f_37)[and](#i717530b84a81481da52fd3a2feaad39f_37) [Practices](#i717530b84a81481da52fd3a2feaad39f_37)[15](#i717530b84a81481da52fd3a2feaad39f_37)

22.[Exceptions](#i717530b84a81481da52fd3a2feaad39f_37)[from](#i717530b84a81481da52fd3a2feaad39f_37)[the](#i717530b84a81481da52fd3a2feaad39f_37) [Code](#i717530b84a81481da52fd3a2feaad39f_37)**[16](#i717530b84a81481da52fd3a2feaad39f_37)**

a.[Written](#i717530b84a81481da52fd3a2feaad39f_37)[Statement](#i717530b84a81481da52fd3a2feaad39f_37)[and Supporting](#i717530b84a81481da52fd3a2feaad39f_37) [Documentation](#i717530b84a81481da52fd3a2feaad39f_37)[16](#i717530b84a81481da52fd3a2feaad39f_37)

b.[Compliance](#i717530b84a81481da52fd3a2feaad39f_37) [Interview](#i717530b84a81481da52fd3a2feaad39f_37)[16](#i717530b84a81481da52fd3a2feaad39f_37)

23.[Regulatory](#i717530b84a81481da52fd3a2feaad39f_37)[Inquiries,](#i717530b84a81481da52fd3a2feaad39f_37)[Investigations and](#i717530b84a81481da52fd3a2feaad39f_37)[Litigation](#i717530b84a81481da52fd3a2feaad39f_37)**[16](#i717530b84a81481da52fd3a2feaad39f_37)**

a.[Requests](#i717530b84a81481da52fd3a2feaad39f_37)[for](#i717530b84a81481da52fd3a2feaad39f_37) [Information](#i717530b84a81481da52fd3a2feaad39f_37)[16](#i717530b84a81481da52fd3a2feaad39f_37)

b.[Types](#i717530b84a81481da52fd3a2feaad39f_37)[of](#i717530b84a81481da52fd3a2feaad39f_37)[Inquiries](#i717530b84a81481da52fd3a2feaad39f_37)[17](#i717530b84a81481da52fd3a2feaad39f_37)

c.[Responding](#i717530b84a81481da52fd3a2feaad39f_37)[to](#i717530b84a81481da52fd3a2feaad39f_37)[Information](#i717530b84a81481da52fd3a2feaad39f_37)[Requests](#i717530b84a81481da52fd3a2feaad39f_37)[17](#i717530b84a81481da52fd3a2feaad39f_37)

d.[Use](#i717530b84a81481da52fd3a2feaad39f_37)[of](#i717530b84a81481da52fd3a2feaad39f_37)[Outside](#i717530b84a81481da52fd3a2feaad39f_37)[Counsel](#i717530b84a81481da52fd3a2feaad39f_37)[17](#i717530b84a81481da52fd3a2feaad39f_37)

e.[Regulatory](#i717530b84a81481da52fd3a2feaad39f_37) [Investigation](#i717530b84a81481da52fd3a2feaad39f_37)[17](#i717530b84a81481da52fd3a2feaad39f_37)

f.[Litigation](#i717530b84a81481da52fd3a2feaad39f_37)[17](#i717530b84a81481da52fd3a2feaad39f_37)

24.[Compliance](#i717530b84a81481da52fd3a2feaad39f_37)[and](#i717530b84a81481da52fd3a2feaad39f_37)[Reporting of](#i717530b84a81481da52fd3a2feaad39f_37)[Misconduct / "Whistleblower"](#i717530b84a81481da52fd3a2feaad39f_37) [Protection](#i717530b84a81481da52fd3a2feaad39f_37)**[17](#i717530b84a81481da52fd3a2feaad39f_37)**

25.[Company](#i717530b84a81481da52fd3a2feaad39f_37) [Ombudsman](#i717530b84a81481da52fd3a2feaad39f_37)**[18](#i717530b84a81481da52fd3a2feaad39f_37)**

26.[Sanctions](#i717530b84a81481da52fd3a2feaad39f_37)**[18](#i717530b84a81481da52fd3a2feaad39f_37)**

27.[Annual](#i717530b84a81481da52fd3a2feaad39f_37) [Certifications](#i717530b84a81481da52fd3a2feaad39f_37)**[19](#i717530b84a81481da52fd3a2feaad39f_37)**

**Personal Trading Policies and Procedures**

**Appendix A**

**1. Overview1**

a.Introduction1

b.Definitions1

4."Client"1

**2. Requirements and Restrictions – All Employees4**

a.General Standards4

b.Disclosure of Personal Accounts5

c.Designated Brokerage Account6

d.Pre-Clearance Requirement6

e.Limitation on the Number of Trades6

f.Short-Term Trading7

g.Short Sales7

h.Trading in AB Units and AB Funds7

i.Securities Being Considered for Purchase or Sale8

j.Restricted List9

k.Dissemination of Research Information9

l.Initial Public Offerings10

m.Limited Offerings/Private Placements10

**3. Additional Restrictions–Portfolio Managers10**

a.Blackout Periods11

b.Actions During Blackout Periods11

c.Transactions Contrary to Client Positions11

**4. Additional Restrictions–Research Analysts11**

a.Blackout Periods12

b.Actions During Blackout Periods12

c.Actions Contrary to Ratings12

**5. Additional Restrictions–Buy-Side Equity Traders12**

**6. Additional Restrictions–Alternate Investment Strategies Groups13**

**7. Exceptions to the Personal Trading Policy13**

**8.[Reporting](#i717530b84a81481da52fd3a2feaad39f_40) [Requirements](#i717530b84a81481da52fd3a2feaad39f_40)[13](#i717530b84a81481da52fd3a2feaad39f_40)**

a.[Duplicate](#i717530b84a81481da52fd3a2feaad39f_40)[Confirmations](#i717530b84a81481da52fd3a2feaad39f_40)[and](#i717530b84a81481da52fd3a2feaad39f_40)[Account](#i717530b84a81481da52fd3a2feaad39f_40) [Statements](#i717530b84a81481da52fd3a2feaad39f_40)[13](#i717530b84a81481da52fd3a2feaad39f_40)

b.[Initial](#i717530b84a81481da52fd3a2feaad39f_40)[Holdings Reports by](#i717530b84a81481da52fd3a2feaad39f_40) [Employees](#i717530b84a81481da52fd3a2feaad39f_40)[13](#i717530b84a81481da52fd3a2feaad39f_40)

c.[Quarterly](#i717530b84a81481da52fd3a2feaad39f_40)[Reports](#i717530b84a81481da52fd3a2feaad39f_40)[by Employees–including](#i717530b84a81481da52fd3a2feaad39f_40)[Certain](#i717530b84a81481da52fd3a2feaad39f_40)[Funds](#i717530b84a81481da52fd3a2feaad39f_40)[and](#i717530b84a81481da52fd3a2feaad39f_40)[Limited](#i717530b84a81481da52fd3a2feaad39f_40)[Offerings](#i717530b84a81481da52fd3a2feaad39f_40)[14](#i717530b84a81481da52fd3a2feaad39f_40)

d.[Annual](#i717530b84a81481da52fd3a2feaad39f_40)[Certification](#i717530b84a81481da52fd3a2feaad39f_40)[by](#i717530b84a81481da52fd3a2feaad39f_40)[Employees with](#i717530b84a81481da52fd3a2feaad39f_40)[Managed](#i717530b84a81481da52fd3a2feaad39f_40) [Accounts](#i717530b84a81481da52fd3a2feaad39f_40)[14](#i717530b84a81481da52fd3a2feaad39f_40)

e.[Annual](#i717530b84a81481da52fd3a2feaad39f_40)[Holdings Reports](#i717530b84a81481da52fd3a2feaad39f_40)[by](#i717530b84a81481da52fd3a2feaad39f_40) [Employees](#i717530b84a81481da52fd3a2feaad39f_40)[14](#i717530b84a81481da52fd3a2feaad39f_40)

f.[Report](#i717530b84a81481da52fd3a2feaad39f_40)[and](#i717530b84a81481da52fd3a2feaad39f_40)[Certification](#i717530b84a81481da52fd3a2feaad39f_40)[of](#i717530b84a81481da52fd3a2feaad39f_40)[Adequacy to](#i717530b84a81481da52fd3a2feaad39f_40)[the](#i717530b84a81481da52fd3a2feaad39f_40)[Board](#i717530b84a81481da52fd3a2feaad39f_40)[of](#i717530b84a81481da52fd3a2feaad39f_40)[Directors](#i717530b84a81481da52fd3a2feaad39f_40)[of](#i717530b84a81481da52fd3a2feaad39f_40)[Fund](#i717530b84a81481da52fd3a2feaad39f_40) [Clients](#i717530b84a81481da52fd3a2feaad39f_40)[15](#i717530b84a81481da52fd3a2feaad39f_40)

g.[Report](#i717530b84a81481da52fd3a2feaad39f_40) [Representations](#i717530b84a81481da52fd3a2feaad39f_40)[15](#i717530b84a81481da52fd3a2feaad39f_40)

h.[Maintenance](#i717530b84a81481da52fd3a2feaad39f_40)[of](#i717530b84a81481da52fd3a2feaad39f_40)[Reports](#i717530b84a81481da52fd3a2feaad39f_40)[15](#i717530b84a81481da52fd3a2feaad39f_40)

**9.[Reporting](#i717530b84a81481da52fd3a2feaad39f_40)[Requirements](#i717530b84a81481da52fd3a2feaad39f_40)[for Directors](#i717530b84a81481da52fd3a2feaad39f_40)[who](#i717530b84a81481da52fd3a2feaad39f_40)[are](#i717530b84a81481da52fd3a2feaad39f_40)[not](#i717530b84a81481da52fd3a2feaad39f_40)[Employees](#i717530b84a81481da52fd3a2feaad39f_40)[15](#i717530b84a81481da52fd3a2feaad39f_40)**

a.[Outside](#i717530b84a81481da52fd3a2feaad39f_40)[Directors](#i717530b84a81481da52fd3a2feaad39f_40)[/ Affiliated Outside](#i717530b84a81481da52fd3a2feaad39f_40) [Directors](#i717530b84a81481da52fd3a2feaad39f_40)[16](#i717530b84a81481da52fd3a2feaad39f_40)

1<br>

**1. Introduction**

This Code of Business Conduct and Ethics (the "Code") summarizes the values, principles and

business practices that guide our business conduct and establishes a set of basic principles and

expectations to guide all AllianceBernstein employees, officers and directors, and consultants where

applicable. The Code applies to all of our offices globally; however, it is not intended to provide an

exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements

that may apply to you as an AllianceBernstein employee, officer, director, consultant, and/or a

representative of one of our regulated subsidiaries. AllianceBernstein maintains more detailed

policies and procedures addressing many of the topics covered by this Code, including the

Compliance Manual, available on the Legal and Compliance Department intranet site. All

AllianceBernstein employees, including covered consultants, officers, and directors are responsible

for knowing and abiding by the relevant policies.

All individuals subject to the provisions of this Code must conduct themselves in a manner

consistent with the requirements and procedures set forth herein. Adherence to the Code is a

fundamental condition of service and employment with AllianceBernstein, any of our subsidiaries or

joint venture entities, or our general partner (the "AB Group").

AllianceBernstein L.P. ("AB," "we" or "us") is a registered investment adviser and acts as investment

manager or adviser to registered investment companies, institutional investment clients, employee

benefit trusts, high net worth individuals and other types of investment advisory clients. In this

capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest

standards of conduct and integrity.

Personnel acting in a fiduciary capacity must carry out their duties for the **exclusive benefit** of our

clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal

investment objectives and other personal interests of AB personnel. Accordingly:

• Employees must work to mitigate or eliminate any conflict, or appearance of a conflict, between

the self-interest of any individual covered under the Code and his or her responsibility to our

clients, or to AB and its unitholders.

• Employees must never improperly use their position with AB for personal gain to themselves,

their family, or any other person.

The Code is intended to comply with the following regulations that apply to AB:

• Rule 17j-1 under the (U.S.) Investment Company Act of 1940 (the "1940 Act") which applies

to AB because we serve as an investment adviser to registered investment companies. Rule

17j-1 specifically requires us to adopt a code of ethics that contains provisions reasonably

necessary to prevent our "access persons" (as defined herein) from engaging in fraudulent

conduct, including insider trading.

• Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), which requires

registered investment advisers to adopt and enforce codes of ethics applicable to their

supervised persons.

