# EDGAR Filing Document

**Accession Number:** 0001506768
**File Stem:** 0000894189-26-013934
**Filing Date:** 2026-4
**Character Count:** 1407085
**Document Hash:** c29bec65f966a626169ed8324331b1d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013934.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013934

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 76

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOCORR INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001506768

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22509
- **FILM NUMBER:** 26917785

**BUSINESS ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331
- **BUSINESS PHONE:** 952-767-6900

**MAIL ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LoCorr Investment Trust
- **DATE OF NAME CHANGE:** 20101201
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOCORR INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001506768

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-171360
- **FILM NUMBER:** 26917784

**BUSINESS ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331
- **BUSINESS PHONE:** 952-767-6900

**MAIL ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LoCorr Investment Trust
- **DATE OF NAME CHANGE:** 20101201

## Series and Classes Contracts Data

### LoCorr Macro Strategies Fund (Series ID: S000031540)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098137 | Class A      | LFMAX           |
| C000098138 | Class C      | LFMCX           |
| C000098139 | Class I      | LFMIX           |

### LoCorr Long/Short Commodities Strategy Fund (Series ID: S000035412)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000108780 | Class A      | LCSAX           |
| C000108781 | Class C      | LCSCX           |
| C000108782 | Class I      | LCSIX           |

### LoCorr Dynamic Opportunity Fund (Series ID: S000040449)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125631 | Class A      | LEQAX           |
| C000125632 | Class C      | LEQCX           |
| C000125633 | Class I      | LEQIX           |

### LoCorr Spectrum Income Fund (Series ID: S000043632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135273 | Class A      | LSPAX           |
| C000135274 | Class C      | LSPCX           |
| C000135275 | Class I      | LSPIX           |

### LoCorr Market Trend Fund (Series ID: S000045488)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000141580 | Class A      | LOTAX           |
| C000141581 | Class C      | LOTCX           |
| C000141582 | Class I      | LOTIX           |

### LoCorr Hedged Core Fund (Series ID: S000084437)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248819 | Class A      | LHEAX           |
| C000248820 | Class I      | LHEIX           |

### LoCorr Strategic Allocation Fund (Series ID: S000086678)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000252270 | Class A      | LSAAX           |
| C000252271 | Class I      | LSAIX           |

?xml version='1.0' encoding='ASCII'? ck0001506768-20260429

Filed with the U.S. Securities and Exchange Commission on April 29, 2026

Securities Act Registration No. 333-171360

Investment Company Act Registration No. 811-22509

UNITED STATES

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 | ] |
| Pre-Effective Amendment No. | | [ | | ] |
| Post-Effective Amendment No. | 87 | [ | X | ] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] <br> Amendment No. <u>88</u> [ X ]

(Check appropriate box or boxes.)

**LoCorr Investment Trust**

(Exact Name of Registrant as Specified in Charter)

**687 Excelsior Boulevard**

**Excelsior, MN 55331**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: **952.767.2920**

**CT Corporation System**

**1300 East Ninth Street**

**Cleveland, OH 44114**

(Name and Address of Agent for Service)

With copy to:

**JoAnn M. Strasser, Thompson Hine LLP**

**41 South High Street, Suite 1700**

**Columbus, Ohio 43215**

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on May 1, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on ____________ pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box

[ ]&nbsp;&nbsp;&nbsp;&nbsp;this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![LoCorr_logo_registered.jpg](ck0001506768-20260429_g1.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LoCorr Macro Strategies Fund** | **LoCorr Macro Strategies Fund** | **LoCorr Macro Strategies Fund** | **LoCorr Long/Short Commodities Strategy Fund** | **LoCorr Long/Short Commodities Strategy Fund** | **LoCorr Long/Short Commodities Strategy Fund** | **LoCorr Long/Short Commodities Strategy Fund** |
| Class | A | LFMAX | | Class | A | LCSAX |
| Class | C | LFMCX | | Class | C | LCSCX |
| Class | I | LFMIX | | Class | I | LCSIX |
| **LoCorr Dynamic Opportunity Fund** | **LoCorr Dynamic Opportunity Fund** | **LoCorr Dynamic Opportunity Fund** | | **LoCorr Spectrum Income Fund** | **LoCorr Spectrum Income Fund** | **LoCorr Spectrum Income Fund** |
| Class | A | LEQAX | | Class | A | LSPAX |
| Class | C | LEQCX | | Class | C | LSPCX |
| Class | I | LEQIX | | Class | I | LSPIX |
| **LoCorr Market Trend Fund** | **LoCorr Market Trend Fund** | **LoCorr Market Trend Fund** | | **LoCorr Hedged Core Fund** | **LoCorr Hedged Core Fund** | **LoCorr Hedged Core Fund** |
| Class | A | LOTAX | | Class | A | LHEAX |
| Class | C | LOTCX | | Class | I | LHEIX |
| Class | I | LOTIX | | | | |

---

---

| | | |
|:---|:---|:---|
| **LoCorr Strategic Allocation Fund** | **LoCorr Strategic Allocation Fund** | **LoCorr Strategic Allocation Fund** |
| Class | A | LSAAX |
| Class | I | LSAIX |

---

**PROSPECTUS**

**May 1, 2026**

 *Advised by:*LoCorr Fund Management, LLC687 Excelsior BoulevardExcelsior, MN 55331

<u>www.LoCorrFunds.com</u> 1-855-LCFUNDS <br> 1-855-523-8637

This Prospectus provides important information about the Class A, Class C and Class I shares of the Funds that you should know before investing. Please read it carefully and keep it for future reference.

As permitted by regulations adopted by the U.S. Securities and Exchange Commission ("SEC"), paper copies of the Funds' annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds' website (www.LoCorrFunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge by contacting your financial intermediary, or if you invest directly with the Funds, you can call 1-855-523-8637 or send an email request to info@locorrfunds.com to let the Funds know of your request. Your election to receive shareholder reports in paper will apply to all Funds held in your account.

These securities have not been approved or disapproved by the SEC or the Commodity Futures Trading Commission ("CFTC") nor has the SEC or the CFTC passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [LOCORR MACRO STRATEGIES FUND SUMMARY](#i0f955eccab304447a4f29b5597c7cc91_10) | [1](#i0f955eccab304447a4f29b5597c7cc91_10) |
| [LOCORR LONG/SHORT COMMODITIES STRATEGY FUND SUMMARY](#i0f955eccab304447a4f29b5597c7cc91_16) | [11](#i0f955eccab304447a4f29b5597c7cc91_16) |
| LOCORR MARKET TREND FUND SUMMARY | [20](#i0f955eccab304447a4f29b5597c7cc91_22) |
| [LOCORR DYNAMIC](#i0f955eccab304447a4f29b5597c7cc91_28)[OPPORTUNITY](#i0f955eccab304447a4f29b5597c7cc91_28)[FUND SUMMARY](#i0f955eccab304447a4f29b5597c7cc91_28) | [28](#i0f955eccab304447a4f29b5597c7cc91_28) |
| [LOCORR SPECTRUM INCOME FUND SUMMARY](#i0f955eccab304447a4f29b5597c7cc91_34) | [35](#i0f955eccab304447a4f29b5597c7cc91_34) |
| [LOCORR HEDGED CORE FUND SUMMARY](#i0f955eccab304447a4f29b5597c7cc91_1283) | [43](#i0f955eccab304447a4f29b5597c7cc91_1283) |
| [LOCORR STRATEGIC ALLOCATION FUND SUMMARY](#i0f955eccab304447a4f29b5597c7cc91_1310) | [54](#i0f955eccab304447a4f29b5597c7cc91_1310) |
| [ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT OBJECTIVES, STRATEGIES AND RELATED RISKS](#i0f955eccab304447a4f29b5597c7cc91_40) | [62](#i0f955eccab304447a4f29b5597c7cc91_40) |
| &nbsp;&nbsp;[Investment Objectives:](#i0f955eccab304447a4f29b5597c7cc91_43) | [62](#i0f955eccab304447a4f29b5597c7cc91_43) |
| &nbsp;&nbsp;[Principal Investment Strategies:](#i0f955eccab304447a4f29b5597c7cc91_46) | [62](#i0f955eccab304447a4f29b5597c7cc91_46) |
| &nbsp;&nbsp;[Principal Investment Risks:](#i0f955eccab304447a4f29b5597c7cc91_49) | [86](#i0f955eccab304447a4f29b5597c7cc91_49) |
| [MANAGEMENT](#i0f955eccab304447a4f29b5597c7cc91_52) | [100](#i0f955eccab304447a4f29b5597c7cc91_52) |
| &nbsp;&nbsp;[Investment Adviser](#i0f955eccab304447a4f29b5597c7cc91_55) | [100](#i0f955eccab304447a4f29b5597c7cc91_55) |
| &nbsp;&nbsp;[Sub-Advisers](#i0f955eccab304447a4f29b5597c7cc91_58) | [102](#i0f955eccab304447a4f29b5597c7cc91_58) |
| [HOW SHARES ARE PRICED](#i0f955eccab304447a4f29b5597c7cc91_61) | [120](#i0f955eccab304447a4f29b5597c7cc91_61) |
| [HOW TO PURCHASE SHARES](#i0f955eccab304447a4f29b5597c7cc91_64) | [121](#i0f955eccab304447a4f29b5597c7cc91_64) |
| &nbsp;&nbsp;[Class A Shares:](#i0f955eccab304447a4f29b5597c7cc91_67) | [122](#i0f955eccab304447a4f29b5597c7cc91_67) |
| &nbsp;&nbsp;[Class C Shares:](#i0f955eccab304447a4f29b5597c7cc91_70) | [124](#i0f955eccab304447a4f29b5597c7cc91_70) |
| &nbsp;&nbsp;[Class I Shares:](#i0f955eccab304447a4f29b5597c7cc91_73) | [124](#i0f955eccab304447a4f29b5597c7cc91_73) |
| [HOW TO REDEEM SHARES](#i0f955eccab304447a4f29b5597c7cc91_76) | [127](#i0f955eccab304447a4f29b5597c7cc91_76) |
| [FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#i0f955eccab304447a4f29b5597c7cc91_79) | [129](#i0f955eccab304447a4f29b5597c7cc91_79) |
| [TAX STATUS, DIVIDENDS AND DISTRIBUTIONS](#i0f955eccab304447a4f29b5597c7cc91_82) | [130](#i0f955eccab304447a4f29b5597c7cc91_82) |
| [DISTRIBUTION OF SHARES](#i0f955eccab304447a4f29b5597c7cc91_85) | [131](#i0f955eccab304447a4f29b5597c7cc91_85) |
| &nbsp;&nbsp;[Distributor:](#i0f955eccab304447a4f29b5597c7cc91_88) | [131](#i0f955eccab304447a4f29b5597c7cc91_88) |
| &nbsp;&nbsp;[Distribution Fees:](#i0f955eccab304447a4f29b5597c7cc91_91) | [131](#i0f955eccab304447a4f29b5597c7cc91_91) |
| &nbsp;&nbsp;[Additional Compensation to Financial Intermediaries:](#i0f955eccab304447a4f29b5597c7cc91_94) | [131](#i0f955eccab304447a4f29b5597c7cc91_94) |
| [CONSOLIDATED FINANCIAL HIGHLIGHTS](#i0f955eccab304447a4f29b5597c7cc91_97) | [133](#i0f955eccab304447a4f29b5597c7cc91_97) |
| [Privacy Notice](#i0f955eccab304447a4f29b5597c7cc91_100) | [152](#i0f955eccab304447a4f29b5597c7cc91_100) |
| [FOR MORE INFORMATION](#i0f955eccab304447a4f29b5597c7cc91_106) | [165](#i0f955eccab304447a4f29b5597c7cc91_106) |

---

------

**LOCORR MACRO STRATEGIES FUND SUMMARY** 

**Investment Objectives:** The Fund's primary investment objective is capital appreciation in rising and falling equity markets with managing volatility as a secondary objective.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees**<br>**(fees paid directly from your investment)** | **Class <br>A** | **Class <br>C** | **Class <br>I** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load) <br>(as a % of original purchase price) | 1.00%⁽¹⁾ | 1.00%⁽²⁾ |  |
| Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |  |
| **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** |  |  |  |
| Management Fees<sup>(3)</sup>  | 1.50% | 1.50% | 1.50% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 0.25% | 0.25% | 0.25% |
| Total Annual Fund Operating Expenses | 2.00% | 2.75% | 1.75% |
| Fee Waiver and/or Reimbursement<sup>(4)</sup> | 0.00% | 0.00% | 0.00% |
| Total Annual Fund Operating Expenses After <br>Fee Waiver and/or Reimbursement <sup>(4)</sup> | 2.00% | 2.75% | 1.75% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Applied to shares redeemed within 12 months of their purchase.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The fees in the table above have been restated to reflect a management fee of 1.50% of the average daily net assets of the Fund, effective as of April 1, 2026. Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Prior to April 1, 2026, the Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) (the "Expense Cap") would not exceed 1.99% of the Fund's average daily net assets attributable to each class of the Fund. Effective as of April 1, 2026, the Expense Cap will not exceed 1.84% of the Fund's average daily net assets attributable to each class of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the recoupment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the Adviser. The Expense Cap will remain in effect through at least April 30, 2027.

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment

------

has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $866 | $1165 | $1589 | $2765 |
| C | $378 | $852 | $1453 | $3076 |
| I | $177 | $550 | $947 | $2058 |

---

***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 62% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objectives by allocating its assets using two principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Managed Futures" Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Fixed Income" Strategy** 

The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity and financial markets by investing long or short in: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) currencies, (b) interest rates, (c) stock market indices, (d) energy resources, (e) metals or (f) agricultural products. These derivative instruments are used as substitutes for securities, interest rates, currencies and commodities and for hedging. The Fund may also invest in cash-settled Bitcoin and/or Ether futures contracts traded on the Chicago Mercantile Exchange ("CME"). The Fund will allocate less than 5% of Fund assets in these digital asset futures (also referred to as crypto futures). To the extent the Fund uses swaps or structured notes under the Managed Futures strategy, the investments will generally have payments linked to commodity or financial derivatives. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Managed futures sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Managed Futures strategy investments will be made without restriction as to country.

The Fund will execute its Managed Futures strategy primarily by directly investing by the Fund or by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Fund and the Subsidiary will invest primarily in futures, forwards, options, spot contracts, swaps, and other assets intended to serve as margin or collateral for derivative positions. The Subsidiary is subject to the same investment restrictions as the Fund.

LoCorr Fund Management, LLC, the Fund's adviser (the "Adviser"), may delegate management of the Fund's Managed Futures Strategy to one or more sub-advisers.

The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to the Managed Futures strategy and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change the portion allocated may be higher or lower.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt

------

obligations, (4) U.S. asset-backed securities ("ABS"), (5) U.S. residential mortgage-backed securities ("MBS"), (6) U.S. commercial mortgage-backed securities ("CMBS"), (7) interest rate-related futures contracts, (8) interest rate-related or credit default-related swap contracts and (9) money market funds. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Services ("S&P"), or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Fund's Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Managed Futures strategy investments among asset classes and sub-strategies that are not expected to have returns that are highly correlated to each other or the equity markets and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than the equity markets in general and that are not expected to have returns that are highly correlated to the equity markets or the Managed Futures strategy.

The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sub-Adviser Selection</u> represents the result of quantitative and qualitative reviews that will identify a sub-adviser chosen for its managed futures expertise, historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser that can produce positive, risk-adjusted returns. The Adviser replaces a sub-adviser when its returns are below expectations or it deviates from its traditional investment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the Adviser believes the Fund, over time, will not be highly correlated to the equity markets and will provide the potential for reducing volatility in investors' portfolios.

**SUB-ADVISER'S INVESTMENT PROCESS** 

*<u>DG Partners LLP</u>*

DG Partners, LLP ("DG Partners") serves as a sub-adviser to the Fund. DG Partner's strategy is based on capturing and exploiting trends within financial markets. This strategy is currently focused on a large number of liquid futures and foreign exchange markets. The trading methodology (the "DG Partners Systematic Trading Strategy") employed by DG Partners is based upon a set of medium-term trend-following signals combined with an in-built risk management methodology. DG Partners seeks to invest in the most liquid and transparent financial futures and foreign exchange markets globally, focusing on four asset classes: Equities, Fixed Income, Foreign Exchange (FX) and Commodities.

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*<u>Graham Capital Management, L.P.</u>*

Graham Capital Management, L.P. ("GCM") serves as a sub-adviser to the Fund. GCM executes the strategy within the Macro Strategies Fund by employing macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. The strategy within the Macro Strategies Fund is a quantitative trading system driven by trend-following models. This program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio. The strategy employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the strategy within the Macro Strategies Fund will be approximately six to eight weeks; however, that average may differ depending on various factors and the system will make daily adjustments to positions based on both price activity and market volatility. The program trades a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities.

*<u>Millburn Ridgefield Corporation</u>*

Millburn Ridgefield Corporation ("Millburn") serves as a sub-adviser to the Fund. Millburn's Diversified Program invests in a diversified portfolio of futures, forward and spot contracts (and may also invest in option and swap contracts) on currencies, interest rate instruments, stock indices, metals, energy and agricultural commodities. Millburn invests globally pursuant to its proprietary quantitative and systematic trading methodology, based upon signals generated from an analysis of price, price-derivatives, fundamental and other quantitative data. Millburn's Diversified Program generally seeks maximum diversification subject to liquidity and sector concentration constraints. Each market is traded using a diversified set of trading systems, which may be optimized for groups of markets, sectors or specific markets. The following factors, among others, are considered in constructing a universe of markets to trade: profitability, liquidity of markets, professional judgment, desired diversification, transaction costs, exchange regulations and depth of market.

*<u>Revolution Capital Management, LLC</u>*

Revolution Capital Management, LLC ("Revolution") serves as a sub-adviser to the Fund. Revolution focuses on short-term, systematic and quantitative trading, applying statistical analysis to all aspects of research, development, and operations. The strategy seeks to provide superior risk-adjusted returns while maintaining low correlations both to traditional equity and bond investments as well as the trend-following strategies often employed by commodity trading advisors.

*<u>R.G. Niederhoffer Capital Management, Inc.</u>*

R.G. Niederhoffer Capital Management, Inc. ("Niederhoffer") serves as a sub-adviser to the Fund. Niederhoffer provides asset management services for the Fund using its Smart Alpha Program. The R.G. Niederhoffer Smart Alpha Program seeks to achieve three key objectives: (1) Stable absolute returns regardless of market environment, with zero correlation to Fixed Income, Equities and Hedge Funds; (2) Strong, consistent downside and upside protection for portfolios containing Global Bonds, Global Equities, Hedge Funds, and CTAs, and (3) Daily/monthly liquidity and high transparency.

*<u>Tages Capital, LLP</u>*

Tages Capital, LLP ("Tages") serves as a sub-adviser to the Fund. Investcorp Tages Global Rates is a discretionary global macro strategy investing in sovereign fixed income and currencies to exploit market inefficiencies. The strategy seeks to deliver absolute returns through a discretionary investment approach and targets a return of approximately 5% above the risk-free rate net of fees and irrespective of market conditions. Adrian Owens has been the Chief Investment Officer of the strategy since its inception in 2004 and has been instrumental in developing and evolving the approach since that time. The team consists of two additional portfolio managers who provide investment management and analysis. The strategy has a global mandate, focusing primarily on G10 economies and takes opportunistic exposure to mature emerging market economies. The strategy focuses on liquid markets, founded on good governance. The allocation to fixed income versus currencies is opportunistically driven, but on average and since inception, the allocation has been close to 50/50 in fixed income and currency. The investment style is both eclectic and pragmatic, with a focus on fundamental economic research. Fundamental analysis is

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complemented by valuation and technical analyses, which provide robustness and flexibility to the investment approach. The investment team takes an active approach to risk management, which is embedded throughout the investment process and is enforced at every level of decision-making. This is supported by independent risk monitoring that is overseen by the firms' risk management team and risk committee.

*<u>Nuveen Asset Management, LLC</u>*

Nuveen Asset Management, LLC ("Nuveen"), serves as a sub-adviser to the Fund, selects securities using a "top-down" approach that begins with the formulation of Nuveen's general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, Nuveen selects individual securities within these sectors or industries that it believes have above peer-group expected yield, potential for capital preservation or appreciation. Nuveen selects futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. Nuveen sells securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds and the Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *ABS, MBS and CMBS Risk:* ABS, MBS and CMBS are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. CMBS are less susceptible to this risk because underlying loans may have prepayment penalties or prepayment lock out periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cryptoasset Risk:* The market for bitcoin and ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin and ether futures market has grown substantially since bitcoin and ether futures commenced trading, there can be no assurance that this growth will continue. The price for bitcoin and ether futures contracts is based on a number of factors, including the supply of and the demand for bitcoin and ether futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for bitcoin and ether futures contracts. Recently increased demand paired with supply constraints and other factors have caused bitcoin futures to trade at a significant premium to the "spot" price of bitcoin and ether. Additional demand, including demand resulting from the purchase, or anticipated purchase, of bitcoin and ether futures contracts by the Fund or other entities may increase that premium, perhaps significantly. It is not possible to predict whether or for how long such conditions will continue. To the extent the Fund purchases bitcoin and ether futures contracts at a premium and the premium declines, the value of an investment in the Fund also should be expected to decline. The performance of bitcoin and ether futures contracts and bitcoin and ether, respectively, may differ and may not be correlated with each other, over short or long periods of time. While the performance of cryptoasset futures contracts, in general, has historically been highly correlated to the performance of spot cryptoasset, there can be no guarantee that this will continue. The performance of the Fund's cryptoasset futures contracts should not be expected to match the performance of spot cryptoassets. The value of ether and bitcoin has been, and may continue to be, substantially dependent on speculation, rather than fundamental analysis.

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Bitcoin and ether are both digital assets. The ownership and operation of both bitcoin and ether are determined by participants in online, peer-to-peer networks - the Bitcoin Network and the Ethereum Network, respectively. These networks connect computers running open-source software that follows the rules and procedures governing each network's protocol.

Bitcoin and ether are not widely accepted forms of payment. The value of both bitcoin and ether is not backed by any government, corporation, or other identified body. Instead, their values are determined by the supply and demand in markets created to facilitate their trading. Ownership and transaction records for bitcoin and ether are protected through public-key cryptography. The supply of bitcoin and ether is determined by their respective protocols, and no single entity owns or operates either network. They are collectively maintained by decentralized groups of participants who run computer software that records and validates transactions (miners for bitcoin and validators for ether), developers who propose improvements to the protocols and the software that enforces them, and users who choose which version of the software to run.

It is possible that ether may be offered and sold as a security for the purposes of federal or state securities laws. If ether is determined or is expected to be determined to be a security under the federal securities laws, that could materially and adversely affect the trading of ether futures contracts held by the Fund. Platforms on which cryptoassets may be purchased or sold may not be operating in compliance with applicable laws and regulations. Such platforms may be subject to fraud and manipulation which may adversely affect the value of cryptoassets and the Fund's investment in cryptoasset futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodity Risk:* Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* Derivatives are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Short positions are subject to potentially unlimited liability. Futures positions held by the Fund may incur significant losses caused by unanticipated market movements and such losses may be unlimited. Purchased options may expire worthless. Over the counter derivatives, such as swaps, are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fixed Income Risk:* Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage Risk:* Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*: The Adviser's and sub-advisers' judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-adviser may also prove incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk:* Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities and derivatives markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted Securities Risk*: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Fund may not be able to sell a security when the portfolio managers consider it desirable to do so and/or may have to sell the security at a lower price. In addition, transaction costs may be higher for Rule 144A securities than for more liquid securities. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for Rule 144A securities will develop. A restricted security that when purchased was liquid in the institutional markets may subsequently become illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short Position Risk:* The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. The Fund is required to make a margin deposit in connection with such short sales. The Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Underlying Funds Risk:* Underlying Funds are subject to management fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds. Underlying Funds are subject to specific risks, depending on the nature of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wholly-Owned Subsidiary Risk:* The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the "1940 Act") and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

***Who Should Invest in the Fund?***

The Adviser believes the Fund is appropriate for investors seeking the low-correlation benefits of managed futures investing, relative to traditional stock portfolios.

**Performance:** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the one-year, five-year, ten-year and since inception average annual total returns for the Fund's Class I shares compare with that of a broad-based securities index and a secondary index The returns in the bar chart and best/worst quarter are for Class I shares which do not have sales charges. The performance of Class A and Class C Shares would be lower due to differing expense structures and sales charges. The returns in the table reflect the maximum applicable sales load of 5.75% on Class A shares, and the maximum deferred sales load of 1.00% on Class C shares for the one-year period. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Net asset value ("NAV") per share information and updated performance information is available on the Fund's website at <u>www.LoCorrFunds.com</u>.

**Calendar Year Total Return** 

**LoCorr Macro Strategies Fund – Class I**![25244](ck0001506768-20260429_g2.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q2 2022** | **8.01%** |
| **Lowest Quarterly Return:** | **Q4 2023** | **-7.25%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception (3/24/2011)**<sup>(1)</sup> |
|  **Class I Shares** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 2.77% | 3.42% | 3.93% | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 1.48% | 1.36% | 2.09% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and<br>&nbsp;&nbsp;&nbsp;&nbsp; Sale of Fund Shares | 1.63% | 1.85% | 2.32% | 1.32% |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | -3.38% | 1.96% | 3.06% | 1.98% |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 1.74% | 2.41% | 2.91% | 1.63% |
| **Bloomberg U.S. Aggregate Bond Index** <sup>(2)</sup><br>(reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.42% |
| **ICE BofA 3-Month Treasury Bill Index** (reflects no deduction for fees, expenses or taxes) | 4.21% | 3.19% | 2.19% | 1.50% |
| **Barclay CTA Index** (reflects no deduction for fees, expenses or taxes) | 3.17% | 3.66% | 2.51% | 1.63% |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Fund offers three classes of shares. The Class I shares and Class C shares commenced operations on March 24, 2011 and Class A shares commenced operations on March 22, 2011. "Since Inception" performance for Class A shares is shown as of March 22, 2011.

<sup>(2)</sup> The Bloomberg U.S. Aggregate Bond Index is now the Fund's primary broad based index. The new primary index is a broad measure of market performance and has been added to comply with updated regulatory requirements.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for Class I shares only and will vary for Class A and Class C shares. The Fund's return after taxes on distributions and sale of Fund shares is greater than its return after taxes on distributions because it includes a tax benefit resulting from the capital losses that would have been incurred, and could be utilized against other capital gains an investor may have.

**Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser, has served the Fund as a portfolio manager since it commenced operations in 2011; and Sean Katof, Chief Investment Officer of the Adviser, has served the Fund as a portfolio manager since 2016.

**Sub-Adviser:** DG Partners LLP

**Portfolio Managers:** David Gorton has served the Fund as a portfolio manager since 2026.

**Sub-Adviser:** Graham Capital Management, L.P.

**Portfolio Managers:** Kenneth G. Tropin, Chairman of GCM, has served the Fund as portfolio managers since 2016. Thomas Feng, Ph.D., Chief Investment Officer — Quant Strategies of GCM, has served the Fund as a portfolio manager since 2025. Jens Foehrenbach, CFA, President and Chief Investment Officer of GCM has served as portfolio manager since 2026.

**Sub-Adviser:** Millburn Ridgefield Corporation

**Portfolio Managers:** Harvey Beker, Co-Chairman; Barry Goodman, Co-Chief Executive Officer and Executive Director of Trading; and Grant Smith, Co-Chief Executive Officer and Chief Investment Officer, have each served the Fund as portfolio managers since 2016. Michael Soss, Co-Chief Investment Officer, has served the Fund as portfolio manager since 2024.

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**Sub-Adviser:** Revolution Capital Management, LLC

**Portfolio Managers:** Michael Mundt, Principal, and Theodore Robert Olson, Principal and Chief Compliance Officer, have served the Fund as portfolio managers since 2016.

**Sub-Adviser:** R.G. Niederhoffer Capital Management, Inc.

**Portfolio Managers:** Roy Niederhoffer founded R.G. Niederhoffer Capital Management, Inc. in 1993. Niederhoffer employs a quantitative, behavioral finance-based strategy to trade equities, fixed income, foreign exchange and commodities to provide returns that are both valuable on a stand-alone basis and also provide significant downside protection to clients' portfolios. Mr. Niederhoffer leads the Management Committee and brings nearly 30 years of experience in the hedge fund industry.

**Sub-Adviser:** Tages Capital, LLP

**Portfolio Managers:** Adrian Owens, Chief Investment Officer; Rahul Mathur and Scott Watson have served the Fund as portfolio managers since 2026.

**Sub-Adviser:** Nuveen Asset Management, LLC

**Portfolio Managers:** Tony Rodriguez, Portfolio Manager of the sub-adviser, has served the Fund as a portfolio manager since 2017. Peter Agrimson, Portfolio Manager of the sub-adviser, has served as a portfolio manager since 2018.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, wire transfer, website, or through your broker. You may also exchange shares of the Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A and Class C shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**LOCORR LONG/SHORT COMMODITIES STRATEGY FUND SUMMARY** 

**Investment Objectives:** The Fund's primary investment objective is capital appreciation in rising and falling commodities markets with managing volatility as a secondary objective.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br>**(fees paid directly from your investment)** | | **Class <br>A** | **Class <br>C** | **Class <br>I** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br>(as a % of original purchase price) | Maximum Deferred Sales Charge (Load)<br>(as a % of original purchase price) | 1.00%⁽¹⁾ | 1.00%⁽²⁾ |  |
| Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions | Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |  |
| **Annual Fund Operating Expenses <br>(expenses that you pay each year as a<br>percentage of the value of your investment)** |  |  |  |  |
| Management Fees | Management Fees | 1.50% | 1.50% | 1.50% |
| Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>(3)</sup> | Other Expenses<sup>(3)</sup> | 0.66% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap and Commodity Pool Fees and Expenses<sup>(4)</sup> | 0.34% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.32% |  |  |  |
| Total Annual Fund Operating Expenses | Total Annual Fund Operating Expenses | 2.41% | 3.16% | 2.16% |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Applied to shares redeemed within 12 months of their purchase.

(3)&nbsp;&nbsp;&nbsp;&nbsp;"Other Expenses" include both the expenses of the Fund's consolidated wholly-owned subsidiary ("Subsidiary") and the fee paid to the counterparty of the Fund's total return swap ("Swap") and the Fund's commodity pool ("Commodity Pool"), which are the primary ways the Fund seeks exposure to managers' (which are generally commodity trading advisors ("CTAs")) trading vehicles (each, an "Underlying Fund"). The Swap is designed to replicate the aggregate returns of the trading strategies of the CTAs through a customized index. More information regarding the Subsidiary and the investments made to pursue the Fund's Commodities strategy can be found in the "Principal Investment Strategies" section of this Prospectus.

(4) &nbsp;&nbsp;&nbsp;&nbsp;The cost of the Swap and the Commodity Pool does not include the fees and expenses of the CTAs included in the Swap and Commodity Pool. The returns of the Swap and the Commodity Pool will be reduced and its losses increased by the costs associated with the Swap and Commodity Pool, which are the fees and expenses deducted by the counterparty in the calculation of the returns on the Swap and Commodity Pool, including the management and performance fees of the CTAs. A performance fee for one or more managers represented in the Swap and Commodity Pool may be deducted from the return of the Swap and Commodity Pool even if the aggregate respective returns of the Swap and Commodity Pool are negative. These fees, which are not reflected in the Annual Fund Operating Expenses table, are embedded in the returns of the Swap and Commodity Pool and represent an indirect cost of investing in the Fund. Generally, the management fees and performance fees of the CTAs included in the Swap and Commodity Pool may range up to 1.50% of the Fund's allocated net assets and up to 20% of the returns, respectively. Such fees are accrued daily within the index and deducted from the Swap and Commodity Pool value quarterly. Fees have been restated to reflect current expenses.

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment

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has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $905 | $1283 | $1787 | $3163 |
| C | $419 | $974 | $1654 | $3467 |
| I | $219 | $676 | $1159 | $2493 |

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***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal period ended December 31, 2025, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objectives by allocating its assets using two principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Commodities" Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Fixed Income" Strategy** 

The Commodities strategy is designed to produce capital appreciation by capturing returns related to the commodities markets by investing primarily in securities of one or more (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles, including commodity pools (collectively, "Underlying Funds") and derivative instruments, such as swap contracts, structured notes or other securities or derivatives, that provide exposure to the managers of Underlying Funds. Each Underlying Fund invests according to its manager's sub-strategy, long or short in one or a combination of: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) energy resources, (b) metals or (c) agricultural products. These derivative instruments are used as substitutes for commodities and for hedging. The Fund may also invest in cash-settled Bitcoin and/or Ether futures contracts traded on the Chicago Mercantile Exchange ("CME"). The Fund will allocate less than 5% of Fund assets in these digital asset futures (also referred to as crypto futures). To the extent the Fund uses swaps or structured notes under the Commodities strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Commodities sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Commodities strategy investments are made without restriction as to the Underlying Fund's country.

The Fund executes its Commodities strategy primarily by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary invests the majority of its assets in one or more Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. The Subsidiary is subject to the same investment restrictions as the Fund.

To the extent the Adviser is utilizing derivatives to gain exposure to managers, it is anticipated that the Fund uses a total return swap (the "Swap"), a type of derivative instrument based on a customized index (the "Index") designed to replicate the aggregate returns of the managers selected by the Adviser. The Swap is based on a notional amount agreed upon by the Adviser and the counterparty. The Adviser may add or remove managers from the Swap or adjust the notional exposure between the managers within the Swap. Generally, the fees and expenses of the Swap are based on the notional value. The Index is calculated by the counterparty to the Swap and includes a deduction for fees of the counterparty as well as management and performance fees of the managers. Because the Index is designed to replicate the

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returns of managers selected by the Adviser, the performance of the Fund will depend on the ability of the managers to generate returns in excess of the costs of the Index.

The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to the Commodities strategy and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change the portion allocated may be higher or lower.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) U.S. asset-backed securities ("ABS"), (5) U.S. residential mortgage-backed securities ("MBS"), (6) U.S. commercial mortgage-backed securities ("CMBS"), (7) interest rate-related futures contracts, (8) interest rate-related or credit default-related swap contracts and (9) money market funds. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Services ("S&P"), or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Fund's Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Commodities strategy investments among sub-strategies that are not expected to have returns that are highly correlated to each other or the commodities markets and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than the commodities markets in general and that are not expected to have returns that are highly correlated to the commodities markets or the Commodities strategy.

The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the U.S. Securities Exchange Commission (the "SEC") that permits the Adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Underlying Fund</u> selection by the Adviser, or including an Underlying Fund in a derivative investment designed to replicate the returns of an Underlying Fund, represents the result of quantitative and qualitative reviews that identify Underlying Funds and their managers chosen for their alternative investment market niche (investments other than stocks and bonds), historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify Underlying Funds with above-average expected returns and lower-than-average volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the adviser believes the Fund, over time, will not be highly correlated to the commodities markets and will provide the potential for reducing volatility in investors' portfolios.

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The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.

**SUB-ADVISER'S INVESTMENT PROCESS** 

Nuveen Asset Management, LLC ("Nuveen") serves as the Fund's sub-adviser for its Fixed Income Strategy. The sub-adviser selects securities using a "bottom-up" approach that begins with fundamental analysis. The portfolio construction process emphasizes income generation with risk control by focusing on broad diversification across issuer and sector. The sub-adviser is typically strategically over-weighted in non-Treasury sectors. Portfolios are diversified among agency, corporate bonds, mortgage-backed, commercial mortgage-backed, asset-backed, supranational, sovereign, and municipal securities. The sub-adviser may select futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. The sub-adviser may sell securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds and the Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *ABS, MBS and CMBS Risk:* ABS, MBS and CMBS are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. CMBS are less susceptible to this risk because underlying loans may have prepayment penalties or prepayment lock out periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cryptoasset Risk:* The market for bitcoin and ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin and ether futures market has grown substantially since bitcoin and ether futures commenced trading, there can be no assurance that this growth will continue. The price for bitcoin and ether futures contracts is based on a number of factors, including the supply of and the demand for bitcoin and ether futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for bitcoin and ether futures contracts. Recently increased demand paired with supply constraints and other factors have caused bitcoin futures to trade at a significant premium to the "spot" price of bitcoin and ether. Additional demand, including demand resulting from the purchase, or anticipated purchase, of bitcoin and ether futures contracts by the Fund or other entities may increase that premium, perhaps significantly. It is not possible to predict whether or for how long such conditions will continue. To the extent the Fund purchases bitcoin and ether futures contracts at a premium and the premium declines, the value of an investment in the Fund also should be expected to decline. The performance of bitcoin and ether futures contracts and bitcoin and ether, respectively, may differ and may not be correlated with each other, over short or long periods of time. While the performance of cryptoasset futures contracts, in general, has historically been highly correlated to the performance of spot cryptoasset, there can be no guarantee that this will continue. The performance of the Fund's cryptoasset futures contracts should not be expected to match the performance of spot cryptoassets. The value of ether and bitcoin has been, and may continue to be, substantially dependent on speculation, rather than fundamental analysis.

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Bitcoin and ether are both digital assets. The ownership and operation of both bitcoin and ether are determined by participants in online, peer-to-peer networks - the Bitcoin Network and the Ethereum Network, respectively. These networks connect computers running open-source software that follows the rules and procedures governing each network's protocol.

Bitcoin and ether are not widely accepted forms of payment. The value of both bitcoin and ether is not backed by any government, corporation, or other identified body. Instead, their values are determined by the supply and demand in markets created to facilitate their trading. Ownership and transaction records for bitcoin and ether are protected through public-key cryptography. The supply of bitcoin and ether is determined by their respective protocols, and no single entity owns or operates either network. They are collectively maintained by decentralized groups of participants who run computer software that records and validates transactions (miners for bitcoin and validators for ether), developers who propose improvements to the protocols and the software that enforces them, and users who choose which version of the software to run.

It is possible that ether may be offered and sold as a security for the purposes of federal or state securities laws. If ether is determined or is expected to be determined to be a security under the federal securities laws, that could materially and adversely affect the trading of ether futures contracts held by the Fund. Platforms on which cryptoassets may be purchased or sold may not be operating in compliance with applicable laws and regulations. Such platforms may be subject to fraud and manipulation which may adversely affect the value of cryptoassets and the Fund's investment in cryptoasset futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodity Risk:* Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodity Pool Risk*: Commodity Pools are privately offered investment vehicles that are not registered under The Investment Company Act of 1940 ("1940 Act") and will not be subject to all of the investor protections of the 1940 Act. Commodity pools may incur a significant degree of leverage which can magnify the Fund's potential loss or gain. Commodity pools are also subject to investment advisory fees and other expenses, including performance fees, which will be indirectly paid by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* Derivatives are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Short positions are subject to potentially unlimited liability. Futures positions held by the Fund may incur significant losses caused by unanticipated market movements and such losses may be unlimited. Purchased options may expire worthless. Over the counter derivatives, such as swaps, are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses. The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fixed Income Risk:* Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage Risk:* Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*: The Adviser's and sub-adviser's judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-adviser may also prove incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk:* Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities and derivatives markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted Securities Risk*: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Funds may not be able to sell a security when the portfolio managers consider it desirable to do so and/or may have to sell the security at a lower price. In addition, transaction costs may be higher for Rule 144A securities than for more liquid securities. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for

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Rule 144A securities will develop. A restricted security that when purchased was liquid in the institutional markets may subsequently become illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short Position Risk:* The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. The Fund is required to make a margin deposit in connection with such short sales; The Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Swap Risk*: Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund's gains from a swap agreement or may cause the Fund to lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Underlying Funds Risk:* Underlying Funds are subject to management fees and other expenses, which will be indirectly paid by the Fund. In addition to management fees and other expenses, certain Underlying Fund assets may be subject to additional performance-based fees based on a percentage of Underlying Fund profits. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds. Each Underlying Fund may pay performance-based fees to each manager without regard to the performance of other managers and the Underlying Fund's overall profitability. Underlying Funds are subject to specific risks, depending on the nature of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wholly-Owned Subsidiary Risk:* The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

***Who Should Invest in the Fund?***

The Adviser believes the Fund is appropriate for investors seeking the low-correlation benefits of commodities strategy investing, relative to traditional stock portfolios.

**Performance:** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the one-year, five-year, ten-year and since inception average annual total returns of the Fund's Class I shares compare with that of a broad-based securities index and a secondary index. The returns in the bar chart and best/worst quarter are for Class I shares which do not have sales charges. The performance of Class A and Class C Shares would be lower due to differing expense structures and sales charges. The returns in the table reflect the maximum applicable sales load of 5.75% on Class A shares, and the maximum deferred sales load of 1.00% on Class C shares for the one-year period. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Net asset value ("NAV") per share information and updated performance information is available on the Fund's website at www.LoCorrFunds.com.

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**Calendar Year Total Return** 

**LoCorr Long/Short Commodities Strategy Fund – Class I**![26430](ck0001506768-20260429_g3.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q1 2020** | **15.67%** |
| **Lowest Quarterly Return:** | **Q4 2024** | **-6.81%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception**<br>**(12/31/2011)**<sup>(1)</sup> |
| **Class I Shares** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 1.14% | 1.82% | 3.04% | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 0.21% | -0.11% | 1.29% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and <br>&nbsp;&nbsp;&nbsp;&nbsp; Sale of Fund Shares | 0.68% | 0.64% | 1.62% | 1.71% |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | -4.95% | 0.40% | 2.17% | 2.54% |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 0.11% | 0.80% | 2.00% | 2.17% |
| **Bloomberg U.S. Aggregate Bond Index** <sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.04% |
| **ICE BofA 3-Month Treasury Bill Index** (reflects no deduction for fees, expenses or taxes) | 4.21% | 3.19% | 2.19% | 1.58% |
| **HFRI Macro Commodity Index** (reflects no deduction for fees, expenses or taxes) | 4.05% | 11.23% | 10.47% | 6.43% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;The Fund's inception date is December 31, 2011, the date to which performance is measured. The Fund commenced operations on January 1, 2012.

(2)&nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg U.S. Aggregate Bond Index is now the Fund's primary broad based index. The new primary index is a broad measure of market performance and has been added to comply with updated regulatory requirements.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for Class I shares only and will vary for Class A and Class C shares. The Fund's return after taxes on distributions and sale of Fund shares is greater than its return after taxes on distributions because it includes a tax benefit resulting from the capital losses that would have been incurred, and could be utilized against other capital gains an investor may have.

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**Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser, has served the Fund as a portfolio manager since it commenced operations in 2012 and Sean Katof, Chief Investment Officer of the Adviser, has served the Fund as a portfolio manager since 2016.

**Sub-Adviser:** Nuveen Asset Management, LLC

**Portfolio Managers:** Tony Rodriguez, Portfolio Manager of the sub-adviser, has served the Fund as a portfolio manager since 2017. Peter Agrimson, Portfolio Manager of the sub-adviser, has served as a portfolio manager since 2018.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, wire transfer, website, or through your broker. You may also exchange shares of the Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A and Class C shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**LOCORR MARKET TREND FUND SUMMARY**

**Investment Objectives:** The Fund's primary investment objective is capital appreciation in rising and falling equity markets with managing volatility as a secondary objective.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Shareholder Fees<br>(fees paid directly from your investment)** | **Class <br>A** | **Class <br>C** | **Class <br>I** |
| &nbsp;&nbsp;&nbsp;Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price) | 5.75% |  |  |
| &nbsp;&nbsp;&nbsp;Maximum Deferred Sales Charge (Load) <br>(as a % of original purchase price) | 1.00%⁽¹⁾ | 1.00%⁽²⁾ |  |
| &nbsp;&nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses<br>(expenses that you pay each year as a <br>percentage of the value of your investment)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Other Expenses | 0.31% | 0.31% | 0.31% |
| &nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses | 2.06% | 2.81% | 1.81% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

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

(2)&nbsp;&nbsp;&nbsp;&nbsp;Applied to shares that are redeemed within 12 months of their purchase.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $872 | $1184 | $1620 | $2827 |
| C | $384 | $871 | $1484 | $3138 |
| I | $184 | $569 | $980 | $2127 |

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***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells financial instruments (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 81% of the average value of its portfolio.

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**Principal Investment Strategies:** The Fund seeks to achieve its investment objectives by allocating its assets using two principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Market Trend" Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Fixed Income" Strategy** 

The Market Trend strategy is a macro-oriented quantitative strategy that employs various investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. The Market Trend strategy is a quantitative trading system driven by trend-following models. The program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio, and employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the Market Trend strategy will be approximately 50 days; however, that average may differ depending on various factors and the program will make daily adjustments to positions based on both price activity and market volatility. The program trades a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities. LoCorr Fund Management, LLC, the Fund's adviser (the "Adviser"), delegates management of the Fund's Market Trend strategy portfolio to a sub-adviser, Graham Capital Management, L.P. ("GCM").

The Fund will execute a portion of its Market Trend strategy by directly investing in the Fund or by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Fund and the Subsidiary will invest the majority of its assets in futures contracts and other investments (short to medium term investment grade securities) intended to serve as margin or collateral for futures positions. The Subsidiary is managed by the Adviser and sub-advised by GCM and is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) U.S. asset-backed securities ("ABS"), (5) U.S. residential mortgage-backed securities ("MBS"), (6) U.S. commercial mortgage-backed securities ("CMBS"), (7) interest rate-related futures contracts, (8) interest rate-related or credit default swap contracts and (9) money market funds. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Services ("S&P"), or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Fund's Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser, Nuveen Asset Management, LLC ("Nuveen").

The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to the Market Trend strategy and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change the portion allocated may be higher or lower.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Market Trend strategy investments among financial instruments that are not expected to have returns that are highly correlated to each other or the equity markets and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than the equity

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markets in general and that are not expected to have returns that are highly correlated to the equity markets or the Market Trend strategy.

The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the U.S. Securities Exchange Commission (the "SEC") that permits the Adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

The Fund and the Subsidiary are each a "commodity pool" under the U.S. Commodity Exchange Act and the Adviser is a "commodity pool operator" registered with and regulated by the Commodity Futures Trading Commission ("CFTC"). As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary under CFTC and SEC harmonized regulations.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its sub-adviser selection and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sub-adviser Selection</u>. The Adviser selects sub-advisers it believes can successfully execute the Fund's overall investment strategies. The Adviser also monitors and evaluates the performance of the sub-advisers and implements procedures to ensure each sub-adviser complies with the Fund's investment policies and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u>. The Adviser manages the expected volatility of the Fund's returns by monitoring the interaction and correlation of the returns between the Market Trend and Fixed Income strategies. Using this risk management process, the Adviser believes the Fund's returns, over time, will not be highly correlated to the equity markets and will provide the potential for reducing volatility in investors' portfolios.

**SUB-ADVISERS' INVESTMENT PROCESS** 

*Graham Capital Management, L.P.* 

GCM executes the Market Trend strategy by employing macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. Futures contracts and foreign exchange forward contracts have leverage inherent in their terms as the Fund need only post a margin deposit and does not have to pay the full price of the contract.

The Market Trend strategy is based on a quantitative investment program that has its origins in GCM's trend-following trading systems, dating as far back as 1995. Such systems generally are based on computerized mathematical models and can rely both on technical (i.e., historic price and volume data) and fundamental (i.e., general economic, interest rate and industrial production data) information as the basis for their trading decisions. GCM's trend systems are designed to participate selectively in potential profit opportunities that can occur during periods of price trends in a diverse number of U.S. and international markets. The trend systems establish positions in markets where the price action of a particular market signals the computerized systems used by GCM that a potential trend in prices is occurring. The trend systems are designed to analyze, mathematically, the recent trading characteristics of each market and statistically compare such characteristics to the historical trading patterns of the particular market. The trend systems also employ proprietary risk management and trade filter strategies that seek to benefit from sustained price trends while reducing risk and volatility exposure. Positions are adjusted to reflect changes in prices and trends and to manage risk.

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*Nuveen Asset Management, LLC* 

Nuveen executes the Fixed Income strategy by selecting securities using a "top-down" approach that begins with the formulation of its general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, Nuveen selects individual securities within these sectors or industries that it believes have above peer-group expected yield, potential for capital preservation or appreciation. Nuveen also selects futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. Nuveen sells securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities and derivatives as well as the Fund's indirect risks through investing in the Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *ABS, MBS and CMBS Risk:* ABS, MBS and CMBS are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. CMBS are less susceptible to this risk because underlying loans may have prepayment penalties or prepayment lock out periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodity Risk:* Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Convertible Bond Risk:* Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk. If a convertible bond held by the Fund is called for redemption, the Fund will be required to surrender the security for redemption, convert it into the issuing company's common stock or cash at a time that may be unfavorable to the Fund. When a convertible bond's value is more closely tied to its conversion to stock feature, it is sensitive to the underlying stock's price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* Derivatives are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Short positions are subject to potentially unlimited liability. Futures positions held by the Fund may incur significant losses caused by unanticipated market movements and such losses may be unlimited. Purchased options may expire worthless. Over the counter derivatives, such as swaps, are subject to counterparty default. Leverage inherent in derivatives such as futures will tend to magnify the Fund's losses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fixed Income Risk:* Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage Risk:* Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*: The Adviser's and each sub-adviser's judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-advisers may also prove incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk:* Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities and derivatives markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted Securities Risk*: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Funds may not be able to sell a security when the portfolio managers consider it desirable to do so and/or may have to sell the security at a lower price. In addition, transaction costs may be higher for Rule 144A securities than for more liquid securities. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for Rule 144A securities will develop. A restricted security that when purchased was liquid in the institutional markets may subsequently become illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short Position Risk:* The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. The Fund is required to make a margin deposit in connection with such short sales; The Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wholly-Owned Subsidiary Risk:* The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. Additionally, losses at the subsidiary are not available to be carried forward nor offset by gains at the Fund level. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

***Who Should Invest in the Fund?***

The Adviser believes the Fund is appropriate for investors seeking the low-correlation benefits of Market Trend investing, relative to traditional stock portfolios.

**Performance:** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the one-year, five-year, ten-year and since inception average annual total returns for the Fund's Class I shares compare with that of a broad-based securities index and a secondary index. The returns in the bar chart and best/worst quarter are for Class I shares which do not have sales charges. The performance of Class A and Class C Shares would be lower due to differing expense structures and sales charges. The returns in the table reflect the maximum applicable sales load of 5.75% on Class A shares, and the maximum deferred sales load of 1.00% on Class C shares for the one-year period. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information is available at no cost to shareholders by visiting www.LoCorrFunds.com or by calling 1-855-523-8637. Net asset value ("NAV") per share information may be obtained by visiting <u>www.LoCorrFunds.com/performance.html</u>.

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**Calendar Year Total Return** 

**LoCorr Market Trend Fund – Class I**![24126](ck0001506768-20260429_g4.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q1 2022** | **21.48%** |
| **Lowest Quarterly Return:** | **Q4 2023** | **-14.38%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | <br>**1 Year** | **5 Years** | **10 Years** | **Since Inception**<br>**(6/30/2014)**<sup>(1)</sup> |
| **Class I Shares** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 3.99% | 5.17% | 2.66% | 4.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 2.88% | 2.83% | 1.36% | 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 2.35% | 3.11% | 1.55% | 2.93% |
| **Class A Shares**<br> Return Before Taxes  | -2.25% | 3.69% | 1.81% | 3.59% |
| **Class C Shares**<br> Return Before Taxes  | 2.85% | 4.12% | 1.63% | 3.34% |
| **Bloomberg U.S. Aggregate Bond Index** <sup>(2)</sup><br>(reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 1.96% |
| **ICE BofA 3-Month Treasury Bill Index** (reflects no deduction for fees, expenses or taxes) | 4.21% | 3.19% | 2.19% | 1.91% |
| **Barclay CTA Index** (reflects no deduction for fees, expenses or taxes) | 3.17% | 3.66% | 2.51% | 2.70% |

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<sup>(1)</sup> The Fund's inception date is June 30, 2014, the date to which performance is measured. The Fund commenced operations on July 1, 2014. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg U.S. Aggregate Bond Index is now the Fund's primary broad based index. The new primary index is a broad measure of market performance and has been added to comply with updated regulatory requirements.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for Class I shares only and will vary

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for Class A and Class C shares. The Fund's return after taxes on distributions and sale of Fund shares is greater than its return after taxes on distributions because it includes a tax benefit resulting from the capital losses that would have been incurred, and could be utilized against other capital gains an investor may have.

**Investment Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser, has served the Fund as a portfolio manager since it commenced operations in 2014 and Sean Katof, Chief Investment Officer of the Adviser, has served the Fund as a portfolio manager since 2016.

**Sub-Adviser (Market Trend Strategy)**: Graham Capital Management, L.P.

**Portfolio Managers:** Kenneth G. Tropin, Chairman of GCM has served the Fund as a portfolio manager since it commenced operations in 2014. Thomas Feng, Ph.D., Chief Investment Officer — Quant Strategies of GCM, has served the Fund as a portfolio manager since 2025. Jens Foehrenbach, CFA President and Chief Investment Officer of GCM has served as portfolio manager since 2026.

**Sub-Adviser (Fixed Income Strategy):** Nuveen Asset Management, LLC

**Portfolio Managers:** Tony Rodriguez, Portfolio Manager of the sub-adviser, has served the Fund as a portfolio manager since 2017. Peter Agrimson, Portfolio Manager of the sub-adviser, has served as a portfolio manager since 2018.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, website, wire transfer or through your broker. You may also exchange shares of the Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A and Class C shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**LOCORR DYNAMIC OPPORTUNITY FUND SUMMARY** 

**Investment Objectives:** The Fund's investment objective is long-term capital appreciation with reduced volatility compared to traditional broad-based equity market indices as a secondary objective.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br>**(fees paid directly from your investment)** | **Shareholder Fees**<br>**(fees paid directly from your investment)** | **Class <br>A** | **Class <br>C** | **Class <br>I** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br>(as a % of original purchase price) | Maximum Deferred Sales Charge (Load)<br>(as a % of original purchase price) | 1.00%⁽¹⁾ | 1.00%⁽²⁾ |  |
| Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions | Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |  |
| **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** | **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** |  |  |  |
| Management Fees | Management Fees | 1.50% | 1.50% | 1.50% |
| Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | Other Expenses | 1.17% | 1.17% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Expense | 0.36% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses<sup>(3)</sup> | 0.81% |  |  |  |
| Total Annual Fund Operating Expenses | Total Annual Fund Operating Expenses | 2.92% | 3.67% | 2.67% |
| Fee Waiver and/or Reimbursement<sup>(4)</sup> | Fee Waiver and/or Reimbursement<sup>(4)</sup> | -0.32% | -0.32% | -0.32% |
| Total Annual Fund Operating Expenses After <br>Fee Waiver and/or Reimbursement<sup>(4)</sup> | Total Annual Fund Operating Expenses After <br>Fee Waiver and/or Reimbursement<sup>(4)</sup> | 2.60% | 3.35% | 2.35% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Applied to shares redeemed within 12 months of their purchase.

(3)&nbsp;&nbsp;&nbsp;&nbsp;"Other Expenses includes expenses incurred by the Fund in the normal course of operations together with recoupment of management fees previously reimbursed to the Fund. Such expenses are borne by the Fund separately from the management fees paid to the Advisor.

(4)&nbsp;&nbsp;&nbsp;&nbsp;The Fund's Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 30, 2027, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) will not exceed 1.99% of the Fund's daily average net assets attributable to each class of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the Adviser.

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same, and reflects the

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expense limitation in the first year only. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $923 | $1398 | $1998 | $3610 |
| C | $438 | $1094 | $1870 | $3903 |
| I | $238 | $799 | $1387 | $2979 |

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***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 1,506% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal market conditions, the Fund invests in long or short positions in equity securities of domestic and foreign companies. The Fund defines equity securities as (1) common stocks, (2) preferred stocks and (3) debt securities that are convertible into stock. The Fund invests in securities of issuers without restriction as to capitalization or country, including emerging markets. The Fund invests in convertible debt securities of any maturity or credit quality, including those known as "junk bonds." Junk bonds are rated below Baa3 by Moody's Investors Service, Inc. ("Moody's") or equivalently by another nationally recognized statistical rating organization ("NRSRO"). The Fund may invest a portion of its assets in private placement offerings which may be illiquid.

The Fund's Adviser seeks to achieve the Fund's primary investment objective of long-term capital appreciation by using a "long/short equity" strategy that is executed by allocating assets to a sub-adviser that has a long/short equity investment strategy. The Adviser may also engage an additional sub-adviser or additional sub-advisers if it believes they will enhance the Fund's performance or reduce volatility. The Adviser may also use one or more exchange-traded funds ("ETFs") to execute a portion of the long/short equity strategy rather than allocate assets to a sub-adviser, when it believes that doing so will help the Fund achieve its investment objective. The Fund anticipates reduced return volatility when compared to traditional broad-based equity market indices because the short element of its strategies is expected to produce a hedging effect.

The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the U.S. Securities Exchange Commission (the "SEC") that permits the adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its sub-adviser selection and its risk management process to select the appropriate sub-adviser(s) to help the Fund achieve its objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sub-Adviser Selection</u> represents the result of quantitative and qualitative reviews that will identify a sub-adviser chosen for its long/short equity market niche, historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser that can produce positive, risk-adjusted returns. The Adviser replaces a sub-adviser when its returns are below expectations or it deviates from its traditional investment process.

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**SUB-ADVISERS' INVESTMENT PROCESS** 

Kettle Hill Capital Management, LLC ("KHCM") serves as a sub-adviser to the Fund. KHCM's investment strategy is a value-oriented, fundamentals- and research-driven, bottom-up equity long/short approach. The strategy focuses on unique risk-reward strategies within the all-cap universe, seeking to generate superior absolute returns over the investment cycle and balancing return potential of the portfolio against risks inherent in individual stocks, industry selection, all-cap investing, and broader markets and economies. For both long and short investments, KHCM selects companies ranked by relative value.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds and the Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Convertible Securities Risk*: A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk:* There is a risk that convertible debt issuers will not make payments on securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of convertible debt securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* Derivatives are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Short positions are subject to potentially unlimited liability. Futures positions held by the Fund may incur significant losses caused by unanticipated market movements and such losses may be unlimited. Purchased options may expire worthless. Over the counter derivatives, such as swaps, are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Emerging Market Risk:* Investments in securities of issuers in emerging markets will be subject to risks of foreign securities in general and with those of emerging markets as well. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Securities of issuers in emerging markets securities also tend to be less liquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Market Risk*: Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *ETF Risk:* ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the ETF.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *High Yield or Junk Bond Risk:* Lower-quality convertible debt securities, 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 Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk:* The Adviser's judgments about an investment or the investment expertise of a sub-adviser may prove to be inaccurate and may not produce the desired results. A sub-adviser's judgments about the attractiveness, value and potential appreciation or depreciation of a particular security in which the Fund invests or sells short may prove to be inaccurate and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk:* Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Preferred Stock Risk*: Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *REIT Risk:* Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. An individual REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Short Position Risk:* The Fund will engage in short selling, which is significantly different from the investment activities commonly associated with long-only stock funds. Positions in shorted securities are speculative and more risky than "long" positions (purchases) because the cost of the replacement security is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund's return, and may result in higher taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *Small and Medium Capitalization Company Risk:* Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Equities of smaller companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *Underlying Funds Risk:* Underlying Funds are subject to management fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds. Underlying Funds are subject to specific risks, depending on the nature of the fund.

***Who Should Invest in the Fund?***

The Adviser believes the Fund is appropriate for investors seeking long-term capital appreciation with reduced volatility.

**Performance:** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the one-year, five-year, ten-year and since inception average annual total returns for the Fund's Class I shares compare with that of a broad-based securities index and a secondary index. The returns in the bar chart and best/worst quarter are for Class I shares which do not have sales charges. The performance of Class A and Class C Shares would be lower due to differing expense structures and sales charges. The returns in the table reflect the maximum applicable sales load of 5.75% on Class A shares, and the maximum deferred sales load of 1.00% on Class C shares for the one-year period. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Net asset value ("NAV") per share information and updated performance information is available on the Fund's website at www.LoCorrFunds.com.

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**Calendar Year Total Return** 

**LoCorr Dynamic Opportunity Fund – Class I**![20626](ck0001506768-20260429_g5.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q4 2020** | **16.49%** |
| **Lowest Quarterly Return:** | **Q1 2020** | **-24.01%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception** <br>**(5/10/2013)** |
| **Class I Shares** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 2.93% | 4.41% | 5.14% | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -4.00% | 2.33% | 3.87% | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 1.89% | 2.66% | 3.65% | 2.70% |
| **Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | -3.24% | 2.92% | 4.25% | 3.08% |
| **Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 1.96% | 3.37% | 4.08% | 2.79% |
| **S&P 500 Total Return Index**<br> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 14.04% |
| **Morningstar Long/Short Equity Fund Index**<br>(reflects no deduction for fees, expenses or taxes) | 10.08% | 9.65% | 7.81% | 5.15% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for Class I shares only and will vary for Class A and Class C shares.

**Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser, has served the Fund as a portfolio manager since it commenced operations in 2013 and Sean Katof, Chief Investment Officer of the Adviser, has served the Fund as a portfolio manager since 2016.

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**Sub-Adviser:** Kettle Hill Capital Management, LLC

**Portfolio Manager:** Andrew Y. Kurita, Managing Partner of KHCM, has served the Fund as a sub-adviser portfolio manager since 2015.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, wire transfer, website, or through your broker. You may also exchange shares of the Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A and Class C shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**LOCORR SPECTRUM INCOME FUND SUMMARY** 

**Investment Objectives:** The Fund's primary investment objective is current income with capital appreciation as a secondary objective.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees**<br>**(fees paid directly from your investment)** | **Class <br>A** | **Class <br>C** | **Class <br>I** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br>(as a % of original purchase price) | 1.00%⁽¹⁾ | 1.00%⁽²⁾ |  |
| Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |  |
| Redemption Fee (as a % of amount redeemed <br>if sold within 60 days)  | 2.00% | 2.00% | 2.00% |
| **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** |  |  |  |
| Management Fees | 1.30% | 1.30% | 1.30% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses<sup>(3)</sup> | 0.55% | 0.55% | 0.55% |
| Acquired Fund Fees and Expenses<sup>(4)</sup> | 1.39% | 1.39% | 1.39% |
| Total Annual Fund Operating Expenses | 3.49% | 4.24% | 3.24% |
| Fee Waiver and/or Reimbursement<sup>(5)</sup> | -0.05% | -0.05% | -0.05% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement<sup>(5)</sup> | 3.44% | 4.19% | 3.19% |

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(1)Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

(2)Applied to shares redeemed within 12 months of their purchase.

(3)"Other Expenses" includes expenses incurred by the Fund in the normal course of operations together with recoupment of management fees previously reimbursed to the Fund. Such expenses are borne by the Fund separately from the management fees paid to the Adviser.

(4)Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

(5)The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 30, 2027, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) will not exceed 1.80% of the Fund's daily average net assets attributable to each class of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the Adviser.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $1002 | $1580 | $2279 | $4121 |
| C | $521 | $1282 | $2157 | $4402 |
| I | $322 | $993 | $1689 | $3537 |

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***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objectives by allocating its assets primarily among income-producing securities using an "Income" Strategy.

The Income strategy employed by the Fund's sub-adviser attempts to produce current income and capital appreciation. The primary focus of this portfolio is exchange traded "pass-through" securities that distribute substantially all of their profits directly to their shareholders. The main categories of such securities include Real Estate Investment Trusts ("REITs"), Master Limited Partnerships ("MLPs"), Closed End Funds ("CEFs"), Royalty Trusts, and Business Development Companies ("BDCs"). In addition to such securities, the sub-adviser may include in the portfolio exchange traded common stocks and bonds, including those issued by foreign entities. These securities may be of any market capitalization or, in the case of bonds, any maturity or credit quality. These may include bonds of higher yield and higher risk, commonly called "junk bonds" that may be rated BB+ and below by Standard & Poor's Ratings Services ("S&P") or similarly rated by another nationally recognized statistical rating organization ("NRSRO").

To reduce overall portfolio market risk or security specific risk, the Adviser may employ hedging strategies. These strategies attempt to mitigate potential losses in value in certain Fund holdings. The Adviser attempts to hedge risks by investing long and/or short in exchange-traded futures, ETFs and exchange-traded and over-the-counter options, selling securities short and entering into swap contracts. The Adviser takes short positions in equity or interest rate futures contracts to protect against declines in the equity market and debt market, respectively. The Adviser may also invest in inverse ETFs (those that are designed to have price changes that move in the opposite direction of a market index) to protect against declines in the equity market and debt market. The Adviser may invest in protective put options that give the Fund the right to sell a security at a specific price regardless of the decline in the market price. The Adviser may also combine long and short (written) put and call options in "spread" transactions that are designed to protect the Fund over a range of price changes. Short selling is also used to hedge against overall market or sector price declines. Similarly, swaps contracts (agreements to exchange payments based on price changes in an index or specific security) are used to hedge against overall market, sector or security-specific price declines.

The composition of the portfolio will vary over time according to the sub-adviser's evaluation of economic and market conditions, including prospects for growth and inflation, as they affect the potential returns from different classes of securities. This strategic evaluation is combined with fundamental research on the individual securities considered for inclusion in the portfolio in order to determine the composition of the portfolio at any point in time. Depending on market conditions, the Fund's assets may be solely allocated to its Income Strategy for significant periods of time.

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The Adviser, on behalf of itself and on behalf of the Fund and other funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the Securities Exchange Commission (the "SEC") that permits the Adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its investment and risk management process.

The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.

**SUB-ADVISER'S INVESTMENT PROCESS** 

Bramshill Investments ("Bramshill") serves as sub-adviser for the Spectrum Income Fund with respect to the Fund's Income strategy. The sub-adviser's approach towards management of the Income Strategy involves both "top down" and "bottom up" elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Security Selection:</u> The sub-adviser screens for securities with attractive yields, liquidity and industry classification. The sub-adviser considers criteria including but not limited to discount to book value, discounted cash flows, discount to the net asset value, sustainability and/or growth of distributions; quality of management; and the security's consistency with the portfolio manager's macroeconomic views. High-yielding securities may include non-investment grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sector Selection: T</u>he relative concentration of each category of assets is based on the sub-adviser's outlook on the economic and inflationary conditions. This evaluation is based on macroeconomic data and forecasts, as well as technical analysis of market performance of asset classes.

The totality of this process is intended to produce a portfolio that offers current and projected yields meaningfully greater than those provided by broad common stock or investment grade bond indexes. The sub-adviser believes that its research processes make it likely that those yields will be sustained or increased, and that there is a reasonable expectation that modest capital gains can be achieved over a market cycle.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities as well as the Fund's indirect risks through investing in Underlying Funds. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *BDC Risk*: BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. BDCs are subject to management and other expenses, which will be indirectly paid by the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* Derivatives are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Short positions are subject to potentially unlimited liability. Futures positions held by the Fund may incur significant losses caused by unanticipated market movements and such losses may be unlimited. Purchased options may expire worthless. Over the counter derivatives, such as swaps, are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fixed Income Risk:* Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hedging Strategies Risk:* There is no assurance that the Fund will succeed in hedging the underlying portfolio holdings because the value of the hedging vehicle may not correlate perfectly with the underlying portfolio asset. The Adviser is not aware of any security or combination of securities that would provide a perfect hedge to the Fund's holdings. Each of the hedging strategies has inherent leverage risk that may tend to magnify the Fund's losses. Derivative contracts, such as futures, have leverage inherent in their terms because of low margin deposits normally required. Consequently, a relatively small price movement in the futures contract reference index may result in an immediate and substantial loss to the Fund. Over-the-counter instruments, such as swaps and certain purchased options, are subject to counterparty default risk and liquidity risk. Swap agreements also involve fees, commissions or other costs that may reduce the Fund's gains from a swap agreement or may cause the Fund to lose money. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction. The Adviser covers hedging positions (buys back, sells or closes out positions) when it believes market price trends are no longer unfavorable or security-specific risks are acceptable or when a different hedging vehicle is more attractive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *High-Yield or Junk Bond Risk:* Lower-quality convertible debt securities, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. These investments are considered speculative. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an

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advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*: The Adviser's and sub-adviser's judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-adviser may also prove incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk:* Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mutual Fund Risk*: Mutual funds are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. Mutual funds are subject to specific risks, depending on the nature of the mutual fund's strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Real Estate Industry Risk*: The Fund's portfolio will be significantly impacted by the performance of the real estate market generally, and the Fund may be exposed to greater risk and experience higher volatility than would a more economically diversified portfolio. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural, or technological developments. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination, and rising construction costs. Real estate loans are subject to prepayment risk because the debtor may pay its obligation early, reducing the amount of interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Mezzanine Loan Risk: The terms of mezzanine loans may restrict transfer of the interests securing such loans, including an involuntary transfer upon foreclosure, or may require the consent of the senior lender or other members or partners of or equity holders in the related real estate company, or may otherwise prohibit a change of control of the related real estate company. These and other limitations on realization on the collateral securing a mezzanine loan or the practical limitations on the availability and effectiveness of such a remedy may affect the likelihood of repayment in the event of a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *REIT Risk:* Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. An individual REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Royalty Trust Risk*: Royalty trusts are subject to cash-flow fluctuations and revenue decreases due to a sustained decline in demand for crude oil, natural gas and refined petroleum products, risks related to economic conditions, higher taxes or other regulatory actions that increase costs

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for royalty trusts. Also, royalty trusts do not guarantee minimum distributions or even return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small and Medium Capitalization Stock Risk:* The value of small or medium capitalization company common stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Written Call Option Risk*: Selling covered call options will limit the Fund's gain, if any, on its underlying securities. The Fund continues to bear the risk of a decline in the value of its underlying stocks. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Call options involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include risk of mispricing or improper valuation and the risk that changes in the value of the call option may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.

***Who Should Invest in the Fund?***

The Adviser believes the Fund is appropriate for investors seeking current income and capital appreciation.

**Performance:** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the one-year, five-year, ten-year and since inception average annual total returns for the Fund's Class I shares compare with that of a broad-based securities index and a secondary index. The returns in the bar chart and best/worst quarter are for Class I shares which do not have sales charges. The performance of Class A and Class C Shares would be lower due to differing expense structures and sales charges. The returns in the table reflect the maximum applicable sales load of 5.75% on Class A shares, and the maximum deferred sales load of 1.00% on Class C shares for the one-year period. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Net asset value ("NAV") per share information and updated performance information is available on the Fund's website at www.LoCorrFunds.com.

**Calendar Year Total Return** 

**LoCorr Spectrum Income Fund – Class I**![20453](ck0001506768-20260429_g6.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q4 2020** | **21.56%** |
| **Lowest Quarterly Return:** | **Q1 2020** | **-35.56%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | <br>**1 Year** | **5 Years** | **10 Years** | **Since Inception** <br>**(12/31/2013)**<sup>(1)</sup> |
|  **Class I Shares** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 9.84% | 5.76% | 4.57% | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 7.87% | 4.17% | 3.24% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 6.42% | 4.00% | 3.14% | 1.57% |
| **Class A Shares**<br> Return Before Taxes  | 3.14% | 4.21% | 3.68% | 1.92% |
| **Class C Shares**<br> Return Before Taxes  | 8.77% | 4.72% | 3.51% | 1.66% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% | 2.21% |

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<sup>(1)</sup> The Fund's inception date is December 31, 2013, the date to which performance is measured. The Fund commenced operations on January 1, 2014.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for Class I shares only and will vary for Class A and Class C shares. The Fund's return after taxes on distributions and sale of Fund shares is greater than its return after taxes on distributions because it includes a tax benefit resulting from the capital losses that would have been incurred, and could be utilized against other capital gains an investor may have.

**Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser, has served the Fund as a portfolio manager since it commenced operations in 2014 and Sean Katof, Chief Investment Officer of the Adviser, has served the Fund as a portfolio manager since 2016.

**Sub-Adviser:** Bramshill Investments, LLC

**Portfolio Managers:** Steven C. Carhart, Co-Portfolio Manager, Bramshill Investments, LLC, has served the Fund as a portfolio manager since it commenced operations in 2014. Art DeGaetano, Co-Portfolio Manager, Bramshill Investments, LLC, has served the Fund as a portfolio manager since 2016. Justin Byrnes, Co-Portfolio Manager, Bramshill Investments, LLC, has served the Fund as a portfolio manager since 2023.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, wire transfer, website, or through your broker. You may also exchange shares of your Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A and Class C shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**LOCORR HEDGED CORE FUND SUMMARY** 

**Investment Objectives:** The Fund's primary investment objective is capital appreciation in rising and falling equity and commodities markets with managing volatility as a secondary objective.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees**<br>**(fees paid directly from your investment)** | | **Class** <br>**A** | **Class** <br>**I** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | 5.75% |  |
| Maximum Deferred Sales Charge (Load) <br>(as a % of original purchase price) | Maximum Deferred Sales Charge (Load) <br>(as a % of original purchase price) | 1.00%⁽¹⁾ |  |
| Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions | Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |
| **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** | **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** |  |  |
| Management Fees | Management Fees | 1.45% | 1.45% |
| Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% |
| Other Expenses | Other Expenses | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;Swap and Commodity Pool Fees and Expenses<sup>(2)</sup> | 0.15% |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.42% |  |  |
| Total Annual Fund Operating Expenses | Total Annual Fund Operating Expenses | 2.27% | 2.02% |
| Fees Waived and/or Expenses Reimbursed<sup>(3)</sup> | Fees Waived and/or Expenses Reimbursed<sup>(3)</sup> | -0.04% | -0.04% |
| Total Annual Fund Operating Expenses After Fees Waiver and/or Reimbursement | Total Annual Fund Operating Expenses After Fees Waiver and/or Reimbursement | 2.23% | 1.98% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

(2)&nbsp;&nbsp;&nbsp;&nbsp;The cost of the Swap and the Commodity Pool does not include the fees and expenses of the CTAs included in the Swap and Commodity Pool. The returns of the Swap and the Commodity Pool will be reduced and its losses increased by the costs associated with the Swap and Commodity Pool, which are the fees and expenses deducted by the counterparty in the calculation of the returns on the Swap and Commodity Pool, including the management and performance fees of the CTAs. A performance fee for one or more managers represented in the Swap and Commodity Pool may be deducted from the return of the Swap and Commodity Pool even if the aggregate respective returns of the Swap and Commodity Pool are negative. These fees, which are not reflected in the Annual Fund Operating Expenses table, are embedded in the returns of the Swap and Commodity Pool and represent an indirect cost of investing in the Fund. Generally, the management fees and performance fees of the CTAs included in the Swap and Commodity Pool may range up to 1.50% of the Fund's allocated net assets and up to 20% of returns. Given the expected allocations, it is expected that management fees will be 0.75% of Fund net assets and up to 20% of the returns, respectively. Such fees are accrued daily within the index and deducted from the Swap and Commodity Pool value quarterly.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 30, 2027, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) will not exceed 1.83% of the Fund's daily average net assets attributable to each class of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the repayment without exceeding the expense limitation at the time of waiver and its current expense limitations and the repayment is approved by the Board of Trustees. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the Adviser.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $888 | $1240 | $1717 | $3028 |
| I | $201 | $630 | $1084 | $2345 |

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***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal period ended December 31, 2025, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objectives by allocating its assets using three principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Managed Futures" Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Commodities" Strategy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Fixed Income" Strategy** 

The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity and financial markets by investing long or short in: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) currencies including Bitcoin and Ether cryptoassets, (b) interest rates, (c) stock market indices, (d) energy resources, (e) metals or (f) agricultural products. These derivative instruments are used as substitutes for securities, interest rates, currencies and commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Managed Futures strategy, the investments will generally have payments linked to commodity or financial derivatives. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Managed futures sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Managed Futures strategy investments will be made without restriction as to country. The Fund will only seek investment exposure to Bitcoin and Ether through investment in cash-settled futures contracts that trade on the Chicago Mercantile Exchange (CME). The Fund's investment in Bitcoin and Ether futures will be limited, on an aggregate notional basis, to 5% of the Fund's assets. **The Fund does not invest directly in or hold Bitcoin or Ether**.

The Commodities strategy is designed to produce capital appreciation by capturing returns related to the commodities markets by investing primarily in securities of one or more (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles, including commodity pools (collectively, "Underlying Funds") and derivative instruments, such as swap contracts, structured notes or other securities or derivatives, that provide exposure to the managers of Underlying Funds. Each Underlying Fund invests according to its manager's sub-strategy, long or short in one or a combination of: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) energy resources, (b) metals or (c) agricultural products. These derivative instruments are used as substitutes for commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Commodities strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Commodities sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from

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fundamental economic analysis and relative value comparisons. Commodities strategy investments are made without restriction as to the Underlying Fund's country.

The Fund will execute its Managed Futures and Commodities strategies primarily by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary will invest primarily in futures, forwards, options, spot contracts, swaps, and other assets intended to serve as margin or collateral for derivative positions. Through its Managed Futures and Commodities strategies, the Fund will have exposure to underlying assets in the U.S. as well as foreign and emerging markets. The Fund defines emerging markets as those that are found in the MSCI Emerging Markets Index. The Subsidiary is subject to the same investment restrictions as the Fund.

The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to the Managed Futures and Commodities strategies and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change the portion allocated may be higher or lower.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) U.S. asset-backed securities ("ABS"), (5) U.S. residential mortgage-backed securities ("MBS"), (6) U.S. commercial mortgage-backed securities ("CMBS"), (7) interest rate-related futures contracts and (8) interest rate-related or credit default-related swap contracts. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Services ("S&P"), or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Fund's Adviser primarily delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser though the Adviser may also manage a portion of the Fixed Income Strategy from time to time.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Managed Futures and Commodities strategy investments among asset classes and sub-strategies that are not expected to have returns that are highly correlated to each other or the equity markets and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than the equity markets in general and that are not expected to have returns that are highly correlated to the equity markets or the Managed Futures or Commodities strategy.

The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the Securities Exchange Commission (the "SEC") that permits the adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sub-Adviser Selection</u> represents the result of quantitative and qualitative reviews that will identify a sub-adviser chosen for its managed futures expertise, historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser

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that can produce positive, risk-adjusted returns. The Adviser replaces a sub-adviser when its returns are below expectations or it deviates from its traditional investment process with respect to changes in its investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the Adviser believes the Fund, over time, will not be highly correlated to the equity markets and will provide the potential for reducing volatility in investors' portfolios.

**SUB-ADVISER INVESTMENT PROCESS** 

*<u>DG Partners LLP</u>*

DG Partners, LLP ("DG Partners") serves as a sub-adviser to the Fund. DG Partner's strategy is based on capturing and exploiting trends within financial markets. This strategy is currently focused on a large number of liquid futures and foreign exchange markets. The trading methodology (the "DG Partners Systematic Trading Strategy") employed by DG Partners is based upon a set of medium-term trend-following signals combined with an in-built risk management methodology. DG Partners seeks to invest in the most liquid and transparent financial futures and foreign exchange markets globally, focusing on four asset classes: Equities, Fixed Income, Foreign Exchange (FX) and Commodities.

*<u>Graham Capital Management, L.P.</u>*

Graham Capital Management, L.P. ("GCM") serves as a sub-adviser to the Fund. GCM executes the strategy within the Fund by employing macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes (that is, a strategy which seeks to produce positive returns over time regardless of market movements). The strategy within the Fund is a quantitative trading system driven by trend-following models. This program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio. The strategy employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the strategy within the Fund will be approximately six to eight weeks; however, that average may differ depending on various factors and the system will make daily adjustments to positions based on both price activity and market volatility. The program trades a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities.

*<u>Millburn Ridgefield LLC</u>*

Millburn Ridgefield LLC ("Millburn") serves as a sub-adviser to the Fund. Millburn's Diversified Program invests in a diversified portfolio of futures, forward and spot contracts (and may also invest in option and swap contracts) on currencies, interest rate instruments, stock indices, metals, energy and agricultural commodities. Millburn invests globally pursuant to its proprietary quantitative and systematic trading methodology, based upon signals generated from an analysis of price, price-derivatives, fundamental and other quantitative data. Millburn's Diversified Program generally seeks maximum diversification subject to liquidity and sector concentration constraints. Each market is traded using a diversified set of trading systems, which may be optimized for groups of markets, sectors or specific markets. The following factors, among others, are considered in constructing a universe of markets to trade: profitability, liquidity of markets, professional judgment, desired diversification, transaction costs, exchange regulations and depth of market.

*<u>Revolution Capital Management, LLC</u>*

Revolution Capital Management, LLC ("Revolution") serves as a sub-adviser to the Fund. Revolution focuses on short-term, systematic and quantitative trading, applying statistical analysis to all aspects of research, development, and operations. The strategy seeks to provide superior risk-adjusted returns while maintaining low correlations both to traditional equity and bond investments as well as the trend-following strategies often employed by commodity trading advisors.

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*<u>R.G. Niederhoffer Capital Management, Inc.</u>*

R.G. Niederhoffer Capital Management, Inc. ("Niederhoffer") serves as a sub-adviser to the Fund. Niederhoffer provides asset management services for the Fund using its Smart Alpha Program. The R.G. Niederhoffer Smart Alpha Program seeks to achieve three key objectives: (1) Stable absolute returns regardless of market environment, with zero correlation to Fixed Income, Equities and Hedge Funds (that is, a strategy which seeks to produce positive returns over time regardless of market movements); (2) Strong, consistent downside and upside protection for portfolios containing Global Bonds, Global Equities, Hedge Funds, and CTAs, and (3) Daily/monthly liquidity and high transparency.

*<u>Tages Capital, LLP</u>*

Tages Capital, LLP ("Tages") serves as a sub-adviser to the Fund. Investcorp Tages Global Rates is a discretionary global macro strategy investing in sovereign fixed income and currencies to exploit market inefficiencies. The strategy seeks to deliver absolute returns through a discretionary investment approach and targets a return of approximately 5% above the risk-free rate net of fees and irrespective of market conditions. Adrian Owens has been the Chief Investment Officer of the strategy since its inception in 2004 and has been instrumental in developing and evolving the approach since that time. The team consists of two additional portfolio managers who provide investment management and analysis. The strategy has a global mandate, focusing primarily on G10 economies and takes opportunistic exposure to mature emerging market economies. The strategy focuses on liquid markets, founded on good governance. The allocation to fixed income versus currencies is opportunistically driven, but on average and since inception, the allocation has been close to 50/50 in fixed income and currency. The investment style is both eclectic and pragmatic, with a focus on fundamental economic research. Fundamental analysis is complemented by valuation and technical analyses, which provide robustness and flexibility to the investment approach. The investment team takes an active approach to risk management, which is embedded throughout the investment process and is enforced at every level of decision-making. This is supported by independent risk monitoring that is overseen by the firms' risk management team and risk committee.

*<u>Nuveen Asset Management, LLC</u>*

Nuveen Asset Management, LLC ("Nuveen"), serves as a sub-adviser to the Fund for its Fixed Income strategy, selects securities using a "top-down" approach that begins with the formulation of Nuveen's general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, Nuveen selects individual securities within these sectors or industries that it believes have above peer-group expected yield, potential for capital preservation or appreciation. Nuveen selects futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. Nuveen sells securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds and the Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *ABS, MBS and CMBS Risk:* ABS, MBS and CMBS are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. CMBS are less susceptible to this risk because underlying loans may have prepayment penalties or prepayment lock out periods.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodity Risk:* Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cryptoasset Risk:* The market for bitcoin and ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin and ether futures market has grown substantially since bitcoin and ether futures commenced trading, there can be no assurance that this growth will continue. The price for bitcoin and ether futures contracts is based on a number of factors, including the supply of and the demand for bitcoin and ether futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for bitcoin and ether futures contracts. Recently increased demand paired with supply constraints and other factors have caused bitcoin futures to trade at a significant premium to the "spot" price of bitcoin and ether. Additional demand, including demand resulting from the purchase, or anticipated purchase, of bitcoin and ether futures contracts by the Fund or other entities may increase that premium, perhaps significantly. It is not possible to predict whether or for how long such conditions will continue. To the extent the Fund purchases futures contracts at a premium and the premium declines, the value of an investment in the Fund also should be expected to decline. The performance of bitcoin and ether futures contracts and bitcoin and ether, respectively, may differ and may not be correlated with each other, over short or long periods of time. While the performance of cryptoasset futures contracts, in general, has historically been highly correlated to the performance of spot cryptoassets, there can be no guarantee that this will continue. The performance of the Fund's cryptoasset futures contracts should not be expected to match the performance of spot cryptoassets. The value of ether and bitcoin has been, and may continue to be, substantially dependent on speculation, rather than fundamental analysis.

Bitcoin and ether are both digital assets. The ownership and operation of both bitcoin and ether are determined by participants in online, peer-to-peer networks - the Bitcoin Network and the Ethereum Network, respectively. These networks connect computers running open-source software that follows the rules and procedures governing each network's protocol.

Bitcoin and ether are not widely accepted forms of payment. The value of both bitcoin and ether is not backed by any government, corporation, or other identified body. Instead, their values are determined by the supply and demand in markets created to facilitate their trading. Ownership and transaction records for bitcoin and ether are protected through public-key cryptography. The supply of bitcoin and ether is determined by their respective protocols, and no single entity owns or operates either network. They are collectively maintained by decentralized groups of participants who run computer software that records and validates transactions (miners for bitcoin and validators for ether), developers who propose improvements to the protocols and the software that enforces them, and users who choose which version of the software to run.

It is possible that ether may be offered and sold as a security for the purposes of federal or state securities laws. If ether is determined or is expected to be determined to be a security under the federal securities laws, that could materially and adversely affect the trading of ether futures contracts held by the Fund. Platforms on which cryptoassets may be purchased or sold may not be operating in compliance with applicable laws and regulations. Such platforms may be subject to fraud and manipulations which may adversely affect the value of cryptoassets and the Fund's investment in cryptoasset futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* Futures, options and swaps involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives subject to regulation by the Commodity Futures Trading Commission

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("CFTC") by Underlying Funds may be subject to certain rules of the CFTC. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Futures and Forwards Risk*. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's net asset value ("NAV") and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund or an Underlying Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund or Underlying Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund or Underlying Fund may have to sell securities at a time when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Options Risk*. There are risks associated with the sale and purchase of call and put options. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Because option premiums paid by the Fund indirectly through Underlying Funds are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities. Purchased put options may decline in value due to changes in value of the underlying reference asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Swap Risk.* Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable to implement its investment strategies and the Fund may not be able to seek to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fixed Income Risk:* Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain

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types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage Risk:* Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*: The Adviser's and sub-advisers' judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-adviser may also prove incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk:* Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities and derivatives markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted Securities Risk*: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Fund may not be able to sell a security when the portfolio managers consider it desirable to do so and/or may have to sell the security at a lower price. In addition, transaction costs may be higher for Rule 144A securities than for more liquid securities. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for Rule 144A securities will develop. A restricted security that when purchased was liquid in the institutional markets may subsequently become illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short Position Risk:* The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. The Fund is required to make a margin deposit in connection with such short sales; The Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Underlying Funds Risk:* Underlying Funds are subject to management fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds. Underlying Funds are subject to specific risks, depending on the nature of the fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wholly-Owned Subsidiary Risk:* The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the "1940 Act") and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

**Performance:** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I shares from year to year and by showing how the one-year and since inception average annual total returns for the Fund's Class I shares compare with that of a broad-based securities index and a secondary index. The returns in the bar chart and best/worst quarter are for Class I shares which do not have sales charges. The performance of Class A Shares would be lower due to differing expense structures and sales charges. The returns in the table reflect the maximum applicable sales load of 5.75% on Class A shares for the one-year period. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Net asset value ("NAV") per share information and updated performance information is available on the Fund's website at www.LoCorrFunds.com.

**Calendar Year Total Return** 

**LoCorr Hedged Core Fund – Class I**![1099511745925](ck0001506768-20260429_g7.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q1 2025** | **2.02%** |
| **Lowest Quarterly Return:** | **Q2 2025** | **-0.94%** |

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| | | |
|:---|:---|:---|
| **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** | **Average Annual Total Return as of December 31, 2025** |
| | **1 Year** | **Since Inception** <br>**(7/10/2024)** |
|  **Class I Shares** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 2.79% | -1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 1.91% | -2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 1.65% | -1.63% |
| **Class A Shares**<br> Return Before Taxes  | -3.31% | -5.84% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 7.30% | 5.72% |
| **ICE BofA US 3-Month Treasury Bill Total Return Index** (reflects no deduction for fees, expenses or taxes) | 4.18% | 4.48% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on the individual investor's situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns are shown for Class I shares only and will vary for Class A shares. The Fund's return after taxes on distributions and sale of Fund shares is greater than its return after taxes on distributions because it includes a tax benefit resulting from the capital losses that would have been incurred, and could be utilized against other capital gains an investor may have.

**Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser and Sean Katof, Chief Investment Officer of the Adviser have each served the Fund as a portfolio manager since it commenced operations in 2024.

**Sub-Adviser:** DG Partners LLP

**Portfolio Managers:** David Gorton has served the Fund as a portfolio manager since 2026.

**Sub-Adviser:** Graham Capital Management, L.P.

**Portfolio Managers:** Kenneth G. Tropin, Chairman of GCM, has served the Fund as portfolio manager since 2016. Thomas Feng, Ph.D., Chief Investment Officer — Quant Strategies of GCM, has served the Fund as a portfolio manager since 2025. Jens Foehrenbach, CFA, President and Chief Investment Officer of GCM has served as portfolio manager since 2026.

**Sub-Adviser:** Millburn Ridgefield LLC

**Portfolio Managers:** Harvey Beker, Co-Chairman; Barry Goodman, Co-Chief Executive officer and Executive Director of Trading; and Grant Smith, Co-Chief Executive Officer and Chief Investment Officer, have each served the Fund as portfolio managers since 2016.

**Sub-Adviser:** Revolution Capital Management, LLC

**Portfolio Managers:** Michael Mundt, Principal and Chief Compliance Officer, and Theodore Robert Olson, Principal, have served the Fund as portfolio managers since 2016.

**Sub-Adviser:** R.G. Niederhoffer Capital Management, Inc.

**Portfolio Manager:** Roy Niederhoffer founded R.G. Niederhoffer Capital Management, Inc. in 1993. Niederhoffer employs a quantitative, behavioral finance-based strategy to trade equities, fixed income, foreign exchange and commodities to provide returns that are both valuable on a stand-alone basis and also provide significant downside protection to clients' portfolios. Mr. Niederhoffer leads the Management Committee and brings nearly 30 years of experience in the hedge fund industry.

**Sub-Adviser:** Tages Capital, LLP

**Portfolio Managers:** Adrian Owens, Chief Investment Officer; Rahul Mathur and Scott Watson have served the Fund as portfolio managers since 2026.

**Sub-Adviser:** Nuveen Asset Management, LLC

**Portfolio Managers:** Tony Rodriguez, Portfolio Manager of the sub-adviser, and Peter Agrimson, Portfolio Manager of the sub-adviser, have each served the Fund as a portfolio manager since 2024.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, wire transfer, website, or through your broker. You may also exchange shares of the Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either

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ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**LOCORR STRATEGIC ALLOCATION FUND SUMMARY** 

**Investment Objectives:** The Fund's primary investment objective is capital appreciation.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in **How to Purchase Shares** on page 121 of this Prospectus, and in **Appendix A** to this Prospectus.

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| | | |
|:---|:---|:---|
| **Shareholder Fees**<br>**(fees paid directly from your investment)** | **Class** <br>**A** | **Class** <br>**I** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as a % of offering price)  | 5.75% |  |
| Maximum Deferred Sales Charge (Load) <br>(as a % of original purchase price) | 1.00%⁽¹⁾ |  |
| Maximum Sales Charge (Load) Imposed on <br>Reinvested Dividends and other Distributions |  |  |
| **Annual Fund Operating Expenses**<br>**(expenses that you pay each year as a** <br>**percentage of the value of your investment)** |  |  |
| Management Fees | 1.24% | 1.24% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% |
| Other Expenses<sup>(2)</sup> | 1.32% | 1.32% |
| Total Annual Fund Operating Expenses | 2.81% | 2.56% |
| Fees Waived and/or Expenses Reimbursed<sup>(3)</sup> | -0.97% | -0.97% |
| Total Annual Fund Operating Expenses After Fees Waiver and/or Reimbursement | 1.84% | 1.59% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Applied to purchases of $1 million or more that are redeemed within 12 months of their purchase.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Other expenses are estimated for the current fiscal period.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 30, 2027, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) will not exceed 1.59% of the Fund's daily average net assets attributable to each class of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the repayment without exceeding the expense limitation at time of waiver and its current expense limitations and the repayment is approved by the Board of Trustees. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the Adviser.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $851 | $1310 | $1893 | $3466 |
| I | $162 | $704 | $1273 | $2823 |

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***Portfolio Turnover****:* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when 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 Fund's performance. During the most recent fiscal period ended December 31, 2025, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objectives by allocating its assets using three principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp;"Managed Futures" Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp;"Equity" Strategy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp;"Fixed Income" Strategy** 

*Managed Futures Strategy*

The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity and financial markets by investing long or short in: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) currencies and Bitcoin and Ether cryptoassets, (b) interest rates, (c) stock market indices, (d) energy resources, (e) metals or (f) agricultural products. These derivative instruments are used as substitutes for securities, interest rates, currencies and commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Managed Futures strategy, the investments will generally have payments linked to commodity or financial derivatives. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Managed futures sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Managed Futures strategy investments will be made without restriction as to country. The Fund will only seek investment exposure to bitcoin and ether through investment in cash-settled futures contracts that trade on the Chicago Mercantile Exchange (CME). The Fund's investment in bitcoin and ether futures will be limited, on an aggregate notional basis, to 5% of the Fund's assets. **The Fund does not invest directly in or hold Bitcoin or Ether.**

The Fund will execute its Managed Futures strategy primarily by directly investing by the Fund or by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary will invest primarily in futures, forwards, options, spot contracts, swaps, and other assets intended to serve as margin or collateral for derivative positions. Through its Managed Futures strategy, the Fund will have exposure to underlying assets in the U.S. as well as foreign and emerging markets. The Fund defines emerging markets as those that are found in the MSCI Emerging Markets Index. The Subsidiary is subject to the same investment restrictions as the Fund.

The Fund's Adviser primarily delegates management of the Fund's Managed Futures strategy to one or more sub-advisers. The Fund's Adviser expects that approximately 50% of the Fund's investment exposure will be allocated to the Managed Futures strategy. From time to time, the Fund's investment exposure to its Managed Futures strategy may be more or less than 50% of the Fund's assets due to market movements. If the Fund's Managed Futures investment exposure is above or below the targeted 50% allocation by a specified threshold, the Adviser will seek to rebalance the Fund's portfolio, subject to market conditions.

*Equity Strategy*

The Equity strategy invests in domestic large cap common stocks of domestic issuers. The Fund's Equity strategy seeks to target its equity exposure in a risk-managed and tax efficient manner. Buy and sell

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decisions are made based on two objectives 1) to provide exposure to the target benchmark with low predicted tracking error and 2) to provide tax management of the fund through tax loss harvesting or gain deferral so as to account for the taxes payable by shareholders in connection with distributions of investment income and net realized gains.

The Fund's Adviser primarily delegates management of the Fund's Equity strategy to one or more sub-advisers. The Fund's Adviser expects that approximately 50% of the Fund's investment exposure will be allocated to the Equity strategy.

*Fixed Income Strategy*

The Fund's remaining assets will be invested in its Fixed Income strategy. The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in U.S. Treasury securities, money market funds and other cash equivalents., some or all of which will serve as collateral or margin for the Fund's investments in futures contracts.

The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the Securities Exchange Commission (the "SEC") that permits the adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.

**ADVISER'S INVESTMENT PROCESS** 

The Adviser will pursue the Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>Sub-Adviser Selection</u> represents the result of a quantitative and qualitative review. The quantitative review of a sub-adviser chosen is based on, but not limited to, historical absolute performance, applicable benchmark relative performance, risk adjusted performance metrics, volatility, max drawdown size, length of the max drawdown, recovery from max drawdowns, correlation to traditional benchmarks, and interaction with existing managers. The qualitative review of a sub-adviser chosen is based on, but not limited to, trading expertise, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser that can produce positive, risk-adjusted returns. The Adviser replaces a sub-adviser when its returns are below expectations, or it deviates from its traditional investment process with respect to changes in its investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>Risk Management</u> represents the ongoing attention to the total return performance of each sub-adviser's investment strategy as well as the interaction or correlation of those returns in comparison to expectations and historical results. Using this risk management process, the Adviser believes the Fund, over time, will not be highly correlated to the equity markets and will provide the potential for reducing volatility in investors' portfolios. The Adviser monitors daily performance, investment positioning, and risk (as measured by VaR, in connection with SEC Rule 18f-4 and other risk metrics).

**SUB-ADVISER INVESTMENT PROCESS** 

*<u>Crabel Capital Management, LLC ("Crabel")</u>*

Crabel serves as a sub-adviser to the Fund. Crabel uses systematic trading strategies designed to efficiently capture long-term trend following returns across a diverse set of global futures and foreign exchange instruments. In pursuing this objective, Crabel employs multiple price-based strategies engineered to identify and profit from continuations in price movement across approximately 250 markets globally. The strategy seeks to mitigate downside risk by dynamically sizing trades relative to market

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volatility, actively employing the use of stops on all trades, and effectively diversifying overall volatility across market sectors and geographic regions.

*<u>P/E Global LLC ("P/E Global")</u>*

P/E Global LLC serves as a sub-adviser to the Fund. P/E Global uses fundamental macroeconomic and financial factors in all aspects of its research to develop its adaptive quantitative investment process. This systematic investment process relies on statistical analysis to forecast returns and volatilities for currencies, fixed income, and equities based on underlying fundamental factors. P/E Investments seeks to leverage extensive experience in portfolio management, asset allocation, market analysis and risk management to generate strong risk adjusted returns by investing globally on a long/short basis.

*<u>DG Partners LLP ("DG Partners")</u>*

DG Partners serves as a sub-adviser to the Fund. DG Partner's strategy is based on capturing and exploiting trends within financial markets. This strategy (the "DG Systematic Trading Strategy") is currently focused on a large number of liquid futures and foreign exchange markets. The trading methodology employed by DG Partners is based upon a set of medium-term trend-following signals combined with an in-built risk management methodology. DG Partners seeks to invest in the most liquid and transparent financial futures and foreign exchange markets globally, focusing on four asset classes: Equities, Fixed Income, Foreign Exchange (FX) and Commodities.

*<u>Parametric Portfolio Associates LLC ("Parametric")</u>*

Parametric serves as a sub-adviser to the Fund. Parametric's Custom Core strategy is designed to provide investors with risk-controlled exposure to a target equity benchmark while maximizing after-tax returns. Parametric uses quantitative risk models and a proprietary optimization process to construct the portfolio and efficiently capture market returns on a pre-tax basis. On an after-tax basis, Parametric seeks to add value through gain deferral and loss harvesting.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following risks apply to the Fund's direct investments in securities and derivatives as well as the Fund's indirect risks through investing in the Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. It is important to read the provided risk disclosures in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Derivatives Risk:* Futures, options and swaps involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives subject to regulation by the Commodity Futures Trading Commission ("CFTC") by Underlying Funds may be subject to certain rules of the CFTC. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Futures and Forwards Risk*. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's net asset value ("NAV") and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund or an Underlying Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c)

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losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund or Underlying Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund or Underlying Fund may have to sell securities at a time when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Options Risk*. There are risks associated with the sale and purchase of call and put options. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Because option premiums paid by the Fund indirectly through Underlying Funds are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities. Purchased put options may decline in value due to changes in value of the underlying reference asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Equity Risk:* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Commodity Risk:* Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Cryptoasset Risk:* The market for bitcoin and ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin and ether futures market has grown substantially since bitcoin and ether futures commenced trading, there can be no assurance that this growth will continue. The price for bitcoin and ether futures contracts is based on a number of factors, including the supply of and the demand for bitcoin and ether futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for bitcoin and ether futures contracts. Recently increased demand paired with supply constraints and other factors have caused bitcoin futures to trade at a significant premium to the "spot" price of bitcoin and ether. Additional demand, including demand resulting from the purchase, or anticipated purchase, of bitcoin and ether futures contracts by the Fund or other entities may increase that premium, perhaps significantly. It is not possible to predict whether or for how long such conditions will continue. To the extent the Fund purchases futures contracts at a premium and the premium declines, the value of an investment in the Fund also should be expected to decline. The performance of bitcoin and ether futures contracts and bitcoin and ether, respectively, may differ and may not be correlated with each other, over short or long periods of time. While the performance of cryptoasset futures contracts, in general, has historically been highly correlated to the performance of spot cryptoasset, there can be no guarantee that this will continue. The performance of the Fund's cryptoasset futures contracts should not be expected to match the performance of spot cryptoassets. The value of ether and bitcoin has been, and may continue to be, substantially dependent on speculation, rather than fundamental analysis.

Bitcoin and ether are both digital assets. The ownership and operation of both bitcoin and ether are determined by participants in online, peer-to-peer networks - the Bitcoin Network and the Ethereum Network, respectively. These networks connect computers running open-source software that follows the rules and procedures governing each network's protocol.

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Bitcoin and ether are not widely accepted forms of payment. The value of both bitcoin and ether is not backed by any government, corporation, or other identified body. Instead, their values are determined by the supply and demand in markets created to facilitate their trading. Ownership and transaction records for bitcoin and ether are protected through public-key cryptography. The supply of bitcoin and ether is determined by their respective protocols, and no single entity owns or operates either network. They are collectively maintained by decentralized groups of participants who run computer software that records and validates transactions (miners for bitcoin and validators for ether), developers who propose improvements to the protocols and the software that enforces them, and users who choose which version of the software to run.

It is possible that ether may be offered and sold as a security for the purposes of federal or state securities laws. If ether is determined or is expected to be determined to be a security under the federal securities laws, that could materially and adversely affect the trading of ether futures contracts held by the Fund. Platforms on which cryptoassets may be purchased or sold may not be operating in compliance with applicable laws and regulations. Such platforms may be subject to fraud and manipulation which may adversely affect the value of cryptoassets and the Fund's investment in cryptoasset futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Fixed Income Risk:* Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Leverage Risk:* Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Management Risk*: The Adviser's and sub-advisers' judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-adviser may also prove incorrect and may not produce the desired results. In managing the Equity Strategy, Parametric uses proprietary investment techniques, utilizing rules-based processes and systematic rebalancing. In implementing this rules-based management process, the Sub-Adviser may not generally make

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buy or sell decisions as a result of fundamental investment analysis or adverse changes in an issuer's financial position or outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Market Risk:* Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities and derivatives markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Tax Managed Investing Risk:* The Fund's tax-managed Equity Strategy may cause the Fund to hold an equity security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. There can be no assurance that the Fund will be able to minimize taxable distributions to investors and a portion, or all, of the Fund's distributions may be taxable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tracking Error Risk:* Tracking error risk refers to the risk that the Fund's performance may not match or correlate to that of the Index it attempts to track, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund's investments and the Index, rounding of share prices, changes to the composition of the Index, regulatory policies, limitations on Fund investments imposed by Fund diversification and/or concentration policies, high portfolio turnover rate and the use of leverage all contribute to tracking error. Tracking error risk may cause the Fund's performance to be less than expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Wholly-Owned Subsidiary Risk:* The Subsidiary is not registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections or regulatory requirements of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

**Performance:** 

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.LoCorrFunds.com or by calling 1-855-523-8637.

**Adviser:** LoCorr Fund Management, LLC

**Portfolio Managers:** Jon C. Essen, Chief Financial Officer of the Adviser, and Sean Katof, Chief Investment Officer of the Adviser have each served the Fund as a portfolio manager since it commenced operations in 2025.

**Sub-Adviser:** Crabel Capital Management, LLC

**Portfolio Managers:** Michael Pomada has served the Fund as a portfolio manager since its inception in 2025.

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**Sub-Adviser:** P/E Global LLC

**Portfolio Managers:** Warren Naphtal and David Souza, Jr. have each served the Fund as portfolio managers since its inception in 2025.

**Sub-Adviser:** DG Partners LLP

**Portfolio Manager:** David Gorton has served the Fund as a portfolio manager since its inception in 2025.

**Sub-Adviser:** Parametric Portfolio Associates, LLC

**Portfolio Manager:** Jennifer Mihara, Head of Equity Fund Management and Gordon Wotherspoon, Head of Equity SMA have served the Fund as a portfolio manager since its inception in 2025.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, wire transfer, website, or through your broker. You may also exchange shares of the Fund for shares of another Fund in the LoCorr Investment Trust. Redemptions will be paid by ACH, check or wire transfer. The minimum initial investment amount for Class A shares is $2,500. The minimum initial investment in Class I shares is $100,000. The minimum subsequent investment amount for all classes is $500. The Fund or its Adviser may waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan.

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

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**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT OBJECTIVES, STRATEGIES AND RELATED RISKS**

**Investment Objectives:**

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| | |
|:---|:---|
| LoCorr Macro Strategies Fund <br>("Macro Strategies Fund") | The Fund's primary investment objective is capital appreciation in rising and falling equity markets with managing volatility as a secondary objective. |
| LoCorr Long/Short Commodities Strategy Fund ("Commodities Fund") | The Fund's primary investment objective is capital appreciation in rising and falling commodities markets with managing volatility as a secondary objective. |
| LoCorr Market Trend Fund<br>("Market Trend Fund") | The Fund's primary investment objective is capital appreciation in rising and falling equity markets with managing volatility as a secondary objective.  |
| LoCorr Dynamic Opportunity Fund <br>("Dynamic Opportunity Fund") | The Fund's primary investment objective is long-term capital appreciation with reduced volatility compared to traditional broad-based equity market indices as a secondary objective. |
| LoCorr Spectrum Income Fund<br>("Spectrum Income Fund") | The Fund's primary investment objective is current income with capital appreciation as a secondary objective. |
| LoCorr Hedged Core Fund<br>("Hedged Core Fund") | The Fund's primary investment objective is capital appreciation in rising and falling equity and commodities markets with managing volatility as a secondary objective. |
| LoCorr Strategic Allocation Fund <br>("Strategic Allocation Fund") | The Fund's primary investment objective is capital appreciation. |

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Each Fund's investment objective, may be changed without shareholder approval by the Funds' Board of Trustees (the "Board of Trustees" or the "Board") upon 60 days' written notice to shareholders.

**Principal Investment Strategies:**

***Macro Strategies Fund***

The Macro Strategies Fund seeks to achieve its investment objectives by allocating assets using two principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Managed Futures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Fixed Income**

The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity markets. The Managed Futures strategy directly invests primarily in (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, and (v) swaps, each of which may be tied to currencies, interest rates, stock market indices, energy resources, metals, or agricultural products.

The Fund may also invest in exchange-traded Bitcoin and/or Ether Futures. Bitcoin and Ether are digital assets, also known as crypto, that can be transferred on a peer-to-peer basis. **The Fund does not invest directly in or hold Bitcoin or Ether.** Unlike traditional currencies, Crypto is decentralized, meaning that

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the supply of the respective crypto is not determined by a central government, but rather by software protocols that limit both the total amount that will be produced and the rate at which such crypto is released into its respective market/network. Each crypto network is a decentralized record of transactions that is kept in multiple locations and updated by multiple contributors to the network. In addition, the official ledger or record of who owns what crypto is not maintained by any central entity, but rather, is maintained by multiple different independent computers and entities simultaneously. Ownership and transaction records for crypto are protected through public-key cryptography on a "blockchain." Public-key cryptography uses a pair of keys to encrypt and decrypt data — a public key and a private key. The public key can be disclosed to others so that anyone can send encrypted data to the holder, but that data can only be decrypted with the holder's private key.

The crypto transactions are verified by "miners" for Bitcoin and "validators" for Ether. These miners and validators operate via networks that connect multiple computers that run open-source software which follows the rules and procedures covering each crypto's separate network. With respect to Bitcoin, miners create new Bitcoin by solving complex math problems that verify transactions in the digital asset. Miners support the Bitcoin network by adding new blocks of data on bitcoin transactions to the blockchain. To add bitcoin transactions to the blockchain, miners' computers must solve complex equations generated by the blockchain system. Miners are rewarded with a certain amount of bitcoin algorithmically determined by the blockchain system for supporting the Bitcoin network. Similarly, validators, also known as stakers, are responsible for processing ethereum transactions, storing data related to these transactions, and adding new blocks of data to the chain. Validators will receive an interest in the new blocks of chain.

Each separate crypto network is collectively maintained by developers (who propose improvements to the protocols) and users. Crypto is a relatively new asset class and is subject to unique and substantial risks, including the risk that the value of the Fund's investments could decline rapidly, including to zero. Crypto Futures have historically been more volatile than traditional asset classes.

The Fund will only invest in cash-settled Crypto Futures. "Cash-settled" means that when the relevant futures contract expires, if the value of the underlying digital asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. For example, in a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. Currently, the only such contracts are traded on, or subject to the rules of, the CME, a commodity exchange registered with the CFTC.

The Fund's investments in derivative instruments may be used as substitutes for securities, interest rates, currencies and commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Managed Futures strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Investments made according to the Fund's strategy will be made without restriction as to the country.

The Macro Strategies Fund will execute a portion of its Managed Futures strategy by directly investing in the Fund or by investing up to 25% of its total assets (measured at the time of purchase) in the Subsidiary. The Fund or the Subsidiary will invest the majority of its assets in futures contracts, forward contracts and other investments (short to medium term investment grade securities) intended to serve as margin or collateral for such contracts. The Subsidiary is managed by the Adviser, which selects sub-advisers to assist in the Subsidiary's management. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Fund does not intend to create or invest to gain primary control in an entity primarily engaged in investment activities other than the Subsidiary.

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The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to its Managed Futures strategy, as applicable, and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change, the portion allocated to each strategy may change.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) ABS, (5) MBS, (6) CMBS, (7) interest rate-related futures contracts, (8) interest rate-related or credit default-related swap contracts and (9) money market funds. Each Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency, such as Moody's or S&P, or, if unrated, determined to be of comparable quality. However, the fixed income portion of each Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Managed Futures strategy investments, as applicable, among asset classes and sub-strategies that are not expected to have returns that are highly correlated to each other or the equity or commodities markets, as applicable, and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than and not highly correlated to the equity or commodities markets or the Managed Futures strategy, as applicable.

***Commodities Fund***

The Commodities Fund seeks to achieve its investment objective by allocating assets using two principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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;&nbsp;&nbsp;&nbsp;&nbsp;**• Fixed Income**

The Commodities strategy is designed to produce capital appreciation by capturing returns related to the commodity markets. The Commodities strategy invests primarily in securities of one or more (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles, including commodity pools (collectively, "Underlying Funds") and derivative instruments, such as swap contracts, structured notes or other securities or derivatives, that provide exposure to the managers of Underlying Funds. Each Underlying Fund invests according to its manager's sub-strategy, long or short in one or a combination of: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to energy resources, metals, and agricultural products. To the extent the Fund uses swaps or structured notes under the Commodities strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Investments made according to the Fund's strategy will be made without restriction as to the country.

The Fund may also invest in exchange-traded Bitcoin and/or Ether Futures. Bitcoin and Ether are digital assets, also known as crypto, that can be transferred on a peer-to-peer basis. **The Fund does not invest directly in Bitcoin or Ether.** Unlike traditional currencies, Crypto is decentralized, meaning that the supply of the respective crypto is not determined by a central government, but rather by software protocols that limit both the total amount that will be produced and the rate at which such crypto is released into its respective market/network. Each crypto network is a decentralized record of transactions that is kept in multiple locations and updated by multiple contributors to the network. In addition, the

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official ledger or record of who owns what crypto is not maintained by any central entity, but rather, is maintained by multiple different independent computers and entities simultaneously. Ownership and transaction records for crypto are protected through public-key cryptography on a "blockchain." Public-key cryptography uses a pair of keys to encrypt and decrypt data — a public key and a private key. The public key can be disclosed to others so that anyone can send encrypted data to the holder, but that data can only be decrypted with the holder's private key.

The crypto transactions are verified by "miners" for Bitcoin and "validators" for Ether. These miners and validators operate via networks that connect multiple computers that run open-source software which follows the rules and procedures covering each crypto's separate network. With respect to Bitcoin, miners create new Bitcoin by solving complex math problems that verify transactions in the digital asset. Miners support the Bitcoin network by adding new blocks of data on bitcoin transactions to the blockchain. To add bitcoin transactions to the blockchain, miners' computers must solve complex equations generated by the blockchain system. Miners are rewarded with a certain amount of bitcoin algorithmically determined by the blockchain system for supporting the Bitcoin network. Similarly, validators, also known as stakers, are responsible for processing ethereum transactions, storing data related to these transactions, and adding new blocks of data to the chain. Validators will receive an interest in the new blocks of chain.

Each separate crypto network is collectively maintained by developers (who propose improvements to the protocols) and users. Crypto is a relatively new asset class and is subject to unique and substantial risks, including the risk that the value of the Fund's investments could decline rapidly, including to zero. Crypto Futures have historically been more volatile than traditional asset classes.

The Fund will only invest in cash-settled Crypto Futures. "Cash-settled" means that when the relevant futures contract expires, if the value of the underlying digital asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. For example, in a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. Currently, the only such contracts are traded on, or subject to the rules of, the CME, a commodity exchange registered with the CFTC.

The Commodities Fund will execute its Commodities strategy primarily by investing up to 25% of the Fund's total assets (measured at the time of purchase) in the Subsidiary. The Subsidiary will invest the majority of its assets in one or more Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. The Subsidiary is subject to the same investment restrictions as the Fund. The Fund does not intend to create or invest to gain primary control in an entity primarily engaged in investment activities other than the Subsidiary.

To the extent that the Adviser is utilizing derivatives to gain exposure to managers, it is anticipated that the Commodities Fund will use a swap designed to replicate the aggregate returns of the managers selected by the Adviser. The swap is based on a notional amount agreed upon by the Adviser and the counterparty. The Adviser may add or remove managers from the swap or adjust the notional exposure between the managers within the swap. Generally, the fees and expenses of the swap are based on the notional value. The Index is calculated by the counterparty to the Swap and includes a deduction for fees of the counterparty as well as management and performance fees of the managers. Because the Index is designed to replicate the returns of managers selected by the Adviser, the performance of the Fund will depend on the ability of the managers to generate returns in excess of the costs of the Index.

The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to its Commodities strategy and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change, the portion allocated to each strategy may change.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign

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governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) ABS, (5) MBS, (6) CMBS, (7) interest rate-related futures contracts, (8) interest rate-related or credit default-related swap contracts and (9) money market funds. Each Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency, such as Moody's or S&P, or, if unrated, determined to be of comparable quality. However, the fixed income portion of each Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Commodities strategy investments among asset classes and sub-strategies that are not expected to have returns that are highly correlated to each other or the equity or commodities markets, as applicable, and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than and not highly correlated to the equity or commodities markets or the Commodities strategy.

***Market Trend Fund***

The Market Trend Fund seeks to achieve its investment objectives by allocating its assets using two principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Market Trend" Strategy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• "Fixed Income" Strategy** 

The Market Trend strategy is a macro-oriented quantitative strategy that employs various investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. The Market Trend strategy is a quantitative trading system driven by trend-following models. The program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio, and employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the Market Trend strategy will be approximately 50 days; however, that average may differ depending on various factors and the program will make daily adjustments to positions based on both price activity and market volatility. The Fund's Adviser delegates management of the Fund's Market Trend strategy portfolio to a sub-adviser, GCM.

The program trades in a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities. When trading derivative instruments, such as futures or forward contracts, the Fund is only required to post initial or variation margin with the exchange or clearing broker. The use of margin in trading these instruments has the effect of creating leverage, which can expose the Fund to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of the Fund's returns. Volatility is a statistical measure of the dispersion of returns of an investment, where higher volatility generally indicates greater risk. GCM employs macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. GCM expects the average holding period of instruments traded pursuant to the Market Trend strategy, will be approximately 50 days, although the daily adjustments will be made to positions based on both price activity and market volatility.

The Fund will execute a portion of its Market Trend strategy by directly investing in the Fund or by investing up to 25% of its total assets (measured at the time of purchase) in the Subsidiary. The Fund or the Subsidiary will invest the majority of its assets in futures contracts and forward contracts and other investments (short to medium term investment grade securities) intended to serve as margin or collateral

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for such contracts. The Subsidiary is managed by the Adviser and sub-advised by GCM and is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Fund does not intend to create or invest to gain primary control in an entity primarily engaged in investment activities other than the Subsidiary.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) U.S. ABS, (5) U.S. residential MBS, (6) U.S. CMBS, (7) interest rate-related futures contracts, (8) interest rate-related or credit default swap contracts and (9) money market funds. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's or S&P, or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Fund's Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser, Nuveen.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Market Trend strategy investments, as applicable, among asset classes and sub-strategies that are not expected to have returns that are highly correlated to each other or the equity or commodities markets, as applicable, and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than and not highly correlated to the equity or commodities markets or the Market Trend strategy, as applicable.

The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to its Market Trend strategy, as applicable, and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change the portion allocated to each strategy may change. Notwithstanding such allocation of assets, Fund returns are expected to primarily reflect the returns of the Market Trend strategy given its higher expected volatility.

The Fund may invest in short-term investment grade fixed income securities and money market funds for cash management purposes. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's or S&P, or, if unrated, determined to be of comparable quality.

The Adviser and the LoCorr Funds were granted an exemptive order from the SEC that permits the Adviser, with the Board of Trustees approval, to enter into or amend sub-advisory agreements without obtaining shareholder approval. The order eliminates the need for a shareholder meeting to approve sub-advisors. Shareholders will be notified if a new sub-adviser is employed by the Adviser.

It is the responsibility of the sub-advisers, under the direction of the Adviser, to make day-to-day investment decisions for the Fund. The sub-advisers also place purchase and sell orders for portfolio transactions of the Fund in accordance with the Fund's investment objective and policies.

***Dynamic Opportunity Fund***

Under normal market conditions, the Dynamic Opportunity Fund invests in long or short positions in equity securities of domestic and foreign companies. The Fund defines equity securities as (1) common stocks, (2) preferred stocks and (3) debt securities that are convertible into stock. The Fund invests in securities of issuers without restriction as to capitalization or country, including emerging markets. The Fund invests in convertible debt securities of any maturity or credit quality, including those known as "junk bonds." Junk bonds are rated below Baa3 by Moody's or equivalently by another NRSRO. The Fund may invest a portion of its assets in private placement offerings which may be illiquid.

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The Adviser seeks to achieve the Fund's primary investment objective of long-term capital appreciation by using a "long/short equity" strategy that is executed by allocating assets to a sub-adviser that has a long/short equity investment strategy. The Adviser may also engage an additional sub-adviser or sub-advisers if it believes they will enhance the Fund's performance or reduce volatility. The Adviser will also use one or more ETFs to execute a portion of the long/short equity strategy rather than allocate assets to a sub-adviser, when it believes that doing so will help the Fund achieve its investment objective. The Fund anticipates reduced return volatility when compared to traditional broad-based equity market indices because the short element of its strategies is expected to produce a hedging effect.

***Spectrum Income Fund***

The Fund seeks to achieve its investment objectives by allocating assets primarily among income-producing securities using an "income" strategy.

The Income strategy employed by the Fund's sub-adviser attempts to produce current income and capital appreciation. The primary focus of this portfolio is exchange traded "pass-through" securities that distribute substantially all of their profits directly to their shareholders. The main categories of such securities include REITs, MLPs, CEFs, Royalty Trusts, and BDCs. In addition to such securities, the sub-adviser may include in the portfolio exchange traded common stocks and bonds, including those issued by foreign entities. These securities may be of any market capitalization or, in the case of bonds, any maturity or credit quality. These may include bonds of higher yield and higher risk, commonly called "junk bonds" that may be rated BB+ and below by S&P or similarly rated by another NRSRO.

To reduce overall portfolio market risk or security specific risk, the Adviser may employ hedging strategies. These strategies attempt to mitigate potential losses in value in certain Fund holdings. The Adviser attempts to hedge risks by investing long and/or short in exchange-traded futures, ETFs and exchange-traded and over-the-counter options, selling securities short and entering into swap contracts. The Adviser takes short positions in equity or interest rate futures contracts to protect against declines in the equity market and debt market, respectively. The Adviser may also invest in inverse ETFs (those that are designed to have price changes that move in the opposite direction of a market index) to protect against declines in the equity market and debt market. The Adviser may invest in protective put options that give the Fund the right to sell a security at a specific price regardless of the decline in the market price. The Adviser may also combine long and short (written) put and call options in "spread" transactions that are designed to protect the Fund over a range of price changes. Short selling is also used to hedge against overall market or sector price declines. Similarly, swaps contracts (agreements to exchange payments based on price changes in an index or specific security) are used to hedge against overall market, sector or security-specific price declines.

The composition of the portfolio will vary over time according to the sub-adviser's evaluation of economic and market conditions, including prospects for growth and inflation, as they affect the potential returns from different classes of securities. This strategic evaluation is combined with fundamental research on the individual securities considered for inclusion in the portfolio in order to determine the composition of the portfolio at any point in time. Depending on market conditions, the Fund's assets may be solely allocated to its Income Strategy for significant periods of time.

***Non-Principal Investment Strategy***. As a non-principal investment strategy, the Adviser may employ a loan investment strategy (the "Loan Investment Strategy"). The Loan Investment Strategy is designed to produce current income and capital appreciation through investment in Underlying Funds including (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles focused on the origination, funding and structuring of real estate-related loans, including mezzanine loans, first and second mortgage loans, subordinated mortgage loans, bridge loans, and other loans related to high quality commercial real estate in the U.S., as well as through the acquisition of equity participations in the real estate, which serves as underlying collateral of such loans, and preferred equity investments. Underlying Funds may hold loans of any maturity or quality.

The Adviser will seek to invest in Underlying Funds that generate a low volatility income stream of attractive and consistent cash distributions. The Adviser's focus on Underlying Funds that originate and acquire debt and debt-like instruments will emphasize the payment of current returns to investors and the

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preservation of invested capital. The Adviser also believes that the investments made under the Loan Investment Strategy may offer the potential for capital appreciation.

The Adviser will invest in Underlying Funds that mainly aim to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• focus on the origination of new loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest in fixed rate rather than floating rate loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest in loans expected to be realized within one to five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maximize current income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lend to creditworthy borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lend on properties leased to high-quality tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maximize diversification by property type, geographic location, tenancy and borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• source investments in existing loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• focus on small to mid-sized loans of approximately $3 million to $20 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest in loans not exceeding 80% of the current value of the underlying property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hold investments until maturity unless, in the manager's judgment, market conditions warrant earlier disposition.

***Hedged Core Fund***

The Fund seeks to achieve its investment objectives by allocating assets using three principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Managed Futures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Commodities Futures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Fixed Income**

The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity markets. The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity and financial markets by investing long or short in: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) currencies including Bitcoin and Ether cryptoassets, (b) interest rates, (c) stock market indices, (d) energy resources, (e) metals or (f) agricultural products. These derivative instruments may be used as substitutes for securities, interest rates, currencies and commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Managed Futures strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Investments made according to the Fund's strategy will be made without restriction as to the country. The Fund will only seek investment exposure to Bitcoin and Ether through investment in cash-settled futures contracts that trade on a U.S. regulated exchange. The Fund's investment in Bitcoin and Ether futures will be limited, on an aggregate notional basis, to 5% of the Fund's assets. **The Fund does not invest directly in or hold Bitcoin or Ether.**

The Commodities strategy is designed to produce capital appreciation by capturing returns related to the commodities markets by investing primarily in securities of one or more (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles, including commodity pools (collectively, "Underlying Funds") and derivative instruments, such as swap contracts, structured notes or other securities or derivatives, that provide exposure to the managers of Underlying Funds. Each Underlying Fund invests according to its manager's sub-strategy, long or short in one or a combination of: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) energy resources, (b) metals or (c) agricultural products. These derivative instruments are used as substitutes for commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Commodities strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and

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their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Commodities sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Commodities strategy investments are made without restriction as to the Underlying Fund's country.

To the extent the Adviser is utilizing derivatives to gain exposure to managers, it is anticipated that the Fund uses a total return swap (the "Swap"), a type of derivative instrument based on a customized index (the "Index") designed to replicate the aggregate returns of the managers selected by the Adviser. The swap is based on a notional amount agreed upon by the Adviser and the counterparty. The Adviser may add or remove managers from the swap or adjust the notional exposure between the managers within the swap. Generally, the fees and expenses of the swap are based on the notional value. The Index is calculated by the counterparty to the Swap and includes a deduction for fees of the counterparty as well as management and performance fees of the managers. Because the Index is designed to replicate the returns of managers selected by the Adviser, the performance of the Fund will depend on the ability of the managers to generate returns in excess of the costs of the Index.

The Fund will execute a portion of its Managed Futures and Commodities strategies by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary will invest the majority of its assets in futures contracts, forward contracts and other investments (short to medium term investment grade securities) intended to serve as margin or collateral for such contracts. The Subsidiary is managed by the Adviser, which selects sub-advisers to assist in the Subsidiary's management. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.

The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) ABS, (5) MBS, (6) CMBS, (7) interest rate-related futures contracts and (8) interest rate-related or credit default-related swap contracts. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency, such as Moody's or S&P, or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund's portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Adviser delegates management of the Fund's Fixed Income strategy portfolio to a sub-adviser.

The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Managed Futures and Commodities strategy investments, as applicable, among asset classes and sub-strategies that are not expected to have returns that are highly correlated to each other or the equity or commodities markets, as applicable, and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than and not highly correlated to the equity or commodities markets or the Managed Futures and Commodities strategies, as applicable.

***Strategic Allocation Fund***

The Fund seeks to achieve its investment objectives by allocating assets using three principal strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp;Managed Futures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp;Equities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income**

The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity markets. The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity and financial markets by investing long or short in: (i) futures,

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(ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) currencies and Bitcoin and Ethereum cryptoassets, (b) interest rates, (c) stock market indices, (d) energy resources, (e) metals or (f) agricultural products. These derivative instruments may be used as substitutes for securities, interest rates, currencies and commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Managed Futures strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Investments made according to the Fund's strategy will be made without restriction as to the country. The Fund will only seek investment exposure to bitcoin and ether through investment in cash-settled futures contracts that trade on a U.S. regulated exchange. The Fund's investment in bitcoin and ether futures will be limited, on an aggregate notional basis, to 5% of the Fund's assets. **The Fund does not invest directly in or hold bitcoin or ether.**

The Fund will execute a portion of its Managed Futures strategy by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary will invest the majority of its assets in futures contracts, forward contracts and other investments (short to medium term investment grade securities) intended to serve as margin or collateral for such contracts. The Subsidiary is managed by the Adviser, which selects sub-advisers to assist in the Subsidiary's management. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.

The Equity strategy invests in domestic large cap common stocks of domestic issuers. The Fund's Equity strategy seeks to target its equity exposure in a risk-managed and tax efficient manner. Buy and sell decisions are made based on two objectives 1) to provide exposure to the target benchmark with low predicted tracking error and 2) to provide tax management of the fund through tax loss harvesting or gain deferral so as to account for the taxes payable by shareholders in connection with distributions of investment income and net realized gains.

The Fund's Adviser primarily delegates management of the Fund's Equity strategy to one or more sub-advisers. The Fund's Adviser expects that approximately 50% of the Fund's investment exposure will be allocated to the Equity strategy.

The Fund's remaining assets will be invested in its Fixed Income strategy. The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in U.S. Treasury securities, money market funds and other cash equivalents., some or all of which will serve as collateral or margin for the Fund's investments in futures contracts.

From time to time, the Fund's investment exposure to either its Managed Futures strategy or Fixed Income strategy may be more or less than 50% of the Fund's assets due to market movements. If the Fund's Managed Futures or Fixed Income investment exposure is above or below the targeted 50% allocation by a specified threshold, the Adviser will seek to rebalance the Fund's portfolio, subject to market conditions.

***<u>All Funds</u>***

The Funds may invest in short-term investment grade fixed income securities and money market funds for cash management purposes. The Funds define investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's or S&P, or, if unrated, determined to be of comparable quality.

The Adviser and the LoCorr Funds were granted an exemptive order from the Securities and Exchange Commission that permits the Adviser, with the Board's approval, to enter into or amend sub-advisory agreements without obtaining shareholder approval. The order eliminates the need for a shareholder meeting to approve sub-advisors. Shareholders will be notified if a new sub-adviser is employed by the Adviser.

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It is the responsibility of the sub-advisers, under the direction of the Adviser, to make the day-to-day investment decisions for the Fund. The sub-advisers also place purchase and sell orders for portfolio transactions of the Fund in accordance with the Fund's investment objective and policies.

**ADVISER'S INVESTMENT PROCESS**

***Macro Strategies Fund***

The Adviser will pursue the Macro Strategies Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sub-adviser Selection</u> represents the process through which the Adviser selects sub-advisers it believes can successfully execute the Fund's overall investment strategies. The Adviser also monitors and evaluates the performance of the sub-advisers; and implements procedures to ensure each sub-adviser complies with the Fund's investment policies and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the Adviser believes each Fund, over time, will not be highly correlated to the equity or commodities markets, as applicable, and will provide the potential for reducing volatility in investors' portfolios.

***Commodities Fund***

The Adviser will pursue the Commodities Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Underlying Fund Selection</u> by the Adviser, or including an Underlying Fund in a derivative investment designed to replicate the returns of an Underlying Fund, represents the result of quantitative and qualitative reviews that identify Underlying Funds and their managers chosen for their alternative investment market niche (investments other than stocks and bonds), historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify Underlying Funds with above-average expected returns and lower-than-average volatility.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the Adviser believes each Fund, over time, will not be highly correlated to the equity or commodities markets, as applicable, and will provide the potential for reducing volatility in investors' portfolios.

The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.

***Market Trend Fund***

The Adviser will pursue the Market Trend Fund's investment objectives, in part, by utilizing its sub-adviser selection and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** <u>Sub-adviser Selection</u>. The Adviser selects sub-advisers it believes can successfully execute the Fund's overall investment strategies. The Adviser also monitors and evaluates the performance of the sub-advisers; and implements procedures to ensure each sub-adviser complies with the Fund's investment policies and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u>. The Adviser manages the expected volatility of the Fund's returns by monitoring the interaction and correlation of the returns between the Market Trend and Fixed

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Income strategies. Using this risk management process, the Adviser believes the Fund's returns, over time, will not be highly correlated to the equity markets and will provide the potential for reducing volatility in investors' portfolios. The Adviser may also conduct further analysis to assess securities and investments. The Adviser's quantitative analysis utilizes historical market price data and forecasts to assess correlation of returns and volatility.

***Dynamic Opportunity Fund***

The Adviser will pursue the Dynamic Opportunity Fund's investment objectives, in part, by utilizing its investment and risk management process.

<u>Sub-adviser Selection</u> represents the result of quantitative and qualitative reviews that identify a sub-adviser chosen for its long/short equity market niche, historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser or sub-advisers that can produce above-average expected returns. The Adviser replaces a sub-adviser when its returns are below expectations or it deviates from its traditional investment process.

These equity long/short strategies are designed to take long and short positions by trading in equity securities of U.S. and foreign issuers in an attempt to achieve capital appreciation. These long/short strategies include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• *Generalist*. Generalist strategies maintain positions both long and short in equity securities of any industry sector or country.

&nbsp;&nbsp;&nbsp;&nbsp;• *Sector-Focused*. Sector-focused strategies employ investment processes designed to identify long and short opportunities in securities in specific niche areas of the market in which the sub-adviser maintains a level of expertise which exceeds that of a market generalist in identifying companies engaged in the production and procurement of inputs to industrial processes, and implicitly sensitive to the direction of price trends as determined by shifts in supply and demand factors, and implicitly sensitive to the direction of broader economic trends.

&nbsp;&nbsp;&nbsp;&nbsp;• *International*. International strategies employ investment processes designed to identify long and short opportunities in securities in specific niche areas of the global non-U.S. market, in which the sub-adviser maintains a level of expertise which exceeds that of a market generalist in identifying companies engaged in the production and procurement of inputs to industrial processes, and implicitly sensitive to the direction of price trends as determined by shifts in supply and demand factors, and implicitly sensitive to the direction of broader economic trends. *Variable Biased Strategies*. Variable Biased strategies may vary the investment level or the level of long and/or short exposure over market cycles, but the primary distinguishing characteristic is that the sub-adviser seeks to drive performance through tactical adjustments to gross and net market exposures.

Risk Management represents the ongoing attention to the historical return performance of a long/short equity sub-adviser as well as the interaction or correlation of returns between long/short equity strategies. The Adviser believes that selecting a sub-adviser through this process may mitigate losses in generally declining markets because the Fund will be invested utilizing strategies that are not correlated to general market trends. However, there can be no assurance that losses will be avoided. Investment strategies that have historically been non-correlated to general market trends or have demonstrated low correlations to general market trends may become correlated at certain times, such as during a liquidity crisis in global financial markets. During such periods, certain hedging strategies may cease to function as anticipated.

***Spectrum Income Fund***

The Adviser will pursue the Spectrum Income Fund's investment objectives, in part, by utilizing its investment and risk management process.

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&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sub-adviser Selection</u> represents the process through which the Adviser selects sub-advisers it believes can successfully execute the Fund's overall investment strategies. The Adviser also monitors and evaluates the performance of the sub-advisers; and implements procedures to ensure each sub-adviser complies with the Fund's investment policies and restrictions.

The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.

***Hedged Core Fund***

The Adviser will pursue the Hedged Core Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Underlying Fund Selection</u> by the Adviser, or including an Underlying Fund in a derivative investment designed to replicate the returns of an Underlying Fund, represents the result of quantitative and qualitative reviews that identify Underlying Funds and their managers chosen for their alternative investment market niche (investments other than stocks and bonds), historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify Underlying Funds with above-average expected returns and lower-than-average volatility.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the Adviser believes the Fund, over time, will not be highly correlated to the equity or commodities markets, as applicable, and will provide the potential for reducing volatility in investors' portfolios.

The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.

***Strategic Allocation Fund***

The Adviser will pursue the Strategic Allocation Fund's investment objectives, in part, by utilizing its investment and risk management process.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>Sub-Adviser Selection</u> represents the result of quantitative and qualitative reviews that will identify a sub-adviser chosen for its managed futures expertise, historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser that can produce positive, risk-adjusted returns. The Adviser replaces a sub-adviser when its returns are below expectations or it deviates from its traditional investment process with respect to changes in its investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>Risk Management</u> represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the Adviser believes each Fund, over time, will not be highly correlated to the equity or commodities markets, as applicable, and will provide the potential for reducing volatility in investors' portfolios.

The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.

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**SUB-ADVISER'S INVESTMENT PROCESS**

***Macro Strategies Fund***

GCM serves as a sub-adviser to the Macro Strategies Fund. GCM executes the strategy within the Macro Strategies Fund by employing macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. The strategy within the Macro Strategies Fund is a quantitative trading system driven by trend-following models. This program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio. The strategy employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the strategy within the Macro Strategies Fund will be approximately six to eight weeks; however, that average may differ depending on various factors and the system will make daily adjustments to positions based on both price activity and market volatility. The program trades a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities.

The strategy executed by GCM within the Macro Strategies Fund utilizes a risk overlay model to better control exposure across individual markets and sectors and avoid excessive concentration of investments in a particular market or sector. The overlay model applies sophisticated risk management techniques to the trading signals generated by the sub-models of the strategy within the Macro Strategies Fund to enhance the returns of a conventional momentum model. The risk overlay model is designed to diversify risk across markets and sectors, smooth the volatility of the portfolio and lower execution costs by reducing excessive trading.

Millburn serves as a sub-adviser to the Macro Strategies Fund. Millburn invests in a diversified portfolio of futures, forward and spot contracts (and may also invest in option and swap contracts) on currencies, interest rate instruments, stock indices, metals, energy and agricultural commodities. Millburn invests globally pursuant to its proprietary quantitative and systematic trading methodology, based upon signals generated from an analysis of price, price-derivatives, fundamental and other quantitative data. Millburn's trading methods include technical trend analysis, certain non-traditional technical systems (i.e., systems falling outside of traditional technical trend analysis) and money management principles, each of which may be revised from time to time. The objective of Millburn's investment and trading methods is to consider multiple data inputs, or "factors," in order to arrive at relatively near-term return forecasts for each traded instrument, and take appropriate, risk-managed positions. Millburn's approach employs models that analyze data inputs over a time spectrum from several minutes to multiple years.

Millburn manages its allocated Fund assets by seeking to construct maximum diversification subject to liquidity and sector concentration constraints. Each market is traded using a diversified set of trading systems, which may be optimized for groups of markets, sectors or specific markets. The following factors, among others, are considered in constructing a universe of markets to trade: profitability, liquidity of markets, professional judgment, desired diversification, transaction costs, exchange regulations and depth of market.

Risk management also plays an integral role in portfolio design and construction. Millburn sizes the position in each market traded, taking into account its measurement of risk based on price level and volatility in that market. Market exposure is then managed by position-sizing models, which measure the risk in the portfolio's position in each market. In the event the model determines that the risk has changed beyond an acceptable threshold, it will signal a change in the position — a decrease in position size when risk increases and an increase in position size when risk decreases. Utilizing its position-sizing models, Millburn seeks to maintain overall portfolio risk and distribution of risk across markets within designated ranges.

Revolution serves as a sub-adviser to the Macro Strategies Fund. Revolution focuses on short-term, systematic and quantitative trading, applying rigorous statistical analysis to all aspects of research, development, and operations. The systems are designed in order to provide superior risk-adjusted returns while maintaining low correlations both to traditional equity and bond investments as well as the trend-

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following strategies often employed by commodity trading advisors. Revolution manages its allocated Fund assets by seeking to implement a fully-diversified, short- to medium-term, multi-strategy program, utilizing pattern-recognition methodology. Trade durations range from hours to weeks, with an average six-day holding period. The diversified market set includes equity indices, interest rates, currencies, energies, metals, and agricultural instruments, and return volatility is targeted to 12% on an annualized basis.

Due to the short-term nature of the trading, signal generation and trade execution are performed on a fully-automated basis throughout each trading day, but with full human oversight. Sophisticated execution algorithms have been designed to minimize transactional costs, and execution efficiency is continually monitored and improved when possible.

Niederhoffer serves as one of the Fund's sub-advisers. Niederhoffer provides asset management services for the Fund using its Smart Alpha Program. The R.G. Niederhoffer Smart Alpha Program seeks to achieve three key objectives: (1) Stable absolute returns regardless of market environment, with zero correlation to Fixed Income, Equities and Hedge Funds; (2) Strong, consistent downside and upside protection for portfolios containing Global Bonds, Global Equities, Hedge Funds, and CTAs, and (3) Daily/monthly liquidity and high transparency.

The manager's 30 years of research into how behavioral biases affect financial markets has identified over 60 situations in which markets are predictable. To extract these unique sources of alpha, the firm's trading systems algorithmically generate investments, 24 hours a day, on both the long and short side, in the world's most liquid futures and F/X markets, with trade durations averaging 1.5 days. The strategy has performed particularly well in volatile market conditions when investors are most susceptible to biased, predictable behavior. Because of this, historically, the strategy has typically performed better during periods of heightened market volatility.

Nuveen, serves as a sub-adviser to the Macro Strategies Fund, selects securities for the Fund's Fixed Income strategy using a "top-down" approach that begins with the formulation of Nuveen's general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, Nuveen selects individual securities within these sectors or industries that it believes have above peer-group expected yield, potential for capital preservation or appreciation. In addition to selecting more traditional investments such as government and corporate bonds, Nuveen also selects ABS, MBS, CMBS and derivatives when it believes these investments offer higher yield or better prospects for capital preservation or appreciation than competing investments.

MBS in which the Macro Strategies Fund may invest represent participation interests in pools of one-to-four family residential mortgage loans originated by private mortgage originators, as well as multi-family residential loans. CMBS represent participation interests in pools of commercial property mortgage loans originated by private mortgage originators. ABS represent interests in pools of loans originated by private lenders, some of which may be government approved or affiliated lenders. Typically, an asset-backed security is issued by a special purpose vehicle ("SPV"), such as a business trust or limited liability company, whose value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying loans. The pool of loans is usually a group of small-dollar amount loans taken for the same or similar purpose, such as student loans, car loans, or credit card loans, but could include cash flows from loans on aircraft, royalty payments and movie revenues.

Nuveen will use credit default swaps ("CDS") as part of a replication tactic whereby the Macro Strategies Fund combines a credit default swap on a portfolio of bonds or a single bond with investments in high quality securities, such as U.S. Treasury bills, as an economic substitute for a portfolio of bonds or an individual bond. The sub-adviser may also use CDS to protect against the economic effect of an issuer's default. A CDS is typically a two-party (bilateral) financial contract that transfers credit risk exposure between the two parties. The Macro Strategies Fund will enter into a CDS by executing an International Swaps and Derivatives Association (ISDA) master agreement, which provides globally-accepted standardized legal documentation for a variety of swap transactions including CDS. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These

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payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Macro Strategies Fund to obtain credit risk exposure similar to that of a direct investment in bonds.

Nuveen uses futures contracts and interest rate swaps to hedge or manage the Fund's interest rate risk exposure. To reduce interest rate risk, the Fund will take a short position in an interest rate-related futures contract or a similar position in an interest rate swap contract whereby the Macro Strategies Fund agrees to make fixed payments in exchange for receiving floating rate payments that reset according to a reference index such as the London Interbank Offered Rate ("LIBOR"). The Macro Strategies Fund may also take long positions in futures or swaps to fine-tune or adjust its portfolio interest rate risk profile.

Generally, Nuveen selects futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. Nuveen sells securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

***Macro Strategies Fund Subsidiary***

The Macro Strategies Fund will execute its Managed Futures strategy, primarily, by investing up to 25% of its total assets (measured at the time of purchase) in the Managed Futures strategy, part of which will be invested by the Fund's sub-advisers and part of which will be invested in a wholly-owned and controlled Subsidiary. The Subsidiary will invest the majority of its assets in futures, forwards, options, spot contracts, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. However, the Fund may also make Managed Futures investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. Specifically, the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code. Subchapter M requires, among other things, that at least 90% of the Fund's income be derived from securities or derived with respect to its business of investing in securities (typically referred to as "qualifying income"). The Fund will make investments in certain commodity-linked derivatives through the Subsidiary because income from these derivatives is not treated as "qualifying income" for purposes of the 90% income requirement if the Fund invests in the derivative directly.

The IRS has issued a number of private letter rulings to other mutual funds (including the Macro Strategies Fund and mutual funds unrelated to the Fund), which indicate that certain income from a fund's investment in a wholly-owned foreign subsidiary will constitute "qualifying income" for purposes of Subchapter M. The Macro Strategies Fund is relying on a private letter ruling from the IRS, which indicates that income from the Fund's investment in the Subsidiary will constitute "qualifying income" for purposes of Subchapter M. To satisfy the 90% income requirement, the Subsidiary will, no less than annually, declare and distribute a dividend to the Fund, as the sole shareholder of the Subsidiary, in an amount approximately equal to the total amount of "Subpart F" income (as defined in Section 951 of the Code) generated by or expected to be generated by the Subsidiary's investments during the fiscal year. Such dividend distributions are "qualifying income" pursuant to Subchapter M (Section 851(b)) of the Code.

The IRS has proposed regulations signaling its intent to stop issuing further private letter rulings regarding qualifying income from wholly-owned foreign subsidiaries and, if these regulations are passed in substantially the form as proposed, the IRS may revoke all outstanding private letter rulings on this issue. As a result, the IRS may no longer consider the income from the Fund's investment in the Subsidiary to be qualifying income, and the Fund may not qualify as a registered investment company for one or more years. However, the Fund intends to take the position that income from its investments in the Subsidiary will constitute "qualifying income," and the Fund will take care to ensure that the Subsidiary distributes all of its Subpart F income to the Fund each year so as to preserve its status as a registered investment

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company. In addition, future legislation, Treasury Regulations or IRS guidance could adversely affect the ability of the Fund or the Subsidiary to operate as described in this Prospectus.

Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

The Fund and the Subsidiary are "commodity pools" under the U.S. Commodity Exchange Act, and the advisor is a "commodity pool operator" registered with and regulated by the CFTC. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary under CFTC and SEC harmonized regulations.

***Commodities Fund***

Nuveen also serves as a sub-adviser to the Commodities Fund using the same investment strategy described above for the Macro Strategies Fund.

***Commodities Fund Subsidiary***

The Commodities Fund will execute its Commodities strategy, primarily, by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Subsidiary. The Subsidiary will invest the majority of its assets in one or more Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. However, the Fund may also make Commodities strategy investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. Specifically, the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code. Sub-chapter M requires, among other things, that at least 90% of the Fund's income be derived from securities or derived with respect to its business of investing in securities (typically referred to as "qualifying income"). The Fund will make investments in certain commodity-linked derivatives through the Subsidiary because income from these derivatives is not treated as "qualifying income" for purposes of the 90% income requirement if the Fund invests in the derivative directly.

The IRS has issued a number of private letter rulings to other mutual funds (including the Macro Strategies Fund and mutual funds unrelated to the Fund), which indicate that certain income from a fund's investment in a wholly-owned foreign subsidiary will constitute "qualifying income" for purposes of Subchapter M. The Fund does not have a private letter ruling, but fully intends to comply with the IRS' rules if the IRS were to change its position. To satisfy the 90% income requirement, the Subsidiary will, no less than annually, declare and distribute a dividend to the Fund, as the sole shareholder of the Subsidiary, in an amount approximately equal to the total amount of "Subpart F" income (as defined in Section 951 of the Code) generated by or expected to be generated by the Subsidiary's investments during the fiscal year. Such dividend distributions are "qualifying income" pursuant to Subchapter M (Section 851(b)) of the Code.

The IRS has proposed regulations signaling its intent to stop issuing further private letter rulings regarding qualifying income from wholly-owned foreign subsidiaries and, if these regulations are passed in substantially the form as proposed, the IRS may revoke all outstanding private letter rulings on this issue. As a result, the IRS may no longer consider the income from the Fund's investment in the Subsidiary to be qualifying income, and the Fund may not qualify as a registered investment company for one or more years. However, the Fund intends to take the position that income from its investments in the Subsidiary will constitute "qualifying income," and the Fund will take care to ensure that the Subsidiary distributes all of its Subpart F income to the Fund each year so as to preserve its status as a registered investment company. In addition, future legislation, Treasury Regulations or IRS guidance could adversely affect the ability of the Fund or the Subsidiary to operate as described in this Prospectus.

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Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

The Fund and the Subsidiary are "commodity pools" under the U.S. Commodity Exchange Act, and the Adviser is a "commodity pool operator" registered with and regulated by the CFTC. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary under CFTC and SEC harmonized regulations.

***Market Trend Fund***

GCM executes the Market Trend strategy by employing macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. The Market Trend strategy is a quantitative trading system driven by trend-following models. This program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio. The strategy employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the Market Trend strategy will be approximately 50 days; however, that average may differ depending on various factors and the system will make daily adjustments to positions based on both price activity and market volatility. The program trades a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities.

The Market Trend strategy utilizes a risk overlay model to better control exposure across individual markets and sectors and avoid excessive concentration of investments in a particular market or sector. The overlay model applies sophisticated risk management techniques to the trading signals generated by the sub-models of the Market Trend strategy to enhance the returns of a conventional momentum model. The risk overlay model is designed to diversify risk across markets and sectors, smooth the volatility of the portfolio and lower execution costs by reducing excessive trading.

Nuveen selects securities for the Fund's Fixed Income strategy using a "top-down" approach that begins with the formulation of its general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, Nuveen selects individual securities within these sectors or industries that it believes have above peer-group expected yield, potential for capital preservation or appreciation. In addition to selecting more traditional investments such as government and corporate bonds, Nuveen also selects ABS, MBS, CMBS and derivatives when it believes these investments offer higher yield or better prospects for capital preservation or appreciation than competing investments.

MBS in which the Fund may invest represent participation interests in pools of one-to-four family residential mortgage loans originated by private mortgage originators, as well as multi-family residential loans. CMBS represent participation interests in pools of commercial property mortgage loans originated by private mortgage originators. ABS represent interests in pools of loans originated by private lenders, some of which may be government approved or affiliated lenders. Typically, an asset-backed security is issued by a SPV, such as a business trust or limited liability company, whose value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying loans. The pool of loans is usually a group of small-dollar amount loans taken for the same or similar purpose, such as student loans, car loans, or credit card loans, but could include cash flows from loans on aircraft, royalty payments and movie revenues.

Nuveen will use CDS as part of a replication tactic whereby the Fund combines a (1) CDS on a portfolio of bonds or a single bond with investments in (2) high quality securities, such as U.S. Treasury bills, as an economic substitute for a portfolio of bonds or an individual bond. Nuveen may also use CDS to protect against the economic effect of an issuer's default. A CDS is typically a two-party (bilateral) financial

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contract that transfers credit risk exposure between the two parties. The Fund will enter into a CDS by executing an International Swaps and Derivatives Association (ISDA) master agreement, which provides globally-accepted standardized legal documentation for a variety of swap transactions including a CDS. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Fund to obtain credit risk exposure similar to that of a direct investment in bonds.

Nuveen uses futures contracts and interest rate swaps to hedge or manage the Fund's interest rate risk exposure. To reduce interest rate risk, the Fund will take a short position in an interest rate-related futures contract or a similar position in an interest rate swap contract whereby the Fund agrees to make fixed payments in exchange for receiving floating rate payments that reset according to a reference index such as the London Interbank Offered Rate (LIBOR). The Fund may also take long positions in futures or swaps to fine-tune or adjust its portfolio interest rate risk profile.

Generally, Nuveen selects futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. Nuveen sells securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

***Market Trend Fund Subsidiary***

The Fund will execute its Market Trend strategy, in part, by directly investing in the Fund or by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Subsidiary. The Fund or the Subsidiary will invest the majority of its assets in futures contracts, forward contracts and other investments intended to serve as margin or collateral for futures positions. However, the Fund expects to make Market Trend investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. By investing in commodities indirectly, via futures, through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. Specifically, the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Subchapter M requires, among other things, that at least 90% of the Fund's income be derived from securities or derived with respect to its business of investing in securities (typically referred to as "qualifying income"). The Fund will make investments in commodity futures through the Subsidiary because income from these derivatives is not treated as "qualifying income" for purposes of the 90% income requirement if the Fund invests in the derivative directly. The IRS has issued a number of private letter rulings to other mutual funds (including another fund in the LoCorr Investment Trust), which indicate that certain income from a fund's investment in a wholly-owned foreign subsidiary will constitute "qualifying income" for purposes of Subchapter M. The Fund does not have a private letter ruling. Since the Fund does not have a private letter ruling, to satisfy the 90% income requirement, the Subsidiary will, no less than annually, declare and distribute a dividend to the Fund, as the sole shareholder of the Subsidiary, in an amount approximately equal to the total amount of "Subpart F" income (as defined in Section 951 of the Code) generated by or expected to be generated by the Subsidiary's investments during the fiscal year. Such dividend distributions are "qualifying income" pursuant to Subchapter M (Section 851(b)) of the Code.

Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund when viewed on a consolidated basis.

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The Fund and the Subsidiary are each a "commodity pool" under the U.S. Commodity Exchange Act, and the Adviser is a "commodity pool operator" registered with and regulated by the CFTC. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary under CFTC and SEC harmonized regulations.

***Dynamic Opportunity Fund***

KHCM serves as the Fund's sub-adviser. KHCM's investment strategy is a value-oriented, fundamentals- and research-driven, bottom-up equity long/short approach. The strategy focuses on unique risk-reward strategies within the all-cap equity universe, seeking to generate superior absolute returns over the investment cycle and balancing the return potential of the portfolio against risks inherent in individual stocks, industry selection, all-cap investing, and broader markets and economies. From these companies, KHCM identifies stocks with powerful, non-consensus catalysts and evaluates their risk-reward discipline, searching for ideas with 50% upside/10% downside characteristics within an appropriate time horizon. The sub-adviser then performs due diligence through proprietary research and surveys, interviewing multiple industry sources. From this due diligence, KCHM builds financial models based on expectations and initializes its investment thesis and price target for the investment. Throughout the life of the position, KHCM consistently monitors business trends, competitors, and current market expectations. The sub-adviser manages positions based on achievement of its target, changes—if any—in the investment thesis, possible stop-loss triggers, net-exposure management, and short-term trading opportunities.

***Spectrum Income Fund*** 

Bramshill serves as sub-adviser for the Spectrum Income Fund with respect to the Fund's Income strategy. Bramshill's approach towards management of the Fund's Income strategy involves both "top down" and "bottom up" elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Security Selection:</u> Bramshill screens for securities with attractive yields, liquidity, and industry classification. Bramshill considers criteria including but not limited to discount to book value, discounted cash flows, discount to the net asset value, sustainability and/or growth of distributions; quality of management; and the security's consistency with the portfolio manager's macroeconomic views. High-yielding securities may include non-investment grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sector Selection:</u> The relative concentration of each category of assets is based on Bramshill's outlook on the economic and inflationary conditions. This evaluation is based on macroeconomic data and forecasts, as well as technical analysis of market performance of asset classes.

The totality of this process is intended to produce a portfolio that offers current and projected yields meaningfully greater than those provided by broad common stock or investment grade bond indexes. Bramshill believes that its research processes make it likely that those yields will be sustained or increased, and that there is a reasonable expectation that modest capital gains can be achieved over a market cycle.

***Hedged Core Fund***

GCM serves as a sub-adviser to the Hedged Core Fund. GCM executes the strategy within the Hedged Core Fund by employing macro-oriented quantitative investment techniques to select long and short positions in the global futures and foreign exchange markets. These techniques are designed to produce attractive absolute and risk-adjusted returns while maintaining low correlation to traditional asset classes. The strategy within the Fund is a quantitative trading system driven by trend-following models. This program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio. The strategy employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities. It is expected that the average holding period of instruments traded pursuant to the strategy within the Fund will be approximately six to eight weeks; however, that average may differ depending on various factors and the system will make daily adjustments to positions based on both price activity and market volatility. The

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program trades a broad range of markets, including global interest rates, foreign exchange, global stock indices and commodities.

The strategy executed by GCM within the Fund utilizes a risk overlay model to better control exposure across individual markets and sectors and avoid excessive concentration of investments in a particular market or sector. The overlay model applies sophisticated risk management techniques to the trading signals generated by the sub-models of the strategy within the Fund to enhance the returns of a conventional momentum model. The risk overlay model is designed to diversify risk across markets and sectors, smooth the volatility of the portfolio and lower execution costs by reducing excessive trading.

Millburn serves as a sub-adviser to the Hedged Core Fund. Millburn invests in a diversified portfolio of futures, forward and spot contracts (and may also invest in option and swap contracts) on currencies, interest rate instruments, stock indices, metals, energy and agricultural commodities. Millburn invests globally pursuant to its proprietary quantitative and systematic trading methodology, based upon signals generated from an analysis of price, price-derivatives, fundamental and other quantitative data. Millburn's trading methods include technical trend analysis, certain non-traditional technical systems (i.e., systems falling outside of traditional technical trend analysis) and money management principles, each of which may be revised from time to time. The objective of Millburn's investment and trading methods is to consider multiple data inputs, or "factors," in order to arrive at relatively near-term return forecasts for each traded instrument, and take appropriate, risk-managed positions. Millburn's approach employs models that analyze data inputs over a time spectrum from several minutes to multiple years.

Millburn manages its allocated Fund assets by seeking to construct maximum diversification subject to liquidity and sector concentration constraints. Each market is traded using a diversified set of trading systems, which may be optimized for groups of markets, sectors or specific markets. The following factors, among others, are considered in constructing a universe of markets to trade: profitability, liquidity of markets, professional judgment, desired diversification, transaction costs, exchange regulations and depth of market.

Risk management also plays an integral role in portfolio design and construction. Millburn sizes the position in each market traded, taking into account its measurement of risk based on price level and volatility in that market. Market exposure is then managed by position-sizing models, which measure the risk in the portfolio's position in each market. In the event the model determines that the risk has changed beyond an acceptable threshold, it will signal a change in the position — a decrease in position size when risk increases and an increase in position size when risk decreases. Utilizing its position-sizing models, Millburn seeks to maintain overall portfolio risk and distribution of risk across markets within designated ranges.

Revolution serves as a sub-adviser to the Hedged Core Fund. Revolution focuses on short-term, systematic and quantitative trading, applying rigorous statistical analysis to all aspects of research, development, and operations. The systems are designed in order to provide superior risk-adjusted returns while maintaining low correlations both to traditional equity and bond investments as well as the trend-following strategies often employed by commodity trading advisors. Revolution manages its allocated Fund assets by seeking to implement a fully-diversified, short- to medium-term, multi-strategy program, utilizing pattern-recognition methodology. Trade durations range from hours to weeks, with an average six-day holding period. The diversified market set includes equity indices, interest rates, currencies, energies, metals, and agricultural instruments, and return volatility is targeted to 12% on an annualized basis.

Due to the short-term nature of the trading, signal generation and trade execution are performed on a fully-automated basis throughout each trading day, but with full human oversight. Sophisticated execution algorithms have been designed to minimize transactional costs, and execution efficiency is continually monitored and improved when possible.

Niederhoffer serves as one of the Hedged Core Fund's sub-advisers. Niederhoffer provides asset management services for the Fund using its Smart Alpha Program. The R.G. Niederhoffer Smart Alpha Program seeks to achieve three key objectives: (1) Stable absolute returns regardless of market environment, with zero correlation to Fixed Income, Equities and Hedge Funds; (2) Strong, consistent

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downside and upside protection for portfolios containing Global Bonds, Global Equities, Hedge Funds, and CTAs, and (3) Daily/monthly liquidity and high transparency.

The manager's 30 years of research into how behavioral biases affect financial markets has identified over 60 situations in which markets are predictable. To extract these unique sources of alpha, the firm's trading systems algorithmically generate investments, 24 hours a day, on both the long and short side, in the world's most liquid futures and F/X markets, with trade durations averaging 1.5 days. The strategy has performed particularly well in volatile market conditions when investors are most susceptible to biased, predictable behavior. Because of this, historically, the strategy has typically performed better during periods of heightened market volatility.

Nuveen serves as a sub-adviser to the Hedged Core Fund, and selects securities for the Fund's Fixed Income strategy using a "top-down" approach that begins with the formulation of Nuveen's general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, Nuveen selects individual securities within these sectors or industries that it believes have above peer-group expected yield, potential for capital preservation or appreciation. In addition to selecting more traditional investments such as government and corporate bonds, Nuveen also selects ABS, MBS, CMBS and derivatives when it believes these investments offer higher yield or better prospects for capital preservation or appreciation than competing investments.

MBS in which the Fund may invest represent participation interests in pools of one-to-four family residential mortgage loans originated by private mortgage originators, as well as multi-family residential loans. CMBS represent participation interests in pools of commercial property mortgage loans originated by private mortgage originators. ABS represent interests in pools of loans originated by private lenders, some of which may be government approved or affiliated lenders. Typically, an asset-backed security is issued by a special purpose vehicle ("SPV"), such as a business trust or limited liability company, whose value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying loans. The pool of loans is usually a group of small-dollar amount loans taken for the same or similar purpose, such as student loans, car loans, or credit card loans, but could include cash flows from loans on aircraft, royalty payments and movie revenues.

Nuveen will use credit default swaps ("CDS") as part of a replication tactic whereby the Fund combines a credit default swap on a portfolio of bonds or a single bond with investments in high quality securities, such as U.S. Treasury bills, as an economic substitute for a portfolio of bonds or an individual bond. The sub-adviser may also use CDS to protect against the economic effect of an issuer's default. A CDS is typically a two-party (bilateral) financial contract that transfers credit risk exposure between the two parties. The Fund will enter into a CDS by executing an International Swaps and Derivatives Association (ISDA) master agreement, which provides globally-accepted standardized legal documentation for a variety of swap transactions including CDSs. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Fund to obtain credit risk exposure similar to that of a direct investment in bonds.

Nuveen uses futures contracts and interest rate swaps to hedge or manage the Fund's interest rate risk exposure. To reduce interest rate risk, the Fund will take a short position in an interest rate-related futures contract or a similar position in an interest rate swap contract whereby the Fund agrees to make fixed payments in exchange for receiving floating rate payments that reset according to a reference index such as the London Interbank Offered Rate ("LIBOR"). The Fund may also take long positions in futures or swaps to fine-tune or adjust its portfolio interest rate risk profile.

Generally, Nuveen selects futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. Nuveen sells securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security's or derivative's price outlook is deteriorating.

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***Hedged Core Fund Subsidiary***

The Hedged Core Fund will execute its Managed Futures and Commodities strategies, primarily, by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Subsidiary. The Subsidiary will invest the majority of its assets in futures, forwards, options, spot contracts, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. However, the Fund may also make Managed Futures and Commodities strategy investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. Specifically, the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Subchapter M requires, among other things, that at least 90% of the Fund's income be derived from securities or derived with respect to its business of investing in securities (typically referred to as "qualifying income"). The Fund will make investments in certain commodity-linked derivatives through the Subsidiary because income from these derivatives is not treated as "qualifying income" for purposes of the 90% income requirement if the Fund invests in the derivative directly.

To satisfy the 90% income requirement, the Subsidiary will, no less than annually, declare and distribute a dividend to the Fund, as the sole shareholder of the Subsidiary, in an amount approximately equal to the total amount of "Subpart F" income (as defined in Section 951 of the Code) generated by or expected to be generated by the Subsidiary's investments during the fiscal year. Such dividend distributions are "qualifying income" pursuant to Subchapter M (Section 851(b)) of the Code.

The IRS has proposed regulations signaling its intent to stop issuing further private letter rulings regarding qualifying income from wholly-owned foreign subsidiaries and, if these regulations are passed in substantially the form as proposed, the IRS may revoke all outstanding private letter rulings on this issue. As a result, the IRS may no longer consider the income from the Fund's investment in the Subsidiary to be qualifying income, and the Fund may not qualify as a registered investment company for one or more years. However, the Fund intends to take the position that income from its investments in the Subsidiary will constitute "qualifying income," and the Fund will take care to ensure that the Subsidiary distributes all of its Subpart F income to the Fund each year so as to preserve its status as a registered investment company. In addition, future legislation, Treasury Regulations or IRS guidance could adversely affect the ability of the Fund or the Subsidiary to operate as described in this Prospectus.

Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

The Fund treats obligations of the Subsidiary as its own and, on an aggregate basis with the Subsidiary, complies with the requirements of Section 18 of the 1940 Act regarding capital structure and leverage. Any advisory or subadvisory agreement with respect to the Subsidiary meets the requirements for advisory agreements under Section 15 of the 1940 Act. The Subsidiary complies with the affiliated transaction and custody provisions under Section 17 of the 1940 Act. The Fund does no intent to create or invest to gain primary control in an entity primarily engaged in investment activities other than the Subsidiary.

The Fund and the Subsidiary are each a "commodity pool" under the U.S. Commodity Exchange Act, and the advisor is a "commodity pool operator" registered with and regulated by the CFTC. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary under CFTC and SEC harmonized regulations.

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***Strategic Allocation Fund***

Crabel Capital Management, LLC serves as a sub-adviser to the Strategic Allocation Fund. Crabel uses systematic trading strategies designed to efficiently capture long-term trend following returns across a diverse set of global futures and foreign exchange instruments. In pursuing this objective, Crabel employs multiple price-based strategies engineered to identify and profit from continuations in price movement across approximately 250 markets globally. The strategy seeks to mitigate downside risk by dynamically sizing trades relative to market volatility, actively employing the use of stops on all trades, and effectively diversifying overall volatility across market sectors and geographic regions.

P/E Global LLC serves as a sub-adviser to the Strategic Allocation Fund. P/E Global uses fundamental macroeconomic and financial factors in all aspects of its research to develop its adaptive quantitative investment process. This systematic investment process relies on statistical analysis to forecast returns and volatilities for currencies, fixed income, and equities based on underlying fundamental factors. P/E Investments seeks to leverage extensive experience in portfolio management, asset allocation, market analysis and risk management to generate strong risk adjusted returns by investing globally on a long/short basis.

DG Partners LLP serves as a sub-adviser to the Strategic Allocation Fund. DG Partners' strategy is based on capturing and exploiting trends within financial markets. This strategy (the "DG Systematic Trading Strategy") is currently focused on a large number of liquid futures and foreign exchange markets. The trading methodology employed by DG Partners is based upon a set of medium-term trend-following signals combined with an in-built risk management methodology. DG Partners seeks to invest in the most liquid and transparent financial futures and foreign exchange markets globally, focusing on four asset classes: Equities, Fixed Income, Foreign Exchange (FX) and Commodities.

Parametric Portfolio Associates LLC serves as a sub-adviser to the Strategic Allocation Fund. Parametric's Custom Core strategy is designed to provide investors with risk-controlled exposure to a target equity benchmark while maximizing after-tax returns. Parametric uses quantitative risk models and a proprietary optimization process to construct the portfolio and efficiently capture market returns on a pre-tax basis. On an after-tax basis, Parametric seeks to add value through gain deferral and loss harvesting.

***Strategic Allocation Fund Subsidiary***

The Strategic Allocation Fund will execute its Managed Futures strategy, primarily, by directly investing in investments or by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Subsidiary. The Subsidiary will invest the majority of its assets in futures, forwards, options, spot contracts, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. However, the Fund may also make Managed Futures strategy investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. Specifically, the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Subchapter M requires, among other things, that at least 90% of the Fund's income be derived from securities or derived with respect to its business of investing in securities (typically referred to as "qualifying income"). The Fund will make investments in certain commodity-linked derivatives through the Subsidiary because income from these derivatives is not treated as "qualifying income" for purposes of the 90% income requirement if the Fund invests in the derivative directly.