• Section 303A.10 of the New York Stock Exchange ("NYSE") Listed Company Manual, which

applies to us because the units of AllianceBernstein Holding L.P. ("AllianceBernstein

Holding") are traded on the NYSE.

Additionally, certain entities within the AB Group, such as Sanford C. Bernstein & Co., LLC and

Sanford C. Bernstein Limited, have adopted supplemental codes of ethics to address specific

regulatory requirements applicable to them. All employees are obligated to determine if any of these

codes are applicable to them and to abide by such codes as appropriate.

**2. The AB Fiduciary Culture**

2<br>

The primary objective of AB's business is to provide value, through investment advisory and other

financial services, to a wide range of clients, including governments, corporations, financial

institutions, high net worth individuals and pension funds.

AB requires that all dealings with, and on behalf of existing and prospective clients be handled with

honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the

spirit of applicable laws, regulations and contractual guidelines. As a general matter, AB is a

fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to

act in a manner consistent with this duty.

When dealing with or on behalf of a client, every employee must act solely in the best interests of

that client. In addition, various comprehensive statutory and regulatory structures such as the 1940

Act, the Advisers Act and the Employee Retirement Income Security Act ("ERISA") impose specific

responsibilities governing the behavior of personnel in carrying out their responsibilities. AB and its

employees must comply fully with these rules and regulations. Legal and Compliance Department

personnel are available to assist employees in meeting these requirements.

All employees are expected to adhere to the high standards associated with our fiduciary duty,

including care and loyalty to clients, competency, diligence and thoroughness, and trust and

accountability. Further, all employees must actively work to avoid the possibility that the advice or

services we provide to clients is, or gives the appearance of being, based on the self-interests of AB

or its employees and not the clients' best interests.

Our fiduciary responsibilities apply to a broad range of investment and related activities, including

sales and marketing, portfolio management, securities trading, allocation of investment

opportunities, client service, operations support, performance measurement and reporting, new

product development as well as your personal investing activities. These obligations include the duty

to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to

clients in communications), to keep accurate books and records, and to supervise personnel

appropriately. These concepts are further described in the Sections that follow.

**3. Compliance with Laws, Rules and Regulations**

AB has a long-standing commitment to conduct its business in compliance with applicable laws and

regulations and in accordance with the highest ethical principles. This commitment helps ensure our

reputation for honesty, quality, and integrity. All individuals subject to the Code are required to

comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who

act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws.

These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act

of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes-

Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any

of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted

thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the

Department of Justice. As mentioned above, as a listed company, we are also subject to specific

rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and

regulatory mandates in their respective jurisdictions, which must be fully complied with.

Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and

ethical manner, trumps all other considerations, including the interests of our clients. Policies

referenced in this Code provide additional details and requirements to ensure compliance. A

violation under any of these policies may be deemed a violation of the Code.

**4. Policy Against Discrimination and Sexual and Unlawful Harassment**

AB is committed to providing a working environment free from all forms of discrimination and

harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability,

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marital status, citizenship status, sexual orientation, gender identity expression, military or veteran

status, or any other basis that is by applicable law. Harassment or discrimination by any AB

employee, officer, or director will not be tolerated.

AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of

such conduct can be found in the Employee Handbook. All employees, officers, and directors are

responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident

of discrimination or harassment will not be subject to reprisals. Anyone who is found to have

engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action,

up to and including termination of employment or dismissal from the Board.

**5. Conflicts of Interest / Unlawful Actions**

A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent

with, the interests of AB's clients or to the interests of AB or its unitholders.

A conflict situation can arise when an AB employee, consultant, officer, or director takes actions or

has interests (business, financial or otherwise) that may make it difficult to perform his or her work

objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a

member of his or her family,<sup>1</sup> receives improper personal benefits (including personal loans,

services, or payment for services that the AB employee performs in the course of AB business) as a

result of his or her position at AB or gains personal enrichment or benefits through access to

confidential information.

Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant

financial interest in a company that does an important amount of business with AB or has outside

business interests that may result in divided loyalties or compromise independent judgment.

Moreover, conflicts may arise when making securities investments for personal accounts or when

determining how to allocate trading opportunities. Conflicts of interest can also arise because of

personal relationships with others within or outside AB (such as family relationships, romantic

relationships, or close friendships) that may compromise objectivity and independent judgment.

AB has adopted policies, procedures, and controls designed to manage conflicts of interest,

including the Compliance Manual, *Policy and Procedures for Giving and Receiving Gifts and* 

*Entertainment*, copies of which can be found on the Legal and Compliance Department intranet site.

These policies highlight additional potential conflicts of interest.

Conflicts of interest can arise in many common situations; despite one's best efforts to avoid them.

This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each

of the specific procedures will not shield you from liability for personal trading or other conduct that

violates your fiduciary duties to our clients. All AB employees, consultants, officers, and directors are

encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you

have questions about a particular situation or become aware of a conflict or potential conflict, you

should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the

Chief Compliance Officer or a representative of the Legal and Compliance Department or Human

Capital.

In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general

requirement not to engage in any act or practice that would defraud our clients. This general

prohibition (which also applies specifically in connection with the purchase and sale of a Security

held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

1 For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your

spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother-in-law, father-in-

law, son-in-law, and/or daughter-in-law) and anyone who shares your home; and (ii) "relative" means

members of your family (as defined), your aunts and uncles, and your first cousins.

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• Making any untrue statement of a material fact or employing any device, scheme, or artifice to

defraud a client;

• Omitting to state (or failing to provide any information necessary to properly clarify any

statements made, in light of the circumstances) a material fact, thereby creating a materially

misleading impression;

• Accepting any compensation for the purchase or sale of any property to or for a fund or other

client account;

• Making investment decisions, changes in research ratings and trading decisions other than

exclusively for the benefit of, and in the best interest of, our clients;

• Using information about investment or trading decisions or changes in research ratings (whether

considered, proposed or made) to benefit or avoid economic injury to you or anyone other than

our clients;

• Taking, delaying or omitting to take any action with respect to any research recommendation,

report or rating or any investment or trading decision for a client in order to avoid economic injury

to you or anyone other than our clients;

• Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client

with the intent of personally profiting from personal holdings in the same or related securities

("front-running" or "scalping");

• Revealing to any other person (except in the normal course of your duties on behalf of a client)

any information regarding securities transactions by any client or the consideration by any client

of any such securities transactions; or

• Engaging in any act, practice or course of business that operates or would operate as a fraud or

deceit on a client or engaging in any manipulative practice with respect to any client.

AB requires all employees, covered consultants and directors to disclose any Conflicts of Interests

that any person may become aware of upon joining AB or during their course of employment or

board service.

These disclosures must be made to the Compliance Department through StarCompliance.

**6. Insider Trading**

There are instances where AB employees or directors may have confidential "inside" information

about AB or its affiliates, or about a company with which we do business, or about a company in

which we may invest on behalf of clients that is not known to the investing public. AB employees

must maintain the confidentiality of such information. If a reasonable investor would consider this

information important in reaching an investment decision, the AB employee or director with this

information must not buy or sell securities of any of the companies in question or give this

information to another person who trades in such securities. This rule is very important, and AB has

adopted the following three specific policies that address it: *Policy and Procedures Concerning* 

*Purchases and Sales of AB Units*, *Policy and Procedures Concerning Purchases and Sales of AB* 

*Closed-End Mutual Funds*, and *Policy and Procedures Regarding Insider Trading and Control of* 

*Material Nonpublic Information* (collectively, the "AB Insider Trading Policies"). A copy of the AB

Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB

employees and directors are required to be familiar with these policies<sup>2</sup> and to abide by them.

2 The subject of insider trading will be covered in various Compliance training programs and materials.

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**7. Personal Trading: Summary of Restrictions**

AB recognizes the importance to its employees and directors of being able to manage and develop

their own and their dependents' financial resources through long-term investments and strategies.

However, because of the potential conflicts of interest inherent in our business, our industry and AB

have implemented certain standards and limitations designed to minimize these conflicts and help

ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB

discourages personal investments by employees in individual securities and encourages personal

investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests

with the interests of our clients. **Consequently, employees are encouraged to invest in the** 

**mutual fund products and services offered by AB, where available and appropriate.**

The policies and procedures for personal trading are set forth in full detail in the AB Personal

Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary

of the major requirements and restrictions that apply to personal trading by employees, their

immediate family members and other financial dependents.

• Employees must disclose all of their brokerage accounts to the Legal and Compliance

Department;

• Employees may maintain brokerage accounts only at specified designated broker-dealers

(exceptions may apply outside of the U.S.);

• Employees must pre-clear all securities trades with the Legal and Compliance Department (via

the StarCompliance Code of Ethics application) prior to placing trades with their broker-dealer

(prior supervisory approval is required for portfolio managers, research analysts, traders,

persons with access to AB research, and others designated by the Legal and Compliance

Department);

• Employees may only make twenty trades in individual securities during any rolling thirty

calendar-day period;

• Employee purchases of individual securities, ETFs, ETNs, closed-end funds and AB managed or

sub-advised open-end mutual funds) are subject to a 60-day holding period and 30-day buy-

back period (6 months for AB Japan Ltd.);

• Employees may not engage in short-term trading of a mutual fund in violation of that fund's

short-term trading policies;

• Employees may not participate in initial public offerings of equity securities;

• Employees must get written approval, and make certain representations, in order to participate in

limited or private investments, including hedge funds;

• Employees must submit initial and annual holding reports, disclosing all securities and holdings

in mutual funds managed by AB held in personal accounts;

• Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in

securities and mutual funds managed by AB in personal accounts;

• The Legal and Compliance Department has the authority to deny:

a.Any personal trade by an employee if the security is being considered for purchase or sale in

a client account; there are open orders for the security on a trading desk; or the security

appears on any AB restricted list;

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b.Any short sale by an employee for a personal account if the security is being held long in AB

- managed portfolios; and

c.Any personal trade by a portfolio manager or research analyst in a security that is subject to

a blackout period as a result of client portfolio trading or recommendations to clients.

• Separate requirements and restrictions apply to Directors who are not employees of AB, as

explained in further detail in the AB Personal Trading Policies and Procedures, Appendix A of

this document.

This summary should not be considered a substitute for reading, understanding, and complying with

the detailed restrictions and requirements that appear in the AB Personal Trading Policies and

Procedures, included as Appendix A to the Code.

**8. Outside Directorships and Other Outside Activities and Interests**

Although activities outside of AB are not necessarily a conflict of interest, a conflict may exist

depending upon your position within AB and AB's relationship with the particular activity in question.

<u>Outside activities</u> may also create a potential conflict of interest if they cause an AB employee to

choose between that interest and the interests of AB or any client of AB. AB recognizes that the

guidelines in this Section are not applicable to directors of AB who do not also serve in management

positions within AB.

**Important Note for Research Analysts:** *Notwithstanding the standards and prohibitions that follow in this* 

*section, any employee who acts in the capacity of a research analyst is prohibited from serving on any* 

*board of directors or trustees or in any other capacity with respect to any company, public or private, whose* 

*business is directly or indirectly related to the industry covered by that research analyst.*

**a.Board Member or Trustee**

i.AB employees are prohibited from serving on any board of directors or trustees or in any

other management capacity of any unaffiliated public company. However, under certain

limited circumstances, Compliance will consider exceptions to this prohibition where the

employee has received prior written approval from both AB's Chief Executive Officer and

their supervisor. Once the necessary business approvals have been obtained, the employee

must submit an <u>Outside Business Activities Approval Form</u> for review and approval by

Compliance.

ii.No AB employee shall serve on any board of directors or trustees or in any other

management capacity of any private company (other than not-for-profit organizations, see

below) without prior written approval from the employee's supervisor and Compliance

Department via an <u>Outside Business Activities</u> <u>Approval Form.</u> This approval is also subject

to review by, and may require the approval of, AB's Chief Executive Officer. The decision as

to whether to grant such authorization will be based on a determination that such service

would not be inconsistent with the interests of any client, as well as an analysis of the time

commitment and potential personal liabilities and responsibilities associated with the outside

affiliation.<sup>3</sup> Any AB employee who serves as a director, trustee or in any other management

capacity of any private company must resign that position prior to the company becoming a

publicly traded company.

3 Such authorization requires an agreement on the part of the employee to not hold him or herself out as

acting on behalf of AB (or any affiliate) and to use best efforts to ensure that AB's name (or that of any AB

affiliated company) is not used in connection with the proposed affiliation (other than in a "bio" section),

and in particular, activities relating to fundraising or to the advancement of a specific entity mission or

agenda.