To satisfy the 90% income requirement, the Subsidiary will, no less than annually, declare and distribute a dividend to the Fund, as the sole shareholder of the Subsidiary, in an amount approximately equal to the total amount of "Subpart F" income (as defined in Section 951 of the Code) generated by or expected to be generated by the Subsidiary's investments during the fiscal year. Such dividend distributions are "qualifying income" pursuant to Subchapter M (Section 851(b)) of the Code.

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The IRS has proposed regulations signaling its intent to stop issuing further private letter rulings regarding qualifying income from wholly-owned foreign subsidiaries and, if these regulations are passed in substantially the form as proposed, the IRS may revoke all outstanding private letter rulings on this issue. As a result, the IRS may no longer consider the income from the Fund's investment in the Subsidiary to be qualifying income, and the Fund may not qualify as a registered investment company for one or more years. However, the Fund intends to take the position that income from its investments in the Subsidiary will constitute "qualifying income," and the Fund will take care to ensure that the Subsidiary distributes all of its Subpart F income to the Fund each year so as to preserve its status as a registered investment company. In addition, future legislation, Treasury Regulations or IRS guidance could adversely affect the ability of the Fund or the Subsidiary to operate as described in this Prospectus.

Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

The Fund treats obligations of the Subsidiary as its own and, on an aggregate basis with the Subsidiary, complies with the requirements of Section 18 of the 1940 Act regarding capital structure and leverage. Any advisory or subadvisory agreement with respect to the Subsidiary meets the requirements for advisory agreements under Section 15 of the 1940 Act. The Subsidiary complies with the affiliated transaction and custody provisions under Section 17 of the 1940 Act. The Fund does no intent to create or invest to gain primary control in an entity primarily engaged in investment activities other than the Subsidiary.

The Fund and the Subsidiary are each a "commodity pool" under the U.S. Commodity Exchange Act, and the advisor is a "commodity pool operator" registered with and regulated by the CFTC. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply with respect to the Fund and the Subsidiary under CFTC and SEC harmonized regulations.

**Principal Investment Risks:**

The following risks apply to each Fund's direct investments in securities and derivatives, as indicated below, as well as the Commodities Fund's and the Spectrum Income Fund's indirect risks through investing in Underlying Funds, and the Macro Strategies Fund's, the Market Trend Fund's and the Commodities Fund's indirect risks through investing in their respective Subsidiary. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a principal risk of investing in a Fund, regardless of the order in which it appears.

• *ABS, MBS and CMBS Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund and Hedged Core Fund):* ABS, MBS and CMBS are subject to credit risk because underlying loan borrowers may default. Because ABS are typically backed by consumer loans, their default rates tend to be sensitive to the unemployment rate and overall economic conditions. MBS default rates tend to be sensitive to these conditions and to home prices. CMBS default rates tend to be sensitive to overall economic conditions and to localized commercial property vacancy rates and prices. Certain individual securities may be more sensitive to default rates because payments may be subordinated to other securities of the same issuer. Additionally, ABS, MBS and CMBS are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Funds may have to reinvest prepayment proceeds at a lower interest rate. CMBS are less susceptible to this risk because underlying loans may have prepayment penalties or prepayment lock out periods.

*• BDC Risk (Spectrum Income Fund):* BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder

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and they may trade in the market at a discount to their net asset value. A BDC is a form of investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high quality debt securities. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. BDCs held by the Fund may leverage their portfolios through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects a BDC to increased risks, including the likelihood of increased volatility and the possibility that a BDC's common share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises. BDCs are subject to management and other expenses, which will be indirectly paid by the Fund.

• *Bitcoin and Ether Futures Risk (Macro Strategies Fund and Commodities Fund):* The market for Bitcoin and Ether futures ("crypto futures") may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the crypto futures market has grown substantially since the first crypto futures commenced trading, there can be no assurance that this growth will continue. The price for crypto futures contracts is based on a number of factors, including the supply of and the demand for crypto futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for crypto futures contracts. To the extent the Fund purchases crypto futures contracts at a premium and the premium declines, the value of an investment in the Fund also should be expected to decline. The performance of crypto futures contracts and the underlying crypto may differ and may not be correlated with each other, over short or long periods of time.

Bitcoin and ether are both digital assets that are designed to be alternative forms of payment. Although these digital assets are designed to be alternative forms of payment they have not widely been accepted as such. The ownership and operation of both Bitcoin and ether are determined by participants in online, peer-to-peer networks - the Bitcoin Network and the Ethereum Network, respectively. These networks connect computers running open-source software that follows the rules and procedures governing each network's protocol.

The value of both bitcoin and ether is not backed by any government, corporation, or other identified body. Instead, their values are determined by the supply and demand in markets created to facilitate their trading. Ownership and transaction records for bitcoin and ether are protected through public-key cryptography. The supply of bitcoin and ether is determined by their respective protocols, and no single entity owns or operates either network. They are collectively maintained by decentralized groups of participants who run computer software that records and validates transactions (miners for bitcoin and validators for ether), developers who propose improvements to the protocols and the software that enforces them, and users who choose which version of the software to run.

Crypto may experience very high volatility and related investments, such as crypto futures, may be affected by such volatility. Crypto is a relatively new innovation and the market for crypto is subject to rapid price swings, changes and uncertainty. The further development of the each crypto's network and the acceptance and use of crypto are subject to a variety of factors that are difficult to evaluate.

Each digital asset operates without central authority and is not backed by any government. Large sales by a few holders of significant amounts of a crypto (commonly referred to as "whales") could depress the price. Federal, state or foreign governments may restrict the use and exchange of crypto, and regulation in the U.S. is still developing. Increased regulation might tend to depress the price of crypto. Legal or regulatory changes may negatively impact the operation of a crypto's network or restrict the use of crypto. The realization of any of these risks could result in a decline in the acceptance of crypto and consequently a reduction in the value of crypto, crypto futures, and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Crypto Adoption Risk*. The further development and acceptance of the Bitcoin and/or Ether network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of a crypto's network may adversely affect the price of the underlying crypto and therefore cause the Fund to suffer losses. The growth of this industry is subject to a high degree of uncertainty, and

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the factors affecting its further development, include, but are not limited to, the continued growth or possible reversal in the adoption of crypto, government regulation over crypto, the maintenance and development of the crypto's network, the availability and popularity of other mediums of exchange for buying and selling goods and services and consumer or public perception of crypto specifically or other digital assets generally. Currently, there is relatively limited use of crypto in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, thus contributing to price volatility (meaning prices may fluctuate widely) that could adversely affect the Fund's investment in crypto futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Crypto Cybersecurity Risk*. Cybersecurity exploitations or attacks against a crypto's protocol and of entities that custody or facilitate the transfers or trading of crypto could result in a significant theft and a loss of public confidence in crypto, which could lead to a decline in the value of crypto and, as a result, adversely impact the Fund's investment in crypto futures. Additionally, if a malicious actor or botnet (i.e., a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains control of more than 50% of the processing power of the Bitcoin network, such actor or botnet could alter the blockchain and adversely affect the value of bitcoin, which would adversely affect the Fund's investment in Bitcoin Futures. Similarly, if a malicious actor or botnet obtains control of more than 33 1/3% of the processing power of the Ether network, such actor or botnet could alter the blockchain and adversely affect the value of ether, which would adversely affect the Fund's investment in Ether Futures.

• *Commodity Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Hedged Core Fund and Strategic Allocation Fund):* The Funds' exposure to the commodities markets may subject the Funds to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

• *Commodity Pool Risk (Commodities Fund):* Commodity Pools are privately offered investment vehicles that are not registered under the 1940 Act and will not be subject to all of the investor protections of the 1940 Act. Commodity pools may incur a significant degree of leverage which can magnify the Fund's potential loss or gain. Commodity pools are also subject to investment advisory fees and other expenses, including performance fees, which will be indirectly paid by the Fund.

• *Convertible Securities Risk (Market Trend Fund and Dynamic Opportunity Fund):* Convertible securities are hybrid securities that have characteristics of both bonds and common stocks and are subject to debt security risk and conversion value-related equity risk. Convertible securities are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible securities are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible securities may also be subject to prepayment or redemption risk. If a convertible security held by the Fund is called for redemption, the Fund will be required to surrender the security for redemption, convert it into the issuing company's common stock or cash at a time that may be unfavorable to the Fund. Convertible securities have characteristics similar to common stocks especially when their conversion value is greater than the interest and principal value of the bond. The price of equity securities may rise or fall because of economic or political changes. Stock prices in general may decline over short or even extended periods of time. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. When a convertible security's value is more closely tied to its conversion to stock feature, it is sensitive to the underlying stock's price.

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• *Credit Risk (All Funds):* There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Funds, resulting in losses to the Funds. In addition, the credit quality of securities held by the Funds may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Funds. Lower credit quality also may affect liquidity and make it difficult for the Funds to sell the security. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities held by the Funds, thereby reducing the value of your investment in Fund's shares. In addition, default may cause the Funds to incur expenses in seeking recovery of principal or interest on its portfolio holdings. Credit risk also exists whenever the Funds enter into a foreign exchange or derivative contract, because the counterparty may not be able or may choose not to perform under the contract. When the Funds invest in foreign currency contracts, or other over-the-counter derivative instruments (including options), it is assuming a credit risk with regard to the party with which it trades and also bears the risk of settlement default. These risks may differ materially from risks associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily mark-to-market and settlement, segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. Relying on a counterparty exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If a counterparty defaults on its payment obligations to the Funds, this default will cause the value of an investment in the Funds to decrease. In addition, to the extent the Funds deal with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Funds are neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Funds to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Funds.

• *Cryptoasset Futures Risk (Macro Strategies Fund, Commodities Fund, Hedged Core Fund and Strategic Allocation Fund):* The market for bitcoin and ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin and ether futures market has grown substantially since bitcoin and ether futures commenced trading, there can be no assurance that this growth will continue. The price for bitcoin and ether futures contracts is based on a number of factors, including the supply of and the demand for bitcoin and ether futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for bitcoin and ether futures contracts. Recently increased demand paired with supply constraints and other factors have caused bitcoin futures to trade at a significant premium to the "spot" price of bitcoin and ether. Additional demand, including demand resulting from the purchase, or anticipated purchase, of bitcoin and ether futures contracts by the Funds or other entities may increase that premium, perhaps significantly. It is not possible to predict whether or for how long such conditions will continue. To the extent the Funds purchases futures contracts at a premium and the premium declines, the value of an investment in the Funds also should be expected to decline. The performance of bitcoin and ether futures contracts and bitcoin and ether, respectively, may differ and may not be correlated with each other, over short or long periods of time. While the performance of cryptoasset futures contracts, in general, has historically been highly correlated to the performance of spot cryptoasset, there can be no guarantee that this will continue. The performance of the Funds' cryptoasset futures contracts should not be expected to match the performance of spot cryptoassets.

Bitcoin and ether are not widely accepted forms of payment. Bitcoin and ether may experience very high volatility and related investments, such as bitcoin and ether futures, may be affected by such volatility. Bitcoin and ether are each a relatively new innovation and the market for bitcoin and ether is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin and Ethereum networks and the acceptance and use of bitcoin and ether are subject to a variety of factors that are difficult to evaluate. The value of bitcoin and ether has been, and may continue to be, substantially dependent on speculation, rather than fundamental analysis.

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As cryptoassets, bitcoin and ether operate without central authority and is not backed by any government. Large sales by a few holders of significant amounts of bitcoin and ether (commonly referred to as "whales") could depress the price of bitcoin or ether. Federal, state or foreign governments may restrict the use and exchange of bitcoin and ether, and regulation in the U.S. is still developing. Increased regulation might tend to depress the price of bitcoin and ether. Legal or regulatory changes may negatively impact the operation of the Bitcoin and Ethereum Networks or restrict the use of bitcoin and ether. The realization of any of these risks could result in a decline in the acceptance of bitcoin and ether and consequently a reduction in the value of bitcoin and ether, bitcoin and ether futures, and the Funds.

It is possible that ether may be determined to be a security for the purposes of federal or state securities laws. If ether is determined or is expected to be determined to be a security under the federal securities laws, that could materially and adversely affect the trading of ether futures contracts held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Cryptoasset Adoption Risk*. The further development and acceptance of cryptoasset networks, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of cryptoasset networks may adversely affect the price of bitcoin and therefore cause the Funds to suffer losses. The growth of this industry is subject to a high degree of uncertainty, and the factors affecting its further development, include, but are not limited to, the continued growth or possible reversal in the adoption of bitcoin, government regulation over cryptoassets, the maintenance and development of cryptoasset networks, the availability and popularity of other mediums of exchange for buying and selling goods and services and consumer or public perception of cryptoassets specifically or other digital assets generally. Currently, there is relatively limited use of bitcoin and ether in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, thus contributing to price volatility (meaning prices may fluctuate widely) that could adversely affect a Fund's investment in cryptoasset futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Cryptoasset Cybersecurity Risk*. Cybersecurity exploitations or attacks against a cryptoasset protocol and of entities that custody or facilitate the transfers or trading of cryptoassets could result in a significant theft of cryptoassets and a loss of public confidence in cryptoassets, which could lead to a decline in the value of bitcoin and, as a result, adversely impact a Fund's investment in cryptoasset futures. Additionally, if a malicious actor or botnet (i.e., a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains control of more than 50% of the processing power of a cryptoasset network, such actor or botnet could alter the protocol and adversely affect the value of cryptoassets, which would adversely affect a Fund's investment in cryptoasset futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Cryptoasset Platform Risk*. Platforms on which cryptoassets may be purchased or sold may not be operating in compliance with applicable laws and regulations. Such platforms may be subject to fraud and manipulation which may adversely affect the value of cryptoassets and a Fund's investment in cryptoasset futures.

• *Derivatives Risk (All Funds):* The Funds may use derivatives (including futures, options and options on futures) to enhance returns or hedge against market declines. The Funds' use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Futures

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positions held by a Fund may incur significant losses caused by unanticipated market movements and such losses may be unlimited. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts such as futures ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Funds. The use of leverage may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Funds' potential for gain or loss and, therefore, amplify the effects of market volatility on the Funds' share price. Because option premiums paid or received are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Dealer Options (*Commodities Fund only*): The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Futures and Forwards Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Hedged Core Fund and Strategic Allocation Fund)*. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's net asset value ("NAV") and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund or an Underlying Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund or Underlying Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund or Underlying Fund may have to sell securities at a time when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Options Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Hedged Core Fund and Strategic Allocation Fund)*. There are risks associated with the sale and purchase of call and put options. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Because option premiums paid by the Fund indirectly through Underlying Funds are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities. Purchased put options may decline in value due to changes in value of the underlying reference asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Swap Risk (Commodities Fund and Hedged Core Fund).* Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable to implement its investment strategies and the Fund may not be able to seek to achieve its investment objective.

*• Emerging Market Risk (Dynamic Opportunity Fund):* The Fund may invest a portion of its assets in issuers from countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries;

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therefore, security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to meet cash obligations or take advantage of other investment opportunities.

*• Equity Market Risk (Dynamic Opportunity Fund and Strategic Allocation Fund):* The Fund will invest primarily in equity securities, including common stock which is susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises. An equity security, or stock, represents a proportionate share of the ownership of a company; its value is based on the success of the company's business, any income paid to stockholders, the value of its assets and general market conditions. Common stocks and preferred stocks are examples of equity securities. While both represent proportional share ownership of a company, preferred stocks often pay dividends at a specific rate and have a preference over common stocks in dividend payments and liquidation of assets.

*• ETF Risk (Dynamic Opportunity Fund):* ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by a Fund. As a result, your cost of investing in a Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate a Fund's holdings at the most optimal time, adversely affecting performance.

• *Fixed Income Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Spectrum Income Fund, Hedged Core Fund and Strategic Allocation Fund):* When the Funds invest in fixed income securities or derivatives, the value of your investment in the Funds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Funds. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Funds, possibly causing the Funds' share price and total return to be reduced and fluctuate more than other types of investments.

*• Foreign Currency Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Dynamic Opportunity Fund, Hedged Core Fund and Strategic Allocation Fund):* Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Since exchange rate changes can readily move in one direction, a currency position carried overnight or over a number of days may involve greater risk than one carried a few minutes or hours. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency. Interference has taken the form of regulation of the local exchange market, restrictions on foreign investment by residents or limits on inflows of investment funds from abroad. Restrictions on the exchange market or on international transactions are intended to affect the level or movement of the exchange rate. This risk could include the country

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issuing a new currency, effectively making the "old" currency worthless. The Fund may also take short positions, through derivatives, if the Adviser believes the value of a currency is likely to depreciate in value. A "short" position is, in effect, similar to a sale in which the Fund sells a currency it does not own but, has borrowed in anticipation that the market price of the currency will decline. The Fund must replace a short currency position by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Fund took a short position in the currency.

*• Foreign Investment Risk (All Funds):* Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Foreign Exchanges Risk:* A portion of the derivatives trades made by a Fund may be take place on foreign markets. Neither existing CFTC regulations nor regulations of any other U.S. governmental agency apply to transactions on foreign markets. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals' markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

• *Hedging Strategies Risk: (Spectrum Income Fund)* There is no assurance that the Fund will succeed in hedging the underlying portfolio holdings because the value of the hedging vehicle may not correlate perfectly with the underlying portfolio asset. The Adviser is not aware of any security or combination of securities that would provide a perfect hedge to the Fund's holdings. Each of the hedging strategies has inherent leverage risk that may tend to magnify the Fund's losses. Derivative contracts, such as futures, have leverage inherent in their terms because of low margin deposits normally required. Consequently, a relatively small price movement in the futures contract reference index may result in an immediate and substantial loss to the Fund. Over-the-counter instruments, such as swaps and certain purchased options, are subject to counterparty default risk and liquidity risk. Swap agreements also involve fees, commissions or other costs that may reduce the Fund's gains from a swap agreement or may cause the Fund to lose money. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction. The Adviser covers hedging positions (buys back, sells or closes out positions) when it believes market price trends are no longer unfavorable or security-specific risks are acceptable or when a different hedging vehicle is more attractive.

*• High Yield or Junk Bond Risk (Dynamic Opportunity Fund and Spectrum Income Fund):* Lower-quality fixed income securities, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, and the Funds' share price may decrease and its income distribution may be reduced. These investments are considered speculative. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce the Funds' ability to sell its bonds (liquidity risk). Such securities may also include "Rule 144A" securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could decrease the Fund's share price.

• *Interest Rates and Bond Maturities Risk (All Funds):* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Funds may

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experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

• *Issuer-Specific Risk (All Funds):* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

• *Leverage Risk (All Funds):* Using derivatives to increase the Funds' combined long and short position exposure creates leverage, which can amplify the effects of market volatility on the Funds' share price and make the Funds' returns more volatile. The use of leverage may cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Funds to have higher expenses than those of mutual funds that do not use such techniques.

• *Limited Partnership Risk (Spectrum Income Fund)*: Investments in Limited Partnerships (including master limited partnerships) involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the Limited Partnership, risks related to potential conflicts of interest between the Limited Partnership and its general partner, cash flow risks, dilution risks and risks related to the general partner's limited call right. Limited Partnerships are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of Limited Partnerships could enhance or harm the overall performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Limited Partnership Tax Risk*: Limited Partnerships typically do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given Limited Partnership could result in a Limited Partnership being treated as a corporation for U.S. federal income tax purposes, which would result in such Limited Partnership being required to pay U.S. federal income tax on its taxable income. The classification of a Limited Partnership as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the Limited Partnership. Thus, if any of the Limited Partnerships owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to a Limited Partnership that is not taxed as a corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Funds may invest in publicly traded MLPs. MLPs are businesses organized as limited partnerships that trade their proportionate shares of the partnership (units) on a public exchange. MLPs are required to pay out most or all of their earnings in distributions. Generally speaking, MLP investment returns are enhanced during periods of declining or low interest rates and tend to be negatively influenced when interest rates are rising. As an income vehicle, the unit price may be influenced by general interest rate trends independent of specific underlying fundamentals. In addition, most MLPs are fairly leveraged and typically carry a portion of "floating" rate debt. As such, a significant upward swing in interest rates would drive interest expense higher. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more difficult to make acquisitions.

• *Liquidity Risk (All Funds)*: The Funds are subject to liquidity risk. Liquidity risk exists when particular investments of the Funds would be difficult to purchase or sell, possibly preventing the Funds from selling such illiquid securities at an advantageous time or price, or possibly requiring the Funds to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, non-U.S. securities, Rule 144A securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.

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• *Management Risk (All Funds)*: The net asset values of the Funds change daily based on the performance of the securities and, for the Macro Strategies Fund and Commodities Fund, derivatives in which it invests. The Adviser's and sub-advisers' judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Funds invest may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of the sub-advisers may also prove incorrect and may not produce the desired results. The profitability of the Macro Strategies Fund and the Commodities Fund will also depend upon the ability of the Adviser to successfully allocate the Fund's assets. There can be no assurance that either the securities selected by the Adviser or the sub-advisers will produce positive returns.

• *Market Risk (All Funds):* The net asset value of the Funds will fluctuate based on changes in the value of the securities and derivatives in which the Funds invest. The Funds invest in securities and derivatives, which may be more volatile and carry more risk than some other forms of investment. The price of securities and derivatives may rise or fall because of economic, political or social changes. Security and derivative prices in general may decline over short or even extended periods of time. Market prices of securities and derivatives in broad market segments may be adversely affected by price trends in commodities, interest rates, exchange rates or other factors wholly unrelated to the value or condition of an issuer. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

• *Mutual Fund Risk (Spectrum Income Fund):* Mutual funds are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each mutual fund is dependent on its manager to achieve its investment objective and is also subject to strategy-related risks such as credit, interest rate and leverage risks.

*• Portfolio Turnover Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Dynamic Opportunity Fund, and Spectrum Income Fund):* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

*• Preferred Stock Risk (Dynamic Opportunity Fund)*: The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. Preferred stock prices tend to move more slowly upwards than common stock prices.

• *Real Estate Industry Risk (Spectrum Income Fund)*: The Fund's portfolio will be significantly impacted by the performance of the real estate market generally, and the Fund may be exposed to greater risk and experience higher volatility than would a more economically diversified portfolio. Property values

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may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural, or technological developments. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination, and rising construction costs. Real estate loans are subject to prepayment risk because the debtor may pay its obligation early, reducing the amount of interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Mezzanine Loan Risk *(Spectrum Income Fund)*: The terms of mezzanine loans may restrict transfer of the interests securing such loans, including an involuntary transfer upon foreclosure, or may require the consent of the senior lender or other members or partners of or equity holders in the related real estate company, or may otherwise prohibit a change of control of the related real estate company. These and other limitations on realization on the collateral securing a mezzanine loan or the practical limitations on the availability and effectiveness of such a remedy may affect the likelihood of repayment in the event of a default.

*• REIT Risk (Dynamic Opportunity Fund and Spectrum Income Fund):* In addition to the general risks associated with investments in the real estate industry, investing in REITs will subject the Fund to various risks. REITs can be classified as equity REITs, mortgage REITs, and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. REITs are dependent upon management skills, may not be diversified, and are subject to the risks of financing projects. Changes in interest rates may make REIT shares less attractive than other income-producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation. To the extent the Fund invests in REITs, the Fund's distributions may be taxable as ordinary income to investors because most REIT distributions come from mortgage interest and rents. For this reason, the Fund's distributions may be taxed at a higher ordinary income rate, rather than qualifying for lower rates on qualified dividends.

Purchasing affiliated REITs may present certain actual or potential conflicts of interest. For example, the Fund may come into possession of non-public information regarding affiliated REITs and may use that information in connection with transactions made on behalf of the Fund. However, the Fund is prohibited by legal and regulatory constraints, and internal policies and procedures, from using insider information in its trading. The Fund may also be able to pump up the short-term financial performance of poorly-performing affiliated REITs by purchasing the REITs.

• *Restricted Securities Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund and Hedged Core Fund)*: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Funds may not be able to sell a security when the portfolio managers consider it desirable to do so and/or may have to sell the security at a lower price. In addition, transaction costs may be higher for Rule 144A securities than for more liquid securities. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for Rule 144A securities will develop. A restricted security that when purchased was liquid in the institutional markets may subsequently become illiquid.

• *Royalty Trust Risk (Spectrum Income Fund)*: Royalty trusts are subject to cash-flow fluctuations and revenue decreases due to a sustained decline in demand for crude oil, natural gas and refined petroleum products, risks related to economic conditions, higher taxes or other regulatory actions that increase costs for royalty trusts. Also, royalty trusts do not guarantee minimum distributions or even return of capital. If the assets underlying a royalty trust do not perform as expected, the royalty trust may reduce or even eliminate distributions. The declaration of such distributions generally depends upon various factors, including the operating performance and financial condition of the royalty trust and general economic conditions.

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• *Short Position Risk (All Funds)*: The Funds' long positions could decline in value at the same time that the value of the short positions increases, thereby increasing the Funds' overall potential for loss. The Funds' short positions may result in a loss if the price of the short position instruments rise and it costs more to replace the short positions. In contrast to the Funds' long positions, for which the risk of loss is typically limited to the amount invested, the potential loss on the Funds' short positions is unlimited; however, the Funds will be in compliance with Section 18(f) of the 1940 Act to ensure that a Fund shareholder will not lose more than the amount he/she invested in that Fund. Market factors may prevent the Funds from closing out a short position at the most desirable time or at a favorable price.

*• Small and Medium Capitalization Company Risk (Dynamic Opportunity Fund and Spectrum Income Fund):* The value of small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market in general. These companies may have narrower markets, limited product lines, fewer financial resources, and they may be dependent on a limited management group. Investing in lesser-known, small and medium capitalization companies involves greater risk of volatility of the Funds' net asset value than is customarily associated with larger, more established companies.

• *Swap Risk (Commodities Fund and Spectrum Income Fund)*: Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Funds and the risk that the Funds will not be able to meet their obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Funds' gains from a swap agreement or may cause the Funds to lose money.

• *Tax-Managed Investing Risk (Strategic Allocation Fund)*: Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. Although the Fund expects that a smaller portion of its total return will consist of taxable distributions to shareholders as compared to other mutual funds that are managed without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders. There can be no assurance that the Fund will be able to minimize taxable distributions to investors and a portion, or all, of the Fund's distributions may be taxable.

• *Tracking Error Risk (Strategic Allocation Fund)*: Tracking error risk refers to the risk that the Fund's performance may not match or correlate to that of the Index it attempts to track, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund's investments and the Index, rounding of share prices, changes to the composition of the Index, regulatory policies, limitations on Fund investments imposed by Fund diversification and/or concentration polices, high portfolio turnover rate and the use of leverage all contribute to tracking error. Tracking error risk may cause the Fund's performance to be less than expected.

• *Underlying Funds Risk:* Your cost of investing in the Funds will be higher than the cost of investing directly in Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund's direct fees and expenses. Each Underlying Fund is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities. The strategy of investing in Underlying Funds could affect the timing, amount and character of distributions to you, and therefore, may increase the amount of taxes you pay. The Underlying Funds in which the Funds invest may not be able to replicate exactly the performance of the indices they track, due to transactions costs and other expenses of the Underlying Funds. The shares of closed-end funds frequently trade at a discount to their net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *(Commodities Fund and Hedged Core Fund)* In addition to management fees and other expenses, certain Underlying Fund assets may be subject to additional performance-

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based fees based on a percentage of Underlying Fund profits. Each Underlying Fund may pay performance-based fees to each manager without regard to the performance of other managers and the Underlying Fund's overall profitability.

**•** *Wholly-Owned Subsidiary Risk (Macro Strategies Fund, Commodities Fund, Market Trend Fund, Hedged Core Fund and Strategic Allocation Fund):* The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. The Funds, by investing in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. However, the Funds wholly own and control the Subsidiary. The investments of the Funds and Subsidiary are both managed by the Adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Funds or their shareholders. The Funds' Board has oversight responsibility for the investment activities of the Funds, including its investment in the Subsidiary, and the Funds' role as the sole shareholder of the Subsidiary. Also, the Adviser, in managing the Subsidiary's portfolios, will be subject to the same investment restrictions and operational guidelines that apply to the management of the Funds when viewed on a consolidated basis. By investing in commodities indirectly through the Subsidiary, the Funds will obtain exposure to the commodities markets within the federal tax requirements that apply to the Funds. There is a risk that the IRS will deem the income of such commodities investments not to be "qualifying income" despite the Subsidiary's distribution of such income through dividends to the Funds resulting in significant tax penalties to the Funds, and indirectly to investors. The Subsidiary is classified as a controlled foreign corporation for US tax purposes. Typically, any gains/losses from trading in 1256 futures contracts, such as exchange-traded commodity futures contracts, are taxed 60% as long-term capital gains/losses and 40% short term capital gains/losses. However, because the Subsidiary is controlled foreign corporations, any income received from its investments will be passed through to the Funds as ordinary income and reflected on shareholders' tax Forms 1099 as such. Additionally, losses at the subsidiary level are not available to be carried forward nor offset by gains at the fund level. Changes in the laws of the United States and/or the Cayman Islands, under which the Funds and Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

• *Written Call Option Risk (Spectrum Income Fund)*: Selling covered call options will limit the Fund's gain, if any, on its underlying securities. The Fund continues to bear the risk of a decline in the value of its underlying stocks. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Call options involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include risk of mispricing or improper valuation and the risk that changes in the value of the call option may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to, changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships.

**Non-Principal Investment Strategies and Related Risks**

Except with respect to the Spectrum Income Fund for which it is a principal investment strategy, as a non-principal investment strategy, to reduce overall portfolio market risk or security specific risk, the Adviser may employ hedging strategies. These strategies attempt to mitigate potential losses in value in certain Fund holdings. The Adviser attempts to hedge risks by investing long and/or short in exchange-traded futures, ETFs and exchange-traded and over-the-counter options, selling securities short and entering into swap contracts. The Adviser takes short positions in equity or interest rate futures contracts to protect against declines in the equity market and debt market, respectively. The Adviser may also invest in inverse ETFs (those that are designed to have price changes that move in the opposite direction of a

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market index) to protect against declines in the equity market and debt market. The Adviser may invest in protective put options that give a Fund the right to sell a security at a specific price regardless of the decline in the market price. The Adviser may also combine long and short (written) put and call options in "spread" transactions that are designed to protect a Fund over a range of price changes. Short selling is also used to hedge against overall market or sector price declines. Similarly, swaps contracts (agreements to exchange payments based on price changes in an index or specific security) are used to hedge against overall market, sector or security-specific price declines.

There is no assurance that a Fund will succeed in hedging the underlying portfolio holdings because the value of the hedging vehicle may not correlate perfectly with the underlying portfolio asset. The Adviser is not aware of any security or combination of securities that would provide a perfect hedge to a Fund's holdings. Each of the hedging strategies has inherent leverage risk that may tend to magnify the Fund's losses. Derivative contracts, such as futures, have leverage inherent in their terms because of low margin deposits normally required. Consequently, a relatively small price movement in the futures contract reference index may result in an immediate and substantial loss to a Fund. Over-the-counter instruments, such as swaps and certain purchased options, are subject to counterparty default risk and liquidity risk. Swap agreements also involve fees, commissions or other costs that may reduce the Fund's gains from a swap agreement or may cause a Fund to lose money. A Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction. The Adviser covers hedging positions (buys back, sells or closes out positions) when it believes market price trends are no longer unfavorable or security-specific risks are acceptable or when a different hedging vehicle is more attractive.

**Temporary Investments:** To respond to adverse market, economic, political or other conditions, each Fund may invest 100% of its respective total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. Investing primarily in such instruments for temporary defensive purposes would be inconsistent with the Fund's investment objective under normal circumstances. While a Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that a Fund invests in money market mutual funds for cash positions, there will be some duplication of expenses because each Fund pays its pro-rata portion of such money market funds' advisory fees and operational fees. Each Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies.

**Portfolio Holdings Disclosure:** A description of each Fund's policies regarding the release of portfolio holdings information is available in the Funds' Statement of Additional Information ("SAI"). Shareholders may request portfolio holdings schedules at no charge by calling 1-855-523-8637. Quarterly portfolio holdings are also available on the Funds' website at www.locorrfunds.com/literature.

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**MANAGEMENT**

**Investment Adviser**

**LoCorr Fund Management, LLC.** LoCorr Fund Management, LLC, located at 687 Excelsior Boulevard, Excelsior, MN 55331, serves as investment adviser to the Funds. Subject to the authority of the Board, the Adviser is responsible for management of the Funds' investment portfolio, including through the use of a sub-adviser. The Adviser is responsible for selecting each Fund's sub-adviser(s) and assuring that investments are made according to each Fund's investment objective, policies and restrictions. Additionally, the Adviser is responsible for conducting initial and ongoing independent evaluation of asset allocation, Underlying Funds and their managers, and oversight of the sub-advisers' fixed income investments. The Adviser was established in 2010 and has no clients other than the Funds in the Trust.

The Trust has a management agreement with the Adviser to furnish investment advisory services to the Funds. Pursuant to the management agreement, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee as follows:

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| | |
|:---|:---|
| **Fund** | <br>**Annual Advisory Fee as a Percentage of the average Daily Net Assets of the Fund** |
| Macro Strategies Fund | 1.50%\* |
| Market Trend Fund | 1.50% |
| Dynamic Opportunity Fund | 1.50% |
| Spectrum Income Fund | 1.30% |
| Hedged Core Fund | 1.45% |
| Strategic Allocation Fund | 1.24% |
| \* Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund. | \* Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund. |

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Pursuant to the management agreement between the Trust and the Adviser with respect to the Commodities Fund, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee in accordance with the incremental advisory fee schedule below based on the Commodities Fund's average daily net assets.

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| | |
|:---|:---|
| <br>**Net Assets per Fund for the Commodities Fund** | <br>**Incremental**<br>**Advisory Fee** |
| $0 – $500 million | 1.50% |
| $500 million – $1.0 billion | 1.40% |
| $1.0 billion – $1.5 billion | 1.30% |
| $1.5 billion – $2.0 billion | 1.20% |
| $2.0 billion– $2.5 billion | 1.10% |
| Over $2.5 billion | 1.00% |

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The Funds' Adviser has contractually agreed to reduce its fees and/or absorb expenses of each Fund until at least April 30, 2027, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) (the "Expense Cap") will not exceed 1.84% of the daily average net assets attributable to each class of the Macro Strategies Fund,

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1.95% of each class of the Commodities Fund, 1.95% of each class of the Market Trend Fund, 1.99% of each class of the Dynamic Opportunity Fund, 1.80% of each class of the Spectrum Income Fund, 1.83% of each class of the Hedged Core Fund and 1.59% of each class of the Strategic Allocation Fund; subject to possible recoupment from a Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees.

Recoupment amounts may also include offering and organizational expenses incurred prior to the commencement of operations subject to recoupment within three years of the date of such reimbursement.

For the fiscal year ended December 31, 2025, after applicable recoupment of prior fee waivers or expense reimbursement, fee reductions and/or expenses absorbed, the Adviser received the following management fees as a percentage of each Fund's average daily net assets:

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| | |
|:---|:---|
| Macro Strategies Fund | 1.50%<sup>(1)</sup> |
| Commodities Fund | 1.50% |
| Market Trend Fund | 1.50% |
| Dynamic Opportunity Fund | 1.18% |
| Spectrum Income Fund | 1.25% |
| Hedged Core Fund | 1.42% |
| Strategic Allocation Fund | 0.30%\* |
| <sup>(1)</sup> Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund, and the Expense Cap was 1.99%.  | <sup>(1)</sup> Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund, and the Expense Cap was 1.99%.  |
| \* For the period from January 8, 2025 (commencement of operations) through December 31, 2025. | \* For the period from January 8, 2025 (commencement of operations) through December 31, 2025. |

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Fee waiver and reimbursement arrangements can decrease a Fund's expenses and boost its performance.

A discussion regarding the basis for the Board's approval of the advisory agreements with respect to the Funds, and the sub-advisory agreements with Crabel, DG Partners, KHCM, P/E Global, and Parametric is available in the annual shareholder report dated December 31, 2025.

A discussion regarding the basis for the Board's approval of the sub-advisory agreements with Bramshill, Nuveen, Millburn, GCM, Revolution, and R.G. Niederhoffer is available in the semi-annual shareholder report dated June 30, 2025.

**Investment Adviser Portfolio Managers:** 

***Jon C. Essen*, *Chief Financial Officer*.** Mr. Essen has served as Chief Financial Officer of the Adviser since it was founded in November 2010. Mr. Essen also serves as Senior Vice President and Chief Financial Officer of Octavus Group, LLC, and as a Registered Representative of LoCorr Distributors, LLC, positions both held since April 2008. Mr. Essen also began serving as Principal and Chief Compliance Officer of LoCorr Distributors, LLC in 2008. Mr. Essen also served as Chief Operating Officer of the Adviser and affiliates from 2008 to 2016. Previously, Mr. Essen served as Chief Operating Officer of a commercial finance enterprise from 2002 to 2008. Additionally, Mr. Essen was Chief Financial Officer of Jundt Associates, Inc. from 1998 to 2002 and served as Treasurer of Jundt Funds, Inc. and American Eagle Funds, Inc. from 1999 to 2002.

***Sean Katof, Chief Investment Officer.*** Sean Katof, CFA, has served as Senior Vice President since 2015 and Portfolio Manager for the Funds since 2016. Prior to joining LoCorr, Mr. Katof served as Director of Capital Markets at SLOCUM, an institutional consulting firm, from 2005 to 2015. Prior to joining SLOCUM, Mr. Katof served as Portfolio Manager at Devenir Investment Advisors where he managed the Industry Leaders Core Equity portfolio from 2004 to 2005. Prior to that, Mr. Katof was a Vice President and Portfolio Manager at INVESCO Funds Group where he worked from 1994 to 2003. Mr. Katof received

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his B.S. in Business Administration with an emphasis in Finance from the University of Colorado at Boulder and an M.S. in Finance from the University of Colorado at Denver. Mr. Katof holds the Chartered Financial Analyst ("CFA") and Chartered Alternative Investment Analyst ("CAIA") designations.

***Sub-Advisers***

**Graham Capital Management, L.P.,** located at 40 Highland Avenue, Rowayton, CT 06853, serves as a sub-adviser to the Macro Strategies Fund, the Market Trend Fund and the Hedged Core Fund. Subject to the authority of the Board and oversight by the Adviser, GCM is responsible for management of each Fund's tactical trend futures investment portfolio according to each Fund's investment objective, policies and restrictions. GCM is paid by the Adviser, not the Funds. Each Fund's management fee does not change based on the fee paid to GCM. GCM has nearly 20 years of experience managing futures-based assets for institutional clients such as the Funds. As of February 28, 2026, GCM had approximately $22.6 billion in assets under management.

**GCM Portfolio Managers:** 

***Kenneth G. Tropin, Chairman.*** Kenneth G. Tropin is the Chairman and the founder of GCM. In May 1994, he founded GCM and became an Associated Person and Principal effective July 27, 1994. Mr. Tropin developed the firm's original trading programs and is responsible for the overall management of the organization, including the investment of its proprietary trading capital.

***Thomas Feng, Ph.D., Chief Investment Officer — Quant Strategies.*** Thomas Feng, Ph.D., is Chief Investment Officer — Quant Strategies of GCM. He is currently responsible for the management and oversight of the firm's Quantitative Strategies team, including the Quantitative Operations and Execution, Research, and Data Science teams. Dr. Feng is also a member of the firm's Investment and Risk committees. Dr. Feng joined GCM in April 2009 as a portfolio manager/quantitative research analyst. He became an Associated Person of GCM effective February 7, 2013 and a Principal on April 30, 2014. Prior to joining GCM, Dr. Feng was part of a portfolio management team trading quantitative strategies at Fortress. From 1997 to 2006, Dr. Feng held roles of increasing responsibility, including Managing Director of Interest Rate Derivatives Research and Managing Director of Quantitative Proprietary Trading, at RBS Greenwich Capital. Dr. Feng received a Ph.D. in Mathematics from Princeton University in June 1997 and a B.S. in Mathematics from Yale in May 1993.

***Jens Foehrenbach****,* ***CFA, is the President and Chief Investment Office****r* of GCM. Mr. Foehrenbach oversees and supervises GCM's discretionary and systematic portfolio manager teams, trading, and research. Mr. Foehrenbach is also a member of the firm's Executive, Investment, and Risk committees. Prior to joining GCM, he worked at Man Group from September 2008 to February 2025, most recently as Head of Public Markets within Discretionary Investments at Man Group. Mr. Foehrenbach has served in several capacities for the Man Group during his tenure at the firm, including Chief Investment Officer of Man Solutions and Chief Investment Officer of Man FRM. Prior to joining Man Group, Mr. Foehrenbach worked at Harcourt Investment Consulting AG as Senior Analyst and Head of Relative Value. Prior to Harcourt Investment Consulting AG, he was employed by UBS AG, where he worked on the bank's fixed income derivatives trading desk in Switzerland and London. Jens Foehrenbach received a Master's degree in Business Economics from the University of Basel, Switzerland in 2001.

**Kettle Hill Capital Management, LLC**, located at 747 Third Avenue, 19<sup>th</sup> Floor, New York, NY 10017, serves as a sub-adviser to the Dynamic Opportunity Fund. Subject to the authority of the Board and oversight by the Adviser, this sub-adviser is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. The sub-adviser is paid by the Adviser not the Fund. KHCM was founded in 2003 as an alternative investment manager. As of December 31, 2025, KHCM had approximately $521.9 million in assets under management.

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**KHCM Portfolio Manager:**

***Andrew Y. Kurita, CFA, Chief Investment Officer.*** Mr. Kurita is the Founder and CIO of Kettle Hill Capital Management, LLC and has served as the Portfolio Manager since its inception in 2003. Prior to this role, he was a Vice President at Andor Capital Management, LLC covering the industrial sector on the Diversified Growth Fund. From 1996 until 2001, Mr. Kurita was at Cramer Rosenthal McGlynn, LLC, where he worked on the hedge fund and small-cap value products. He is a CFA<sup>®</sup> charterholder with 19 years of small-cap and hedge fund investing experience. He graduated cum laude with honors with a BA in Economics from Williams College, 1995.

**Millburn Ridgefield Corporation,** located at 411 West Putnam Avenue, Suite 305, Greenwich, CT 06830, serves as a sub-adviser to the Macro Strategies Fund and the Hedged Core Fund. Subject to the authority of the Board and oversight by the Adviser, Millburn is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. As of December 31, 2025, Millburn had approximately $11.1 billion in assets under management.

**Millburn Portfolio Managers:**

***Harvey Beker, Co-Chairman.*** Mr. Beker has been Co-Chairman of Millburn since 1984 and serves as a member of Millburn's Investment Committee. Until November 1, 2015, Mr. Beker also served as Co-Chief Executive Officer of Millburn and Chief Executive Officer and Chairman of its affiliate, The Millburn Corporation. He received a Bachelor of Arts degree in economics from New York University ("NYU") in 1974 and a Master of Business Administration degree in finance from NYU in 1975. From June 1975 to July 1977, Mr. Beker was employed by the investment bank Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, Mr. Beker was a futures trader at the commodities and securities brokerage firm of Clayton Brokerage Co. of St. Louis. Mr. Beker has been employed by The Millburn Corporation since June 1978. He initially served as the Director of Operations for its affiliate, Millburn Partners, and most recently thereafter served as Co-Chief Executive Officer of The Millburn Corporation until November 1, 2015. During his tenure at Millburn (including its affiliates, Millburn Partners and CommInVest), he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in June 1982, and a partner in the predecessor to ShareInVest in April 1982.

Mr. Beker became registered as an Associated Person and a Swap Associated Person of the Millburn Ridgefield Corporation effective November 25, 1986 and March 8, 2013, respectively. Additionally, he was listed as a Principal and registered as an Associated Person and a Swap Associated Person of The Millburn Corporation effective February 8, 1984, May 23, 1989 and March 8, 2013, respectively, until November 1, 2015. He was also listed as a Principal and registered as an Associated Person of ShareInVest effective February 20, 1986 until February 25, 2007. Mr. Beker has also served as Co-Chairman of each entity in Millburn International Group since inception.

***Barry Goodman, Co-Chief Executive Officer and Executive Director of Trading.*** Mr. Goodman became Co-Chief Executive Officer of Millburn on November 1, 2015, serves as a member of Millburn's Investment Committee, and has served as Executive Director of Trading for Millburn and The Millburn Corporation since 1998. Prior to November 1, 2015, he also served as Executive Vice President of Millburn and The Millburn Corporation. Mr. Goodman also plays an integral role in business and product development, and in the strategic direction of the firm as a whole. Mr. Goodman joined Millburn and The Millburn Corporation (including its affiliate, Millburn Partners) in November 1982 as Assistant Director of Trading and most recently thereafter served as Executive Vice President of Millburn and The Millburn Corporation until November 1, 2015. His responsibilities include overseeing the firm's trading operations and managing its trading relationships, as well as the design and implementation of trading systems. From September 1980 through October 1982, he was a commodity trader at the brokerage firm of E.F. Hutton & Co., Inc. ("E.F. Hutton"). A t E.F. Hutton, he also designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics. Mr. Goodman has also served as President and a Director of each entity in Millburn International Group since inception.

Mr. Goodman became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the Millburn Ridgefield Corporation effective December 19, 1991, May 23, 1989

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and January 14, 2013, respectively. He also became listed as a Principal and registered as an Associated Person and a Swap Associated Person of The Millburn Corporation effective June 20, 1995, April 5, 1989 and March 8, 2013, respectively. He became a partner in ShareInVest in January 1994. Mr. Goodman was a listed Principal of ShareInVest, effective May 19, 1999 until February 25, 2007.

***Grant N. Smith, Co-Chief Executive Officer and Director of Research.*** Mr. Smith became Co-Chief Executive Officer of Millburn on November 1, 2015, serves as a member of Millburn's Investment Committee, and has served as Director of Research of Millburn and The Millburn Corporation since 1998. Prior to November 1, 2015, he also served as Executive Vice President of Millburn and The Millburn Corporation. He is responsible for the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. degree from the Massachusetts Institute of Technology ("MIT") in 1974 and an M.S. degree from MIT in 1975. While at MIT, he held several teaching and research positions in the computer science field and participated in various projects relating to database management. He joined the predecessor entity to The Millburn Corporation in June 1975, and has been continuously associated with Millburn, The Millburn Corporation and their affiliates since that time. Mr. Smith served as the Executive Vice President of the Millburn Ridgefield Corporation and The Millburn Corporation until November 1, 2015 and as the Director of Research of both entities until May 31, 2016. He has also served as a Director of each entity in Millburn International Group since inception, where he, along with the other Directors of each of those entities, is responsible for its overall management.

***Michael Soss, PhD. Co-Chief Investment Officer.*** Dr. Soss is Co-Chief Investment Officer of Millburn and serves as a member of Millburn's Investment Committee. Dr. Soss joined Millburn in January 2022 and, along with Co-Chief Investment Officer Grant Smith, is responsible for management of the firm's systematic research and development functions, including system design, modeling, data management and trade execution. Prior to joining Millburn, Dr. Soss was employed by Point72 Asset Management, from March 2015 to January 2021, in leadership roles spanning risk and trading research, and most recently headed the firm's Fusion group, a quant trading division focused on internal alpha capture. From September 2013 to March 2015 Dr. Soss was an executive director at J.P. Morgan. Dr. Soss' other experience includes SECOR Asset Management from April 2012 to September 2013, and Goldman Sachs from August 2003 to March 2012. Dr. Soss received an AB in mathematics from Harvard University in 1996, and MSc and PhD degrees in computer science from McGill University in Montreal, Canada, in 1998 and 2001, respectively.

**Nuveen Asset Management, LLC,** located at 333 West Wacker Drive, Chicago, IL 60606, serves as sub-adviser to the Macro Strategies Fund, the Commodities Fund, the Market Trend Fund and the Hedged Core Fund. Subject to the authority of the Board of Trustees and oversight by the Adviser, Nuveen is responsible for management of each Fund's fixed income investment portfolio according to the Fund's investment objective, policies and restrictions. Nuveen is paid by the Adviser, not the Fund. Nuveen has decades of experience managing fixed income assets for individual investors and institutional clients such as the Funds. As of February 27, 2026, Nuveen had approximately $309.9 billion in assets under management.

**Nuveen Portfolio Managers:** 

***Tony Rodriguez, Portfolio Manager.*** Mr. Rodriguez joined Nuveen in 2002 and serves as co-head of fixed income. Mr. Rodriguez served as a head of global corporate bonds for Credit Suisse Asset Management and managing director and head of corporate bonds for Prudential Global Asset Management. He received a B.A. in economics from Lafayette College and an M.B.A. in finance from New York University.

***Peter Agrimson, CFA, Portfolio Manager.*** Mr. Agrimson joined Nuveen in 2008 and is the lead manager of the Short Duration Multi Sector strategy and is a member of the Securitized Debt Sector Team. He received a B.S. in finance from Northern Illinois University.

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**Revolution Capital Management, LLC,** located at 600 17th Street, Suite 6105, Denver, CO 80202 serves as a sub-adviser to the Macro Strategies Fund and the Hedged Core Fund. Subject to the authority of the Board and oversight by the Adviser, Revolution is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. As of December 31, 2025, Revolution had approximately $793.8 million in assets under management.

**Revolution Portfolio Managers:**

***Michael Mundt, Principal.*** Michael's tasks at Revolution primarily consist of model development, business/marketing, and coordinating Revolution's overall business and trading strategy. Michael's background is in engineering and applied science. He received his B.S. in Aerospace Engineering from the University of Colorado in 1989. He was awarded a Ph.D. in Aerospace Engineering in 1993, also from the University of Colorado; his thesis involved the exploration of chaos and turbulence in simple weather/climate models. After the completion of his academic studies, Michael transitioned into the technology industry. He was employed by Seagate Technology (a hard-disk drive company) as an engineer specializing in computational fluid mechanics between March 1998 and July 2007. He currently holds nineteen U.S. patents in the area of disk-drive head/disk mechanics. Michael has been registered with the National Futures Association as an Associated Person since 2004 and has been a listed Principal of Revolution since December 2004.

***Theodore Robert Olson, Principal.*** Rob oversees the architecture and development of the hardware and software computing infrastructure at Revolution. Rob received his B.S. in Aerospace Engineering at the University of Arizona in 1989. He received his M.S. and Ph.D. in Aerospace Engineering at the University of Colorado in 1992 and 1996, respectively. Rob was employed at Raytheon Technology, an aerospace defense contractor, from June 1996 through June 2006. His primary job duties included code/software development, data analysis, and the development of statistical algorithms to process high-frequency, real- time data. Rob is familiar with a wide range of computing languages (e.g. Fortran, C, C++, Java), operating systems (e.g. Windows, Linux, Unix, Mac OS X), and application software (e.g. Perl, Matlab, Tcl/Tk). Rob has been registered with the National Futures Association as an Associated Person since 2008 and has been a listed Principal of Revolution since September 2005.

**Bramshill Investments, LLC,** located at 411 Hackensack Avenue, 9th Floor, Hackensack, New Jersey 07601, Bramshill serves as a sub-adviser to the Spectrum Income Fund. Subject to the authority of the Board and oversight by the Adviser, Bramshill is responsible for management of the Income Strategy portion of the Fund's portfolio according to the Fund's investment objective, policies and restrictions. Bramshill was established for the purpose of advising individuals and institutional investors such as the Fund. As of December 31, 2025, Bramshill had approximately $8.14 billion in assets under management.

**Bramshill Portfolio Managers:**

***Steven C. Carhart, CFA, Co-Portfolio Manager.*** Mr. Carhart has been with the sub-adviser since its founding in 2016. He has been an investment manager since 1987. His previous experience includes President and Chief Investment Officer of Trust & Fiduciary Management Services, Inc. from 1999 to 2016, management of institutional portfolios at the Northern Trust Company from 1987 to 1991; portfolio manager of the Baker Fentress closed-end fund from 1991 through 1996; and management of the Pioneer Mid Cap fund from 1996 to 1999. Mr. Carhart holds an SB in Electrical Engineering from the Massachusetts Institute of Technology and an SM from the Sloan School of Management at MIT. He is also a CFA<sup>®</sup> Charterholder.

***Art DeGaetano, Co-Portfolio Manager.*** Mr. DeGaetano has been with the sub-adviser since its founding in 2016. Prior to Bramshill, Mr. DeGaetano was Principal of Bramshill Investments from 2012 to 2016. Prior to Bramshill Investments, Mr. DeGaetano was a Senior Portfolio Manager at GLG Partners from 2007 to 2012. Prior to GLG Partners, he traded at RBS Greenwich Capital where he was a Managing Director and Head of Credit Trading for two years. Prior to RBS, he traded for 12 years for Bear Stearns and was a Senior Managing Director and Head Trader on the high yield desk. Mr. DeGaetano has a B.A. from Colgate University. Mr. DeGaetano has been the primary portfolio manager for the Bramshill Income Performance strategy since its inception.

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***Justin Byrnes, Co-Portfolio Manager.*** Mr. Byrnes is a Senior Portfolio Manager at Bramshill Investments specializing in income securities and capital structure analysis. Before joining Bramshill Investments in 2014, Mr. Byrnes worked for SAC Capital for 8 years where he co-ran an equity portfolio focused on the Energy, Power and Utility sectors for one of the largest portfolio managers at the firm. Prior to that, Mr. Byrnes was an analyst at CJS Securities specializing in small and midcap companies. Mr. Byrnes is a graduate of Vanderbilt University.

**R.G. Niederhoffer Capital Management, Inc.**, located at 1700 Broadway, 39th Floor, New York, New York 10019, Niederhoffer serves as a sub-adviser to the Macro Strategies Fund and the Hedged Core Fund. Subject to the authority of the Board and oversight by the Adviser, this sub-adviser is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. The sub-adviser is paid by the Adviser not the Fund. Niederhoffer was established in 1993 and is a quantitative trading advisor that employs a short-term, primarily contrarian strategy to trade the world's largest and most liquid markets. As of December 31, 2025, Niederhoffer had approximately $826 million in assets under management.

**Niederhoffer Portfolio Manager:**

**Roy Niederhoffer, President, Founder**, founded Niederhoffer in 1993. Mr. Niederhoffer leads the Management Committee and brings nearly 30 years of experience in the hedge fund industry.

**Crabel Capital Management, LLC ("Crabel"),** located at 1999 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067, serves as a sub-adviser to the Fund. Subject to the authority of the Board and oversight by the Adviser, Crabel is responsible for management of a portion of the Fund's managed futures investment portfolio according to the Fund's investment objective, policies and restrictions. Crabel is paid by the Adviser, not the Fund. The Fund's management fee does not change based on the fee paid to Crabel. As of March 31, 2026, Crabel had approximately $4.6 billion in volatility adjusted assets under management.

**Crabel Portfolio Managers:**

***Michael Pomada*** serves as a Portfolio Manager to the Fund. Michael Pomada is President and Chief Executive Officer of Crabel and a member of the firm's Leadership and Management Committees. In addition to his executive role, Michael is also the Portfolio Manager of Crabel Gemini and developed Crabel Advanced Trend. He spends his time on research and product development, as well as overseeing the front office teams. Michael joined Crabel in April 2008 as a portfolio manager focusing on the firm's Equity Main strategies. In late 2009, he spearheaded a firmwide initiative to revamp the organization's trading infrastructure, execution process, and microstructure research. He went on to serve as Crabel's Chief Operating Officer from June 2011 to July 2016 when he became President and CEO. Prior to joining Crabel, Michael spent time at UBS and managed portfolios at Manchester Trading (Niederhoffer) and Coast Asset Management. He began his career in sales and business development in the interactive entertainment industry before transitioning into finance. A graduate of the University of California, Berkeley, Michael also holds an MBA with a concentration in investments and statistics from the University of Southern California.

**P/E Global LLC ("P/E Global"),** located at 75 State Street, 31st Floor, Boston, MA 02109, serves as a sub-adviser to the Fund. Subject to the authority of the Board and oversight by the Adviser, P/E Global is responsible for management of a portion of the Fund's managed futures investment portfolio according to the Fund's investment objective, policies and restrictions. P/E Global is paid by the Adviser, not the Fund. The Fund's management fee does not change based on the fee paid to P/E Global. As of December 31, 2025, P/E Global had approximately $21.9 billion in assets under management.

**P/E Global Portfolio Managers:**

***Warren Naphtal*** serves as a portfolio manager to the Fund. Mr. Naphtal established P/E Global in 1995 and serves as its President and Chief Investment Officer.

***David Souza, Jr., CFA*** serves as a portfolio manager to the Fund. Mr. Souza joined P/E Global in 2000 and serves as its Co-Head of Research.

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**DG Partners LLP ("DG Partners"),** located at 20 North Audley Street, London, W1K 6WE, United Kingdom, serves as a sub-adviser to the Fund. Subject to the authority of the Board and oversight by the Adviser, DG Partners is responsible for management of a portion of the Fund's managed futures portfolio according to the Fund's investment objective, policies and restrictions. DG Partners is paid by the Adviser, not the Fund. The Fund's management fee does not change based on the fee paid to DG Partners. As of February 28, 2026, DG Partners had approximately $2.2 billion in assets under management.

**DG Partners Portfolio Manager:**

***David Gorton*** serves as a portfolio manager to the Fund. Mr. Gorton has over 35 years of trading experience, having begun his trading career in 1986 at Chemical Bank as a market maker in bonds and forward rates agreements. He joined HSBC in 1989, subsequently becoming Executive VP and Chief Dealer in the US – where he was responsible for all interest rate derivative trading, balance sheet management and proprietary trading in government bonds. In 1997, Mr. Gorton joined Chase Manhattan to become CIO of the Chase London Diversified Fund and head of proprietary trading for the European Rates division. In 2002, he left JP Morgan Chase to establish DG Partners where he was instrumental in the formation and support of the systematic trading program. The firm's systematic strategy has traded actively under his supervision from May 2006 to date.

**Parametric Portfolio Associates LLC ("Parametric"),** located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a sub-adviser to the Fund. Subject to the authority of the Board and oversight by the Adviser, Parametric is responsible for management of the Fund's Equity Strategy according to the Fund's investment objective, policies and restrictions. Parametric is paid by the Adviser, not the Fund. The Fund's management fee does not change based on the fee paid to Parametric. Parametric is a wholly owned subsidiary of Morgan Stanley, a publicly held company that is traded on the New York Stock Exchange under the ticker symbol MS, with approximately $1.6 trillion in assets under management. Parametric is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. As of December 31, 2025, Parametric had approximately $684.8 billion in assets under management.

**Parametric Portfolio Managers:**

***Jennifer Mihara*** serves as a portfolio manager to the Fund. Ms. Mihara is responsible for providing oversight to the Centralized Portfolio Management (CPM), Global Equities, and Institutional CPM & Custom Core Portfolio Management teams. Prior to her current role, Ms. Mihara was responsible for leading the CPM Team, primarily serving Parametric's wealth management, family office, and institutional client base. Before joining Parametric in 2005, Ms. Mihara was an investment associate at Merrill Lynch for five years. She earned a BA in economics and a minor in mathematics from Colgate University.

***Gordon Wotherspoon*** serves as a portfolio manager to the Fund. Mr. Wotherspoon is responsible for overseeing portfolio management of the Custom Core® Equity product for the firm's brokerage and bank-sponsored channels. Prior to joining Parametric in 2004, Mr. Wotherspoon led the investment manager due diligence effort for an institutional investment consulting group within UBS Financial Services. He earned an MBA and a BS in economics from the University of Washington.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio managers and each portfolio manager's ownership of Fund shares.

**Prior Performance of GCM**

GCM manages the Graham Tactical Trend Strategy ("Tactical Trend"), an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of Tactical Trend, which represents the performance of various accounts managed by GCM with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. These accounts include a proprietary account of GCM, which is the longest running account included in the performance data shown below, and other client accounts. The data, which has been provided by the sub-adviser, is provided to illustrate the past

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performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the Barclay CTA Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The performance data of Tactical Trend is presented on a pro-forma basis to reflect the fees and expenses applicable to Class I Shares of the Fund, subject to the Fee Waiver and/or Reimbursement but exclusive of the Acquired Fund Fees and Expenses, rather than those applicable to the strategy. Tactical Trend is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. In particular, in order to comply with asset segregation rules under the 1940 Act, the Fund will be subject to limitations on the amount of exposure it may maintain in respect of certain futures, primarily commodity based and fixed income futures, which limitation does not apply to the trading of Tactical Trend in the chart. Consequently, the performance results for Tactical Trend could have been adversely affected if the strategy had been operated as a registered investment company. Tactical Trend was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of Tactical Trend as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in Tactical Trend are different from the fees and expenses associated with an investment in the Fund; accordingly, the performance of Tactical Trend shown here has been adjusted to reflect the estimated fees and expenses of Class I shares of the Fund, as detailed in the preceding paragraph. If returns had been calculated based on the estimated fees and expenses of Class A or Class C shares of the Fund, returns would have been lower.

The performance presented below for the similarly managed accounts is shown on a net basis. Results include the reinvestment of dividends and capital gains. For those Tactical Trend accounts that are traded on a notionally-funded basis, unlike the Fund which is fully funded, the performance for such accounts is adjusted to include interest income earned on cash and cash equivalents calculated for each month in the reporting period by multiplying the then applicable Treasury Bill rate by a factor of 0.90, which represents the average rate of free cash for the portfolio.

The chart below shows the net annual returns for the Tactical Trend accounts for the calendar years shown, adjusted to reflect the fees, expenses and interest income as described above. Rates of return are asset-weighted and are calculated as the change in total capital, as adjusted for subscriptions and redemptions during the period.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Tactical Trend | -11.41% | 3.85% | -13.93% | 16.52% | 0.65% | 1.18% | 32.22% | -11.60% | 5.24% | 1.29% |

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The chart below shows the average annual historical performance of Tactical Trend.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Graham <br>Tactical Trend <br>Strategy** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **Barclay CTA** <br>**Index**<sup>(2)</sup> |
| 1 Year | 1.29% | 4.20% | 3.17% |
| 5 Years | 4.74% | 3.18% | 3.66% |
| 10 Years | 1.59% | 2.20% | 2.51% |
| Since Inception<sup>(3)</sup> | 5.52% | 1.61% | 2.88% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Barclay CTA Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for Tactical Trend was 10/1/2006 for the proprietary account and the first client account commenced trading on 11/1/2013.

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**Prior Performance of Kettle Hill**

KHCM manages a private investment fund, the Kettle Hill Partners, LP ("LP"), with substantially similar objectives and strategies as it will use to manage the portion of the Fund's assets allocated to it. You should not consider the past performance of the LP as indicative of the future performance of the Fund.

The following tables set forth performance data relating to the historical performance of the LP, which represents all of the accounts and funds managed by KHCM for the periods indicated that have investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing a fund with substantially similar investment strategies, as measured against the Morningstar Global Long/Short Equity Index and the S&P 500<sup>®</sup> Total Return Index and does not represent the performance of the Fund.

The LP is not subject to the same types of expenses to which the Fund is subject, nor to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for the LP could have been adversely affected if the LP had been regulated as an investment company under the federal securities laws. The method used to calculate the LP's performance differs from the Securities and Exchange Commission's standardized method of calculating performance because the LP has not been priced daily and may produce different results.

The fees and expenses associated with an investment in the LP are different from the fees and expenses (after taking into account the expense limitation agreement) associated with an investment in the Dynamic Opportunity Fund, so that if the results of the LP were adjusted for expenses of the Dynamic Opportunity Fund, net returns would have been higher.

The performance presented below for the LP is shown on a net basis. The net performance results are net of standard management and performance fees for the LP. Results include the reinvestment of dividends and capital gains. Returns from cash and cash equivalents in the LP are included in the performance calculations, and the cash and cash equivalents are included in the total assets on which the performance is calculated. The LP was valued on a monthly basis, which differs from the SEC return calculation method that employs daily valuation.

The chart below shows the net annual returns for the LP for the prior ten calendar years. The LP receives a 1.5% management fee and 20% incentive compensation.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Kettle Hill Partners, L.P. | 9.90% | 2.58% | -2.24% | -0.54% | 26.47% | 2.09% | -1.44% | 11.94% | 10.11% | 2.71% |

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The chart below shows the annualized historical performance of the LP, net of fees.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Kettle Hill** <br>**Partners, LP** | **Morningstar** <br>**US Long/Short Equity Index** <sup>(1)</sup> | **S&P 500 Total Return Index** <sup>(2)</sup> |
| 1 Year | 2.71% | 10.08% | 17.88% |
| 5 Years | 4.96% | 9.65% | 14.42% |
| 10 Years | 5.85% | 7.81% | 14.82% |
| Since Inception <sup>(3)</sup> | 8.02% | 3.99% | 11.17% |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The Morningstar US Long/Short Equity Index consists of funds with exposure to long and short positions in US equities or derivatives and is equally weighted.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The S&P 500 Total Return Index consists of 500 stocks chosen for their market size, liquidity and industry group representation. It is a market value-weighted index and one of the most widely-used benchmarks for U.S. stock performance. Investors cannot invest directly in an index, and index figures do not reflect any deduction for fees, expenses or taxes.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The inception date for Kettle Hill Partners, LP was June 1, 2003.

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The chart below shows the gross annual returns for the LP for the prior ten calendar years.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Kettle Hill Partners, LP | 14.73% | 5.35% | -0.65% | 0.11% | 34.77% | 4.71% | -0.40% | 13.93% | 11.46% | 3.96% |

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The chart below shows the annualized historical performance of the LP, gross of fees.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Kettle Hill** <br>**Partners, LP** | **Morningstar** <br>**US Long/Short Equity Index** <sup>(1)</sup> | **S&P 500 Total Return Index** <sup>(2)</sup> |
| 1 Year | 3.96% | 10.08% | 17.88% |
| 5 Years | 6.60% | 9.65% | 14.42% |
| 10 Years | 8.35% | 7.81% | 14.82% |
| Since Inception <sup>(3)</sup> | 11.20% | 3.99% | 11.17% |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Morningstar US Long/Short Equity Index consists of funds with exposure to long and short positions in US equities or derivatives and is equally weighted.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The S&P 500 Total Return Index consists of 500 stocks chosen for their market size, liquidity and industry group representation. It is a market value-weighted index and one of the most widely-used benchmarks for U.S. stock performance. Investors cannot invest directly in an index, and index figures do not reflect any deduction for fees, expenses or taxes.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The inception date for Kettle Hill Partners, LP was June 1, 2003.

**Prior Performance of Millburn**

Millburn manages the Millburn Diversified Program ("MDP"), an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of MDP, which represents the performance of various accounts managed by Millburn with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the Barclay CTA Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The performance data of MDP is presented on a proforma basis to reflect the fees and expenses applicable to a Millburn offering which provides for an annual management fee of 2.0% plus a performance-based fee or allocation of 20%. MDP is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for MDP could have been adversely affected if the strategy had been operated as a registered investment company. MDP was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of MDP as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in MDP are different from the fees and expenses associated with an investment in the Fund; the performance of MDP shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for the MDP accounts for the past 10 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| MDP | 10.88% | 4.18% | -0.13% | 5.18% | -11.12% | 5.52% | 16.73% | -7.22% | 9.05% | -3.48% |

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The chart below shows the average annual historical performance of MDP.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **MDP** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index** | **Barclay CTA** <br>**Index** |
| 1 Year | -3.48% | 4.20% | 3.17% |
| 5 Years | 3.76% | 3.18% | 3.66% |
| 10 Years | 2.64% | 2.20% | 2.51% |
| Since Inception\* | 9.53% | 1.93% | 8.28% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Barclay CTA Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for MDP was 2/1/1977, 7/1/2000 for Bank of America Merrill Lynch 3-Month Treasury Bill Index, and 1/1/1980 for Barclay CTA Index.

**Prior Performance of Revolution**

Revolution manages their Alpha program ("Alpha"), an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of Alpha, which represents the performance of a limited partnership managed by Revolution with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the Barclay CTA Index and does not represent the performance of the Fund. The performance data of Alpha is presented on a basis to reflect the fees and expenses applicable for the fees charged by the limited partnership which were 0% annual management fee plus 25% incentive fee (during the period from inception to December 2013) and an annual management fee of 2% plus 20% incentive fee thereafter. Alpha is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for Alpha could have been adversely affected if the strategy had been operated as a registered investment company. Alpha was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of Alpha as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in Alpha are different from the fees and expenses associated with an investment in the Fund; accordingly, the performance of Alpha shown here has been adjusted as detailed in the preceding paragraph.

The chart below shows the net annual returns for the Alpha accounts for the calendar years shown, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Alpha | 10.08% | -5.68% | -10.16% | 13.34% | 20.65% | -9.06% | 9.70% | -14.82% | 14.11% | 8.28% |

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The chart below shows the average annual historical performance of Alpha.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Revolution**<br>**Alpha** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **Barclay CTA** <br>**Index**<sup>(2)</sup> |
| 1 Year | 8.28% | 4.20% | 3.17% |
| 5 Years | 0.98% | 3.18% | 3.66% |
| 10 Years | 2.96% | 2.20% | 2.51% |
| Since Inception<sup>(3)</sup> | 5.49% | 1.48% | 2.79% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Barclay CTA Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for Alpha was 6/1/2007.

**Prior Performance of Niederhoffer** 

Niederhoffer manages the Niederhoffer Smart Alpha Program ("Smart Alpha"), an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of Smart Alpha, which represents the performance of various accounts managed by Niederhoffer with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the Barclay CTA Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The Smart Alpha Program is a carve-out of R.G. Niederhoffer Diversified Program which has traded since 1993. The performance data of Smart Alpha is presented on a proforma basis to reflect the fees and expenses applicable to Smart Alpha Offshore Fund, L.P. which provides for an annual management fee of 0.9% plus a performance-based fee of 18%. Smart Alpha is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for Smart Alpha could have been adversely affected if the strategy had been operated as a registered investment company. Smart Alpha was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of Smart Alpha as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in Smart Alpha are different from the fees and expenses associated with an investment in the Fund; the performance of Smart Alpha shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for the Smart Alpha accounts for the past 10 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Smart Alpha | 6.67% | -16.46% | 27.19% | -2.05% | -0.21% | 3.82% | 13.71% | 0.86% | -9.15% | -15.55% |

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The chart below shows the average annual historical performance of Smart Alpha.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Smart**<br>**Alpha** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **Barclay CTA** <br>**Index**<sup>(2)</sup> |
| 1 Year | -15.55% | 4.20% | 3.17% |
| 5 Years | -1.79% | 3.18% | 3.66% |
| 10 Years | 0.12% | 2.20% | 2.51% |
| Since Inception<sup>(3)</sup> | 7.00% | 1.93% | 3.46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Barclay CTA Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for Smart Alpha and Barclay CTA Index is 1/1/2000 and 7/1/2000 for Bank of America Merrill Lynch 3-Month Treasury Bill Index.

**Prior Performance of Tages** 

Tages Capital manages the Global Rates Program ("Global Rates"), an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Funds' assets allocated to it.

The following tables set forth performance data relating to the historical performance of Global Rates Composite, which represents the performance of various accounts managed by Tages with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Funds. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the Barclay CTA Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The Global Rates Program is a discretionary global macro strategy that has traded continuously since 2004. The performance data of Global Rates is presented as a composite that is in compliance with Global Investment Performance Standards (GIPS) on a proforma basis to reflect the fees and expenses which provides for an annual management fee of 1.0%, operating expense of 0.25%, plus a performance-based fee of 10% that is subject to a hurdle rate. Global Rates is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for Global Rates could have been adversely affected if the strategy had been operated as a registered investment company. Global Rates was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of Global Rates as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in Global Rates are different from the fees and expenses associated with an investment in the Funds; the performance of Global Rates shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for the Global Rates accounts for the past 10 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Global Rates | -4.45% | -2.36% | 2.68% | 11.03% | 7.17% | 9.19% | 15.28% | 9.32% | -4.53% | 13.24% |

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The chart below shows the average annual historical performance of Global Rates.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Global**<br>**Rates** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **Barclay CTA**<br>**Index**<sup>(2)</sup> |
| 1 Year | 12.24% | 4.20% | 3.17% |
| 5 Years | 8.27% | 3.18% | 3.66% |
| 10 Years | 5.42% | 2.20% | 2.51% |
| Since Inception<sup>(3)</sup> | 6.97% | 1.77% | 2.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Barclay CTA Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for Global Rates, Bank of America Merrill Lynch 3-Month Treasury Bill Index and Barclay CTA Index is 1/31/2004.

**Prior Performance of Bramshill** 

Bramshill Investments, the parent company of Trust and Fiduciary Income Partners LLC, became the sub-adviser to the Spectrum Income Fund effective September 30, 2020, prior to which Trust and Fiduciary Income partners LLC served as the adviser. Trust and Fiduciary Income Partners LLC formed in 2016 from a merger of Bramshill Investments and Trust and Fiduciary Management Services, Inc. ("TFMS"). Prior to the merger, TFMS operated as a sub-adviser to the Spectrum Income Fund. TFIP has previously managed similarly managed accounts and other accounts, including a registered investment company, with substantially similar objectives and strategies as those it uses to manage the Income Strategy portion of the Spectrum Income Fund's assets allocated to it. The Income Strategy portion of each Fund only represents one of the strategies utilized by the Adviser in pursuing the Fund's investment objective. **You should not consider the past performance of these accounts as indicative of the future performance of the Fund.**

The following tables set forth performance data relating to the historical performance of Bramshill's All Weather composite of each similarly managed account which represents all such client assets managed by Bramshill for the periods indicated that have investment objectives, policies, strategies and risks substantially similar to those employed by Bramshill in the management of its Income Strategy allocated portion of the respective Fund's assets. The data, which has been provided by Bramshill, is provided to illustrate the past performance of the Sub-Adviser in managing accounts with substantially similar investment strategies, as measured against the Bloomberg Barclays Aggregate Bond Index and the Morningstar Allocation - 70% to 85% Equity, and does not represent the performance of the Funds.

Bramshill's All Weather composite is not subject to the same types of expenses to which the Funds are subject nor to the diversification requirements, specific tax restrictions and investment limitations imposed on the Funds by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for certain similarly managed accounts could have been adversely affected if they had been regulated as investment companies under the federal securities laws. The method used to calculate each account's performance differs from the Securities and Exchange Commission's standardized method of calculating performance, because they are not priced daily, and may produce different results. Bramshill's similarly managed accounts were subject to expenses that are most similar to the expenses of the Funds' Class I shares.

The chart below shows the net annual returns of the similarly managed accounts for the prior ten calendar years shown.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Return** | 7.79% | 4.41% | -7.59% | 20.37% | -9.46% | 23.14% | -8.56% | 3.82% | 11.51% | 10.83% |

---

The chart below shows the average annual performance (net of fees) of the All Weather composite through 12/31/2023 (inception date of 7/1/01).

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---

| | | |
|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Bramshill** | **Bloomberg Barclays U.S. Aggregate Bond Index**<sup>(1)</sup> |
| 1 Year | 10.83% | 7.30% |
| 5 Years | 7.64% | -0.36% |
| 10 Years | 5.06% | 2.01% |
| Since inception <br>(7/1/01) | 4.98% | 3.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities).

The chart below shows the gross annual returns of the similarly managed accounts for the prior ten calendar years shown.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Return** | 8.57% | 5.16% | -6.87% | 21.27% | -8.84% | 24.05% | -7.88% | 4.61% | 12.34% | 12.54% |

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The chart below shows the average annual performance (gross of fees) of the All Weather composite through 12/31/2023 (inception date of 7/1/01):

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| | | |
|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Bramshill** | **Bloomberg Barclays U.S.**<br>**Aggregate**<br>**Bond Index**<sup>(1)</sup> |
| 1 Year | 12.54% | 7.30% |
| 5 Years | 8.61% | -0.36% |
| 10 Years | 5.92% | 2.01% |
| Since inception <br>(7/1/01) | 5.79% | 3.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities).

**Prior Performance of DG Partners**

DG Partners manages the DG Partners Systematic Trading Strategy, an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of DG Partners Systematic Trading Strategy, which represents the performance of various accounts managed by DG Partners with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the SG Trend Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The performance data of DG Partners is presented on a pro-forma basis to reflect the fees and expenses applicable to a DG Partners offering which provides for an annual management fee of 1%. DG Partners Systematic Trading Strategy is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for DG Partners Systematic Trading

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Strategy could have been adversely affected if the strategy had been operated as a registered investment company. DG Partners Systematic Trading Strategy was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of DG Partners Systematic Trading Strategy as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in DG Partners Systematic Trading Strategy are different from the fees and expenses associated with an investment in the Fund; the performance of DG Partners Systematic Trading Strategy shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for DG Partners Systematic Trading Strategy accounts for the past 10 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| DG Partners Systematic Trading Strategy | 2.96% | 6.84% | 0.21% | 3.88% | 16.15% | 9.10% | 32.53% | -3.96% | -12.26% | 6.55% |

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The chart below shows the average annual historical performance of DG Partners Systematic Trading Strategy.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **DG Partners Systematic Trading Strategy** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **SG Trend** <br>**Index**<sup>(2)</sup> |
| 1 Year | 6.55% | 4.20% | 2.51% |
| 5 Years | 5.36% | 3.18% | 7.00% |
| 10 Years | 5.61% | 2.20% | 3.68% |
| Since Inception<sup>(3)</sup> | 6.58% | 1.67% | 4.16% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The SG Trend Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for DG Partners Systematic Trading Strategy was 5/1/2006, and this date is used for the benchmarks' returns.

**Prior Performance of Crabel**

Crabel manages the Crabel Advanced Trend program, an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of Crabel Advanced Trend, which represents the performance of various accounts managed by Crabel with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the SG Trend Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The performance data of Crabel Advanced Trend is presented on a pro-forma basis to reflect the fees and expenses applicable to a Crabel offering which provides for an annual management fee of 1%. Crabel Advanced Trend is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for Crabel Advanced Trend could have been adversely affected if the strategy had been operated as a registered investment company. Crabel Advanced Trend was valued on a monthly

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basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of Crabel Advanced Trend as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in Crabel Advanced Trend are different from the fees and expenses associated with an investment in the Fund; the performance of Crabel Advanced Trend shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for the Crabel Advanced Trend accounts for the past 9 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Crabel Advanced Trend | -7.80% | 7.51% | -13.91% | 3.48% | 23.57% | -0.08% | 23.97% | -5.00% | -4.68% | 6.53% |

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The chart below shows the average annual historical performance of Crabel Advanced Trend.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Crabel Advanced Trend** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **SG Trend** <br>**Index**<sup>(2)</sup> |
| 1 Year | 6.53% | 4.20% | 2.51% |
| 5 Years | 3.63% | 3.18% | 7.00% |
| 10 Years | 2.69% | 2.20% | 3.68% |
| Since Inception<sup>(3)</sup> | 7.02% | 1.67% | 5.26% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The SG Trend Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for Crabel Advanced Trend was 4/1/2014, and this date is used for the benchmarks' returns.

**Prior Performance of P/E Global**

P/E Global manages the P/E Diversified Aggressive Strategy, an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of P/E Diversified Aggressive Strategy, which represents the performance of various accounts managed by P/E Global with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the Barclay CTA Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The performance data of P/E Diversified Aggressive Strategy is presented on a pro-forma basis to reflect the fees and expenses applicable to an account with similar investment strategies which provides for an annual management fee of 1% plus a performance-based fee or allocation of 20%. P/E Diversified Aggressive Strategy is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for P/E Diversified Aggressive Strategy could have been adversely affected if the strategy had been operated as a registered investment company. P/E Diversified Aggressive Strategy was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of P/E Diversified Aggressive Strategy as indicative of future performance of the Fund.**

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The fees and expenses associated with an investment in P/E Diversified Aggressive Strategy are different from the fees and expenses associated with an investment in the Fund; the performance of P/E Diversified Aggressive Strategy shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for the P/E Diversified Aggressive Strategy accounts for the past 10 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| P/E Diversified Aggressive Strategy | 12.71% | -18.54% | 15.61% | 5.17% | -9.32% | 7.80% | 24.58% | -2.83% | 17.02% | -21.55% |

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The chart below shows the average annual historical performance of P/E Diversified Aggressive Strategy.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **P/E Diversified Aggressive Strategy** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **Barclay CTA** <br>**Index**<sup>(2)</sup> |
| 1 Year | -21.55% | 4.20% | 3.17% |
| 5 Years | 3.68% | 3.18% | 3.66% |
| 10 Years | 1.95% | 2.20% | 2.51% |
| Since Inception<sup>(3)</sup> | 5.23% | 1.84% | 2.59% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Barclay CTA Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for P/E Diversified Aggressive Strategy was 1/1/2014, and this date is used for the benchmarks' returns.

**Prior Performance of Parametric**

Parametric manages the Parametric Custom Core US Large Cap Strategy, an investment strategy with substantially similar objectives and strategies to those it uses to manage the portion of the Fund's assets allocated to it.

The following tables set forth performance data relating to the historical performance of Parametric Custom Core US Large Cap Strategy, which represents the performance of various accounts managed by Parametric with investment objectives, policies, strategies and risks substantially similar to those employed by the sub-adviser in the management of its allocated portion of the Fund. The data, which has been provided by the sub-adviser, is provided to illustrate the past performance of the sub-adviser in managing an investment strategy with substantially similar investment strategies measured against the S&P 500 Total Return Index and the Bank of America Merrill Lynch 3-Month Treasury Bill Index and does not represent the performance of the Fund. The performance data of Parametric Custom Core US Large Cap Strategy is presented on a pro-forma basis to reflect the fees and expenses applicable to an account with similar investment strategies, which provides for an annual management fee of 0.35%. Parametric Custom Core US Large Cap Strategy is not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Code. Consequently, the performance results for Parametric Custom Core US Large Cap Strategy could have been adversely affected if the strategy had been operated as a registered investment company. Parametric Custom Core US Large Cap Strategy was valued on a monthly basis, which differs from the Securities and Exchange Commission's standardized method of calculating performance that employs daily valuation and may produce different results. **You should not consider the past performance of Parametric Custom Core US Large Cap Strategy as indicative of future performance of the Fund.**

The fees and expenses associated with an investment in Parametric Custom Core US Large Cap Strategy are different from the fees and expenses associated with an investment in the Fund; the

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performance of Parametric Custom Core US Large Cap Strategy shown here has been adjusted as described in the preceding paragraph.

The chart below shows the net annual returns for the Parametric Custom Core US Large Cap Strategy accounts for the past 10 calendar years, adjusted to reflect the fees, expenses and interest income as described above.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Parametric Custom Core US Large Cap Strategy | 11.58% | 21.60% | -4.69% | 30.02% | 17.86% | 28.34% | -18.32% | 24.99% | 24.23% | 17.73% |

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The chart below shows the average annual historical performance of Parametric Custom Core US Large Cap Strategy, net of fees.