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iii.Not-for-Profit Organizations: Generally, no approval is required to serve as a trustee/board

member of not-for-profit organizations such as religious organizations, foundations,

educational institutions, co-ops, private clubs etc., provided that (a) the organization has not

issued, and does not have future plans to issue, publicly held securities, including debt

obligations; and/or (b) the employee does not act in any investment-related advisory capacity

(i.e., any direct or indirect role relating to investment advice or choosing investment advisers;

serving on investment committee).<sup>4</sup> If the employee does act in such a capacity, or the

organization has issued or plans to issue, public securities, the <u>Not-For-Profit Activities</u> 

<u>Disclosure Form</u> must be submitted and approved.

iv.This approval requirement applies regardless of whether an AB employee plans to serve as

a director of an outside business organization (1) in a personal capacity or (2) as a

representative of AB or of an entity within the AB Group holding a corporate board seat on

the outside organization (e.g., where AB or its clients may have a significant but non-

controlling equity interest in the outside company).

v.New employees with pre-existing relationships are required to resign from the boards of

public companies and seek and obtain the required approvals to continue to serve on the

boards of private companies.

**b.Other Affiliations**

AB discourages employees from committing to secondary employment, particularly if it poses any

conflict in meeting the employee's ability to satisfactorily meet all job requirements and business

needs. Before an AB employee accepts a second job, that employee must:

• Complete and submit an <u>Outside</u> <u>Business</u> <u>Activities Approval</u> <u>Form</u>;

• Ensure that AB's business takes priority over the secondary employment;

• Ensure that no conflict of interest exists between AB's business and the secondary employment

(see also footnote 3); and

• Require no special accommodation for late arrivals, early departures, or other special requests

associated with the secondary employment.

For employees associated with any of AB's registered broker-dealer subsidiaries, written approval of

the Chief Compliance Officer for the subsidiary is also required.<sup>5</sup> New employees with pre-existing

relationships are required to ensure that their affiliations conform to these restrictions, and must

obtain the requisite approvals. On a periodic basis, such employees will be required to confirm that

the circumstances of the approved activities have not changed.

4 Indeed, AB recognizes that its employees often engage in community service in their local communities

and engage in a variety of charitable activities, and it commends such service. However, it is the duty of

every AB employee to ensure that all outside activities, even charitable or pro bono activities, do not

constitute a conflict of interest or are not otherwise inconsistent with employment by AB. Accordingly,

although no approval is required, each employee must use his/her best efforts to ensure that the

organization does not use the employee's affiliation with AllianceBernstein, including his/her corporate

title, in any promotional (other than a "bio" section) or fundraising activities, or to advance a specific

mission or agenda of the entity. Such positions also must be reported to the firm pursuant to other

periodic requests for information (e.g., the AB 10-K questionnaire).

5 In the case of AB subsidiaries that are holding companies for consolidated subgroups, unless otherwise

specified by the holding company's Chief Executive Officer, this approval may be granted by the Chief

Executive Officer or Chief Financial Officer of each subsidiary or business unit within such a consolidated

subgroup.

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**c.Outside Financial or Business Interests**

AB employees should be cautious with respect to personal investments that may lead to conflicts of

interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases

where an AB employee, a member of his or her family, or a close personal acquaintance, holds a

substantial interest in a company that has significant dealings with AB or any of its subsidiaries

either on a recurring or "one-off" basis. For example, holding a substantial interest in a family-

controlled or other privately-held company that does business with, or competes against, AB or any

of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast,

holding shares in a widely held public company that does business with AB from time to time may

not raise the same types of concerns. Prior to making any such personal investments, AB

employees must pre-clear the transaction, in accordance with the Personal Trading Policies and

Procedures, attached as Appendix A of this Code, and should consult as appropriate with their

supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative

of the Legal and Compliance Department.

AB employees should also be cautious with respect to outside business interests that may create

divided loyalties, divert substantial amounts of their time and/or compromise their independent

judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts

Officer, General Counsel, Chief Compliance Officer and/or other representative of AB's Human

Capital or Legal and Compliance Department. Business transactions that benefit relatives or close

personal friends, such as awarding a service contract to them or a company in which they have a

controlling or other significant interest, may also create a conflict of interest or the appearance of a

conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel,

Chief Compliance Officer or other representative of AB's Human Capital or Legal and Compliance

Department before entering into any such transaction. New employees that have outside financial or

business interests (as described herein) should report them as required and bring them to the

attention of their supervisor immediately.

**9. Gifts, Entertainment, and Inducements**

Business gifts and entertainment are designed to build goodwill and sound working relationships

among business partners. However, under certain circumstances, gifts, entertainment, favors,

benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment.

Accepting or offering such inducements could raise doubts about an AB employee's ability to make

independent business judgments in our clients' or AB's best interests. For example, a problem would

arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would

compromise, or could be reasonably viewed as compromising, that individual's ability to make

objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB

employee of a gift, entertainment or other inducement appears to be an attempt to obtain business

through improper means or to gain any special advantage in our business relationships through

improper means.

These situations can arise in many different circumstances (including with current or prospective

suppliers and clients) and AB employees should keep in mind that certain types of inducements may

constitute illegal bribes, pay-offs or kickbacks. In particular, the rules of various securities regulators

place specific constraints on the activities of persons involved in the sales and marketing of

securities. AB has adopted the <u>Policy and Procedures for Giving and Receiving Gifts and</u> 

<u>Entertainment</u> to address these and other matters. AB employees must familiarize themselves with

this policy and comply with its requirements, which include reporting the acceptance of most

business meals, gifts and entertainment to the Compliance Department. A copy of this policy can be

found on the Legal and Compliance Department intranet site and will be supplied by the Compliance

Department upon request.

Each AB employee must use good judgment to ensure there is no violation of these principles. If you

have any question or uncertainty about whether any gifts, entertainment or other types of

inducements are appropriate, please contact your supervisor or a representative of AB's Legal and

9<br>

Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable

utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman,

who is a neutral, independent, informal and confidential resource to assist employees with concerns

about AB business matters that may implicate issues of ethics or questionable practices. Please see

Section 25 for additional information on the Company Ombudsman.

**10. Compliance with Anti-Corruption Laws**

AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or

authorization, whether directly or via a third party, of any bribe, and any other form of corruption,

whether involving a government official or an employee of a public or private commercial entity.

Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws

and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt

Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and

private sector individuals (collectively, the "Anti-Corruption Laws").

We expect all AB employees to refuse to make or accept questionable and/or improper payments.

As a component of this commitment, no AB employee may give money, gifts, or anything else of

value (which include providing jobs or internships) to any official or any employee of a governmental

or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an

improper business advantage. In addition, any proposed payment or gift to a government official,

including employees of government-owned or controlled enterprises (e.g., sovereign wealth and

pension funds, public utilities, and national banks), must be reviewed in advance by a representative

of the Legal and Compliance Department, even if such payment is common in the country of

payment (see discussion of the Anti-Corruption Laws below and in the firm's <u>Anti-Bribery and</u> 

<u>Corruption Policy</u>). AB employees should be aware that they do not actually have to make the

payment to violate AB's policy and the law — merely offering, promising or authorizing it will be

considered a violation.

In order to ensure that AB fully complies with the requirements of the Anti-Corruption Laws,

employees must be familiar with the firm's <u>Anti-Bribery and Corruption Policy.</u> Generally, the Anti-

Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and

agents, to provide anything of value to public or private sector employees, directly or indirectly, for

the purpose of obtaining an improper business advantage (which can include improperly securing

government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third

party) to make a payment directly or through another person or company for any illegal, improper

and/or corrupt purpose is strictly prohibited.

It is often difficult to determine at what point a business courtesy extended to another person

crosses the line into becoming excessive, and what ultimately could be considered a bribe.

Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any

public official, including employees of government-owned or controlled enterprises, under any

circumstances, without the express prior written approval (e-mail correspondence is acceptable) of

the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance

Department.

**11. Political Contributions/Activities**

**a.By or on behalf of AB**

Election laws in many jurisdictions generally prohibit political contributions by corporations to

candidates. Many local laws also prohibit corporate contributions to local political campaigns. In

accordance with these laws, AB does not make direct contributions to any candidates for national or

local offices where applicable laws make such contributions illegal. In these cases, contributions to

political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or

resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office

1<br>

supplies, letterhead, telephones, electronic communication systems and fax machines. This means

that AB office facilities may not be used to host receptions or other events for political candidates or

parties which include any fund-raising activities or solicitations. In limited circumstances, AB office

facilities may be used to host events for public office holders as a public service, but only where

steps have been taken (such as not providing to the office holder a list of attendees) to avoid the

facilitation of fund-raising or solicitations either during or after the event, and where the event has

been pre-approved in writing by the General Counsel or Deputy General Counsel.

Please see the <u>Policy</u> <u>and</u> <u>Procedures</u> <u>for</u> <u>Giving</u> <u>and Receiving Gifts and</u> <u>Entertainment</u>, which can

be found on the Legal and Compliance Department intranet site, for a discussion relating to political

contributions suggested by clients.

Election laws in many jurisdictions allow corporations to establish and maintain political action or

similar committees, which may lawfully make campaign contributions. AB or companies affiliated

with AB may establish such committees or other mechanisms through which AB employees may

make political contributions, if permitted under the laws of the jurisdictions in which they operate.

Any questions about this policy should be directed to the General Counsel or Chief Compliance

Officer.

**b.By Employees / Directors**

AB employees who hold or seek to hold political office must do so on their own time, whether

through vacation, after work hours or on weekends. Additionally, the employee must complete and

submit an <u>Outside Business Activities Approval Form</u> for review and approval to ensure that there

are no conflicts of interest with AB business.

AB employees may make personal political contributions as they see fit in accordance with all

applicable laws and the guidelines in the <u>Policy</u> <u>and</u> <u>Procedures</u> <u>for</u> <u>Giving</u> <u>and Receiving</u> <u>Gifts</u> <u>and</u> 

<u>Entertainment</u>, the <u>Pay-to-Play: Political Contributions Policy,</u> as well as the pre-clearance

requirement as described below.

Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529

Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and

reporting requirements of the Municipal Securities Rulemaking Board.

Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could

prohibit AB from entering into a government contract for a certain number of years if a covered

employee makes or solicits a covered contribution. Other jurisdictions require AB to report

contributions made by certain employees, without the accompanying ban on business. In certain

jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered

person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain

political contributions, AB has in place a pre-clearance requirement, under which all employees must

pre-clear with the Compliance Department through StarCompliance, all personal political

contributions (including those of their spouses and dependent children) made to, or solicited on

behalf of, any (U.S.) federal, state or local candidate, political party, or political entity.

Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre-

Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that

they pre-clear with the Compliance Department all personal political contributions (including those of

their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or

local candidate or political party.

**12."Ethical Wall" Policy**

AB has established a policy entitled Insider Trading and Control of Material Non-Public Information

("<u>Ethical Wall Policy</u>"), a copy of which can be found on the Legal and Compliance Department

intranet site. This policy was established to prevent the flow of material non-public information about

a listed company or its securities from AB employees who receive such information in the course of

11<br>

their employment to those AB employees performing investment management activities. If "Ethical

Walls" are in place, AB's investment management activities may continue despite the knowledge of

material non-public information by other AB employees involved in different parts of AB's business.

"Investment management activities" involve making, participating in, or obtaining information

regarding purchases or sales of securities of public companies or making, or obtaining information

about, recommendations with respect to purchases or sales of such securities. Given AB's extensive

investment management activities, it is very important for AB employees to familiarize themselves

with AB's Ethical Wall Policy and abide by it.

**13. Use of Client Relationships**

As discussed previously, AB owes fiduciary duties to each of our clients. These require that our

actions with respect to client assets or vendor relationships be based solely on the clients' best

interests and avoid any appearance of being based on our own self-interest. Therefore, we must

avoid using client assets or relationships to inappropriately benefit AB.

Briefly, AB regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g.,

brokerage, investment research, custody, administration, auditing, accounting, printing and legal

services). Using the existence of these relationships to obtain discounts or favorable pricing on items

purchased directly for AB or for clients other than those paying for the services may create conflicts

of interest. Accordingly, business relationships maintained on behalf of our clients may not be used

to leverage pricing for AB when acting for its own account unless all pricing discounts and

arrangements are shared ratably with those clients whose existing relationships were used to

negotiate the arrangement and the arrangement is otherwise appropriate under relevant legal/

regulatory guidelines. For example, when negotiating printing services for the production of AB's

Form 10-K and annual report, we may not ask the proposed vendor to consider the volume of

printing business that they may get from AB on behalf of the investment funds we manage when

proposing a price. On the other hand, vendor/service provider relationships with AB may be used to

leverage pricing on behalf of AB's clients.

In summary, while efforts made to leverage our buying power are good business, efforts to obtain a

benefit for AB as a result of vendor relationships that we structure or maintain on behalf of clients

may create conflicts of interest, which should be escalated to your line manager and Compliance so

that they can be reviewed and addressed.

**14. Corporate Opportunities and Resources**

AB employees owe a duty to AB to advance the firm's legitimate interests when the opportunity to do

so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and

resources must not be taken or used for personal gain or promotion. AB employees are prohibited

from:

• Taking for themselves personally opportunities that are discovered through the use of company

property, information or their position;

• Using company property, information, resources, or their company position for personal gain or

promotion;

• Creating personal websites related to the financial services industry or which promote

themselves and their skills based on their responsibilities at AB;

• Using company property, information or their company position on personal websites or social

media platforms (e.g. YouTube, Twitter, LinkedIn, Facebook, etc.) or other marketing channels in

a way that is inconsistent with AB's <u>Use of Social Media Policy</u>; and

• Competing with AB directly or indirectly.

1<br>

Please also refer to the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>,

and its Appendix B, the Code of Conduct Regarding the Purchase of Products and Services on

Behalf of AB and its Clients, which can be found on the Legal and Compliance Department intranet

site.

AB directors also owe AB a duty of loyalty, which requires, among other things, that they may not

misappropriate company opportunities or misuse company assets for their personal benefit.

**15. Antitrust and Fair Dealing**

AB believes that the welfare of consumers is best served by economic competition. Our policy is to

compete vigorously, aggressively, and successfully in today's increasingly competitive business

climate and to do so at all times in compliance with all applicable antitrust, competition and fair

dealing laws in all the markets in which we operate. We seek to excel while operating honestly and

ethically, never through taking unfair advantage of others. Each AB employee should endeavor to

deal fairly with AB's customers, suppliers, competitors, and other AB employees. No one should take

unfair advantage through manipulation, concealment, abuse of privileged information,

misrepresentation of material facts or any other unfair dealing practices.

The antitrust laws of many jurisdictions are designed to preserve a competitive economy and

promote fair and vigorous competition. We are all required to comply with these laws and

regulations. AB employees involved in marketing, sales and purchasing, contracts or in discussions

with competitors have a particular responsibility to ensure that they understand our standards and

are familiar with applicable competition laws. Because these laws are complex and can vary from

one jurisdiction to another, AB employees are urged to seek advice from the General Counsel, Chief

Compliance Officer or Corporate Secretary if questions arise. Please also refer to the Policy and

Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and

Compliance Department intranet site, for a discussion relating to some of these issues.

**16. Recordkeeping and Retention**

Properly maintaining and retaining company records is of the utmost importance. AB employees are

responsible for ensuring that AB's business records are properly maintained and retained in

accordance with applicable laws and regulations in the jurisdictions where it operates. AB

Employees should familiarize themselves with these laws and regulations. Please see the Record

Retention Policy on the Legal and Compliance intranet site for more information.

As AB onboards new electronic communications platforms, employees are required to comply with

the *<u>Use</u> <u>of</u> <u>Electronic</u> <u>Communications</u>* policy. Additional information on AB's requirements around

electronic communications can be found on the *<u>Electronic Communications</u>* section of the

Compliance Manual.

**17. Improper Influence on Conduct of Audits**

AB employees, and persons acting under their direction, are prohibited from taking any action to

coerce, manipulate, mislead, hinder, obstruct or fraudulently influence any external auditor, internal

auditor or regulator engaged in the performance of an audit or review of AB's financial statements

and/or procedures. AB employees are required to cooperate fully with any such audit or review.

The following is a non-exhaustive list of actions that might constitute improper influence:

• Offering or paying bribes or other financial incentives to an auditor, including offering future

employment or contracts for audit or non-audit services;

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• Knowingly providing an internal or external auditor or regulator with inaccurate or misleading

data or information;

• Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects

to the company's accounting;

• Seeking to have a partner or other team member removed from the audit engagement because

such person objects to the company's accounting;

• Knowingly altering, tampering or destroying company documents;

• Knowingly withholding pertinent information; or

• Knowingly providing incomplete information.

Under the (U.S.) Sarbanes Oxley Law, any false statement -- that is, any lie or attempt to deceive an

investigator -- may result in criminal prosecution.

**18. Accuracy of Disclosure**

Securities and other laws impose public disclosure requirements on AB and require it to regularly file

reports and financial information and make other submissions to various regulators and stock market

authorities around the globe. Such reports and submissions must comply with all applicable legal

requirements and may not contain misstatements or omit material facts.

AB employees who are directly or indirectly involved in preparing such reports and submissions, or

who regularly communicate with the press, investors and analysts concerning AB, must ensure

within the scope of the employee's job activities that such reports, submissions and communications

are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements.

This applies to all public disclosures, oral statements, visual presentations, press conferences and

media calls concerning AB, its financial performance and similar matters. In addition, members of

AB's Board, executive officers and AB employees who regularly communicate with analysts or actual

or potential investors in AB securities are subject to the <u>AB Regulation FD Compliance Policy</u> copy

of the policy can be found on the Legal and Compliance Department intranet site.

**19. Confidentiality**

Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and

other confidential information entrusted to them by AB or its clients and vendors and must not

disclose such information to any persons except when disclosure is authorized by AB or mandated

by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona

fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys,

accountants or other advisers) who need to know in connection with a specific mandate or

engagement from AB or who otherwise have a valid business or legal reason for receiving it and

have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate

written request (see Section 23).

Confidential information includes all non-public information that might be of use to competitors, or

harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be

confidential. Intellectual property (such as confidential product information, trade secrets, patents,

trademarks, and copyrights), business, marketing and service plans, databases, records, salary

information, unpublished financial data and reports as well as information that joint venture partners,

suppliers or customers have entrusted to us are also viewed as confidential information. Please note

that the obligation to preserve confidential information continues even after employment with AB

ends.

1<br>

To safeguard confidential information, AB employees should observe at least the following

procedures:

• Special confidentiality arrangements may be required for certain parties, including outside

business associates and governmental agencies and trade associations, seeking access to

confidential information;

• Papers relating to non-public matters should be appropriately safeguarded;

• Appropriate controls for the reception and oversight of visitors to sensitive areas should be

implemented and maintained;

• Document control procedures, such as numbering counterparts and recording their distribution,

should be used where appropriate;

• If an AB employee is out of the office in connection with a material non-public transaction, staff

members should use caution in disclosing the AB employee's location;

• Sensitive business conversations, whether in person or on the telephone, should be avoided in

public places and care should be taken when using portable computers and similar devices in

public places; and

• E-mail messages and attachments containing material non-public information should be treated

with similar discretion (including encryption, if appropriate), and recipients should be made aware

of the need to exercise similar discretion.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject,

prohibits employees from reporting possible violations of law or regulation to any governmental

agency or entity, or self-regulatory authority, or from making other disclosures that are protected

under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's

prior authorization to make any such reports or disclosures and are not required to notify AB that

they have made such reports or disclosures.

Please see the <u>Privacy</u> <u>Policy</u> on the Legal and Compliance intranet site for more information.

**20. Protection and Proper Use of AB Assets**

AB employees have a responsibility to safeguard and make proper and efficient use of AB's

property. Every AB employee also has an obligation to protect AB's property from loss, fraud,

damage, misuse, theft, embezzlement or destruction. Acts of fraud, theft, loss, misuse, carelessness

and waste of assets may have a direct impact on AB's profitability. Any situations or incidents that

could lead to the theft, loss, fraudulent or other misuse or waste of AB property should be reported to

your supervisor or a representative of AB's Human Capital or Legal and Compliance Department as

soon as they come to an employee's attention. Should an employee feel uncomfortable utilizing the

normal channels, issues may be brought to the attention of the Company Ombudsman, who is a

neutral, independent, informal and confidential resource to assist employees with concerns about AB

business matters that may implicate issues of ethics or questionable practices. Please see Section

25 for additional information on the Company Ombudsman.

**21. Policy on Intellectual Property**

**a.Overview**

Ideas, inventions, discoveries, and other forms of so-called "intellectual property" are becoming

increasingly important to all businesses, including ours. Recently, financial services companies have

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been applying for and obtaining patents on their financial product offerings and "business methods"

for both offensive and defensive purposes. For example, business method patents have been

obtained for information processing systems, data gathering and processing systems, billing and

collection systems, tax strategies, asset allocation strategies and various other financial systems and

strategies. The primary goals of the AB policy on intellectual property are to preserve our ability to

use our own proprietary business methods, protect our IP investments and reduce potential risks

and liabilities.

**b.Employee Responsibilities**

• New Products and Methods. Employees must maintain detailed records and all work papers

related to the development of new products and methods in a safe and secure location.

• Trademarks. Clearance must be obtained from the Legal and Compliance Department before

any new word, phrase or slogan, which we consider proprietary and in need of trademark

protection, is adopted or used in any written materials. To obtain clearance, the proposed word,

phrase or slogan and a brief description of the products or services for which it is intended to be

used should be communicated to the Legal and Compliance Department sufficiently well in

advance of any actual use in order to permit any necessary clearance investigation.

• Work Product. Work product refers to any and all work product, inventions, developments,

discoveries, improvements, works of authorship, intellectual property, ideas and concepts,

including all tangible embodiments and copies thereof, that are authored, invented, created,

discovered, derived, improved, conceived, reduced to practice or produced by an employee,

either alone or jointly with other persons during their employment with AB. Employees must:

oUnderstand and agree that any and all work product that (i) incorporates or reflects any

confidential or proprietary information provided by AB, (ii) is, to any extent, developed

utilizing any software, supplies, equipment or facilities provided by AB, (iii) relates to the

business of AB or AB's research and development, or (iv) results from any work

performed for AB, in each case, belongs exclusively to AB and is, to the extent permitted

by law, a "work-made-for-hire".

oPromptly disclose and keep all proper records of such work product with the

understanding that the employee assigns all titles, interests and rights associated with it

to AB so that the work product shall remain the exclusive property of AB. Where

permitted by law, the employee irrevocably releases, waives, and assigns in favor of AB

any and all moral rights related to such work product.

oAgree to do all acts and things (including the execution and delivery of intellectual

property applications and instruments of assignment) at any time requested by AB in

order to affect the assignment of such work product to AB, or to perfect, protect, or to

otherwise exercise its ownership interest in such work product. If AB is unable, after

reasonable effort, to secure the employee's signature on any documents required under

this agreement, any duly authorized officer or employee of AB will be entitled to execute

any such documents as agent and attorney-in-fact. Employee hereby irrevocably

designates and appoints each such officer or employee of AB as agent and attorney-in-

fact to execute any such documents on their behalf, and to take any and all actions as

AB may deem necessary or desirable, in order to protect its rights and interests in such

work product.

**c.Company Policies and Practices**

• Ownership. Employees acknowledge that any discoveries, inventions, or improvements

(collectively, "Inventions") made or conceived by them in connection with, and during the course

of, their employment belong, and automatically are assigned, to AB. AB can keep any such

Inventions as trade secrets or include them in patent applications, and Employees will assist AB

in doing so. Employees agree to take any action requested by AB, including the execution of

appropriate agreements and forms of assignment, to evidence the ownership by AB of any such

Invention.

1<br>

• Use of Third-Party Materials. In performing one's work for, or on behalf of AB, Employees will not

knowingly disclose or otherwise make available, or incorporate anything that is proprietary to a

third party without obtaining appropriate permission.

• Potential Infringements. Any concern regarding copyright, trademark, or patent infringement

should be immediately communicated to the Legal and Compliance Department. Questions of

infringement by AB will be investigated and resolved as promptly as possible.