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| | | | |
|:---|:---|:---|:---|
| **For the Periods Ended 12/31/25** | **Parametric Custom Core US Large Cap Strategy** | **Bank of America Merrill Lynch 3-Month Treasury Bill Index**<sup>(1)</sup> | **S&P 500 TR** <br>**Index**<sup>(2)</sup> |
| 1 Year | 17.73% | 4.20% | 17.88% |
| 5 Years | 13.89% | 3.18% | 14.42% |
| 10 Years | 14.27% | 2.20% | 14.82% |
| Since Inception<sup>(3)</sup> | 10.58% | 1.38% | 11.05% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Bank of America Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The S&P 500 Total Return Index is a leading industry benchmark of representative performance of investment vehicles of commodity trading advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The inception date for Parametric Custom Core US Large Cap Strategy was 1/1/2008, and this date is used for the benchmarks' returns.

**Investment Subsidiaries – Macro Strategies Fund, Commodities Fund, Market Trend Fund, Hedged Core Fund and Strategic Allocation Fund**

The Macro Strategies Fund, the Commodities Fund, the Market Trend Fund, the Hedged Core Fund and the Strategic Allocation Fund may invest up to 25% of each Fund's respective total assets (measured at the time of purchase) in a Subsidiary. On behalf of the Macro Strategies Fund, the Subsidiary will invest the majority of its assets in futures contracts and other investments intended to serves as margin or collateral for futures positions. On behalf of the Commodities Fund, the Fund's Subsidiary will invest the majority of its assets in Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. On behalf of the Market Trend Fund, the Subsidiary will invest the majority of its assets in futures contracts and other investments intended to serve as margin or collateral for futures positions. On behalf of the Hedged Core Fund, the Fund's Subsidiary will invest the majority of its assets in futures contracts and other investments intended to serve as margin or collateral for futures positions, Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. On behalf of the Strategic Allocation Fund, the Fund's Subsidiary will invest the majority of its assets in futures contracts and other investments intended to serve as margin or collateral for futures positions, Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. Each Subsidiary is organized under the laws of the Cayman Islands, and is overseen by its own board of directors. Each Fund is the sole shareholder of its respective Subsidiary. It is not currently expected that shares of a Subsidiary will be sold or offered to other investors. If, at any time, the Subsidiary proposes to offer or sell its shares to any investor other than the applicable Fund, you will receive 60 days' prior notice of such offer or sale.

As with the Funds, the Adviser is responsible for each Subsidiary's day-to-day business pursuant to an investment advisory agreement with each Subsidiary. Under this agreement, the Adviser provides the

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Subsidiaries with the same type of management services, under the same terms, as are provided to the Funds. Additionally, for the Macro Strategies Fund's Subsidiary, the Adviser delegates execution of investment management to GCM, Millburn, and Revolution, pursuant to the respective sub-advisory agreements with each sub-adviser, which provide the Subsidiary with the same type of management services, under the same terms, as are provided to the Fund. For the Market Trend Fund's Subsidiary, The Adviser delegates execution of investment management to GCM, pursuant to a sub-advisory agreement. The advisory agreement with each Subsidiary provides for automatic termination upon the termination of the investment advisory agreement with respect to the applicable Fund. The Subsidiaries have also entered into separate contracts for the provision of custody services with the same service provider that provides those services to the Funds.

Each Fund pays the Adviser a fee for its services. The Adviser has contractually agreed to waive the management fee it receives from each Fund's Subsidiary, so long as the Subsidiary is wholly-owned by its respective Fund. This undertaking will continue in effect for so long as the Funds invest in the Subsidiary, and may not be terminated by the Adviser unless it first obtains the prior approval of the Funds' Board of Trustees for such termination. The Subsidiaries will also bear the fees and expenses incurred in connection with the custody services that they receive. Each Fund expects that the expenses borne by its Subsidiary will not be material in relation to the value of the Fund's assets. It is also anticipated that the Fund's own expenses will be reduced to some extent as a result of the payment of such expenses at the Subsidiary level.

The Subsidiaries will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Funds. As a result, the Adviser is subject to the same investment policies and restrictions that apply to the management of the Funds, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary's portfolio investments. These policies and restrictions are described in detail in the SAI. The Funds' Chief Compliance Officer oversees implementation of the Subsidiary's policies and procedures and makes periodic reports to the Funds' Board regarding the Subsidiary's compliance with its policies and procedures.

The financial statements of the Subsidiaries will be consolidated in the respective Fund's financial statements, which are included in the Funds' annual and semi-annual reports. The Funds' annual and semi-annual reports are distributed to shareholders, and copies of the reports are provided without charge upon request as indicated on the back cover of this Prospectus. Please refer to the SAI for additional information about the organization and management of the Subsidiaries.

**HOW SHARES ARE PRICED**

The NAV and offering price (NAV plus any applicable sales charges) of each class of shares is determined as of the close of the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern Time) on each day the NYSE is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of a Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of the Fund, including management, administration, and distribution fees (if any), which are accrued daily. The determination of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, the Funds' investments are valued each day at the last quoted sales price on each investment's primary exchange. Investments traded or dealt in upon one or more exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the last bid on the primary exchange. Investments primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official

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Closing Price. If market quotations are not readily available, investments will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board and subject to the overall oversight of the Board. In these cases, the Fund's NAV will reflect certain portfolio investments' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for an investment is materially different than the value that could be realized upon the sale of that investment. The fair value prices can differ from market prices when they become available or when a price becomes available.

Each Fund may use independent pricing services to assist in calculating the value of the Fund's investments. In addition, market prices for foreign investments are not determined at the same time of day as the NAV for the Funds. Because the Funds may invest in Underlying Funds which hold portfolio investments primarily listed on foreign exchanges and these exchanges may trade on weekends or other days when the Underlying Funds do not price their shares, the value of some of a Fund's portfolio investments may change on days when you may not be able to buy or sell Fund shares. In computing the NAV, each Fund values foreign investments held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign investments quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of an investment in a Fund's portfolio, particularly foreign investments, occur after the close of trading on a foreign market but before the Fund prices its shares, the investment will be valued at fair value. For example, if trading in a portfolio investment is halted and does not resume before a Fund calculates its NAV, the Adviser may need to price the investment using the Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of a Fund's portfolio investments can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Fund's NAV by short-term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price an investment may result in a price materially different from the prices used by other mutual funds to determine net asset value or from the price that may be realized upon the actual sale of the investment.

With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, each Fund's net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**HOW TO PURCHASE SHARES**

**Share Classes**

All of the Funds offered in this Prospectus currently offer Class A and Class I shares. The Macro Strategies Fund, Commodities Fund, Market Trend Fund, Dynamic Opportunity Fund and Spectrum Income Fund also offer Class C shares. The Funds offers these classes of shares so that you can choose the class that best suits your investment needs. The main differences between each class are sales charges, ongoing fees and minimum investment requirements. For information on ongoing distribution fees, see **Distribution Fees** on page 127 of this Prospectus. Each class of shares in a Fund represents an interest in the same portfolio of investments within that Fund. There is no investment minimum on reinvested distributions and the Funds may change investment minimums at any time.

The Funds reserve the right to waive sales charges and investment minimums. The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Funds or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Funds or through another intermediary to receive these waivers or discounts. Please see

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"Intermediary-Defined Sales Charge Waiver Policies" in **Appendix A** to this Prospectus for more information.

**Class A Shares:** Class A shares are offered at their public offering price, which is the NAV plus the applicable sales charge and are subject to a distribution plan pursuant to Rule 12b-1 under the 1940 Act, under which Class A shares are charged 12b-1 distribution fees of an annual rate not to exceed 0.25% of the average daily net assets of Class A shares. Over time, fees paid under this distribution plan will increase the cost of a Class A shareholder's investment and may cost more than other types of sales charges. The minimum initial investment in Class A shares of a Fund is $2,500 for all accounts. The minimum subsequent investment in Class A shares of a Fund is $500 for all accounts. The sales charge varies, depending on how much you invest. There are no sales charges on reinvested distributions. Because of rounding in the calculation of the "offering price", the actual sales charge you pay may be more or less than that calculated using the percentages shown below. The following sales charges apply to your purchases of Class A shares of a Fund:

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| | | | |
|:---|:---|:---|:---|
| **Amount Invested** | **Sales Charge as a % of Offering Price** | **Sales Charge as a % of Amount Invested** | **Dealer Reallowance** |
| Under $25,000 | 5.75% | 6.10% | 5.00% |
| $25,000 to $49,999 | 5.00% | 5.26% | 4.25% |
| $50,000 to $99,999 | 4.75% | 4.99% | 4.00% |
| $100,000 to $249,999 | 3.75% | 3.83% | 3.25% |
| $250,000 to $499,999 | 2.50% | 2.56% | 2.00% |
| $500,000 to $999,999 | 2.00% | 2.04% | 1.75% |
| $1,000,000 and above | 0.00% | 0.00% | See below |

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"Dealer reallowance" is the portion of the sales charge deducted from a mutual fund investment that is paid as a commission to the authorized broker-dealer responsible for assisting you with your investment in Class A shares of the Funds. In the case of investments of $1,000,000 or more, no sale charge is deducted from the cost of your purchase. In that case, the Adviser shall reimburse the Funds in connection with the Dealer reallowance retained by the authorized broker-dealer calculated as follows: 1.00% on purchases between $1 million and $3 million, 0.50% on amounts over $3 million but less than $5 million, and 0.25% on amounts over $5 million (except in certain situations where there are systems limitations that result in a slightly different calculation). The dealer reallowance rate is determined based on the purchase amount combined with the current market value of existing investments in Class A shares.

As shown, investors that purchase $1,000,000 or more of a Fund's Class A shares will not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or more of Class A shares are subject to a CDSC on shares redeemed within 12 months after their purchase in the amount of the dealer reallowance paid on the shares redeemed. Any applicable CDSC will be based on the original cost of the shares redeemed. Shares will be aged on the first day of each month regardless of when in the month they were purchased.

*How to Reduce Your Sales Charge*

You may be eligible to purchase Class A shares at a reduced sales charge. To qualify for these reductions, you must notify the Funds' Transfer Agent in writing and supply your account number at the time of purchase. You may combine your purchase with those of your "immediate family" (your spouse and your children under the age of 21) for purposes of determining eligibility. If applicable, you will need to provide the account numbers of your spouse and your children as well as the ages of your children.

<u>Rights of Accumulation</u>*:* To qualify for the lower sales charge rates that apply to larger purchases of Class A shares, you may combine your new purchases of Class A shares with Class A shares and Class C shares of the Fund that you already own. The applicable initial sales charge for the new purchase is based on the total of your current purchase and the current value of all other Class A shares and Class C shares that you own based on the Fund's current public offering price. The reduced sales charge will apply only to current purchases and must be requested in writing when you buy your shares.

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Shares of a Fund held as follows cannot be combined with your current purchase for purposes of reduced sales charges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held indirectly through financial intermediaries other than your current purchase broker-dealer (for example, a different broker-dealer, a bank, a separate insurance company account or an investment advisor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held through an administrator or trustee/custodian of an Employer Sponsored Retirement Plan (for example, a 401(k) plan) other than employer-sponsored IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held directly in the Fund account on which the broker-dealer (financial advisor) of record is different than your current purchase broker-dealer.

<u>Letter of Intent</u>*:* Under a Letter of Intent ("LOI"), you commit to purchase a specified dollar amount of Class A shares of a Fund, with a minimum of $25,000, during a 13-month period. Any shares purchased within 90 days prior to the date you sign the letter of intent will be used as credit toward completion, but the reduced sales charge will only apply to new purchases made on or after that date. At your written request, Class A share purchases made during the previous 90 days may be included. The amount you agree to purchase determines the initial sales charge you pay. If the full-face amount of the LOI is not invested by the end of the 13-month period, your account will be adjusted to the higher initial sales charge level for the amount actually invested. You are not legally bound by the terms of your LOI to purchase the amount of your shares stated in the LOI. The LOI does, however, authorize the Fund to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase at the end of the 13 month period, the Fund's transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased).

<u>Repurchase of Class A Shares</u>: If you have redeemed Class A shares of a Fund within the past 120 days, you may repurchase an equivalent amount of Class A shares of the Fund at NAV without the normal front-end sales charge. In effect, this allows you to reacquire shares that you may have had to redeem without repaying the front-end sales charge. You must notify the Fund that you intend to do so in writing. The Fund must receive your purchase order within 120 days of your redemption.

*Sales Charge Waivers*

The sales charge on purchases of Class A shares is waived for certain types of investors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current and retired trustees and officers of the Funds sponsored by the Adviser or any of its subsidiaries, their families (*e.g.*, spouse, children, mother or father) and any purchases referred through the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees of the Adviser and the sub-advisers and their families, or any full-time employee or registered representative of the distributor or of broker-dealers having dealer agreements with the distributor (a "Selling Broker") and their immediate families (or any trust, pension, profit sharing or other benefit plan for the benefit of such persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any full-time employee of a bank, savings and loan, credit union or other financial institution that utilizes a Selling Broker to clear purchases of the Funds' shares and their immediate families.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participants in certain "wrap-fee" or asset allocation programs or other fee-based arrangements sponsored by broker-dealers and other financial institutions that have entered into agreements with the distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients of financial intermediaries that have entered into arrangements with the distributor providing for the shares to be used in particular investment products made available to such clients and for which such registered investment advisors may charge a separate fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Institutional investors (which may include bank trust departments and registered investment advisors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any accounts established on behalf of registered investment advisors or their clients by broker-dealers that charge a transaction fee and that have entered into agreements with the distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Separate accounts used to fund certain unregistered variable annuity contracts or Section 403(b) or 401(a) or (k) accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement or benefit plans where the plan's investments in a Fund are part of an omnibus account.

The Funds do not waive sales charges for the reinvestment of proceeds from the sale of shares of a different fund where those shares were subject to a front-end sales charge (sometimes called an "NAV transfer").

Investors may need to provide their financial intermediary with the information necessary to take full advantage of reduced or waived Class A sales charges. Certain intermediaries may provide different sales charge waivers or discounts. These waivers and/or discounts and the applicable intermediaries are described under "Intermediary-Defined Sales Charge Waiver Policies" in **Appendix A** to this prospectus.

**Class C Shares:** Strategic Allocation Fund and Hedged Core Fund do not offer Class C Shares. If you select Class C shares, you do not pay an initial sales charge at the time of purchase. However, the distributor compensates the selling dealer or other financial intermediary. If you redeem your Class C shares within one year after purchase, you may be required to pay a CDSC. You will also pay distribution and service fees of 1.00% each year under a distribution plan that the Funds have adopted pursuant to Rule 12b-1 under the 1940 Act. Because these fees are paid out of a Fund's assets on an ongoing basis, over time these fees increase the cost of your investment and may cost you more than paying other types of sales charges. The distributor uses the money that it receives from the distribution fees primarily to compensate financial consultants, selected securities brokers or other financial intermediaries who assist you in purchasing Fund shares and also to cover the costs of marketing and advertising. The service fees pay for personal services provided to shareholders and the maintenance of shareholder accounts. Proceeds from the CDSC and the 1.00% Distribution Plan payments made in the first year after purchase are paid to the Distributor and are used in whole or in part by the distributor to pay the Adviser for financing the 1.00% up-front commission to dealers who sell Class C shares. If you redeem Class C shares within one year after purchase, you may be charged a CDSC of 1.00%. Shares acquired through reinvestment of distributions are not subject to a CDSC. Your CDSC will be based on the original cost of the shares being redeemed. If you sell only some of your shares, shares not subject to a CDSC are sold first.

**Class I Shares:** Class I shares of each Fund are sold at NAV without an initial sales charge and are not subject to Rule 12b-1 distribution fees, but have a higher minimum initial investment than Class A and Class C shares. This means that 100% of your initial investment is placed into shares of the applicable Fund. Class I shares require a minimum initial investment of $100,000 and the minimum subsequent investment is $500.

**Factors to Consider When Choosing a Share Class**

When deciding which class of shares of a Fund to purchase, you should consider your investment goals, present and future amounts you may invest in the Fund, and the length of time you intend to hold your shares. To help you make a determination as to which class of shares to buy, please refer back to the examples of the Funds' expenses over time in the **Fees and Expenses of the Fund** section for each Fund in this Prospectus. You also may wish to consult with your financial adviser for advice with regard to which share class would be most appropriate for you.

**Purchasing Shares**

You may purchase shares of a Fund by sending a completed application to the following address:

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| |
|:---|
| ***Regular Mail*** |
| **LoCorr Investment Trust** <br>c/o U.S. Bank Global Fund Services<br>PO Box 219252<br>Kansas City, MO 64121-9252 |

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|:---|
| ***Express/Overnight Mail*** |
| **LoCorr Investment Trust**<br>c/o U.S. Bank Global Fund Services<br>801 Pennsylvania Ave., Suite 219252<br>Kansas City, MO 64105-1307 |

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Neither the Funds nor the Transfer Agent consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the U.S. Bancorp Fund Services, LLC post office box of applications, orders or redemptions requests, does not constitute receipt by the transfer agent of the Funds. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

The USA PATRIOT Act requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. 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 an 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 of the legal entity. Mailing addresses containing only a P.O. Box will not be accepted. This information will assist the Funds in verifying your identity. Until such verification is made, the Funds may temporarily limit additional share purchases. In addition, the Funds may limit additional share purchases or close an account if they are unable to verify a shareholder's identity. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

**&nbsp;&nbsp;&nbsp;&nbsp;***Purchase through Brokers:* You may invest in the Funds through brokers or agents who have entered into selling agreements with the Funds' distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of the Funds. A Fund will be deemed to have received a purchase when an authorized broker or its designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of a Fund. In addition, Class I Shares may also be available on certain brokerage platforms. An investor transacting in Class I 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. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those applicable to investors purchasing shares directly from the Funds. You should carefully read the program materials provided to you by your servicing agent.

&nbsp;&nbsp;&nbsp;&nbsp;*Telephone Purchases:* Investors may purchase additional shares of the Funds by calling 1-855-523-8637. Unless you declined telephone options on your account application, and your account has been open for at least 7 business 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 you 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.

*&nbsp;&nbsp;&nbsp;&nbsp;Purchase by Wire:* If you wish to wire money to make an investment in a Fund, please call the Funds at 1-855-523-8637. If you are making your first investment in the LoCorr Funds, before you wire funds, the transfer agent must have a completed application. You may mail or overnight deliver your application to the transfer agent. Upon receipt of your completed application, the transfer agent will establish an account for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include both the name of the Fund you are purchasing, the account number, and your name so that your wire is correctly applied. Wired funds must be received prior to 4:00 p.m., Eastern Time to be eligible for same day pricing. The Funds and U.S.

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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;***Automatic Investment Plan:* You may participate in the LoCorr Funds' Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in a Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $500 on specified days of each month into your established Fund account. Please contact the Funds at 1-855-523-8637 for more information about the Automatic Investment Plan.

Each Fund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account number, to the above address. Make all checks payable to the Fund in which you would like to invest. All checks must be in U.S. dollars. The Funds will not accept payment in cash or money orders. The Funds also do not accept post-dated checks or any conditional order or payment. To prevent check fraud, the Funds will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares.

*Note:* U.S. Bancorp Fund Services, LLC, the Funds' transfer agent, will charge a $25 fee against a shareholder's account, in addition to any loss sustained by a Fund, for any purchases that do not clear.

**When Order is Processed**

All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after a Fund receives your application or request in good order. All requests received in good order by a Fund before 4:00 p.m. (Eastern Time) will be processed on that same day. Requests received after 4:00 p.m. will be processed on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Good Order**: When making a purchase request, make sure your request is in good order. "Good order" means your purchase request includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the Fund and share class;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dollar amount of shares to be purchased;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a completed application or investment stub; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• check payable to the Fund in which you would like to invest.<br>

**Retirement Plans**

You may purchase shares of a Fund for your individual retirement plans. Please call the Funds at 1-855-523-8637 for the most current listing and appropriate disclosure documentation on how to open a retirement account.

**Exchange Privilege** 

You can exchange your shares of a Fund for the corresponding class of shares in another Fund in the LoCorr Investment Trust (if available). Any exchange is subject to the same minimums as an initial or subsequent investment, as applicable. You can request your exchange in writing or by calling the transfer agent at 1-855-523-8637. Be sure to read the current Prospectus for the Fund into which you are exchanging. Exchanges may only be made on days when both affected Funds are open for business. Any new account established through an exchange will have the same registration as the account from which you are exchanging and will have the same privileges as your original account (as long as they are available). In addition, the Trust reserves the right to change or discontinue its exchange privilege, or temporarily suspend this privilege during unusual market conditions, to the extent permitted under applicable SEC rules.

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**Conversion Feature**

Class C shares purchased directly from the Funds or through a financial intermediary, except as otherwise disclosed in this prospectus, automatically convert to Class A shares in the month of the 8-year anniversary date of the purchase of the Class C shares, based on the relative NAV of each such class without the imposition of any sales charge, fee or other charge.

**HOW TO REDEEM SHARES**

**Redeeming Shares:** You may redeem all or any portion of the shares credited to your account by submitting a written request for redemption to:

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| |
|:---|
| ***Regular Mail*** |
| **LoCorr Investment Trust**<br>c/o U.S. Bank Global Fund Services<br>PO Box 219252<br>Kansas City, MO 64121-9252 |

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| |
|:---|
| ***Express/Overnight Mail*** |
| **LoCorr Investment Trust**<br>c/o U.S. Bank Global Fund Services<br>801 Pennsylvania Ave., Suite 219252<br>Kansas City, MO 64105-1307 |

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*&nbsp;&nbsp;&nbsp;&nbsp;Redemptions by Telephone*: To redeem by telephone, call 1-855-523-8637. The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on your account application or you must write to the Funds and instruct them to remove this privilege from your account. You may redeem up to $50,000 using the telephone redemption privilege.

The Funds reserve the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. The Funds, the transfer agent, and their respective affiliates will not be liable for complying with telephone instructions they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will be required to bear the risk of any such loss. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. The Fund or the transfer agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the transfer agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or tape recording telephone instructions.

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. 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).

*&nbsp;&nbsp;&nbsp;&nbsp;Redemptions through Broker:* Broker-dealers are authorized to receive redemption orders on behalf of the Funds. A Fund will be deemed to have received a redemption when an authorized broker or its designee receives the order. If shares of a Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the Fund. The servicing agent may charge a fee for this service.

*&nbsp;&nbsp;&nbsp;&nbsp;Redemptions by Wire***: Y**ou may request that your redemption proceeds be wired directly to your bank account. If you submitted a voided check with your application in order to establish bank instructions

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on the account, you may have your redemption proceeds wire to the predetermined bank account or funds may be sent via electronic funds transfer through the ACH network, also to the bank account previously designated. The Funds' transfer agent imposes a $15 fee for each wire redemption. This fee is deducted from the redemption proceeds from a complete or share specific redemption. For partial redemptions, the fee will be deducted from the account. Your bank may also impose a fee for the incoming wire. You do not incur any charge when proceeds are sent via the ACH system and credit is typically available within 2-3 days.

**Redemption Fee and Waiver:** The Spectrum Income Fund charges a redemption fee of 2.00% of the amount redeemed or exchanged if shares are redeemed or exchanged within 60 days of their purchase.

The Spectrum Income Fund has elected not to impose the redemption fee for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ redemptions and exchanges of Spectrum Income Fund shares acquired through the reinvestment of dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ certain types of redemptions and exchanges of Fund shares owned through participant-directed retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ redemptions or exchanges in discretionary asset allocation, fee based or wrap programs ("wrap programs") that are initiated by the sponsor/financial advisor as part of a periodic rebalancing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ redemptions or exchanges in a fee based or wrap program that are made as a result of a full withdrawal from the wrap program or as part of a systematic withdrawal plan including the Spectrum Income Fund's systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ involuntary redemptions, such as those resulting from a shareholder's failure to maintain a minimum investment in the Spectrum Income Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ other types of redemptions as the Adviser or the Trust may determine in special situations and approved by the Trust's or the Adviser's Chief Compliance Officer.

The Funds typically send redemption proceeds on the next business day (a day when the NYSE is open for normal business) after the redemption request is received, regardless of whether the request is made in writing, by telephone, wire, or an ACH transfer. Under unusual circumstances, the Funds may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law. Shares purchased by check or electronic funds transfer through the ACH network, may be sold only after the purchase amount clears, which may take up to seven calendar days. This delay will not apply if you purchased your shares via wire payment. Under normal circumstances, the Funds expect to meet redemption requests through the sale of investments held in cash or cash equivalents.

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

**Redemptions in Kind:** Under normal or stressed market conditions, each Fund reserves the right to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities ("redemption in kind") if the amount is greater than (the lesser of) $250,000 or 1% of a Fund's assets. The securities will be chosen by the Fund and valued at the Fund's net asset value. A shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash.

**When You Need Signature Guarantees:** If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing to the Funds with your signature guaranteed. Account transfers. You will need your signature guaranteed, from either a Medallion program member or a non-Medallion program member:

&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;

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&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

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 cannot guarantee signatures.* 

In addition to the situations described above, the Funds 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. The Funds reserve the right to waive any signature requirement at their discretion. 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.

Additional documents are required for certain type of redemptions such as redemptions from corporations, partnerships, or from accounts with executors, trustees, administrations or guardians.

**Retirement Plans:** If you own an IRA or other retirement plan, you must indicate on your written redemption request whether the Funds should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding. Shares held in IRA and other retirement plan accounts may be redeemed by telephone at 1-855-523-8637. Investors will be asked whether or not to withhold taxes from any distribution.

**Low Balances:** If at any time your account balance in a Fund falls below the amounts per share class listed in the table below, the Fund may notify you that, unless the account is brought up to at least the per-class minimum within 60 days of the notice, your account could be closed.

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| | | | |
|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** |
| **Minimum** | $2500 | $2500 | $100000 |

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After the notice period, the Fund may redeem all of your shares and close your account by sending you a check to the address of record. Your account will not be closed if the account balance drops below the per-class minimum due to a decline in NAV.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

The Funds discourage and do not accommodate market timing. Frequent trading into and out of the Funds can harm all Fund shareholders by disrupting the Funds' investment strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. The Funds are designed for long-term investors and are not intended for market timing or other disruptive trading activities. Accordingly, the Funds' Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Funds currently use several methods to reduce the risk of market timing. These methods include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Committing staff to review, on a continuing basis, recent trading activity in order to identify trading activity that may be contrary to the Funds' "Market Timing Trading Policy;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rejecting or limiting specific purchase requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rejecting purchase requests from certain investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessing a redemption fee for short-term trading (for Spectrum Income Fund only).

Though these methods involve judgments that are inherently subjective and involve some selectivity in their application, the Funds seek to make judgments and applications that are consistent with the interests of the Funds' shareholders.

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Based on the frequency of redemptions in your account, the Adviser or the Funds may in the sole discretion of each determine that your trading activity is detrimental to the Funds as described in the Funds' Market Timing Trading Policy and elect to: (i) reject or limit the amount, number, frequency or method for requesting future purchases into the Funds; and/or (ii) reject or limit the amount, number, frequency or method for requesting future exchanges or redemptions out of the Funds.

The Funds reserve the right to reject or restrict purchase requests for any reason, particularly when the shareholder's trading activity suggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither the Funds nor the Adviser will be liable for any losses resulting from rejected purchase orders. The Adviser may also bar an investor who has violated these policies (and the investor's financial advisor) from opening new accounts with the Funds.

Although the Funds attempt to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee that the Funds will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of the Funds. While the Funds will encourage financial intermediaries to apply the Funds' Market Timing Trading Policy to their customers who invest indirectly in the Funds, the Funds are limited in their ability to monitor the trading activity or enforce the Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur, the Funds may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Funds' Market Timing Trading Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be market timing, the Funds may not be able to determine whether trading by customers of financial intermediaries is contrary to the Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Funds have agreed to provide shareholder transaction information to the extent known to the broker to the Funds upon request. If the Funds or their transfer agent or shareholder servicing agent suspect there is market timing activity in the account, the Funds will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Fund or the Adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS**

Any sale or exchange of the Funds' shares may generate tax liability (unless you are a tax-exempt investor or your investment is in a qualified retirement account). When you redeem your shares you may realize a taxable gain or loss. This is measured by the difference between the proceeds of the sale and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should retain your account statements for the period that you hold shares in the Funds.)

Each Fund intends to distribute substantially all of its net investment income at least annually and net capital gains annually. Both types of distributions will be reinvested in shares of the Fund unless you elect to receive cash. If you would like to change your distribution options, you may write or call the transfer agent in advance of the next distribution. Dividends from net investment income (including any excess of net short-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, while distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term capital gain, regardless of your holding period for the shares. Any dividends or capital gain distributions you receive from a Fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. Certain dividends or distributions declared in October, November or December will be taxed to shareholders as if received in December if they are paid during the following January. Each year the Funds will inform you of the amount and type of your distributions. IRAs and other qualified retirement plans are exempt from federal income taxation until retirement proceeds are paid out to the participant.

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 Fund reserves the right to reinvest the distribution check in your account, at the Fund's current net asset value, and to reinvest all subsequent distributions. You can change the distribution option on your account at any time by writing or

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calling the transfer agents. Any request to change your option should be submitted five days prior to the record date of the next distribution.

Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

Beginning in 2013, pursuant to provisions of the Health Care and Education Reconciliation Act, a 3.8% Medicare tax on net investment income (including capital gains and dividends) will also be imposed on individuals, estates and trusts, subject to certain income thresholds.

On the application, you will be asked to certify that your social security number or taxpayer identification number is correct and that you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you did not certify your taxpayer identification number, the IRS requires the Funds to withhold a percentage of any dividend, redemption or exchange proceeds.

The Funds reserve the right to reject any application that does not include a certified social security or taxpayer identification number.

This summary is not intended to be and should not be construed to be legal or tax advice. You should consult your own tax advisors to determine the tax consequences of owning the Funds' shares.

**DISTRIBUTION OF SHARES**

**Distributor:** Quasar Distributors, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, is the principal underwriter/distributor for the shares of the Funds. The distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of the Funds are offered on a continuous basis.

**Distribution Fees:** The Funds have adopted a Distribution Plan ("12b-1 Plan" or "Plan"), for Class A and Class C shares pursuant to which each Fund pays the Fund's distributor an annual fee for distribution and shareholder servicing expenses as indicated in the following table of the Fund's average daily net assets attributable to the respective class of shares.

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| | | |
|:---|:---|:---|
| **Class** | **A** | **C** |
| **12b-1 Fee** | up to 0.25% | up to 1.00% |

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The 1.00% fee for Class C shares consists of a 0.75% distribution fee and a 0.25% shareholder servicing fee. The Funds' distributor and other entities are paid under the Plan for services provided and the expenses borne by the distributor and others in the distribution of Fund shares, including the payment of commissions for sales of the shares and incentive compensation to and expenses of dealers and others who engage in or support distribution of shares or who service shareholder accounts, including overhead and telephone expenses; printing and distribution of prospectuses and reports used in connection with the offering of the Fund's shares to other than current shareholders; and preparation, printing and distribution of sales literature and advertising materials. In addition, the distributor or other entities may utilize fees paid pursuant to the Plan to compensate dealers or other entities for their opportunity costs in advancing such amounts, which compensation would be in the form of a carrying charge on any un-reimbursed expenses. Over time, 12b-1 fees paid under this distribution and service plan will increase the cost of a Class A or Class C shareholder's investment and may cost more than other types of sales charges.

**Additional Compensation to Financial Intermediaries:** The Funds' distributor, its affiliates, and the Funds' Adviser and its affiliates may, at their own expense and out of their own assets, including their legitimate profits from Fund-related activities, provide additional cash payments to financial intermediaries who sell shares of the Funds. Financial intermediaries include brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments may be in addition to the Rule 12b-1 fees and any sales charges that are disclosed elsewhere in this Prospectus.

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These payments are generally made to financial intermediaries that provide shareholder or administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of the Funds on a sales list, including a preferred or select sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services to Fund shareholders. The distributor may, from time to time, provide promotional incentives to certain investment firms. Such incentives may, at the distributor's discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional compensation.

**Householding:** To reduce expenses, the Funds mail only one copy of the prospectus to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Funds at 1-855-523-8637 on days the Funds are open for business or contact your financial institution. The Funds will begin sending you individual copies thirty days after receiving your request.

**Lost Shareholders, Inactive Accounts and Unclaimed Property:** It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws, which varies by state. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. To help protect their accounts, shareholders should keep their accounts up-to-date and active, which may include calling the Funds at 1-855-523-8637 to generate shareholder initiated activity such as completing an account transaction. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Fund to complete a Texas Designation of Representative form.

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**CONSOLIDATED FINANCIAL HIGHLIGHTS**

The financial highlights tables below are intended to help you understand the financial performance of the LoCorr Macro Strategies Fund, the LoCorr Long/Short Commodities Strategy Fund, the LoCorr Market Trend Fund, the LoCorr Dynamic Opportunity Fund, the LoCorr Spectrum Income Fund, the LoCorr Hedged Core Fund and the LoCorr Strategic Allocation Fund for the period of each Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information for the Funds has been derived from the financial statements audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' <u>[December 31,](https://www.sec.gov/ix?doc=/Archives/edgar/data/1506768/000113322826003096/lit-efp22581_ncsr.htm)[2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1506768/000113322826003096/lit-efp22581_ncsr.htm)[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1506768/000113322826003096/lit-efp22581_ncsr.htm)[on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1506768/000113322826003096/lit-efp22581_ncsr.htm)</u>, which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Macro Strategies Fund – Class A** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $7.64 | $7.38 | $8.15 | $8.13 | $8.53 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.17 | 0.20 | 0.17 | (0.01) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.02 | 0.28 | (0.72) | 1.21 | 0.09 |
| **Total from investment operations** | 0.19 | 0.48 | (0.55) | 1.20 | (0.01) |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.21) | (0.22) | (0.24) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.94) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.01) |  |  |  |
| **Total distributions** | (0.22) | (0.22) | (0.22) | (1.18) | (0.39) |
| **Net asset value, end of year** | $7.61 | $7.64 | $7.38 | $8.15 | $8.13 |
| Total investment return<sup>(c)</sup> | 2.56% | 6.54% | (6.71)% | 15.01% | (0.15)% |
| **Net assets, end of year, in thousands** | $50778 | $61449 | $70795 | $79936 | $84981 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: | 2.15% | 2.13% | 2.14% | 2.13% | 2.15% |
| Ratio of net investment income (loss) to average net assets: | 2.27% | 2.53% | 2.17% | (0.11)% | (1.10)% |
| Portfolio turnover rate<sup>(d)</sup> | 62% | 90% | 74% | 76% | 75% |

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(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Total investment return excludes the effect of applicable sales charges.

(d)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Macro Strategies Fund – Class C** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $7.19 | $6.95 | $7.67 | $7.72 | $8.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.13 | 0.11 | (0.07) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.01 | 0.27 | (0.68) | 1.14 | 0.08 |
| **Total from investment operations** | 0.12 | 0.40 | (0.57) | 1.07 | (0.07) |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.16) | (0.15) | (0.18) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.94) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | &nbsp;&nbsp;(0.00)<sup>(c)</sup> |  |  |  |
| **Total distributions** | (0.19) | (0.16) | (0.15) | (1.12) | (0.32) |
| **Net asset value, end of year** | $7.12 | $7.19 | $6.95 | $7.67 | $7.72 |
| Total investment return<sup>(d)</sup> | 1.74% | 5.77% | (7.48)% | 14.17% | (0.91)% |
| **Net assets, end of year, in thousands** | $21326 | $25444 | $33146 | $51327 | $34789 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: | 2.90% | 2.88% | 2.89% | 2.88% | 2.90% |
| Ratio of net investment income (loss) to average net assets: | 1.52% | 1.78% | 1.42% | (0.86)% | (1.85)% |
| Portfolio turnover rate<sup>(e)</sup> | 62% | 90% | 74% | 76% | 75% |

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(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Amount represents less than $0.005 per share.

(d)Total investment return excludes the effect of applicable sales charges.

(e)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Macro Strategies Fund – Class I** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $7.80 | $7.54 | $8.31 | $8.27 | $8.67 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.20 | 0.22 | 0.20 | 0.01 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.01 | 0.29 | (0.73) | 1.23 | 0.09 |
| Total from investment operations | 0.21 | 0.51 | (0.53) | 1.24 | 0.01 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.24) | (0.24) | (0.26) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.94) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.01) |  |  |  |
| **Total distributions** | (0.24) | (0.25) | (0.24) | (1.20) | (0.41) |
| **Net asset value, end of year** | $7.77 | $7.80 | $7.54 | $8.31 | $8.27 |
| Total investment return | 2.77% | 6.70% | (6.58)% | 15.40% | 0.08% |
| **Net assets, end of year, in thousands** | $1409575 | $1452558 | $1388004 | $2234445 | $1306255 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: | 1.90% | 1.88% | 1.89% | 1.88% | 1.90% |
| Ratio of net investment income (loss) to average net assets: | 2.52% | 2.78% | 2.42% | 0.14% | (0.85)% |
| Portfolio turnover rate<sup>(c)</sup> | 62% | 90% | 74% | 76% | 75% |

---

(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Long/Short Commodities Strategy Fund – Class A** | **LoCorr Long/Short Commodities Strategy Fund – Class A** | **LoCorr Long/Short Commodities Strategy Fund – Class A** | **LoCorr Long/Short Commodities Strategy Fund – Class A** | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $8.63 | $9.61 | $10.10 | $10.58 | $9.89 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.12 | 0.13 | (0.05) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.00)<sup>(c)</sup> | (0.93) | (0.46) | 0.66 | 1.57 |
| **Total from investment operations** | 0.08 | (0.81) | (0.33) | 0.61 | 1.43 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.17) | (0.16) | (1.09) | (0.74) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  |  |
| **Total distributions** | (0.18) | (0.17) | (0.16) | (1.09) | (0.74) |
| **Net asset value, end of year** | $8.53 | $8.63 | $9.61 | $10.10 | $10.58 |
| Total investment return<sup>(d)</sup> | 0.88% | (8.54)% | (3.26)% | 5.84% | 14.55% |
| **Net assets, end of year, in thousands** | $15205 | $19974 | $103239 | $187553 | $35149 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(e)</sup> |  |  |  |  |  |
| Ratio of expenses to average net assets: | 2.07% | 2.00% | 1.94% | 2.00%<sup>(f)</sup> | 2.08%<sup>(f)</sup> |
| Ratio of net investment income (loss) to average net assets: | 0.86% | 1.27% | 1.37% | (0.46)%<sup>(f)</sup> | (1.31)%<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 49% | 109% | 64% | 90% | 66% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Amount represents less than $0.005 per share.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

(f)&nbsp;&nbsp;&nbsp;&nbsp;Includes 0.07% and 0.08% service fees paid for options for the years ended December 31, 2022 and December 31, 2021, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Long/Short Commodities Strategy Fund – Class C** | **LoCorr Long/Short Commodities Strategy Fund – Class C** | **LoCorr Long/Short Commodities Strategy Fund – Class C** | **LoCorr Long/Short Commodities Strategy Fund – Class C** | **LoCorr Long/Short Commodities Strategy Fund – Class C** | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $8.16 | $9.12 | $9.58 | $10.08 | $9.47 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.05 | 0.06 | (0.13) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.00)<sup>(c)</sup> | (0.89) | (0.45) | 0.63 | 1.50 |
| **Total from investment operations** | 0.01 | (0.84) | (0.39) | 0.50 | 1.29 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.12) | (0.07) | (1.00) | (0.68) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | &nbsp;&nbsp;(0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  |  |
| **Total distributions** | (0.15) | (0.12) | (0.07) | (1.00) | (0.68) |
| **Net asset value, end of year** | $8.02 | $8.16 | $9.12 | $9.58 | $10.08 |
| Total investment return<sup>(d)</sup> | 0.11% | (9.25)% | (4.03)% | 5.03% | 13.66% |
| **Net assets, end of year, in thousands** | $3697 | $5089 | $9369 | $13384 | $11058 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(e)</sup> |  |  |  |  |  |
| Ratio of expenses to average net assets: | 2.82% | 2.75% | 2.69% | 2.75%<sup>(f)</sup> | 2.83%<sup>(f)</sup> |
| Ratio of net investment income (loss) to average net assets: | 0.11% | 0.52% | 0.62% | (1.21)%<sup>(f)</sup> | (2.06)%<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 49% | 109% | 64% | 90% | 66% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Amount represents less than $0.005 per share.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

(f)&nbsp;&nbsp;&nbsp;&nbsp;Includes 0.07% and 0.08% service fees paid for options for the years ended December 31, 2022 and December 31, 2021, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-&nbsp;&nbsp;&nbsp;&nbsp;term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Long/Short Commodities Strategy Fund – Class I** | **LoCorr Long/Short Commodities Strategy Fund – Class I** | **LoCorr Long/Short Commodities Strategy Fund – Class I** | **LoCorr Long/Short Commodities Strategy Fund – Class I** | **LoCorr Long/Short Commodities Strategy Fund – Class I** | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $8.72 | $9.76 | $10.26 | $10.72 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.15 | 0.16 | (0.02) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.00)<sup>(c)</sup> | (0.95) | (0.48) | 0.66 | 1.59 |
| **Total from investment operations** | 0.10 | (0.80) | (0.32) | 0.64 | 1.48 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.23) | (0.18) | (1.10) | (0.76) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.01) | (0.00)<sup>(c)</sup> |  |  |
| **Total distributions** | (0.20) | (0.24) | (0.18) | (1.10) | (0.76) |
| **Net asset value, end of year** | $8.62 | $8.72 | $9.76 | $10.26 | $10.72 |
| Total investment return | 1.14% | (8.34)% | (3.07)% | 6.06% | 14.82% |
| **Net assets, end of year, in thousands** | $335957 | $481656 | $806315 | $1165464 | $852152 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(d)</sup> |  |  |  |  |  |
| Ratio of expenses to average net assets: | 1.82% | 1.75% | 1.69% | 1.75%<sup>(e)</sup> | 1.83%<sup>(e)</sup> |
| Ratio of net investment income (loss) to average net assets: | 1.11% | 1.52% | 1.62% | (0.21)%<sup>(e)</sup> | (1.06)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 49% | 109% | 64% | 90% | 66% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Amount represents less than $0.005 per share.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Includes 0.07% and 0.08% service fees paid for options for the years ended December 31, 2022 and December 31, 2021, respectively.

(f)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Market Trend Fund – Class A** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $10.97 | $10.89 | $12.55 | $11.41 | $11.70 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.24 | 0.29 | 0.26 | (0.01) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.16 | 0.32 | (1.65) | 3.34 | 0.22 |
| Total from investment operations | 0.40 | 0.61 | (1.39) | 3.33 | 0.09 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.53) | (0.27) | (0.53) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.66) |  |
| **Total distributions** | (0.26) | (0.53) | (0.27) | (2.19) | (0.38) |
| Net asset value, end of year | $11.11 | $10.97 | $10.89 | $12.55 | $11.41 |
| Total investment return<sup>(c)</sup> | 3.72% | 5.60% | (11.18)% | 29.59% | 0.87% |
| **Net assets, end of year, in thousands** | $17958 | $20822 | $25345 | $27903 | $15109 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: | 2.06% | 2.02% | 2.00% | 2.00% | 2.02% |
| Ratio of net investment income (loss) to average net assets: | 2.25% | 2.47% | 2.13% | (0.10)% | (1.10)% |
| Portfolio turnover rate<sup>(d)</sup> | 81% | 140% | 77% | 100% | 110% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Market Trend Fund – Class C** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $10.30 | $10.36 | $11.95 | $11.02 | $11.30 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.15 | 0.20 | 0.16 | (0.12) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.14 | 0.31 | (1.57) | 3.23 | 0.23 |
| Total from investment operations | 0.29 | 0.51 | (1.41) | 3.11 | 0.01 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.57) | (0.18) | (0.52) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.66) |  |
| **Total distributions** | (0.22) | (0.57) | (0.18) | (2.18) | (0.29) |
| **Net asset value, end of year** | $10.37 | $10.30 | $10.36 | $11.95 | $11.02 |
| Total investment return<sup>(c)</sup> | 2.85% | 4.90% | (11.90)% | 28.67% | 0.05% |
| **Net assets, end of year, in thousands** | $7437 | $12592 | $18079 | $19569 | $10825 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: | 2.81% | 2.77% | 2.75% | 2.75% | 2.77% |
| Ratio of net investment income (loss) to average net assets: | 1.50% | 1.72% | 1.38% | (0.85)% | (1.85)% |
| Portfolio turnover rate<sup>(d)</sup> | 81% | 140% | 77% | 100% | 110% |

---

(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Total investment return excludes the effect of applicable sales charges.

(d)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Market Trend Fund – Class I** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $10.96 | $10.94 | $12.61 | $11.45 | $11.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.27 | 0.32 | 0.30 | 0.02 | (0.10) |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.16 | 0.32 | (1.67) | 3.36 | 0.22 |
| **Total from investment operations** | 0.43 | 0.64 | (1.37) | 3.38 | 0.12 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| Net investment income | (0.29) | (0.62) | (0.30) | (0.56) | (0.41) |
| Net realized gains |  |  |  | (1.66) |  |
| **Total distributions** | (0.29) | (0.62) | (0.30) | (2.22) | (0.41) |
| **Net asset value, end of year** | $11.10 | $10.96 | $10.94 | $12.61 | $11.45 |
| Total investment return | 3.99% | 5.87% | (10.98)% | 29.94% | 1.04% |
| **Net assets, end of year, in thousands** | $260347 | $311326 | $358668 | $457260 | $240507 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: | 1.81% | 1.77% | 1.75% | 1.75% | 1.77% |
| Ratio of net investment income (loss) to average net assets: | 2.50% | 2.72% | 2.38% | 0.15% | (0.85)% |
| Portfolio turnover rate<sup>(c)</sup> | 81% | 140% | 77% | 100% | 110% |

---

(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $12.62 | $11.43 | $11.22 | $12.46 | $11.62 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.04 | 0.09 | (0.09) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.26 | 1.24 | 0.27 | (1.00) | 1.85 |
| **Total from investment operations** | 0.34 | 1.28 | 0.36 | (1.09) | 1.62 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.06) | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.03) | (0.03) | (0.04) | (0.15) | (0.78) |
| **Total distributions** | (2.22) | (0.09) | (0.15) | (0.15) | (0.78) |
| **Net asset value, end of year** | $10.74 | $12.62 | $11.43 | $11.22 | $12.46 |
| Total investment return<sup>(c)</sup> | 2.66% | 11.24% | 3.19% | (9.18)% | 14.38% |
| **Net assets, end of year, in thousands** | $2833 | $3342 | $3557 | $3534 | $4010 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.92% | 2.60% | 2.53% | 2.82% | 3.90% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.60% | 2.40% | 2.47% | 2.51% | 2.67% |
| Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.56% | 2.44% | 2.30% | 2.55% | 3.47% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.24% | 2.24% | 2.24% | 2.24% | 2.24% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 0.31% | 0.17% | 0.73% | (1.08)% | (3.02)% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 0.63% | 0.38% | 0.79% | (0.77)% | (1.79)% |
| Portfolio turnover rate<sup>(d)</sup> | 1,506% | 755% | 932% | 686% | 506% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $11.61 | $10.55 | $10.33 | $11.58 | $10.93 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.01) | (0.04) | (0.00)<sup>(c)</sup> | (0.16) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.24 | 1.13 | 0.26 | (0.94) | 1.74 |
| **Total from investment operations** | 0.23 | 1.09 | 0.26 | (1.10) | 1.43 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.03) | (0.03) | (0.04) | (0.15) | (0.78) |
| **Total distributions** | (2.11) | (0.03) | (0.04) | (0.15) | (0.78) |
| **Net asset value, end of year** | $9.73 | $11.61 | $10.55 | $10.33 | $11.58 |
| Total investment return<sup>(d)</sup> | 1.96% | 10.34% | 2.43% | (9.80)% | 13.46% |
| **Net assets, end of year, in thousands** | $450 | $676 | $1914 | $3086 | $2786 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 3.67% | 3.35% | 3.28% | 3.57% | 4.65% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 3.35% | 3.15% | 3.22% | 3.26% | 3.42% |
| Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 3.31% | 3.19% | 3.05% | 2.30% | 4.22% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | (0.44)% | (0.58)% | (0.02)% | (1.83)% | (3.77)% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | (0.12%) | (0.37%) | 0.04% | (1.52)% | (2.54)% |
| Portfolio turnover rate<sup>(e)</sup> | 1506% | 755% | 932% | 686% | 506% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Amount represents less than $0.005 per share.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Dynamic Opportunity Fund – Class I** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $12.96 | $11.77 | $11.54 | $12.77 | $11.86 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.08 | 0.12 | (0.06) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.27 | 1.27 | 0.29 | (1.02) | 1.89 |
| **Total from investment operations** | 0.38 | 1.35 | 0.41 | (1.08) | 1.69 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.13) | (0.14) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.03) | (0.03) | (0.04) | (0.15) | (0.78) |
| **Total distributions** | (2.25) | (0.16) | (0.18) | (0.15) | (0.78) |
| **Net asset value, end of year** | $11.09 | $12.96 | $11.77 | $11.54 | $12.77 |
| Total investment return | 2.93% | 11.45% | 3.44% | (8.80)% | 14.58% |
| **Net assets, end of year, in thousands** | $26320 | $47498 | $56991 | $75415 | $17713 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.67% | 2.35% | 2.28% | 2.57% | 3.65% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.35% | 2.15% | 2.22% | 2.26% | 2.42% |
| Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.31% | 2.19% | 2.05% | 2.30% | 3.22% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 0.56% | 0.42% | 0.98% | (0.83)% | (2.77)% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 0.88% | 0.63% | 1.04% | (0.52)% | (1.54)% |
| Portfolio turnover rate<sup>(c)</sup> | 1506% | 755% | 932% | 686% | 506% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LoCorr Spectrum Income Fund – Class A** | | | | | |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $5.39 | $5.38 | $5.76 | $6.98 | $6.15 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.20 | 0.19 | 0.17 | 0.17 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.29 | 0.28 | (0.09) | (0.93) | 1.21 |
| **Total from investment operations** | 0.49 | 0.47 | 0.08 | (0.76) | 1.29 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.34) | (0.24) | (0.17) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.15) | (0.12) | (0.22) | (0.29) | (0.18) |
| **Total distributions** | (0.46) | (0.46) | (0.46) | (0.46) | (0.46) |
| **Redemption fees**<sup>(c)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of year** | $5.42 | $5.39 | $5.38 | $5.76 | $6.98 |
| Total investment return<sup>(d)</sup> | 9.45% | 8.96% | 1.70% | (11.31)% | 21.33% |
| **Net assets, end of year, in thousands** | $18604 | $17480 | $15350 | $15696 | $13838 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(e)</sup> |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.10% | 2.07% | 2.02% | 2.02% | 2.06% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.05% | 2.05% | 2.03% | 2.09% | 2.05% |
| Ratio of expenses to average net assets (excluding dividend and interest expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.10% | 2.07% | 2.02% | 1.98% | 2.06% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.05% | 2.05% | 2.03% | 2.05% | 2.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 3.64% | 3.44% | 3.07% | 2.63% | 1.21% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 3.69% | 3.47% | 3.06% | 2.56% | 1.22% |
| Portfolio turnover rate<sup>(f)</sup> | 66% | 57% | 38% | 50% | 53% |

---

(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Amount represents less than $0.005 per share.

(d)Total investment return excludes the effect of applicable sales charges.

(e)Ratios do not include the income and expenses of the investment companies in which the Fund invests.

(f)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**LoCorr Spectrum Income Fund – Class C** | | | | | |
| &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $5.47 | $5.45 | $5.83 | $7.05 | $6.21 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.15 | 0.13 | 0.12 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.31 | 0.29 | (0.09) | (0.92) | 1.23 |
| **Total from investment operations** | 0.47 | 0.44 | 0.04 | (0.80) | 1.26 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.31) | (0.21) | (0.15) | (0.26) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.14) | (0.11) | (0.21) | (0.27) | (0.16) |
| **Total distributions** | (0.42) | (0.42) | (0.42) | (0.42) | (0.42) |
| **Redemption fees**<sup>(c)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of year** | $5.52 | $5.47 | $5.45 | $5.83 | $7.05 |
| Total investment return<sup>(d)</sup> | 8.77% | 8.12% | 0.82% | (11.83)% | 20.47% |
| **Net assets, end of year, in thousands** | $5557 | $7606 | $10218 | $14617 | $17777 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(e)</sup> |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.85% | 2.82% | 2.77% | 2.77% | 2.81% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.80% | 2.80% | 2.78% | 2.84% | 2.80% |
| Ratio of expenses to average net assets (excluding dividend and interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.85% | 2.82% | 2.77% | 2.73% | 2.81% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.80% | 2.80% | 2.78% | 2.80% | 2.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.89% | 2.69% | 2.32% | 1.88% | 0.46% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.94% | 2.72% | 2.31% | 1.81% | 0.47% |
| Portfolio turnover rate<sup>(f)</sup> | 66% | 57% | 38% | 50% | 53% |

---

(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Amount represents less than $0.005 per share.

(d)Total investment return excludes the effect of applicable sales charges.

(e)Ratios do not include the income and expenses of the investment companies in which the Fund invests.

(f)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**LoCorr Spectrum Income Fund – Class I** | | | | | |
| &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* | &nbsp;&nbsp;*Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE** |  |  |  |  |  |
| Net asset value, beginning of year | $5.36 | $5.36 | $5.74 | $6.95 | $6.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.21 | 0.20 | 0.18 | 0.18 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.30 | 0.28 | (0.08) | (0.91) | 1.20 |
| **Total from investment operations** | 0.51 | 0.48 | 0.10 | (0.73) | 1.30 |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.35) | (0.25) | (0.18) | (0.29) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.16) | (0.13) | (0.23) | (0.30) | (0.19) |
| **Total distributions** | (0.48) | (0.48) | (0.48) | (0.48) | (0.48) |
| **Redemption fees**<sup>(c)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of year** | $5.39 | $5.36 | $5.36 | $5.74 | $6.95 |
| Total investment return | 9.84% | 9.13% | 2.02% | (10.99)% | 21.53% |
| **Net assets, end of year, in thousands** | $45069 | $45762 | $60282 | $86170 | $44192 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(d)</sup> |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 1.85% | 1.82% | 1.77% | 1.77% | 1.81% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.80% | 1.80% | 1.78% | 1.84% | 1.80% |
| Ratio of expenses to average net assets (excluding dividend and interest expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 1.85% | 1.82% | 1.77% | 1.73% | 1.81% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.80% | 1.80% | 1.78% | 1.80% | 1.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 3.89% | 3.69% | 3.32% | 2.88% | 1.46% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 3.94% | 3.72% | 3.31% | 2.81% | 1.47% |
| Portfolio turnover rate<sup>(e)</sup> | 66% | 57% | 38% | 50% | 53% |

---

(a)Net investment income (loss) per share is based on average shares outstanding.

(b)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)Amount represents less than $0.005 per share.

(d)Ratios do not include the income and expenses of the investment companies in which the Fund invests.

(e)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

------

---

| | | |
|:---|:---|:---|
| **LoCorr Hedged Core Fund – Class A** | | |
| *Selected Data and Ratios (for a share outstanding throughout the period)* | *Selected Data and Ratios (for a share outstanding throughout the period)* | *Selected Data and Ratios (for a share outstanding throughout the period)* |
|  | **Year Ended<br>December 31,<br>2025** | **Period from** <br>**July 10 (Commencement of operations)** <br>**through December 31, 2024\***<sup>(a)</sup> |
| **PER SHARE** |  |  |
| Net asset value, beginning of period | $9.41 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.17 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.07 | (0.61) |
| **Total from investment operations** | 0.24 | (0.53) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.06) |
| **Total distributions** | (0.18) | (0.06) |
| **Net asset value, end of period** | $9.47 | $9.41 |
| Total investment return<sup>(d)</sup> | 2.54% | (5.33)% |
| **Net assets, end of period, in thousands** | $26110 | $20227 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(e)</sup> |  |  |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.11% | 2.61% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.08% | 2.08% |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 1.74% | 1.15% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.77% | 1.68% |
| Portfolio turnover rate<sup>(f)</sup> | 75% | 82% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)Commencement date of the Fund was July 10, 2024.

(b)Net investment income (loss) per share is based on average shares outstanding.

(c)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(d)Total investment return excludes the effect of applicable sales charges.

(e)Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pools in which the Fund invests.

(f)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | | |
|:---|:---|:---|
| **LoCorr Hedged Core Fund – Class I** | | |
| *Selected Data and Ratios (for a share outstanding throughout the period)* | *Selected Data and Ratios (for a share outstanding throughout the period)* | *Selected Data and Ratios (for a share outstanding throughout the period)* |
|  | **Year Ended<br>December 31,<br>2025** | **Period from** <br>**July 10 (Commencement of operations)** <br>**through December 31, 2024\***<sup>(a)</sup> |
| **PER SHARE** |  |  |
| Net asset value, beginning of period | $9.42 | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.19 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.07 | (0.61) |
| **Total from investment operations** | 0.26 | (0.52) |
| **DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.06) |
| **Total distributions** | (0.20) | (0.06) |
| **Net asset value, end of period** | $9.48 | $9.42 |
| Total investment return<sup>(d)</sup> | 2.79% | (5.29)% |
| **Net assets, end of period, in thousands** | $216744 | $150507 |
| **RATIOS/SUPPLEMENTAL DATA:**<sup>(e)</sup> |  |  |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 1.86% | 2.36% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.83% | 1.83% |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 1.99% | 1.40% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.02% | 1.93% |
| Portfolio turnover rate<sup>(f)</sup> | 75% | 82% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)Commencement date of the Fund was July 10, 2024.

(b)Net investment income (loss) per share is based on average shares outstanding.

(c)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(d)Total investment return excludes the effect of applicable sales charges.

(e)Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pools in which the Fund invests.

(f)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

---

| | |
|:---|:---|
| **LoCorr Strategic Allocation Fund – Class A** | |
| *Selected Data and Ratios (for a share outstanding throughout the period)* | *Selected Data and Ratios (for a share outstanding throughout the period)* |
|  | **Period from** <br>**January 8 (Commencement of operations)** <br>**through December 31, 2025**<sup>(a)</sup> |
| **PER SHARE** |  |
| Net asset value, beginning of period | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.38 |
| **Total from investment operations** | 0.44 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) |
| **Total distributions** | (0.09) |
| **Net asset value, end of period** | $10.35 |
| Total investment return<sup>(d)</sup> | 4.38% |
| **Net assets, end of period, in thousands** | $1276 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.78% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.84% |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | (0.30)% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 0.64% |
| Portfolio turnover rate<sup>(e)</sup> | 72% |

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\*&nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)Commencement date of the Fund was January 8, 2025.

(b)Net investment income (loss) per share is based on average shares outstanding.

(c)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(d)Total investment return excludes the effect of applicable sales charges.

(e)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

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| | |
|:---|:---|
| **LoCorr Strategic Allocation Fund – Class I** | |
| *Selected Data and Ratios (for a share outstanding throughout the period)* | *Selected Data and Ratios (for a share outstanding throughout the period)* |
|  | **Period from** <br>**January 8 (Commencement of operations)** <br>**through December 31, 2025**<sup>(a)</sup> |
| **PER SHARE** |  |
| Net asset value, beginning of period | $10.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.37 |
| **Total from investment operations** | 0.46 |
| **DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) |
| **Total distributions** | (0.10) |
| **Net asset value, end of period** | $10.36 |
| Total investment return | 4.61% |
| **Net assets, end of period, in thousands** | $65501 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.53% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.59% |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recovery | (0.05)% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recovery | 0.89% |
| Portfolio turnover rate<sup>(d)</sup> | 72% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)Commencement date of the Fund was January 8, 2025.

(b)Net investment income (loss) per share is based on average shares outstanding.

(c)Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(d)Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

------

**Privacy Notice**

**LOCORR INVESTMENT TRUST**

Rev. October 2011

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES LOCORR INVESTMENT TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>▪ Social Security number and wire transfer instructions<br>▪ account transactions and transaction history<br>▪ investment experience and purchase history<br>When you are *no longer* a customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons LoCorr Investment Trust chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does LoCorr Investment Trust share?** | **Can you limit this sharing?** |
| **For our everyday business purposes -**<br>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes -**<br>to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes -**<br>information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes -**<br>information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| <br>**Questions?** | Call 1-855-LCFUNDS (1-855-523-8637) or go to www.LoCorrFunds.com |

---

------

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| | |
|:---|:---|
| **Page 2** | |
| **What we do** | **What we do** |
| How does LoCorr Investment Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>We permit only authorized parties and affiliates (as permitted by law) who have signed an agreement with us to have access to customer information. |
| How does LoCorr Investment Trust collect my personal information? | We collect your personal information, for example, when you<br>▪ open and account or deposit money<br>▪ direct us to buy securities or direct us to sell your securities<br>▪ seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can't I limit all sharing? | Federal law gives you the right to limit only<br>▪ sharing for affiliates' everyday business purposes-information about your creditworthiness<br>▪ affiliates from using your information to market to you<br>▪ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>▪ *LoCorr Investment Trust does not share with our affiliates.* |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>▪ *LoCorr Investment Trust does not share with nonaffiliates so they can market to you.* |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>▪ *LoCorr Investment Trust does not jointly market.* |

---

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**APPENDIX A**

**<u>Intermediary-Defined Sales Charge Waiver Policies</u>**

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction size breakpoints*, as described in this prospectus or the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rights of accumulation (ROA)*, as described in this prospectus or the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Letter of intent*, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions due to death or disability of the shareholder

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions made in connection with a return of excess contributions from an IRA account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased through a Right of Reinstatement (as defined above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

------

**Baird**

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchase from the proceeds of redemptions from another LoCorr Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Investor A and C shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares bought due to returns of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Baird fees but only if the transaction is initiated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of LoCorr Fund assets held by accounts within the purchaser's household at Baird. Eligible LoCorr Fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of LoCorr Funds through Baird, over a 13-month period of time

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**Janney Montgomery Scott**

Effective May 1, 2020, shareholders purchasing fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds' Prospectus or SAI.

**Front-end sales charge waivers on Class A shares available at Janney**

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on Class A and C shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Funds' Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and other retirement accounts pursuant to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Funds' Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

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**Morgan Stanley Wealth Management**

Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Funds' Prospectus or SAI.

**<u>Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Morgan Stanley self-directed brokerage account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

------

**Oppenheimer & Co. Inc.** 

Effective February 26, 2020, shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds' prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO**

–Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

–Shares purchased by or through a 529 Plan

–Shares purchased through a OPCO affiliated investment advisory program

–Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

–Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

–A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

–Employees and registered representatives of OPCO or its affiliates and their family members

–Directors or Trustees of the Funds, and employees of the Funds' investment adviser or any of its affiliates, as described in this prospectus

**CDSC Waivers on A, B and C Shares available at OPCO**

–Death or disability of the shareholder

–Shares sold as part of a systematic withdrawal plan as described in the Funds' prospectus

–Return of excess contributions from an IRA Account

–Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Code

–Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

–Shares acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent**

–Breakpoints as described in this prospectus.

–Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

------

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

------

**Stifel** 

Effective May 1, 2025, shareholders purchasing or holding the Funds' shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**CLASS A SHARES**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares purchased from the proceeds of redeemed shares of the Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares from rollovers into Stifel from retirement plans to IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Class 529-A shares through a rollover from another 529 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Class 529-A shares made for reinvestment of refunded amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

------

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

------

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a rollover from another 529 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gift of shares will not be considered when determining breakpoint discounts

------

**LoCorr Macro Strategies Fund LoCorr Long/Short Commodities Strategy Fund**

**LoCorr Market Trend Fund**

**LoCorr Dynamic Opportunity Fund** 

**LoCorr Spectrum Income Fund**

**LoCorr Hedged Core Fund**

**LoCorr Strategic Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| Adviser | **LoCorr Fund Management, LLC** <br>687 Excelsior Boulevard<br>Excelsior, MN 55331 | Distributor | **Quasar Distributors, LLC** <br>190 Middle Street, Suite 301 <br>Portland, ME 04101 |
| Independent Registered Public Accounting Firm | **Cohen & Company, Ltd.**<br>8101 East Prentice Avenue<br>Suite 750<br>Greenwood Village, CO 80111 | Legal<br>Counsel | **Thompson Hine LLP**<br>41 South High Street, Suite 1700<br>Columbus, OH 43215 |
| Custodian | **U.S. Bank, N.A.**<br>1555 North RiverCenter Drive <br>Suite 302<br>Milwaukee, WI 53212 | Transfer<br>Agent | **U.S. Bancorp Fund Services, LLC**<br>615 East Michigan Street<br>Milwaukee, WI 53202 |

---

Additional information about the Funds is included in the Funds' SAI dated May 1, 2026. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds' policies and management. Additional information about the Funds' investments is also available in the Funds' Annual and Semi-Annual Reports to Shareholders and in Form N-CSR. In the Funds' Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To obtain a free copy of the SAI and the Annual and Semi-Annual Reports to Shareholders, or other information about the Funds, or to make shareholder inquiries about the Funds, please call 1-855-523-8637 or visit www.LoCorrFunds.com. You may also write to:

**LoCorr Investment Trust**

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Investment Company Act File No. 811-22509

------

**LoCorr Macro Strategies Fund**

---

| | | |
|:---|:---|:---|
| Class | A | LFMAX |
| Class | C | LFMCX |
| Class | I | LFMIX |

---

**LoCorr Long/Short Commodities Strategy Fund**

---

| | | |
|:---|:---|:---|
| Class | A | LCSAX |
| Class | C | LCSCX |
| Class | I | LCSIX |

---

**LoCorr Dynamic Opportunity Fund**

---

| | | |
|:---|:---|:---|
| Class | A | LEQAX |
| Class | C | LEQCX |
| Class | I | LEQIX |

---

**LoCorr Spectrum Income Fund**

---

| | | |
|:---|:---|:---|
| Class | A | LSPAX |
| Class | C | LSPCX |
| Class | I | LSPIX |

---

**LoCorr Market Trend Fund**

---

| | | |
|:---|:---|:---|
| Class | A | LOTAX |
| Class | C | LOTCX |
| Class | I | LOTIX |

---

**LoCorr Hedged Core Fund**

Class A LHEAX <br> <u>Class</u> <u>I</u> <u>LHEIX</u>

**LoCorr Strategic Allocation Fund**

Class A LSAAX <br> <u>Class</u> <u>I</u> <u>LSAIX</u>

*each Fund is a series of LoCorr Investment Trust*

STATEMENT OF ADDITIONAL INFORMATION

May 1, 2026

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus dated May 1, 2026 for the LoCorr Macro Strategies Fund, the LoCorr Long/Short Commodities Strategy Fund, the LoCorr Market Trend Fund, the LoCorr Dynamic Opportunity Fund, the LoCorr Spectrum Income Fund, the LoCorr Hedged Core Fund and the LoCorr Strategic Allocation Fund (each a "Fund" and together, the "Funds"), each a series of LoCorr Investment Trust. The Funds' Prospectus is hereby incorporated by reference, which means it is legally part of this SAI. You can obtain copies of the Prospectus and <u>[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001506768/000113322826003096/lit-efp22581_ncsr.htm)</u> without charge by contacting the Funds' transfer agent or by calling toll-free 1-855-523-8637. You may also obtain a Prospectus and Annual Report by visiting <u>www.LoCorrFunds.com</u>.

------

<u>**TABLE OF CONTENTS**</u>

---

| | |
|:---|:---|
| **[THE FUNDS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_7)** | **[3](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_7)** |
| **[TYPES OF INVESTMENTS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_10)** | **[4](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_10)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Equity Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_13) | [4](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Common Stock](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_16) | [4](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Preferred Stock](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_19) | [5](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Convertible Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_22) | [5](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Warrants](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_25) | [5](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Business Development Companies](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_28) | [5](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Depositary Receipts](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_31) | [6](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Companies](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_34) | [6](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Real Estate Investment Trusts](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_37) | [8](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Master Limited Partnerships](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_40) | [9](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Derivatives](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_43) | [9](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fixed Income/Debt/Bond Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_46) | [19](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitcoin Futures | [20](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_2015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethereum (ETH) Futures | [21](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_2043) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Certificates of Deposit and Bankers' Acceptances](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_49) | [21](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Commercial Paper](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_52) | [21](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Time Deposits and Variable Rate Notes](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_55) | [22](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Insured Bank Obligations](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_58) | [22](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;[High Yield Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_61) | [22](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Municipal Government Obligations](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_64) | [24](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;[United States Government Obligations](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_67) | [24](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;[United States Government Agency Issues](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_70) | [25](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Mortgage Pass-Through Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_73) | [25](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Foreign Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_76) | [27](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Illiquid and Restricted Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_79) | [27](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Repurchase Agreements](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_82) | [28](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;[When-Issued, Forward Commitments and Delayed Settlements](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_85) | [29](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Lending Portfolio Securities](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_88) | [29](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Short Sales](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_91) | [30](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_91) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Wholly-Owned Subsidiaries](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_94) | [30](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_94) |
| **[INVESTMENT RESTRICTIONS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_97)** | **[31](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_97)** |
| **[DISCLOSURE OF PORTFOLIO HOLDINGS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_100)** | **[33](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_100)** |
| **[MANAGEMENT](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_103)** | **[34](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_103)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Committees](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_106) | [37](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_109) | [37](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_109) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Ownership](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_112) | [38](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_112) |
| **[CONTROL PERSONS AND PRINCIPAL HOLDERS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_115)** | **[39](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_115)** |
| **[INVESTMENT ADVISER AND SUB-ADVISERS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_118)** | **[48](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_118)** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_121) | [48](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_121) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Sub-Advisers](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_124) | [51](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_124) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Codes of Ethics](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_127) | [53](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_127) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting Policies](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_130) | [53](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_130) |
| **[DISTRIBUTION OF SHARES](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_133)** | **[54](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_133)** |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Rule 12b-1 Plan](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_136)*** | **[54](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_136)** |
| **[PORTFOLIO MANAGERS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_139)** | **[57](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_139)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Ownership](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_142)** | [63](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_142) |
| **[ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARIES](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_145)** | **[64](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_145)** |
| **[ALLOCATION OF PORTFOLIO BROKERAGE](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_148)** | **[65](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_148)** |
| **[PORTFOLIO TURNOVER](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_151)** | **[67](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_151)** |
| **[OTHER SERVICE PROVIDERS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_154)** | **[68](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_154)** |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Fund Administration, Accounting and Transfer Agent](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_157)*** | [68](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_157) |
| **[DESCRIPTION OF SHARES](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_160)** | **[69](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_160)** |
| **[ANTI-MONEY LAUNDERING PROGRAM](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_163)** | **[69](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_163)** |
| **[PURCHASE, REDEMPTION AND PRICING OF SHARES](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_166)** | **[70](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_166)** |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Pricing of Shares](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_169)*** | [70](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Purchase of Shares](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_172)*** | [70](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Redemption of Shares](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_175)*** | [71](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Redemption Fee/Market Timing](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_178)*** | **[71](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_178)** |
| **[TAX STATUS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_181)** | **[72](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_181)** |
| &nbsp;&nbsp;&nbsp;&nbsp;***[Foreign Taxation](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_184)*** | [74](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_184) |
| **[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_187)** | **[77](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_187)** |
| **[LEGAL COUNSEL](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_190)** | **[77](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_190)** |
| **[CONSOLIDATED FINANCIAL STATEMENTS](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_193)** | **[78](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_193)** |
| **[APPENDIX A](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_196)** | **A-[1](#i0a6a9e47c4d54707bbd540ef0c1f9ec0_196)** |

---

------

**THE FUNDS**

The LoCorr Macro Strategies Fund (the "Macro Strategies Fund"), the LoCorr Long/Short Commodities Strategy Fund (the "Commodities Strategy Fund"), the LoCorr Dynamic Opportunity Fund (the "Dynamic Opportunity Fund"), the LoCorr Spectrum Income Fund (the "Spectrum Income Fund"), the LoCorr Market Trend Fund (the "Market Trend Fund"), the LoCorr Hedged Core Fund (the "Hedged Core Fund") and the LoCorr Strategic Allocation Fund (the "Strategic Allocation Fund") are each a series of LoCorr Investment Trust, an Ohio business trust organized on November 15, 2010 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The Funds are each diversified funds. The Trust currently consists of seven funds in the series.

The Funds may issue an unlimited number of shares of beneficial interest. All shares of each Fund have equal rights and privileges, except as to class-specific rights and privileges described below. Each share of a Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of a Fund, on a per-class basis, is entitled to participate equally with other shares (i) in dividends and distributions declared by the Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Funds are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

The Macro Strategies Fund, Commodities Strategy Fund, Dynamic Opportunity Fund, Spectrum Income Fund, and Market Trend Fund each currently offers three classes of shares, Class A, Class C and Class I shares. The Hedged Core Fund and Strategic Allocation Fund each offers two classes of shares, Class A and Class I shares. The Board of Trustees may classify and reclassify the shares of the Funds into additional classes of shares at a future date. Each share class will represent an interest in the same assets of the respective Fund, have the same rights and is identical in all material respects except that (i) each class of shares may be subject to different (or no) sales loads, (ii) each class of shares may bear different distribution fees; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees incurred by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses incurred as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares and (iv) each class will have exclusive voting rights with respect to matters relating to its own distribution arrangements.

LoCorr Fund Management, LLC (the "Adviser") is the Funds' investment adviser.

The following serve as sub-advisers (each a "Sub-Adviser" and together, the "Sub-Advisers") to the respective Funds:

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| | |
|:---|:---|
| **Fund Name** | **Sub-Adviser** |
| Macro Strategies Fund | • DG Partners, LLP<br>• Graham Capital Management, L.P.<br>• Millburn Ridgefield Corporation<br>• Nuveen Asset Management, LLC<br>• Revolution Capital Management, LLC<br>• R.G. Niederhoffer Capital Management, Inc.<br>• Tages Capital, LLP |
| Commodities Strategy Fund | • Nuveen Asset Management, LLC |
| Dynamic Opportunity Fund | • Kettle Hill Capital Management, LLC |
| Spectrum Income Fund | • Bramshill Investments, LLC |

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| | |
|:---|:---|
| **Fund Name** | **Sub-Adviser** |
| Market Trend Fund | • Graham Capital Management, L.P.<br>• Nuveen Asset Management, LLC |
| Hedged Core Fund | • DG Partners, LLP<br>• Graham Capital Management, L.P.<br>• Millburn Ridgefield Corporation<br>• Nuveen Asset Management, LLC<br>• Revolution Capital Management, LLC<br>• R.G. Niederhoffer Capital Management, Inc.<br>• Tages Capital, LLP |
| Strategic Allocation Fund | • Crabel Capital Management, LLC<br>• P/E Global LLC<br>• DG Partners LLP<br>• Parametric Portfolio Associates, LLC |

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Each Fund's investment objective, restrictions and policies are more fully described here and in its Prospectus. The Board may start other series and offer shares of a new fund under the Trust at any time.

Under the Trust's Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

**TYPES OF INVESTMENTS**

The investment objective of each Fund and a description of its principal investment strategies are set forth in the Prospectus. Each Fund's investment objective is not "fundamental" and may be changed without the approval of a majority of its outstanding voting securities; however, shareholders will be given at least 60 days' notice of such a change.

The following information applies to each Fund, except as noted, and describes securities and instruments in which the Fund or its Subsidiary (as defined herein) as applicable may invest and their related risks.

<u>Equity Securities</u> 

Equity securities in which the Fund invests include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

<u>Common Stock</u>

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

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<u>Preferred Stock</u> 

Preferred stocks are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends but payment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high dividend yield or yield to maturity. The risks of preferred stocks include a lack of voting rights and the Fund's Adviser may incorrectly analyze the security, resulting in a loss to the Fund. Furthermore, preferred stock dividends are not guaranteed and management can elect to forego the preferred dividend, resulting in a loss to the Fund. Preferred stock may also be convertible in the common stock of the issuer. Convertible securities may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. A convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock. In general, preferred stocks generally pay a dividend at a specified rate and have preference over common stock in the payment of dividends and in liquidation. The Fund may invest in preferred stock with any or no credit rating. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock market value may change based on changes in interest rates.

<u>Convertible Securities</u> 

The Fund may invest in convertible securities with no minimum credit rating. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

<u>Warrants</u> 

The Fund may invest in warrants. Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

<u>Business Development Companies</u> 

The Fund may invest in business development companies ("BDCs"), each of which may pay performance-based fees to their managers. A BDC is a form of investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term, high-quality debt securities. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. Fund shareholders may bear two layers of fees and expenses: asset-based fees and expenses at the Fund level, and asset-based fees, performance-based incentive allocations or fees and expenses at the BDC

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level. BDCs are subject to high failure rates among the companies in which they invest and federal securities laws impose restraints upon the organization and operations of BDCs that can limit or negatively impact the performance of a BDC. Also, BDCs may engage in certain principal and joint transactions that a mutual fund may not without an exemptive order from the Securities and Exchange Commission (the "SEC"). Also, the Fund may purchase in the aggregate only up to 3% of the total outstanding voting stock of any other investment company, such as a BDC, unless the other investment company has an exemptive order from the SEC.

<u>Depositary Receipts</u> 

The Fund may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of unsponsored ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described below regarding foreign securities apply to investments in ADRs.

<u>Investment Companies</u>

The Fund may invest in investment companies such as open-end funds (mutual funds), closed-end funds, and exchange traded funds (collectively, "Investment Companies"). The 1940 Act provides that the mutual funds may not: (1) purchase more than 3% of an investment company's outstanding shares; (2) invest more than 5% of its assets in any single such investment company (the "5% Limit"), and (3) invest more than 10% of its assets in Investment Companies overall (the "10% Limit"), unless: (i) the underlying investment company and/or the Fund has received an order for exemptive relief from such limitations from the SEC; and (ii) the underlying investment company and the Fund take appropriate steps to comply with any conditions in such order.

In addition, Section 12(d)(1)(F) of the 1940 Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund has not, and is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1.50%. An investment company that issues shares to the Fund pursuant to paragraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company's total outstanding shares in any period of less than thirty days. The Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to Investment Companies owned by the Fund, the Fund will either seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

Further, the Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the 5% Limitation and the 10% Limitation, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by the Financial Industry Regulatory Authority ("FINRA") for funds of funds.

The Fund and any "affiliated persons," as defined by the 1940 Act may purchase in the aggregate only up to 3% of the total outstanding securities of any Underlying Fund. Accordingly, when affiliated persons hold shares of any of the Investment Companies, the Fund's ability to invest fully in shares of those funds is restricted, and the Adviser must then, in some instances, select alternative investments that would not have been its first preference. The 1940 Act also provides that an Underlying Fund whose shares are

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purchased by the Fund will be obligated to redeem shares held by the Fund only in an amount up to 1% of the Underlying Fund's outstanding securities during any period of less than 30 days. Shares held by the Fund in excess of 1% of an Underlying Fund's outstanding securities therefore, will be considered not readily marketable securities, which, together with other such securities, may not exceed 15% of the Fund's total assets.

Under certain circumstances an Underlying Fund may determine to make payment of a redemption by the Fund wholly or partly by a distribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases, the Fund may hold securities distributed by an Investment Company until the Adviser determines that it is appropriate to dispose of such securities.

Investment decisions by the investment advisors of the Investment Companies are made independently of the Fund and its Adviser. Therefore, the investment advisor of one Underlying Fund may be purchasing shares of the same issuer whose shares are being sold by the investment advisor of another such fund. The result would be an indirect expense to the Fund without accomplishing any investment purpose. Because other Investment Companies employ an investment adviser, such investments by the Fund may cause shareholders to bear duplicate fees.

***Closed-End Investment Companies.*** The Fund may invest its assets in "closed-end" investment companies (or "closed-end funds"), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly known as "NASDAQ") and, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Fund generally will purchase shares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than the net asset value per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined net asset value but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their net asset value.

The Fund may invest in shares of closed-end funds that are trading at a discount to net asset value or at a premium to net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

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Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. The Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital structure.

***Exchange Traded Funds.*** ETFs are passive funds that track their related index and have the flexibility of trading like a security. They are managed by professionals and provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts (UITs), which are unmanaged portfolios overseen by trustees. ETFs generally have two markets. The primary market is where institutions swap "creation units" in block-multiples of shares, typically 25,000 or 50,000 for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded after hours once the net asset value (NAV) is calculated. ETFs share many similar risks with open-end and closed-end funds.

There is a risk that an ETF in which the Fund invests may terminate due to extraordinary events that may cause any of the service providers to the ETF, such as the trustee or sponsor, to close or otherwise fail to perform their obligations to the ETF. Also, because the ETFs in which the Fund intends to principally invest may be granted licenses by agreement to use the indices as a basis for determining their compositions and/or otherwise to use certain trade names, the ETFs may terminate if such license agreements are terminated. In addition, an ETF may terminate if its entire net asset value falls below a certain amount. Although the Fund believes that, in the event of the termination of an underlying ETF, it will be able to invest instead in shares of an alternate ETF tracking the same market index or another market index with the same general market, there is no guarantee that shares of an alternate ETF would be available for investment at that time. To the extent the Fund invests in a sector product, the Fund is subject to the risks associated with that sector.

<u>Real Estate Investment Trusts</u>

The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although the Fund can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

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Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Internal Revenue Code of 1986, as amended, or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through a Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

<u>Master Limited Partnerships</u>

The Fund may invest in master limited partnership ("MLP") interests. MLPs are limited partnerships, the interests in which (known as "units") are traded on public exchanges, just like corporate stock. MLPs are limited partnerships that provide an investor with a direct interest in a group of assets (generally, oil and gas properties). MLP units typically trade publicly, like stock, and thus may provide the investor more liquidity than ordinary limited partnerships. MLPs are also called publicly traded partnerships and public limited partnerships. A limited partnership has one or more general partners (they may be individuals, corporations, partnerships or another entity) which manage the partnership, and limited partners, which provide capital to the partnership but have no role in its management. When an investor buys units in an MLP, he or she becomes a limited partner. MLPs are formed in several ways. A non-traded partnership may decide to go public. Several non-traded partnerships may "roll up" into a single MLP. A corporation may spin off a group of assets or part of its business into an MLP of which it is the general partner, either to realize what it believes to be the assets' full value or as an alternative to issuing debt. A corporation may fully convert to an MLP, although since 1986 the tax consequences have made this an unappealing; or, a newly formed company may operate as an MLP from its inception.

There are different types of risks to investing in MLPs, including regulatory risks and interest rate risks. Currently most partnerships enjoy pass through taxation of their income to partners, which avoids double taxation of earnings. If the government were to change MLP business tax structure, unitholders would not be able to enjoy the relatively high yields in the sector for long. In addition, MLPs that charge government-regulated fees for transportation of oil and gas products through their pipelines are subject to unfavorable changes in government-approved rates and fees, which would affect an MLP's revenue stream negatively. MLPs also carry some interest rate risks. During increases in interest rates, MLPs may not produce desirable returns to shareholders.

<u>Special Purpose Acquisition Corporations (SPACs)</u>

The Funds may invest in SPACs and companies that have completed an IPO. SPACs are companies that may be unseasoned and lack a trading or operational history, a track record of reporting to investors, and widely available research coverage. The Funds may purchase SPACs through an IPO. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO. In addition, IPOs may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination.

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<u>Derivatives</u>

The Fund may invest in derivatives in order to hedge against market movements while liquidating certain positions and buying other securities or as substitutes for securities. The information below contains general additional information about derivatives.

Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the Funds' use of derivatives. The Derivatives Rule requires registered investment companies that enter into derivatives transactions and certain other transactions that create future payment or delivery obligations to, among other things, (i) comply with a value-at-risk ("VaR") leverage limit, and (ii) adopt and implement a comprehensive written derivatives risk management program. These and other requirements apply unless a fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. The Funds have adopted and implemented a derivatives risk management program approved by the Board, which is administered by the Adviser as the Funds' derivatives risk manager. Complying with the Derivatives Rule may increase the cost of a Fund's investments and cost of doing business, which could adversely affect investors. The Derivatives Rule may not be effective to limit a Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in a Fund's derivatives or other investments. Other potentially adverse regulatory obligations can develop suddenly and without notice.

***Futures Contracts.*** A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when a Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Fund expects to earn interest income on any margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale

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price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

***Cryptoasset Futures.*** The market for bitcoin and ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin futures market has grown substantially since bitcoin and ether futures commenced trading, there can be no assurance that this growth will continue. The price for bitcoin and ether futures contracts is based on a number of factors, including the supply of and the demand for bitcoin futures contracts. Market conditions and expectations, position limits, collateral requirements, and other factors each can impact the supply of and demand for bitcoin and ether futures contracts. Recently increased demand paired with supply constraints and other factors have caused bitcoin futures to trade at a significant premium to the "spot" price of bitcoin and ether. Additional demand, including demand resulting from the purchase, or anticipated purchase, of bitcoin and ether futures contracts by the Funds or other entities may increase that premium, perhaps significantly. It is not possible to predict whether or for how long such conditions will continue. To the extent a Fund purchases futures contracts at a premium and the premium declines, the value of an investment in the Fund also should be expected to decline. The performance of bitcoin and ether futures contracts and bitcoin and ether, respectively, may differ and may not be correlated with each other, over short or long periods of time.

Historically, the spot price movements of ether and bitcoin generally have been correlated. The spot prices of ether historically have generally been more volatile than the spot prices of bitcoin (*i.e.* rising more than the spot prices of bitcoin on days that the spot prices of bitcoin rises and falling more than bitcoin on days that the spot prices of bitcoin falls). There is no guarantee that this correlation will continue or that the prices of ether or bitcoin will be dependent upon, or otherwise related to, each other or that the relative volatility of spot bitcoin and spot ether will continue.

*Rolling of the Crypto Futures*. Futures contracts expire on a designated date, referred to as the "expiration date." The Funds generally seek to invest in "front-month" CME bitcoin futures contracts and CME ether futures contracts but may invest in back-month, cash-settled bitcoin futures contracts and ether futures contracts. "Front- month" contracts are the monthly contracts with the nearest expiration date. Back-month contracts are those with longer times to maturity. CME bitcoin futures and CME ether futures are cash-settled on their expiration date unless they are "rolled" prior to expiration. The Funds intend to "roll" their CME bitcoin futures and CME ether futures prior to expiration. Typically, the Funds will roll to the next "nearby" CME bitcoin futures and CME ether futures. The "nearby" contracts are those contracts with the next closest expiration date.

Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, digital asset trading venues are largely unregulated and highly fragmented. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and in some instances may be operating in violation of existing regulations (including using social media to promote bitcoin in a way that artificially increases the price of bitcoin or ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in bitcoin and ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses.

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Events impacting the price of bitcoin or ether across all digital asset trading venues should be expected to impact the price and market for bitcoin or ether futures, and therefore the performance of the Funds. Such trading venues may serve as a pricing source for the calculation of the CME CF Bitcoin Reference Rate or CME CF Ether Reference Rate which provides reference prices for final settlement of CME bitcoin and ether futures, respectively. These trading venues are or may become subject to regulatory actions that may have a material adverse impact on the Funds and their investments.

Investments linked to bitcoin and ether present unique and substantial risks. Such investments can be highly volatile compared to investments in traditional securities and the Funds may experience sudden and large losses. The markets for bitcoin, ether and bitcoin and ether futures may become illiquid. These markets may fluctuate widely based on a variety of factors including changes in overall market movements, political and economic events, wars, acts of terrorism, natural disasters (including disease, epidemics and pandemics) and changes in interest rates or inflation rates. An investor should be prepared to lose the full principal value of their investment suddenly and without warning*.* Trading and investing in assets linked to bitcoin and ether are generally not based in fundamental investment analysis.

Bitcoin is the native token on the Bitcoin network. As with other cryptoassets, bitcoin and the Bitcoin blockchain have been designed to support a number of applications and use cases. For bitcoin, these include serving as a medium of exchange (*e.g.*, digital cash) and as a durable store of value (*e.g.*, digital gold). The Bitcoin network's uses and capabilities are narrower when compared to the Ethereum network, which facilitates smart contracts and the issuance of other non- native tokens.

Ether is the native token on the Ethereum network, but users may create additional tokens, the ownership of which is recorded on the Ethereum network. As with other cryptoassets, ether and the Ethereum blockchain have been designed to support a number of applications and use cases. For ether, these include: serving as a medium or exchange and a durable store of value, facilitating the use of smart contracts and decentralized products and platforms, permitting the issuance and exchange of non-native tokens (including non-fungible tokens and asset-backed tokens), and supporting various "layer 2" projects. Compared to the Bitcoin network, which is solely intended to record the ownership of bitcoin, the intended uses of the Ethereum network are far more broad.

The Ethereum Foundation (EF) is a non-profit organization that is dedicated to supporting Ethereum and related technologies. The EF, alongside other organizations, supports Ethereum Protocol development through funding and advocacy. The EF finances its activities through its initial allocation of ether at the launch of the Ether Network in 2015. Although the EF does not control Ethereum and is one of many organizations within the Ethereum ecosystem, it is the most significant driving force for Ethereum Protocol development and support of Ethereum generally.

It is possible that Ether may be determined to be a security for the purposes of federal or state securities laws. If ether is determined or is expected to be determined to be a security under the federal securities laws, that could materially and adversely affect the trading of ether futures contracts held by a Fund. If ether is determined or alleged to be a security, it is possible that trading in ether futures contracts held by a Fund could be halted or otherwise disrupted, become illiquid and/or lose significant value and a Fund may have difficulty unwinding or closing out its ether futures contracts. In that event, value of an investment in the Funds – could decline significantly and without warning, including to zero. There is no guarantee that security futures contracts on ether would be begin trading on any particular timeframe or at all or that the Funds would be able to invest in such instruments.

If the price of ether falls below that which is required for validators to turn a profit, some validators may temporarily discontinue their operations. If validators reduce or cease their operations, it would reduce the aggregate stake on the Ethereum Network, which would adversely affect the confirmation process for transactions (*i.e*., temporarily decreasing the speed at which blocks are added to the blockchain) and make the Ethereum Network more vulnerable to a malicious actor or actors. If one or more validators obtain control of greater than thirty-three percent of the aggregate stake on the Ethereum Network, those validators may attempt to reshuffle or reorder blocks in the Ethereum blockchain, potentially excluding

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valid transactions or permitted "double spending" of ether. Malicious actors controlling greater than thirty-three percent of the aggregate stake could also potentially resolve two forks of the Ethereum blockchain simultaneously, which would cause confusion and likely result in reduced confidence in the Ethereum blockchain, both of which would have a material adverse impact on the value of ether and ether futures, and as a result, an investment in a Fund. However, any such attack would likely result in the malicious validators forfeiting their staked ether.

If the price of Bitcoin falls below that which is required for mining operators to turn a profit, some mining operators may temporarily discontinue mining bitcoin by either halting operations or switching their mining operations to mine other cryptoassets. If miners reduce or cease their mining operations it would reduce the aggregate hash rate on the Bitcoin Network, which would adversely affect the confirmation process for transactions (*i.e.*, temporarily decreasing the speed at which blocks are added to the blockchain until the next scheduled adjustment in difficulty for block solutions) and make the Bitcoin Network more vulnerable to a malicious actor obtaining control in excess of fifty percent of the aggregate hash rate on the Bitcoin Network. Periodically, the Bitcoin Network is designed to adjust the difficulty for block solutions so that solution speeds remain in the vicinity of the expected ten-minute confirmation time currently targeted by the Bitcoin Network protocol, but significant reductions in aggregate hash rate on the Bitcoin Network could result in material delays in transaction confirmation time. Any reduction in confidence in the confirmation process or aggregate hash rate of the Bitcoin Network may adversely affect the utility and price of bitcoin, which may have a negative impact on bitcoin futures.

The open-source nature of the Ethereum Protocol and the Bitcoin Protocol permits any developer to review the underlying code and suggest changes. If some users, validators or miners adopt a change while others do not and that change is not compatible with the existing software, a fork occurs. Several forks have already occurred in the Bitcoin Network and the Ethereum Network resulting in the creation of new, separate digital assets. The determination of which fork will be considered bitcoin for purposes of the Bitcoin Reference Rate and which fork will be considered ether for purposes of the CME CF Ether Reference Rate is determined by CF Benchmarks' Hard Fork Policy. Forks and similar events could adversely affect the price and liquidity of ether and bitcoin and the value of an investment in the Funds.

As a digital asset, crypto is subject to the risk that malicious actors will exploit flaws in its code or structure, or that of digital asset trading venues, that will allow them to, among other things, steal crypto held by others, control the blockchain, steal personally identifying information, or issue significant amounts of crypto in contravention of the relevant protocol. The occurrence of any of these events is likely to have a significant adverse impact on the price and liquidity of crypto and crypto futures contracts.

In April 2016, a decentralized autonomous organization, known as "The DAO" launched on the Ethereum Network. Decentralized autonomous organizations operate on smart contracts which form a foundational framework that dictates how the organization will operate. In exchange for ether, The DAO created DAO Tokens (proportional to the amount of ether paid) that were then assigned to the Ethereum blockchain address of the person or entity remitting the ether. A DAO Token granted the DAO Token holder certain voting and ownership rights in The DAO. In June 2016, The DAO smart contract code was hacked, resulting in approximately one-third of the total ether raised in The DAO's offering being diverted to an Ethereum blockchain address controlled by the attacker, an unknown individual or group. In response to the attack, and upon a vote of Ethereum community members, a "hard fork" was implemented which had the effect of transferring all of the funds raised (including those held by the attacker) from The DAO to a recovery address, where DAO Token holders could exchange their DAO Tokens for ether. Any DAO Token holders who adopted the hard fork could exchange their DAO Tokens for ether and avoid any loss. The permanent hard fork resulted in two different versions of the Ethereum blockchain: Ethereum and Ethereum Classic.

As a result of lack of regulation, individuals, or groups may engage in insider trading, fraud or market manipulation with respect to digital assets. Such manipulation could cause investors in digital assets to lose money, possibly the entire value of their investments. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. The nature of the assets held at digital asset trading venues make them appealing targets for hackers and a number of

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digital asset trading venues have been victims of cybercrimes and other fraudulent activity. These activities have caused significant, in some cases total, losses for crypto investors. Investors in crypto may have little or no recourse should such theft, fraud or manipulation occur.

It is possible that other blockchains will emerge that are similarly designed to support the development, deployment, and operation of smart contracts. These alternative blockchains have in the past and may in the future seek to compete with Bitcoin and the Ethereum Network by offering faster transaction processing and/or lower fees. The market demand for these alternative blockchains may reduce the market demand for ether which would adversely impact the price of Bitcoin and ether, and as a result, an investment in the Funds.

The Ethereum blockchain has at times experienced material network congestion, high transaction fees and other scalability challenges. Although the Ethereum Foundation has proposed various updates to the Ethereum blockchains protocol to address these challenges, to date they have been primarily addressed by so-called "layer 2" solutions. Layer 2 networks generally require users to "lock" ether into the layer 2 network in order to benefit from their efficiencies, thereby making the locked ether unavailable to transfer on the underlying blockchain or within other layer 2 networks. While these solutions have, in the past, reduced fees and increased transaction times, they result in the actions of development teams whose interests may not be aligned with that of the greater Ethereum community. Further, there is no guarantee that these layer 2 solutions will continue to be effective or that users or and investors in public blockchains will not determine that blockchains without scalability issues or a reliance on layer 2 solutions are preferable. There is a risk that multiple layer 2 solutions will not be compatible with each other or the underlying blockchain network or that a layer 2 solutions, if not implemented correctly, would compromise the security or decentralization of the underlying blockchain network.

It is possible that other blockchains will emerge that are similarly designed to serve as an alternative payment system, such as those focused on privacy through the use of zero-knowledge cryptography. These alternative blockchains have in the past and may in the future seek to compete with the Bitcoin Network by offering networks that improve the speed of transaction processing, address issues in the finality and variability of transaction fees in the Bitcoin Networks, and with lesser volatility in the digital asset's price than bitcoin. The market demand for these alternative blockchains may reduce the market demand for bitcoin which would adversely impact the price of bitcoin, and as a result, an investment in the Funds.

Bitcoin's use as an alternative payment system currently is, and is expected to continue to be, reliant on layer 2 networks that reduce transaction times and transaction fees otherwise applicable to transfers of bitcoin. There is no guarantee that these solutions will continue to be available or that they will adequately reduce transaction times and fees to a degree comparable to other public blockchains that serve as alternative payment systems. There is a risk that multiple layer 2 solutions will not be compatible with each other or the underlying blockchain network or that a layer 2 solutions if not implemented correctly would compromise the security or decentralization of the underlying blockchain network.

Transactions in bitcoin that are executed "off the chain" (that is, transactions that are fully executed on the Bitcoin blockchain) may offer less transparency than transactions fully executed on the Bitcoin blockchain and may be more vulnerable to fraud.

***Regulation as a Commodity Pool Operator.*** The Macro Strategies Fund, the Commodities Strategy Fund, the Market Trend Fund, the Hedged Core Fund and the Strategic Allocation Fund (and each of those Funds' respective Subsidiary) are "commodity pools" under the U.S. Commodity Exchange Act ("CEA"), and the Adviser is registered as a "commodity pool operator" with the Commodity Futures Trading Commission ("CFTC") and is a member of the National Futures Association ("NFA"). As a registered commodity pool operator with respect to the Macro Strategies Fund, the Commodities Strategy Fund, the Market Trend Fund, and each Fund's respective Subsidiary, the Adviser must comply with various regulatory requirements under the CEA, and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting

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and recordkeeping requirements. The Adviser is also subject to periodic inspections and audits by the CFTC and NFA.

***Options on Futures Contracts.*** The Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

***Options on Securities.*** The Fund may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell and the writer (seller) the obligation to buy the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil and Gas Index or the Computer and Business Equipment Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange, and the NASDAQ PHLX.

The Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option.

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An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option or a loss if it is less. If an option written by the Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

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

Successful use by the Fund of options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, the Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Fund. Inasmuch as the Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Fund was unable to effect a closing sale transaction with

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respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

***Dealer Options.*** The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, the Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when the Fund writes a dealer option, the Fund may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. While the Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call option on a security it writes, the Fund may not sell the assets that it has segregated to secure the position while it is obligated under the option. This requirement may impair the Fund's ability to sell portfolio securities at a time when such sale might be advantageous.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. The Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predetermined formula. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject to the Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, a Fund will change its treatment of such instruments accordingly.

***Spread Transactions****.* The Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to the Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, *i.e.,* the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

***Swap Agreements.*** The Fund may enter into interest rate, index and currency exchange rate swap agreements in an attempt to obtain a particular desired return at a lower cost to the Fund than if it had invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. The Fund's obligations (or rights) under a

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swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The Fund's obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of cash, U.S. government securities, or other liquid securities, to avoid leveraging of the Fund's portfolio.

Whether the Fund's use of swap agreements enhance the Fund's total return will depend on the Adviser's ability correctly to predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two-party contracts and may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Fund's Adviser will cause the Fund to enter into swap agreements only with counterparties that would be eligible for consideration as repurchase agreement counterparties under the Fund's repurchase agreement guidelines. The swap market is a relatively new market and is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Certain swap agreements are exempt from most provisions of the CEA and, therefore, are not regulated as futures or commodity option transactions under the CEA, pursuant to regulations of the CFTC. To qualify for this exemption, a swap agreement must be entered into by "eligible participants," which include the following, provided the participants' total assets exceed established levels: a bank or trust company, savings association or credit union, insurance company, investment company subject to regulation under the 1940 Act, commodity pool, corporation, partnership, proprietorship, organization, trust or other entity, employee benefit plan, governmental entity, broker-dealer, futures commission merchant, natural person, or regulated foreign person. To be eligible, natural persons and most other entities must have total assets exceeding $10 million; commodity pools and employees benefit plans must have assets exceeding $5 million. In addition, an eligible swap transaction must meet three conditions. First, the swap agreement may not be part of a fungible class of agreements that are standardized as to their material economic terms. Second, the creditworthiness of parties with actual or potential obligations under the swap agreement must be a material consideration in entering into or determining the terms of the swap agreement, including pricing, cost or credit enhancement terms. Third, swap agreements may not be entered into and traded on or through a multilateral transaction execution facility.

***Certain Investment Techniques and Derivatives Risks.*** When the Fund uses investment techniques such as margin, leverage and short sales, and forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other mutual funds. Although the intention is to use such investment techniques and derivatives to minimize risk to the Fund, there is the possibility that improper implementation of such techniques and derivative strategies or unusual market conditions could result in significant losses to the Fund. Derivatives are used to limit risk in the Fund or to enhance investment return and have a return tied to a formula based upon an interest rate, index, price of a security, or other measurement. Derivatives involve special risks, including: (1) the risk that interest rates, securities prices and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, interest rates or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than the Fund's initial investment in that instrument (in some cases, the potential loss in unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations, or that penalties could be incurred for positions held less than the required minimum holding period, which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences. In addition, the use of derivatives for non-

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hedging purposes (that is, to seek to increase total return) is considered a speculative practice and may present an even greater risk of loss than when used for hedging purposes.

<u>Fixed Income/Debt/Bond Securities</u>

Yields on fixed income securities, which the Fund defines to include preferred stock, are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in the Fund will be subjected to risk even if all fixed income securities in the Fund's portfolio are paid in full at maturity. All fixed income securities, including U.S. Government securities, can change in value when there is a change in interest rates or the issuer's actual or perceived creditworthiness or ability to meet its obligations.

There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in market value. The longer the remaining maturity (and duration) of a security, the greater will be the effect of interest rate changes on the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the markets' perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Reform Act of 1978. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. The possibility exists, therefore, that, the ability of any issuer to pay, when due, the principal of and interest on its debt securities may become impaired.

The corporate debt securities in which the Fund may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate's current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations redeemable upon not more than 30 days' notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a 7-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid security.

The Fund may invest in debt securities, including non-investment grade debt securities. The following describes some of the risks associated with fixed income debt securities:

***Interest Rate Risk.*** Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

***Credit Risk.*** Fixed income securities of issuers with lower credit quality have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened

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capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities of issuers with higher credit quality.

***Extension Risk.*** The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.

***Prepayment Risk.*** Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.

Securities subject to prepayment are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Fund.

At times, some of the mortgage-backed securities in which the Fund may invest will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses in securities purchased at a premium, as unscheduled prepayments, which are made at par, will cause the Fund to experience a loss equal to any unamortized premium.

<u>Bitcoin Futures</u> 

Futures contracts are financial contracts the value of which depends on, or is derived from, the underlying reference asset. In the case of Bitcoin Futures, the underlying reference asset is bitcoin. Futures contracts may be physically-settled or cash-settled. The only futures contracts in which the Fund invests are cash-settled Bitcoin Futures. "Cash-settled" means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. The CME has specified that the value of bitcoin underlying Bitcoin Futures traded on the CME will be determined by reference to a volume-weighted average of bitcoin trading prices on multiple bitcoin trading platforms. Margin requirements for Bitcoin Futures traded on the CME or other futures exchanges may be substantially higher than margin requirements for many other types of futures contracts. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

Futures contracts exhibit "futures basis," which refers to the difference between the current market value of the underlying bitcoin (the "spot" price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled bitcoin futures contracts generally trade at a premium to the current market value of bitcoin. If a negative futures basis exists, the Fund's investments in bitcoin futures contracts will generally underperform a direct investment in bitcoin.

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<u>Ethereum (ETH) Futures</u>

Futures contracts are financial contracts the value of which depends on, or is derived from, the underlying reference asset. In the case of ETH Futures, the underlying reference asset is ETH. Futures contracts may be physically-settled or cash-settled. The only futures contracts in which the Fund invests are cash-settled ETH Futures. "Cash-settled" means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on ETH, the amount of cash to be paid is equal to the difference between the value of the ETH underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. The CME has specified that the value of ETH underlying ETH Futures traded on the CME will be determined by reference to a volume-weighted average of ETH trading prices on multiple trading platforms. Margin requirements for ETH Futures traded on the CME or other futures exchanges may be substantially higher than margin requirements for many other types of futures contracts. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

Futures contracts exhibit "futures basis," which refers to the difference between the current market value of the underlying ETH (the "spot" price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled ETH futures contracts generally trade at a premium to the current market value of ETH. If a negative futures basis exists, the Fund's investments in ETH futures contracts will generally underperform a direct investment in ETH, and, therefore, it may be more difficult for the Fund to maintain the Target Exposure.

<u>Certificates of Deposit and Bankers' Acceptances</u>

The Fund may invest in certificates of deposit and bankers' acceptances, which are considered to be short-term money market instruments.

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.

<u>Commercial Paper</u>

The Fund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest

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rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

<u>Time Deposits and Variable Rate Notes</u>

The Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

The commercial paper obligations, which the Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The Fund has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct lending arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Fund's Adviser will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer on demand within seven days.

<u>Insured Bank Obligations</u>

The Fund may invest in insured bank obligations. The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. The Fund may purchase bank obligations that are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

<u>High Yield Securities</u>

The Fund may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below investment grade by the primary rating agencies (BB+ or lower by S&P and Ba1 or lower by Moody's). Other terms used to describe such securities include "lower rated bonds," "non-investment grade bonds," "below investment grade bonds," and "junk bonds." These securities are considered to be high-risk investments. The risks include the following:

***Greater Risk of Loss.*** These securities are regarded as predominately speculative. There is a greater risk that issuers of lower rated securities will default than issuers of higher rated securities. Issuers of lower rated securities generally are less creditworthy and may be highly indebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes, political changes or adverse industry developments. In addition, high yield securities are frequently subordinated to the prior payment of senior indebtedness. If an issuer fails to pay principal or interest, the Fund would experience a decrease in income and a decline in the market value of its investments.

***Sensitivity to Interest Rate and Economic Changes.*** The income and market value of lower-rated securities may fluctuate more than higher rated securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to short-term corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities may be

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volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn.

***Valuation Difficulties.*** It is often more difficult to value lower rated securities than higher rated securities. If an issuer's financial condition deteriorates, accurate financial and business information may be limited or unavailable. In addition, the lower rated investments may be thinly traded and there may be no established secondary market. Because of the lack of market pricing and current information for investments in lower rated securities, valuation of such investments is much more dependent on judgment than is the case with higher rated securities.

***Liquidity.*** There may be no established secondary or public market for investments in lower rated securities. Such securities are frequently traded in markets that may be relatively less liquid than the market for higher rated securities. In addition, relatively few institutional purchasers may hold a major portion of an issue of lower-rated securities at times. As a result, the Fund may be required to sell investments at substantial losses or retain them indefinitely when an issuer's financial condition is deteriorating.

***Credit Quality.*** Credit quality of non-investment grade securities can change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks posed by a particular high-yield security.

***New Legislation.*** Future legislation may have a possible negative impact on the market for high yield, high risk investments. As an example, in the late 1980's, legislation required federally-insured savings and loan associations to divest their investments in high yield, high risk bonds. New legislation, if enacted, could have a material negative effect on the Fund's investments in lower rated securities. High yield, high risk investments may include the following:

***Straight fixed-income debt securities.*** These include bonds and other debt obligations that bear a fixed or variable rate of interest payable at regular intervals and have a fixed or resettable maturity date. The particular terms of such securities vary and may include features such as call provisions and sinking funds.

***Zero-coupon debt securities.*** These bear no interest obligation but are issued at a discount from their value at maturity. When held to maturity, their entire return equals the difference between their issue price and their maturity value.

***Zero-fixed-coupon debt securities****.* These are zero-coupon debt securities that convert on a specified date to interest-bearing debt securities.

***Pay-in-kind bonds.*** These are bonds which allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. These bonds are typically sold without registration under the Securities Act of 1933, as amended ("1933 Act"), usually to a relatively small number of institutional investors.

***Convertible Securities*.** These are bonds or preferred stock that may be converted to common stock.

***Preferred Stock.*** These are stocks that generally pay a dividend at a specified rate and have preference over common stock in the payment of dividends and in liquidation.

***Loan Participations and Assignments.*** These are participations in, or assignments of all or a portion of loans to corporations or to governments, including governments of less-developed countries.

***Securities issued in connection with Reorganizations and Corporate Restructurings.*** In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. The Fund may hold such common stock and other securities even if it does not invest in such securities.

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<u>Municipal Government Obligations</u>

In general, municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. Municipal obligations generally include debt obligations issued to obtain funds for various public purposes. Certain types of municipal obligations are issued in whole or in part to obtain funding for privately operated facilities or projects. Municipal obligations include general obligation bonds, revenue bonds, industrial development bonds, notes and municipal lease obligations. Municipal obligations also include additional obligations, the interest on which is exempt from federal income tax that may become available in the future as long as the Board of the Fund determines that an investment in any such type of obligation is consistent with the Fund's investment objectives. Municipal obligations may be fully or partially backed by local government, the credit of a private issuer, current or anticipated revenues from a specific project or specific assets or domestic or foreign entities providing credit support such as letters of credit, guarantees or insurance.

***Bonds and Notes.*** General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of interest and principal. Revenue bonds are payable only from the revenues derived from a project or facility or from the proceeds of a specified revenue source. Industrial development bonds are generally revenue bonds secured by payments from and the credit of private users. Municipal notes are issued to meet the short-term funding requirements of state, regional and local governments. Municipal notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes, tax and revenue anticipation notes, construction loan notes, short-term discount notes, tax-exempt commercial paper, demand notes and similar instruments.

***Municipal Lease Obligations.*** Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. They are issued by state and local governments and authorities to acquire land, equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. The Fund may invest in Investment Companies that purchase these lease obligations directly, or it may purchase participation interests in such lease obligations. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a "non-appropriation" clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to "non-appropriation" risk. Municipal leases may be secured by the underlying capital asset and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.

<u>United States Government Obligations</u>

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis. The Fund may also invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are special types of treasury bonds that were created in order to offer bond investors protection from inflation. The values of the TIPS are automatically adjusted to the inflation rate as measured by the Consumer Price Index ("CPI"). If the CPI goes up by half a percent, the value of the bond (the TIPS) would also go up by half a percent. If the CPI falls, the value of the bond does not fall because the government guarantees that the original investment will stay the same. TIPS decline in value when real interest rates rise. However, in certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar duration.

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<u>United States Government Agency Issues</u>

These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("GNMA"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Farm Credit Banks, the Federal National Mortgage Association ("FNMA"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., GNMA mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., FNMA Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Association). On September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that FNMA and FHLMC had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both FNMA and FHLMC to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of FNMA and FHLMC.

Government-related guarantors (i.e. not backed by the full faith and credit of the United States Government) include FNMA and FHLMC. FNMA is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the United States Government.

<u>Mortgage Pass-Through Securities</u>

Interests in pools of mortgage pass-through securities differ from other forms of debt securities (which normally provide periodic payments of interest in fixed amounts and the payment of principal in a lump sum at maturity or on specified call dates). Instead, mortgage pass-through securities provide monthly payments consisting of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on the underlying residential mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Unscheduled payments of principal may be made if the underlying mortgage loans are repaid or refinanced or the underlying

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properties are foreclosed, thereby shortening the securities' weighted average life. Some mortgage pass-through securities (such as securities guaranteed by GNMA) are described as "modified pass-through securities." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, on the scheduled payment dates regardless of whether the mortgagor actually makes the payment.

The principal governmental guarantor of mortgage pass-through securities is GNMA. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Treasury, the timely payment of principal and interest on securities issued by lending institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgage loans. These mortgage loans are either insured by the Federal Housing Administration or guaranteed by the Veterans Administration. A "pool" or group of such mortgage loans is assembled and after being approved by GNMA, is offered to investors through securities dealers.

Government-related guarantors of mortgage pass-through securities (i.e., not backed by the full faith and credit of the U.S. Treasury) include FNMA and FHLMC. FNMA is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved sellers/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Mortgage pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Treasury.

***Resets.*** The interest rates paid on the Adjustable Rate Mortgage Securities ("ARMs") in which the Fund may invest generally are readjusted or reset at intervals of one year or less to an increment over some predetermined interest rate index. There are two main categories of indices: those based on U.S. Treasury securities and those derived from a calculated measure, such as a cost of funds index or a moving average of mortgage rates. Commonly utilized indices include the one-year and five-year constant maturity Treasury Note rates, the three-month Treasury Bill rate, the 180-day Treasury Bill rate, rates on longer-term Treasury securities, the National Median Cost of Funds, the one-month or three-month London Interbank Offered Rate (LIBOR), the prime rate of a specific bank, or commercial paper rates. Some indices, such as the one-year constant maturity Treasury Note rate, closely mirror changes in market interest rate levels. Others tend to lag changes in market rate levels and tend to be somewhat less volatile.

***Caps and Floors.*** The underlying mortgages which collateralize the ARMs in which the Fund invests will frequently have caps and floors which limit the maximum amount by which the loan rate to the residential borrower may change up or down: (1) per reset or adjustment interval, and (2) over the life of the loan. Some residential mortgage loans restrict periodic adjustments by limiting changes in the borrower's monthly principal and interest payments rather than limiting interest rate changes. These payment caps may result in negative amortization. The value of mortgage securities in which the Fund invests may be affected if market interest rates rise or fall faster and farther than the allowable caps or floors on the underlying residential mortgage loans. Additionally, even though the interest rates on the underlying residential mortgages are adjustable, amortization and prepayments may occur, thereby causing the effective maturities of the mortgage securities in which the Fund invests to be shorter than the maturities stated in the underlying mortgages.

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<u>Foreign Securities</u>

The Fund may invest in securities of foreign issuers and ETFs and other investment companies that hold a portfolio of foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent the Fund's currency exchange transactions do not fully protect the Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

***Emerging Markets Securities.*** The Fund may purchase securities of emerging market issuers and ETFs and other closed end funds that invest in emerging market securities. Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

<u>Illiquid and Restricted Securities</u> 

The Fund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act")) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or

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will not entertain bids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. The Fund might be unable to dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Underlying Fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by NASDAQ.

Under guidelines adopted by the Board, the Adviser of the Fund may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, the Adviser will consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser will also determine that the paper (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the two highest rating categories by at least two Nationally Recognized Statistical Rating Organization ("NRSRO") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of equivalent quality.

Rule 144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by the Fund's Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

<u>Repurchase Agreements</u> 

The Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or

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greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by the Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

<u>When-Issued, Forward Commitments and Delayed Settlements</u>

The Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Custodian (as defined under the section entitled "Custodian") will segregate liquid assets equal to the amount of the commitment in a separate account. Normally, the Custodian will set aside portfolio securities to satisfy a purchase commitment. In such a case, the Fund may be required subsequently to segregate additional assets in order to assure that the value of the account remains equal to the amount of the Fund's commitment. It may be expected that the Fund's net assets will fluctuate to a greater degree when it sets aside portfolio securities to cover such purchase commitments than when it sets aside cash.

The Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives. Because the Fund will segregate liquid assets to satisfy its purchase commitments in the manner described, the Fund's liquidity and the ability of the Fund's Adviser to manage them may be affected in the event the Fund's forward commitments, commitments to purchase when-issued securities and delayed settlements ever exceeded 15% of the value of its net assets.

The Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is 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, the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

<u>Lending Portfolio Securities</u> 

For the purpose of achieving income, the Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Fund, measured after the borrowing occurs.

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<u>Short Sales</u> 

The Fund may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When the Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent the Fund sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A short sale is "against the box" to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

<u>Wholly-Owned Subsidiaries</u>

The Macro Strategies Fund, the Commodities Strategy Fund, the Market Trend Fund, the Hedged Core Fund and the Strategic Allocation Fund may each invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (each a "Subsidiary"), which is expected to invest through underlying commodity pools, swap contracts, structured notes, commodity and financial futures and option contracts, as well as equity and fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivatives positions. As a result, the Fund may be considered to be investing indirectly in these investments through the Subsidiary. For that reason, and for the sake of convenience, references in this SAI to the Fund may also include the Subsidiary.

Each Subsidiary will not be registered under the 1940 Act but, will be subject to certain of the investor protections of that Act, as noted in this SAI. The Fund, as the sole shareholder of the relevant Subsidiary, will not have all of the protections offered to investors in registered investment companies. However, since the Fund wholly owns and controls the Subsidiary, and the Fund and Subsidiary are both managed by the Adviser, it is unlikely that the Subsidiary will take action contrary to the interests of the Fund or its shareholders. The Fund's Board has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund's role as the sole shareholder of the Subsidiary. Also, in managing the Subsidiary's portfolio, the Adviser will be subject to the same investment restrictions and operational guidelines that apply to the management of the Fund, including any collateral or segregation requirements in connection with various investment strategies.

Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this SAI and could negatively affect the Fund and its shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

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<u>Cybersecurity and Operational Risk</u>

With the increased use of technologies such as the Internet to conduct business, the Funds and their service providers are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Funds or their service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its NAV, impediments to trading, the inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds' service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by their service providers or any other third parties whose operations may affect a Fund or its shareholders. A Fund and its shareholders could be negatively impacted as a result.

**INVESTMENT RESTRICTIONS**

The Funds have adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Funds which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Borrowing Money</u>. Each Fund will not borrow money, except: (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Senior Securities</u>. The Funds will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by a Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Underwriting</u>. The Funds will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), a Fund may be deemed an underwriter under certain federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Real Estate</u>. The Funds will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude a Fund from investing in mortgage-related securities or investing

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in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Commodities</u>. The Funds will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude a Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies which are engaged in a commodities business or have a significant portion of their assets in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Loans</u>. The Funds will not make loans to other persons, except: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements; (c) by purchasing non-publicly offered debt securities; or (d) with respect to the Market Trend Fund only, indirectly though Underlying Funds, as defined in the Fund's Prospectus. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Concentration</u>. Each Fund will not invest 25% or more of its total assets in a particular industry or group of industries. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

**THE FOLLOWING ARE ADDITIONAL INVESTMENT LIMITATIONS OF THE FUNDS. THE FOLLOWING RESTRICTIONS ARE DESIGNATED AS NON-FUNDAMENTAL AND MAY BE CHANGED BY THE BOARD OF TRUSTEES OF THE TRUST WITHOUT THE APPROVAL OF SHAREHOLDERS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Pledging</u>. The Funds will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any Fund assets except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation. Each Fund will not pledge more than one-third of its assets at any one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Margin Purchases</u>. The Funds will not purchase securities or evidences of interest thereon on "margin." This limitation is not applicable to short-term credit obtained by a Fund for the clearance of purchases and sales or redemption of securities, or to arrangements with respect to transactions involving options, futures contracts and other permitted investment techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Illiquid Investments</u>. The Funds will not hold 15% or more of their respective net assets in securities for which there are legal or contractual restrictions on resale and other illiquid securities.

If a restriction on a Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings, if any, shall be maintained in the manner contemplated by applicable law.

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**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Funds are required to include a schedule of portfolio holdings in their annual and semi-annual reports to shareholders, which are sent to shareholders within 60 days of the end of the second and fourth fiscal quarters and which are filed with the SEC on Form N-CSR within 70 days of the end of the second and fourth fiscal quarters. The Funds also are required to file a schedule of portfolio holdings with the SEC on Form N-PORT within 60 days of the end of the first and third fiscal quarters. The Funds must provide a copy of their complete schedule of portfolio holdings as filed with the SEC to any shareholder of the Funds, upon request, free of charge. This policy is applied uniformly to all shareholders of the Funds without regard to the type of requesting shareholder (i.e., regardless of whether the shareholder is an individual or institutional investor). The Funds have an ongoing arrangement to release portfolio holdings to various rating agencies that regularly analyze the portfolio holdings of mutual funds and investment advisers in order to monitor and report on various attributes. Such ratings agencies include Lipper, Morningstar, Standard & Poors, Thomson Reuters, Bloomberg and Vickers. Portfolio holdings will be supplied to these agencies no more frequently than quarterly and approximately 15 days after the end of each quarter.

Pursuant to policies and procedures adopted by the Board of Trustees, the Funds have ongoing arrangements to release portfolio holdings information on a daily basis to the Adviser, Sub-Advisers, the Administrator and the Custodian and on an as needed basis to other third parties providing services to the Funds. The Adviser, Sub-Advisers, the Administrator and Custodian receive portfolio holdings information daily in order to carry out the essential operations of the Funds. The Funds disclose portfolio holdings to their auditors, legal counsel, proxy voting services (if applicable), pricing services, printers, parties to merger and reorganization agreements and their agents, and prospective or newly hired investment advisers or sub-advisers as needed to provide services to the Funds. The Funds also disclose their portfolio holdings to Morningstar for the purposes of portfolio analytical reports. The lag between the date of the information and the date on which the information is disclosed to these third parties will vary based on the identity of the party to whom the information is disclosed. For instance, the information may be provided to auditors within days of the end of an annual period, while the information may be given to legal counsel at any time.

The Funds' Adviser will publish a schedule of each Fund's 10 largest portfolio holdings on a quarterly basis approximately 10 days after the end of each quarter. The Funds' fiscal quarters end on the last day of March, June, September and December. The schedule shall be published on the Adviser's website at www.LoCorrFunds.com. This information will remain on the website until new information for the next quarter is posted. This information is also available by calling toll-free 1-855-523-8637.

The Funds, the Adviser, the Sub-Advisers, the Administrator and the Custodian are prohibited from entering into any special or ad hoc arrangements with any persons to make available information about the Funds' portfolio holdings without the specific approval of the Board. Any party wishing to release portfolio holdings information on an ad hoc or special basis must submit any proposed arrangement to the Board, which will review such arrangement to determine whether it is (i) in the best interests of Fund shareholders, (ii) whether the information will be kept confidential (based on the factors discussed below) (iii) whether sufficient protections are in place to guard against personal trading based on the information and (iv) whether the disclosure presents a conflict of interest between the interests of Fund shareholders and those of the Adviser, Sub-Advisers, or any affiliated person of the Funds or the Adviser or Sub-Advisers. Additionally, the Adviser and Sub-Advisers, and any affiliated persons of the Adviser or Sub-Advisers, are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Funds, as a result of disclosing the Funds' portfolio holdings.

Information privately disclosed to third parties, whether on an ongoing or ad hoc basis, is disclosed under conditions of confidentiality. "Conditions of confidentiality" include (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships) or (iv) understandings or expectations between the parties that the information will be kept confidential. The

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agreements with the Funds' Adviser, Sub-Advisers, Administrator and Custodian contain confidentiality clauses, which the Board and these parties have determined extend to the disclosure of non-public information about the Funds' portfolio holding and the duty not to trade on the non-public information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws, which have been filed with the SEC and are available upon request. The Board consists of six individuals, four of whom are not "interested persons" (as defined under the 1940 Act) of the Trust and the Adviser ("Independent Trustees"). Pursuant to the governing documents of the Trust, the Board shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

**Board Leadership Structure** 

The Trust is led by Kevin M. Kinzie, who has served as the Chairman of the Board and President since the Trust was organized in 2011. Mr. Kinzie is an "interested person" as defined in the 1940 Act by virtue of his indirect controlling interest in and his status as an officer of LoCorr Fund Management, LLC (the Trust's investment adviser). The Board of Trustees is comprised of Mr. Kinzie and five other Trustees, four of whom are not an interested person ("Independent Trustees"). The Independent Trustees have not selected a Lead Independent Trustee. Additionally, under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Under the Trust's Declaration of Trust, By-Laws and governance guidelines, the Chairman of the Board is generally responsible for (a) chairing board meetings, (b) setting the agendas for these meetings and (c) providing information to board members in advance of each board meeting and between board meetings. The Trust does not have a Nominating Committee, but the Audit Committee performs the duties of a nominating committee when and if necessary. The Audit Committee will not consider nominees recommended by shareholders, except as required under the 1940 Act and rules thereunder. Generally, the Trust believes it best to have a single leader who is seen by shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman/President together with the Audit Committee (with an independent chairman), and, as an entity, the full Board of Trustees, provide effective leadership that is in the best interests of the Trust, its Funds and each shareholder because of the Board's collective business acumen and strong understanding of the regulatory framework under which investment companies must operate.

**Board Risk Oversight**

The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from Brian Hull, the Trust's Chief Compliance Officer. The Chief Compliance Officer reports at quarterly Board meetings and on an ad hoc basis, when and if necessary. The Audit Committee, which has an independent chairman, considers financial and reporting the risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

**Trustee Qualifications**

Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

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Mr. Kevin M. Kinzie has more than 25 years of experience in the financial services field, including experience as President and Chief Executive Officer of a FINRA-registered broker/dealer, President and Chief Executive Officer of a financial services marketing firm and as founder of a loan sourcing network serving a group of bank lenders. Mr. Kinzie also holds a Bachelor of Science degree in business and marketing from the University of Colorado. Mr. Kinzie's background in financial services management and his leadership skills as a financial executive bring practical knowledge to Board discussions regarding the operations of the Funds and the Trust.

Mr. Jon C. Essen has more than 25 years of experience in the financial services field, including experience as Senior Vice President and Chief Operating Officer of a FINRA-registered broker/dealer, Chief Operating Officer of a commercial finance enterprise, Chief Financial Officer of an investment adviser and Treasurer of two mutual fund complexes. Mr. Essen holds a Bachelor of Science degree in business administration from Mankato State University and holds the Certified Public Accountant (inactive) designation. Mr. Essen's background in investment management and accounting, his leadership skills as a chief financial officer, and his experience with other mutual funds bring context and insight to Board discussions and decision-making regarding the Trust's operations and dialogue with the Fund's auditors.

Mr. Mark A. Thompson has more than 40 years of experience in investment management, including co-founding Riverbridge Partners, LLC ("Riverbridge"), an investment management firm. At Riverbridge, Mr. Thompson is Executive Chairman, responsible for overall strategic direction of the firm. Mr. Thompson holds a Bachelor's degree in finance from the University Of Minnesota Carlson School Of Management and is a member of the CFA Institute and the CFA Society of Minnesota.

Mr. Daniel T. O'Lear has more than 26 years of experience in investment management, including experience serving in several roles at Franklin Templeton Investments and Franklin Templeton Distributors, Inc. At Franklin Templeton Investments, Mr. O'Lear was responsible for investment solutions for retail investors throughout the United States. His role included maintaining relationships with senior management executives at all major clients to negotiate selling agreements between Franklin Templeton Investments and the broker dealer community, as well as liaising with internal leadership of product development, marketing, investment management, legal and compliance, operations and transfer agency. For over ten years, he presented to three independent Franklin Templeton fund boards on share class trends, mutual fund/asset class flows, revenue sharing, distribution strategies, and regulatory issues/proposals on a quarterly basis. Mr. O'Lear currently holds FINRA Series 7 and 24 licenses.

Mr. Jeffrey E. Place has over 39 years of experience in the financial services field, including experience as Senior Vice President and Head of Sales for Ivy Funds, Managing Director of U.S. Retail Sales for AllianceBernstein, and Senior Vice President and Head of Sales & National Accounts for WM Funds. As a Senior Distribution Executive, Mr. Place worked very closely with all facets of the broader asset management business including: finance, legal compliance, operations/technology, marketing, fund boards, sub-advisors, offshore funds and closed-end funds. In his role as a former senior executive Mr. Place held FINRA Series 7, 24 and 51 licenses.

Ms. Cathleen B. Tobin has over 40 years in the financial services field, including banking, credit cards, investments, retail brokerage, wealth management as well as clearing and custody services with RBC Wealth Management, Wells Fargo Advisors and Citicorp. Ms. Tobin was previously active in the Securities Industry and Financial Markets Association (SIFMA), served as a member of the industry's Public Trust and Confidence Committee, Chaired the Investor Education Committee and represented her firm on many industry-related committees and task forces. Ms. Tobin has a strong understanding of broker dealer and registered investment advisor operations, including all stages of the product development process from launch, marketing, profitability, IT, compliance oversight and risk management. Ms. Tobin has solid knowledge of the industry's different distribution strategies and how to successfully introduce products and services through advisor led business channels. Ms. Tobin previously held FINRA Series 7, 8, 24, 31 and 53 licenses.

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The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes the Board highly effective.

Following is a list of the Trustees and executive officers of the Trust and their principal occupation over the last five years. Unless otherwise noted, the address of each Trustee and Officer is c/o LoCorr Fund Management, LLC, 687 Excelsior Boulevard, Excelsior, MN 55331.

**Independent Trustees** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position/Term of Office**<sup>\*</sup> | **Principal Occupation<br>During the Past 5 Years** | **Number of Portfolios in Fund Complex**<sup>\*\*</sup><br> **Overseen by Trustee** | **Other Directorships held by Trustee During the Past 5 Years** |
| Mark A. Thompson<br>Year of Birth: 1959 | Trustee/December 2011 to present | Executive Chair, Riverbridge Partners, LLC (investment management), 1987 to present. | 7 |  |
| Daniel T. O'Lear <br>Year of Birth: 1961 | Trustee/January 2023 to present | Mr. O'Lear is presently retired (since 2021); President, Franklin Templeton Distributors, 2018-2021; Head of Retail Distribution, Franklin Templeton Distributors, 2014-2018. | 7 |  |
| Jeffrey E. Place <br>Year of Birth: 1953 | Trustee/January 2023 to present | Mr. Place is presently retired (since 2016) from his principal occupation as a distribution fund executive. | 7 |  |
| Cathleen B. Tobin <br>Year of Birth: 1958 | Trustee/January 2023 to present | Ms. Tobin is presently retired (since 2021); Senior Vice President, Director, Field Development & Effectiveness, Wells Fargo Advisors, 2017-2021.&nbsp;&nbsp;&nbsp;&nbsp; | 7 |  |

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\* The term of office for each Trustee listed above will continue indefinitely.

\*\* The term "Fund Complex" refers to the LoCorr Investment Trust.

**Interested Trustees and Officers**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position/Term of Office**<sup>\*</sup> | **Principal Occupation<br>During the Past 5 Years** | **Number of Portfolios in Fund Complex**<sup>\*\*</sup> <br>**Overseen by Trustee** | **Other Directorships held by Trustee During the Past 5 Years** |
| Jon C. Essen<sup>1</sup><br>Year of Birth: 1963 | Treasurer, Secretary, Chief Financial Officer/ January 2011 to present; Trustee/November, 2010 to present | LoCorr Fund Management, LLC: Chief Operating Officer (2010-2016), Chief Compliance Officer (2010-2017); LoCorr Distributors, LLC (broker/dealer): Principal, Chief Financial Officer, and Registered Representative (2008 to present), Chief Compliance Officer (2008-2017). Chief Financial Officer and Principal of Steben & Company, LLC, 2020 to present. | 7 |  |
| Kevin M. Kinzie<sup>2</sup><br>Year of Birth: 1956 | President, Trustee/ January 2011 to present | Chief Executive Officer of LoCorr Fund Management, LLC, November 2010 to present; President and Chief Executive Officer of LoCorr Distributors, LLC (broker/dealer), March 2002 to present. President and CEO of Steben & Company, LLC, 2019 to present. | 7 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position/Term of Office**<sup>\*</sup> | **Principal Occupation<br>During the Past 5 Years** | **Number of Portfolios in Fund Complex**<sup>\*\*</sup> <br>**Overseen by Trustee** | **Other Directorships held by Trustee During the Past 5 Years** |
| Brian Hull<sup>3</sup><br>Year of Birth:<br>1968 | Chief Compliance Officer, November 2019 to present | Steben & Company, Inc. (broker/dealer): Chief Compliance Officer 2002-2007 and 2012 to Present; Financial & Operations Principal (FINOP) 2002-Present; Registered Representative 2002-Present. | N/A |  |

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\*The term of office for each Trustee listed above will continue indefinitely.

\*\*The term "Fund Complex" refers to the LoCorr Investment Trust.

<sup>1</sup>Mr. Essen is an interested Trustee because he is an officer of the Fund's Adviser.

<sup>2</sup>Mr. Kinzie is an interested Trustee because he is an officer and indirect controlling interest holder of the Fund's Adviser.

<sup>3</sup>Mr. Hull is an interested Officer because he is an officer of the Funds' Adviser.

***Board Committees***

**Audit Committee.** The Board has an Audit Committee that consists of all the Trustees who are not "interested persons" of the Trust within the meaning of the 1940 Act. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. During the Trust's most recent fiscal year, the Audit Committee met two times.

***Compensation***

Each Trustee who is not affiliated with the Trust or Adviser receives an annual fee of $120,000, as well as reimbursement for any reasonable expenses incurred in connection with attending the meetings. Prior to January 1, 2025, each Trustee received an annual fee of $80,000, as well as reimbursement for any reasonable expenses incurred in connection with attending the meetings. The "interested persons" who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust.

The table below details the amount of compensation the Trustees received from the Trust for the fiscal year ended December 31, 2025. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation From the Funds**<sup>1</sup> | **Aggregate Compensation From the Funds**<sup>1</sup> | **Aggregate Compensation From the Funds**<sup>1</sup> | **Aggregate Compensation From the Funds**<sup>1</sup> | **Aggregate Compensation From the Funds**<sup>1</sup> | **Aggregate Compensation From the Funds**<sup>1</sup> | **Aggregate Compensation From the Funds**<sup>1</sup> | **Total Compensation From Trust and Fund Complex**<sup>2</sup> **Paid to Trustees** |
| **Name of Trustee** | **Macro Strategies Fund** | **Commodities Strategy** <br>**Fund** | **Dynamic Opportunity Fund** | **Spectrum Income Fund** | **Market Trend**<br>**Fund** | **Hedged Core <br>Fund** | **Strategic<br>Allocation<br>Fund** | **Total Compensation From Trust and Fund Complex**<sup>2</sup> **Paid to Trustees** |
| Jon C. Essen (Interested Trustee) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Kevin M. Kinzie (Interested Trustee) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Mark A. Thompson<br>(Independent Trustee) | $69000 | $20661 | $1812 | $3207 | $13716 | $9966 | $1638 | $120000 |
| Daniel T. O'Lear (Independent Trustee) | $69000 | $20661 | $1812 | $3207 | $13716 | $9966 | $1638 | $120000 |
| Jeffrey E. Place (Independent Trustee) | $69000 | $20661 | $1812 | $3207 | $13716 | $9966 | $1638 | $120000 |
| Cathleen B. Tobin (Independent Trustee) | $69000 | $20661 | $1812 | $3207 | $13716 | $9966 | $1638 | $120000 |

---

<sup>1</sup>Compensation is the amount received for services as a trustee, and would include retainers, salaries, bonuses, fees for meeting attendance and fees for service as a committee chair.

<sup>2</sup>Fund Complex refers to the LoCorr Investment Trust, which consists of seven Funds.

***Trustee Ownership***

The following table indicates the dollar range of equity securities that each Trustee beneficially owned in each Fund as of December 31, 2025.

Amount Invested Key:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.$0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.$1-$10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.$10,001-$50,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.$50,001-$100,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Over $100,000

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Name of Trustee** | **Name of Trustee** | **Name of Trustee** | **Name of Trustee** | **Name of Trustee** | **Name of Trustee** |
| **Fund** | **Jon C. Essen** | **Kevin M. Kinzie** | **Mark A. Thompson** | **Daniel T. O'Lear** | **Jeffrey E. Place** | **Cathleen B. Tobin** |
| **Fund** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** |
| Macro Strategies Fund | E. | E. | E. | A. | C. | C. |
| Commodities Strategy Fund | C. | C. | E. | A. | A. | C. |
| Dynamic Opportunity Fund | D. | E. | E. | A. | A. | C. |
| Spectrum Income Fund | D. | E. | A. | A. | A. | A. |
| Market Trend Fund | C. | E. | A. | A. | C. | A. |
| Hedged Core Fund | C. | A. | A. | A. | A. | A. |
| Strategic Allocation Fund<sup>(1)</sup> | D. | E. | A. | A. | A. | A. |
| **Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies** | E. | E. | E. | A. | C. | E. |

---

<sup>(1)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025.

As of December 31, 2025, the Trustees and officers, as a group, owned less than 1% of the outstanding shares of any class of any of the Funds.

------

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control. Kevin M. Kinzie may be deemed to control the Fund indirectly because of his controlling interest in the parent company of the Adviser. Shareholders with a controlling interest could affect the outcome of voting or the direction of management of the Funds. A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. As of March 31, 2026, the following shareholders were considered to be either a control person or principal shareholder of the Funds.

**Macro Strategies Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 19.88% | Schwab Holdings, Inc. | DE | Record |
| American Enterprise Investment Services, Inc.<br>707 2nd Ave. S.<br>Minneapolis, MN 55402-2405 | 15.15% | Investors Syndicate Development Corp. | DE | Record |
| Wells Fargo Clearing Services LLC<br>Special Custody Account for the<br>Exclusive Benefit of Customers<br>2801 Market Street<br>Saint Louis, MO 63103-2523 | 14.47% | Wells Fargo Advisors, LLC | DE | Record |
| Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of Its Customers<br>1 New York Plaza, FL 39<br>New York, NY 10004-1932 | 12.24% | Morgan Stanley Domestic Holdings Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010  | 9.55% | Fidelity Brokerage Company | DE | Record |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002 | 7.06% | The Bank of New York Mellon Corporation | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 6.09% | LPL Financial Holdings Inc. | DE | Record |

---

------

**Macro Strategies Fund – Class C**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Wells Fargo Clearing Services LLC<br>Special Custody Account for the<br>Exclusive Benefit of Customers<br>2801 Market Street<br>Saint Louis, MO 63103-2523 | 24.02% | Wells Fargo Advisors, LLC | DE | Record |
| Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of Its Customers<br>1 New York Plaza, FL 39<br>New York, NY 10004-1932 | 22.49% | Morgan Stanley Domestic Holdings Inc. | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 21.77% | Schwab Holdings, Inc. | DE | Record |
| American Enterprise Investment Services, Inc.<br>707 2nd Ave. S.<br>Minneapolis, MN 55402-2405 | 15.89% | Investors Syndicate Development Corp. | DE | Record |

---

**Macro Strategies Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 24.73% | LPL Financial Holdings Inc. | DE | Record |
| American Enterprise Investment Services, Inc.<br>707 2nd Ave. S.<br>Minneapolis, MN 55402-2405 | 18.22% | Investors Syndicate Development Corp. | DE | Record |
| Wells Fargo Clearing Services LLC<br>Special Custody Account for the<br>Exclusive Benefit of Customers<br>2801 Market Street<br>Saint Louis, MO 63103-2523 | 14.10% | Wells Fargo Advisors, LLC | DE | Record |
| Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of Its Customers<br>1 New York Plaza, FL 39<br>New York, NY 10004-1932 | 13.86% | Morgan Stanley Domestic Holdings Inc. | DE | Record |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010  | 10.04% | Fidelity Brokerage Company | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 5.32% | Schwab Holdings, Inc. | DE | Record |

---

**Commodities Strategy Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 38.46% | Schwab Holdings, Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 17.75% | Fidelity Brokerage Company | DE | Record |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002 | 17.70% | The Bank of New York Mellon Corporation | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 14.17% | LPL Financial Holdings Inc. | DE | Record |

---

**Commodities Strategy Fund – Class C**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 30.13% | LPL Financial Holdings Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 28.18% | Fidelity Brokerage Company | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 22.63% | Schwab Holdings, Inc. | DE | Record |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002  | 11.94% | The Bank of New York Mellon Corporation | DE | Record |

---

**Commodities Strategy Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 30.94% | Fidelity Brokerage Company | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 26.30% | LPL Financial Holdings Inc. | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 16.34% | Schwab Holdings, Inc. | DE | Record |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002  | 12.24% | The Bank of New York Mellon Corporation | DE | Record |

---

**Dynamic Opportunity Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 51.45% | Schwab Holdings, Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 13.11% | Fidelity Brokerage Company | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 9.78% | LPL Financial Holdings Inc. | DE | Record |
| American Enterprise Investment Services, Inc.<br>707 2nd Ave. S.<br>Minneapolis, MN 55402-2405 | 9.67% | Investors Syndicate Development Corp. | DE | Record |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| RBC Capital Markets LLC<br>Mutual Fund Omnibus Processing<br>Attn: Mutual Fund Ops Manager<br>250 Nicollet Mall, Suite 1400<br>Minneapolis, MN 55401-7582 | 5.38% | Royal Bank of Canada | MN | Record |
| Oppenheimer & Company Incorporated<br>85 Broad Street, Floor 22<br>New York, NY 10004-2783 | 5.03% | N/A | N/A | Record |

---

**Dynamic Opportunity Fund – Class C**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 91.56% | Fidelity Brokerage Company | DE | Record |

---

**Dynamic Opportunity Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 36.05% | Fidelity Brokerage Company | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 16.49% | LPL Financial Holdings Inc. | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 15.22% | Schwab Holdings, Inc. | DE | Record |
| RBC Capital Markets LLC<br>Mutual Fund Omnibus Processing<br>Attn: Mutual Fund Ops Manager<br>250 Nicollet Mall, Suite 1400<br>Minneapolis, MN 55401-7582 | 13.65% | Royal Bank of Canada | MN | Record |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002 | 10.43% | The Bank of New York Mellon Corporation | DE | Record |
| SEI Private Trust Company<br>c/o GWP US Advisors<br>1 Freedom Valley Drive<br>Oaks, PA 19456-9989 | 6.57% | N/A | N/A | Record |

---

------

**Spectrum Income Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 43.60% | Schwab Holdings, Inc. | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 25.48% | LPL Financial Holdings Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 11.04% | Fidelity Brokerage Company | DE | Record |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002  | 5.95% | The Bank of New York Mellon Corporation | DE | Record |
| RBC Capital Markets LLC<br>Mutual Fund Omnibus Processing<br>Attn: Mutual Fund Ops Manager<br>250 Nicollet Mall, Suite 1400<br>Minneapolis, MN 55401-7582 | 5.56% | Royal Bank of Canada | MN | Record |

---

**Spectrum Income Fund – Class C**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 45.10% | LPL Financial Holdings Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-1995 | 13.13% | Fidelity Brokerage Company | DE | Record |
| Joelene M. Debes<br>TOD<br>Hutchinson, KS 67502-3350 | 11.52% | N/A | N/A | Beneficial |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002  | 9.90% | The Bank of New York Mellon Corporation | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 8.10% | Schwab Holdings, Inc. | DE | Record |

---

------

**Spectrum Income Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-1995 | 37.47% | Fidelity Brokerage Company | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 27.78% | LPL Financial Holdings Inc. | DE | Record |
| Pershing LLC<br>1 Pershing Plaza, FL 14<br>Jersey City, NJ 07399-0002  | 15.34% | The Bank of New York Mellon Corporation | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 8.37% | Schwab Holdings, Inc. | DE | Record |
| RBC Capital Markets LLC<br>Mutual Fund Omnibus Processing<br>Attn: Mutual Fund Ops Manager<br>250 Nicollet Mall, Suite 1400<br>Minneapolis, MN 55401-7582 | 5.72% | Royal Bank of Canada | MN | Record |

---

**Market Trend Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of Its Customers<br>1 New York Plaza, FL 39<br>New York, NY 10004-1932 | 51.96% | Morgan Stanley Domestic Holdings Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-1995 | 11.77% | Fidelity Brokerage Company | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 10.80% | Schwab Holdings, Inc. | DE | Record |

---

------

**Market Trend Fund – Class C**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of Its Customers<br>1 New York Plaza, FL 39<br>New York, NY 10004-1932 | 55.28% | Morgan Stanley Domestic Holdings Inc. | DE | Record |
| Wells Fargo Clearing Services LLC<br>Special Custody Account for the<br>Exclusive Benefit of Customers<br>2801 Market Street<br>Saint Louis, MO 63103-2523 | 14.77% | Wells Fargo Advisors, LLC | DE | Record |

---

**Market Trend Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of Its Customers<br>1 New York Plaza, FL 39<br>New York, NY 10004-1932 | 52.62% | Morgan Stanley Domestic Holdings Inc. | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Lindsay O'Toole<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 8.74% | LPL Financial Holdings Inc. | DE | Record |

---

**Hedged Core Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 89.13% | Schwab Holdings, Inc. | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Mutual Fund Operations<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 8.95% | LPL Financial Holdings Inc. | DE | Record |

---

------

**Hedged Core Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 42.88% | Fidelity Brokerage Company | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Mutual Fund Operations<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 29.24% | LPL Financial Holdings Inc. | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 13.57% | Schwab Holdings, Inc. | DE | Record |

---

**Strategic Allocation Fund – Class A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Mutual Fund Operations<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 56.01% | LPL Financial Holdings Inc. | DE | Record |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 22.18% | Schwab Holdings, Inc. | DE | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 18.65% | Fidelity Brokerage Company | DE | Record |

---

**Strategic Allocation Fund – Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br>Special Custody A/C FBO Customers<br>Attn: Mutual Funds<br>211 Main St.<br>San Francisco, CA 94105-1901 | 40.42% | Schwab Holdings, Inc. | DE | Record |
| LPL Financial<br>Omnibus Customer Account<br>Attn: Mutual Fund Operations<br>4707 Executive Drive<br>San Diego, CA 92121-3091 | 32.34% | LPL Financial Holdings Inc. | DE | Record |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Parent <br>Company** | **State of Jurisdiction** | **Type of Ownership** |
| RBC Capital Markets LLC<br>Mutual Fund Omnibus Processing<br>Attn: Mutual Fund Ops Manager<br>250 Nicollet Mall, Suite 1400<br>Minneapolis, MN 55401-7582 | 12.55% | Royal Bank of Canada | MN | Record |
| National Financial Services LLC<br>499 Washington Blvd, FL 4th<br>Jersey City, NJ 07310-2010 | 8.93% | Fidelity Brokerage Company | DE | Record |

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**INVESTMENT ADVISER AND SUB-ADVISERS**

***Investment Adviser***

LoCorr Fund Management, LLC, 687 Excelsior Boulevard, Excelsior, MN 55331, serves as investment adviser to the Funds. The Adviser was established in 2010 for the purpose of advising the Funds within the Trust and has no other clients. Kevin M. Kinzie is deemed to indirectly control the Adviser by virtue of his ownership of more than 25% of the Adviser's parent company's membership interests. Jon C. Essen is an affiliated person of the Trust because he is a Trustee and officer. Mr. Essen is also an affiliated person of the Adviser because he is an officer of the Adviser. Kevin M. Kinzie is an affiliated person of the Trust because he is a Trustee and officer and because he indirectly controls the Funds through his control of the Adviser, which in turn controls the Funds. Mr. Kinzie is also an affiliated person of the Adviser because he is an officer of the Adviser and indirectly controls the Adviser. Subject to the supervision and direction of the Trustees, the Adviser manages the Funds' securities and investments in accordance with the Funds' stated investment objectives and policies, makes investment decisions and places orders to purchase and sell securities on behalf of the Funds. The fee paid to the Adviser is governed by an investment management agreement ("Management Agreement") between the Trust, on behalf of the Funds and the Adviser.

Under the Management Agreement, the Adviser, under the supervision of the Board, agrees to invest the assets of the Funds, including through sub-advisers, in accordance with applicable law and the investment objective, policies and restrictions set forth in each Funds' current Prospectus and this SAI, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser shall act as the investment adviser to the Funds and, as such shall (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of the Funds in a manner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by the Funds, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers. The Adviser also provides the Funds with all necessary office facilities and personnel for servicing the Funds' investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees of the Adviser, and all personnel of the Funds or the Adviser performing services relating to research, statistical and investment activities. The Management Agreement was approved by the Board of the Trust, including by a majority of the Independent Trustees.

------

The Trust has a Management Agreement with the Adviser to furnish investment advisory services to the Funds. Pursuant to the Management Agreement, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee as follows:

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| | |
|:---|:---|
| **Fund** | **Annual Advisory Fee as a Percentage of the Average Daily Net Assets of the Fund** |
| Macro Strategies Fund | 1.50%\* |
| Dynamic Opportunity Fund | 1.50% |
| Spectrum Income Fund | 1.30% |
| Market Trend Fund | 1.50% |
| Hedged Core Fund | 1.45% |
| Strategic Allocation Fund | 1.24% |
| \* Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund. | \* Prior to April 1, 2026, the management fee was 1.65% of the average daily net assets of the Fund. |

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Pursuant to the Management Agreement, the Adviser receives a fee in accordance with the Incremental Advisory Fee schedule below based on the Commodities Strategy Fund's average daily net assets, computed daily and payable monthly.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Net Assets per the Commodities Strategy Fund** | &nbsp;&nbsp;<br>**Incremental**<br>**Advisory Fee** |
| &nbsp;&nbsp;$0 – $500 million | 1.50% |
| &nbsp;&nbsp;$500 million – $1.0 billion | 1.40% |
| &nbsp;&nbsp;$1.0 billion – $1.5 billion | 1.30% |
| &nbsp;&nbsp;$1.5 billion - $2.0 billion | 1.20% |
| &nbsp;&nbsp;$2.0 billion – $2.5 billion | 1.10% |
| &nbsp;&nbsp;Over $2.5 billion | 1.00% |

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The Adviser has agreed contractually to waive its management fee and to reimburse expenses, exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation and inclusive of offering and organizational costs incurred prior to the commencement of operations, at least until April 30, 2027, (the "Expense Cap") such that net annual fund operating expenses of the Funds do not exceed 1.84% of the daily average net assets attributable to the Macro Strategies Fund, 1.95% of the Commodities Strategy Fund and the Market Trend Fund, 1.99% of the Dynamic Opportunity Fund, 1.80% of the Spectrum Income Fund, 1.83% of the Hedged Core Fund and 1.59% of the Strategic Allocation Fund. Waiver/reimbursement is subject to possible recoupment from a Fund within the three years following the date on which the expenses occurred, if the Fund is able to make the repayment without exceeding its current limitations and the repayment is approved by the Board of Trustees. No reimbursement amount will be paid to the Adviser in any quarter unless the Trust's Board of Trustees has determined in advance that a reimbursement is in the best interest of a Fund and its shareholders. Fee waiver and reimbursement arrangements can decrease the Funds' expenses and increase their performance.

Expenses not expressly assumed by the Adviser under the Management Agreement are paid by the Funds. Under the terms of the Management Agreement, each Fund is responsible for the payment of the following expenses among others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser (c) the fees and certain expenses of the Custodian

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and Transfer and Dividend Disbursing Agent (as defined under the section entitled "Transfer Agent"), including the cost of maintaining certain required records of the Fund and of pricing the Fund's shares, (d) the charges and expenses of legal counsel and independent accountants for the Fund, (e) brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with its securities transactions, (f) all taxes and corporate fees payable by the Fund to governmental agencies, (g) the fees of any trade association of which the Fund may be a member, (h) the cost of share certificates representing shares of the Fund, (i) the cost of fidelity and liability insurance, (j) the fees and expenses involved in registering and maintaining registration of the Fund and of its shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes, (k) all expenses of shareholders and Trustees' meetings (including travel expenses of Trustees and officers of the Fund who are directors, officers or employees of the Adviser) and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to the shareholders and (l) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

The Management Agreement will continue in effect with respect to each Fund for two (2) years initially and thereafter shall continue from year to year provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority of the outstanding shares of each Fund. The Management Agreement may be terminated without penalty on 60 days' written notice by a vote of a majority of the Trustees or by the Adviser, or by holders of a majority of that Trust's outstanding shares. The Management Agreement shall terminate automatically in the event of its assignment.

For the fiscal years ended December 31, the Macro Strategies Fund paid the following management fees to the Adviser:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025 | $25649201 | $0 | $0 | $25649201 |
| 2024 | $26610799 | $0 | $0 | $26610799 |
| 2023 | $33128831 | $0 | $0 | $33128831 |

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For the fiscal years ended December 31, the Commodities Strategy Fund paid the following management fees to the Adviser:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025 | $6982808 | $0 | $0 | $6982808 |
| 2024 | $11851254 | $0 | $0 | $11851254 |
| 2023 | $18013657 | $0 | $0 | $18013657 |

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For the fiscal years ended December 31, the Dynamic Opportunity Fund paid the following management fees to the Adviser:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025 | $612616 | $(130723) | $0 | $481893 |
| 2024 | $817743 | $(110435) | $0 | $707308 |
| 2023 | $1189771 | $(50998) | $4302 | $1143075 |

---

------

For the fiscal years ended December 31, the Spectrum Income Fund paid the following management fees to the Adviser:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025 | $939154 | $(36151) | $0 | $903003 |
| 2024 | $945182 | $(20622) | $4380 | $928940 |
| 2023 | $1325058 | $0 | $11768 | $1336826 |

---

For the fiscal years ended December 31, the Market Trend Fund paid the following management fees to the Adviser:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025 | $4639257 | $0 | $0 | $4639257 |
| 2024 | $6023695 | $0 | $0 | $6023695 |
| 2023 | $7493948 | $0 | $0 | $7493948 |

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For the fiscal period ended December 31, the Hedged Core Fund paid the following management fees to the Adviser:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025 | $3248662 | $(87470) | $23796 | $3184988 |
| 2024\* | $487856 | $(256227) | $77830 | $309459 |

---

\* For the period from July 10, 2024 (commencement of operations) through December 31, 2024.

For the fiscal period ended December 31, the Strategic Allocation Fund paid the following management fees to the Adviser:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Management Fees** | **Management Fees** | **Management Fees** | **Management Fees** |
| | Accrued | Waived | Recouped | Total Paid |
| 2025\* | $449051 | $(352082) | $11151 | $108120 |

---

\* For the period from January 8, 2025 (commencement of operations) through December 31, 2025.

***Investment Sub-Advisers***

The Adviser has engaged Graham Capital Management, L.P., ("GCM") located at 40 Highland Avenue, Rowayton, CT 06853, to serve as a sub-adviser to the Macro Strategies Fund, the Market Trend Fund and the Hedged Core Fund. GCM is majority owned by KGT Investment Partners, L.P., which is ultimately owned by Kenneth Tropin and members of his immediate family. KGT, Inc., which serves as the general partner of GCM, holds a minority interest. As of February 28, 2026, GCM had approximately $22.6 billion in assets under management. GCM is responsible for selecting tactical trend futures investments and assuring that such investments are made according to the Funds' investment objectives, policies and restrictions; in so doing, GCM is relying upon the Funds' interpretations of regulatory requirements. The general partner of GCM is KGT, Inc., a Delaware corporation of which Kenneth G. Tropin (the firm's Chairman and Founder) is the President and ultimate sole shareholder. The limited partner of GCM is KGT Investment Partners L.P., a Delaware limited partnership of which KGT, Inc. is also a general partner and in which Mr. Tropin and members of his immediate family are significant beneficial owners. Dyal Capital, formerly a Neuberger Berman company and, as of 2021, a division of Blue Owl Capital Inc., owns an indirect minority interest in the firm.

------

The Adviser has engaged Kettle Hill Capital Management, LLC, ("KHCM") located at 747 Third Avenue, 19<sup>th</sup> Floor, New York, NY 10017, to serve as a sub-adviser to the Dynamic Opportunity Fund. Subject to the authority of the Board of Trustees and oversight by the Adviser, this sub-adviser is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. KHCM was founded in 2003 as an alternative investment manager. As of December 31, 2025, KHCM had approximately $521.9 million in assets under management. Andrew Y. Kurita as Founder and Managing Partner is deemed to control the KHCM because he owns at least 25% of its interests.

The Adviser has engaged Millburn Ridgefield Corporation, ("Millburn") located at 411 West Putnam Avenue, Suite 305, Greenwich, CT 06830, to serve as a sub-adviser to the Macro Strategies Fund and the Hedged Core Fund. As of December 31, 2025, Millburn had approximately $11.1 billion in assets under management.

The Adviser has engaged Nuveen Asset Management, LLC, ("Nuveen") located at 333 West Wacker Drive, Chicago, IL 60606, to serve as a sub-adviser to the Macro Strategies Fund, the Commodities Strategy Fund, the Market Trend Fund and the Hedged Core Fund. Nuveen is a wholly-owned subsidiary of Nuveen Fund Advisors, Inc. ("NFA"), which is a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen Investments"). In 2014, Nuveen Investments was acquired by TiAA-CREF. Nuveen has adopted policies and procedures that address arrangements involving Nuveen and Bank of America Corporation (including Merrill Lynch) that may give rise to certain conflicts of interest. As of February 27, 2026, Nuveen had approximately $309.9 billion in assets under management. Nuveen is responsible for selecting fixed income investments and assuring that such investments are made according to the Macro Strategies Fund's, the Commodities Strategy Fund's, and the Market Trend Fund's investment objectives, policies and restrictions. Nuveen is a subsidiary and the investment manager of Teachers Insurance and Annuity Association of America (TIAA), a leading financial services provider serving over 4.7 million individual participants and 12,000 institutions worldwide as of December 31, 2023.

The Adviser has engaged Revolution Capital Management LLC, ("Revolution") located at 600 17th Street, Suite 6105, Denver, CO 80202, to serve as a sub-adviser to the Macro Strategies Fund and the Hedged Core Fund. As of December 31, 2025, Revolution had approximately $793.8 million in assets under management.

The Adviser has engaged Bramshill Investments, LLC ("Bramshill"), located at 411 Hackensack Avenue, 9th Floor, Hackensack, NJ 07601, to serve as a sub-adviser to the Spectrum Income Fund. Bramshill is responsible for selecting the Funds' investments pursuant to the Income Strategy and assuring that such investments are made according to the Funds' investment objective, policies and restrictions. As of December 31, 2025, Bramshill had approximately $8.14 billion in assets under management.

The Adviser has engaged R.G. Niederhoffer Capital Management, Inc. ("Niederhoffer") located at 1700 Broadway, 39th Floor, New York, New York 10019, to serve as a sub-adviser to the Macro Strategies Fund and the Hedged Core Fund. Subject to the authority of the Board of Trustees and oversight by the Adviser, this sub-adviser is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. Niederhoffer was established in 1993 and is a quantitative trading advisor that employs a short-term, primarily contrarian strategy to trade the world's largest and most liquid markets. As of December 31, 2025, Niederhoffer had approximately $826 million in assets under management.

The Adviser has engaged Crabel Capital Management ("Crabel") located at 1999 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067, to serve as a sub-adviser to the Strategic Allocation Fund. As of March 31, 2026, Crabel had approximately $4.6 billion in volatility adjusted assets under management.

The Adviser has engaged P/E Global LLC ("P/E Global") located at 75 State Street, 31st Floor, Boston, MA 02109, to serve as a sub-adviser to the Strategic Allocation Fund. As of December 31, 2025, P/E Global had approximately $21.9 billion in assets under management.

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The Adviser has engaged DG Partners LLP ("DG Partners") located at 20 North Audley Street, London, UK, to serve as a sub-adviser to the Strategic Allocation Fund, Macro Strategies Fund and Hedged Core Fund. As of February 28, 2026, DG Partners had approximately $2.2 billion in assets under management.

The Adviser has engaged Parametric Portfolio Associates LLC ("Parametric") located at 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, to serve as a sub-adviser to the Strategic Allocation Fund. As of December 31, 2025, Parametric had approximately $684.8 billion in assets under management.

The Adviser has engaged Tages Capital, LLP ("Tages") located at 39 St. James's Street, London, UK, to serve as a sub-adviser to the Macro Strategies Fund and Hedged Core Fund.

Each Sub-Advisory Agreement provides that the Sub-Adviser will formulate and implement a continuous investment program for the respective Fund, in accordance with that Fund's objective, policies and limitations and any investment guidelines established by the Adviser. The Sub-Adviser will, subject to the supervision and control of the Adviser, determine in its discretion which issuers and securities will be purchased, held, sold or exchanged by a Fund, and will place orders with and give instruction to brokers and dealers to cause the execution of such transactions. The Sub-Adviser is required to furnish, at its own expense, all investment facilities necessary to perform its obligations under the Sub-Advisory Agreement. The Adviser, not the Funds, will pay each Sub-Adviser, on a monthly basis, an annual sub-advisory fee on the fixed income portion of the respective Fund's average daily net assets or on the portion thereof managed by the sub-adviser.

The Sub-Advisory Agreements continue in effect for two (2) years initially and then from year to year, provided they are approved at least annually by a vote of the majority of the Trustees, who are not parties to the agreements or interested persons of any such party, cast in person at a meeting specifically called for the purpose of voting on such approval. The Sub-Advisory Agreements may be terminated without penalty at any time by the Adviser or the Sub-Adviser on 60 days' written notice, and will automatically terminate in the event of an "assignment" (as that term is defined in the 1940 Act).

***Codes of Ethics***

The Trust, the Adviser, the Sub-Advisers and the Distributor have adopted respective codes of ethics under Rule 17j-1 under the 1940 Act that govern the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under these codes of ethics, the Trustees are permitted to invest in securities that may also be purchased by the Funds.

In addition, the Trust has adopted a separate code of ethics that applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; ii) full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds; iii) compliance with applicable governmental laws, rules and regulations; iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and v) accountability for adherence to the Code.

***Proxy Voting Policies***

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies of securities held by the Funds to the Adviser or its designee, subject to the Board's continuing oversight. The Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Funds and its shareholders. The Policies also require the Adviser or its designee to present to the Board, at least annually, the Adviser's Proxy Policies and a record of each proxy voted by the Adviser or its designee on behalf of the Funds,

------

including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest. A copy of the Adviser's and each Sub-Adviser's Proxy Voting Policies are attached hereto as Appendix A.

**More information.** Information regarding how the Funds voted proxies relating to portfolio securities held by the Funds during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Fund at 1-855-523-8637; and (2) on the SEC's website at http://www.sec.gov. In addition, a copy of the Funds' proxy voting policies and procedures are also available by calling 1-855-523-8637 and will be sent within 3 business days of receipt of a request.

**DISTRIBUTION OF SHARES**

Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101, is the principal underwriter/distributor (the "Distributor") for the shares of the Funds pursuant to a written agreement with the Trust (the "Underwriting Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of FINRA. The offering of the Funds' shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use its best efforts to distribute the Funds' shares.

The Underwriting Agreement shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

The Underwriting Agreement may be terminated by the Funds at any time, without the payment of any penalty, by vote of a majority of the entire Board of the Trust or by vote of a majority of the outstanding shares of the Funds on 60 days' written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days' written notice to the Funds. The Underwriting Agreement will automatically terminate in the event of its assignment.

The Distributor may enter into selling agreements with broker-dealers that solicit orders for the sale of shares of the Funds and may allow concessions to dealers that sell shares of the Funds. The Distributor receives the portion of the sales charge on all direct initial investments in the Funds and on all investments in accounts with no designated dealer of record. The Distributor retains the contingent deferred sales charge on redemptions of shares of the Funds that are subject to a contingent deferred sales charge and passes the contingent deferred sales charge to the Adviser.

***Rule 12b-1 Plan***

The Trust has adopted a Plan of Distribution Pursuant to Rule 12b-1 under the 1940 Act (the "Rule 12b-1 Plan") on behalf of the Class A and Class C shares of the Funds (except the Hedged Core Fund and Strategic Allocation Fund do not offer Class C shares). Under the Rule 12b-1 Plan, each Fund pays a fee to the Distributor for distribution and shareholder services for Class A shares at an annual rate of 0.25% of a Fund's average daily net assets, and for the Class C shares at an annual rate of 1.00% of a Fund's average daily net assets. The fees for the Class C shares represent a 0.75% Rule 12b-1 distribution fee and a 0.25% shareholder servicing fee. The Rule 12b-1 distribution fee and shareholder servicing fees are discussed in greater detail below. The Rule 12b-1 Plan provides that Distributor may use all or any portion of such Distribution Fee to finance any activity that is principally intended to result in the sale of Fund shares, subject to the terms of the Rule 12b-1 Plan, or to provide certain shareholder services. Class I shares do not participate in the Rule 12b-1 Plan. The Funds may pay distribution and shareholder servicing fees to the Distributor at a lesser rate, as agreed upon by the Board of Trustees of the Trust and the Distributor. The Distributor or other entities also receive the contingent deferred sales charges imposed on certain redemptions of shares, which are separate and apart from payments made pursuant to the Rule 12b-1 Plan.

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The Distributor is required to provide a written report, at least quarterly to the Board of Trustees of the Trust, specifying in reasonable detail the amounts expended pursuant to the Rule 12b-1 Plan and the purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule 12b-1 fees to be paid by the Distributor to Recipients.

The Rule 12b-1 Plan may not be amended to increase materially the amount of the Distributor's compensation to be paid by the Funds, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the affected class of a Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board of Trustees of the Trust and a majority of the non-interested Trustees by votes cast in person at a meeting called for the purpose of voting on a Rule 12b-1 Plan. During the term of the Rule 12b-1 Plan, the selection and nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor will preserve copies of the Rule 12b-1 Plan, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.

Any agreement related to the Rule 12b-1 Plan will be in writing and provide that: (a) it may be terminated by the Trust or the applicable Fund at any time upon sixty days' written notice, without the payment of any penalty, by vote of a majority of the respective non-interested Trustees, or by vote of a majority of the outstanding voting securities of the Trust or the Funds; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the non-interested Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

As noted above, the Rule 12b-1 Plan provides for the ability to use assets attributable to Class A and Class C shares of the Funds to pay financial intermediaries (including those that sponsor mutual fund supermarkets), plan administrators and other service providers to finance any activity that is principally intended to result in the sale of Fund shares (distribution services). The payments made by a Fund to these financial intermediaries are based primarily on the dollar amount of assets invested in the Fund through the financial intermediaries. These financial intermediaries may pay a portion of the payments that they receive from a Fund to their investment professionals. In addition to the ongoing asset-based fees paid to these financial intermediaries under the Rule 12b-1 Plan, a Fund may, from time to time, make payments under the Rule 12b-1 Plan that help defray the expenses incurred by these intermediaries for conducting training and educational meetings about various aspects of the Fund for their employees. In addition, a Fund may make payments under the Rule 12b-1 Plan for exhibition space and otherwise help defray the expenses these financial intermediaries incur in hosting client seminars where the Fund is discussed.

To the extent these asset-based fees and other payments made under the Rule 12b-1 Plan to these financial intermediaries for the distribution services they provide to a Fund's shareholders exceed the Distribution Fees available, these payments are made by the Adviser from its own resources, which may include its profits from the advisory fee it receives from the Fund. In addition, a Fund may participate in various "fund supermarkets" in which a mutual fund supermarket sponsor (usually a broker-dealer) offers many mutual funds to the sponsor's customers without charging the customers a sales charge. In connection with its participation in such platforms, the Adviser may use all or a portion of the Rule 12b-1 distribution fee to pay one or more supermarket sponsors a negotiated fee for distributing a Fund's shares. In addition, in its discretion, the Adviser may pay additional fees to such intermediaries from its own assets.