By certifying in accordance with Section 27 of this Code, the individual subject to this Code agrees to

comply with AB's policies and practices related to intellectual property as described in this Section

21. **22.Exceptions from the Code**

In addition to the exceptions contained within the specific provisions of the Code, the General

Counsel, Chief Compliance Officer (or his or her designee) may, in very limited circumstances, grant

other exceptions under any Section of this Code on a case-by-case basis. In these situations, the

following may be required as deemed necessary considering the circumstances:

**a.Written Statement and Supporting Documentation**

The individual seeking the exception may need to furnish to the Chief Compliance Officer, or

designee, as applicable:

i.A written statement detailing the request or efforts made to comply with the requirement from

which the individual seeks an exception;

ii.A written statement containing a representation and warranty that (i) compliance with the

requirement would impose a severe undue hardship on the individual and (ii) the exception

would not, in any manner or degree, harm or defraud a client, violate the general principles

herein or compromise the individual's or AB's fiduciary duty to any client; and/or

iii.Any supporting documentation that the Chief Compliance Officer may require.

**b.Compliance Interview**

The Chief Compliance Officer (or designee) may conduct an interview with the individual or take

such other steps deemed appropriate in order to determine whether granting the exception will not,

in any manner or degree, harm or defraud a client, violate the general principles herein or

compromise the individual's or AB's fiduciary duty to any client; and shall maintain all written

statements and supporting documentation, as well as documentation of the basis for granting the

exception.

**PLEASE NOTE:** To the extent required by law or NYSE rule, any waiver or amendment of this Code

for AB's executive officers (including AB's Chief Executive Officer, Chief Financial Officer, and

Principal Accounting Officer) or directors shall be made at the discretion of the Board of

AllianceBernstein Corporation and promptly disclosed to the unitholders of AllianceBernstein Holding

pursuant to Section 303A.10 of the NYSE Exchange Listed Company Manual.

**23. Regulatory Inquiries, Investigations and Litigation**

**a.Requests for Information**

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Governmental agencies and regulatory organizations may from time to time conduct surveys or

make inquiries that request information about AB, its customers or others that generally would be

considered confidential or proprietary.

*All regulatory inquiries concerning AB are to be handled by the Chief Compliance Officer or General* 

*Counsel. Employees receiving such inquiries should refer such matters immediately to the Legal and* 

*Compliance Department.*

**b.Types of Inquiries**

Regulatory inquiries may be received by mail, e-mail, telephone or personal visit. In the case of a

personal visit, demand may be made for the immediate production or inspection of documents.

While any telephone or personal inquiry should be handled in a courteous manner, the caller or

visitor should be informed that responses to such requests are the responsibility of AB's Legal and

Compliance Department. Therefore, the visitor should be asked to wait briefly while a call is made to

the Chief Compliance Officer or General Counsel for guidance on how to proceed. In the case of a

telephone inquiry, the caller should be referred to the Chief Compliance Officer or General Counsel

or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded

promptly to the Chief Compliance Officer or General Counsel, who will provide an appropriate

response.

**c.Responding to Information Requests**

Subject to Section 23, under no circumstances should any documents or material be released to a

regulator without prior approval of the Chief Compliance Officer or General Counsel. Likewise, no

employee should have substantive discussions with any regulatory personnel without prior

consultation with either of these individuals.

**d.Use of Outside Counsel**

It is the responsibility of the Chief Compliance Officer or General Counsel to retain and provide

information to AB's outside counsel in those instances deemed appropriate and necessary.

**e.Regulatory Investigation**

Any employee that is notified that they are the subject of a regulatory investigation, whether in

connection with his or her activities at AB or at a previous employer, must immediately notify the

Chief Compliance Officer or General Counsel.

**f.Litigation**

Any receipt of service or other notification of a pending or threatened action against the firm should

be brought to the immediate attention of the General Counsel or Chief Compliance Officer. These

individuals also should be informed of any instance in which an employee is sued in a matter

involving his/her activities on behalf of AB. Notice also should be given to either of these individuals

upon receipt of a subpoena for information from AB relating to any matter in litigation or receipt of a

garnishment lien or judgment against the firm or any of its clients or employees. The General

Counsel or Chief Compliance Officer will determine the appropriate response.

**24. Compliance and Reporting of Misconduct / "Whistleblower" Protection**

No Code can address all specific situations. Accordingly, each AB employee is responsible for

applying the principles set forth in this Code in a responsible fashion and with the exercise of good

judgment and common sense. Whenever uncertainty arises, an AB employee should seek guidance

from an appropriate supervisor or a representative of Human Capital or the Legal and Compliance

Department before proceeding.

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All AB employees should promptly report any practices or actions the employee believes to be

inappropriate or inconsistent with any provisions of this Code. In addition, all employees must

promptly report any actual violations of the Code to the General Counsel, the Chief Compliance

Officer or a designee. Any person reporting a violation in good faith, or asserting any right provided

by law or in exercising their duties as set forth in our policies, will be protected against reprisals. If

you have information about Code or other AB policy violations or potentially illegal or unethical

activity, visit the Legal & Compliance Loop site for further information or visit <u>https://</u>

<u>secure.ethicspoint.com/domain/media/en/gui/44414/index.html</u>.

If you feel uncomfortable utilizing the formal channels, issues may be brought to the attention of the

Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist

employees with concerns about AB business matters that may implicate issues of ethics or

questionable practices. Please see Section 25 for additional information on the Company

Ombudsman.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject,

prohibits employees from reporting possible violations of law or regulation to any governmental

agency or entity, or self-regulatory authority, or from making other disclosures that are protected

under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's

prior authorization to make any such reports or disclosures and are not required to notify AB that

they have made such reports or disclosures.

**25. Company Ombudsman**

AB's Company Ombudsman provides a neutral, confidential, informal and independent

communications channel where any AB employee can obtain assistance in surfacing and resolving

work-related issues. The primary purpose of the Ombudsman is to help AB:

• Safeguard its reputation and financial, human and other company assets;

• Maintain an ethical and fiduciary culture;

• Demonstrate and achieve its commitment to "doing the right thing;" and

• Comply with relevant provisions of the Sarbanes-Oxley Act of 2002, the U.S. Sentencing

Guidelines, as well as AB's 2003 SEC Order, New York Stock Exchange Rule 303A.10 and

other laws, regulations and policies.

The Ombudsman seeks to provide early warnings and to identify changes that will prevent

malfeasance and workplace issues from becoming significant or recurring. The Ombudsman has a

reporting relationship to the AB CEO, the Audit Committee of the Board of Directors of

AllianceBernstein Corporation and independent directors of AB's U.S. mutual fund boards.

Any type of work-related issue may be brought to the Ombudsman, including potential or actual

financial malfeasance, security matters, inappropriate business practices, compliance issues,

unethical behavior, violations of law, health and safety issues, and employee relations issues. The

Ombudsman supplements but does not replace existing formal channels for reporting work-related

issues, such as Human Capital, Legal and Compliance, Internal Audit and line management.

**26. Sanctions**

Upon learning of a violation of this Code, any member of the AB Group, with the advice of the

General Counsel, the Chief Compliance Officer and/or the AB Code of Ethics Oversight Committee,

may impose such sanctions as such member deems appropriate, including, among other things,

restitution, censure, suspension or termination of service. Persons subject to this Code who fail to

1<br>

comply with it may also be violating the U.S. federal securities laws or other federal, state or local

laws within their particular jurisdictions.

**27. Annual Certifications**

Each person subject to this Code must certify at least annually to the Chief Compliance Officer that

he or she has read and understands the Code. As part of these certifications, the employee

confirms that they are (1) subject to and have complied with the Code's provisions, (2) disclosed or

reported all personal securities transactions, conflicts of interests and other items required, and (3)

understand and complied with all related policies referenced within this Code (e.g., electronic

communications). The Chief Compliance Officer may require interim certifications for significant

changes to the Code.

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**APPENDIX A**

**AllianceBernstein L.P.**

<u>PERSONAL</u> <u>TRADING</u> <u>POLICIES</u> <u>AND</u> <u>PROCEDURES</u>

**1. Overview**

**a.Introduction**

AB recognizes the importance to its employees of being able to manage and develop their own and their

dependents' financial resources through long-term investments and strategies. However, because of the

potential conflicts of interest inherent in our business and our industry. AB has implemented certain

standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting

our duties as a fiduciary for our clients. **Employees should be aware that their ability to liquidate** 

**positions may be severely restricted under these policies, including during times of market** 

**volatility**. Therefore, as a general matter, AB discourages personal investments by employees in individual

securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests with the

interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund** 

**products and services offered by AB, where available and appropriate**.

**b.Definitions**

The following definitions apply for purposes of this Appendix A of the Code; however additional definitions

are contained in the text itself.<sup>1</sup>

1.**"AB Funds"** means any AB-sponsored, managed, or sub-advised fund registered under the

Investment Company Act of 1940 or relevant regulations in other jurisdictions. For purposes of

this policy, "AB Funds" are Reportable Securities.

2.**"Automatic Investment Plan"** refers to a plan that makes automatic purchases for the plan

owner based on an agreed schedule and allocation. Dividend Reinvestment Plans, or DRIPs,

are one type of "automatic investment plan".

Employees may be asked to submit additional documentation evidencing the automatic

investment plan as part of AB's compliance monitoring.

3.**"Beneficial Ownership"** refers to an <u>Employee's</u> or their <u>Dependent's</u> ability to directly or

indirectly profit or share in the profits of a security transaction. In general, the definition of

"beneficial ownership" is interpreted in the same manner as the provisions set forth under Section

16 of the Securities Exchange Act of 1934.

4.**"Client"** means any person or entity, including an investment company, for which AB serves as

investment manager or adviser.

1Due to the importance that AB places on promoting responsible personal trading, we have applied the definition of

"access person," as used in Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and related

requirements to all AB employees and officers. We have drafted special provisions for directors of AB who are not

also employees of AB.

2<br>

5.**"Chief Compliance Officer"** refers to AllianceBernstein LP's Chief Compliance Officer.

6.**"Code of Ethics Oversight Committee"** refers to the committee of AB's senior officers that is

responsible for monitoring compliance with the Code.

7.**"Control"** has the meaning set forth in Section 2(a)(9) of the 1940 Act.

8.**"Dependent"** refers to any individual who resides within an <u>Employee's</u> household and relies on

the Employee for financial support. While not exhaustive, examples include an Employee's

spouse, domestic partner, parent, child, sibling or in-laws who share the same household as the

Employee. Note that a "dependent" may spend a portion of this time away from the household

(for example, a child in college) but will still be considered a "dependent" if they rely on the

Employee for any financial support.

9.**"Designated Broker"** refers to brokerage firms where AB receives automated data feeds for

transactions and positions for <u>Personal</u> <u>Accounts</u>.<sup>2</sup> <sup>3</sup> The current list of "Designated Brokers" can

be found <u>here</u>.

10.**"Director"** means any person who serves in the capacity of a director of AllianceBernstein

Corporation. "Affiliated Outside Director" means any Director who is not an Employee (as defined

below) but who is an employee of an entity affiliated with AB. "Outside Director" means any

Director who is neither an Employee (as defined below) nor an employee of an entity affiliated

with AB.

11.**"Employee"** refers to any person who is an employee or officer of AB, including part-time

employees and consultants (acting in the capacity of a portfolio manager, trader or research

analyst, or others at the discretion of the Compliance Department or their Business Unit) under

the Control of AB.

12.**"Exempt Security"** refers to the following security types:

• Securities issued by the Government of the United States, e.g. US Treasury bonds

and US Savings bonds;

• High quality money market or short-term debt instruments, including CDs, commercial

paper, and repurchase agreements;

• Shares of money market funds;

• Open-end mutual funds, excluding <u>[AB](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Funds](#i717530b84a81481da52fd3a2feaad39f_40)</u>;

• Cryptocurrency and digital assets<sup>4</sup>; and

• Other security types as determined by AB's Code of Ethics Compliance team.

13.**"Initial Public Offering"** means an offering of equity Securities registered under the Securities

Act of 1933 (the "1933 Act"), the issuer of which, immediately before the registration, was not

subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, as well as

similar offerings of Securities issued outside the United States.

2 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

3 Non-discretionary accounts at Sanford C. Bernstein & Co., LLC. may only be used for the following purposes:

(a) Custody of securities and related activities (such as receiving and delivering positions, corporate actions, and

subscribing to offerings commonly handled by operations such as State of Israel bonds, etc.); (b) Transacting in US

Treasury securities; and (c) Transacting in AB products outside of a private client relationship (such as hedge funds

and AB/SCB mutual funds). All equity and fixed income transactions (other than US Treasuries) are prohibited.