**Rule 12b-1 Fees**

*Distribution Fee*

The Distributor may use the Rule 12b-1 distribution fee to pay for services covered by the Distribution Plan including, but not limited to, advertising, compensating underwriters, dealers and selling personnel

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engaged in the distribution of Class A or Class C Fund shares, the printing and mailing of prospectuses, statements of additional information and reports to other than current Class A or Class C Fund shareholders, the printing and mailing of sales literature pertaining to the Class A or Class C shares of the Funds, and obtaining whatever information, analyses and reports with respect to marketing and promotional activities that the Funds may, from time to time, deem advisable.

*Shareholder Servicing Fee*

Under the Rule 12b-1 Plan, the Funds pay the Distributor an amount not to exceed 0.25% of the Funds' average daily net assets attributable to Class C shares for providing or arranging for shareholder support services provided to individuals and plans holding Class C shares. Class A shares and Class I shares are not subject to a shareholder servicing fee. The shareholder servicing fees may be used to pay the Adviser and/or various shareholder servicing agents that perform shareholder servicing functions and maintenance of Class C shareholder accounts. These services may also include the payment to financial intermediaries (including those that sponsor mutual fund supermarkets) and other service providers to obtain shareholder services and maintenance of shareholder accounts (including such services provided by broker-dealers that maintain all individual shareholder account records of, and provide shareholder servicing to, their customers who invest in the Class C shares of the Funds through a single "omnibus" account of the broker-dealer). Under the Rule 12b-1 Plan, shareholder servicing fee payments to the Distributor are calculated and paid at least annually.

To the extent these asset-based fees and other payments to these financial intermediaries for shareholder servicing and account maintenance they provide to the Class C shares of the Funds exceed the shareholder servicing fees available, these payments are made by the Adviser from its own resources, which may include its profits from the advisory fee it receives from the Fund. In addition, the Funds may participate in various "fund supermarkets." The Funds pay the supermarket sponsor a negotiated fee for continuing services, including, without limitation, for maintaining shareholder account records and providing shareholder servicing to their brokerage customers who are shareholders of the Funds. If the supermarket sponsor's shareholder servicing fees exceed the shareholder servicing fees available from the Funds, then the balance is paid from the resources of the Adviser.

The following table reflects the principal types of activities for which Rule 12b-1 payments are made, including the dollar amount paid by each Fund during the fiscal year ended December 31, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Advertising/ Marketing | Printing/ Postage | Payment to Distributor | Payment to Dealers | Compensation to Sales Personnel | Other | Total |
| Macro Strategies Fund | $0 | $0 | $0 | $369798 | $2339 | $0 | $372137 |
| Commodities Strategy Fund | $0 | $0 | $0 | $84402 | $1383 | $0 | $85785 |
| Dynamic Opportunity Fund | $0 | $0 | $0 | $13125 | $0 | $0 | $13125 |
| Spectrum Income Fund | $0 | $0 | $0 | $105122 | $5974 | $0 | $111096 |
| Market Trend Fund | $0 | $0 | $0 | $119864 | $12685 | $0 | $132549 |
| Hedged Core Fund\* | $0 | $0 | $0 | $58169 | $0 | $0 | $58169 |
| Strategic Allocation Fund\* | $0 | $0 | $0 | $1506 | $0 | $0 | $1506 |

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\* For the period from January 8, 2025 (commencement of operations) through December 31, 2025.

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**PORTFOLIO MANAGERS**

The following table lists the number and types of accounts managed by the Portfolio Managers in addition to those of the Funds and assets under management in those accounts as of December 31, 2025:

**Total Other Accounts Managed**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Manager | Registered Investment Company Accounts | Assets Managed | Pooled Investment Vehicle Accounts | Assets Managed | Other Accounts | Assets Managed |
| **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* |
| Jon Essen | 0 | $0 | 0 | $0 | 0 | $0 |
| **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* |
| Sean Katof | 0 | $0 | 1 | $69.2 M | 0 | $0 |
| **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund* <br>*and Hedged Core Fund)* |
| Kenneth G. Tropin | 5 | $1.1 B | 83 | $13.4 B | 23 | $4.7 B |
| Thomas Feng | 5 | $1.1 B | 83 | $13.4 B | 23 | $4.7 B |
| Jens Foehrenbach | 5 | $1.1 B | 83 | $13.4 B | 23 | $4.7 B |
| **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* |
| Andrew Y. Kurita | 2 | $93.5 M | 4 | $148.8 M | 1 | $250.1 M |
| **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Harvey Beker | 3 | $7.5 B | 20 | $1 B | 47 | $2.4 B |
| Barry Goodman | 3 | $7.5 B | 17 | $924 M | 47 | $2.4 B |
| Grant Smith | 3 | $7.5 B | 17 | $924 M | 47 | $2.4 B |
| Michael Soss | 3 | $7.5 B | 17 | $924 M | 47 | $2.4 B |
| **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* |
| Tony Rodriguez | 0 | $0 | 0 | $0 | 0 | $0 |
| Peter Agrimson | 8 | $37.1 B | 2 | $327 M | 5 | $536 M |
| **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Michael Mundt | 4 | $512.5 M | 3 | $21.7 M | 10 | $259.5 M |
| Theodore Olson | 4 | $512.5 M | 3 | $21.7 M | 10 | $259.5 M |
| **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* |
| Steven C. Carhart | 0 | $0 | 0 | $0 | 0 | $0 |
| Art DeGaetano | 4 | $3.3 B | 0 | $0 | 2541 | $4.6 B |
| Justin Byrnes | 0 | $0 | 0 | $0 | 0 | $0 |
| **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Roy Niederhoffer | 3 | $176 M | 10 | $458 M | 3 | $43 M |
| **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* |
| David Gorton | 0 | $0 | 5 | $1.6 B | 7 | $529 M |
| **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* |
| Michael Pomada | 6 | $397 M | 10 | $1.4 B | 24 | $2.2 B |
| **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* |
| Jennifer Mihara | 61 | $42.3 B | 5 | $821 M | 144698 | $378.2 B |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Manager | Registered Investment Company Accounts | Assets Managed | Pooled Investment Vehicle Accounts | Assets Managed | Other Accounts | Assets Managed |
| Gordon Wotherspoon | 49 | $19.8 B | 0 | $0 | 140712 | $371.5 B |
| **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* |
| Warren Naphtal | 3 | $399.6 M | 37 | $3 B | 69 | $17.4 B |
| David Souza, Jr. | 3 | $399.6 M | 37 | $3 B | 69 | $17.4 B |
| **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Adrian Owens | 0 | $0 | 3 | $575 M | 1 | $126 M |
| Rahul Mathur | 0 | $0 | 3 | $575 M | 1 | $126 M |
| Scott Watson | 0 | $0 | 3 | $575 M | 1 | $126 M |

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**Portion of Total Other Accounts Managed Subject to Performance Fees**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Manager | Registered Investment Company Accounts | Assets Managed | Pooled Investment Vehicle Accounts | Assets Managed | Other Accounts | Assets Managed |
| **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* |
| Jon Essen | 0 | $0 | 0 | $0 | 0 | $0 |
| **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* | **LoCorr Fund Management, LLC** – *(all Funds)* |
| Sean Katof | 0 | $0 | 1 | $274495 | 0 | $0 |
| **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* | **Graham Capital Management, L.P.** – *(Macro Strategies Fund, Market Trend Fund and Hedged Core Fund)* |
| Kenneth G. Tropin | 0 | $0 | 73 | $12.8 B | 15 | $1.8 B |
| Thomas Feng | 0 | $0 | 73 | $12.8 B | 15 | $1.8 B |
| Jens Foehrenbach | 0 | $0 | 73 | $12.8 B | 15 | $1.8 B |
| **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* | **Kettle Hill Capital Management, LLC** – *(Dynamic Opportunity Fund)* |
| Andrew Y. Kurita | 0 | $0 | 4 | $148.8 M | 1 | $250.1 M |
| **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* | **Millburn Ridgefield Corporation** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Harvey Beker | 0 | $0 | 15 | $870 M | 42 | $997 M |
| Barry Goodman | 0 | $0 | 15 | $727 M | 42 | $997 M |
| Grant Smith | 0 | $0 | 15 | $727 M | 42 | $997 M |
| Michael Soss | 0 | $0 | 15 | $727 M | 42 | $997 M |
| **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* | **Nuveen Asset Management, LLC** – *(Macro Strategies Fund,* <br>*Commodities Strategy Fund, Market Trend Fund and Hedged Core Fund)* |
| Tony Rodriguez | 0 | $0 | 0 | $0 | 0 | $0 |
| Peter Agrimson | 0 | $0 | 0 | $0 | 0 | $0 |
| **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* | **Revolution Capital Management LLC** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Michael Mundt | 0 | $0 | 3 | $21.7 M | 7 | $239.9 M |
| Theodore Olson | 0 | $0 | 3 | $21.7 M | 7 | $239.9 M |
| **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* | **Bramshill Investments, LLC** – *(Spectrum Income Fund)* |
| Steven C. Carhart | 0 | $0 | 0 | $0 | 0 | $0 |
| Art DeGaetano | 0 | $0 | 0 | $0 | 0 | $0 |
| Justin Byrnes | 0 | $0 | 0 | $0 | 0 | $0 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Portfolio Manager | Registered Investment Company Accounts | Assets Managed | Pooled Investment Vehicle Accounts | Assets Managed | Other Accounts | Assets Managed |
| **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* | **R.G. Niederhoffer Capital Management, Inc.** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Roy Niederhoffer | 0 | $0 | 7 | $453 M | 1 | $36 M |
| **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* | **DG Partners LLP** – *(Macro Strategies Fund, Hedged Core Fund and Strategic Allocation Fund)* |
| David Gorton | 0 | $0 | 2 | $4.5 M | 6 | $457.8 M |
| **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* | **Crabel Capital Management, LLC** – *(Strategic Allocation Fund)* |
| Michael Pomada | 0 | $0 | 7 | $796 M | 12 | $1.2 B |
| **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* | **Parametric Portfolio Associates, LLC** – *(Strategic Allocation Fund)* |
| Jennifer Mihara | 0 | $0 | 0 | $0 | 0 | $0 |
| Gordon Wotherspoon | 0 | $0 | 0 | $0 | 0 | $0 |
| **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* | **P/E Global LLC** – *(Strategic Allocation Fund)* |
| Warren Naphtal | 0 | $0 | 27 | $2.7 B | 57 | $13.7 B |
| David Souza, Jr. | 0 | $0 | 27 | $2.7 B | 57 | $13.7 B |
| **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* | **Tages Capital, LLP** – *(Macro Strategies Fund and Hedged Core Fund)* |
| Adrian Owens | 0 | $0 | 0 | $0 | 0 | $0 |
| Rahul Mathur | 0 | $0 | 0 | $0 | 0 | $0 |
| Scott Watson | 0 | $0 | 0 | $0 | 0 | $0 |

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**Conflicts of Interest**

As indicated in the table above, the portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). The portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio.

When the portfolio managers have responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, the Adviser or Sub-Advisers may receive fees from certain accounts that are higher than the fee received from the Fund, or any of them may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Funds. The Adviser and Sub-Advisers have adopted policies and procedures designed to address these potential material conflicts. For instance, the Adviser and Sub-Advisers utilize a system for allocating investment opportunities among portfolios that is designed to provide a fair and equitable allocation. Following is additional conflict of interest disclosure related to sub-advisers to the Strategic Allocation Fund, as applicable.

*<u>DG Partners</u>*

DG Partners generally manages its systematic funds and managed accounts (each a "client-account") on a pari-passu basis and makes investment decisions among client accounts on a pro-rata basis in proportion to the relative size of each account. Consistent with its Conflicts of Interest policy, DG Partners may take into account a variety of other factors such as the available cash for each account, the size and liquidity of the position, the relative exposure to short-term market trends, and any client guidelines or mandate restrictions. DG Partners maintains policies, including its order handling policy, to ensure that one client is not treated more favorably than another. This policy also addresses aggregation and allocation. Where possible, the orders will be aggregated and entered into the market as a single trade.

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FX orders are usually aggregated and executed at one price therefore each client will receive its allocation at the same price. Since aggregated futures orders may result in fills being executed at different prices, DG Partners' in-house allocation algorithm will allocate the actual trades between the clients in order to ensure that each account receives the correct number of lots at the same average price, or where orders are filled at multiple different price levels as near as possible to the same average price as the algorithm is able to achieve. Where necessary, priority will be given to correct allocation in priority to speed of execution. In general, DG Partners' allocation policy is to be applied on a consistent basis, unless unusual circumstances arise where re-allocation is required. If re-allocation is required, it must be in the best interests of the clients for whom DG Partners has dealt.

Disclosure is made to managed account clients about the potential conflict and DG Partners' best execution and trade allocation policy explains to clients how trades will be allocated. Legal and Compliance, Execution and Risk monitor allocations and slippage. Formal best execution reviews occur regularly. DG Partners manages client accounts that are charged management and performance based fees. Performance based fees could potentially incentivize DG Partners to make riskier investments than would be the case in the absence of such fees. DG Partners has a well-defined investment process designed to minimize this potential conflict.

Since DG Partners manages client accounts with different compensation structures on a side-by-side basis, it has a potential conflict and incentive to favor certain higher fee-paying accounts over lower fee-paying accounts. DG Partners believes that the nature of its investment strategy and its well-defined investment process minimize this potential conflict. In addition, DG Partners has adopted allocation policies and procedures designed to minimize potential side-by-side management conflicts.

Certain staff members of DG Partners are seconded to the firm from affiliate entities. Those staff are subject to DG Partners' policies and procedures.

DG Partners manages both macro and systematic trading strategies. Different strategies may not be subject to parri passu trading arrangements and may differ in their investment goals. DG Partners believes that the nature of its investment strategies and its well-defined investment process minimize this potential conflict. DG Partners has adopted policies and procedures designed to minimize such conflict.

*<u>Parametric</u>*

Parametric is a wholly-owned subsidiary of Morgan Stanley, a global financial institution that provides a broad spectrum of investment banking and financial services. Parametric and its affiliates advise other clients and investment funds with a wide variety of investment objectives that may in some instances overlap or conflict with the Funds' investment objectives and present conflicts of interest. Parametric may face conflicts in the allocation of investment opportunities among the Funds and other clients. Parametric may have incentives to favor one account over another, such as if one client pays higher management fees. Additionally, Parametric and its affiliates may invest their own assets in an investment opportunity that falls within the Funds' investment objectives, which may reduce the number of investment opportunities available to the Fund. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, Parametric has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of Parametric, including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duty of Parametric.

Parametric and its affiliates may invest in different classes of securities of the same issuer. As a result, Parametric and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing right on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences

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financial or operational challenges, Parametric and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by Parametric or its affiliates on behalf of one client can negatively impact securities held by another client. In addition, Parametric or its affiliates may invest in or advise a company that is or becomes a competitor of a company held by the Funds. Such investment could create a conflict between the Funds on the one hand, and Parametric and its affiliates and their clients on the other hand.

Parametric and its affiliates may give advice and recommend securities to other clients and their own accounts which may differ from advice given to, or securities recommended be bought for, the Fund even though such other clients' investment objectives may be similar to those of the Fund. Additionally, certain securities or instruments may be held in some client accounts, including the Funds but not in others, or client accounts may have different levels of holdings in certain securities or instruments. In addition, Parametric and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in that a short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa). Parametric and its affiliates maintain separate trading desks that operate independently of each other and do not share information with each other. These desks may compete against each other when implementing buy and sell transactions, possibly causing certain accounts of Parametric and its affiliates to pay more or receive less for a security than other client accounts.

Parametric and its affiliates may from time-to-time receive confidential or material non-public information regarding an investment and may be limited in its ability to utilize such information or to transact in such securities, potentially adversely affecting the Funds. Parametric and its affiliates may be precluded from sharing such information with each other or with its investment team. In addition, Parametric may, in certain instances, be required to aggregate its holdings with its affiliates, potentially causing Parametric to refrain from making investments due to position limit restrictions. Parametric and its affiliates have sought to limit the impact of these potential restrictions by establishing certain information barriers and other policies which limit the sharing of information between different groups within Morgan Stanley.

In the course of its business, Morgan Stanley engages in activities where Morgan Stanley's interest or the interests of its clients may conflict with the interests of Parametric's clients, including the Funds. Morgan Stanley engages in investment banking and broker-dealer activities. This may create conflicts of interests between those activities and the Funds. For example, Morgan Stanley's provision of financial advice to issuers of securities held by the Funds regarding matters such as mergers, acquisitions, restructurings or financings may impact the price of such securities. Morgan Stanley will also publish research and analysis which may impact the price of securities held by the Funds. Activities conducted by Morgan Stanley may affect Parametric's ability to transact in certain securities from time-to-time.

All of the transactions and activities described above involve the potential for conflicts of interest between Parametric, its affiliates, and their clients. The Advisers Act, 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. Parametric has instituted policies and procedures, including a code of ethics, designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. Parametric seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client. Additional information about potential conflicts of interest for Parametric can be found in it's Form ADV. A copy of Part 1 and Part 2 of Parametric's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

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**Compensation of the Portfolio Managers**

As compensation, the Adviser portfolio managers receive a salary and discretionary bonus. Following is additional compensation disclosure related to sub-advisers to the Funds, as applicable.

Each GCM portfolio manager receives a salary and discretionary bonus. The portfolio managers' compensation is not dependent on the performance of a Fund.

The KHCM portfolio manager receives a salary.

Each Millburn portfolio manager receives a salary and discretionary annual bonus. The portfolio managers' compensation is not dependent on the performance of a Fund.

Each Nuveen portfolio manager receives a salary and discretionary bonus. In addition, the portfolio managers may qualify for long term incentive/retention plans that may provide additional compensation.

Each Revolution portfolio manager receives a salary and discretionary bonus. The portfolio managers' compensation is not dependent on the performance of a Fund.

Each Bramshill portfolio manager receives a salary and discretionary annual bonus. The portfolio managers' compensation is not dependent on the performance of a Fund.

The Niederhoffer portfolio manager is compensated through his respective ownership of Niederhoffer, which receives a management fee from the Fund's Adviser.

To the extent the DG Partners Portfolio Manager receives a salary, it is not calculated by reference to the Fund. To the extent that the Portfolio Manager receives a bonus, it is not calculated by reference to the Fund. The Portfolio Manager is a founder and majority owner of DG Partners. As a result, any compensation payable to him is generally calculated by reference to the overall performance of DG Partners as a business.

Each Crabel portfolio manager receives a fixed salary and may receive a discretionary bonus. The portfolio managers' compensation is not dependent on the performance of a Fund. Mr. Pomada has an equity and a profits participant ownership interest in Crabel.

For services as Portfolio Managers to the Strategic Allocation Fund, neither Mr. Naphtal nor Mr. Souza receive a salary. However, they are compensated by P/E Global. Mr. Naphtal's salary is determined by an independent Compensation Committee that is appointed by P/E Global LLC's Advisory Board. Mr. Naphtal participates in the profitability of P/E Global through his ownership share of P/E Global. Mr. Souza is a member of the P/E Global's Partner Participation Plan. Members of the Partner Participation Plan meet quarterly to review firm performance, and to set strategic and operating goals. Compensation for the members of the Plan is determined based on overall firm performance.

Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus.

Compensation of Parametric employees has the following components: base salary and discretionary bonus. The discretionary bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock. Deferred awards vest after 3 years. Parametric employees also receive certain

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retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end. The firm also maintains employment contracts for key investment professionals and senior leadership, and Notice and Non-Solicit agreements for managing directors and executive directors of the company.

Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry.

Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion.

Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry.

Each Tages portfolio manager receives a salary and a discretionary bonus. Tages firmly believes in ensuring an alignment of interests among key employees, the firm and investors. With respect to ensuring an alignment of interests for the investment teams of the firm's internally managed strategies specifically, the firm believes it is important that a significant portion of compensation be tied directly to the performance of the strategy, ensuring that the team is aligned with investors and the firm in this regard. While the team receives competitive base salaries and benefits, the team also receives variable compensation that is based formulaically on the performance and AUM of the strategy. Compensation is calibrated such that it is anticipated (based on AUM and strategy performance) that variable compensation will be the majority of team compensation, potentially by a wide measure. Tages also offers a percentage contribution to all employees' base salaries which are not related to fund assets or performance.

A deferral program is in place for the key personnel of the firm's internally managed strategies so that a portion of their variable compensation is invested in the funds managed by the team and vests over a period of time. This overall framework is contractual and not subject to periodic renegotiation.

***Ownership***

As of December 31, 2025, the portfolio managers owned securities in the Funds in the following amounts:

Amount Invested Key:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.$1-$10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.$10,001-$50,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.$50,001-$100,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.$100,001-$500,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.$500,001-$1,000,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Over $1,000,000

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** |
| **Portfolio Manager** | **Macro Strategies Fund** | **Commodities Strategy Fund** | **Dynamic Fund** | **Spectrum Income Fund** | **Market <br>Trend Fund** | **Hedged Core Fund** | **Strategic Allocation Fund**<sup>(1)</sup> |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** |
| Jon C. Essen | E | C | D | D | C | C | D |
| Sean Katof | E | E | E | C | D | E | G |
| Kenneth G. Tropin | A | A | A | A | A | A | A |
| Thomas Feng | A | A | A | A | A | A | A |
| Jens Foehrenbach | A | A | A | A | A | A | A |
| Andrew Y. Kurita | A | A | A | A | A | A | A |
| Harvey Beker | A | A | A | A | A | A | A |
| Barry Goodman | A | A | A | A | A | A | A |
| Grant Smith | A | A | A | A | A | A | A |
| Michael Soss | A | A | A | A | A | A | A |
| Tony Rodriguez | A | A | A | A | A | A | A |
| Peter Agrimson | A | A | A | A | A | A | A |
| Michael Mundt | A | A | A | A | A | A | A |
| Theodore Olson | A | A | A | A | A | A | A |
| Steve Carhart | A | A | A | A | A | A | A |
| Art DeGaetano | A | A | A | A | A | A | A |
| Justin Byrnes | A | A | A | A | A | A | A |
| Roy Niederhoffer | A | A | A | A | A | A | A |
| David Gorton | A | A | A | A | A | A | A |
| Michael Pomada | A | A | A | A | A | A | A |
| Jennifer Mihara | A | A | A | A | A | A | A |
| Gordon Wotherspoon | A | A | A | A | A | A | A |
| Warren Naphtal | A | A | A | A | A | A | A |
| David Souza, Jr. | A | A | A | A | A | A | A |
| Adrian Owens | A | A | A | A | A | A | A |
| Rahul Mathur | A | A | A | A | A | A | A |
| Scott Watson | A | A | A | A | A | A | A |

---

<sup>(1)</sup> The Strategic Allocation Fund commenced operations in January 2025.

**ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARIES**

The Subsidiary of the Macro Strategies Fund is LCMFS Fund Limited. The Subsidiary of the Commodities Strategy Fund is LCLSCS Fund Limited. The Subsidiary of the Market Trend Fund is LCMT Fund Limited. The Subsidiary of the Hedged Core Fund is LCHC Fund Limited. The Subsidiary of the Strategic Allocation Fund is LCSA Fund Limited. Each Subsidiary is a company organized under the laws of the Cayman Islands, whose registered office is located at the offices of LCMFS Fund Limited, LCLSCS Fund Limited, LCMT Fund Limited, LCHC Fund Limited, and LCSA Fund Limited, each c/o Maples Corporate Services, Limited, PO Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands. The Subsidiaries' affairs are overseen by a board of directors composed of the four Independent Trustees from the Board of Trustees of the Trust.

Each Subsidiary has entered into separate contracts with the Adviser for the management of the Subsidiary's portfolio. Each Subsidiary has also entered into arrangements with U.S. Bank, N.A. to serve as the Subsidiaries' custodian. The Subsidiaries have adopted compliance policies and procedures that are substantially similar to the policies and procedures adopted by the Funds. The Funds' Chief Compliance Officer oversees implementation of the Subsidiaries' policies and procedures, and makes

------

periodic reports to the Funds' Board regarding the Subsidiaries' compliance with its policies and procedures.

The Funds pay the Adviser a fee for its services. The Adviser has contractually agreed to waive the management fee it receives from each Fund's Subsidiary, so long as the Subsidiary is wholly-owned by the Fund. This undertaking will continue in effect for so long as the Funds invest in the Subsidiaries, and may not be terminated by the Adviser unless the Adviser first obtains the prior approval of the Funds' Board of Trustees for such termination. The Adviser pays GCM, Millburn, Revolution, Niederhoffer, Crabel, DG Partners, and P/E Global a fee for their services on a consolidated basis for services to the Funds and their respective Subsidiaries. Each Subsidiary will bear the fees and expenses incurred in connection with the custody services that it receives. Each Fund expects that the expenses borne by the respective Subsidiary will not be material in relation to the value of the Fund's assets. It is also anticipated that the Funds' own expenses will be reduced to some extent as a result of the payment of such expenses at the Subsidiary level. It is therefore expected that the Funds' investment in the Subsidiaries will not result in the Funds' paying duplicative fees for similar services provided to the Funds and Subsidiaries.

Please refer to the section in this SAI titled "Tax Status – Wholly-Owned Subsidiaries" for information about certain tax aspects of the Funds' investment in the Subsidiaries.

**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for the Funds are made by the portfolio managers, who are employees of the Adviser or Sub-Advisers. The Adviser and Sub-Advisers are authorized by the Trustees to allocate the orders placed on behalf of the Funds to brokers or dealers who may, but need not, provide research or statistical material or other services to the Funds or the Adviser or Sub-Advisers for the Funds' use. Such allocation is to be in such amounts and proportions as the Adviser or Sub-Advisers may determine.

In selecting a broker or dealer to execute each particular transaction, the Adviser and Sub-Advisers will take into consideration execution capability and available liquidity; timing and size of particular orders; commission rates; responsiveness; trading experience; reputation, and integrity and fairness in resolving disputes. "Best execution" means the best overall qualitative execution, not necessarily the lowest possible commission cost. The Adviser and Sub-Advisers will obtain information as to the general level of commission rates being charged by the brokerage community from time to time and will periodically evaluate the overall reasonableness of brokerage commissions paid on client transactions by reference to such data. The Adviser and Sub-Advisers periodically review the past performance of the exchange members, brokers or dealers with whom they have been placing orders to execute Fund transactions in light of the factors discussed above.

Brokers or dealers executing a portfolio transaction on behalf of the Funds may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser or Sub-Advisers determines in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Funds. In allocating portfolio brokerage, the Adviser or Sub-Advisers may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser or Sub-Advisers exercise investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Funds, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Funds.

The following tables set forth the brokerage commissions that were paid by the Funds during the fiscal years ended December 31, 2023, 2024 and 2025:

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---

| | | | |
|:---|:---|:---|:---|
| **Aggregate Brokerage Commissions<br>Paid During Fiscal Years Ended December 31,** | **Aggregate Brokerage Commissions<br>Paid During Fiscal Years Ended December 31,** | **Aggregate Brokerage Commissions<br>Paid During Fiscal Years Ended December 31,** | **Aggregate Brokerage Commissions<br>Paid During Fiscal Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Macro Strategies Fund | $1459754 | $1723420 | $1854376 |
| Commodities Strategy Fund | $0 | $0 | $0 |
| Dynamic Opportunity Fund | $365113 | $491930 | $647441 |
| Spectrum Income Fund | $305477 | $153619 | $396989 |
| Market Trend Fund | $82313 | $120229 | $125087 |
| Hedged Core Fund<sup>(1)</sup> | $113459 | $17400 | N/A |
| Strategic Allocation Fund<sup>(2)</sup> | $22777 | N/A | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Hedged Core Fund commenced operations on July 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025.

As of December 31, 2025, the Macro Strategies Fund owned the following securities issued by any of the ten broker-dealers with whom the Fund transacted the most business during the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| **Broker Dealer** | **Dollar Value** |
| Bank of America Merrill Lynch | $23316856 |
| J.P. Morgan Securities LLC | $16657902 |
| Citigroup Global Markets Inc. | $9501018 |
| Wells Fargo Securities LLC | $8357820 |
| Goldman Sachs & Co. LLC | $4675292 |

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As of December 31, 2025, the Commodities Strategy Fund owned the following securities issued by any of the ten broker-dealers with whom the Fund transacted the most business during the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Broker Dealer** | **Dollar Value** |
| Bank of America Merrill Lynch | $4783220 |
| J.P. Morgan Securities LLC | $3415283 |
| Wells Fargo Securities LLC | $1720120 |
| Credit Agricole SA | $333946 |

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As of December 31, 2025, the Market Trend Fund owned the following securities issued by any of the ten broker-dealers with whom the Fund transacted the most business during the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Broker Dealer** | **Dollar Value** |
| Bank of America Merrill Lynch | $4262996 |
| J.P. Morgan Securities LLC | $3042271 |
| Citigroup Global Markets Inc. | $1764164 |
| Wells Fargo Securities LLC | $1518664 |

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As of December 31, 2025, the Hedged Core Fund owned the following securities issued by any of the ten broker-dealers with whom the Fund transacted the most business during the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| **Broker Dealer** | **Dollar Value** |
| Bank of America Merrill Lynch | $3527553 |
| J.P. Morgan Securities LLC | $2547254 |
| Citigroup Global Markets Inc. | $1431418 |
| Wells Fargo Securities LLC | $1265554 |
| Goldman Sachs & Co. LLC | $706252 |

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As of December 31, 2025, the Strategic Allocation Fund owned the following securities issued by any of the ten broker-dealers with whom the Fund transacted the most business during the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| **Broker Dealer** | **Dollar Value** |
| J.P. Morgan Securities LLC | $450141 |
| Bank of America Merrill Lynch | $222145 |
| Goldman Sachs & Co. LLC | $101964 |

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As of December 31, 2025, the Dynamic Opportunity Fund and the Spectrum Income Fund did not own any securities issued by any of the ten broker-dealers with whom the Funds transacted the most business during the fiscal year ended December 31, 2025.

**PORTFOLIO TURNOVER**

The Funds' portfolio turnover rates are calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by a Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Funds. A 100% turnover rate would occur if all of the Funds' portfolio securities were replaced once within a one-year period.

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| | | |
|:---|:---|:---|
| **Portfolio Turnover for Fiscal <br>Year Ended December 31,** | **Portfolio Turnover for Fiscal <br>Year Ended December 31,** | **Portfolio Turnover for Fiscal <br>Year Ended December 31,** |
| | **2025** | **2024** |
| Macro Strategies Fund | 62% | 90% |
| Commodities Strategy Fund | 49% | 109%<sup>(1)</sup> |
| Dynamic Opportunity Fund | 1,506% | 755% |
| Spectrum Income Fund | 66% | 57% |
| Market Trend Fund | 81% | 140%<sup>(1)</sup> |
| Hedged Core Fund<sup>(2)</sup> | 75% | 82% |
| Strategic Allocation Fund<sup>(3)</sup> | 72% | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The increase in portfolio turnover for the fiscal year ended December 31, 2024 was due to heightened volatility in the equity markets and net outflows from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Hedged Core Fund commenced operations on July 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025.

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**OTHER SERVICE PROVIDERS**

***Fund Administration, Fund Accounting and Transfer Agent***

The Fund Administrator, Fund Accountant and Transfer Agent for the Funds is U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), which has its principal office at 615 East Michigan Street, Milwaukee, WI 53202, and is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds.

Pursuant to a Fund Administration Servicing Agreement, Fund Accounting Servicing Agreement and a Transfer Agent Servicing Agreement (each an "Agreement" and together the "Agreements") with the Funds, Fund Services provides administrative, accounting and transfer agent services to the Funds, subject to the supervision of the Board.

Each Agreement was initially approved by the Board with respect to each Fund. Each Agreement shall remain in effect for 3 years from the date of its initial approval, and is subject to renewal thereafter. Each Agreement is terminable by the Board or Fund Services on 90 days' written notice and may be assigned provided the non-assigning party provides prior written consent. The Agreements provide that Fund Services shall not be liable to the Trust except for liabilities resulting from its refusal or failure to comply with the terms of the Agreements, or its bad faith, negligence or willful misconduct in the performance of its duties under the Agreements.

**Administration**. Fund Services provides general Fund administrative management such as: acting as liaison among Fund service providers, coordinating the Trustee's communications, meeting agendas and resolutions, preparing appropriate schedules and assisting independent auditors, monitoring compliance with the Investment Company Act requirements, preparing and filing with the appropriate state securities authorities any and all required compliance filings relating to the qualification of the securities of the Funds, assisting Fund counsel in the annual update of the Prospectus and SAI and in preparation of proxy statements as needed, monitoring the Trust's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, providing financial data required by the Prospectus and SAI, and preparing and filing on a timely basis appropriate federal and state tax returns.

For the administrative services rendered to the Funds, Fund Services received fund administration fees in the following amounts:

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| | | | |
|:---|:---|:---|:---|
| **Fund Administration Fees<br>Paid During Fiscal Year Ended<br>December 31,** | **Fund Administration Fees<br>Paid During Fiscal Year Ended<br>December 31,** | **Fund Administration Fees<br>Paid During Fiscal Year Ended<br>December 31,** | **Fund Administration Fees<br>Paid During Fiscal Year Ended<br>December 31,** |
| | **2025** | **2024** | **2023** |
| Macro Strategies Fund | $454992 | $461374 | $574431 |
| Commodities Strategy Fund | 207435 | 307866 | 407219 |
| Dynamic Opportunity Fund | 68141 | 71944 | 74877 |
| Spectrum Income Fund | 68003 | 69882 | 78771 |
| Market Trend Fund | 167040 | 193496 | 216887 |
| Hedged Core Fund<sup>(1)</sup> | 143162 | 41339 | N/A |
| Strategic Allocation Fund<sup>(2)</sup> | 81580 | N/A | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Hedged Core Fund commenced operations on July 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025.

**Fund Accounting**. Fund Services provides general Fund accounting services, including: portfolio valuation and trade reporting, expense accrual and payment, computation of net asset value,

------

maintenance of ledgers and books and records, financial and tax reporting, as required by the 1940 Act, maintaining certain books and records described in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Funds' custodian or Adviser and reconciling sales and redemptions of shares of the Funds*.* 

For the fund accounting services rendered to the Funds by Fund Services, the Funds pay a fund accounting fee based upon the number and type of Fund transactions and accounting-related out-of-pocket expenses.

**Transfer Agent.** U.S. Bancorp Fund Services, LLC, which has its principal office at 615 East Michigan Street, Milwaukee, WI 53202, serves as transfer, dividend disbursing, and shareholder servicing agent for the Funds.

**Custodian.** U.S. Bank, N.A., (the "Custodian") which has its principal office at 1555 N. RiverCenter Dr., Suite 302, Milwaukee, WI 53212, serves as the custodian of the Funds' assets pursuant to a Custody Agreement by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling the Funds' cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Funds' investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser and Sub-Adviser. The Funds may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series. Matters such as ratification of the independent public accountants and election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Funds. All shares issued are fully paid and non-assessable.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Funds' Distributor and the Administrator have established proper anti-money laundering procedures, reported suspicious and/or fraudulent activity and a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or legal entity whose identity and

------

beneficial owners, if applicable, cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder 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 Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

***Pricing of Shares***

The net asset value ("NAV") of the shares of each Fund is determined at the close of trading (normally 4:00 p.m., Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for business. For a description of the methods used to determine the NAV, see "How Shares Are Priced" in the Prospectus.

Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to the overall oversight of the Board.

The Trust expects that the holidays upon which the Exchange will be closed are as follows: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

***Purchase of Shares***

Investors may only purchase Fund shares after receipt of a current Prospectus and by filling out and submitting an application supplied by the Funds. Orders for shares received by a Fund in good order prior to the close of business on the NYSE on each day during such periods that the NYSE is open for trading are priced at net asset value per share or offering price (net asset value plus a sales charge, if applicable) computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE, or on a day it is not open for trading, are priced at the close of such NYSE on the next day on which it is open for trading at the next determined net asset value or offering price per share.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Funds or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers. In all instances, it is the purchaser's responsibility to notify the Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Funds or through another intermediary to receive these waivers or discounts. Please see "Intermediary-Defined Sales Charge Waiver Policies" in Appendix A of the Funds' Prospectus for more information.

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***Redemption of Shares***

Each Fund will redeem all or any portion of a shareholder's shares in the Fund when requested in accordance with the procedures set forth in the "Redemptions" section of the Prospectus. Under the 1940 Act, a shareholder's right to redeem shares and to receive payment therefore may be suspended at times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)when the NYSE is closed, other than customary weekend and holiday closings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)when trading on that exchange is restricted for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)when an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund to fairly determine the value of its net assets, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)when the SEC by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption.

In case of suspension of the right of redemption, payment of a redemption request will be made based on the net asset value next determined after the termination of the suspension. The redemption price is the net asset value next determined after notice is received by a Fund for redemption of shares, minus the amount of any applicable redemption fee and/or deferred sales charge. The proceeds received by the shareholder may be more or less than his/her cost of such shares, depending upon the net asset at the time of redemption and the difference should be treated by the shareholder as a capital gain or loss for federal and state income tax purposes.

Each Fund may purchase shares of Investment Companies that charge a redemption fee to shareholders (such as the Funds) that redeem shares of the Underlying Fund within a certain period of time (such as one year). The fee is payable to the Underlying Fund. Accordingly, if a Fund were to invest in an Underlying Fund and incur a redemption fee as a result of redeeming shares in such Underlying Fund, the Fund would bear such redemption fee. The Funds will not, however, invest in shares of an Underlying Fund that is sold with a contingent deferred sales load.

Supporting documents in addition to those listed under "Redemptions" in the Prospectus will be required from executors, administrators, Trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted to, stock powers, Trust instruments, certificates of death, appointments as executor, certificates of corporate authority and waiver of tax required in some states when settling estates.

***Redemption Fee/Market Timing***

The Funds discourage and do not accommodate market timing. Market timing is an investment strategy using frequent purchases and redemptions and/or exchanges in an attempt to profit from short-term market movements. Market timing may result in dilution of the value of Fund shares held by long-term shareholders, disrupt portfolio management, and increase Fund expenses for all shareholders. The Board of Trustees has adopted a policy requiring the Funds' transfer agent to monitor shareholder activity for purchases and redemptions and/or exchanges that reasonably indicate market timing activity. The transfer agent does not employ an objective standard and may not be able to identify all market timing activity or may misidentify certain trading activity as market timing activity. The Board of Trustees also has adopted a redemption policy to discourage short-term traders and/or market timers from investing in certain Funds. For the Spectrum Income Fund, a 2% fee will be assessed against investment proceeds withdrawn within 60 days of investment. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The redemption fee is intended to offset the costs associated with short-term shareholder trading and is retained by the Fund. The redemption fee is applied uniformly in all cases.

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While the Funds attempt to deter market timing, there is no assurance that they will be able to identify and eliminate all market timers. For example, certain accounts called "omnibus accounts" include multiple shareholders. Omnibus accounts typically provide the Funds with a net purchase or redemption request on any given day where purchasers of Fund shares and redeemers of Fund shares are netted against one another and the identity of individual purchasers and redeemers whose orders are aggregated is not known by the Funds. The netting effect often makes it more difficult to apply redemption fees, and there can be no assurance that the Funds will be able to apply the fee to such accounts in an effective manner. Brokers maintaining omnibus accounts with the Funds have agreed to provide shareholder transaction information, to the extent known to the broker, to the Funds upon request. If the Funds become aware of market timing in an omnibus account, it will work with the broker maintaining the omnibus account to identify the shareholder engaging in the market timing activity. In addition to the redemption fee, the Funds reserve the right to reject any purchase order for any reason, including purchase orders that it does not think are in the best interest of the Funds or their shareholders or if the Funds think that trading is abusive.

*Waivers of Redemption Fees:* The Funds have elected not to impose the redemption fee for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ redemptions and exchanges of Fund shares acquired through the reinvestment of dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ certain types of redemptions and exchanges of Fund shares owned through participant-directed retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ redemptions or exchanges in discretionary asset allocation, fee based or wrap programs ("wrap programs") that are initiated by the sponsor/financial advisor as part of a periodic rebalancing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ redemptions or exchanges in a fee based or wrap program that are made as a result of a full withdrawal from the wrap program or as part of a systematic withdrawal plan including the Funds' systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ involuntary redemptions, such as those resulting from a shareholder's failure to maintain a minimum investment in a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ other types of redemptions as the Adviser or the Trust may determine in special situations and approved by the Funds' or the Adviser's Chief Compliance Officer.

**TAX STATUS**

Under provisions of Sub-Chapter M of the Internal Revenue Code of 1986 as amended, each Fund, by paying out substantially all of its investment income and realized capital gains, intends to be relieved of federal income tax on the amounts distributed to shareholders. In order to qualify as a "regulated investment company" under Subchapter M, at least 90% of the Fund's income must be derived from dividends, interest and gains from securities transactions, and no more than 50% of the Fund's total assets may be in two or more securities that exceed 5% of the total assets of the Fund at the time of each security's purchase. Not qualifying under Sub-Chapter M of the Internal Revenue Code would cause a Fund to be considered a personal holding company subject to normal corporate income taxes. This would reduce the value of shareholder holdings by the amount of taxes paid. Any subsequent dividend distribution of the Fund's earnings after taxes would still be taxable as received by shareholders. The Fund may invest in companies that pay "qualifying dividends." Investors in the Fund may benefit from the tax bill and its lower tax rate on taxable quarterly dividend payments, attributable to corporate dividends, distributed by the Funds.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of the Fund. Capital losses incurred in tax years beginning after December 22, 2010 may now be carried forward indefinitely and retain the character of the original loss. Under previously enacted laws, capital losses could be carried forward to offset any capital gains for only eight years, and carried forward as short-term capital losses, irrespective

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of the character of the original loss. Capital loss carryforwards are available to offset future realized capital gains. To the extent that these carryforwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders. At tax years ended September 30, 2025 and December 31, 2025, the Funds had net realized capital loss carryovers as follows, all of which have an indefinite expiration:

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| | | |
|:---|:---|:---|
| **Capital Loss Carryovers as of Fiscal Year<br>Ended December 31, 2025** | **Capital Loss Carryovers as of Fiscal Year<br>Ended December 31, 2025** | **Capital Loss Carryovers as of Fiscal Year<br>Ended December 31, 2025** |
| | **Short-Term** | **Long-Term** |
| Macro Strategies Fund<sup>(b)</sup> | $98825909 | $142501802 |
| Commodities Strategy Fund<sup>(b)</sup> | $8335900 | $13361547 |
| Market Trend Fund<sup>(b)</sup> | $29127243 | $44417272 |
| Dynamic Opportunity Fund<sup>(a)</sup> | $430269 | $84089 |
| Spectrum Income Fund<sup>(a)</sup> | $19644948 | $25532096 |
| Hedged Core Fund<sup>(b)(1)</sup> | $586567 | $1945005 |
| Strategic Allocation Fund<sup>(b)(2)</sup> | $1222705 | $962608 |
| <sup>(a)</sup> Tax year ended December 31, 2025 | <sup>(a)</sup> Tax year ended December 31, 2025 | <sup>(a)</sup> Tax year ended December 31, 2025 |
| <sup>(b)</sup> Tax year ended September 30, 2025 | <sup>(b)</sup> Tax year ended September 30, 2025 | <sup>(b)</sup> Tax year ended September 30, 2025 |
| <sup>(1)</sup> The Hedged Core Fund commenced operations on July 10, 2024. | <sup>(1)</sup> The Hedged Core Fund commenced operations on July 10, 2024. | <sup>(1)</sup> The Hedged Core Fund commenced operations on July 10, 2024. |
| <sup>(2)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025. | <sup>(2)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025. | <sup>(2)</sup> The Strategic Allocation Fund commenced operations on January 8, 2025. |

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During the year ended December 31, 2025, the LoCorr Long/Short Commodities Strategy Fund and the LoCorr Spectrum Income Fund utilized unlimited capital loss carryover of $976,377 and $1,187,291 respectively. The LoCorr Dynamic Opportunity Fund, LoCorr Hedged Core Fund, The LoCorr Macro Strategies Fund, the LoCorr Market Trend Fund and the LoCorr Strategic Allocation did not utilize any capital loss carryovers.

For taxable years beginning after December 31, 2012, certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the disposition of shares of the Funds. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

<u>Options, Futures, Forward Contracts and Swap Agreements</u> 

To the extent such investments are permissible for the Funds, the Funds' transactions in options, futures contracts, hedging transactions, forward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Funds, defer losses to the Funds, cause adjustments in the holding periods of the Funds' securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of the Funds' hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If the Funds' book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of the Funds' remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If the Funds' book income is less than taxable income, the Funds could be required to make distributions exceeding book income to qualify as a regular investment company that is accorded special tax treatment.

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***Foreign Taxation***

Income received by the Funds from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Funds' total assets at the close of its taxable year consists of securities of foreign corporations, the Funds may be able to elect to "pass through" to its shareholders the amount of eligible foreign income and similar taxes paid by the Funds. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Funds, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Funds' taxable year whether the foreign taxes paid by the Funds will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Funds' income will flow through to shareholders of the Funds. With respect to the Funds, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Funds. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

<u>Passive Foreign Investment Companies</u> 

Investment by the Funds in certain "passive foreign investment companies" ("PFICs") could subject the Funds to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, the Funds may elect to treat a PFIC as a "qualified electing fund" ("QEF election"), in which case a Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company.

The Funds also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Funds' taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for the Funds to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return.

<u>Foreign Currency Transactions</u> 

A Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

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<u>Original Issue Discount and Pay-In-Kind Securities</u> 

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Funds may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Funds in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Funds may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Funds may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Funds will be required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Funds may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

A fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount, which is greater than the total amount of cash interest the Funds actually received. Such distributions may be made from the cash assets of the Funds or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Funds may realize gains or losses from such liquidations. In the event the Funds realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Tax Distribution: The Funds' distributions (capital gains & dividend income), whether received by shareholders in cash or reinvested in additional shares of the Funds, may be subject to federal income tax payable by shareholders. All income realized by the Funds including short-term capital gains, will be taxable to the shareholder as ordinary income. Dividends from net income will be made annually or more frequently at the discretion of the Funds' Board of Trustees. Dividends received shortly after purchase of Fund shares by an investor will have the effect of reducing the per share net asset value of his/her shares by the amount of such dividends or distributions. You should consult a tax adviser regarding the effect of federal, state, local, and foreign taxes on an investment in the Funds.

Federal Withholding: The Funds are required by federal law to withhold at a rate set under Section 3406 of the Code for U.S. residents of reportable payments (which may include dividends, capital gains, distributions and redemptions) paid to shareholders who have not complied with IRS regulations. In order to avoid this withholding requirement, you must certify on a W-9 tax form supplied by the Funds that your Social Security or Taxpayer Identification Number provided is correct and that you are not currently subject to back-up withholding, or that you are exempt from back-up withholding. Payments to a

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shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by a Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2016. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Shareholders of the Funds may be subject to state and local taxes on distributions received from the Funds and on redemptions of the Funds' shares.

A brief explanation of the form and character of the distribution accompany each distribution. In January of each year the Funds issue to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisors about the application of federal, state and local and foreign tax law in light of their particular situation.

<u>Wholly-Owned Subsidiaries</u>

Each Fund, except the Dynamic Opportunity Fund and the Spectrum Income Fund, intends to invest a portion of its assets in a Subsidiary, which will be classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as each Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. It is expected that each Subsidiary will conduct its activities in a manner so as to meet the requirements of a safe harbor under Section 864(b)(2) of the Internal Revenue Code (the "Safe Harbor") pursuant to which the Subsidiary, provided it is not a dealer in stocks, securities or commodities, may engage in the following activities without being deemed to be engaged in a U.S. trade or business: (1) trading in stocks or securities (including contracts or options to buy or sell securities) for its own account; and (2) trading, for its own account, in commodities that are "of a kind customarily dealt in on an organized commodity exchange" if the transaction is of a kind customarily consummated at such place. Thus, each Subsidiary's securities and commodities trading activities should not constitute a U.S. trade or business. However, if certain of a Subsidiary's activities were determined not to be of the type described in the Safe Harbor or if the Subsidiary's gains are attributable to investments in securities that constitute U.S. real property interests (which is not expected), then the activities of the Subsidiary may constitute a U.S. trade or business, or be taxed as such.

In general, a foreign corporation that does not conduct a U.S. trade or business is nonetheless subject to tax at a flat rate of 30 percent (or lower tax treaty rate), generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively connected with a U.S. trade or business. There is presently no tax treaty in force between the U.S. and the Cayman Islands that would reduce this rate of withholding tax. Income subject to such a flat tax includes dividends and certain interest income. The 30 percent tax does not apply to U.S.-source capital gains (whether long-term or short-term) or to interest paid to a foreign corporation on its deposits with U.S. banks. The 30 percent tax also does not apply to interest which qualifies as "portfolio interest." The term "portfolio interest" generally includes interest (including original issue discount) on an obligation in registered form which has been issued after July 18, 1984 and with respect to which the person, who would otherwise be required to deduct and withhold the 30 percent tax, received the required statement that the beneficial owner of the obligation is not a U.S. person within the meaning of the Internal Revenue Code. Under certain circumstances, interest on bearer obligations may also be considered portfolio interest.

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Each Subsidiary will be wholly-owned by a Fund. A U.S. person who owns (directly, indirectly or constructively) 10 percent or more of the total combined voting power of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the controlled foreign corporation ("CFC") provisions of the Internal Revenue Code. A foreign corporation is a CFC if, on any day of its taxable year, more than 50 percent of the voting power or value of its stock is owned (directly, indirectly or constructively) by "U.S. Shareholders." Because each Fund is a U.S. person that will own all of the stock of a Subsidiary, each Fund will be a "U.S. Shareholder" and each Subsidiary will be a CFC. As a "U.S. Shareholder," each Fund will be required to include in gross income for United States federal income tax purposes all of the respective Subsidiary's "subpart F income" (defined, in part, below), whether or not such income is distributed by the Subsidiary. It is expected that all of each Subsidiary's income will be "subpart F income." "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives. "Subpart F income" also includes the excess of gains over losses from transactions (including futures, forward and similar transactions) in any commodities. Each Fund's recognition of its Subsidiary's "subpart F income" will increase the Fund's tax basis in the Subsidiary. Distributions by the Subsidiary to the Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Fund's tax basis in the Subsidiary. "Subpart F income" is generally treated as ordinary income, regardless of the character of the Subsidiary's underlying income. A registered investment company, such as the Fund, is not subject to entity level taxation so long as it meets the "qualifying income" test under the Internal Revenue Code of 1986, as amended. In the event that the Internal Revenue Service were to take issue with the dividend issued by the Subsidiary to the Fund being counted as "qualifying income" for the Fund, the Fund may fail the "qualifying income" test and be subject not only to entity level taxation on gains, but also to additional fines or penalties.

In general, each "U.S. Shareholder" is required to file IRS Form 5471 with its U.S. federal income tax (or information) returns providing information about its ownership of the CFC and the CFC. In addition, a "U.S. Shareholder" may in certain circumstances be required to report a disposition of shares in a Subsidiary by attaching IRS Form 5471 to its U.S. federal income tax (or information) return that it would normally file for the taxable year in which the disposition occurs. In general, these filing requirements will apply to investors of the Fund if the investor is a U.S. person who owns directly, indirectly or constructively (within the meaning of Sections 958(a) and (b) of the Internal Revenue Code) 10 percent or more of the total combined voting power of all classes of voting stock of a foreign corporation that is a CFC for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and who owned that stock on the last day of that year.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., located at 8101 East Prentice Avenue, Suite 750, Greenwood Village, CO 80111, serves as the independent registered public accounting firm for the Funds. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH 43215, serves as the Trust's legal counsel.

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**CONSOLIDATED FINANCIAL STATEMENTS**

The audited consolidated financial statements and consolidated financial highlights of each Fund for the fiscal year ended December 31, 2025, as set forth in the Trust's <u>[annual report to shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/1506768/000113322826003096/lit-efp22581_ncsr.htm)[on Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1506768/000113322826003096/lit-efp22581_ncsr.htm)</u>, including the notes thereto and the report of the independent registered public accounting firm, are to be incorporated by reference by subsequent amendment. You can obtain a copy of the financial statements contained in the Funds' Annual or Semi-Annual Report without charge by calling the Funds at 1-855-523-8637 or by visiting www.LoCorrFunds.com.

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**APPENDIX A**

**PROXY VOTING GUIDELINES FOR**

**LoCorr Fund Management, LLC**

**Proxy Voting Policy and Procedures**

The Adviser will vote proxies on behalf of its individual clients. In order to fulfill its responsibilities under the Advisers Act, the Adviser has adopted the following policies and procedures for proxy voting with regard to companies in the investment portfolio of the Fund(s).

*Voting Proxies*

1. All proxies sent to clients that are actually received by the Adviser (to vote on behalf of the client) will be provided to the Operations Unit.

2. The Operations Unit will generally adhere to the following procedures (subject to limited exception):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A written record of each proxy received by the Adviser (on behalf of its clients) will be kept in the Adviser's files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Operations Unit will determine which of the Adviser holds the security to which the proxy relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Prior to voting any proxies, the Operations Unit will determine if there are any conflicts of interest related to the proxy in question in accordance with the &nbsp;&nbsp;&nbsp;&nbsp;general guidelines set forth below. If a conflict is identified, the Operations Unit will then make a determination (which may be in consultation with outside legal counsel) as to whether the conflict is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If no material conflict is identified pursuant to these procedures, the Operations Unit will vote the proxy in accordance with the guidelines set forth below. The Operations Unit will deliver the proxy in accordance with instructions related to such proxy in a timely and appropriate manner.

*Conflicts of Interest*

1. As stated above, in evaluating how to vote a proxy, the Operations Unit will first determine whether there is a conflict of interest related to the proxy in question between the Adviser and its Advisory Clients. This examination will include (but will not be limited to) an evaluation of whether the Adviser (or any affiliate of the Adviser) has any relationship with the company (or an affiliate of the company) to which the proxy relates outside of an investment in such company by a client of the Adviser.

2. If a conflict is identified and deemed "material" by the Operations Unit, the Adviser will determine whether voting in accordance with the proxy voting guidelines outlined below is in the best interests of the client (which may include utilizing an independent third party to vote such proxies).

3. With respect to material conflicts, the Adviser will determine whether it is appropriate to disclose the conflict to affected clients and give such clients the opportunity to vote the proxies in question themselves. However, with respect to ERISA clients whose advisory contract reserves the right to vote proxies when the Adviser has determined that a material conflict exists that affects its best judgment as a fiduciary to the ERISA client, the Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Give the ERISA client the opportunity to vote the proxies in question themselves; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Follow designated special proxy voting procedures related to voting proxies pursuant to the terms of the investment management agreement with such ERISA clients (if any).

*Proxy Voting Guidelines*

In order to fulfill its responsibilities under the Act, LoCorr Fund Management, LLC (hereinafter "we" or "our") has adopted the following policies and procedures for proxy voting with regard to companies in investment portfolios of our clients.

**<u>KEY OBJECTIVES</u>**

The key objectives of these policies and procedures recognize that a company's management is entrusted with the day-to-day operations and longer term strategic planning of the company, subject to the oversight of the company's board of directors. While "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's board of directors, these objectives 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 substantial economic implications to 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*. Promotion of timely disclosure of important information about a company's business operations and financial performance enables investors to evaluate the performance of a company and to make informed decisions about the purchase and sale of a company's securities.

**<u>DECISION METHODS</u>**

We generally believe that the individual portfolio managers that invest in and track particular companies are the most knowledgeable and best suited to make decisions with regard to proxy votes. Therefore, we rely on those individuals to make the final decisions on how to cast proxy votes.

No set of proxy voting guidelines can anticipate all situations that may arise. In special cases, we may seek insight from our managers and analysts on how a particular proxy proposal will impact the financial prospects of a company, and vote accordingly.

In some instances, a proxy vote may present a conflict between the interests of a client, on the one hand, and our interests or the interests of a person affiliated with us, on the other. In such a case, we will abstain from making a voting decision and will forward all of the necessary proxy voting materials to the client to enable the client to cast the votes.

**<u>SUMMARY OF PROXY VOTING GUIDELINES</u>**

**Election of the Board of Directors**

We believe that good corporate governance generally starts with a board composed primarily of independent directors, unfettered by significant ties to management, all of whose members are elected annually. We also believe that turnover in board composition promotes independent board action, fresh

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approaches to governance, and generally has a positive impact on shareholder value. We will generally vote in favor of non-incumbent independent directors.

The election of a company's board of directors is one of the most fundamental rights held by shareholders. Because a classified board structure prevents shareholders from electing a full slate of directors annually, we will generally support efforts to declassify boards or other measures that permit shareholders to remove a majority of directors at any time, and will generally oppose efforts to adopt classified board structures.

**Approval of Independent Auditors**

We believe that the relationship between a company and its auditors should be limited primarily to the audit engagement, although it may include certain closely related activities that do not raise an appearance of impaired independence.

We will evaluate on a case-by-case basis instances in which the audit firm has a substantial non-audit relationship with a company to determine whether we believe independence has been, or could be, compromised.

**Equity-based compensation plans**

We believe that appropriately designed equity-based compensation plans, approved by shareholders, can be an effective way to align the interests of shareholders and the interests of directors, management, and employees by providing incentives to increase shareholder value. Conversely, we are opposed to plans that substantially dilute ownership interests in the company, provide participants with excessive awards, or have inherently objectionable structural features.

We will generally support measures intended to increase stock ownership by executives and the use of employee stock purchase plans to increase company stock ownership by employees. These may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Requiring senior executives to hold stock in a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Requiring stock acquired through option exercise to be held for a certain period of time.

These are guidelines, and we consider other factors, such as the nature of the industry and size of the company, when assessing a plan's impact on ownership interests.

**Corporate Structure** 

We view the exercise of shareholders' rights, including the rights to act by written consent, to call special meetings and to remove directors, to be fundamental to good corporate governance.

Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we generally believe that shareholders should have voting power equal to their equity interest in the company and should be able to approve or reject changes to a company's By-Laws by a simple majority vote.

We will generally support the ability of shareholders to cumulate their votes for the election of directors.

**Shareholder Rights Plans**

While we recognize that there are arguments both in favor of and against shareholder rights plans, also known as poison pills, such measures may tend to entrench current management, which we generally consider to have a negative impact on shareholder value. Therefore, while we will evaluate such plans on a case by case basis, we will generally oppose such plans.

*Disclosure of Procedures*

A summary of above these proxy voting procedures will be included in Part II of the Adviser's Form ADV and will be updated whenever these policies and procedures are updated. Clients will be

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provided with contact information as to how they can obtain information about: (a) the Adviser's proxy voting procedures (i.e., a copy of these procedures); and (b) how the Adviser voted proxies that are relevant to the affected client.

*Record-keeping Requirements*

The Operations Unit will be responsible for maintaining files relating to the Adviser's proxy voting procedures. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in the offices of the Adviser. Records of the following will be included in the files:

1. Copies of these proxy voting policies and procedures, and any amendments thereto;

2. A copy of each proxy statement that the Adviser actually received; provided, however, that the Adviser may rely on obtaining a copy of proxy statements from the SEC's EDGAR system for those proxy statements that are so available;

3. A record of each vote that the Adviser casts;

4. A copy of any document that the Adviser created that was material to making a decision how to vote the proxies, or memorializes that decision (if any); and

5. A copy of each written request for information on how the Adviser voted such client's proxies and a copy of any written response to any request for information on how the Adviser voted proxies on behalf of clients.

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**Nuveen Asset Management, LLC**

**Proxy Voting Policies and Procedures**

**Policy Purpose and Statement**

Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), (each an "Adviser" and collectively, the "Advisers"), vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as the Responsible Investing Team (RI Team) to administer the Advisers' proxy voting. The RI Team adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients.

**Applicability**

This Policy applies to Nuveen employees acting on behalf of Nuveen Asset Management, LLC, Teachers Advisors, LLC, and TIAA-CREF Investment Management, LLC.

**Policy Statement**

Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and influencing the Portfolio Company's behavior. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").

**Enforcement**

As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

**Terms and Definitions**

***Advisory Personnel*** includes the Adviser's portfolio managers and/or research analysts.

***Proxy Voting Guidelines*** *(the ''Guidelines'')* are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution.

***Portfolio Company*** includes any publicly traded company held in an account that is managed by an Adviser.

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**Policy Requirements**

Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the RI Team and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

**Roles and Responsibilities**

**Nuveen Proxy Voting Committee**

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the RI Team, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

**Advisers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the RI Team if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

**Responsible Investing Team**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Performs day-to-day administration of the Advisers' proxy voting processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the RI Team, on behalf of the Advisers, takes into account several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Input from Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third party research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or committees thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Performs an annual vote reconciliation for review by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Arranges the annual service provider due diligence, including a review of the service provider's potential conflicts of interests, and presents the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Creates and retains certain records in accordance with Nuveen's Record Management program.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Oversees the proxy voting service provider in making and retaining certain records as required under applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Assesses, in cooperation with Advisory Personnel, whether securities on loan should be recalled in order to vote their proxies.

**Nuveen Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Ensures proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Ensures proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Assists the RI Team with arranging the annual service provider due diligence and presenting the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen's Records Management program.

**Governance**

**Review and Approval**

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Leader, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

**Implementation**

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the RI Team for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

**Exceptions**

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Related Documents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Policy Statement on Responsible Investing

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| | |
|:---|:---|
| Policy Adoption Date | February 3, 2020 |
| Current Policy Effective Date | October 1, 2022 |
| Current Policy Approval Date | August 31, 2022 |
| Policy Owner | Nuveen Proxy Voting Committee |
| Policy Leader | Managing Director, Nuveen Compliance |
| Policy Portal Administration | Leader: Managing Director, Nuveen Compliance<br>Owner: Managing Director, Head of Affiliate Compliance |
| Criticality/Tier | Moderate |

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**<u>KETTLE HILL CAPITAL MANAGEMENT, LLC</u>**

**<u>PROXY VOTING</u>**

**<u>POLICY AND PROCEDURES</u>**

**I.STATEMENT OF POLICY** 

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When the Adviser has discretion to vote the proxies of its clients, it will vote those proxies in the best interest of its clients and in accordance with these policies and procedures.

**II.PROXY VOTING PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Private Fund Clients and Separately Managed Accounts** 

All proxies received by the Adviser will be sent to the Compliance Officer. The Compliance Officer is required 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;• Keep a record of each proxy received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determine which accounts managed by the Adviser hold the security to which the proxy relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify all accounts that hold the security, together with the number of votes each account controls (reconciling any duplications), and the date by which the Adviser must vote the proxy in order to allow enough time for the completed proxy to be returned to the issuer prior to the vote taking place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the effect of a "yes" and a "no" vote on the relevant client and perform an initial conflict assessment (see Section IV below) to determine whether a material conflict exists between the interests of the Adviser and/or its supervised persons and those of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Compliance Officer determines that no material conflict exists, the Compliance Officer is responsible for completing the proxy and mailing the proxy in a timely and appropriate 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;• If the Compliance Officer finds that a material conflict exists, the Adviser may retain a third party to assist it in coordinating and voting proxies with respect to client securities. If so, the Compliance Officer is required to monitor the third party to assure that all proxies are being properly voted and appropriate records are being retained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Registered Investment Company 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;• Upon receipt of a proxy, the Compliance Officer is responsible for evaluating whether the proxy relates to any shares of a registered investment company held by the Adviser on behalf of another registered investment company client (e.g., such as when in receipt of proxies for ETFs owned by a registered investment company 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;• If so, the Compliance Officer is responsible for either (a) obtaining instructions from the Adviser's registered investment company client as to how to vote the proxy, or (b) echo voting the proxy. The Compliance Officer is responsible for documenting the instructions received as to the manner of voting, or the fact that the proxy is being echo voted.

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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;• If the proxy does not involve the shares of a registered investment company held by the Adviser on behalf of another registered investment company, the Compliance Officer is responsible for (a) evaluating the effect of a "yes" and a "no" vote on the relevant client and (b) performing an initial conflict assessment to determine whether a material conflict exists between the interests of the Adviser and/or its supervised persons and those of its clients. Any conflicts are required to be documented and described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Compliance Officer determines that no material conflict exists, the Compliance Officer is responsible for completing the proxy and mailing or transmitting the proxy in a timely and appropriate 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;• If the Compliance Officer finds that a material conflict exists, the Adviser may retain a third party to assist it in coordinating and voting the proxy. If so, the Compliance Officer is responsible for monitoring the third party to ensure that all proxies are being properly voted and appropriate records are being retained.

**III. VOTING GUIDELINES** 

In the absence of specific voting guidelines from the client or when not otherwise required by law, the Adviser will vote proxies in the best interests of each particular client, which may result in different voting results for proxies for the same issuer. The Adviser believes that voting proxies in accordance with the following guidelines is in the best interests of its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generally, the Adviser will vote in favor of routine corporate housekeeping proposals, including election of directors (where no corporate governance issues are implicated), selection of auditors, and increases in or reclassification of common stock.

For other proposals, the Adviser shall determine whether a proposal is in the best interests of its clients and may take into account the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the proposal was recommended by management and the Adviser's opinion of 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;• whether the proposal acts to entrench existing management; 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;• whether the proposal fairly compensates management for past and future performance.

As set forth herein, when in receipt of proxies for any registered investment company client, the Adviser is required to either (a) seek instructions from the registered investment company's (i.e., the acquiring fund) shareholders with regard to the voting of all proxies relating to the acquired fund and to vote only in accordance with such instructions, or (b) vote the shares held by it in the same proportion as the vote of all other holders of the security (i.e., to "echo vote").

&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;1.The Compliance Officer is responsible for identifying any conflicts that exist between the interests of the Adviser and its clients. This examination will include a review of the relationship of the Adviser and its affiliates with the issuer of each security and any of the issuer's affiliates to determine if the issuer is a client of the Adviser or an affiliate of the Adviser or has some other relationship with the Adviser or a client of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.If a material conflict exists, the Adviser is responsible for determining whether voting in accordance with the voting guidelines and factors described above is in the best interests of the client. The Adviser must also determine whether it is appropriate to disclose the conflict to the affected clients and, except in the case of clients that are subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), give the clients the opportunity to vote their proxies themselves. In the case

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of ERISA clients, if the Investment Management Agreement reserves to the ERISA client the authority to vote proxies when the Adviser determines it has a material conflict that affects its best judgment as an ERISA fiduciary, the Adviser is required to give the ERISA client the opportunity to vote the proxies themselves.

**V. DISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Adviser will disclose in its Form ADV Part 2 that clients may contact the Compliance Officer, via e-mail or telephone, in order to obtain information on how the Adviser voted such client's proxies, and to request a copy of these policies and procedures. If a client requests this information, the Compliance Officer will prepare a written response to the client that lists, with respect to each voted proxy about which the client has inquired, (a) the name of the issuer; (b) the proposal voted upon, and (c) how the Adviser voted the client's proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A concise summary of this Proxy Voting Policy and Procedures will be included in the Adviser's Form ADV Part 2, and will be updated whenever these policies and procedures are updated. The Compliance Officer will arrange for a copy of this summary to be sent to all existing clients either as a separate mailing or along with a periodic account statement or other correspondence sent to clients.

**VI. RECORDKEEPING** 

The Compliance Officer will maintain files relating to the Adviser's proxy voting procedures in an easily accessible place. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in the offices of the Adviser. Records of the following will be included in the files:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copies of this proxy voting policy and procedures, and any amendments thereto.

&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 copy of each proxy statement that the Adviser receives, provided however that the Adviser may rely on obtaining a copy of proxy statements from the SEC's EDGAR system for those proxy statements that are so available.<sup>1</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;• A record of each vote that the Adviser casts.<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;• A copy of any document the Adviser created that was material to making a decision how to vote proxies, or that memorializes that decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each written client request for information on how the Adviser voted such client's proxies, and a copy of any written response to any (written or oral) client request for information on how the Adviser voted its proxies.

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<sup>1</sup>The Adviser may choose instead to have a third party retain a copy of proxy statements (provided that the third party undertakes to provide a copy of the proxy statements promptly upon request).

<sup>2</sup>The Adviser may also rely on a third party to retain a copy of the votes cast (provided that the third party undertakes to provide a copy of the record promptly upon request).

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**<u>PROXY VOTING POLICY AND PROCEDURES</u>**

Bramshill Investments, LLC

**POLICY**

It is the Firm's policy, where it has accepted responsibility to vote proxies on behalf of a particular client, to vote such proxies in the best interest of its clients and ensure that the vote is not the product of an actual or potential conflict of interest. For clients that are subject to ERISA, it is the Firm's policy to follow the provisions of any ERISA plan's governing documents in the voting of plan securities, unless it determines that to do so would breach its fiduciary duties under ERISA.

**RESPONSIBILITY**

Where the Firm has accepted responsibility to vote proxies on behalf of a particular client, the Chief Investment Officer is responsible for ensuring that proxies are voted in a manner consistent with the proxy voting guidelines adopted by the Firm (the "Proxy Voting Guidelines") and the Firm's policies and procedures.

**PROCEDURES**

The Firm may vote client proxies where a client requests and the Firm accepts such responsibility, or in the case of an employee benefit plan, as defined by ERISA, where such responsibility has been properly delegated to, and assumed by, the Firm. In such circumstances the Firm will only cast proxy votes in a manner consistent with the best interest of its clients or, to the extent applicable, their beneficiaries. Absent special circumstances, which are further discussed below, all proxies will be voted consistent with the Proxy Voting Guidelines attached to the Compliance Manual on Exhibit E and the Firm's policies and procedures. The Firm will, in its Form ADV, generally disclose to clients information about these policies and procedures and how clients may obtain information on how the Firm voted their proxies when applicable. At any time, a client may contact the Firm to request information about how it voted proxies for their securities. It is generally the Firm's policy not to disclose its proxy voting records to unaffiliated third parties or special interest groups.

The Firm's Proxy Voting Committee will be responsible for monitoring corporate actions, making proxy voting decisions, and ensuring that proxies are submitted in a timely manner. The Proxy Voting Committee may delegate the responsibility to vote client proxies to one or more persons affiliated with the Firm (such person(s) together with the Proxy Voting Committee are hereafter collectively referred to as "Responsible Voting Parties") consistent with the Proxy Voting Guidelines. Specifically, when the Firm receives proxy proposals where the Proxy Voting Guidelines outline its general position as voting either "for" or "against," the proxy will be voted by one of the Responsible Voting Parties in accordance with the Firm's Proxy Voting Guidelines. When the Firm receives proxy proposals where the Proxy Voting Guidelines do not contemplate the issue or otherwise outline its general position as voting on a case-by-case basis, the proxy will be forwarded to the Proxy Voting Committee, which will review the proposal and either vote the proxy or instruct one of the Responsible Voting Parties on how to vote the proxy.

It is intended that the Proxy Voting Guidelines will be applied with a measure of flexibility. Accordingly, except as otherwise provided in these policies and procedures, the Responsible Voting Parties may vote a proxy contrary to the Proxy Voting Guidelines if, in the sole determination of the Proxy Voting Committee, it is determined that such action is in the best interest of the Firm's clients. In the exercise of such discretion, the Proxy Voting Committee may take into account a wide array of factors relating to the matter under consideration, the nature of the proposal, and the company involved. Similarly, poor past performance, uncertainties about management and future directions, and other factors may lead to a conclusion that particular proposals by an issuer present unacceptable investment risks and should not be supported. In addition, the proposals should be evaluated in context. For example, a particular proposal may be acceptable standing alone, but objectionable when part of an existing or proposed package, such as where the effect may be to entrench management. Special circumstances or instructions from clients may also justify casting different votes for different clients with respect to the same proxy vote.

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The Responsible Voting Parties will document the rationale for all proxy voted contrary to the Proxy Voting Guidelines. Such information will be maintained as part of the Firm's recordkeeping process. In performing its responsibilities, the Proxy Voting Committee may consider information from one or more sources including, but not limited to, management of the company presenting the proposal, shareholder groups, legal counsel, and independent proxy research services. In all cases, however, the ultimate decisions on how to vote proxies are made by the Proxy Voting Committee.

<u>ERISA Plans</u>

Plans managed by the Firm governed by ERISA will be administered consistent with the terms of the governing plan documents and applicable provisions of ERISA. In cases where the Firm has been delegated sole proxy voting discretion, these policies and procedures will be followed subject to the fiduciary responsibility standards of ERISA. These standards generally require fiduciaries to act prudently and to discharge their duties solely in the interest of participants and beneficiaries. The Department of Labor has indicated that voting decisions of ERISA fiduciaries must generally focus on the course that would most likely increase the value of the stock being voted.

The documents governing ERISA individual account plans may set forth various procedures for voting "employer securities" held by the plan. Where authority over the investment of plan assets is granted to plan participants, many individual account plans provide that proxies for employer securities will be voted in accordance with directions received from plan participants as to shares allocated to their plan accounts. In some cases, the governing plan documents may further provide that unallocated shares and/or allocated shares for which no participant directions are received will be voted in accordance with a proportional voting method in which such shares are voted proportionately in the same manner as are allocated shares for which directions from participants have been received.

<u>Conflicts of Interest</u>

The Firm may occasionally be subject to conflicts of interest in the voting of proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. For example, the Firm may provide services to accounts owned or controlled by companies whose management is soliciting proxies. The Firm, along with any affiliates and/or employees, may also occasionally have business or personal relationships with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships.

If the Responsible Voting Parties become aware of any potential or actual conflict of interest relating to a particular proxy proposal, they will promptly report such conflict to the Committee. Conflicts of interest will be handled in various ways depending on their type and materiality of the conflict. The Firm will take the following steps to ensure that its proxy voting decisions are made in the best interest of its clients and are not the product of such conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the Proxy Voting Guidelines outline the Firm's voting position, as either "for" or "against" such proxy proposal, voting will be accordance with the its Proxy Voting Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the Proxy Voting Guidelines outline the Firm's voting position to be determined on a "caseby-case" basis for such proxy proposal, or such proposal is not contemplated in the Proxy Voting Guidelines, then one of the two following methods will be selected by the Committee depending upon the facts and circumstances of each situation and the requirements of applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Voting the proxy in accordance with the voting recommendation of a non-affiliated third party vendor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Provide the client with sufficient information regarding the proxy proposal and obtain the client's consent or direction before voting.

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<u>Third Party Delegation</u>

The Firm may delegate to a non-affiliated third party vendor, the responsibility to review proxy proposals and make voting recommendations to the Firm. The Chief Investment Officer will ensure that any third party recommendations followed will be consistent with the Proxy Voting Guidelines. In all cases, however, the ultimate decisions on how to vote proxies are made by the Committee.

<u>Investment Companies (Closed-End Funds, Mutual Funds, ETFs)</u>

In the event that the Firm acts as investment adviser to a closed-end and/or open-end registered investment company and is responsible for voting their proxies, such proxies will be voted in accordance with any applicable investment restrictions of the fund and, to the extent applicable, any resolutions or other instructions approved by an authorized person of the fund.

<u>Special Circumstances</u>

The Firm may choose not to vote proxies in certain situations or for certain accounts, such as: (i) where a client has informed the Firm that they wish to retain the right to vote the proxy; (ii) where the Firm deems the cost of voting the proxy would exceed any anticipated benefit to the client; (iii) where a proxy is received for a client that has terminated the Firm's services; (iv) where a proxy is received for a security that the Firm no longer manages (i.e., the Firm had previously sold the entire position); and/or (v) where the exercise of voting rights could restrict the ability of an account's portfolio manager to freely trade the security in question (as is the case, for example, in certain foreign jurisdictions known as "blocking markets").

In addition, certain accounts over which the Firm has proxy-voting discretion may participate in securities lending programs administered by the custodian or a third party. Because title to loaned securities passes to the borrower, the Firm will be unable to vote any security that is out on loan to a borrower on a proxy record date. If the Firm has investment discretion, however, the Firm will reserve the right to instruct the lending agent to terminate a loan in situations where the matter to be voted upon is deemed to be material to the investment and the benefits of voting the security are deemed to outweigh the costs of terminating the loan.

**BOOKS AND RECORDS**

In its books and records, the Firm will maintain a copy of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy statement that the Firm receives regarding client's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes that the Firm casts on behalf of a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any document the Firm created that was material to making a decision on how to vote proxies on behalf of a client or that memorialize the basis for such decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Written client request for information on how the Firm voted proxies on behalf of the requesting client and a copy of the Firm's written response to any (written or verbal) client request for information on how the Firm voted proxies on behalf of the requesting client.

The Firm may rely upon the Commission's EDGAR system to maintain certain records referred to above.

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**<u>Proxy Voting Guidelines</u>** 

Graham Capital Management, L.P.

**<u>PROXY VOTING AND CLASS ACTIONS</u>**

**A.General**

Graham has adopted policies and procedures (the "Proxy Voting Policies and Procedures") which have been designed to ensure that Graham complies with the requirements of Rule 206(4)-6 and Rule 204-2(c)(2) under the Advisers Act, and reflect Graham's commitment to vote all client securities for which it exercises voting authority in a manner consistent with the best interest of the client. Employees who have the authority to vote client securities must familiarize themselves with and strictly adhere to Graham's Proxy Voting Policies and Procedures.

Although the Advisers Act does not obligate advisers to adopt policies and procedures in respect of participating in class actions, in its capacity as a fiduciary to its clients Graham has nonetheless adopted such policies and procedures.

**B.Proxy Voting Policies and Procedures**

Graham has selected and retained ISS Governance Services to assist in the proxy voting process. The CCO manages Graham's relationship with ISS. The CCO ensures that ISS votes all proxies according to Graham's general guidance, and retains all required documentation associated with proxy voting.

Graham has approved a list of proxy voting guidelines that ISS generally follows when recommending how to vote on particular proxies. The following guidelines reflect ISS' general approach on certain key proxy proposals; however, these guidelines represent only a small number of proposals and the guidelines are much broader in scope and more detailed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Auditor Ratification</u>. ISS generally recommends to vote FOR proposals to ratify auditors except where (i) the auditor has a financial interest or association with the company, (ii) there is reason to believe the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position, (iii) poor accounting practices have been identified that rise to a serious level of concern or (iv) fees for non-audit services are excessive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Board of Directors</u>. ISS generally recommends to vote FOR director nominees except where (i) the board lacks accountability coupled with sustained poor performance relative to peers, (ii) the board demonstrates a lack of responsiveness (e.g., in responding to shareholder proposals, takeover offers, issues that resulted in one or more directors receiving more than 50% withhold/against votes, etc.), (iii) there are defects in the composition of the board (e.g., unacceptable attendance at board and committee meetings, directors serve on excessive number of boards of other companies, etc.), and (iv) the board lacks sufficient controls or features to ensure its independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Capital Structure Changes</u>. ISS generally recommends to vote (i) FOR proposals to increase the number of shares where the primary purpose is to issue shares in connection with a transaction on the same ballot, (ii) AGAINST proposals to increase the number of shares of a class with superior voting rights, (iii) AGAINST proposals to increase the number of shares if a vote for a reverse stock split is on the same ballot, and (iv) AGAINST proposals to create a new class of common stock, except under certain conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Executive Compensation</u>. ISS Generally recommends to vote (i) AGAINST advisory votes on executive compensation if there is a

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significant misalignment between CEO pay and company performance, the company maintains problematic pay practices or the board exhibits a significant level of poor communications and responsiveness to shareholders, (ii) AGAINST/WITHHOLD from the members of the compensation committee or full board as applicable where there is no management-say-on pay item on the ballot, and in other instances, and (iii) AGAINST an equity plan if there is a performance misalignment and the CEO's pay is skewed towards non-performance based equity awards.

Portfolio Managers that wish to deviate from ISS's proxy recommendations must provide the CCO with a written explanation of the reason for the deviation, as well as a representation that the employee and Graham are not conflicted in making the chosen voting decision.

Because Graham generally will vote proxies based upon the recommendations of ISS, there is little to no risk of a conflict of interest arising. However, in instances that might involve a conflict of interest between Graham and its clients, such as where a portfolio manager wishes to deviate from ISS's recommendation or such other instances as Graham may determine, the CCO, in conjunction with the compliance committee as appropriate, will review the relevant facts and determine whether or not a material conflict of interest may arise due to business, personal or family relationships of Graham, its owners, its employees or its affiliates, with persons having an interest in the outcome of the vote. If a material conflict exists, Graham will take steps to ensure that its voting decision is based on the best interests of the client and is not a product of the conflict. Graham shall keep appropriate records demonstrating how such conflicts were resolved.

ISS will retain, on Graham's behalf, the following information in connection with each proxy vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Issuer's name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The security ticker symbol or CUSIP, as 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The shareholder meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares that Graham 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A brief identification of the matter voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the matter was proposed by the Issuer or a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether Graham cast a vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How Graham cast its vote (for the proposal, against the proposal, or abstain); 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;• Whether Graham cast its vote with or against management.

With respect to each registered investment company for which Graham provides discretionary subadvisory services, Graham will provide each fund with a copy of Graham's proxy voting policy. In addition, when requested, Graham will provide such funds with information concerning Graham's proxy voting policy and voting results as required to enable such funds to file periodic proxy voting reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Class Actions**

As a fiduciary, Graham always seeks to act in the best interest of its clients, with good faith, loyalty, and due care. Accordingly, with respect to class actions involving any Graham Funds, Graham will determine whether the fund will (a) participate in a recovery achieved through a class action, (b) opt out of the class action and separately pursue its own remedy, or (c) opt out of the class action and not pursue its own remedy. Graham's legal department oversees the completion of Proof of Claim forms and any associated documentation the submission of such documents to the claim administrator, and the receipt of any recovered monies. Graham will maintain documentation associated with participation in class actions by any Graham Funds. Consistent with its procedures for selecting and monitoring service providers and its fiduciary obligation to Clients, Graham may utilize third-party service providers to facilitate the processing and administration of class action claims.

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Graham, for itself or on behalf of its funds, generally does not serve as the lead plaintiff in class actions because the costs of such participation typically exceed any extra benefits that accrue to lead plaintiffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Disclosures to Investors**

Graham includes a description of its policies and procedures regarding proxy voting and class actions in Part 2 of the Form ADV, along with a statement that Investors can contact Graham to obtain a copy of these policies and procedures and information about how Graham voted proxies.

Any request for information about proxy voting or class actions should be promptly forwarded to the CCO, who will respond to any such requests. As a matter of policy, Graham does not disclose how it expects to vote on upcoming proxies. Additionally, Graham does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

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**<u>Proxy Voting Policy</u>**

**<u>Revolution Capital Management, LLC</u>**

The Investment Advisers Act of 1940 requires an adviser who executes voting authority with respect to client securities to adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interest of clients.

If any client delegates proxy voting authority to a firm acting in a Sub-Adviser capacity, Revolution Capital Management, LLC (the "Sub- Adviser" or "the Firm") will vote the proxies received in a manner consistent with the best interests of its clients and in accordance with its proxy voting policies and procedures.

Sub-Adviser shall include in its brochure, if applicable, a summary of its proxy voting policies and procedures, along with statements that clients may request information regarding how Sub- Adviser voted their proxies and that clients may request a copy of Sub-Adviser's proxy voting policies and procedures.

The Firm, acting as a Sub-Adviser within the LoCorr Investment Trust is not delegated the responsibility of voting proxies for any investment company within the Trust. The adviser is responsible for voting proxies for any funds the Firm serves as Sub-Adviser within the LoCorr Investment Trust. The Firm will deliver any proxies received to the adviser within (1) week of receipt and the proxy voting will be governed by the proxy voting policies of the adviser and the Trust.

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**Proxy Voting Guidelines**

**Millburn Ridgefield Corporation**

**I.TYPES OF ACCOUNTS FOR WHICH MILLBURN RIDGEFIELD CORPORATION VOTES PROXIES**

Millburn Ridgefield Corporation ("Millburn") in its capacity as general partner or investment adviser of its clients that hold securities directly (*i.e.*, clients other than funds of funds or funds of managed accounts) votes proxies as follows: (i) for each client that has directly or impliedly authorized us to vote proxies in the investment management contract or otherwise; (ii) for each fund for which we act as adviser with the explicit or implied power to vote proxies; and (iii) for each ERISA account, if any, unless the plan document or investment advisory agreement specifically reserves the responsibility to vote proxies to the plan trustees.

**II.GENERAL GUIDELINES**

These policies and procedures are adopted in conformity with Rule 206(4)-6 promulgated under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). In voting proxies, Millburn is guided by general fiduciary principles. Millburn's goal is to act prudently, solely in the best interest of the beneficial owners of the accounts for which it is voting, and, in the case of ERISA accounts, for the exclusive purpose of providing economic benefits to such persons. Millburn attempts to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner that it believes will be consistent with efforts to maximize shareholder values.

**III.HOW MILLBURN VOTES**

It is Millburn's general policy, absent a particular reason to the contrary, to vote with management's recommendations on routine matters. For non-recurring extraordinary matters, Millburn votes on a case-by-case basis, generally following the suggestions for such matters detailed below. If there is a non-recurring extraordinary matter for which there is no suggestion detailed below, Millburn votes on a case-by-case basis in accordance with the General Guidelines set forth above in Section II above.

Millburn may deviate from the general policies and procedures outlined herein when it determines that the particular circumstances warrant such deviation and in order to serve the best interests of its clients. No guidelines can provide an exhaustive list of all issues that may arise nor can Millburn anticipate all future situations.

**IV.UNJUSTIFIABLE COSTS**

In certain situations, after doing a cost-benefit analysis, Millburn may abstain from voting where the cost of voting the client's proxy would exceed the anticipated benefits to the client of the proxy proposal. Any such abstention and the reasons thereof shall be memorialized.

**V.CONFLICTS OF INTEREST**

At times, conflicts may arise between the interests of a client or account, on the one hand, and the interests of Millburn or its affiliates, on the other hand. If Millburn determines that it has, or may be perceived to have, a conflict of interest when voting a proxy, Millburn will address matters involving such conflicts of interest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**if a proposal is addressed by the specific policies herein, Millburn will vote in accordance with such policies. Any decision to vote a proxy other than in accordance with the specific policies herein will be brought to the attention of the Chief Compliance Officer and that proxy will become subject to the requirements of (3) or (4) below, as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**if Millburn believes it is in the best interest of a client or account to depart from the specific policies provided for herein, Millburn will be subject to the requirements of(3) or (4) below, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**if the proxy proposal is (a) not addressed by the specific policies or (b) requires a case-by-case determination by Millburn, Millburn may vote such proxy as it determines to be in the best interest of the client or account, without taking any action described in (4) below, provided that such vote would be against Millburn's own interest in the matter (*i.e.*, against the perceived or actual conflict). Millburn will memorialize the rationale for such vote in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)**if the proxy proposal is (a) not addressed by the specific policies or (b) requires a case-by-case determination by Millburn, and Millburn believes it should vote in a way that may also benefit, or be perceived to benefit, its own interest, then Millburn must take one of the following actions in voting such proxy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**seek an independent third party for review and recommendation with respect to such proxy proposal (such third party maybe outside counsel or compliance consultant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**delegate the voting decision to an independent committee of partners, members, directors or other representatives of the client or account, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**inform the beneficial owners of the client or account of the conflict of interest and obtain consent to (majority consent in the case of a fund) vote the proxy as recommended by Millburn. The disclosure to the client will include sufficient detail regarding the matter to be voted on and the nature of the conflict that the client would be able to make an informed decision regarding the vote. If a client does not respond to such a conflict disclosure request or denies the request, Millburn may refrain from voting the securities held by that client's account.

**VI.VOTING POLICY**

These are policy guidelines that can always be superseded, subject to the duty to act solely in the best interest of the beneficial owners of accounts, by the investment management professionals responsible for the account with respect to which shares are being voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)Election of Directors**

**A.Voting on Director Nominees in Uncontested Elections.**

We vote **for** director nominees.

**B.Chairman and CEO is the Same Person.**

We vote **against** shareholder proposals that would require the positions of Chairman and CEO to be held by different persons.

**C.Majority of Independent Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **for** shareholder proposals that request that the board be comprised of a majority of independent directors. In determining whether an independent director is truly independent (*e.g.,* when voting on a slate of director candidates), we consider certain factors including, but not necessarily limited to, the following: (i) whether the director or his/her company provided professional services to the company or its affiliates either currently or in the past year; (ii) whether the director has any transactional relationship with the company; (iii) whether the director is a significant customer or supplier of the company; (iv) whether the director is

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employed by a foundation or university that received grants or endowments from the company or its affiliates; and (v) whether there are interlocking directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** shareholder proposals that request that the board audit, compensation and/or nominating committees include independent directors exclusively.

**D.Stock Ownership Requirements**

We vote **against** shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

**E.Term of Office**

We vote **against** shareholder proposals to limit the tenure of independent directors.

**F.Director and Officer Indemnification and Liability Protection**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**Subject to subparagraphs 2, 3, and 4 below, we vote **for** proposals concerning director and officer indemnification and liability protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**We vote **for** proposals to limit, and **against** proposals to eliminate entirely, director and officer liability for monetary damages for violating the duty of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**We vote **against** indemnification proposals that would expand coverage beyond just legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligations than mere carelessness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)**We vote **for** only those proposals that provide such expanded coverage noted in subparagraph 3 above in cases when a director's or officer's legal defense was unsuccessful if: (i) the director was found to have acted in good faith and in a manner that he reasonably believed was in the best interests of the company, *and* (ii) only the director's legal expenses would be covered.

**G.Charitable Contributions**

We vote **against** proposals to eliminate, direct or otherwise restrict charitable contributions.

**H.Mandatory Retirement Ages**

We vote on a **case-by-case** basis for proposals to set mandatory retirement ages prior to age 80 for directors. We vote **for** proposals to set a mandatory retirement age of 80 for directors.

**(5)<u>Proxy Contests</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Voting for Director Nominees in Contested Elections**

We vote on a **case-by-case** basis in contested elections of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Reimburse Proxy Solicitation Expenses**

We vote on a **case-by-case** basis against proposals to provide full reimbursement for dissidents waging a proxy contest.

**(6)<u>Auditors</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Ratifying Auditors**

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We vote **for** proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position or there is reason to believe the independent auditor has not followed the highest level of ethical conduct. Specifically, we will vote to ratify auditors if the auditors only provide the company audit and audit-related services and such other non-audit services the provision of which will not cause such auditors to lose their independence under applicable laws, rules and regulations.

**(7)<u>Proxy Contest Defenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Board Structure: Staggered vs. Annual Elections**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** proposals to classify the board, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** proposals to repeal classified boards and to elect all directors annually, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Shareholder Ability to Remove Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** proposals that provide that directors may be removed *only* for cause, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** proposals to restore shareholder ability to remove directors with or without cause, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**We vote **against** proposals that provide that only continuing directors may elect replacements to fill board vacancies, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**We vote **for** proposals that permit shareholders to elect directors to fill board vacancies, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Cumulative Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** proposals to eliminate cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** proposals to permit cumulative voting if there is an indication of a gap in the company's corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Shareholder Ability to Call Special Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** proposals to restrict or prohibit shareholder ability to call special meetings, except in the case of registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** proposals that remove restrictions on the right of shareholders to act independently of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Shareholder Ability to Act by Written Consent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** proposals to restrict or prohibit shareholder ability to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** proposals to allow or make easier shareholder action by written consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Shareholder Ability to Alter the Size of the Board**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**We vote **for** proposals that seek to fix the size of the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**We vote **against** proposals that give management the ability to alter the size of the board without shareholder approval.

**(3)<u>Tender Offer Defenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Poison Pills**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **for** shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote on a **case-by-case** basis for shareholder proposals to redeem a company's poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**We vote on a **case-by-case** basis management proposals to ratify a poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Fair Price Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **for** fair price proposals, as long as the shareholder vote requirement embedded in the provision is no more than a majority of disinterested shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** shareholder proposals to lower the shareholder vote requirement in existing fair price provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Freeze-Out Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **for** proposals to opt out of state freeze-out provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Greenmail**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **for** proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote on a **case-by-case** basis for anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Unequal Voting Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** dual class exchange offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **against** dual class re-capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Supermajority Shareholder Vote Requirement to Amend the Charter or Bylaws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **against** management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** shareholder proposals to lower supermajority shareholder vote requirements for charter and bylaw amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Supermajority Shareholder Vote Requirement to Approve Mergers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**We vote **against** management proposals to require a supermajority shareholder vote to approve mergers and other significant business combinations, except in the case of registered, closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**We vote **for** shareholder proposals to lower supermajority shareholder vote requirements for mergers and other significant business combinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.White Squire Placements**

We vote **for** shareholder proposals to require approval of blank check preferred stock issues.

**(3)<u>Miscellaneous Governance Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Confidential Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote **for** shareholder proposals that request corporations to adopt confidential voting, use independent tabulators and use independent inspectors of election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** management proposals to adopt confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Equal Access**

Except for registered, closed-end investment companies, we vote **for** shareholder proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Bundled Proposals**

We vote on a **case-by-case** basis for bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, we examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests and therefore not in the best interests of the beneficial owners of accounts, we vote against the proposals. If the combined effect is positive, we support such proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Amend Bylaws without Shareholder Consent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**Vote **against** proposal giving the board exclusive authority to amend the bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**Vote **for** proposals giving the board the ability to amend the bylaws with shareholders consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Shareholder Advisory Committees**

We vote on a **case-by-case** basis for proposals to establish a shareholder advisory committee.

**(3)<u>Capital Structure</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Common Stock Authorization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**We vote on a **case-by-case** basis for proposals to increase the number of shares of common stock authorized for issue, except as described below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**We vote **for** the approval requesting increases in authorized shares if the company meets certain criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)**Company has already issued a certain percentage (*i.e.*, greater than 50%) of the company's allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)**The proposed increase is reasonable (*i.e.*, less than 150% of current inventory) based on an analysis of the company's historical stock management or future growth outlook of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Stock Distributions: Splits and Dividends**

We vote on a **case-by-case** basis for management proposals to increase common share authorization for a stock split, provided that the split does not result in an increase of authorized but unissued shares of more than 100% after giving effect to the shares needed for the split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Reverse Stock Splits**

We vote **for** management proposals to implement a reverse stock split, provided that the reverse split does not result in an increase of authorized but unissued shares of more than 100% after giving effect to the shares needed for the reverse split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Blank Check Preferred Stock Authorization**

We vote **against** proposals to create, authorize or increase the number of shares with regard to blank check preferred stock with unspecified voting, conversion, dividend distribution and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Shareholder Proposals Regarding Blank Check Preferred Stock**

We vote **for** proposals requiring a shareholder vote for blank check preferred stock issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Adjust Par Value of Common Stock**

We vote **for** management proposals to reduce the par value of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Pre-emptive Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** We vote on a **case-by-case basis** for shareholder proposals seeking to establish them and consider the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)**size of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)**characteristics of the size of the holding (*i.e.*, holder owning more than 1% of the outstanding shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)**percentage of the rights offering (*i.e.*, rule of thumb is less than 5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** We vote on a **case-by-case** basis for shareholder proposals seeking the elimination of pre-emptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.Debt Restructuring**

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We vote on a **case-by-case** basis for proposals to increase common and/or preferred shares and to issue shares as part of a debt-restructuring plan. Generally, we approve proposals that facilitate debt restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Share Repurchase Programs**

We vote **for** management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

**<u>(8)</u><u>Executive and Director Compensation</u>**

In general, we vote **for** executive and director compensation plans, with the view that viable compensation programs reward the creation of stockholder wealth by having high payout sensitivity to increases in shareholder value. Certain factors, however, such as repricing underwater stock options without shareholder approval, would cause us to vote **against** a plan. Additionally, in some cases we would vote **against** a plan deemed unnecessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Shareholder Proposals to Limit Executive and Director Pay**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** We vote on a **case-by-case** basis for all shareholder proposals that seek additional disclosure of executive and director pay information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** We vote on a **case-by-case** basis for all other shareholder proposals that seek to limit executive and director pay. We have a policy of voting to limit the level of options and other equity-based compensation arrangements available to management to limit shareholder dilution and management overcompensation. We would vote against any proposals or amendments that would cause the available awards to exceed a threshold of 10% of outstanding fully diluted shares (*i.e.*, if the combined total of shares, common share equivalents and options available to be awarded under all current and proposed compensation plans exceeds 10% of fully diluted shares). We also review the annual award as a percentage of fully diluted shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Golden Parachutes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** We vote **for** shareholder proposals to have golden parachutes submitted for shareholder ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** We vote on a **case-by-case** basis all proposals to ratify or cancel golden parachutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Employee Stock Ownership Plans (ESOPs)**

We vote **for** proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (*i.e.*, generally greater than five percent of outstanding shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.401(k) Employee Benefit Plans**

We vote **for** proposals to implement a 401(k) savings plan for employees.

**<u>(9)</u><u>State/Country of Incorporation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Voting on State Takeover Statutes**

We vote on a **case-by-case** basis for proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions, and disgorgement provisions).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Voting on Re-incorporation Proposals**

We vote on a **case-by-case** basis for proposals to change a company's state or country of incorporation.

**<u>(10)</u> <u>Mergers and Corporate Restructuring</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Mergers and Acquisitions**

We vote on a **case-by-case** basis for mergers and acquisitions. In determining our vote on mergers and acquisitions, we also analyze the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**Valuation – whether the value to be received by the target shareholders (or paid by the acquirer) is reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**Market reaction – how the market desponded to the proposed deal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**Strategic rationale – whether the deal makes sense strategically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**Negotiations and process - whether the terms of the transaction were negotiated at arm's length; whether the process was fair and equitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Corporate Restructuring**

We vote on a **case-by-case** basis for corporate restructuring proposals, including minority squeeze outs, leveraged buyouts, spin-offs, liquidations, and asset sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Spin-offs**

We vote on a **case-by-case** basis for spin-offs. Considerations include the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Asset Sales**

We vote on a **case-by-case** basis for asset sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Liquidations**

We vote on a **case-by-case** basis for liquidations after reviewing management's efforts to pursue other alternatives, appraisal value of assets and the compensation plan for executives managing the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Appraisal Rights**

We vote **for** proposals to restore, or provide shareholders with, rights of appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Changing Corporate Name**

We vote on a **case-by-case** basis for changing the corporate name.

**(11) Social and Environmental Issues**

In general, we vote on a **case-by-case** basis on shareholder social and environmental proposals, on the basis that their impact on share value can rarely be anticipated with any high degree of confidence. In most cases, however, we vote **for** disclosure reports that seek additional information, particularly when it appears companies have not adequately addressed shareholders' social and environmental concerns. In

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determining our vote on shareholder social and environmental proposals, we also analyze the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**whether adoption of the proposal would have either a positive or negative impact on the company's short-term or long-term share value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**the percentage of sales, assets and earnings affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**the degree to which the company's stated position on the issues could affect its reputation or sales, or leave it vulnerable to boycott or selective purchasing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**whether the issues presented should be dealt with through government or company-specific action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**whether the company has already responded in some appropriate manner to the request embodied in a proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**whether the company's analysis and voting recommendation to shareholders is persuasive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**what other companies have done in response to the issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**whether the proposal itself is well framed and reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**whether implementation of the proposal would achieve the objectives sought in the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**whether the subject of the proposal is best left to the discretion of the board.

The voting policy guidelines set forth in this Section V may be changed from time to time by Millburn in its sole discretion.

**VII.RECORDKEEPING AND OVERSIGHT**

In accordance with Rule 204-2 under the Advisers Act, Millburn shall maintain the following records relating to proxy voting for the time periods set forth in the rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of these policies and procedures, and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each proxy form (as voted), unless such proxy is voted electronically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each proxy solicitation (including proxy statements) and related materials with regard to each vote, unless such material is available via EDGAR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• documentation relating to the identification and resolution of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any documents prepared by Millburn that were material to a making a decision on how to vote or that memorialized the basis for that decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each written client request for information on how Millburn voted proxies on behalf of the client, and a copy of any written response by Millburn to any (written or oral) client request for information on how Millburn voted proxies on behalf of the requesting client.

Such records shall be maintained and preserved in an easily accessible place for a period of not less than five years from the end of the fiscal year during which the last entry was made on such record, the first two years in Millburn's offices.

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In addition, with respect to proxy voting records of any fund registered under the Investment Company Act of 1940, Millburn 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.

In lieu of keeping copies of proxy statements, Millburn may rely on proxy statements filed on the EDGAR system as well as on third party records of proxy statements and votes cast if the third party provides an undertaking to provide the documents promptly upon request.

Clients may obtain information on how their securities were voted or a copy of Millburn's policies and procedures by written request.

**VIII.&nbsp;&nbsp;&nbsp;&nbsp;PROCEDURES FOR PROXIES**

The person designated by the Securities Investment Committee (the "Designated Proxy Voter") will be responsible for determining whether each proxy is specifically addressed by these policies and procedures. All proxies identified as governed by the specific instructions within these policies and procedures will be voted by that person in accordance with these policies.

Any proxies that are not specifically addressed by these policies and procedures will be submitted to the Securities Investment Committee, which will determine how to vote each such proxy by applying these policies. Upon making a decision, the rationale for the decision shall be documented and the proxy will be voted. The Designated Proxy Voter is responsible for the actual voting of all proxies in a timely manner and, in consultation with the Chief Compliance Officer, is responsible for monitoring the effectiveness of these policies. The Designated Proxy Voter and Chief Compliance Officer are also responsible for ensuring that adequate disclosures have been made to clients about procedures and how proxies were voted.

In the event that it is determined that the advice of an independent third party or a committee should be relied upon regarding the voting of a proxy, the Designated Proxy Voter will submit the proxy to such third party or committee for a decision. The Designated Proxy Voter will then have the proxy executed in accordance with such third party's or committee's decision.

________________________

These Proxy Voting Policies and Procedures will be reviewed on an annual basis.

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**Proxy Voting Guidelines**

**Crabel Capital Management**

Under Rule 206(4)-6 of the Advisers Act, it is a fraudulent, deceptive or manipulative course of business for an adviser to exercise voting authority with respect to client securities, unless the adviser (i) has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, (ii) has described its proxy voting policies and procedures to clients and offered to provide a copy of its proxy voting policies to clients upon request and (iii) has disclosed how clients may obtain information about how the adviser has voted proxies for the clients' accounts.

The Firm primarily trades futures and foreign exchange instruments; trading of equity securities is a minimal part of the Firm's trading programs. As most instruments traded do not give rise to proxy voting, Crabel does not vote proxies for any instruments held by the Funds or by Managed Accounts. The Firm will ensure that appropriate disclosures are provided to Fund investors in a Fund's offering documents and to Managed Accounts in the related advisory agreement to state that the Firm will not vote any proxies.

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**P/E Global LLC**

**Policy Regarding Proxy Voting**

**<u>Purpose and Scope</u>**

The purpose of this policy regarding proxy voting is to establish guidelines regarding proxies for which the Company has been delegated voting authority that are reasonably designed to conform with the requirements of applicable law.

**<u>General Policy</u>**

Rule 206(4)-6 of the Advisers Act requires a registered investment adviser that exercises proxy voting authority over Client securities to: (i) adopt and implement written policies and procedures that are reasonably designed to ensure that the investment adviser votes proxies related to Client securities in the best interest of its Clients; (ii) ensure that the written policies and procedures address material conflicts that may arise between the interests of the investment adviser and those of its Clients; (iii) describe its proxy voting procedures to Clients, and provide copies of such procedures upon request by such Clients; and (iv) disclose to Clients how they may obtain information from the investment adviser about how the adviser voted with respect to their securities. The Company is committed to implementing policies and procedures that conform with the requirements of the Advisers Act. To that end, it has implemented this policy to facilitate the Company's compliance with Advisers Act Rule 206(4)-6 and to ensure that proxies related to Client Securities are voted (or not voted) in a manner consistent with the best interest of its Clients.

**<u>Proxy Voting Policy</u>**

The Company generally does not invest in securities on behalf of its Clients other than as described below. In the event that the Company begins to invest in securities of public companies on behalf of a Client, it will adopt appropriate policies and procedures for proxy voting.

Some of the pooled investment vehicles managed by P/E Global may invest in money market or other securities from time to time. In voting proxies, P/E Global seeks to maximize the long-term value of client assets.

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**Proxy Voting Guidelines**

**Parametric Portfolio Associates LLC**

**Morgan Stanley Investment Management**

**Equity Proxy Voting Policy and Procedures**

**January 2026**

**INTRODUCTION**

This Equity Proxy Voting Policy and Procedures ("Policy") sets out Morgan Stanley Investment Management's ("MSIM")<sup>1</sup> approach to Proxy Voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The Policy is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

**A.&nbsp;&nbsp;&nbsp;&nbsp;MSIM APPROACH TO PROXY VOTING**

MSIM will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy ("Client Proxy Standard"). MSIM will generally seek to vote proxies in accordance with the Proxy Voting Guidelines set out below.

MSIM has a decentralized approach towards investment management, consisting of independent investment teams. Investment teams seek to integrate this Policy with their investment goals and client expectations, using their vote to support sound corporate governance with the aim of enhancing long-term shareholder value, providing a high standard of transparency, and enhancing companies' economic value. To that end, investment teams retain the overall vote decision.

Under this Policy, proxy voting is led by our investment teams with support from the Global Stewardship Team ("GST"). The GST supports investment teams to vote in accordance with the Client Proxy Standard and comprises individuals who are separate from our investment teams. The GST is also responsible for the consistent application of this Policy and the Proxy Voting Guidelines and for providing voting recommendations to investment teams. The GST also oversees the proxy voting operational processes, vote execution and research.

As a result of MSIM's independent investment team structure, a situation may emerge in which different investment teams have different views on how to vote the same proxy in the best interest of their respective clients. Under these circumstances, each investment team will vote according to their views, subject to market rules.

**B.&nbsp;&nbsp;&nbsp;&nbsp;APPLICABILITY OF POLICY**

This Policy<sup>2</sup> applies to proxy voting activities across MSIM. MSIM votes proxies on behalf of its sponsored funds and advisory clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.

Certain MSIM exchange-traded funds ("ETFs") will follow Calvert Research and Management's ("Calvert") Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM's oversight of Calvert's proxy voting and engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.

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**PROXY VOTING PROCEDURES**

MSIM follows the following procedures when voting proxies:

**A.&nbsp;&nbsp;&nbsp;&nbsp;PROPRIETARY PROXY VOTING PLATFORM**

MSIM uses a proprietary management system, Provosys<sup>3</sup>, when voting proxies. Provosys streamlines our proxy voting process by providing a centralized platform for research, vote instruction and management of conflicts of interests. We believe that the internal management of this process provides us with enhanced quality control, as well as oversight and independence of the proxy administration process. Our proprietary system also handles workflow around proxy voting, documenting the views of various investment teams and the GST where relevant.

**B.&nbsp;&nbsp;&nbsp;&nbsp;PROXY SERVICES PROVIDED BY THIRD PARTIES**

MSIM also retains the services of Institutional Shareholder Services ("ISS") and Glass Lewis (collectively, the "Proxy Service Providers<sup>4</sup>") for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company-level reports that summarize key data elements within an issuer's proxy statement or on specific thematic/market topics.

MSIM performs periodic due diligence on the Proxy Service Providers as part of ongoing oversight. Topics of the reviews include, but are not limited to, the Proxy Service Providers' management of conflicts of interest, methodologies for developing their policies, research, and resources.

While MSIM utilizes certain services from the Proxy Service Providers, all voting decisions are made by MSIM's investment teams.

**C.&nbsp;&nbsp;&nbsp;&nbsp;PROXY VOTING OPERATIONS**

The GST<sup>5</sup> is responsible for ensuring that voting instructions from investment teams and clients (where applicable) are communicated to our Proxy Service Provider responsible for proxy vote execution (currently, ISS serves in this capacity) and that adequate controls are in place to ensure instructions communicated electronically are accurately recorded in ISS systems for execution (including scenarios where votes have been split because of client preference or differing investment team convictions).

Additionally, the GST conducts monthly reviews of a vote audit report provided by ISS, confirming the execution status for meetings and conducts ex-post reviews to confirm that ISS has accurately implemented voting instructions.

**D.&nbsp;&nbsp;&nbsp;&nbsp;PROXY VOTING OVERSIGHT**

The Proxy Review Committee ("PRC") has overall responsibility for this Policy. The PRC consists of investment professionals who represent the different investment disciplines and/or geographic locations of MSIM and members of the GST. Additionally, the GST administers and implements the Policy through consultation with PRC members and MSIM investment teams, as well as monitors services provided by the Proxy Service Providers and any other research providers used in the proxy voting process.

**E.&nbsp;&nbsp;&nbsp;&nbsp;SECURITIES LENDING**

Accounts or funds sponsored, managed, or advised by MSIM may participate in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.

However, in certain circumstances a portfolio manager may seek to recall shares for the purposes of voting. In this event, the handling of such recall requests would be on a reasonable efforts basis.

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**F.&nbsp;&nbsp;&nbsp;&nbsp;MARKET AND OPERATIONAL LIMITATIONS**

Voting proxies of companies located in some jurisdictions may involve several issues that can restrict or prevent the ability to vote such proxies or entail significant costs. These issues include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of the listing organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions.

As a result, MSIM will use reasonable efforts to vote clients' non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.

**G.&nbsp;&nbsp;&nbsp;&nbsp;CONFLICTS OF INTEREST**

MSIM is part of Morgan Stanley, a global financial services group, and, as such, MSIM faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with companies in which MSIM may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between MSIM and other Morgan Stanley divisions.

MSIM has also enacted policies and procedures to address potential conflicts resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance with the Client Proxy Standard. The GST administers Policy implementation and is responsible for providing investment teams with voting recommendations in accordance with this Policy and the Proxy Voting Guidelines. The Head of GST may convene a special committee to oversee how a proxy should be voted in accordance with the Client Proxy Standard, in certain situations including circumstances where a potential material conflict of interest is not addressed by such policies and procedures. Any determinations of the special committee regarding a material conflict of interest will be reported to any applicable Fund Board, where appropriate.

MSIM also faces potential conflicts of interest when voting proxies of its parent company Morgan Stanley. In such situations, MSIM will seek to vote its shares in the same proportion as other holders of Morgan Stanley's shares

("echo vote").

**H.&nbsp;&nbsp;&nbsp;&nbsp;PROXY VOTING REPORTING & RECORDKEEPING**

We will promptly provide a copy of this Policy to any client requesting it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account. MSIM files an annual Form N-PX on behalf of each MSIM affiliate for which such filing is required, indicating how proxies were voted with respect to each MSIM affiliate fund's or advisor's holdings.

The GST will maintain requisite proxy voting books and records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any relevant research documents and (5) PRC and Special Committee decisions and actions. This documentation will be maintained for such period as required by relevant law and regulation.

MSIM also maintains rationales for its voting decisions at shareholder meetings (including votes against management) in a searchable database on an external website, which is updated on a rolling 12-month basis.

Records are retained in accordance with Morgan Stanley's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The

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Global Information Management Policy incorporates Morgan Stanley's Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

**I.&nbsp;&nbsp;&nbsp;&nbsp;REVIEW OF POLICY**

The PRC through consultation with PRC members, and in conjunction with the Legal and Compliance Division, reviews this Policy annually to ensure that it remains consistent with clients' best interests, regulatory requirements, investment team considerations, governance trends and industry best practices.

**MSIM PROXY VOTING GUIDELINES**

MSIM<sup>6</sup> (also defined as "We" within this section) will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the Client Proxy Standard.

Our proxy voting principles are rooted in the tenets of accountability, transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these rewards. When reviewing proposals, MSIM considers the financial materiality, including the company's exposure to the risk or opportunity, the management of such issues and company's current disclosures.

MSIM therefore expects the companies in which it invests to adhere to effective governance practices and to protect their shareholders' interests. In addition to these proxy voting guidelines, MSIM may review publicly disclosed information from the issuer, research, and other sources. Investment teams will independently make voting decisions as appropriate for their strategies.

**A.&nbsp;&nbsp;&nbsp;&nbsp;BOARD OF DIRECTORS**

The board of directors plays a key role in overseeing management and ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.

1.&nbsp;&nbsp;&nbsp;&nbsp;**BOARD COMPOSITION:** The role of the board of directors is to provide governance oversight and guidance to position the company for strategic success and drive long term value creation for shareholders. We believe that diverse perspectives on the board help directors assess and manage risks and opportunities comprehensively. Diversity on a board can include diversity of thought, background, skills, and experiences. Directors with a mix of tenures can also be beneficial to balance new perspectives with industry experience and knowledge. We generally expect the board to be composed of directors with adequate skill sets and diversity to provide oversight of the business, and in line with any local market regulations. Additionally, we expect the audit committee to have directors with appropriate financial expertise to serve on the committee.

2.&nbsp;&nbsp;&nbsp;&nbsp;**BOARD INDEPENDENCE:** We generally expect boards to adhere at a minimum to their prevalent market or regulatory standards on board independence. In most markets, a majority independent board is considered best practice. When assessing independence of directors, we may consider relevant circumstances and relationships with the company and related parties such as senior management or large shareholders.

In our experience, the right leadership structure is critical to a strong board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised of independent board members.

3.&nbsp;&nbsp;&nbsp;&nbsp;**BOARD ACCOUNTABILITY:** Director elections are the primary mechanism for shareholders to hold board members accountable. Therefore, we generally expect directors to be elected annually to serve on the board by majority vote. We generally expect directors who fail to receive majority shareholder support

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should resign from their position unless there is sufficient disclosure concerning the reasons why they failed to get support from a majority of the shareholders.

Boards should take into consideration the views of their long-term shareholders to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value creation of the company.

We may consider withholding support for directors where we have significant concerns due to inadequate risk oversight of potentially financially material issues<sup>7</sup>. We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements over consecutive years.

Directors should dedicate adequate time to their role and consider any other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether directors have adequate time for their responsibilities.

**B.&nbsp;&nbsp;&nbsp;&nbsp;AUDITORS**

Investors rely on auditors to attest to the integrity of a company's financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.

**C.&nbsp;&nbsp;&nbsp;&nbsp;EXECUTIVE AND DIRECTOR COMPENSATION**

Properly structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals, and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives. We generally expect compensation plan payouts to align with performance and long-term value creation.

We expect director compensation to follow market best practice and be aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value on the date of the grant and any re-pricing should not incur a significant cost to shareholders.

We generally expect employee ownership, retirement and severance plans to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost. We generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should be in line with market best practice and not excessive.

For compensation plans with performance metrics, in instances where performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these missed milestones depending on the circumstances.

We generally evaluate each compensation plan and any related proposals, including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation and related matters, we expect appropriate disclosures on relevant aspects.

**D.&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDER RIGHTS AND DEFENSES**

Companies should take actions and make decisions with the intent of maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those

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that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting shares should be what is required to effect change.

1.&nbsp;&nbsp;&nbsp;&nbsp;**SHAREHOLDER RIGHTS PLANS:** Shareholder rights plans, commonly known as poison pills, and similar take-over defenses should aim to promote long-term shareholder value creation. When designing plans and defenses, companies should ensure that they do not suppress potential value by unduly discouraging acquirers. We generally expect companies to seek shareholder approval or ratification of shareholder rights plans.

2.&nbsp;&nbsp;&nbsp;&nbsp;**UNEQUAL VOTING RIGHTS:** We generally expect companies to adhere to the one share one vote principle. When companies have dual-class structures, they should ensure that such structures are not misused to support instances where a few insiders may benefit at the cost of other shareholders. Ultimately, structures should strive to create alignment between the shareholders' economic interests and their voting power.

3.&nbsp;&nbsp;&nbsp;&nbsp;**VOTING REQUIREMENTS:** We typically prefer a majority vote standard for binding votes. We also expect management to be responsive to non-binding votes that have received majority support. We generally expect companies to protect minority shareholder rights as their primary goal when considering supermajority vote requirements.

4.&nbsp;&nbsp;&nbsp;&nbsp;**RIGHT TO CALL SPECIAL MEETINGS:** We generally expect companies to allow large shareholders to call special meetings. A large shareholder may be defined by a reasonable threshold or in line with prevalent market practices.

5.&nbsp;&nbsp;&nbsp;&nbsp;**PROXY ACCESS:** We generally consider ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group in our evaluation of proposals related to proxy access.

**E.&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL STRUCTURE**

We expect any changes to the capital structure to be driven by legitimate business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage shareholders.

Companies should provide a clear business rationale when requesting the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.

We generally consider specific company and market context when we evaluate proposals on dividend payout ratios and related matters.

**F.&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE TRANSACTIONS & PROXY RIGHTS**

We expect companies to provide a clear economic and strategic rationale for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.

**G.&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDER PROPOSALS**

In assessing shareholder proposals, we will carefully consider the potential financial materiality (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) of the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic, and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation and other risks that lie behind the proposal against costs of implementation.

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We generally support proposals that seek to enhance useful disclosure on potentially financially material issues (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management and pay equity. We focus on understanding the company's business and commercial context and recognize that there is no one size fits all that can be applied across the board.

We generally do not support shareholder proposals on matters best left to the board's discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome. We also generally do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) for the company.

**APPENDIX A**

**POLICY STATEMENT** 

The Policy, with respect to securities held in the accounts of clients applies to those MSIM entities that provide discretionary investment management services and for which an MSIM entity has authority to vote proxies. For purposes of this Policy, clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley pooled investment vehicles, and MSIM separately managed accounts (including accounts for Employee Retirement Income Security ("ERISA") clients and ERISA-equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and standards.

This Policy applies to the MSIM Affiliates set out in Section 1 of this Policy.

Each MSIM Affiliate will use its best efforts to vote proxies as part of its authority to manage, acquire and dispose of account assets.

■With respect to the U.S. registered investment companies sponsored, managed or advised by any MSIM Affiliate (the "Morgan Stanley Funds"), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors/Trustees of the Morgan Stanley Funds.

■For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the relevant governing board.

■For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory agreement or investment management agreement. Where an MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients, the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).

■In certain situations, a client or its fiduciary may reserve the authority to vote proxies for itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply with the client's policy.

■Certain ETFs will follow Calvert's Global Proxy Voting Guidelines set forth in Appendix A of Calvert's Proxy Voting Policies and Procedures and the proxy voting guidelines discussed below do not apply to such ETFs. See Appendix A of Calvert's Proxy Voting Policies and Procedures for a general discussion of the proxy voting guidelines to which these ETFs will be subject.

■For the Investment Management Private Side clients, each adviser will, as a fiduciary to its clients, vote proxies in the best interest of its clients in a manner consistent with the objective of

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maximizing long-term investment returns. The "Proxy Vote Designee" will be the professional responsible for overseeing the investment for which a proxy vote is required. The Proxy Vote Designee will typically be the asset manager (for Real Estate Investing or Infrastructure) or the investment professional (for Private Credit and Equity). The Proxy Vote Designee will vote proxies in accordance with any applicable stockholder or similar agreement, the business plan associated with an investment (if applicable), and if necessary, with the advice of senior management of the applicable client, all in a manner consistent with these procedures. Additionally, each adviser reserves the right to depart from these procedures in order to avoid voting decisions that it believes may be contrary to its clients' best interests.

In circumstances in which (i) an adviser has determined to consider a matter on a case-by-case basis; (ii) the subject matter is not covered by these procedures; (iii) a material conflict of interest is present; or (iv) an adviser might find it necessary to vote contrary to the general guidelines outlined in these procedures to maximize shareholder value and vote in the best interests of the client, the Proxy Vote Designee may consult with their coverage attorney regarding appropriate internal process, decisions and completion of the proxy material.

For IM Private Side clients, potential conflicts of interest may occur where an adviser or any of its affiliates or their respective employees has a direct or indirect economic stake in the outcome of a proxy vote that is different from a client's stake. When such a potential conflict arises between an adviser and any of its affiliates or their respective employees on the one hand and one or more of the clients on the other, a designee, in consultation with their coverage attorney, will evaluate the matter to determine whether an actual conflict exists. Where an actual conflict exists, the adviser will take necessary and appropriate steps to address the conflict. If more than one client invests in the same portfolio company, or Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) invests in the same portfolio company, Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) and the two or more clients may have different investment objectives, client-specific voting policies or ultimate economic interests. In these situations, opposing votes may be cast by the relevant investors. Potential conflicts or the appearance of conflicts of interests will be disclosed in the applicable client's private placement memorandum, Form ADV Part 2A, as well as in the client's partnership agreement or, in the case of separate account clients, the investment management agreement consistent with the adviser's obligations under the Investment Advisers Act of 1940, as amended

An MSIM Affiliate will not vote proxies unless the investment management agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.

In addition to voting proxies of portfolio companies, MSIM routinely engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures at investee companies and better inform our voting decisions. In certain situations, a client or its fiduciary may provide an MSIM Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client's policy.

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**APPENDIX B**

Appendix A applies to the following accounts managed by Morgan Stanley AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts; (iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should not be followed, the Proxy Review Committee has delegated the voting authority to vote securities held by accounts managed by AIP to the Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled meeting of the Proxy Review Committee.

In certain cases, AIP may determine to abstain from determining (or recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted), such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s) that might result from adopting or rejecting (as the case may be) the measure in question.

**WAIVER OF VOTING RIGHTS**

For regulatory reasons, AIP may either 1) invest in a class of securities of an underlying fund (the "Fund") that does not provide for voting rights; or 2) waive 100% of its voting rights with respect to the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a similar capacity for or on behalf of the Fund (each individually a "Designated Person," and collectively, the "Designated Persons"), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such Designated Person's death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the Fund to remove or replace a Designated Person; and

2.&nbsp;&nbsp;&nbsp;&nbsp;Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence of an event described in the Fund's organizational documents; provided, however, that, if the Fund's organizational documents require the consent of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective, then AIP may exercise its voting rights with respect to such matter.

_____________________________

<sup>1</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Management and Research, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below.)

<sup>2</sup> This Policy does not apply to MSIM's authority to exercise certain decision-making rights associated with investments in loans and other fixed-income instruments (collectively, "Fixed Income Instruments"). Instead, MSIM's Policy for Exercising Consents Related to Fixed Income Instruments applies to MSIM's exercise of discretionary authority or other investment management services, to the extent MSIM has been granted authority to exercise consents for an account with respect to any Fixed Income Instruments held therein.

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<sup>3</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

<sup>4</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

<sup>5</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

<sup>6</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Research Management, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below).

<sup>7</sup> For example, we may withhold support for a director we believe is responsible for a company's involvement/remediation of breach of global conventions such as UN Global Compact Principles on Human Rights, Labor Standards, Environment and Business Malpractice.

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**DG Partners LLP**

**Proxy Voting Policy**

DG Partners LLP ("DG Partners") is not a registered investment adviser under the Investment Advisers Act of 1940, nor is it required to be.

Further, the types of financial instrument which DG Partners will trade on behalf of funds / accounts are not expected to have any associated voting rights.

It is DG Partners' policy not to vote proxies on behalf of its clients.

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**Tages Capital LLP**

**Proxy Voting Policy**

Because the primary nature of the Firm's business is to select other managers to manage assets of the multi-manager solutions, the Firm typically does not engage in proxy voting for such accounts. Proxy voting normally will be carried out by the underlying managers. To the extent that a multi-manager solution holds securities directly, rather than through an underlying fund or manager, the Firm may vote proxies for such securities on behalf of the multi-manager solution. The Firm may also vote the shares or other ownership interests that a multi-manager solution holds in an underlying fund or master fund.

As such proxy voting undertake by the Firm directly will be considered on a case-by-case basis.

The Firm will keep records regarding corporate actions, proxy voting and how the Firm voted in each instance.

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PART C

OTHER INFORMATION

Item 28. Financial Statements and Exhibits.

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| | | |
|:---|:---|:---|
| (a) | Articles of Incorporation. | Articles of Incorporation. |
|  | (i) | <u>[Registrant's Agreement and Declaration of Trust, which was filed as an exhibit to Registrant's Registration Statement on December 22, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28a.htm)</u> |
|  | (ii) | <u>[Amendment No. 4 to the Agreement and Declaration of Trust filed as an exhibit to Post-Effective Amendment ("PEA") No. 17 to the Registration Statement on June 23, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418914002885/amd-declaration_agrmt.htm)</u> |
|  | (iii) | <u>[Amendment No. 5 to the Agreement and Declaration of Trust, filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/amd-declaration.htm)</u> |
| (b) | <u>[By-Laws. Registrant's By-Laws, which were filed as an exhibit to Registrant's Registration Statement on December 22, 2010, are hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28b.htm)</u> | <u>[By-Laws. Registrant's By-Laws, which were filed as an exhibit to Registrant's Registration Statement on December 22, 2010, are hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28b.htm)</u> |
| (c) | Instruments Defining Rights of Security Holder. None, other than in the Declaration of Trust and By-Laws of the Registrant. | Instruments Defining Rights of Security Holder. None, other than in the Declaration of Trust and By-Laws of the Registrant. |
| (d) | Investment Advisory Contracts. | Investment Advisory Contracts. |
|  | (i) | <u>[Management Agreement between the Trust and LoCorr Fund Management, LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/lfmlitmanagementagmtnov2024.htm)</u> |
|  | (ii) | <u>[Expense Limitation Agreement dated February 18, 2026 between the Trust and LoCorr Fund Management, LLC](lfmexpenselimitationagmtfe.htm)[—](lfmexpenselimitationagmtfe.htm)</u>**<u>[filed herewith.](lfmexpenselimitationagmtfe.htm)</u>** |
|  | (iii) | <u>[Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and Nuveen Asset Management, LLC filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/nuveen_sub-advxagmtxfeb2024.htm)</u> |
|  | (iv) | <u>[Amended Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and Graham Capital Management, L.P. filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/graham-subxadvagmtlhcfeb20.htm)</u> |
|  | (v) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Trust & Fiduciary Income Partners LLC filed as an exhibit to PEA No. 42 to the Registration Statement on June 28, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918003541/trustfid_subadv-agmt.htm)</u> |
|  | (vi) | <u>[Amended Sub-Advisory Agreement dated May 21, 2024 between LoCorr Fund Management, LLC and Millburn Ridgefield LLC filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/millburn-subxadvagmtlhcmay.htm)</u> |
|  | (vii) | <u>[Amended Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and Revolution Capital Management filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/revolution-subxadvagmtlfmi.htm)</u> |
|  | (viii) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Kettle Hill Capital Management, LLC filed as an exhibit to PEA No. 42 to the Registration Statement on June 28, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918003541/kettle_subadv-agmt.htm)</u> |

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| | | |
|:---|:---|:---|
| | (ix) | <u>[Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and R.G. Niederhoffer Capital Management, Inc. filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/rgniederhoffer-subxadvagmt.htm)</u> |
| | (x) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and BH-DG Systematic Trading LLP, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/bh-dgsubxadvagmtlsaaug2024.htm)</u>  |
| | (xi) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Crabel Capital Management, LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/crabelsub-advagmtlsa2024fi.htm)</u> |
| | (xii) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Parametric Portfolio Associates, LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/parametriclsasub-advisorya.htm)</u> |
| | (xiii) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and P/E Global LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/peinvestmentssub-advagmtls.htm)</u> |
| | (xiv) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Tages Capital LLP, on behalf of the](tages-subxadvagmtlfmixfeb2.htm)[LoCorr](tages-subxadvagmtlfmixfeb2.htm)[Macro Strategies Fund](tages-subxadvagmtlfmixfeb2.htm)[—](tages-subxadvagmtlfmixfeb2.htm)</u>**<u>[filed herewith.](tages-subxadvagmtlfmixfeb2.htm)</u>**  |
| | (xv) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Tages Capital LLP, on behalf of the](tages-subxadvagmtlheixfeb2.htm)[LoCorr Hedged Core Fund](tages-subxadvagmtlheixfeb2.htm)[—](tages-subxadvagmtlheixfeb2.htm)</u>**<u>[filed herewith.](tages-subxadvagmtlheixfeb2.htm)</u>**  |
| (e) | Underwriting Contracts. | Underwriting Contracts. |
|  | (i) | <u>[Distribution Agreement between the Trust and Quasar Distributors, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/dist_agmnt.htm)</u> |
|  | (ii) | <u>[Sixth Amendment to the Distribution Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_dst-agmt.htm)</u> |
|  | (iii) | <u>[Novation Agreement dated March 31, 2020, filed as an exhibit to PEA No. 47 to the Registration Statement on April 28, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418920003058/locorrnovationagreement.htm)</u>  |
| (f) | Bonus or Profit Sharing Contracts. None. | Bonus or Profit Sharing Contracts. None. |
| (g) | Custodial Agreement. | Custodial Agreement. |
|  | (i) | <u>[Custody Agreement between the Trust and U.S. Bank, N.A., which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/custody_agmnt.htm)</u> |
|  | (ii) | <u>[Sixth Amendment to the Custody Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_custody-agmt.htm)</u> |
|  | (iii) | <u>[Fourteenth Amendment to the Custody Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_custody-agmt.htm)</u> |
| (h) | Other Material Contracts. | Other Material Contracts. |
|  | (i) | <u>[Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/fundacct_agmnt.htm)</u> |

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| | | |
|:---|:---|:---|
| | (ii) | <u>[Sixth Amendment to the Fund Accounting Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_fundacct-agmt.htm)</u> |
| | (iii) | <u>[Fourteenth Amendment to the Fund Accounting Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_fundacct-agmt.htm)</u> |
| | (iv) | <u>[Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/transfer_agmnt.htm)</u> |
| | (v) | <u>[Sixth Amendment to the Transfer Agent Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_ta-agmt.htm)</u> |
| | (vi) | <u>[Fourteenth Amendment to the Transfer Agent Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_ta-agmt.htm)</u> |
| | (vii) | <u>[Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/fundadmin_agmnt.htm)</u> |
| | (viii) | <u>[Sixth Amendment to the Fund Administration Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_fundadmin-agmt.htm)</u> |
| | (ix) | <u>[Fourteenth Amendment to the Fund Administration Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_fundadmin-agmt.htm)</u> |
| (i) | Legal Opinion. | Legal Opinion. |
|  | (i) | <u>[Opinion and Consent of Thompson Hine LLP](locorrlegalconsent4-2026.htm)[—](locorrlegalconsent4-2026.htm)</u>**<u>[filed herewith.](locorrlegalconsent4-2026.htm)</u>** |
|  | (ii) | Opinion and Consent of Thompson Hine LLP for the LoCorr Strategic Allocation Fund, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference. |
| (j) | Other Opinions. | Other Opinions. |
|  | (i) | <u>[Consent of Independent Registered Public Accounting Firm](locorrauditorconsent4-2026.htm)[—](locorrauditorconsent4-2026.htm)</u>**<u>[filed herewith.](locorrauditorconsent4-2026.htm)</u>** |
| (k) | Omitted Financial Statements. None. | Omitted Financial Statements. None. |
| (l) | <u>[Initial Capital Agreements. Subscription Agreement between the Trust and the Initial Investor, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/initialcap_ltr.htm)</u> | <u>[Initial Capital Agreements. Subscription Agreement between the Trust and the Initial Investor, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/initialcap_ltr.htm)</u> |
| (m) | Rule 12b-1 Plans. | Rule 12b-1 Plans. |
|  | (i) | <u>[Amended Class A Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/classa-rule12b1_amd.htm)</u> |
|  | (ii) | <u>[Amended Class C Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/classc-rule12b1_amd.htm)</u> |

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| | | |
|:---|:---|:---|
| (n) | <u>[Amended Rule 18f-3 Plan filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/rule18f-3plan.htm)</u> | <u>[Amended Rule 18f-3 Plan filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/rule18f-3plan.htm)</u> |
| (o) | Reserved. | Reserved. |
| (p) | Code of Ethics. | Code of Ethics. |
|  | (i) | <u>[Code of Ethics for LoCorr Investment Trust, which was filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/lftcodeofethics2024.htm)</u> |
|  | (ii) | <u>[Code of Ethics for LoCorr Fund Management, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/coe.htm)</u> |
|  | (iii) | <u>[Code of Ethics for Nuveen Asset Management, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/sa-nuveen_coe.htm)</u> |
|  | (iv) | <u>[Code of Ethics for Trust & Fiduciary Income Partners LLC, which was filed as an exhibit to PEA No. 25 to the Registration Statement on April 29, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418916009341/bramshill_coe.htm)</u> |
|  | (v) | <u>[Code of Ethics for Graham Capital Management, L.P. filed as an exhibit to PEA No. 17 to the Registration Statement on June 23, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418914002885/gcm-coe.htm)</u> |
|  | (vi) | <u>[Code of Ethics for Millburn Ridgefield Corporation, which was filed as an exhibit to PEA No. 25 to the Registration Statement on April 29, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418916009341/millburn_coe.htm)</u> |
|  | (vii) | <u>[Code of Ethics for Revolution Capital Management, LLC, which was filed as an exhibit to PEA No. 25 to the Registration Statement on April 29, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418916009341/revolution_coe.htm)</u> |
|  | (viii) | <u>[Code of Ethics for BH-DG Systematic Trading LLP, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/bhdgcodeofethics_jan2024.htm)</u>  |
|  | (ix) | <u>[Code of Ethics for Crabel Capital Management, LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/crabelcapitalmanagementcod.htm)</u> |
|  | (x) | <u>[Code of Ethics for Parametric Portfolio Associates, LLC](msimpublic-privatesideco.htm)[—](msimpublic-privatesideco.htm)</u>**<u>[filed herewith.](msimpublic-privatesideco.htm)</u>** |
|  | (xi) | <u>[Code of Ethics for P/E Global LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/codeethics_240101xpeglobal.htm)</u> |
|  | (xii) | <u>[Code of Ethics for Tages Capital LLP](tagescoeexcerptofcompliman.htm)[—](tagescoeexcerptofcompliman.htm)</u>**<u>[filed herewith.](tagescoeexcerptofcompliman.htm)</u>** |
| (q) | Powers of Attorney. | Powers of Attorney. |
|  | (i) | <u>[Power of Attorney for the Trust, and a certificate with respect thereto, and each trustee and executive officer, which were filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, are hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/poa.htm)</u> |
|  | (ii) | <u>[Power of Attorney for Mark A. Thompson, which was filed as an exhibit to PEA No. 8 to the Registration Statement on April 17, 2013, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418913002147/poa_thompson.htm)</u> |
|  | (iii) | <u>[Power of Attorney for Daniel T. O'Lear, which was filed as an exhibit to PEA No. 65 to the Registration Statement on October 8, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924006159/locorrpoaolear2024.htm)</u>  |

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------

(iv) <u>[Power of Attorney for Jeffrey E. Place, which was filed as an exhibit to PEA No. 65 to the Registration Statement on October 8, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924006159/locorrpoaplace2024.htm)</u>

(v) <u>[Power of Attorney for Cathleen B. Tobin, which was filed as an exhibit to PEA No. 65 to the Registration Statement on October 8, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924006159/locorrpoatobin2024.htm)</u>

Item 29. Control Persons. None

Item 30. Indemnification.

Reference is made to Article VI of the Registrant's Agreement and Declaration of Trust which is included.

The application of the preceding indemnification provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue. The Registrant may maintain a standard mutual fund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

The Distribution Agreement with the Trust's principal underwriter (the "Distributor") provides that Trust shall indemnify, defend and hold the Distributor and each of its managers, officers, employees, representatives and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) (collectively, "Losses") that the Distributor Indemnitees may sustain or incur or that may be asserted against a Distributor Indemnitee by any person (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any Prospectus, or in any annual or interim report to shareholders, or in any advertisements or sales literature prepared by the Trust or its agent, or (ii) arising out of or based upon any omission, or alleged omission, to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) based upon the Trust's refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement; provided, subject to various limits contained in the Distribution Agreement.

Item 31. Business and Other Connections of the Investment Adviser and Sub-Adviser. LoCorr Fund Management, LLC, 687 Excelsior Boulevard, Excelsior, MN 55331 is a registered investment adviser. Additional information about the adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the adviser's Form ADV, file number 801-72130. Nuveen Asset Management, LLC, 333 West Wacker Drive, Chicago, IL 60606, serves as sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-71957. Graham Capital Management, L.P., 40 Highland Ave., Rowayton, CT 06853, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-73422. Kettle Hill Capital Management, LLC, 747 Third Avenue, 19<sup>th</sup> Floor, New York, NY 10017, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-77815. Millburn Ridgefield Corporation, 411 West Putnam Avenue, Suite 305, Greenwich, CT 06830, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and

------

the sub-adviser's Form ADV, file number 801-60938. Revolution Capital Management, LLC, 600 17th Street, Suite 6105, Denver CO 80202, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith. Bramshill Investments, LLC, 411 Hackensack Avenue, 9th Floor, Hackensack, NJ 07601 is a registered investment adviser. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-74578. R.G. Niederhoffer Capital Management, Inc., 1700 Broadway, 39th Floor, New York, New York 10019 serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-65629. Crabel Capital Management, 1999 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-110141. P/E Global LLC, 75 State Street, 31st Floor, Boston, MA 02109, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-72133. DG Partners LLP, 20 North Audley Street, London, UK, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-111869. Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, WA 98104, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-60485. Tages Capital, LLP, 39 St. James's Street, London, UK, serves as a sub-adviser to the Registrant. Additional information about the sub-adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the sub-adviser's Form ADV, file number 801-134112.

Item 32. Principal Underwriter. Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101 serves as the principal underwriter and distributor of shares of the Registrant's series.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Quasar Distributors, LLC, the Registrant's principal underwriter, acts as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;3. Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;5. Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;6. Davidson Multi-Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;7. Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;8. Huber Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;11. Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;16. PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;18. PIA High Yield Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;19. PIA MBS Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;22. Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;25. Pzena International Value ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;26. Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;27. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;28. Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;29. Pzena U.S. Large Cap Value ETF, Series of Advisors Series Trust

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&nbsp;&nbsp;&nbsp;&nbsp;30. Vox populi ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;31. Scharf ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;32. Scharf Global Opportunity ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;33. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;34. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;35. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;36. The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;37. Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;38. Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;39. Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;40. Brookfield Infrastructure Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;41. Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;42. Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;43. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;44. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;45. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;46. DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;47. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;48. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;49. AAM Crescent CLO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;50. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;51. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;52. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;53. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;54. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;55. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;56. AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;57. Acquirers Small and Micro Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;58. Aptus April Buffer, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;59. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;60. Aptus Deferred Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;61. Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;62. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;63. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;64. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;65. Aptus January Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;66. Aptus July Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;67. Aptus Laddered Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;68. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;69. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;70. Aptus October Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;71. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;72. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;73. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;74. BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;75. Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;76. ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;77. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;78. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;79. Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;80. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;81. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;82. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;83. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;84. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;85. Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;86. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;87. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;88. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;89. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

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&nbsp;&nbsp;&nbsp;&nbsp;90. Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;91. The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;92. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;93. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;94. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;95. U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;96. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;97. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;98. US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;99. First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;100. FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;101. The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;102. The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;103. Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;104. Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;105. Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;106. Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;107. Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;108. Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;109. The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;110. Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;111. Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;112. Optimized Equity Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;113. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;114. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;115. LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;116. LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;117. MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;118. ATAC Rotation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;119. Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;120. Kensington Credit Opportunities ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;121. Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;122. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;123. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;124. Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;125. LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;126. Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;127. Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;128. Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;129. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;130. Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;131. Muhlenkamp Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;132. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;133. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;134. Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;135. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;136. Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;137. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;138. Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;139. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;140. Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;141. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;142. Hood River Emerging Markets Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;143. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;144. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;145. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;146. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;147. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;148. SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;149. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

------

&nbsp;&nbsp;&nbsp;&nbsp;150. Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;151. Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;152. Monetta Trust

&nbsp;&nbsp;&nbsp;&nbsp;153. Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;154. Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;155. Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;156. Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;157. Oaktree Asset-Backed Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;158. Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;159. Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;160. Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;161. Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;162. Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;163. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;164. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;165. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;166. Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;167. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;168. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;169. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;170. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;171. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;172. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;173. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;174. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;175. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;176. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;177. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;178. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;179. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;180. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;181. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;182. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;183. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;184. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;185. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;186. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;187. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;188. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;189. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;190. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;191. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;192. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;193. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;194. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;195. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;196. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;197. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;198. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;199. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;200. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;201. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;202. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;203. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;204. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;205. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;206. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;207. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;208. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;209. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;210. SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;211. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;212. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;213. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;214. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;215. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;216. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;217. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;218. The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;219. RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;220. Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;221. SEG Partners Long/Short Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;222. Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;223. Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;224. Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;225. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;226. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;227. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;228. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;229. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;230. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;231. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;232. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;233. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;234. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;235. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;236. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;237. Wall Street EWM Funds Trust

&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, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Address</u> | <u>Position with Underwriter</u> | <u>Position with Registrant</u> |
| 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 |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, Maine 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, Maine 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the offices of the Registrant, Investment Adviser, Sub-Advisers, Principal Underwriter, Transfer Agent, Fund Accountant, Administrator and Custodian. The address of the Registrant and Investment Adviser is 687 Excelsior Boulevard, Excelsior, MN 55331. The addresses of the Sub-Advisers are as set forth above in response to Item 31. The address of the Principal Underwriter is 190 Middle Street, Suite 301, Portland, Maine 04101, and the address of

------

the Transfer Agent, Fund Accountant and Administrator is 615 East Michigan Street, Milwaukee, WI 53202. The address of the Custodian is 1555 N. Rivercenter Dr., Milwaukee, WI 53212.

Item 34. Management Services. None.

Item 35. Undertakings. The Registrant undertakes that each of its Subsidiaries will submit to inspection by the SEC.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 87 to its Registration Statement on Form N-1A meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act, and the Registrant has duly caused this Post-Effective Amendment No. 87 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus, State of Ohio, on the 29th day of April, 2026.

LoCorr Investment Trust

By: <u>Kevin M. Kinzie\*</u>

President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated and on the 29th day of April, 2026.

---

| | |
|:---|:---|
| <u>Signature</u> | <u>Title(s)</u> |
| Jon C. Essen\* | Trustee, Treasurer and Principal Financial Officer |
| Kevin M. Kinzie\* | Trustee, President and Principal Executive Officer |
| Mark A. Thompson\* | Trustee |
| Daniel T. O'Lear\* | Trustee |
| Jeffrey E. Place\* | Trustee |
| Cathleen B. Tobin\* | Trustee |

---

\*By: <u>/s/ JoAnn M. Strasser</u> 

JoAnn M. Strasser

Attorney-in-Fact

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Exhibit No.</u> |
| <u>[Expense Limitation Agreement](lfmexpenselimitationagmtfe.htm)</u> | EX.99.(d)(ii) |
| <u>[Sub-Advisory Agreement for Tages Capital LLP (Macro Strategies Fund)](tages-subxadvagmtlfmixfeb2.htm)</u> | EX.99.(d)(xiv) |
| <u>[Sub-Advisory Agreement Tages Capital LLP (Hedged Core Fund)](tages-subxadvagmtlheixfeb2.htm)</u> | EX.99.(d)(xv) |
| <u>[Opinion and Consent of Thompson Hine LLP](locorrlegalconsent4-2026.htm)</u> | EX.99.(i)(i) |
| <u>[Consent of Independent Registered Public Accounting Firm](locorrauditorconsent4-2026.htm)</u> | EX.99.(j)(i) |
| <u>[Code of Ethics for Parametric Portfolio Associates, LLC](msimpublic-privatesideco.htm)</u> | EX.99.(p)(x) |
| <u>[Code of Ethics for Tages Capital LLP](tagescoeexcerptofcompliman.htm)</u> | EX.99.(p)(xii) |

---

## Ex-99.D(Ii)

**<u>Expense Limitation Agreement</u>**

**February 18, 2026**

To:&nbsp;&nbsp;&nbsp;&nbsp;LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;687 Excelsior Blvd.

&nbsp;&nbsp;&nbsp;&nbsp;Excelsior, MN 55331

Dear Board Members:

You have engaged us to act as the sole investment adviser to the series of the LoCorr Investment Trust (the "Trust") listed on Appendix A to this Agreement (each a "Fund" and collectively, the "Funds"), pursuant to a Management Agreement, originally dated as of January 24, 2011, and as supplemented and amended from time to time.

Effective for the periods listed on Appendix A, we agree to waive management fees and/or reimburse each Fund for expenses the Fund incurs, but only to the extent necessary to maintain the Fund's total annual operating expenses after fee waivers and/or reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation and inclusive of offering and organizational costs incurred prior to the commencement of operations) at the amounts listed on Appendix A.

We further agree to waive all management fees from each Fund's subsidiary, so long as the subsidiary is wholly-owned by the Fund.

This Expense Limitation Agreement may not be terminated by LoCorr Fund Management, LLC, but may be terminated by the Fund's Board of Trustees, on 60 days' written notice to LoCorr Fund Management, LLC.

Any waiver or reimbursement by us is subject to repayment by the respective Fund within the three fiscal years following the fiscal year in which the expenses occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees.

Very truly yours,<br>LoCorr Fund Management, LLC<br><u>/s/ Jon C. Essen</u> <br>Jon C. Essen, Chief Financial Officer<br>

<u>Acceptance:</u> The foregoing Expense Limitation Agreement is hereby accepted.

LoCorr Investment Trust<br><u>/s/ Jon C. Essen</u> <br>Jon C. Essen, Treasurer and Secretary<br>

------

**Appendix A**

**LoCorr Investment Trust**

**Expense Limitation Agreement**

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit <br>as a Percentage of the Average Daily Net Assets of the Fund** | **Effective<br>Period<br>Through** |
| LoCorr Macro Strategies Fund | 1.84% | April 30, 2027 |
| LoCorr Long/Short Commodities Strategy Fund | 1.95% | April 30, 2027 |
| LoCorr Dynamic Opportunity Fund | 1.99% | April 30, 2027 |
| LoCorr Spectrum Income Fund | 1.80% | April 30, 2027 |
| LoCorr Market Trend Fund | 1.95% | April 30, 2027 |
| LoCorr Hedged Core Fund | 1.83% | April 30, 2027 |
| LoCorr Strategic Allocation Fund | 1.59% | April 30, 2027 |

---

*LoCorr Investment Trust*

*Expense Limitation Agreement*

## Ex-99.D(Xiv)

**LOCORR INVESTMENT TRUST AMENDED SUB-ADVISORY AGREEMENT**

SUB-ADVISORY AGREEMENT, dated as of February 18, 2026, between LoCorr Fund Management, LLC (the "Adviser"), and Tages Capital LLP (the "Sub-Adviser") is hereby effective.

WHEREAS, the Adviser acts as an investment adviser to LoCorr Macro Strategies Fund (the "Fund"), a series of shares of beneficial interest of the LoCorr Investment Trust, an Ohio business trust (the "Trust"), pursuant to a Management Agreement dated as of February 18, 2026 (the "Management Agreement");

WHEREAS, the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser desires to retain the Sub-Adviser to render investment advisory services to the Fund, and the Sub-Adviser is willing to render such services.

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, the parties hereto agree as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u> <u>and Status</u> <u>of</u> <u>Sub-</u><u>Adviser.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser hereby appoints the Sub-Adviser to provide investment advisory services to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor of the Adviser and the Trust and shall, unless otherwise expressly provided herein or authorized by the Adviser or the Board of Trustees of the Trust from time to time, have no authority to act for or represent the Adviser or the Trust in any way or otherwise be deemed an agent of the Adviser or the Trust. Adviser will be responsible for forwarding Adviser and/or Trust directions, notices and instructions to Sub-Adviser, in writing, which shall be effective upon receipt by the Sub-Adviser. The Sub-Adviser shall be fully protected in relying upon any such direction, notice, or instruction until it has been duly advised in writing of changes therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The UK regulatory disclosures set out at Appendix B hereto are hereby incorporated into this Agreement.

**Section 2. <u>Sub-Adviser's Duties.</u>** Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations for that portion of the Fund's assets assigned to the Sub-Adviser by the Adviser (the "Sub-Advised Assets") as well as the notional trading size of the Sub-Adviser Assets, including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund's investment objectives, policies and restrictions as stated in the Fund's most recent Prospectus and Statement of Additional Information that have been provided to Sub-Adviser by Adviser (together, the "Prospectus") and subject to the following understandings:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall furnish a continuous investment program for the Sub-Advised Assets and determine from time to time, with respect to the Sub-Advised Assets, what investments or securities will be purchased, retained or sold by the Fund and what portion of the Sub-Advised Assets will be invested or held uninvested as cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall use its best judgment in the performance of its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser, in the performance of its duties and obligations under this Agreement for the Fund, shall act in conformity with the most recent version of the Trust's Declaration of Trust, its By-Laws and the Fund's Prospectus that have been provided to it by the Adviser and with the reasonable instructions and directions of the Trust's Board of Trustees and the Adviser, and will conform to and comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations applicable to the Sub-Adviser and the trading of the Sub-Advised Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall place portfolio transactions pursuant to its determinations either directly with the issuer or with any broker and/or dealer in such securities or financial instruments, subject to Section 3 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall maintain books and records with respect to the transactions in securities and other financial instruments of the Sub-Advised Assets and shall render to the Adviser and the Trust's Board of Trustees such periodic and special reports as the Adviser and the Board may reasonably agree with the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall provide the Trust's custodian and fund accountant on each business day with information about Fund transactions in securities and other financial instruments for which it is responsible, and with such other information relating to the Trust as may be required under the terms of the then-current custody agreement between the Trust and the custodian, as provided to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Sub-Advised Assets, the Sub-Adviser shall respond as quickly as reasonably possible to any request from the Adviser or the Fund's fund accountant for assistance in obtaining price sources for securities or other financial instruments held by the Fund or determining a price when a price source is not available, and shall periodically review the prices used by the fund accountant to determine net asset value and advise the fund accountant promptly if any price appears to be incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Sub-Advised Assets, the Sub-Adviser shall vote all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that the Sub-Adviser deems, in good faith, to be in the best interests of the Fund and in accordance with the Sub-Adviser's proxy voting policy. The Sub-Adviser shall provide a copy of its proxy voting policy, and any amendments thereto, to the Adviser prior to the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser hereby represents that it has adopted a written code of ethics complying with the requirements of Rule l 7j-l under the 1940 Act and will provide the Adviser

-2-

------

and the Trust with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, the Sub-Adviser shall provide to the Board a written report that describes any issues arising under the code of ethics since the last report to the Board, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Sub-Adviser has adopted procedures reasonably necessary to prevent access persons (as that term is defined in Rule 17j-1) from violating the code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser agrees to maintain adequate compliance procedures to ensure its compliance with the 1940 Act, the Investment Advisers Act of 1940, as amended, and other applicable federal and state regulations with respect to its trading for the Fund. The Sub-Adviser shall provide to the Trust's Chief Compliance Officer the executive summary of its annual written report regarding the Sub-Adviser's compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Unless and until the Sub-Adviser is otherwise informed in writing, it is intended that all Fund assets without exception serve as "segregated assets" for the Sub-Adviser's compliance, with respect to its own trading, with the 1940 Act's applicable rules of asset segregation. The Adviser shall therefore cause all assets of the Fund not allocated to the Sub-Adviser for its own trading to be held in an account marked as a "segregated account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Some of the trading of the Sub-Adviser's investment program may be done in the Fund's wholly owned subsidiary, LCMFS Fund Limited, as determined by the Adviser with the Sub-Adviser's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall promptly notify the Adviser of any circumstance that occurs with respect to the Sub-Adviser or its personnel and /or systems that could reasonably be deemed to materially adversely affect its ability to perform its obligations and services as described in the Sub-Advisory Agreement or that are reasonably likely to have a material adverse impact on the Fund and the Adviser. Such circumstances could include, but are not limited to, items such as:

1)&nbsp;&nbsp;&nbsp;&nbsp;any potential legal or regulatory actions or litigation pertaining to the Sub-Adviser or any of its key employees and the disclosure of the results of those actions;

2)&nbsp;&nbsp;&nbsp;&nbsp;any material operational disruptions caused by the loss of functionality for key personnel or systems;

3)&nbsp;&nbsp;&nbsp;&nbsp;Any circumstance that would cause the Fund to revise its offering documents or marketing material, as supplied by the Adviser to the Sub-Adviser,

provided, however, that, for the avoidance of doubt, this notification obligation shall not apply to market events or changes in applicable tax law or regulation.

**Section 3. <u>Execution</u> <u>of</u> <u>Purchase</u> <u>and</u> <u>Sale</u> <u>Orders.</u>** In connection with purchases or sales of portfolio securities or other financial instruments for the account of the Fund, the Sub-Adviser will arrange for the placing of all orders for their purchase and sale for the account with brokers or dealers selected by the Sub-Adviser. The Sub-Adviser's selection of brokers and dealers

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will be reviewed by the Board from time to time. The Sub-Adviser will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, the Sub-Adviser will at all times seek for the Fund the best execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

The Sub-Adviser should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best execution, to the extent permitted under applicable law and regulation the Sub-Adviser is authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which it exercises investment discretion in accordance with the terms of this paragraph. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and to accounts over which the Sub-Adviser exercises investment discretion. The Trust and the Sub-Adviser understand and acknowledge that, although the information may be useful to the Fund and the Sub-Adviser, it is not possible to place a dollar value on such information. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund. The Sub-Adviser may not give consideration to sales of shares of the Fund as a factor in the selection of brokers and dealers to execute Fund portfolio transactions.

Subject to the provisions of the 1940 Act, and other applicable law, the Sub-Adviser, any of its affiliates or any affiliates of its affiliates may retain compensation in connection with effecting the Fund's portfolio transactions, including transactions effected through others. If any occasion should arise in which the Sub-Adviser gives any advice to clients of the Sub-Adviser concerning the shares of the Fund, the Sub-Adviser will act solely as investment counsel for such client and not in any way on behalf of the Fund.

**Section 4. <u>Services</u> <u>to Other Companies</u> <u>or</u> <u>Accounts.</u>** The Sub-Adviser's services to the Fund pursuant to this Agreement are not to be deemed to be exclusive and it is understood that the Sub-Adviser may render investment advice, management and other services to others, including other registered investment companies. The Adviser understands that the persons employed by the Sub-Adviser to assist in the performance of the Sub-Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Sub-Adviser or any affiliate of the Sub-Advisor to engage in and devote time and attention to other business or to render services of whatever kind or nature. During the term of the Agreement and for one year thereafter, each party agrees not to engage or employ the

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other party's employees who have been employed at any time during the term of the Agreement without the consent of the other party.

**Section 5. <u>Books and Records.</u>** The Sub-Adviser shall keep the books and records required to be maintained by it pursuant to Section 2(e) of this Agreement. The Sub-Adviser agrees that all records that it maintains for the Trust are the property of the Trust and it will promptly surrender any of such records to the Trust upon the Trust's request, subject to the right of the Sub-Adviser to retain copies of any such records that are required by law or regulation or the Sub-Adviser's internal recordkeeping policies to be kept by the Sub-Adviser. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by the Sub-Adviser with respect to the Trust by Rule 31a-1 under the 1940 Act.

**Section 6. <u>Expenses</u> <u>of</u> <u>the</u> <u>Sub-Adviser.</u>** During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement other than the cost of securities and investments purchased for the Fund (including taxes and brokerage commissions, if any and any required regulatory reporting). All other expenses to be incurred in the operation of the Fund will be borne by the Fund, except to the extent specifically assumed by the Sub-Adviser, the Adviser or a third party.

**Section** 7. **<u>Compensation of the Sub-Adviser.</u>** For the services provided and the expenses borne pursuant to this Agreement, the Adviser will pay to the Sub-Adviser as full compensation the fees as specified in Appendix A attached hereto. The Adviser agrees to provide sufficient information to the Sub-Adviser to support the Adviser's determination of the amount payable. This fee for each month will be paid to the Sub-Adviser during the succeeding month. The Adviser is solely responsible for the payment of the Sub-Adviser's fees, and the Sub-Adviser agrees not to seek payment of its fees from the Trust.

**Section 8. <u>Use of Names.</u>** The Trust, Adviser and Sub-Adviser acknowledge that all rights to the name "LoCorr" belong to the Adviser and all rights to the name "Tages" belong to the Sub-Adviser. In the event the Adviser ceases to be the adviser or the Sub-Adviser ceases to be the Sub-Adviser, the Trust's right to the use of the name "LoCorr" or "Tages," respectively, shall automatically cease on the 90th day following the termination of this Agreement. The right to the name may also be withdrawn by the Adviser or Sub-Adviser during the term of the Management Agreement or this Agreement, respectively, upon 90 days' written notice, respectively, by the Adviser or by the Sub-Adviser to the Trust. Nothing contained herein shall impair or diminish in any respect the Adviser's right to use the name "LoCorr" or the Sub-Adviser's right to use the name "Tages" in the name of, or in connection with, any other business enterprises with which, respectively, the Adviser or Sub-Adviser or may become associated. There is no charge to the Trust for the right to use these names.

The Adviser agrees to submit copies of all proposed prospectuses, proxy statements, reports to shareholders, sales literature, or other material prepared for distribution to interest holders of the Fund or the public that refer in any way to the Sub-Adviser (other than identifying the Sub-Adviser as Sub-Adviser to the Fund) to the Sub-Adviser at its principal office for review prior to use, and the Sub-Adviser agrees to review such materials by a reasonable and appropriate

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deadline. Neither the Adviser, nor the Fund nor any affiliate of the foregoing will use the registered trademarks, service marks, logos, names or any other proprietary designations of Sub-Adviser, its subsidiaries and/or affiliates (collectively, "Sub-Adviser Marks") in any advertising or promotional materials without Sub-Adviser's prior written approval, which will not be

unreasonably withheld. In the event of termination of this Agreement, the Adviser will continue to furnish to the Sub-Adviser copies of any of the above-mentioned materials that refer in any way to the Sub-Adviser. The provisions of this paragraph shall survive the termination of this Agreement.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability.</u>** Neither the Sub-Adviser nor its shareholders, members, officers, directors, employees, agents, control persons or affiliates of any thereof, shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of the Sub-Adviser, who may be or become an officer, director, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with the Sub-Adviser's duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee, shareholder, member or agent of the Sub-Adviser, or one under the Sub-Adviser's control or direction, even though paid by the Sub-Adviser.

Risk Acknowledgment. Adviser acknowledges that Sub-Adviser does not guarantee the future performance of the Fund or the Sub-Advised Assets or any specific level of performance, nor the success of Sub-Adviser's overall management of the Sub-Advised Assets. Accordingly, Adviser acknowledges and agrees that Sub-Adviser shall not have any legal or financial responsibility for performance or losses unless directly attributable to the gross negligence or willful misconduct of the Sub-Adviser, including the Sub-Adviser's failure to adhere to any investment policies and restrictions as described in the Prospectus.

**Section 10. <u>Duration and Termination.</u>** The term of this Agreement shall continue in effect for a period of up to two years from the date of this Agreement. This Agreement shall continue in effect from year to year thereafter, subject to termination as hereinafter provided, if such continuance is approved at least annually (a) by a majority of the outstanding voting securities (as defined in the 1940 Act) of such Fund or by vote of the Trust's Board of Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Adviser shall furnish to the Adviser and the Trust, promptly upon their request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

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This Agreement may be terminated at any time on at least 60 day's prior written notice to the Sub-Adviser, without the payment of any penalty, (i) by vote of the Board of Trustees, (ii) by the Adviser, (iii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or (iv) in accordance with the terms of any exemptive order obtained by the Trust or the Fund under Section 6(c) of the 1940 Act, exempting the Trust or the Fund from Section 15(a) and Rule 18f-2 under the 1940 Act. The Sub-Adviser may

terminate this Agreement at any time, without the payment of any penalty, on at least 60 days' prior written notice to the Adviser and the Trust. This Agreement will automatically and immediately terminate in the event of its assignment (as defined in the 1940 Act). Termination of this Agreement and/or the services of the Sub-Adviser will not affect (i) the validity of any action previously taken by Sub-Adviser under this Agreement; (ii) liabilities or obligations of the parties for transactions initiated before termination of this Agreement; or (iii) the Fund's obligation to pay advisory fees to Adviser. If this Agreement is terminated by the Adviser or Sub-Adviser, Sub-Adviser will have no further obligation to take any action subsequent to termination with respect to the Fund except as may be reasonably required pursuant to the notice of termination and in furtherance of its role as a fiduciary in order to facilitate an orderly transition of the management of the Fund.

**Section 11. <u>Amendment.</u>** This Agreement may be amended by mutual consent of the Adviser and the Sub-Adviser, provided the Trust approves the amendment (a) by vote of a majority of the Trustees of the Trust, including Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such amendment, and (b) if required under then current interpretations of the 1940 Act by the Securities and Exchange Commission, by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund affected by such amendment.

**Section 12. <u>Notices.</u>** Notices of any kind to be given in writing and shall be duly given if mailed or delivered to the Sub-Adviser at <u>Richard.silver@investcorptages.com</u> cc globalrates.ops@investcorptages.com, Attn: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>, and to the Adviser at <u>jessen@locorrfunds.com</u> or 687 Excelsior Blvd, Excelsior, MN 55331, or at such other address or to such other individual as shall be specified by the party to be given notice.

**Section 13. <u>Governing</u> <u>Law.</u>** (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without regard to the conflicts of laws principles thereof, and (b) any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act, shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission issued pursuant to said 1940 Act. In addition, where the effect of a requirement of the Act reflected in any provision of this Agreement is revised by rule, regulation or order of the Securities and Exchange Commission, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

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**Section 14. <u>Severabilitv.</u>** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

**Section 15. <u>Counterparts.</u>** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**Section 16. <u>Binding</u> <u>Effect.</u>** Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated and that his signature will operate to bind the party indicated to the foregoing terms. The Adviser further represents that this Agreement has been duly authorized by appropriate action of the Adviser, the Board and the Fund's shareholders

**Section 17. <u>Captions.</u>** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereto or otherwise affect their construction or effect.

**Section 18. <u>Change</u> <u>of Control.</u>** The Sub-Adviser shall notify Adviser and the Trust in writing at least 60 days, to the extent practicable, in advance of any change of control, as defined in Section 2(a)(9) of the 1940 Act, as will enable the Trust to consider whether an assignment, as defined in Section 2(a)(4) of the 1940 Act, would occur.

**Section 19. <u>Other</u> <u>Business.</u>** Except as set forth above, nothing in this Agreement shall limit or restrict the right of any of the Sub-Adviser's directors, shareholders, officers or employees, including those who may also be a trustee, officer, partner or employee of the Trust to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict the Sub-Adviser's right to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.

**Section 20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Monev Laundering.</u>** The Adviser, on its own behalf and on behalf of the Fund, confirms that where it is acting as principal or where it is acting on behalf of another person (notwithstanding that it enters into this Agreement and any transactions as principal), it is in compliance with the anti-money laundering regulations that apply to it. The Adviser shall provide any document or information to the Sub-Adviser that the Sub-Adviser may request for complying with its own anti-money laundering regulations.

**Section 21. <u>Confidentialitv.</u>** The Sub-Adviser agrees to treat all records and other information relating to the Trust and the securities and other investment holdings of the Fund as confidential and shall not disclose any such records or information to any other person other than its direct and indirect equity owners and their officers, directors, employees and representatives who are subject to a obligation to maintain the confidentiality of such records and information unless (i) the Board of Trustees of the Trust has approved the disclosure or (ii) such disclosure is compelled by law, regulation or judicial or regulatory or self-regulatory agency request. In addition, Sub-Adviser, and Sub-Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result

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of disclosing the Fund's portfolio holdings. Sub-Adviser agrees that, consistent with its Code of Ethics, neither it nor its officers, directors or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

The Adviser, on its own behalf or on behalf of the Fund, shall not disclose information of a confidential nature acquired in consequence of this Agreement, except for information that it may be entitled or bound to disclose by law, regulation or that is disclosed to its advisors where reasonably necessary for the performance of its professional services. Except to the extent necessary to conduct the Fund's business or as required by law, the Adviser shall not and, on behalf of its own behalf and or behalf of the Fund, shall neither disclose nor use information of a confidential nature, whether written or oral, contained in computer files or software, or otherwise (including without limitation trading instructions made by the Sub-Adviser and trading positions), relating to or concerning the Sub-Adviser's investment program. Adviser shall not and shall cause the Fund not to reverse engineer or attempt to reverse engineer the investment program and the Adviser acknowledges and agrees on behalf of both itself and the Fund that any attempt on its part to do so warrants the Sub-Adviser's recourse to immediate equitable relief.

Notwithstanding any other provision of this Agreement, to the extent that any market counterparty with whom the Sub-Adviser deals requires information relating to the Fund (including, but not limited to, the identity of the Adviser or the Fund and market value of the Fund), the Sub-Adviser shall be permitted to disclose such information to the extent necessary to effect transactions on behalf of the Fund in accordance with the terms of this Agreement.

**<u>Section</u> <u>22.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration</u> <u>as</u> <u>a</u> <u>Commodity</u> <u>Pool.</u>**

The Adviser will register as a commodity pool operator and cause the Fund to meet the qualifications of a commodity pool, under the regulations of the Commodity Futures Trading Commission and will continue such registration and qualification for the duration of this Agreement. The Adviser agrees on behalf of itself and the Fund that the Fund shall qualify as a "qualified eligible person" under Rule 4.7 of the regulations under the Commodity Exchange Act and that the Fund agrees to be so treated as an exempt account.

**<u>Section</u> <u>23.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Good</u> <u>Standing.</u>**

Adviser and Sub-Adviser hereby warrant and represent that they are each investment advisers in good standing that their respective regulatory filings are current and accurately reflect their advisory operations, and that they are in compliance with applicable state and federal rules and regulations pertaining to investment advisers. In addition, Adviser and Sub-Adviser further warrant and represent that neither is (nor any of their respective Associated Persons are) subject to any statutory disqualification set forth in Sections 203(e) and 203(f) of the Investment Advisers Act of 1940 (or any successor Advisers Act sections or rules), nor are they currently the subject of any investigation or proceeding which could result in statutory disqualification. Adviser and Sub-Adviser acknowledge that their respective obligations to advise the other with respect to these representations shall be continuing and ongoing, and should any representation change for any reason, each to advise the other immediately, together with providing the corresponding pertinent facts and circumstances.