3<br>

4 Note that while cryptocurrency and other digital assets are not considered a security under the current definition,

this is listed as an "exempt security" to help clarify for employees that cryptocurrency and digital assets are out of

scope for the requirements under this policy.

14.**"Investment Personnel"** refers to:

a.Any <u>[Employee](#i717530b84a81481da52fd3a2feaad39f_40)</u> who acts in the capacity of a portfolio manager, research analyst or trader or

any other capacity (such as an assistant to one of the foregoing) and in connection with his or

her regular duties makes or participates in making, or is in a position to be aware of,

recommendations regarding the purchase or sale of securities by a Client;

b.Any Employee who receives or has access to sell-side research paid for by AB or AB client

assets (e.g. Soft-Dollar Commissions);

c.Any other Employee designated as such by the Legal and Compliance Department or their

Business Unit; or

d.Any natural person who Controls AB and who obtains information concerning

recommendations made to a Client regarding the purchase or sale of securities by the Client.

15.**"Limited Offering"** means an offering that is exempt from registration under the 1933 Act

pursuant to Sections 4(2) or 4(6) thereof or pursuant to Rules 504, 505 or 506 under the 1933

Act, as well as similarly exempted offerings of Securities issued outside the United States.

Investments in hedge funds are typically sold in a limited offering setting.

16.**"Managed Account"** is an account where the <u>[Employee](#i717530b84a81481da52fd3a2feaad39f_40)</u> or their <u>[Dependent](#i717530b84a81481da52fd3a2feaad39f_40)</u> has authorized a

third-party to exercise investment discretion and control over the transactions and holdings in the

account. Since neither the Employee nor their Dependent directs or approves the investments

themselves and/or the timing of the investment for "managed accounts", these accounts are

exempt from most of the requirements and restrictions found in Section 2 of this Policy, including

the pre-clearance requirement. Please see Section 2 below for more details. "Managed

accounts" that meet the definition of a <u>Personal Account</u> must be reported in StarCompliance.

When declaring a "managed account", Employees may be asked to provide additional account

information so that Compliance can confirm that the account meets this definition.

Note that managed accounts are not required to be held with <u>[Designated](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Brokers](#i717530b84a81481da52fd3a2feaad39f_40)</u>, but employees

will be required to submit account statements and trade confirmations if and when requested by

the Compliance Department.

17.**"Non-volitional Transaction"** is a transaction where the <u>[Employee](#i717530b84a81481da52fd3a2feaad39f_40)</u> or their <u>[Dependent](#i717530b84a81481da52fd3a2feaad39f_40)</u> does not

have any influence or control over the trade and/or the timing of the trade. Examples of non-

volitional trades are options being exercised or expiring on an Employee, sale of fractional shares

when transferring assets from your current broker to a different one, and corporate actions where

the employee does not have the ability to elect participation.

As part of AB's compliance monitoring. Employees may be asked to submit additional

documentation evidencing that a transaction was non-volitional.

18.**"Personal Account"** refers to any account that meets the following criteria:

• The <u>[Employee](#i717530b84a81481da52fd3a2feaad39f_40)</u> or a <u>[Dependent](#i717530b84a81481da52fd3a2feaad39f_40)</u> of the Employee has <u>[B](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[eneficial](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[O](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[wnership](#i717530b84a81481da52fd3a2feaad39f_40)</u> of the account

**<u>or</u>** has investment authority over any transactions and/or timing of the transactions in

the account, even if they are not the beneficial owner of the account; **<u>AND</u>**

• The account has the ability to invest in <u>[Reportable](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Securities](#i717530b84a81481da52fd3a2feaad39f_40)</u> (defined below).

<u>[Managed](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> that meet the above definition of a "personal account" must be disclosed.

4<br>

Please note that most 401K accounts, HSA Investment accounts, and 529 Plans will not require

reporting or pre-clearance of transactions since they typically only permit investments in a limited

list of non-<u>[AB Funds](#i717530b84a81481da52fd3a2feaad39f_40)</u>; However, if they have the ability to invest in Reportable Securities,

including AB Funds, then these accounts would be considered "personal accounts" and should

be reported as required by this Policy.

19.**"Purchase or Sale of a Security"** includes, among other transactions, the writing or purchase of

an option to sell a Security and any short sale of a Security.

20.**"Reportable Security" or "Security"** means any security that does not meet the definition of an

<u>[Exempt Security](#i717530b84a81481da52fd3a2feaad39f_40)</u>.

*<u>IMPORTANT</u> <u>NOTES</u>*<u>:</u>

i.Exchange-Traded Funds ("ETFs") are "reportable securities," and therefore **are** 

**subject** to the governing rules, including the pre-clearance requirement. All ETFs

require pre-clearance, but will be subject to expedited approval.

ii.*Direct investment* in **Bitcoin** or other crypto currencies are currently not covered under

this definition of Security. However, as global regulators move closer to regulating these

securities, the lack of prohibition and AB's position on pre-clearance and/or reporting, is

subject to change.

21. A Security **is "Being Considered for Purchase or Sale"** when:

a.An AB research analyst issues research information regarding initial coverage of, or changing

a rating with respect to a company or issuer. This applies to research from both the buy-side

and sell-side analysts ;

b.A portfolio manager has indicated his or her intention to purchase or sell a Security; or

c.An open order[5](#i717530b84a81481da52fd3a2feaad39f_40) in the Security exists on any buy-side trading desk.

*This is not an exhaustive list. At the discretion of the Legal and Compliance Department, a* 

*Security may be deemed "Being Considered for Purchase or Sale"even if none of the above* 

*events have occurred, particularly if a portfolio manager is contemplating the purchase or sale of* 

*that Security, as evidenced by written or digital communication or the manager's preparation of,* 

*or request for, research.*

22.**"Security held or to be acquired or sold"** means:

a.Any Security which, within the most recent 15 days (i) is or has been held by a Client in an

AB-managed account or (ii) is being or has been considered by AB for purchase or sale for

the Client; and/or

b.Any option to purchase or sell, and any Security convertible into or exchangeable for, a

Security.

23.**"StarCompliance Code of Ethics application"** means the web-based application used to

electronically pre-clear personal securities transactions and file many of the reports required

herein. The application can be accessed via the AB network at: <u>https://alliance-</u> 

<u>ng.starcompliance.com</u>.

**2. Requirements and Restrictions – All Employees**

The following standards which must be observed by Employees:

**a.General Standards**

5Defined as any client order on a buy-side trading desk which has not been completely executed.

5<br>

Employees have an obligation to conduct their personal investing activities and related Securities

transactions lawfully and in a manner that avoids actual or potential conflicts between their own interests

and the interests of AB and its clients. Employees must carefully consider the nature of their AB

responsibilities - and the type of information that he or she might be deemed to possess in light of any

particular securities transaction - before engaging in any investment-related activity or transaction.

i.*Material Nonpublic Information*: Employees in possession of material nonpublic information about

or affecting securities, or their issuer, are prohibited from buying or selling such Securities, or

advising any other person to buy or sell such securities. Similarly, they may not disclose such

information to anyone without the permission of the General Counsel or Chief Compliance

Officer. Please see *<u>AB's Insider Trading Policies,</u>* which can be found on the Legal and

Compliance Department intranet site.

ii.*Short-Term Trading*: Employees are encouraged to adopt long-term investment strategies (see

Section 2(f) for applicable holding and buy-back periods for individual securities). Similarly,

purchases of shares of most mutual funds should be made for investment purposes. Employees

are therefore prohibited from engaging in transactions in a mutual fund that are in violation of the

fund's prospectus, including any applicable short-term trading or market-timing prohibitions.

iii.*Personal Responsibility*: It is the responsibility of each Employee to ensure that all securities

transactions in Personal Accounts are made in strict compliance with the restrictions and

procedures in the Code and this Appendix A and otherwise comply with all applicable legal and

regulatory requirements.

*Affiliated Directors and Outside Directors*: The personal trading restrictions of Appendix A of the

Code do not apply to any Affiliated Director or Outside Director, *provided that at the time of the* 

*transaction, they have no actual knowledge that the Security involved is "Being Considered for* 

*Purchase or Sale*." Affiliated Directors and Outside Directors, however, are subject to reporting

requirements as described in Section 9 below.

**b.Disclosure of Personal Accounts**

Upon joining AB, all Employees must disclose their <u>[Personal Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> to the Compliance Department

within 10 business days of joining and take all necessary actions to close any accounts, other than

<u>[Managed](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u>, held with non-designated brokers[6](#i717530b84a81481da52fd3a2feaad39f_40) (see next section). It is each Employee's

responsibility to ensure that their accounts are either linked to AB's broker feeds, if held at a Designated

Broker, or to provide duplicate statements and trade confirmations upon request from Compliance. Do not

assume that the broker-dealer will automatically arrange for this information to be set up and forwarded

correctly.

New accounts opened by Employees after their initial disclosure should be disclosed immediately to

Compliance. In general, pre-approval is not required to open the new account; however, Personal

Accounts, except for Managed Accounts, should only be opened at a Designated Broker.

6 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

6<br>

**c.Designated Brokerage Account[7](#i717530b84a81481da52fd3a2feaad39f_40)**

Personal Accounts of an Employee, other than Managed Accounts, may only be held at a <u>[Designated](#i717530b84a81481da52fd3a2feaad39f_40)</u> 

<u>[Broker](#i717530b84a81481da52fd3a2feaad39f_40)</u>. Under limited circumstances, the Compliance Department may grant exceptions to this policy and

approve the use of other broker-dealers or custodians (such as in the case of proprietary products that can

only be held at specific firms). In addition, the Compliance Department may in the future modify this list.

**d.Pre-Clearance Requirement**

Employees and their Dependents may not purchase or sell, directly or indirectly, any <u>[Reportable](#i717530b84a81481da52fd3a2feaad39f_40)</u> 

<u>[Security](#i717530b84a81481da52fd3a2feaad39f_40)</u> in which they have (or after such transaction would have) <u>[Beneficial](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Ownership](#i717530b84a81481da52fd3a2feaad39f_40)</u> unless the

Employee obtains the prior approval from the Compliance Department and, *in the case of* 

*Investment Personnel, their manager or a designated approver*. Pre-clearance requests and any

approvals must be made prior to executing the transaction, through the use of the appropriate pre-

clearance form,which can be accessed via the StarCompliance Code of Ethics application at <u>http://</u>

<u>starcompliance.acml.com/</u>/. These requests will document (a) the details of the proposed

transaction and (b) representations as to compliance with the personal trading restrictions of this

Code.

*Pre-Clearance requests are reviewed by team members in Nashville and may not be addressed until* 

*8:00 a.m. Central time. Please note that trade requests submitted after 2:30 p.m. Central time will be* 

*placed on hold until the following day.*

The Legal and Compliance Department will maintain an electronic log of all pre- clearance requests

and indicate the approval or denial of the request in the log.

PLEASE NOTE: When a <u>[Security is Being Considered for Purchase or Sale](#i717530b84a81481da52fd3a2feaad39f_40)</u> for a Client (see Section

2(i) below) or is being purchased or sold for a Client following the approval on the same day of a

personal trading request form for the same Security, the Legal and Compliance Department is

authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market

value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the

trading desk and the appropriate business unit head (if available), that the order, based on market

conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a

Client's ability to purchase or sell the Security or other Securities of the issuer involved.

**<u>The</u> <u>following</u> <u>transactions</u> <u>are</u> <u>exempt</u> <u>from</u> <u>the</u> <u>pre-clearance</u> <u>requirement:</u>**

• Transactions in a <u>[Managed](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Account](#i717530b84a81481da52fd3a2feaad39f_40)</u>,

• Transactions made pursuant to an <u>[Automatic](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Investment](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Plan](#i717530b84a81481da52fd3a2feaad39f_40)</u>,

• <u>[Non-volitional](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Transactions](#i717530b84a81481da52fd3a2feaad39f_40)</u>[,](#i717530b84a81481da52fd3a2feaad39f_40) and

• Transactions in AB Funds if through the ABI Employee Desk or through an employee's Voya-

sponsored 401K account (if not transacted via ABI or through Voya, pre-clearance is required).

**e.Limitation on the Number of Trades**

No more than an aggregate of twenty (20) transactions in <u>[Reportable](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Securities](#i717530b84a81481da52fd3a2feaad39f_40)</u> may occur in an

Employee's<u>[Personal Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> during any rolling thirty-day period.