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Each of the Adviser and Sub-Adviser agrees to promptly notify the other: (1) of the occurrence of any event that would disqualify it from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise, (2) in the event the SEC or other governmental authority has censured it, placed limitations upon its activities, functions or operations, or has commenced proceedings or an investigation that may result in any of these actions or (3) upon having a reasonable basis for believing that the Fund has ceased to

qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Adviser acknowledges receipt of a copy of Parts 2A and 2B of the Sub-Adviser's Form ADV at least 48 hours prior to entering into this Agreement.

**<u>Section</u> <u>24.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Force</u> <u>Majeure.</u>**

In addition, and without limiting any other provision of this Agreement, the Sub-Adviser shall not be liable for (i) force majeure or other events beyond the control of the Sub-Adviser, including without limitation any failure, default or delay in performance resulting from computer or other electronic or mechanical equipment failure, unauthorized access, theft, operator errors, government restrictions, exchange or market rulings or suspension of trading, strikes, failure of common carrier or utility systems, severe weather or breakdown in communications not reasonably within the control of the Sub-Adviser or other causes commonly known as "acts of god", whether or not any such cause was reasonably foreseeable, or (ii) general market conditions rather than a violation of this Agreement by the Sub-Adviser.

*[Signature block on following page]*

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***PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN ANY TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED ANY TRADING PROGRAM OF THE ADVISER OR SUB-ADVISER OR THIS AGREEMENT.***

IN WI1NESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date and year first above written.

---

| | |
|:---|:---|
| **ADVISER** | **SUB-ADVISER** |
| **LoCorr Fund Management, LLC** | **Tages Capital, LLP** |
| By: <u>/s/Jon Essen</u> | By: <u>/s/Salvatore Cordaro</u> |
| Name: <u>Jon Essen</u> | Name: <u>Salvatore Cordaro</u> |
| Title: <u>CFO</u> | Title: <u>CEO</u> |
|  | By: <u>/s/ Richard Silver</u> |
|  | Name: <u>Richard Silver</u> |
|  | Title: <u>CFO / COO</u> |

---

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**<u>Appendix</u> <u>A</u>**

The Adviser will pay the Sub-Adviser a monthly fee at an annual rate as set forth in the table below based on the average daily net asset value of the notional trading size of the combined Sub-Advised Assets in the Macro Strategies Fund and Hedged Core Fund. All Sub-Advised Assets will be paid at that fee rate for that monthly fee.

For example, if the combined Sub-Advised Assets in a month are $__ combined for the Funds mentioned above, then the entire notional amount of Sub-Advised Assets is paid at __% and no other fees rates are applied.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Daily Sub-Advised Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Fee Rate Used For Monthly Fee |
| $0-150000000 | __% |
| $150000001-250000000 | __% |
| $250000001-350000000 | __% |
| $350,000,001 or greater | __% |

---

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**<u>Appendix B</u>**

**UK Regulatory Disclosures**

The Sub-Adviser is authorized and regulated by the Financial Conduct Authority (the "FCA") of 12 Endeavour Square, London E20 IJN, United Kingdom in the conduct of its business in the UK. Nothing in this agreement shall exclude any liability of the Sub-Adviser to the Adviser or the Trust under the Financial Services and Markets Act 2000, as amended or the rules and guidance of the FCA (the "FCA Rules").

The Sub-Adviser will treat the Adviser as a "per se professional client" for the purposes of the FCA Rules. While the Adviser may request re-categorization, it is the Sub-Adviser's policy to provide services only to professional clients or eligible counterparties.

The Sub-Adviser will execute transactions in accordance with its execution policy, a summary of which has been provided to the Adviser. The Adviser confirms receipt of, and consents to, the execution policy. Specific instructions from the Adviser may prevent the Sub-Adviser from following steps designed and implemented in its execution policy to obtain the best possible result for execution of those orders in respect of the elements of execution covered by such instructions.

The Adviser agrees that the Sub-Adviser may execute trades outside a Trading Venue (as defined under the FCA Rules).

To the extent that the Sub-Adviser places a limit order, the Adviser hereby instructs the Sub-Adviser not to make public in respect of shares admitted to trading or traded on a Trading Venue which are not immediately executed under prevailing market conditions (and use reasonable efforts to procure that the broker does not make public) the details of such limit order unless the Sub-Adviser determines, in its reasonable discretion, that it is appropriate for such details to be made public (which shall, without limitation, be deemed to include where the relevant broker makes the relevant details of such limit order public in circumstances where the Sub-Adviser and/or any delegate has given the broker the discretion to do so).

The Sub-Adviser may use full service execution brokers when implementing its investment decisions in respect of the Fund. Such brokers may, in addition to routine order execution, facilitate the provision of research to the Sub-Adviser either from the broker itself or a third party research provider (together "third party research"). To the extent that this third party research does not relate to fixed income, currency or commodity instruments, the Sub-Adviser will pay for the costs of third party research in accordance with its policy on research and use of dealing commission.

All formal complaints should in the first instance be made in writing to the Sub-Adviser at the address stated at the beginning of this Agreement. Complaints to the Sub-Adviser will be dealt with in accordance with the FCA Rules. As a professional client, the Adviser will not qualify as an eligible complainant (as defined in the FCA Rules) and therefore will not be able subsequently to complain to the Financial Ombudsman Service.

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Since the Adviser does not qualify as an eligible claimant (as defined in the FCA Rules), no compensation will be available to the Adviser under the Financial Services Compensation Scheme established under Section 213 of the FSMA where the Sub-Adviser is unable, or is likely to be unable, to satisfy any claims against it.

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## Ex-99.D(Xv)

**LOCORR INVESTMENT TRUST AMENDED SUB-ADVISORY AGREEMENT**

SUB-ADVISORY AGREEMENT, dated as of February 18, 2026, between LoCorr Fund Management, LLC (the "Adviser"), and Tages Capital LLP (the "Sub-Adviser") is hereby effective.

WHEREAS, the Adviser acts as an investment adviser to LoCorr Hedged Core Fund (the "Fund"), a series of shares of beneficial interest of the LoCorr Investment Trust, an Ohio business trust (the "Trust"), pursuant to a Management Agreement dated as of February 18, 2026 (the "Management Agreement");

WHEREAS, the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser desires to retain the Sub-Adviser to render investment advisory services to the Fund, and the Sub-Adviser is willing to render such services.

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, the parties hereto agree as follows:

**Section 1. <u>Appointment</u> <u>and</u> <u>Status</u> <u>of</u> <u>Sub-</u><u>Adviser.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** The Adviser hereby appoints the Sub-Adviser to provide investment advisory services to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor of the Adviser and the Trust and shall, unless otherwise expressly provided herein or authorized by the Adviser or the Board of Trustees of the Trust from time to time, have no authority to act for or represent the Adviser or the Trust in any way or otherwise be deemed an agent of the Adviser or the Trust. Adviser will be responsible for forwarding Adviser and/or Trust directions, notices and instructions to Sub-Adviser, in writing, which shall be effective upon receipt by the Sub-Adviser. The Sub-Adviser shall be fully protected in relying upon any such direction, notice, or instruction until it has been duly advised in writing of changes therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The UK regulatory disclosures set out at Appendix B hereto are hereby incorporated into this Agreement.

**Section 2. <u>Sub-Adviser's</u> <u>Duties.</u>** Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment operations for that portion of the Fund's assets assigned to the Sub-Adviser by the Adviser (the "Sub-Advised Assets") as well as the notional trading size of the Sub-Adviser Assets , including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund's investment objectives, policies and restrictions as stated in the Fund's most recent Prospectus and Statement of Additional Information that have been provided to Sub-Adviser by Adviser (together, the "Prospectus") and subject to the following understandings:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall furnish a continuous investment program for the Sub-Advised Assets and determine from time to time, with respect to the Sub-Advised Assets, what investments or securities will be purchased, retained or sold by the Fund and what portion of the Sub-Advised Assets will be invested or held uninvested as cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall use its best judgment in the performance of its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser, in the performance of its duties and obligations under this Agreement for the Fund, shall act in conformity with the most recent version of the Trust's Declaration of Trust, its By-Laws and the Fund's Prospectus that have been provided to it by the Adviser and with the reasonable instructions and directions of the Trust's Board of Trustees and the Adviser, and will conform to and comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations applicable to the Sub-Adviser and the trading of the Sub-Advised Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall place portfolio transactions pursuant to its determinations either directly with the issuer or with any broker and/or dealer in such securities or financial instruments, subject to Section 3 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall maintain books and records with respect to the transactions in securities and other financial instruments of the Sub-Advised Assets and shall render to the Adviser and the Trust's Board of Trustees such periodic and special reports as the Adviser and the Board may reasonably agree with the Sub-Adviser request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall provide the Trust's custodian and fund accountant on each business day with information about Fund transactions in securities and other financial instruments for which it is responsible, and with such other information relating to the Trust as may be required under the terms of the then-current custody agreement between the Trust and the custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Sub-Advised Assets, the Sub-Adviser shall respond as quickly as reasonably possible to any request from the Adviser or the Fund's fund accountant for assistance in obtaining price sources for securities or other financial instruments held by the Fund or determining a price when a price source is not available, and shall periodically review the prices used by the fund accountant to determine net asset value and advise the fund accountant promptly if any price appears to be incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Sub-Advised Assets, the Sub-Adviser shall vote all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that the Sub-Adviser deems, in good faith, to be in the best interests of the Fund and in accordance with the Sub-Adviser's proxy voting policy. The Sub-Adviser shall provide a copy of its proxy voting policy, and any amendments thereto, to the Adviser prior to the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser hereby represents that it has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide the Adviser

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and the Trust with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, the Sub-Adviser shall provide to the Board a written report that describes any issues arising under the code of ethics since the last report to the Board, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Sub-Adviser has adopted procedures reasonably necessary to prevent access persons (as that term is defined in Rule 17j-1) from violating the code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser agrees to maintain adequate compliance procedures to ensure its compliance with the 1940 Act, the Investment Advisers Act of 1940, as amended, and other applicable federal and state regulations with respect to its trading for the Fund. The Sub-Adviser shall provide to the Trust's Chief Compliance Officer the executive summary of its annual written report regarding the Sub-Adviser's compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Unless and until the Sub-Adviser is otherwise informed in writing, it is intended that all Fund assets without exception serve as "segregated assets" for the Sub-Adviser's compliance, with respect to its own trading, with the 1940 Act's applicable rules of asset segregation. The Adviser shall therefore cause all assets of the Fund not allocated to the Sub-Adviser for its own trading to be held in an account marked as a "segregated account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Some of the trading of the Sub-Adviser's investment program may be done in the Fund's wholly owned subsidiary, LCHC Fund Limited, as determined by the Adviser with the Sub-Adviser's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall promptly notify the Adviser of any circumstance that occurs with respect to the Sub-Adviser or its personnel and/or systems that could reasonably be deemed to materially adversely affect its ability to perform its obligations and services as described in the Sub-Advisory Agreement or that are reasonable likely to have a material adverse impact on the Fund and the Adviser. Such circumstances could include, but are not limited to, items such as:

1)&nbsp;&nbsp;&nbsp;&nbsp;any potential legal or regulatory actions or litigation pertaining to the Sub-Adviser or any of its key employees and the disclosure of the results of those actions;

2)&nbsp;&nbsp;&nbsp;&nbsp;any material operational disruptions caused by the loss of functionality for key personnel or systems;

3)&nbsp;&nbsp;&nbsp;&nbsp;Any circumstance that would cause the Fund to revise its offering documents or marketing material as supplied by the Adviser to the Sub-Adviser.

**Section 3. <u>Execution</u> <u>of</u> <u>Purchase</u> <u>and</u> <u>Sale</u> <u>Orders.</u>** In connection with purchases or sales of portfolio securities or other financial instruments for the account of the Fund, the Sub-Adviser will arrange for the placing of all orders for their purchase and sale for the account with brokers or dealers selected by the Sub-Adviser. The Sub-Adviser's selection of brokers and dealers will be reviewed by the Board from time to time. The Sub-Adviser will be responsible for the

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negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, the Sub-Adviser will at all times seek for

the Fund the best execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

The Sub-Adviser should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best execution, to the extent permitted under applicable law and regulation the Sub-Adviser is authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which it exercises investment discretion in accordance with the terms of this paragraph. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and to accounts over which the Sub-Adviser exercises investment discretion. The Trust and the Sub-Adviser understand and acknowledge that, although the information may be useful to the Fund and the Sub-Adviser, it is not possible to place a dollar value on such information. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund. The Sub-Adviser may not give consideration to sales of shares of the Fund as a factor in the selection of brokers and dealers to execute Fund portfolio transactions.

Subject to the provisions of the 1940 Act, and other applicable law, the Sub-Adviser, any of its affiliates or any affiliates of its affiliates may retain compensation in connection with effecting the Fund's portfolio transactions, including transactions effected through others. If any occasion should arise in which the Sub-Adviser gives any advice to clients of the Sub-Adviser concerning the shares of the Fund, the Sub-Adviser will act solely as investment counsel for such client and not in any way on behalf of the Fund.

**Section 4. <u>Services</u> <u>to Other Companies</u> <u>or Accounts.</u>** The Sub-Adviser's services to the Fund pursuant to this Agreement are not to be deemed to be exclusive and it is understood that the Sub-Adviser may render investment advice, management and other services to others, including other registered investment companies. The Adviser understands that the persons employed by the Sub-Adviser to assist in the performance of the Sub-Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Sub-Adviser or any affiliate of the Sub-Advisor to engage in and devote time and attention to other business or to render services of whatever kind or nature. During the term of the Agreement and for one year thereafter, each party agrees not to engage or employ the

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other party's employees who have been employed at any time during the term of the Agreement without the consent of the other party.

**Section 5. <u>Books and Records.</u>** The Sub-Adviser shall keep the books and records required to be maintained by it pursuant to Section 2(e) of this Agreement. The Sub-Adviser agrees that all records that it maintains for the Trust are the property of the Trust and it will promptly surrender any of such records to the Trust upon the Trust's request, subject to the right of the Sub-Adviser to retain copies of any such records that are required by law or regulation or the Sub-Adviser's internal recordkeeping policies to be kept by the Sub-Adviser. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by the Sub-Adviser with respect to the Trust by Rule 31a-l under the 1940 Act.

**Section 6. <u>Expenses</u> <u>of the</u> <u>Sub-Adviser.</u>** During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement other than the cost of securities and investments purchased for the Fund (including taxes and brokerage commissions, if any and any required regulatory reporting). All other expenses to be incurred in the operation of the Fund will be borne by the Fund, except to the extent specifically assumed by the Sub-Adviser, the Adviser or a third party.

**Section** 7. **<u>Compensation of the Sub-Adviser.</u>** For the services provided and the expenses borne pursuant to this Agreement, the Adviser will pay to the Sub-Adviser as full compensation the fees as specified in Appendix A attached hereto. The Adviser agrees to provide sufficient information to the Sub-Adviser to support the Adviser's determination of the amount payable. This fee for each month will be paid to the Sub-Adviser during the succeeding month. The Adviser is solely responsible for the payment of the Sub-Adviser's fees, and the Sub-Adviser agrees not to seek payment of its fees from the Trust.

**Section 8. <u>Use of Names.</u>** The Trust, Adviser and Sub-Adviser acknowledge that all rights to the name "LoCorr" belong to the Adviser and all rights to the name "Tages" belong to the Sub-Adviser. In the event the Adviser ceases to be the adviser or the Sub-Adviser ceases to be the Sub-Adviser, the Trust's right to the use of the name "LoCorr" or "Tages," respectively, shall automatically cease on the 90th day following the termination of this Agreement. The right to the name may also be withdrawn by the Adviser or Sub-Adviser during the term of the Management Agreement or this Agreement, respectively, upon 90 days' written notice, respectively, by the Adviser or by the Sub-Adviser to the Trust. Nothing contained herein shall impair or diminish in any respect the Adviser's right to use the name "LoCorr" or the Sub-Adviser's right to use the name "Tages" in the name of, or in connection with, any other business enterprises with which, respectively, the Adviser or Sub-Adviser or may become associated. There is no charge to the Trust for the right to use these names.

The Adviser agrees to submit copies of all proposed prospectuses, proxy statements, reports to shareholders, sales literature, or other material prepared for distribution to interest holders of the Fund or the public that refer in any way to the Sub-Adviser (other than identifying the Sub-Adviser as Sub-Adviser to the Fund) to the Sub-Adviser at its principal office for review prior to use, and the Sub-Adviser agrees to review such materials by a reasonable and appropriate deadline. Neither the Adviser, nor the Fund nor any affiliate of the foregoing will use the

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registered trademarks, service marks, logos, names or any other proprietary designations of Sub-Adviser, its subsidiaries and/or affiliates (collectively, "Sub-Adviser Marks") in any advertising or promotional materials without Sub-Adviser's prior written approval, which will not be unreasonably withheld. In the event of termination of this Agreement, the Adviser will continue to furnish to the Sub-Adviser copies of any of the above-mentioned materials that refer in any way to the Sub-Adviser. The provisions of this paragraph shall survive the termination of this Agreement.

**Section 9. <u>Liability.</u>** Neither the Sub-Adviser nor its shareholders, members, officers, directors, employees, agents, control persons or affiliates of any thereof, shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of the Sub-Adviser, who may be or become an officer, director, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with the Sub-Adviser's duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee, shareholder, member or agent of the Sub-Adviser, or one under the Sub-Adviser's control or direction, even though paid by the Sub-Adviser.

Risk Acknowledgment. Adviser acknowledges that Sub-Adviser does not guarantee the future performance of the Fund or the Sub-Advised Assets or any specific level of performance, nor the success of Sub-Adviser's overall management of the Sub-Advised Assets. Accordingly, Adviser acknowledges and agrees that Sub-Adviser shall not have any legal or financial responsibility for performance or losses unless directly attributable to the gross negligence or willful misconduct of the Sub-Adviser, including the Sub-Adviser's failure to adhere to any investment policies and restrictions as described in the Prospectus.

**Section 10. <u>Duration and</u> <u>Termination.</u>** The term of this Agreement shall continue in effect for a period of up to two years from the date of this Agreement. This Agreement shall continue in effect from year to year thereafter, subject to termination as hereinafter provided, if such continuance is approved at least annually (a) by a majority of the outstanding voting securities (as defined in the 1940 Act) of such Fund or by vote of the Trust's Board of Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Adviser shall furnish to the Adviser and the Trust, promptly upon their request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

This Agreement may be terminated at any time on at least 60 day's prior written notice to the Sub-Adviser, without the payment of any penalty, (i) by vote of the Board of

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Trustees, (ii) by the Adviser, (iii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or (iv) in accordance with the terms of any exemptive order obtained by the Trust or the Fund under Section 6(c) of the 1940 Act, exempting the Trust or the Fund from Section 15(a) and Rule 18f-2 under the 1940 Act. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on at least 60 days' prior written notice to the Adviser and the Trust. This Agreement will automatically and immediately terminate in the event of its assignment (as defined in the 1940 Act). Termination of this Agreement and/or the services of the Sub-Adviser will not affect (i) the validity of any action

previously taken by Sub-Adviser under this Agreement; (ii) liabilities or obligations of the parties for transactions initiated before termination of this Agreement; or (iii) the Fund's obligation to pay advisory fees to Adviser. If this Agreement is terminated by the Adviser or Sub-Adviser, Sub-Adviser will have no further obligation to take any action subsequent to termination with respect to the Fund except as may be reasonably required pursuant to the notice of termination and in furtherance of its role as a fiduciary in order to facilitate an orderly transition of the management of the Fund.

**Section 11. <u>Amendment.</u>** This Agreement may be amended by mutual consent of the Adviser and the Sub-Adviser, provided the Trust approves the amendment (a) by vote of a majority of the Trustees of the Trust, including Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such amendment, and (b) if required under then current interpretations of the 1940 Act by the Securities and Exchange Commission, by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund affected by such amendment.

**Section 12. <u>Notices.</u>** Notices of any kind to be given in writing and shall be duly given if mailed or delivered to the Sub-Adviser at <u>Richard.silver@investcorptages.com</u> cc globa1rates.ops@investcorptages.com, Attn:___________________________, and to the Adviser at <u>jessen@locorrfunds.com</u> or 687 Excelsior Blvd, Excelsior, MN 55331, or at such other address or to such other individual as shall be specified by the party to be given notice.

**Section 13. <u>Governing</u> <u>Law.</u>** (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without regard to the conflicts of laws principles thereof, and (b) any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act, shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission issued pursuant to said 1940 Act. In addition, where the effect of a requirement of the Act reflected in any provision of this Agreement is revised by rule, regulation or order of the Securities and Exchange Commission, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**Section 14. <u>Severability.</u>** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

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**Section 15. <u>Counterparts.</u>** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**Section 16. <u>Binding</u> <u>Effect.</u>** Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated and that his signature will operate to bind the party indicated to the foregoing terms. The Adviser further represents that this Agreement has been duly authorized by appropriate action of the Adviser, the Board and the Fund's shareholders

**Section 17. <u>Captions.</u>** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereto or otherwise affect their construction or effect.

**Section 18. <u>Change of Control.</u>** The Sub-Adviser shall notify Adviser and the Trust in writing at least 60 days, to the extent practicable, in advance of any change of control, as defined in Section 2(a)(9) of the 1940 Act, as will enable the Trust to consider whether an assignment, as defined in Section 2(a)(4) of the 1940 Act, would occur.

**Section 19. <u>Other</u> <u>Business.</u>** Except as set forth above, nothing in this Agreement shall limit or restrict the right of any of the Sub-Adviser's directors, shareholders, officers or employees, including those who may also be a trustee, officer, partner or employee of the Trust to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict the Sub-Adviser's right to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.

**Section 20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Money</u> <u>Laundering.</u>** The Adviser, on its own behalf and on behalf of the Fund, confirms that where it is acting as principal or where it is acting on behalf of another person (notwithstanding that it enters into this Agreement and any transactions as principal), it is in compliance with the anti-money laundering regulations that apply to it. The Adviser shall provide any document or information to the Sub-Adviser that the Sub-Adviser may request for complying with its own anti-money laundering regulations.

**Section 21. <u>Confidentiality.</u>** The Sub-Adviser agrees to treat all records and other information relating to the Trust and the securities and other investment holdings of the Fund as confidential and shall not disclose any such records or information to any other person other than its direct and indirect equity owners and their officers, directors, employees and representatives who are subject to a obligation to maintain the confidentiality of such records and information unless (i) the Board of Trustees of the Trust has approved the disclosure or (ii) such disclosure is compelled by law, regulation or judicial or regulatory or self-regulatory agency request. In addition, Sub-Adviser, and Sub-Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. Sub-Adviser agrees that, consistent with its Code of Ethics, neither it nor its officers, directors or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

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The Adviser, on its own behalf or on behalf of the Fund, shall not disclose information of a confidential nature acquired in consequence of this Agreement, except for information that it may be entitled or bound to disclose by law, regulation or that is disclosed to its advisors where reasonably necessary for the performance of its professional services. Except to the extent necessary to conduct the Fund's business or as required by law, the Adviser shall not and, on behalf of its own behalf and or behalf of the Fund, shall neither disclose nor use information of a confidential nature, whether written or oral, contained in computer files or software, or otherwise (including without limitation trading instructions made by the Sub-Adviser and trading positions), relating to or concerning the Sub-Adviser's investment program. Adviser shall not and shall cause the Fund not to reverse engineer or attempt to reverse engineer the investment program and the Adviser acknowledges and agrees on behalf of both itself and the Fund that any attempt on its part to do so warrants the Sub-Adviser's recourse to immediate equitable relief.

Notwithstanding any other provision of this Agreement, to the extent that any market counterparty with whom the Sub-Adviser deals requires information relating to the Fund (including, but not limited to, the identity of the Adviser or the Fund and market value of the Fund), the Sub-Adviser shall be permitted to disclose such information to the extent necessary to effect transactions on behalf of the Fund in accordance with the terms of this Agreement.

**<u>Section</u> <u>22.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration</u> <u>as</u> <u>a</u> <u>Commodity</u> <u>Pool.</u>**

The Adviser will register as a commodity pool operator and cause the Fund to meet the qualifications of a commodity pool, under the regulations of the Commodity Futures Trading Commission and will continue such registration and qualification for the duration of this Agreement. The Adviser agrees on behalf of itself and the Fund that the Fund shall qualify as a "qualified eligible person" under Rule 4.7 of the regulations under the Commodity Exchange Act and that the Fund agrees to be so treated as an exempt account.

**<u>Section</u> <u>23.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Good</u> <u>Standing.</u>**

Adviser and Sub-Adviser hereby warrant and represent that they are each investment advisers in good standing that their respective regulatory filings are current and accurately reflect their advisory operations, and that they are in compliance with applicable state and federal rules and regulations pertaining to investment advisers. In addition, Adviser and Sub-Adviser further warrant and represent that neither is (nor any of their respective Associated Persons are) subject to any statutory disqualification set forth in Sections 203(e) and 203(f) of the Investment Advisers Act of 1940 (or any successor Advisers Act sections or rules), nor are they currently the subject of any investigation or proceeding which could result in statutory disqualification.. Adviser and Sub-Adviser acknowledge that their respective obligations to advise the other with respect to these representations shall be continuing and ongoing, and should any representation change for any reason, each to advise the other immediately, together with providing the corresponding pertinent facts and circumstances.

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Each of the Adviser and Sub-Adviser agrees to promptly notify the other: (1) of the occurrence of any event that would disqualify it from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise, (2) in the event the SEC or other governmental authority has censured it, placed limitations upon its activities, functions or operations, or has commenced proceedings or an investigation that may result in any of these actions or (3) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Adviser acknowledges receipt of a copy of Parts 2A and 2B of the Sub-Adviser's Form ADV at least 48 hours prior to entering into this Agreement.

**<u>Section</u> <u>24.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Force</u> <u>Majeure.</u>**

In addition, and without limiting any other provision of this Agreement, the Sub-Adviser shall not be liable for (i) force majeure or other events beyond the control of the Sub-Adviser, including without limitation any failure, default or delay in performance resulting from computer or other electronic or mechanical equipment failure, unauthorized access, theft, operator errors, government restrictions, exchange or market rulings or suspension of trading, strikes, failure of common carrier or utility systems, severe weather or breakdown in communications not reasonably within the control of the Sub-Adviser or other causes commonly known as "acts of god", whether or not any such cause was reasonably foreseeable, or (ii) general market conditions rather than a violation of this Agreement by the Sub-Adviser.

*[Signature block on following page]*

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***PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN ANY TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED ANY TRADING PROGRAM OF THE ADVISER OR SUB-ADVISER OR THIS AGREEMENT.***

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date and year first above written.

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| | |
|:---|:---|
| **ADVISER** | **SUB-ADVISER** |
| **LoCorr Fund Management, LLC** | **Tages Capital, LLP** |
| By: <u>/s/Jon Essen</u> | By: <u>/s/Salvatore Cordaro</u> |
| Name: <u>Jon Essen</u> | Name: <u>Salvatore Cordaro</u> |
| Title: <u>CFO</u> | Title: <u>CEO</u> |
|  | By: <u>/s/ Richard Silver</u> |
|  | Name: <u>Richard Silver</u> |
|  | Title: <u>CFO / COO</u> |

---

-11-

------

**<u>Appendix</u> <u>A</u>**

The Adviser will pay the Sub-Adviser a monthly fee at an annual rate as set forth in the table below based on the average daily net asset value of the notional trading size of the combined Sub-Advised Assets in the Macro Strategies Fund and Hedged Core Fund. All Sub-Advised Assets will be paid at that fee rate for that monthly fee.

For example, if the combined Sub-Advised Assets in a month are $__ combined for the Funds mentioned above, then the entire notional amount of Sub-Advised Assets is paid at ___% and no other fees rates are applied.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Daily Sub-Advised Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Fee Rate Used For Monthly Fee |
| $0-150000000 | __% |
| $150000001-250000000 | __% |
| $250000001-350000000 | __% |
| $350,000,001 or greater | __% |

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-12-

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**<u>Appendix</u> <u>B</u>**

**UK Regulatory Disclosures**

The Sub-Adviser is authorized and regulated by the Financial Conduct Authority (the "FCA") of 12 Endeavour Square, London E20 UN, United Kingdom in the conduct of its business in the UK. Nothing in this agreement shall exclude any liability of the Sub-Adviser to the Adviser or the Trust under the Financial Services and Markets Act 2000, as amended or the rules and guidance of the FCA (the "FCA Rules").

The Sub-Adviser will treat the Adviser as a "per se professional client" for the purposes of the FCA Rules. While the Adviser may request re-categorization, it is the Sub-Adviser's policy to provide services only to professional clients or eligible counterparties.

The Sub-Adviser will execute transactions in accordance with its execution policy, a summary of which has been provided to the Adviser. The Adviser confirms receipt of, and consents to, the execution policy. Specific instructions from the Adviser may prevent the Sub-Adviser from following steps designed and implemented in its execution policy to obtain the best possible result for execution of those orders in respect of the elements of execution covered by such instructions.

The Adviser agrees that the Sub-Adviser may execute trades outside a Trading Venue (as defined under the FCA Rules).

To the extent that the Sub-Adviser places a limit order, the Adviser hereby instructs the Sub-Adviser not to make public in respect of shares admitted to trading or traded on a Trading Venue which are not immediately executed under prevailing market conditions (and use reasonable efforts to procure that the broker does not make public) the details of such limit order unless the Sub-Adviser determines, in its reasonable discretion, that it is appropriate for such details to be made public (which shall, without limitation, be deemed to include where the relevant broker makes the relevant details of such limit order public in circumstances where the Sub-Adviser and/or any delegate has given the broker the discretion to do so).

The Sub-Adviser may use full service execution brokers when implementing its investment decisions in respect of the Fund. Such brokers may, in addition to routine order execution, facilitate the provision of research to the Sub-Adviser either from the broker itself or a third party research provider (together "third party research"). To the extent that this third party research does not relate to fixed income, currency or commodity instruments, the Sub-Adviser will pay for the costs of third party research in accordance with its policy on research and use of dealing commission.

-13-

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All formal complaints should in the first instance be made in writing to the Sub-Adviser at the address stated at the beginning of this Agreement. Complaints to the Sub-Adviser will be dealt with in accordance with the FCA Rules. As a professional client, the Adviser will not qualify as an eligible complainant (as defined in the FCA Rules) and therefore will not be able subsequently to complain to the Financial Ombudsman Service.

Since the Adviser does not qualify as an eligible claimant (as defined in the FCA Rules), no compensation will be available to the Adviser under the Financial Services Compensation Scheme established under Section 213 of the FSMA where the Sub-Adviser is unable, or is likely to be unable, to satisfy any claims against it.

-14-

## Ex-99.I(I)

![thlogoa.jpg](thlogoa.jpg)

April 29, 2026

LoCorr Investment Trust

687 Excelsior Boulevard

Excelsior, MN 55331

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: LoCorr Investment Trust, File Nos. 333-171360 and 811-22509

Gentlemen:

A legal opinion (the "Legal Opinion") that we prepared was filed with Post-Effective Amendment No. 67 to the LoCorr Investment Trust Registration Statement (the "Legal Opinion"). We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 87 to the Registration Statement (the "Amendment"), and consent to all references to us in the Amendment.

Very truly yours,

<u>/s/ THOMPSON HINE LLP</u>

Thompson Hine LLP

![thbottomlogoa.jpg](thbottomlogoa.jpg)

## Ex-99.J(I)

![cohenlogoa.jpg](cohenlogoa.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 LoCorr Macro Strategies Fund, LoCorr Long/Short Commodities Strategy Fund, LoCorr Dynamic Opportunity Fund, LoCorr Spectrum Income Fund, LoCorr Market Trend Fund, LoCorr Hedged Core Fund, and LoCorr Strategic Allocation Fund , each a series of LoCorr Investment Trust, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Consolidated Financial Highlights" in the Prospectus, and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

![cohensignature26a.jpg](cohensignature26a.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

April 29, 2026

## Ex-99.P(X)

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1 MORGAN STANLEY INVESTMENT MANAGEMENT PUBLIC AND PRIVATE SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES March 23, 2026

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2 **TABLE OF CONTENTS** I. INTRODUCTION .......................................................................................................................................... 3 A. General ........................................................................................................................................................ 3 B. Standards of Business Conduct ................................................................................................................. 3 C. Mandatory Training Requirements .......................................................................................................... 4 D. Overview of Code Requirements ............................................................................................................... 5 E. Personal Conflicts ....................................................................................................................................... 6 II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS .................................................... 7 A. Personal Securities Accounts ....................................................................................................................... 7 B. Fully Managed Account\* ........................................................................................................................... 7 C. Other Morgan Stanley Sponsored Accounts ............................................................................................ 8 D. Non-Morgan Stanley Accounts .................................................................................................................... 8 E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL .............................. 8 F. Mutual Fund Accounts ............................................................................................................................... 8 G. Automatic Investment Plans ........................................................................................................................ 9 H. Investment Clubs ......................................................................................................................................... 9 I. Cryptocurrencies ......................................................................................................................................... 9 III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS .......... 10 A. General ...................................................................................................................................................... 10 B. Initiating a Trade ....................................................................................................................................... 10 C. Requirements for Tier 1 Employee ........................................................................................................... 10 D. Restrictions and Requirements for Tier 2 Employees and IM Public Side Investment Personnel ...... 11 E. Restrictions and Requirements that apply to Research Recommendations or Conclusions .............. 11 F. Restrictions and Requirements for Omni and Those Who Have Access to Flex One ........................ 12 G. IM Private Side Employees and Those Designated to be "Above-the-Wall" ............................................ 12 H. Transacting in Morgan Stanley Securities................................................................................................. 12 I. Trading Derivatives .................................................................................................................................. 13 J. Other Restrictions ..................................................................................................................................... 14 K. Other Activities Requiring Pre-Clearance ................................................................................................ 14 IV. HOLDING REQUIREMENTS ................................................................................................................... 15 A. Proprietary or Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds ........................ 15 B. Covered Securities ..................................................................................................................................... 15 C. Holding Requirements Specific to MSIMJ Employees ............................................................................. 15 D. Holding Requirements Specific to HK Type 9 License Holder Employees ............................................ 15 V. REPORTING REQUIREMENTS............................................................................................................... 16 A. Initial Reporting and Holdings Certification ............................................................................................. 16 B. Quarterly Reporting and Certification ................................................................................................... 16 C. Annual Reporting and Holdings Certification ........................................................................................ 17 VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS ............................................... 19 A. Approval to Engage in an Outside Business Activity ............................................................................. 19 B. Approval to Invest in a Private Investment ............................................................................................ 20 VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS .......................................................................... 20 VIII. ENFORCEMENT AND SANCTIONS ........................................................................................................ 20 IX. RELATED POLICIES ................................................................................................................................ 21 X. RECORDKEEPING .................................................................................................................................... 21 A. Firm Requirements .................................................................................................................................. 21 B. MSIM Maintenance of Records Relevant to this Code .......................................................................... 22 SCHEDULE A ........................................................................................................................................................... 23 XI. DEFINITIONS ................................................................................................................................................ 26 SCHEDULE B ........................................................................................................................................................... 33

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3 I. INTRODUCTION A. General The Morgan Stanley Investment Management ("MSIM") Public and Private Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act") and similar requirements applicable to our business globally. The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as an MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter. In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd. B. Standards of Business Conduct MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions. Please keep in mind that the Code is only a guide and it cannot and does not attempt to cover all possible situations that may arise in the ordinary course of MSIM's business. In addition, the Code does not supersede, amend or interpret the Morgan Stanley Code of Conduct, the Firm's Code of Ethics and Business Conduct, Firmwide Global Employee Trading Policy, or any other Morgan Stanley personal employee trading policy or compensation plan to which Covered Persons are subject. Fiduciary Duties You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules: • The interests of Clients must always be placed first. • All personal securities transactions must be conducted in compliance with the rules contained in this Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility. • You should never use your position with MSIM, or information acquired through your employment, in your personal trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If Who is Subject to This Code? ALL MSIM Employees and all others deemed Covered Persons in the definitions section of this policy by Compliance.

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4 such a conflict or potential conflict arises, you must report it immediately to your local Compliance group. • Ensure investment advice is suitable given the Client's investment objectives and strategies. • Provide Clients and the IM Private Side Investment Committee(s) with full and fair disclosure of all material facts, as appropriate; communicate in a way that is clear and not misleading. In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly: • Defrauds a Client in any manner. • Misleads a Client, including any statement that omits material facts. • Operates or would operate as a fraud or deceit of a Client. • Functions as a manipulative practice with respect to a Client or securities. Personal Securities Transactions and Relationship to MSIM Clients MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short-term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated. These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients. Ignorance of the law or rules is not a defense from, or an excuse for, penalties or sanctions. Any Covered Person who is uncertain about their requirements under this Code of Ethics, or whether certain practices are in compliance with the law, should consult Compliance. If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately in accordance with the Global Speaking Up and Reporting Concerns Policy. C. Mandatory Training Requirements The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry Mandatory Training Requirements Please note that the trainings listed immediately below may have a shorter due date than others. Any late training may result in a violation. Training Name Description Morgan Stanley Investment Management Initial Disclosure Form Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP Outside Business Interests - New Hires Part of the Global NFR Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments

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5 standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements. To ensure compliance, MSIM educates its Covered Persons on laws related to its activities, which may include periodically issuing training, bulletins, manuals and memoranda. Covered Persons are expected to read all such materials and be familiar with their contents. Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to: • Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard; • Issuance of a Letter of Warning / Education to the employee and employee's Manager; • Record delinquency in the Compliance Incident Tracking of Employees database; or • Suspension or termination of employment Non-completion of the Code of Conduct or the Code of Ethics training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley. D. Overview of Code Requirements Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations: You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions. Personal Securities Account •Pre-clearance •Reporting Personal Trading •Pre-clearance •Holding Period •Reporting Outside Acivity and Private Investments •Pre-clearance •Reporting

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6 E. Personal Conflicts As per the Firm's Code of Conduct, personal conflicts can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients. If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the Outside Business Interests (OBI) System. Consult the Conflicts of Interest InfoPage for additional information. To reinforce our commitment to avoid conflicts of interest and act in the best interest of our Clients, the following rules have been adopted: • Covered Persons may not act on behalf of MSIM or a Client in connection with any transaction in which they have a personal interest. • Broker-dealers, service providers and suppliers should be selected based on quality, reliability, price, service and technical advantages in accordance with applicable firm policies. Examples of Potential Personal Conflicts include, but are not limited to:  Having a personal or family interest in a transaction involving Morgan Stanley.  Competing with Morgan Stanley for the purchase or sale of services.  Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley.  Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location).  Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees.  Working for a competitor, customer or supplier of MSIM while a Covered Person.  Directing business to a broker-dealer, service provider or supplier owned or managed by, or that employs, a relative or friend.

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7 II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS A. Personal Securities Accounts Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or Preferred Brokers, as applicable to the respective jurisdiction. Requirements may vary in non-U.S. offices. New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire/becoming a Covered Person and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code. New accounts due to marriage, inheritance, etc. are required to be disclosed within 10 calendar days of the event. Opening a Morgan Stanley or E\*TRADE Brokerage Account. When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account at etrade.com/msemployee or going to myfinances/ to open a Morgan Stanley account. Employees do not need prior approval via the OBI system to open accounts with Morgan Stanley or E\*TRADE. B. Fully Managed Account\* With prior approval, Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo-advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and may be required to periodically upload duplicate copies of statements into the system upon Compliance's request or where applicable, EIAC will arrange for copies of the statements to be sent to the Firm. With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account. To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments. \*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in Schedule B are prohibited from opening Fully Managed Accounts.

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8 C. Other Morgan Stanley Sponsored Accounts You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III. D. Non-Morgan Stanley Accounts Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System periodically upon Compliance's request. Requirements may vary in non-U.S. offices. If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account. Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be disclosed in the OBI System for review by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed during the Initial Disclosure Process and as part of the annual certification process. Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure. E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre- clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("TPC") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply. F. Mutual Fund Accounts You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non- affiliated open-end Mutual Funds do not require disclosure in the OBI System if the account does

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9 not have the ability to trade in Covered Securities. G. Automatic Investment Plans With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase. H. Investment Clubs You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products. I. Cryptocurrencies You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether such capability is utilized). While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., private investments, outside business activities (including mining), and participating in Initial Coin Offerings ("ICOs")) require disclosure and pre-approval through the OBI System(please see the Global Employee Trading, Investing and Outside Business Activities Policy). Automatic Investment Plans Employees are not required to pre- clear automatic investments made as part of an established DRIP or DPP; however, any future, off- scheduled, self-directed transactions (buys, sells and gifts) require pre-clearance. You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure.

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10 III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS A. General You and your Immediate Family are required to pre- clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre- clear that trade prior to execution. See the Securities Transaction Matrix in Schedule A for additional information regarding the requirements for pre- clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal. Personal trade requests for IM Public Side employees will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio. Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions". Please consult with your local Compliance if you have any questions. B. Initiating a Trade Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the TPC system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade. C. Requirements for Tier 1 Employee Covered Persons deemed Tier 1 Employees have until the close of next business day from the date of approval to execute the trade. Note: Omni Personnel and those who have access to Flex One; see Section III.F "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below. How to Preclear a Trade and Other Helpful Hints • Open the TPC system (type "TPC/" into your browser. • Select the correct account, transaction type (buy/sell) and quantity. • Pre-clear all Covered Securities unless an exemption applies. • All Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding period requirements. • Execute only after receiving an APPROVAL e-mail from the system. • You can only execute within your approval window. • Contact Compliance with questions prior to trading.

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11 D. Restrictions and Requirements for Tier 2 Employees and IM Public Side Investment Personnel Tier 2 Employees are required to pre-clear Covered Securities through the TPC system during the open market session they intend to execute the trade. Approved requests are valid only during the market session for which it is granted and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market. In addition, no purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by IM Public Side Investment Personnel or other Employees who have knowledge of client trading (excluding Omni Personnel and those who have access to Flex One) for a period of five (5) calendar days before and five (5) calendar days after the IM Public Side Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio. E. Restrictions and Requirements that apply to Research Recommendations or Conclusions Where research recommendations or conclusions are involved, IM Public Side Investment Personnel must adhere to the following. If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security: • that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio has been increased or decreased; • the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or • for purposes of CRM, that security (or its issuer) has been designated as "eligible" or "ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied. Blackout Period related to the Rebalance and Reconstitution of a Calvert Index If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or their designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period.

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12 Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below. Personal Securities Transactions for Securities in Your Coverage Area. You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility: • If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the security or a related financial instrument, but have not yet communicated it to the IM Public Side Investment Personnel in your department; or • Until the 5th calendar day after you have communicated your new or changed recommendation or research conclusion throughout the relevant investment group. You may then proceed according to the requirements set forth above under sub-sections A, B and C above. F. Restrictions and Requirements for Omni and Those Who Have Access to Flex One IM Public Side Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only. Please consult your local Compliance if you have questions. G. IM Private Side Employees and Those Designated to be "Above-the-Wall" IM Private Side Employees and MSIM Employees designated as Above-the-Wall ("ATW") are required to pre-clear their transactions with their Designated Manager and the Control Group. H. Transacting in Morgan Stanley Securities Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the Global Employee Trading, Investing and Outside Business Activities Policy (see section 7) and must take place during the designated window periods. Consult MS Today or MSIM Code of Ethics Employee Jive site for the window period announcement prior to trading. You may, from time to time, receive or have access to MNPI related to Morgan Stanley BDCs. This could include, for example, information about BDCs' financial performance or possible strategic transactions. As with any other situation involving MNPI, you are prohibited from transacting in Morgan Stanley BDC securities, including through your Morgan Stanley 401(k) Plan or other deferred compensation or retirement plans (including those held outside the Firm) while in possession of any MNPI. For further information regarding what types of information may

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13 constitute MNPI, see the Global Confidential and Material Non- Public Information Policy. Subject to approval, you, your spouse or domestic partner or dependent may only transact in (e.g. purchase, sell, transfer, or gift) Morgan Stanley BDC securities during specified open window periods (including transactions in the Morgan Stanley Stock Fund option of the 401(k) Plan). The window period for transactions in Morgan Stanley BDC securities generally begins on the next business day after the Company publicly releases quarterly or annual financial results and extends until the undisclosed financials for the current (or just-completed) quarter become close enough to being finalized to constitute inside information. To the extent, these dates are set in advance, the same will be provided to Control Group for inclusion on the relevant Restricted Lists. All Morgan Stanley employees (including on behalf of their spouse or domestic partner or dependent) must preclear trading in Morgan Stanley BDC securities as per standard pre-clearance procedure. There may be a need to close the trading window in case of material non-cyclical (i.e., non- earnings) information, such as potential M&A activity. Each applicable Business Unit is responsible for timely Control Group notification for these non-cyclical situations. I. Trading Derivatives MSIM Employees who work in the PPA business and India employees are prohibited from trading ALL Derivatives. The following is a list of permitted options trading (for non-PPA Employees) that must be pre- cleared by your local Compliance and submitted through the TPC system: Call Options Listed Call Options. You may purchase a listed call option on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise. Covered Calls. You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days. Put Options Listed Put Options. You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date. You may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter options, warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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14 J. Other Restrictions Primary and Secondary Public Offerings You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, regardless of whether the securities are purchased into a Personal Securities Account. Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code. Short Sales You and your Immediate Family may not engage in short selling of Covered Securities. Restricted List You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the Restricted Lists prior to submitting a TPC request and executing the trade. Cross Trades MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre- arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts. Changes to Normal Settlement Cycles Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts. K. Other Activities Requiring Pre-Clearance Activity Resources/Additional Information Outside Business Activities Please see Section VI "Outside Business Activities and Private Investments" of this Code. Outside Brokerage Accounts Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. Transactions in Private Investments Please see Section VI "Outside Business Activities and Private Investments" of this Code. Political Contributions Please consult the Firm Policy on U.S. Political Contributions and Activities.

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15 IV. HOLDING REQUIREMENTS A. Proprietary or Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds You may not redeem or exchange Proprietary or Sub-advised Mutual Funds or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date. Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling. B. Covered Securities You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31st calendar day or thereafter. C. Holding Requirements Specific to MSIMJ Employees When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities. D. Holding Requirements Specific to HK Type 9 License Holder Employees All personal account investments (including Exempt Securities) made by Hong Kong SFC Type 9 License Holders are required to be held for a minimum of 30 calendar days.

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16 V. REPORTING REQUIREMENTS A. Initial Reporting and Holdings Certification When you commence employment with MSIM or otherwise become a Covered Person, you must complete the Initial Disclosure Process (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include: • The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security; • The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and • The date you submitted the Initial Report. All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. Your Outside Business Activities must be disclosed within 30 calendar days. If you have any questions, contact your local Compliance group. B. Quarterly Reporting and Certification You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access. The Quarterly Transactions Report must contain the information set forth below. • For transactions in a Personal Securities Account during the previous quarter you must provide: o 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 New Hire Checklist As a new hire, you have 10 calendar days to: • Complete your Initial Disclosure Process. • Disclose your Outside Accounts and Private Investments. Within 30 calendar days of hire you must: • Complete your new hire trainings. • Disclose your Outside Business Activities. Within 60 calendar days of Compliance's review you must: • Transfer and close any non- approved personal securities account. Quarterly Requirements Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met. The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter.

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17 amount of any Covered Security; o The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition); o The price of the security at which the transaction was effected; o The name of the broker-dealer or bank with or through which the transaction was effected; and o The date you submitted the Quarterly Transaction Report. • For any new account, including accounts for your Immediate Family, established by you during the previous quarter in which any securities are held for your direct or indirect benefit, you must provide: o The name of the broker-dealer, bank or financial institution with which you established the account; o The date the account was established; and o The date you submitted the Quarterly Transaction Report. A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance. C. Annual Reporting and Holdings Certification You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"): • A list of your current brokerage account(s), including those for your Immediate Family; • A list of all securities and current principal amount Beneficially Owned by you in these account(s); • A list of all your approved Outside Business Activities, and Private Investments; • A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form); • A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and • That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. Annual Requirements Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete. As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics. ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments. You are required to complete this certification on or before it's due date.

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18 The information in the Annual Report must be current as of 45 calendar days before the report is submitted. You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code. The link to the Annual Report will be provided to you by Compliance. Hong Kong Type 9 License Holders are required to submit their holdings annually (via Annual report) and semi-annually each year.

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19 VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS A. Approval to Engage in an Outside Business Activity You may not engage in any Outside Business Activity, regardless of whether you receive compensation or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises during the Outside Business Activity or if the nature of the activity changes, materially. Examples of an Outside Business Activity, as per the Global Employee Trading, Investing and Outside Business Activities Policy, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm. In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually. Employees in Morgan Stanley's Private Infrastructure, Private Real Estate Investing and Private Credit and Equity business units ("Private Side Investing") are permitted upon Morgan Stanley's request to join boards of public or private companies in which Private Side Investing funds have an investment. Private Side Investing maintains a database of directorships held by Private Side Investing employees on behalf of Private Side Investing funds. Therefore, these employees are not required to disclose these directorships in OBI but through BluePrint and IM Legal Entity Management (LEM) should be informed. However, where a Private Side Investing employee wants to join the board of a company where no Private Side Investing fund has an investment, this must be disclosed through the OBI System. A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable. Special Considerations Related to your Outside Business Activity Disclosures • Disclose existing activities within 30 calendar days of hire. • All times thereafter, you must receive pre-approval through OBI System before participating. • As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy. • U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence. • Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income.

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20 B. Approval to Invest in a Private Investment You must request and receive approval through the OBI System for all Private Investments that are not offered on the Morgan Stanley platform and not held in a Morgan Stanley account. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities: Being engaged in any of the following: • Carrying on or being involved in the business of money lending • Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino • Acting as an associate of an international market agent • Being engaged in the business of an international market agent • Being an applicant for an international market agent license • Carrying on the business of an estate agent, or acting/representing as an estate agent • Acting or holding himself out as a salesperson for any licensed estate agent • Marketing any investment that is not an investment product Being invested in, or holding any interest in the following: • Any money lending business • Any business of an international market agent • Any business of an estate agent VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy if it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, in advance of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale. VIII. ENFORCEMENT AND SANCTIONS Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. Violations are considered on a cumulative basis.

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21 The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases. Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction. In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee: • Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or • Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security. You are obligated to immediately report any conviction or injunction described here to Compliance. In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you. IX. RELATED POLICIES In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the Global Employee Trading Investing and Outside Business Activities Policy; the Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy; the Policy on U.S. Political Contributions and Activities; and the MSIM Global Gifts, Entertainment and Charitable Giving Policy (requirements may vary in non-U.S. offices). X. RECORDKEEPING A. Firm Requirements Records are retained in accordance with the Firm's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The Global Information Management Policy incorporates the Firm's Master Retention Schedule,

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22 which lists various record classes and associated retention periods on a global basis. B. MSIM Maintenance of Records Relevant to this Code Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code including all educational materials distributed or training sessions held relating to the Code. Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023 December 12, 2024 and July 25, 2025.

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23 SCHEDULE A SECURITIES TRANSACTION MATRIX TYPE OF SECURITY Pre-Clearance Required Reporting Required 30 Calendar Days Holding Period Required Covered Securities Pooled Investment Vehicles: Closed-End Funds Yes Yes Yes Proprietary or Sub-advised Mutual Fund No Yes Yes Unit Investment Trusts No Yes Yes Single-Stock ETFs Yes Yes Yes Exchange-Traded Funds (ETFs) including Commodity ETFs and Cryptocurrency ETFs No Yes No Exchange-Traded Notes (ETNs) No Yes No Hedge Funds Yes Yes No Equities: Morgan Stanley Securities1 Yes Yes Yes Listed Morgan Stanley BDC Securities Yes Yes Yes Common Stocks Yes Yes Yes Listed Depository Receipts e.g. ADRs, Ads, GDRs Yes Yes Yes DRIPs2 Yes Yes Yes Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers, Spin-off, etc.) No Yes No Rights Yes Yes Yes Stock Dividend No Yes No Warrants (Listed and Exercised) Yes Yes Yes Preferred Stock Yes Yes Yes Listed Real Estate Investment Trusts (REITs) Yes Yes Yes Initial Public Offerings (equity IPOs) and Secondary/Follow on offerings PROHIBITED 1 Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance. 2 Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. Only the initial set up/purchase requires preclearance.

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24 TYPE OF SECURITY Pre-Clearance Required Reporting Required 30 Calendar Days Holding Period Required Private Investments in Public Equity Securities (PIPES) Yes Yes N/A Derivatives (Employees who work in the PPA businesses and India Employees are prohibited from trading ALL derivatives): Morgan Stanley (stock options) Yes Yes Yes Listed Common Stock Options Yes Yes Yes Listed call and put options on broad-based or single sector indices that have at least 30 days to expiration No Yes No Listed call and put options on ETFs No Yes No Forward Contracts (including currency forwards) PROHIBITED Commodities Contracts PROHIBITED OTC options, warrants or swaps PROHIBITED Futures PROHIBITED Fixed Income Instruments: Asset Backed Securities Yes Yes Yes Fannie Mae Yes Yes Yes Freddie Mac Yes Yes Yes Corporate Bond Yes Yes Yes Convertible Bonds (converted) Yes Yes Yes Municipal Bonds Yes Yes Yes New Issues (fixed income) Yes Yes Yes Government Sponsored Entities (GSE) / Agency Bonds Yes Yes Yes Structured Notes (Equity-Linked and Credit- Linked) Yes Yes Yes High Yield Sovereign Debt (as rated by S&P) Yes Yes Yes High Yield Securities3 PROHIBITED Private Investment and Outside Activities: Private Investments (e.g. limited partnerships) Yes Yes N/A Outside Activities Yes Yes N/A Investment Clubs PROHIBITED Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): Mutual Funds (open-end) not advised or sub-advised by MSIM Brokerage CDs GNMA Bankers' Acceptances Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt4) Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) Commercial Paper Investment Grade Short-Term Debt Instruments5 Variable Annuity Contracts Regulated Collective Investment Schemes Physical Commodities Currencies

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25 3 Securities rated below investment grade by S&P. 4 Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-calendar day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required. 5 For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization.

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26 XI. DEFINITIONS These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code. "Above-the-Wall" is the status of specific identified senior management personnel and the related support groups entitling them to receive and have access on an ongoing basis to MNPI from the Private Side in order to perform their duties without following formal Wall Crossing procedures. "Access Persons" (for purposes of transacting in Morgan Stanley securities) is defined in the Global Employee Trading, Investing and Outside Business Activities Policy and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature. "Applicable Laws" means all applicable rules and regulations in the jurisdictions in which MSIM conducts business (which jurisdictions shall include, without limitation, those in North America, Europe and Asia). "Beneficially Owned" generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder. "Blackout Period" for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities. "Chief Compliance Officer" or "CCO" refers to the Chief Compliance Officers that are selected and appointed from time to time by MSIM's SEC-registered investment advisers. "Client" means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM. "Closed-End Fund" means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition. "Compliance" means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Paris, Seattle, Singapore, Tokyo, and Washington, D.C.). "Control Group" is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are

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27 followed. "Covered Persons" means: • All MSIM Employees; • All directors and officers of MSIM; • Any person (such as certain consultants, leased workers or temporary workers and any member of an Investment Committee to an IM Private Side-sponsored fund that is advised by an adviser, including SEC registered investment advisers under the Advisers Act and those advisers authorized under applicable EU law) who provides investment advice to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction. • Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent interaction with Covered Persons or Investment Personnel, as determined by Compliance (e.g., Participating Affiliate Employees and certain designated personnel in IT, Tax, Legal, Compliance, and Human Resources). • Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a client fund) and such other persons that may be so deemed by Compliance from time to time. IM Private Side employees who meet the criteria of Category B Consultant Advisors, as set forth in the Global Advisory Directors and Senior Advisors Policy, shall not be classified Covered Persons as defined above. IM Private Side Compliance, in conjunction with the applicable business unit, shall be responsible for maintaining a schedule of all IM Private Category A and Category B Consultant Advisers. The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person. "Covered Securities" includes generally: • All equity or debt securities (excluding high yield securities, which are prohibited), including but not limited to, derivatives of securities (such as options on securities, on indexes and on currencies, warrants and American depositary receipts); • Asset-backed securities; • Closed-End Funds; • Commodities; • Corporate and municipal bonds, and similar instruments; • Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange-Traded Notes and Cryptocurrency Exchange-Traded Funds;

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28 • Futures; • Initial Coin Offerings and Secondary Coin Offerings; • Investments in all kinds of limited partnerships; • Investments in real estate investment trusts (REITs); • Investments in private investment funds, hedge funds, private equity funds, and venture capital funds; • Open-end mutual funds and Exchange-Traded Funds for which MSIM or Eaton Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in Schedule A and excluding money market funds); • Preferred securities; • Securities indices; • Structured Notes, such as equity-linked or credit- linked notes; • Unit investment trusts. Covered Securities does not include "Exempt Securities," as defined below. Refer to Schedule A for application of the Code to various security types. "Cryptocurrency" means 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 the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs"). "Derivative" means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this. "Designated Manager" means manager designated by your business unit or department to supervise your personal trading and investing activities. "Eaton Vance Affiliated Entity" means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA"). "Employee" means all MSIM employees globally on the Public and Private Sides of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family. "Exempt Securities" are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include: • Bankers' acceptances, bank certificates of deposit and commercial paper; • Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization); • Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit of the U.S. Government for the timely payment of principal and interest)

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29 and equivalent securities issued by non-U.S. governments, such as: o Ginnie Maes, o U.S. savings bonds, and U.S. Treasuries; and o Securities issued by non-U.S. governments e.g., premium bonds, indexed- linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. Note: Non-U.S. government debt securities must be rated Investment Grade or higher by S&P. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement); • Shares held in money market funds; • Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser; • Open-end mutual funds or equivalent in other jurisdictions (e.g., UCITS, SICAVs, UK Authorized Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does not act as adviser or sub-adviser; • Currencies (including Spot FX); • Holding physical commodities; and • 529 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds Refer to Schedule A for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license. "Firm" means Morgan Stanley, MSIM's parent company. "Fully Managed Account" means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo-advisor) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account. "Hong Kong Type 9 License Holder" means MSIM Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license. "Immediate Family" pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another. "Initial Public Offering" ("IPO") means an offering of securities registered under the Securities

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30 Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering. "Investment Committee" refers to any committee established to be primarily responsible for making investment decisions on behalf of, or investment recommendations to, a Client of IM Private Side. "Investment Personnel" means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client. "IM Private Side" refers, individually and collectively, to the regulated investment advisers that provide investment advisory and management services to Clients of the Private Real Estate Investing, Private Infrastructure, and Private Credit and Equity, and AIP Private Markets Fund of Funds business units of MSIM's division, including SEC registered investment advisers and those advisers authorized under applicable EU law. "Morgan Stanley Broker" means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE. "Morgan Stanley Investment Management" or "MSIM" or "IM" means the companies and businesses comprising the Public and Private Sides of Morgan Stanley's Investment Management Division. "Morgan Stanley Securities" means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes. "Mutual Funds" means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance). "Omni Personnel and Those Who Have Access to Flex One" means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance. "Outside Business Activity" means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership. "Participating Affiliate Employee" means any professional located outside of the U.S. who is employed by or seconded to a foreign affiliate of IM Private Side and who provides investment advisory-related services to IM Private Side, including, without limitation: assisting in sourcing

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31 and providing information regarding investment and disposal opportunities, providing information and recommendations to Investment Committees, and/or providing ongoing asset or property management services. "Personal Securities Accounts" are any accounts in your own name and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include: • Accounts owned by you; • Accounts owned by your Immediate Family (as defined above); • Accounts where you obtain benefits substantially equivalent to ownership of securities; • Accounts that you or the persons described above could be expected to influence or control, such as: o Joint accounts; o Family accounts; o Retirement accounts; o Corporate accounts; o Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you otherwise guide or influence; o Arrangements similar to trust accounts that benefit you directly; o Accounts for which you act as custodian; and o Partnership accounts. "Portfolio Managers" means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio. "Preferred Broker" means a Firm-approved third-party broker for Personal Securities Accounts. "Private Investment" means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses. "Proprietary or Sub-advised Mutual Fund" means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser. "Proprietary or Sub-advised Exchange-Traded Funds" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser. "IM Public Side" means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets). "Research Analysts" are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations. "Restricted Lists" means any list of issuers or securities maintained by Morgan Stanley where

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32 trading in Personal Securities Accounts is restricted due to Firm policies or regulation. "Single-Stock Exchange-Traded Funds" ("ETFs")" are exchanged-traded funds that track the performance of a single underlying stock. "Tier 1 Employee" includes all Covered Persons except those that are deemed Tier 2 Employees (e.g., non-Investment Personnel and IM Private Side). "Tier 2 Employee" includes all IM "Public Side Investment Personnel". "Public Side Investment Personnel" refers to ("Investment Personnel" as defined above, such as Portfolio Manager, Traders and Research Analysts who are part of the MSIM "Public Side" businesses as defined above).

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33 SCHEDULE B INVESTMENT MANAGEMENT Registered Investment Advisers Mesa West Capital, LLC Morgan Stanley Infrastructure Inc. Morgan Stanley Investment Management Inc.\* Morgan Stanley AIP GP LP\* Morgan Stanley Investment Management Limited (MSIM Ltd.) Morgan Stanley Investment Management Company Morgan Stanley Private Equity Asia Inc. Morgan Stanley Real Estate Advisor, Inc. MS Capital Partners Adviser Inc. MSREF Real Estate Advisor, Inc. MSRESS III Manager, L.L.C. Eaton Vance Management (EVM)\* Boston Management and Research (BMR) Eaton Vance Advisers International Ltd. (EVAIL) Parametric Portfolio Associates LLC (PPA)\* Atlanta Capital Management Company, LLC (ACM) Calvert Research and Management (CRM) Registered Commodity Pool Operator/Commodity Trading Advisor Ceres Managed Futures LLC Investment Advisers that are not registered MSIM Fund Management (Ireland) Limited Morgan Stanley Investment Management (ACD) Limited Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Australia) Pty Limited Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ) Private Investment Partners, Inc. Morgan Stanley Investment Management (China) Co. Ltd. Morgan Stanley Investment Management Limited Morgan Stanley Asia (Singapore) PTE Morgan Stanley Capital K.K. Morgan Stanley Australia Limited Morgan Stanley India Financial Services Private Limited Morgan Stanley Asia Limited Morgan Stanley Business Consulting (Shanghai) Limited Morgan Stanley Private Equity Management Korea, Ltd. Morgan Stanley & Co. International plc Morgan Stanley Investment Management Private Limited Morgan Stanley (Thailand) Limited

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34 Broker-Dealer Morgan Stanley Distribution Inc. Eaton Vance Distributors, Inc. (EVD) _______________ \*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator. Transfer Agent Morgan Stanley Services Company Inc. Global In-house Centers (India) Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only) Others: Eaton Vance Management International Limited (EVMI) Eaton Vance Asia Pacific Ltd. (EVAPac) Eaton Vance Trust Company (EVTC) MSIP Seoul Branch ("MSK") (with respect to Public Side Investment Management Employees only)

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## Ex-99.P(Xii)

Code of Ethics

**CODE OF ETHICS**

***Code of Ethics***

**A.1&nbsp;&nbsp;&nbsp;&nbsp;Introduction**

The Code of Ethics, in conjunction with the Compliance Manual, sets forth policies and procedures to assist the Access Persons of Investcorp-Tages or the "Firm" in complying with their fiduciary duty to the Firm's clients.

An Access Person is defined as any supervised person of the Firm who (i) has access to non-public information regarding clients' purchase or sale of securities or (ii) is involved in making securities decisions or recommendations to clients or has access to such decisions and recommendations that are not public.

The Firm operates a global compliance program and takes the position that all staff involved in the day-to-day business of Investcorp-Tages are Access Persons.

The Code of Ethics sets out the standards of conduct expected of the Firm's staff and details policies and procedures addressing certain potential conflicts of interest.

Staff are responsible for reading, understanding and consenting to comply with the Code of Ethics. Any questions regarding the policies set out below should be directed to the Compliance Officer. Investcorp-Tages requires each employee to provide written acknowledgement of receipt of the Code of Ethics upon joining the Firm and annually thereafter. An additional acknowledgement may be required upon material amendments to the Firm's policies and procedures.

The importance of compliance with this Code of Ethics cannot be overemphasized. Failure to comply may result in fines, censures and other sanctions against Investcorp-Tages and/or staff of the Firm. A employee found not to be in compliance with the Code of Ethics will be subject to disciplinary measures up to and including termination. Any staff member who has or obtains knowledge of information that constitutes a violation of the Code of Ethics must promptly notify the Compliance Officer. The Firm discloses certain aspects of its Code of Ethics on the Form ADV.

**A.2&nbsp;&nbsp;&nbsp;&nbsp;Standards of Business Conduct**

The Firm is a "fiduciary" to its clients and has a fundamental obligation to act in their best interests. Staff should not engage in any activity that may represent a conflict of interest to any client and are expected to take reasonable steps to fulfill the Firm's fiduciary obligation on an ongoing basis.

**A.3&nbsp;&nbsp;&nbsp;&nbsp;Violations**

Staff are required to follow the policies of the Firm and all applicable federal securities laws. Violations of the Code of Ethics, the Compliance Manual, or securities regulations must be promptly reported to the Compliance Officer. Violations may result in severe penalties to the Firm and the individuals involved, including potential civil or criminal penalties.

**A.4&nbsp;&nbsp;&nbsp;&nbsp;Staff Activities**

To fulfill the Firm's regulatory obligations the Firm must fully understand any activities of its staff that might give rise to a conflict or a potential conflict with the Firm's clients. To that end, Investcorp-Tages has established policies and procedures regarding the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;Staff personal trading;

&nbsp;&nbsp;&nbsp;&nbsp;Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;Outside business activities; and

&nbsp;&nbsp;&nbsp;&nbsp;Political contributions.

All activities of the Chief Compliance Officer (also referred to as the "Compliance Officer") that require preclearance will be approved by the Chief Operating Officer.

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Code of Ethics

**A.5&nbsp;&nbsp;&nbsp;&nbsp;Staff Personal Trading**

This Policy covers all accounts holding reportable securities in which a staff member has a direct or indirect beneficial ownership ("Covered Accounts") and includes any accounts maintained by of for:

&nbsp;&nbsp;&nbsp;&nbsp;The staff member's spouse or domestic partner (unless a valid separation/divorce decree has been obtained);

&nbsp;&nbsp;&nbsp;&nbsp;The staff member's immediate family<sup>1</sup> members living in the staff member's household;

&nbsp;&nbsp;&nbsp;&nbsp;Any person to whom the staff member contributes material financial support; and

&nbsp;&nbsp;&nbsp;&nbsp;Any individual or entity for which the staff member exercises a controlling interest or discretionary investment authority.

A staff member is deemed to have beneficial ownership if the staff member has or shares a direct or indirect opportunity to profit or share in any profit derived from the account.

For the avoidance of doubt the Firm's processes around personal account dealing will also apply to Covered Accounts. Please speak to the Compliance Officer if you have any questions.

**A.5.1&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval Requirements**

Due to inherent conflicts of interest in staff investing in types of securities which the Firm may also invest for client accounts, the Firm requires staff to follow the process outlined below. For employees joining the Firm they will be asked for their initial holdings reports and will be allowed to maintain stocks, as directed by Compliance, but must request prior approval to selling down any single-stock, listed equities that they held prior to joining the Firm.

Staff must seek pre-approval from the Compliance Officer via ComplySci prior to undertaking any transactions in the below categories:

---

| | |
|:---|:---|
| <br>**Securities in scope for pre-approval** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single stock equities, including single stock ETFs, investment trusts and indices;<br>Derivatives of listed equities; Short sale of physical securities;<br>Initial public offerings, limited offerings / private placements; Unlisted equities (including private investments);<br>Derivatives (inc futures, options, swaps); Corporate bonds;<br>Structured products;<br>Unregulated Collective Investment Schemes; Crypto currencies;<br>All Investcorp-Tages funds;<br>Spread betting on financial instruments and indices; and <br>Any other securities or structures that are not exempt. |

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**A.5.1.1&nbsp;&nbsp;&nbsp;&nbsp;*Prior approval process***

&nbsp;&nbsp;&nbsp;&nbsp;Prior approval from Compliance Officer is required before a personal brokerage account can be used to trade in listed equities. A staff member may only trade listed equities from an account that has been approved by the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;All personal trades in securities requiring pre-approval (as listed in table above) must be submitted via ComplySci prior to execution;

&nbsp;&nbsp;&nbsp;&nbsp;If a trade is not approved, it must not be executed;

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;Once approved, the trade must be executed within 24 hours. If it is not executed within that timeframe, a new request must be submitted;

&nbsp;&nbsp;&nbsp;&nbsp;There is a limit on the number of trades permitted per calendar month for a staff member. The monthly limit is 20 trades and the cap does not apply as an aggregate between a employee and their connected persons (eg., spouse, dependents);

&nbsp;&nbsp;&nbsp;&nbsp;A minimum holding period of 30 calendar days applies to all listed equity trades;

&nbsp;&nbsp;&nbsp;&nbsp;Staff members must not trade while in possession of material non-public information (MNPI) or in any securities on the Firm's Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;Staff members may not enter into transactions that could cause a conflict with the Firm's clients, regulatory obligations, or contractual commitments. If there is any uncertainty about whether a conflict may arise, employees should consult the Compliance Officer before proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;Where possible, employee broker accounts must be linked to ComplySci via automated data feeds. If this is not feasible, employees may be required to use brokers that do support automated feeds.

Trade requests must contain the following:

&nbsp;&nbsp;&nbsp;&nbsp;Financial instrument;

&nbsp;&nbsp;&nbsp;&nbsp;Buy or sell request; and

&nbsp;&nbsp;&nbsp;&nbsp;Approximate trade volume or value of transaction.

The Compliance Officer maintains all requests and approvals on file.

The Firm's policy on personal account dealing does require approval for the following:

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| | |
|:---|:---|
| **Securities that do not require pre-approval** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities;<br>&nbsp;&nbsp;&nbsp;&nbsp;FX;<br>&nbsp;&nbsp;&nbsp;&nbsp;Investments under the terms of a discretionary management service;<br>&nbsp;&nbsp;&nbsp;&nbsp;Government bonds;<br>&nbsp;&nbsp;&nbsp;&nbsp;Any acquisition of securities through corporate reorganisations or distributions;<br>&nbsp;&nbsp;&nbsp;&nbsp;Regulated CIS including mutual funds and UCITS (except Investcorp-Tages managed funds);<br>&nbsp;&nbsp;&nbsp;&nbsp;Life policies;<br>&nbsp;&nbsp;&nbsp;&nbsp;Real Estate transactions; and <br>&nbsp;&nbsp;&nbsp;&nbsp;Bankers' acceptances, bank CD, commercial paper and high-quality short-term debt instruments, including repurchase agreements |

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In all transactions involving securities exempt from pre-approval, staff should conform to the spirit of the Code of Ethics and avoid any activity which might appear to conflict with the interests of the Firm or its clients.

Staff are discouraged from frequent or excessive trading or trading in highly speculative securities or other instruments. Such trading activities are more likely to give rise to conflicts or perceived conflicts and to detract from the Firm's client investment focus. Trading on the basis of actual or possible material non-public information i.e. inside information is strictly prohibited, as set out in the Firm's Compliance Manual. The Firm encourages staff to adopt a medium to long-term investment strategy, as opposed to a short-term trading strategy.

**A.5.2&nbsp;&nbsp;&nbsp;&nbsp;Third Party Managed Accounts**

Pre-approval excluding that required for initial public offerings and private placement, is not required for transactions in accounts managed by a professional adviser and over which the staff member exercises no discretion. While third party managed accounts must be approved by the Compliance Officer, the securities maintained by such accounts do not need to be reported on annual or quarterly holdings reports (see below).

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Code of Ethics

In order for the Compliance Officer to confirm that an account is solely managed by a third party the staff member and professional adviser will provide an initial and periodic representations confirming the terms of the arrangement. The Compliance Officer reserves the right to, on a sample basis, request reports on transactions and/or holdings of third-party managed accounts.

**A.5.3&nbsp;&nbsp;&nbsp;&nbsp;Personal Account Reporting**

**A.5.3.1&nbsp;&nbsp;&nbsp;&nbsp;*Initial and Annual Holding Reports***

Staff must submit to the Compliance Officer an initial holdings report of all securities and private investments at the commencement of employment. The initial report must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 submitted no later than 10 days after becoming a 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;• Be current and include information accurate within 45 days of the report date; 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;• Contain the following 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;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security and, as applicable, the exchange ticker symbol or CUSIP number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of shares, and principal amount of each reportable security in each covered account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank in which a covered account is maintained; 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;• The date the staff member submits the holdings report.

The annual holdings report must be submitted to the Compliance Officer on an annual basis no later than 45 days after the end of calendar year. It should contain the same information as the initial holdings report and must be current within 45 days of the report date.

The Compliance Officer has the responsibility to ensure receipt of all holdings reports. The Compliance Officer reviews such reports to determine that staff trades are consistent with the Firm's policies and do not otherwise indicate improper trading activities.

**A.5.3.2&nbsp;&nbsp;&nbsp;&nbsp;*Quarterly Transaction Reports***

In addition to holdings reports, every employee must submit a quarterly transaction report to the Compliance Officer. The report must include all reportable securities transactions (see definition below) that were undertaken, including the following 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;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 price of the security 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;• The name of the broker, dealer or bank 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;• The date the Access Person submits the report.

Each staff member must submit the quarterly transaction report no later than 30 days after each calendar quarter, regardless of whether the staff member undertook any transactions during the quarter, in which case a report with NIL returns must be submitted.

The Compliance Officer reviews such reports to confirm that staff trades are consistent with the Firm's policies and do not otherwise indicate improper trading activities.

Quarterly transaction reports are not required regarding transactions undertaken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 an account over which the staff member has no direct or indirect influence or control, such as a third-party managed account;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to an automatic investment plan (Note: The establishment of an automatic investment plan must be pre-cleared); 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;• Due to the reinvestment of cash dividends resulting from securities already owned under a dividend reinvestment program.

In addition, non-financial instruments, including direct property transactions and spot foreign exchange transactions, are also outside the scope of the regime.

**A.5.4&nbsp;&nbsp;&nbsp;&nbsp;Reportable Securities**

The term reportable securities includes all traditionally traded instruments as defined in Section 202(a)(18) of the Advisers Act, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 U.S., such as treasury 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;• Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt obligations, 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;• 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;• Shares of open-end funds or collective investment schemes that are not affiliated, advised or sub-advised by the Firm; 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;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are advised or sub-advised by the Firm.

Whilst the SEC does not include shares of open-ended funds or collective investment schemes (which are not affiliated with the Firm) as reportable securities, given the strategies employed by the Firm, it has made the decision that these will be reportable - although prior approval is not required when undertaking these transactions.

The SEC has taken the position that Exchange Traded Funds are reportable securities and as such must be reported pursuant to these procedures.

For the avoidance of doubt, holdings and transactions of any 401(k) or similar retirement account that cannot hold reportable securities do not need to be reported to the Compliance Officer. This typically includes accounts for which an employee only has discretion to select the overall investment objective or strategy implemented (e.g., "aggressive growth portfolio" or "bond market index portfolio").

**A.5.5&nbsp;&nbsp;&nbsp;&nbsp;Exemptions**

Any employee seeking an exemption from these reporting requirements for a specific account must do so in writing to the Compliance Officer. In the unlikely case an exemption is granted the Compliance Officer reserves the right to periodically request holdings and/or transaction reports for the exempted account.

**A.5.6&nbsp;&nbsp;&nbsp;&nbsp;Restricted List**

The Compliance Officer maintains lists of securities that may not be traded by the Firm's employee's or investment teams, as may be applicable (the "Restricted List"). A security may be placed on the Restricted List for a variety of reasons including, but 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The security is currently in a client portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Firm is in possession of material non-public information i.e. inside 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;• The Firm is party to terms of a nondisclosure or other agreement that restricts trading in 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;• Trading in the security may present a conflict of interest to the Firm's clients; or

The Compliance Officer has determined it necessary to do so .

The Compliance Officer is responsible for maintaining the Restricted List and periodically reviewing trading records to confirm that no trading in Restricted List securities has occurred.

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Code of Ethics

**A.6&nbsp;&nbsp;&nbsp;&nbsp;GIFTS**

Staff should always conduct themselves in such a manner as to avoid the appearance of a potential conflict. Staff should not, directly or indirectly, offer or accept a gift of more than a nominal value from any person or company in relation to their employment with Investcorp-Tages. Even gifts of nominal value may raise special concerns for persons associated with pension plan sponsors, including state, municipal and other governmental plans. Any gifts to persons known to be affiliated with such plans must be pre-approved in writing by the Compliance Officer.

A "gift" is anything of value, given or received, where there is no business communication involved in its enjoyment. Examples of gifts include, but are not limited to, tickets to events, lodging and travel expenses, golf clubs, wine, prizes received from raffles or drawings, and perishable items such as food. It may also include other items given in recognition of a life event such as a wedding, anniversary or birthday. **The offering or receipt of cash gifts or cash equivalents, such as gift cards, is strictly prohibited.**

Gifts should only be offered or accepted when they are clearly reasonable under the relationship's circumstances. Staff should only accept gifts if there is a true belief that there is no attempt to influence the staff member's judgment and the gift does not bring feelings of indebtedness or obligation.

Staff are required to obtain approval from the Compliance Officer prior to offering and promptly after receiving any gift that is likely to be valued over the amount of £200 / $200 / €200 (or equivalent local value). Gifts or entertainment valued at between £75 / $75 / €75 and £200 / $200/ €200 (or equivalent value) should be notified to Compliance.

Material offers of gifts from third-parties which are declined by the Firm's staff should also be reported to the Compliance Officer for monitoring purposes, giving a specific description of the gift and estimated cost with details of the business related third party.

Gifts of any amount offered to or received from a government official or candidate for office, whether domestic or foreign, requires pre-approval from the Compliance Officer. This includes any political contributions. Staff must report to the Compliance Officer any gifts, offered or received, regardless of value.

In addition, Employees must notify the Compliance Officer if they plan to make a charitable contribution to any organization at the request of any existing investor, prospective investor, or other person or entity that does or seeks to do business with or on behalf of the Firm.

**A.6.1&nbsp;&nbsp;&nbsp;&nbsp;Business Entertainment**

Organizing or participating in occasional business entertainment is permitted if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;The host is present, and the entertainment is for the purpose of fostering a business relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;The entertainment is not so lavish, extravagant, or frequent as to raise a question of impropriety.

If either of these conditions is not met (e.g., a business dinner is followed by a trip to the theatre or other entertainment without the host), the activity is considered a gift subject to the standards outlined above.

Meals, beverages and other reasonable hospitality provided by or for third parties in the normal course of business can be regarded as acceptable (and therefore are not reportable). Please, however, do report any occasions where such are felt to be excessive in the circumstances or where there is any suspicion of an attempted bribe.

Entertainment of any amount offered to or received from a government official or candidate for office, whether domestic or foreign, requires pre-approval from the Compliance Officer.

**A.7&nbsp;&nbsp;&nbsp;&nbsp;Outside Business Activities**

While Investcorp-Tages encourages staff to participate in and provide leadership to community, charitable, and professional activities, prior to engaging in any outside business activity, staff members must obtain written approval from the Compliance Officer. This includes all positions, especially if such activities are appointments as a director, officer, outside employment and/or offer compensation.

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Code of Ethics

Outside business interests that require disclosure also include any share ownership in excess of 1% capital (whether or not combined with a directorship). In addition, any consultancy or trustee positions must be disclosed.

Employees may not participate as an employee, director, partner, consultant or shareholder or in any other way in any outside business whose services or products compete, directly or indirectly, with those offered by the Firm. This prohibition does not apply to ownership of less than 1% of the issued shares of a publicly-traded company.

Employees are also required to disclose any monetary connections which they or any member of their family have with any person or firm which supplies goods or services to the Firm, or which has done so in the last six months. Usual business courtesies can be disregarded.

Generally, employees may not serve as an executive officer or director or trustee of any business entity with which the Firm conducts business or in whose securities the Firm may invest. Any exceptions will be approved by the Compliance Officer. Staff must disclose to the Firm in writing all benefits, including monetary compensation, that they receive for outside business activities. The Compliance Officer maintains records of all outside business activities and their approval.

**A.8&nbsp;&nbsp;&nbsp;&nbsp;Anti-Bribery**

It is the Firm's policy that no employee may provide anything of value to a government official or candidate for office, whether domestic or foreign, in the hopes of securing an improper advantage in the furtherance of business relationships or the obtainment of investment advisory contracts. Any staff member found in violation of the Firm's anti-bribery policy will be subject to disciplinary action, up to and including termination.

**A.8.1&nbsp;&nbsp;&nbsp;&nbsp;THE FCPA**

The U.S. Foreign Corrupt Practices Act of 1977, as amended ("FCPA"), makes it illegal for employees to make payments or provide anything of value to foreign government officials to assist the Firm in obtaining or retaining business. The FCPA applies to any officer or employee of a foreign government and to those acting on the foreign government's behalf. Thus, the act covers corrupt payments to low-ranking employees and high-level officials alike.

Staff must receive pre-approval from the Compliance Officer prior to providing payment or anything else of value, including gifts and entertainment, to a foreign official.

**A.8.2&nbsp;&nbsp;&nbsp;&nbsp;Political Contributions**

Rule 206(4)-5 of the Advisers Act (the "pay-to-play rule") prohibits the Firm from providing advisory services for compensation to a US government client for two years after the Firm or its staff contribute to certain elected officials or candidates. The rule also prohibits employees from engaging in pay-to-play conduct indirectly, such as through the contributions of a spouse or domestic partner.

Pay-to-play refers to arrangements by which an investment adviser directs political contributions to a candidate who has the ability, either directly or through appointment, to influence the investment adviser selection process to manage a government account. The SEC prohibits investments advisers from engaging in pay-to-play activities.

Investcorp-Tages requires that all US political contributions be made in compliance with the pay-to-play rule. This includes contributions to:

&nbsp;&nbsp;&nbsp;&nbsp;a candidate for state or local political office;

&nbsp;&nbsp;&nbsp;&nbsp;a candidate running for federal office who currently holds a state or local political officer; and

&nbsp;&nbsp;&nbsp;&nbsp;a political party or political action committee ("PAC")<sup>2</sup> that may contribute to such campaigns.

Staff must receive pre-clearance from the Compliance Officer prior to making any contribution. Contribution is broadly defined and means anything of value, which includes, but is not limited to payments, gifts, loans, paid participation in fundraisers (e.g. tickets to a dinner), and transition expenses.

___________________________

2 A PAC is a group formed (as by an industry or an issue-oriented organization to raise and contribute money to the campaigns of candidates likely to advance the group's interests.

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Code of Ethics

The pay-to-play rule requires an investment adviser to look back two years at the political contributions of certain new employees. For those who will be involved in the solicitation of clients and investors of the Firm, the look back is two years. For certain other employees, not involved in soliciting clients or investors, the look back required by the SEC is a shorter period of six months.

Investcorp-Tages has taken the position that upon joining the Firm, all staff will complete a political contributions disclosure form based on the more stringent requirement of two years.

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