**<u>Transactions</u> <u>excluded</u> <u>from</u> <u>the</u> <u>trade</u> <u>limit</u> <u>are:</u>**

Transactions in a managed account

• Transactions made pursuant to an <u>[Automatic](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Investment](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Plan](#i717530b84a81481da52fd3a2feaad39f_40)</u>,

• <u>[Non-volitional](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Transactions](#i717530b84a81481da52fd3a2feaad39f_40)</u>[,](#i717530b84a81481da52fd3a2feaad39f_40) and

7 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

7<br>

• Transactions in AB Funds.

**f.Short-Term Trading**

Employees must always conduct their personal trading activities lawfully, properly and responsibly,

and are encouraged to adopt long-term investment strategies that are consistent with their financial

resources and objectives. AB discourages short-term trading strategies, and Employees are

cautioned that such strategies may inherently carry a higher risk of regulatory and other scrutiny. In

any event, excessive or inappropriate trading that interferes with job performance, or compromises

the duty that AB owes to its Clients will not be tolerated.

**Employees are subject to a mandatory holding period for all <u>[Reportable](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Securities](#i717530b84a81481da52fd3a2feaad39f_40)</u> of 60 days** 

**and a buy-back period of 30 days.** By regulation, employees of AB Japan Ltd. are subject to a 6-

month hold. Under Danish regulation, the CEO of CPH Capital, AB's Danish entity, must comply with

a 6-month holding period for securities, excluding funds. Under Danish regulation, the CEO of CPH

Capital, AB's Danish entity, must comply with a 6-month holding period for securities, excluding

funds. A first-in-first-out accounting methodology will be applied to a series of Securities purchases

for determining compliance with this holding rule. As noted in Section 2(a)(ii), the applicable holding

period for AB open-end funds is also 60 days.

**<u>Exceptions</u> <u>to</u> <u>the</u> <u>short-term</u> <u>trading</u> <u>rules</u> <u>(i.e.,</u> <u>the</u> <u>60-day</u> <u>hold</u> <u>and</u> <u>30-day</u> <u>buy-</u><u>back):</u>**

• Securities transactions in Personal Accounts of Dependents which are not directed by the

Employee are subject to the mandatory holding and buy-back periods. However, after 30

calendar days, a sell transaction will be permitted for these Personal Accounts if necessary to

minimize a loss;

• Transactions in [Managed](#i717530b84a81481da52fd3a2feaad39f_40) [Accounts](#i717530b84a81481da52fd3a2feaad39f_40);

• Transactions made pursuant to an [Automatic](#i717530b84a81481da52fd3a2feaad39f_40)[Investment](#i717530b84a81481da52fd3a2feaad39f_40) [Plan](#i717530b84a81481da52fd3a2feaad39f_40);

• <u>[Non-volitional](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Transactions](#i717530b84a81481da52fd3a2feaad39f_40)</u>[;](#i717530b84a81481da52fd3a2feaad39f_40)

• Sales of Securities held by the Employee or their Dependents prior to their employment with

AB;

• Shares in the publicly traded units of AB that were acquired in connection with a

compensation plan may be sold within the 60-day holding period. However, units purchased

on the open market must comply with the holding period requirements herein; and

• Shares received through an employee stock plan or compensation program by a Dependent

may be sold within the 60-day holding period.

Trades made in violation of this section of the Code shall be unwound, or, if that is not practicable, all

profits from the short-term trading will be disgorged.

**g.Short Sales**

The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of

a Security in a Personal Account if, at the time of the transaction, any Client has a long position in

such Security in an AB-managed portfolio (except that an Employee may engage in short sales

against the box and covered call writing provided that these personal Securities transactions do not

violate the prohibition against short- term trading).

**h.Trading in AB Units and AB Funds**

During certain times of the year, Employees may be prohibited from conducting transactions in the equity

units of AB.

8<br>

Additional restricted periods may be required for certain individuals and events, and the Legal and

Compliance Department will announce when such additional restricted periods are in effect.

As AB Units and AB Funds are Reportable Securities, all are subject to the same pre-clearance process as

other Reportable Securities, with certain additional Legal and Compliance Department approval required.

See the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Units</u>* and the

*<u>Statement</u> <u>of Policy</u> <u>and Procedures Concerning Purchases and</u> <u>Sales</u> <u>of</u> <u>AB</u> <u>Closed-End</u> <u>Mutual</u> <u>Funds</u>*.

Employees are not permitted to transact in short sales of AB Units.

**Note that Employees are not permitted to establish automatic investment plans, including but not** 

**limited to dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases** 

**outside of the trading window.**

**i.Securities Being Considered for Purchase or Sale**

Subject to the exceptions below, Employees and their Dependents are prohibited from purchasing or

selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal

Account if, at the time of the transaction, the <u>[Security](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[is Being Considered for](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Purchase](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[or](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Sale](#i717530b84a81481da52fd3a2feaad39f_40)</u> for a

Client or is being purchased or sold for a Client.

**<u>This</u> <u>prohibition</u> <u>will</u> <u>not</u> <u>apply</u> <u>to</u> <u>the</u> <u>following:</u>**

• Transactions in [Managed](#i717530b84a81481da52fd3a2feaad39f_40) [Accounts](#i717530b84a81481da52fd3a2feaad39f_40);

• Transactions made pursuant to an [Automatic](#i717530b84a81481da52fd3a2feaad39f_40)[Investment](#i717530b84a81481da52fd3a2feaad39f_40) [Plan](#i717530b84a81481da52fd3a2feaad39f_40);

• <u>[Non-volitional](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Transactions](#i717530b84a81481da52fd3a2feaad39f_40)</u>[;](#i717530b84a81481da52fd3a2feaad39f_40)

• Securities received as part of the Employee's or their Dependent's employer stock or compensation

plan;

• De minimis transactions, defined as follows:

o<u>Fixed</u> <u>Income</u> <u>Securities</u>

Any of the following Securities, if at the time of the transaction, the Employee has no actual

knowledge that the Security is Being Considered for Purchase or Sale by a Client or that

the Security is being purchased or sold by or for the Client:

1. Fixed income securities transactions having a principal amount not exceeding $25,000;

or

2. Non-convertible debt securities and non-convertible preferred stocks which are rated by

at least one nationally recognized statistical rating organization ("NRSRO") in one of the

three highest investment grade rating categories.

o<u>Equity</u> <u>Securities</u>

Any equity Security transaction, or series of related transactions, involving shares of

common stock and excluding options, warrants, rights and other derivatives, provided:

1. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as

"market on open" or "market on close;"

2. The aggregate value of the transactions does not exceed (1) $250,000, and (2) .1% of

the daily trade volume of the security; and

3. The Employee has no actual knowledge that the Security is Being Considered for

Purchase or Sale by a Client or that the Security is being purchased or sold by or for the

Client.

9<br>

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal

and Compliance Department in advance of being placed.

**j.Restricted List**

A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the

Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily

Restricted List is made available each business day to all Employees via <u>The Loop</u>.

**k.Dissemination of Research Information**

An Employee may not buy or sell any Security for a Personal Account that is the subject of

"significantly new" or "significantly changed" research during the period commencing with the

approval of the research and continuing for twenty-four hours subsequent to the first publication or

release of the research. An Employee also may not buy or sell any Security on the basis of research

that AB has not yet made public or released. The terms "significantly new" and "significantly

changed" include:

a.The initiation of coverage by an AB research analyst;

b.Any change in a research rating or position by an AB analyst;

c.Any other rating, view, opinion, or advice from an AB analyst, the issuance (or re-issuance) of

which in the opinion of such research analyst, or his or her director of research, would be

reasonably likely to have a material effect on the price of the security.

**<u>This</u> <u>prohibition</u> <u>will</u> <u>not</u> <u>apply</u> <u>to</u> <u>the</u> <u>following:</u>**

• Transactions in <u>[Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u>;

• Transactions made pursuant to an <u>[Automatic](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Investment](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Plan](#i717530b84a81481da52fd3a2feaad39f_40)</u>

• <u>[Non-volitional](#i717530b84a81481da52fd3a2feaad39f_40)</u> <u>[Transactions](#i717530b84a81481da52fd3a2feaad39f_40)</u>[;](#i717530b84a81481da52fd3a2feaad39f_40)

• Securities received as part of the Employee's or their Dependent's employer stock or compensation

plan;

• De minimis transactions, defined as follows:

o<u>Fixed</u> <u>Income</u> <u>Securities</u>

***This exception does not apply to research issued by an affiliate of AB.*** Any of the

following Securities, if at the time of the transaction, the Employee has no actual

knowledge that the Security is Being Considered for Purchase or Sale by a Client or that

the Security is being purchased or sold by or for the Client:

1. Fixed income securities transactions having a principal amount not exceeding $25,000;

or

2. Non-convertible debt securities and non-convertible preferred stocks which are rated by

at least one nationally recognized statistical rating organization ("NRSRO") in one of the

three highest investment grade rating categories.

o<u>Equity</u> <u>Securities</u>

***This exception does not apply to research issued by an affiliate of AB.*** Any equity

security transaction, or series of related transactions, involving shares of common stock

and excluding options, warrants, rights and other derivatives, provided:

10<br>

1. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as

"market on open" or "market on close";

2. The aggregate value of the transactions do not exceed (1) $250,000, and (3) 1% of the

daily trade volume of the security; and

3. The Employee has no actual knowledge that the Security is Being Considered for

Purchase or Sale by a Client or that the Security is being purchased or sold by or for the

Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal

and Compliance Department in advance of being placed.

**l.Initial Public Offerings**

Employees or their Dependent whose Personal Accounts are covered under this Code(see Section

1(b)(14)) are not permitted to acquire for a Personal Account, any equity Security issued in an Initial Public

Offering.

**m.Limited Offerings/Private Placements**

Employees and their Dependent whose Personal Accounts are covered under this Code (see Section

1(b)(14)), are not permitted to acquire any Security issued in any limited or private offering (please note

that hedge funds are sold as limited or private offerings) without prior written approval and documentation

for the basis for granting approval from the Chief Compliance Officer (or designee) and the Employee's

manager or the manager's designee. The Chief Compliance Officer, in determining whether approval

should be given, will take into account, among other factors, whether the investment opportunity should be

reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her

position with AB. Employees authorized to acquire Securities issued in a limited or private offering must

disclose that investment when they play a part in any Client's subsequent consideration of an investment in

the issuer. In such a case, the decision of AB to purchase Securities of that issuer for a Client will be

subject to an independent review by Investment Personnel with no personal interest in such issuer.

[8](#i717530b84a81481da52fd3a2feaad39f_40) Additional restrictions or disclosures may be required if there is a business relationship between the Employee or

AB and the issuer of the offering. See also "Additional restrictions that apply to employees of the Private

Alternatives Group (Section 6)".

**3. Additional Restrictions–Portfolio Managers**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the

Code, the following restrictions apply to all persons acting in the capacity of a Portfolio Manager of a Client

account. For purposes of the restrictions in this section, a portfolio manager is defined as an Employee who

has decision-making authority regarding specific securities to be traded for Client accounts, as well as such

Employee's supervisor. Please see Section 6 for restrictions relating to the Alternative Investment Strategies

Groups.

[8](#i717530b84a81481da52fd3a2feaad39f_40) Additional restrictions or disclosures may be required if there is a business relationship between the Employee or

AB and the issuer of the offering. See also "Additional restrictions that apply to employees of the Private

Alternatives Group (Section 6)".

11<br>

***General Prohibition:*** *No person acting in the capacity of a portfolio manager will be permitted to trade for a* 

*Personal Account, a Security that is an eligible portfolio investment in that manager's strategy (e.g., Large* 

*Cap Growth).*

*This prohibition does not apply to transactions directed by Dependents whose <u>[Personal](#i717530b84a81481da52fd3a2feaad39f_40)</u><u>[Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> are covered* 

*under this Code (see Section 1(b)(18)) provided that the Employee has no input into the investment decision.* 

*Nor does it apply to sales of securities held prior to the application of this restriction or employment with the* 

*firm. However, such transactions are subject to the following additional restrictions.*

**a.Blackout Periods**

No person acting in the capacity of a portfolio manager will be permitted to trade a Security for a Personal

Account within seven calendar days before and after any Client serviced in that manager's strategy (e.g.,

Large Cap Growth) trades in the same Security. If a portfolio manager engages in such a personal

securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the

trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be

disgorged.

**b.Actions During Blackout Periods**

No person acting in the capacity of a portfolio manager shall delay or accelerate a Client trade due to a

previous purchase or sale of a Security in a Personal Account. In the event that a portfolio manager

determines that it is in the best interest of a Client to buy or sell a Security for the account of the Client

within seven days of the purchase or sale of the same Security in a Personal Account, the portfolio

manager must contact the Chief Compliance Officer or their designee immediately, who may direct that the

trade in the Personal Account be canceled, grant an exception or take other appropriate action.

**c.Transactions Contrary to Client Positions**

No person acting in the capacity of a portfolio manager shall trade a Security in a Personal Account

contrary to investment decisions made on behalf of a Client, unless the portfolio manager represents and

warrants in the personal trading request form that (1) it is appropriate for the Client account to buy, sell or

continue to hold that Security and (2) the decision to purchase or sell the Security for the Personal Account

arises from the need to raise or invest cash or some other valid reason specified by the portfolio manager

and approved by the Chief Compliance Officer or their designee and is not otherwise based on the portfolio

manager's view of how the Security is likely to perform.

**4. Additional Restrictions–Research Analysts**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the

Code, the following restrictions apply to all persons acting in the capacity of a research analyst.

***General Prohibition****: No person acting in the capacity of research analyst will be permitted to trade for his or* 

*her Personal Account, any security of an issuer that is in the sector covered by such research analyst (i.e., an* 

*equity research analyst cannot trade in the fixed income securities of a covered issuer nor can a fixed income* 

*analyst trade in the equity securities of one). This prohibition does not apply to transactions directed by* 

*Dependents whose <u>[Personal Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> are covered under this Code (see Section 1(b)(18)), provided that the* 

*employee has no input into the investment decision. Sales of securities held prior to the application of this* 

*restriction or employment with the firm are also considered exempt from this prohibition. However, such* 

*transactions are subject to the following additional restrictions.*

**a.Blackout Periods**

12<br>

No person acting as a research analyst shall trade a Security for a Personal Account within seven calendar

days before and after making a change in a rating or other published view with respect to that Security. If a

research analyst engages in such a personal securities transaction during a blackout period, the Chief

Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer

may direct that any profit realized on the trade be disgorged.

**b.Actions During Blackout Periods**

No person acting as a research analyst shall delay or accelerate a rating or other published view with

respect to any Security because of a previous purchase or sale of a Security in such person's Personal

Account. In the event that a research analyst determines that it is appropriate to make a change in a rating

or other published view within seven days of the purchase or sale of the same Security in a Personal

Account, the research analyst must contact the Chief Compliance Officer or their designee immediately,

who may direct that the trade in the Personal Account be canceled, grant an exception or take other

appropriate action.

**c.Actions Contrary to Ratings**

No person acting as a research analyst shall trade a Security (to the extent such Security is included in the

research analyst's research universe) contrary to an outstanding rating or a pending ratings change or

traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal

trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the

research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason

specified by the research analyst and approved by the Chief Compliance Officer or their designee and is

not otherwise based on the research analyst's view of how the security is likely to perform.

**5. Additional Restrictions–Buy-Side Equity Traders**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the

Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity

trading desk.

***General Prohibition****: Employees acting in the capacity of a buy-side equity trader are not permitted to trade* 

*for their personal account any security that is among the eligible portfolio investments traded on that Desk.*

*This prohibition does not apply to transactions directed by Dependents whose* <u>[Personal](#i717530b84a81481da52fd3a2feaad39f_40)</u>*<u>[Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> are covered* 

*under this Code (see Section 1(b)(18)) provided that the employee has no input into the investment decision.* 

*Nor does it apply to sales of securities held prior to the application of this restriction or employment with the* 

*firm. Such transactions are, of course, subject to all other Code provisions.*

**6. Additional Restrictions–Alternate Investment Strategies Groups**

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the

Code, the following restrictions apply to all members of the firm's Alternative Investment Management Groups,

including Private Alternatives and Private Credit Investors, as well as to the members of the Investment Policy

Group and Board of Directors of Bernstein Alternative Investment Strategies, LLC.

***General Prohibition****: No member of the groups listed above will be permitted to directly invest in a privately* 

*offered fund or other investment product that is managed by an adviser other than AB and is within the scope* 

*of the current or contemplated funds or other products in which the Alternative Investment Management* 

13<br>

*Groups may invest. All such investments must be submitted to the StarCompliance team for review and* 

*approval by their manager and the Compliance team.*

**7. Exceptions to the Personal Trading Policy**

In addition to the exceptions contained within this policy, the Chief Compliance Officer or their designee may

grant other exceptions on a case-by-case basis. Requests for exceptions will be reviewed for any potential

conflicts and may require business review and approval before the request can be granted.

**8. Reporting Requirements**

**a.Duplicate Confirmations and Account Statements**

All Employees must direct their brokers to add their Personal Accounts to AllianceBernstein's automated

data feeds, if the Account is held with a Designated Broker, on a timely basis. For accounts held at non-

designated brokers or not on an automated data feed, Employees are required to manually update

transactions once executed and to provide trade confirmations and/or account statements to the

Compliance Department upon request.

*The Compliance Department will review such documents for Personal Accounts to ensure that AB's* 

*policies and procedures are being complied with, and make additional inquiries as necessary. Access to* 

*duplicate confirmations and account statements will be restricted to those persons who are assigned to* 

*perform review functions, and all such materials will be kept confidential except as otherwise required by* 

*law.*

**b.Initial Holdings Reports by Employees**

All Employee must, within 10 calendar days of commencing of employment with AB, provide a signed and

dated Initial Holdings Report to the Chief Compliance Officer. New employees will receive an electronic

request to perform this task via the StarCompliance Code of Ethics application. Employees who cannot

complete this via StarCompliance may provide an electronic version of this request. The report must

contain the following information current as of a date not more than 45 days prior to the date of the report:

i.Reportable Securities (including private investments as well as any AB Funds) held in a

Personal Account of the Employee or their Dependent, including the title and type of Security,

and as applicable, the exchange ticker symbol or CUSIP number, number of shares and/or

principal amount of each Security/fund beneficially owned. Note that Reportable Securities

held in <u>[Managed Accounts](#i717530b84a81481da52fd3a2feaad39f_40)</u> do not need to be reported;

ii.The name of any broker-dealer or financial institution with which the Employee or their Dependent

maintains a Personal Account in which any Reportable Securities are held for the Employee or

Dependent; and

iii.Details of any outside business affiliations.

Employees must then take all necessary actions to bring their accounts into compliance with the

designated broker guidelines detailed in Section 2(c) of this Appendix.

**c.Quarterly Reports by Employees–including Certain Funds and Limited Offerings**

14<br>

Following each calendar quarter, the Legal and Compliance Department will issue to each Employee via

the StarCompliance Code of Ethics application a Quarterly Transactions Certification containing all

transactions in Reportable Securities in the Employee's Personal Accounts during the quarter based on

information reported to AB by the Employees and their brokers. Non-volitional Transactions and

transactions in Managed Accounts need not be included for purposes of this reporting requirement.

Within thirty (30) days following the end of each calendar quarter, every Employee must review the form

certify its accuracy, and as necessary make any changes to the pre-populated information:

For each such Security, the report must contain the following information:

• the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP

number, interest rate and maturity date, number of shares, and principal amount of each Security

involved; (2) the nature of the transaction (i.e., purchase or sale or any other type of acquisition

or disposition); (3) the price of the Security at which the transaction was effected; (4) the name of

the broker or other financial institution through which the transaction was effected; and (5) the

date the Employee submits the report.

In addition, any new Personal Account established during the calendar quarter must be reported, in real time

including:

• the name of the broker or other financial institution with which the account was established and (2)

the date the account was established.

**d.Annual Certification by Employees with Managed Accounts**

On an annual basis, by a date to be specified by the Compliance Department (typically August 15th), each

Employee who has reported managed accounts in the StarCompliance Code of Ethics application must provide

to the Chief Compliance Officer via the StarCompliance system a signed and dated certification. This

certification confirms:

i.All managed accounts have been disclosed by the Employee in the StarCompliance application; and

ii.The Employee had no influence or investment discretion as to the transactions or holdings of such

accounts during the year.

**e.Annual Holdings Reports by Employees**

On an annual basis, by a date to be specified by the Compliance Department (typically February 15th),

each Employee must provide to the Chief Compliance Officer via the StarCompliance system a signed and

dated Annual Holdings Report containing data current as of a date not more than forty five (45)days prior to

the date of the submission.[9](#i717530b84a81481da52fd3a2feaad39f_40) The report must disclose:

i.All Securities (including shares of mutual funds managed by AB and limited offerings), held in a

Personal Account of the Employee, including the title and type of security, and as applicable the

exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each

Security beneficially owned); and

9 Employees who join the Firm after the annual process has commenced will submit their initial holdings report (see

Section 7(b)) and complete their first Annual Holdings Report during the next annual cycle and thereafter.

15<br>

ii.The name of any broker-dealer or financial institution with which the Employee maintains a

Personal Account in which any Securities are held for the Employee.

In the event that AB already maintains a record of the required information via duplicate copies of

broker trade confirmations and account statements received from the Employee's broker-dealer, an

Employee may satisfy this requirement by (i) confirming in writing (which may include e-mail) the

accuracy of the record on at least an annual basis and (ii) recording the date of the confirmation.

**f.Report and Certification of Adequacy to the Board of Directors of Fund Clients**

On a periodic basis, but not less than annually, the Chief Compliance Officer shall prepare a written report

to the management and the board of directors of each registered investment fund (other than a unit

investment trust) in which AB acts as investment adviser setting forth the following:

i.A certification on behalf of AB that AB has adopted procedures reasonably necessary to prevent

Employees and Directors from violating the Code;

ii.A summary of existing procedures concerning personal investing and any changes in procedures

made during the past year; and

iii.A description of any issues arising under the Code or procedures since the last report to the Board

including, but not limited to, information about material violations of the Code or procedures and

sanctions imposed in response to the material violations.

AB shall also submit any material changes to this Code to each Fund's Board at the next regular board

meeting during the quarter following the change.

**g.Report Representations**

Any Initial or Annual Holdings Report or Quarterly Transaction Report may contain a statement that the

report is not to be construed as an admission by the person making the report that they have any direct or

indirect Beneficial Ownership in the Security to which the report relates.

**h.Maintenance of Reports**

The Chief Compliance Officer shall maintain the information required by this Section and such other

records, if any, and for such time periods required by Rule 17j-1 under the Investment Company Act and

Rules 204-2 and 204A-1 under the Advisers Act. All reports furnished pursuant to this Section will be kept

confidential, subject to the rights of inspection and review by the General Counsel, the Chief Compliance

Officer and his or her designees, the Code of Ethics Oversight Committee (or subcommittee thereof), the

Securities and Exchange Commission and by other third parties pursuant to applicable laws and

regulations.

**9. Reporting Requirements for Directors who are not Employees**

All Affiliated Outside Directors (i.e., not Employees of AB, but employees of an AB affiliate) and Outside

Directors (i.e., neither Employees of AB, nor of an AB affiliate) are subject to the specific reporting

requirements of this Section 8 as described below. Directors who are Employees of AB, however, are subject

to the full range of personal trading requirements, restrictions and reporting obligations outlined in Sections 1

through 7 of this Appendix A of the Code, as applicable. In addition, all Directors are expected to adhere to the

fiduciary duties and high ethical standards described in the Code.

16<br>

**a.Outside Directors / Affiliated Outside Directors**

i.**In general, pursuant to various regulatory rule exceptions and interpretations, no reporting** 

**is required of Outside Directors and Affiliated Outside Directors. However, if an Outside or** 

**Affiliated Outside Director knew, or in the ordinary course of fulfilling his or her official** 

**duties as a Director should have known,** that during the 15-day period immediately before or

after the Outside or Affiliated Outside Director's transaction in a Security for a Personal Account, a

Client bought or sold the Security, or the Client or AB considered buying or selling the Security, the

following reporting would be required.

<u>Transaction</u> <u>Report</u>

In the event that a transaction report is required pursuant to the scenario in the preceding paragraph,

other than for accounts over which the director had no influence or control, each outside director must

within thirty (30) days following the end of each calendar quarter, provide to the Chief Compliance

Officer, a signed and dated report disclosing all Securities transactions in any Personal Account. For

each such Security, the report must contain the following information:

a.The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP

number, interest rate and maturity date, number of shares, and principal amount of each Security

involved;

b.The nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition);

c.The price of the Security at which the transaction was effected; and

d.The name of the broker or other financial institution through which the transaction was effected.